Core Viewpoint - Overall, since June, the market has been dominated by banks, pharmaceuticals, and computing power, which have not disrupted the underlying logic, suggesting that the index may experience fluctuations or maintain slight upward movement in the coming week [1] Group 1: Market Trends - The index performance is primarily driven by the collective strength of banks, pharmaceuticals, and computing power [1] - The current market environment is characterized by better-than-expected sentiment, indicating potential for positive index movement [1] Group 2: Investment Strategies - Two investment strategies are suggested: 1. Trend direction clustering, focusing on banks, pharmaceuticals, and overseas computing power [1] 2. Theme rotation, including sectors such as high temperature (electricity), base metals (copper and aluminum), and stablecoins [1]

Group 1 - The core viewpoint of the articles highlights the rapid development of the computing power industry in Xinjiang, particularly in Karamay, which is becoming a new hub for computing power investment due to its unique geographical advantages and resource endowments [1][2][3] - Karamay's carbon and water-cooled data center utilizes a special insulating oil for cooling, achieving energy consumption that is only one-sixth of traditional data centers, resulting in a significant reduction of carbon emissions by tens of thousands of tons of standard coal annually [1] - The city plans to expand its computing power capacity significantly, with a target of exceeding 100,000 P by leveraging its abundant green energy resources from wind and solar power [2][3] Group 2 - Xinjiang's total installed power capacity has reached 201 million kilowatts, ranking fifth in the country, with renewable energy capacity exceeding 112 million kilowatts, accounting for 55.72% of the total power capacity [3] - Various regions in Xinjiang are accelerating the construction of computing power clusters, with plans to add 10,000 P of computing power during the 14th Five-Year Plan period [3] - The establishment of multiple data center projects, such as the China Mobile Karamay Cloud Computing Intelligent Center, is expected to enhance the computing power scale to over 17,000 P by the end of 2024, with 80% of the services aimed at eastern regions and overseas enterprises [2]

Group 1 - Xi Jinping emphasized the need to develop wind power, hydrogen energy, and other energy sources while enhancing the coal industry from low-end to high-value products, aiming to build a new energy system [1] Group 2 - The State Council issued an opinion to optimize government services and enhance administrative efficiency, promoting the application of new technologies like AI in public services [2] Group 3 - Seven departments jointly released opinions to accelerate the construction of an inclusive childcare service system, focusing on a "1+N" model for childcare services [3][4] Group 4 - The Ministry of Foreign Affairs responded to Trump's announcement of tariffs on imports from 14 countries, reiterating that trade wars have no winners and protectionism harms all parties [5][13] Group 5 - In June, the retail market for new energy passenger vehicles grew by 29.7% year-on-year, with total retail sales reaching 1.111 million units [7][8] Group 6 - Changan Automobile is in the critical phase of restructuring, with a preparatory group formed and the new Changan Group expected to be established in August [9] Group 7 - The market is concerned about the potential loss of majority seats by the ruling coalition in Japan's upcoming elections, leading to a surge in long-term bond yields [14] Group 8 - Zhongke Xingtu and Zhongke Shuguang signed a cooperation agreement to advance space computing technology, indicating a growing interest in the domestic computing market [16][22]

Group 1 - A-shares indices showed strong fluctuations, with the ChiNext index rising over 2%, driven by the solar energy and computing power industries, with stocks like Daqo New Energy up over 13% and Sungrow Power up over 10% [1] - The "anti-involution" policy is expected to correct vicious competition and improve the competitive landscape in emerging industries, leading to enhanced profitability and cyclical resilience for leading companies [1][2] - Since June 24, the ChiNext index and technology leaders have outperformed, with sectors such as steel, new energy, building materials, media, communication, and electronics leading the gains [2] Group 2 - The "anti-involution" trend is seen as a key driver for a bull market, as it encourages companies to reduce capital expenditures and eliminate excess capacity, improving economic supply-demand relationships and corporate profitability [2] - AI is identified as a critical force driving the current technological revolution, creating investment opportunities across multiple industries in the A-share market [2] - The Southern ChiNext ETF (159948) closely tracks the ChiNext index, which consists of 100 large-cap, liquid stocks from the ChiNext market [2]

