Core Viewpoint - The mining ETF (561330) has risen over 1.2%, supported by favorable domestic and international policies that bolster industrial metal prices [1] Economic Indicators - The U.S. June CPI rebounded to 2.7%, alongside a 0.6% month-on-month increase in retail data, indicating persistent consumer resilience and supporting inflation expectations for industrial metal prices [1] - The market anticipates a 50.8% probability of an interest rate cut by the Federal Reserve in September [1] - China's GDP growth for the first half of the year was 5.3%, with cumulative export growth of 5.9% [1] Policy Environment - The ongoing "anti-involution" policies are continuously releasing support, and with a generally warm policy tone both domestically and internationally, the pressure on prices during the off-season is limited [1] - It is expected that the peak season and interest rate cut expectations will boost industrial metal prices after mid-August [1] - The industrial metal prices are likely to operate on a strong trend in the second half of the year under a backdrop of domestic and international policy easing [1] ETF and Index Information - The mining ETF (561330) tracks the non-ferrous metal mining index (931892), which is compiled by China Securities Index Co., Ltd. This index selects listed companies involved in the mining, smelting, and processing of non-ferrous metals from the A-share market to reflect the overall performance of related listed companies [1] - The index exhibits strong cyclicality and resource attributes, effectively reflecting market trends in the non-ferrous metal industry chain [1] - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link A (018167) and Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) [1]

Group 1 - The mining ETF (561330) increased by 1.0%, supported by favorable domestic and international policies that bolster the resilience of industrial metal prices during the off-season [1] - The U.S. June CPI rebounded to +2.7%, along with retail data showing a month-on-month increase of +0.6%, indicating consumer resilience and providing support for industrial metal prices [1] - Market expectations indicate a 50.8% probability of a Federal Reserve rate cut in September, alongside ongoing domestic "anti-involution" policies, which may lead to a new round of price boosts for industrial metals as the peak season approaches in mid-August [1] Group 2 - The mining ETF (561330) tracks the non-ferrous metal mining index (931892), which selects listed companies involved in the mining, smelting, and processing of non-ferrous metals, covering various metal sectors such as gold, copper, and aluminum [1] - Investors without stock accounts can consider the Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link A (018167) and Guotai CSI Non-Ferrous Metal Mining Theme ETF Initiated Link C (018168) [1]

Market Overview - The Hong Kong stock market experienced a decline in the morning session, with the Hang Seng Index falling by 0.74%, the Hang Seng Tech Index down by 1.14%, and the National Enterprises Index decreasing by 0.76% [1] Sector Performance - The film and entertainment sector saw significant gains, with China Star Group (00326.HK) rising over 13% [1] - The building materials and cement stocks performed well, with Huaxin Cement (06655.HK) increasing by over 4% [1] - Other sectors that showed strength included traditional Chinese medicine, elderly care, oil and gas, domestic real estate, and battery-related stocks [1] - Cryptocurrency-related stocks experienced a pullback, with Guotai Junan International (01788.HK) dropping over 7% [1] - The non-ferrous metals sector declined, highlighted by Luoyang Molybdenum (03993.HK) falling over 4% [1] - Nuclear power, technology, and semiconductor stocks also faced downward pressure in the morning session [1] Notable Stocks - "Jay Chou concept stock" Superstar Legend (06683.HK) surged by 70.63% in the morning session [1] - Lens Technology (06613.HK) saw a 4.84% increase on its first trading day [1]

Market Overview - On June 27, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 0.17%, the Hang Seng China Enterprises Index down by 0.47%, and the Hang Seng Tech Index decreasing by 0.07% [1][2]. Technology Sector - Major tech stocks showed mixed performance, with Xiaomi rising by 3.6%, Kuaishou increasing by over 1%, and JD.com slightly up, while Baidu fell by over 2% [3][4]. - Xiaomi's stock was boosted by the strong pre-orders for its new SUV model, the YU7, which exceeded expectations with over 289,000 units ordered within an hour of launch [5][6]. Metals Sector - The metals sector saw significant gains, with Jiangxi Copper rising over 7%, Tianqi Lithium and Luoyang Molybdenum both increasing by over 6% [6][7]. - A report indicated that the allocation ratio of funds to the metals sector increased by 1.07 percentage points to 4.59% in Q1 2025, with copper, gold, and aluminum being key focus areas [6]. Coal Sector - Coal stocks generally rose, with Shougang Resources increasing by over 3% [7][8]. - Analysts noted that coal prices are stabilizing, and the supply-demand balance is beginning to improve, suggesting a strategic bullish outlook for the coal sector [8]. Sports Goods Sector - The sports goods sector experienced gains, with Tmall rising over 4% and other brands like Yue Yuen Industrial and 361 Degrees also seeing increases [9][10]. - The recent popularity of local sports events is expected to enhance consumer awareness and brand penetration in the sports goods market over the long term [11]. Real Estate Sector - Real estate stocks faced declines, with R&F Properties dropping over 3% and other major developers like China Resources Land and Longfor Group also falling [12]. - Data indicated that the average price of second-hand residential properties in 100 cities fell by 0.71% month-on-month and 7.24% year-on-year in May 2025 [12]. Biopharmaceutical Sector - The biopharmaceutical sector was under pressure, with BeiGene falling over 9% and other companies like Rongchang Biologics and Kintor Pharmaceuticals also declining [13][14]. - Rongchang Biologics announced a licensing deal for its product with a total potential value of up to $4.105 billion, but the market reacted negatively due to unmet expectations regarding the deal's terms [14]. New Listings - The jewelry company Zhou Li Fu saw a significant increase of 33.83% on its first trading day, reaching a market capitalization of HKD 17.367 billion [15][16]. Market Outlook - Analysts from Industrial Securities forecast that Hong Kong stocks will trend upward in the second half of 2025, with potential tactical adjustments in early Q3 [17].