Group 1: Earnings Reports and Market Reactions - Industrial Fulian (601138) reported a significant increase in mid-year earnings, with an expected net profit of 11.958 billion to 12.158 billion yuan, representing a year-on-year growth of 36.84% to 39.12% [9] - The stock of Industrial Fulian surged to a trading volume of 7.192 billion yuan, marking the highest in A-shares, and its market capitalization reached 523.89 billion yuan [7][9] - The strong performance of Industrial Fulian positively impacted the AI sector, leading to substantial gains in related stocks such as New Yisheng, Shenghong Technology, and Hu Dian Shares, which all hit historical highs [2][9] Group 2: Sector Performance - The photovoltaic sector experienced a significant rally, with stocks like Tongwei Co. and Daqo New Energy hitting their daily limits, driven by favorable market liquidity and policy expectations [3] - The technology sector saw a comprehensive rebound, particularly in the computing power industry chain, with notable increases in PCB, copper cable connections, and semiconductor-related stocks [6] - The gaming sector also showed strong performance, with stocks like Glacier Network and Electric Soul Network leading the gains, supported by recent approvals for new games and initiatives to promote game exports [14][17][18] Group 3: Future Outlook - Analysts predict that the PCB market will benefit from the growth of AI and high-performance computing systems, with global PCB output expected to reach 94.661 billion USD by 2029 [13] - The gaming industry is entering a new development phase characterized by content refinement, AI industrialization, and systematic globalization, with current valuations still offering good value [18]

Market Overview - The Shanghai Composite Index rose by 0.32% to 3472.32 points, driven by gains in the banking and insurance sectors, while the Shenzhen Component Index and ChiNext Index fell by 0.25% and 0.36% respectively [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 145.47 billion yuan, an increase of over 120 billion yuan from the previous day [1] Economic Insights - Citic Securities noted that the Shanghai Composite Index reached a new high since 2025 due to three favorable factors: improving macroeconomic conditions, heightened market sentiment, and positive earnings forecasts in new economic sectors [1] - The firm anticipates a rising market fluctuation center in the medium term, with potential short-term index pullbacks presenting good buying opportunities [1] Sector Analysis - The air conditioning demand is expected to improve due to extreme high temperatures globally, with historical data showing a significant positive correlation between temperature changes and air conditioning sales [2] - The upcoming government subsidies are expected to stimulate domestic demand for air conditioning in the third quarter [2] Technology Sector - The demand for computing power remains strong, with Nvidia's GB300 system set to launch in the third quarter, and major cloud service providers preparing for new server deliveries [3] - Citic Securities continues to recommend investments in companies with sustained high growth and those positioned to benefit from external demand and market share breakthroughs [3] Consumer Electronics - The smartphone market in China is projected to see slight year-on-year growth in Q2 2025, driven by Huawei and Apple, with Huawei expected to be the fastest-growing brand [4] - Apple's promotional activities for the iPhone 16 series have contributed to sales growth, and the development of a foldable iPhone is underway, expected to launch in late 2026 [4][5] Energy Sector - The National Energy Administration reported that the maximum electricity load in China reached a historical high of 1.465 billion kilowatts, driven by sustained high temperatures [10] - The East China grid load reached 422 million kilowatts, with air conditioning load accounting for approximately 37% [10]

Group 1: Impact of "Anti-Inner-Loop" Policy on the Market - The "Anti-Inner-Loop" policy has gained significant attention from the central government, particularly in industries facing overcapacity, as highlighted in the Central Financial Committee meeting on July 1, 2025 [2][11] - Following the policy announcement, sectors such as photovoltaic and cement have taken measures to reduce production and optimize industry structure, leading to a strong market response with noticeable capital inflow [2][11] - The policy aims to enhance supply structure, stabilize market expectations, and improve overall industry efficiency and competitiveness [11][12] Group 2: Investment Recommendations - The current market is in a volatile phase, with investment hotspots concentrated in technology, military industry, and state-owned enterprises, benefiting from stable policies and capital inflow from U.S. markets [5][16] - The technology sector is expected to be a key focus in July, supported by reduced policy uncertainty and domestic planning emphasizing technology [16][17] - The military sector is anticipated to perform well due to increased defense budgets and upcoming high-profile military events [17] - State-owned enterprises and public utilities are seen as having good allocation value in the third quarter, given the weakening internal dynamics of real estate and strict regulatory measures [18] Group 3: Market Overview and Trends - The market has shown a trend of oscillating upward, with major indices such as the Wind All A, CSI 300, and CSI 2000 rising by 1.22%, 1.54%, and 0.59% respectively [8][21] - The steel, banking, and building materials sectors have led the market, indicating a recovery in activity levels [21][23] - The average turnover rate for the entire market has increased, reflecting a rise in trading activity [27][28]

由北京市协同发展服务促进会牵头，三地数字经济领域相关行业协会联合发布《数字京津冀协同共建》 行业倡议，并发起组建"数字京津冀协同共建服务联盟"，聚焦产业链生态协同、场景应用示范、数字园 区协作等维度，汇聚协会各方力量，推动京津冀数字经济产业链"织网"，构建更加开放、协同和创新的 数字经济协同发展共同体。 联盟首个联合项目"京津冀数字经济园区伙伴计划"在论坛正式启动，首批23家园区加入伙伴计划，并召 开第一次伙伴对接座谈会。围绕"协同创新、资源共享、优势互补、互利共赢"，联盟将以产业园区为载 体，推动园区之间和企业之间结对组成算力伙伴、数据伙伴、技术伙伴和应用伙伴，构建统一、开放、 共享的数字经济生态体系。 北京市协同发展服务促进会发布"京津冀产业协同综合服务平台"，汇聚展示"六链五群"发展基础、园区 平台分布、惠企政策等内容，成为行业系统了解京津冀产业协同布局思路、供需机会、前沿趋势的重要 平台，赋能京津冀各类协同主体精准决策。 本报讯(记者郭冀川)7月3日，2025全球数字经济大会活动之一，首届"京津冀数字经济协同创新与融合 发展"专题论坛在北京中关村国家自主创新示范区会议中心举办。论坛由全球数字经济大会组 ...

A股算力板块走强，工业富联涨近8%，胜宏科技涨逾4%，德科立、广合科技、中京电子、新亚电子、 立讯精密等跟涨。 ...

Group 1 - The 2025 China International Financial Expo was held from June 18 to 20, showcasing nearly 300 exhibitors, including both mainstream financial institutions and emerging tech companies [1] - Fast Warehouse, a tech company specializing in smart warehousing, has transitioned from being a service provider for banking technology to directly serving bank clients with advanced technologies like AI and big data [1] - The expo highlighted the integration of traditional financial institutions with tech companies, indicating a trend towards collaboration in the digital transformation of the financial sector [1] Group 2 - The "role model effect" is accelerating the digital transformation of finance, with larger banks replicating their intelligent business experiences in smaller banks [2] - OceanBase, a self-developed distributed database, has set a record by switching 133 systems in 48 hours, demonstrating its capability to support over 100 banks with critical systems [2] - The acceptance of autonomous innovation in core trading systems is increasing among users, presenting significant opportunities for companies in the industry chain [2] Group 3 - The expo served as a platform for collaboration between financial institutions and tech companies, focusing on innovations in data, technology, management, and compliance [3] - Attendees were not only interested in new intelligent service experiences but also in capturing the future direction of China's financial industry [3] - The vibrant atmosphere of financial innovation was evident as professionals engaged in discussions and formed project groups on-site [3]