Market Overview - The Hong Kong stock market failed to maintain its previous day's gains, with all three major indices declining. The Hang Seng Index closed down 0.61% at 24,325.4 points, with a total turnover of HKD 261.73 billion [1] - Industry expert Zhang Yidong from Industrial Securities predicts that the Hong Kong stock market will experience a volatile upward trend in the second half of 2025, with potential new highs in the autumn [1] Blue-Chip Stocks Performance - Kuaishou-W (01024) saw a moderate increase of 3.26%, closing at HKD 61.75, contributing 9.26 points to the Hang Seng Index. CICC estimates Kuaishou AI's valuation could reach USD 6 billion due to its technological leadership and growth potential [2] - Other notable blue-chip performances include China Hongqiao (01378) up 4.2% to HKD 17.88, and Chow Tai Fook (01929) up 3.72% to HKD 13.4. Conversely, China Shenhua (01088) fell 4.25% to HKD 30.4, negatively impacting the index [2] Sector Highlights - The large technology stocks showed mixed results, with Kuaishou rising over 3% while Alibaba fell 2.86%. The cryptocurrency sector saw significant activity, with Victory Securities surging 150% before a sharp decline [3] - Precious metals stocks performed well, with Shandong Gold (01787) rising 6.7% to HKD 28.65, and China Hongqiao (01378) up 4.2% [4] - The military sector saw gains, with China Shipbuilding Industry (00317) up 6.16% and Aerospace Science and Industry (00031) up 4.88%, driven by upcoming military parades showcasing domestic equipment [6] New Listings and IPOs - Saint Bella (02508) had a strong debut, rising 33.74% to HKD 8.8, with a net fundraising of approximately HKD 630 million. The company is recognized as Asia's largest postpartum care group [11] - Chow Tai Fook (06168) also performed well, increasing 25% to HKD 30, with a net fundraising of approximately HKD 1.193 billion [13]

Group 1 - The company has established a joint venture named Artificial Intelligence Mining Limited with Wuxi Zhuangxin Zhizhi Technology Co., Ltd, holding 51% of the equity [1] - The joint venture aims to develop and evaluate AI applications in non-ferrous metal exploration, mining processes, and safety production [1] - The company has been collaborating with Wuxi Zhuangxin Zhizhi since 2024 to develop AI technology models to reduce exploration costs and improve success rates [1] Group 2 - AI models will be developed for intelligent ore sorting to optimize mining activities and minimize dilution rates [2] - AI will be applied for dynamically adjusting grinding, flotation, and leaching parameters to enhance recovery rates and efficiency [2] - AI-assisted predictions will be utilized to optimize smelting conditions and improve metal recovery rates [2]

Group 1: Core Industry Transformation - The mining industry in Chenzhou is transitioning from traditional methods to green and efficient practices, focusing on environmental protection and resource utilization [2] - Companies are investing in eco-friendly technologies and establishing circular economy chains to recycle waste materials, which reduces production costs and enhances economic benefits [2] Group 2: Cultural and Tourism Development - Chenzhou's rich natural scenery and cultural heritage have laid a strong foundation for the growth of the cultural tourism industry, with increased investments and successful tourism events enhancing its reputation [5] - Rural areas are benefiting from tourism, with local communities developing agritourism and promoting regional products, leading to improved incomes and living conditions for residents [5] Group 3: Modern Agriculture Advancement - Significant achievements in modern agriculture have been made, with local specialties like ice sugar oranges and peppers being cultivated, alongside the promotion of advanced planting techniques [6] - The establishment of standardized planting bases and processing facilities has created a complete industrial chain, increasing product value and ensuring farmers' economic returns [6] Group 4: Electronic Information Industry Growth - The electronic information industry in Chenzhou is emerging, supported by government efforts to create industrial parks that attract numerous companies [9] - Collaboration among enterprises and with academic institutions is enhancing technological innovation and competitiveness, leading to job creation and economic structure improvement [9] Group 5: New Energy Potential - Chenzhou has abundant renewable energy resources, with ongoing projects in wind and solar power that reduce reliance on traditional energy and lower carbon emissions [9] - The development of the new energy sector is fostering advancements in related industries, including equipment manufacturing and maintenance services, contributing to a complete industrial chain [9] Group 6: Policy Support and Guidance - The Chenzhou government has implemented various strategies to promote industrial growth, including special funds for emerging industries and subsidies for transitioning companies [12] - Policies prioritizing land allocation and talent attraction are facilitating business operations, optimizing the industrial environment for sustainable economic growth [12]