Core Viewpoint - The market experienced a significant surge on June 25, with the Shanghai Composite Index reaching a new high for the year, driven by strong performance in the financial sector and positive regulatory developments in virtual asset trading [1][7]. Market Performance - On June 25, the Shanghai Composite Index rose by 1.03%, the Shenzhen Component Index increased by 1.72%, and the ChiNext Index surged by 3.11% [1]. - A total of 3,919 stocks rose, with 80 hitting the daily limit up, while 1,284 stocks declined [2]. - The total trading volume reached 16,395.06 billion, with a total of 5,420 stocks traded [2]. Sector Highlights - The financial sector saw a broad rally, with stocks like Tianfeng Securities, Guosheng Financial Holdings, and Xiangcai Shares hitting the daily limit up [2]. - Major banks, including Agricultural Bank of China, Bank of China, and Industrial and Commercial Bank of China, continued to set historical highs [2]. - The military industry sector also showed strength, with multiple stocks like Changcheng Military Industry and Star Technology experiencing significant gains [5]. Regulatory Developments - Guotai Junan International became the first Chinese broker in Hong Kong to offer comprehensive virtual asset trading services, leading to a surge in its stock price by approximately 150% [7]. - Following the license upgrade, clients can trade cryptocurrencies and stablecoins directly on the Guotai Junan International platform [8]. - The Chinese government released 19 measures to support consumption, enhancing the financial ecosystem and consumer spending [8]. Market Sentiment - The ceasefire in the Middle East has positively influenced market sentiment, reducing concerns over broader conflicts and U.S. involvement [9].

Market Overview - The market experienced a significant rise, with the Shanghai Composite Index reaching 3455 points, marking a new high for the year, while the ChiNext Index surged over 3% [1] - Over 3800 stocks closed in the green, indicating a positive shift in market sentiment [5] Financial Sector - The financial sector saw a collective surge, particularly in brokerage stocks such as Guosheng Financial Holdings, Tianfeng Securities, and Xiangcai Securities, which hit the daily limit [3] - The rise is attributed to increasing expectations for policy easing and the relatively low valuations of brokerage firms, with potential catalysts from ongoing capital market reforms like the deepening of the registration system and the expansion of the Beijing Stock Exchange [3] - Caution is advised for short-term trading, while long-term investors should focus on leading firms with strong investment banking capabilities and wealth management advantages [3] Military Industry - The military sector remained active, with stocks like Guorui Technology and Beifang Changlong hitting the daily limit [3] - The sector benefits from strong performance and policy support, with many military enterprises reporting full order books, particularly in aerospace and missile equipment [3] - Long-term investments should focus on leading companies with core technologies and stable orders, avoiding short-term speculative trades [3] Software Development - The software development sector was also lively, with stocks like Guiding Compass reaching the daily limit [4] - This sector is linked to the financial industry, driven by the demand for financial IT and data security as part of digital transformation [4] - Companies that effectively combine technology with practical applications are seen as having significant future potential, but investors should prioritize firms with tangible projects and cash flow [4] Other Sectors - The oil and gas, pharmaceutical, and shipping sectors faced declines, with stocks like Zhun Oil Shares hitting the daily limit down [4] - The oil and gas sector is affected by recent volatility in international oil prices, while the pharmaceutical sector is still adjusting to the impacts of centralized procurement [4] - The shipping sector is experiencing a withdrawal of funds due to expectations around freight rates and seasonal demand [4] Investment Strategy - The market's upward movement suggests a search for undervalued and high-growth sectors, particularly in financials and military industries [5] - Long-term investors are encouraged to remain calm and avoid chasing short-term speculative stocks, focusing instead on sectors with clear policy benefits and strong mid-year performance forecasts, such as semiconductor equipment, energy storage, and high-end liquor [5]

智通财经6月25日电，市场全天震荡拉升，沪指创年内新高，创业板指涨近3%。沪深两市全天成交额 1.6万亿，较上个交易日放量1882亿。盘面上，市场热点集中在金融、军工等方向，个股涨多跌少，全 市场超3800只个股上涨。从板块来看，金融股持续爆发，国盛金控等多股涨停，中、农、工、建四大行 续创历史新高。军工股集体走强，长城军工等10余股涨停。芯片股震荡拉升，台基股份20CM涨停。下 跌方面，油气股延续调整，准油股份连续跌停。板块方面，军工、证券、互联网金融、保险等板块涨幅 居前，油气、农药、影视、港口等板块跌幅居前。截至收盘，沪指涨1.03%，深成指涨1.72%，创业板 指涨3.11%。 收评：沪指涨超1%创年内新高 两市成交额达1.6万亿 ...

Core Insights - The "Deep Sea No. 1" Phase II project has been fully put into production, expected to produce over 4.5 billion cubic meters of gas annually, making it the largest offshore gas field in China [1][3] - The project consists of 23 underwater gas wells, capable of supplying over 15 million cubic meters of natural gas daily to regions such as the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan [3][5] - The gas field is characterized by its deep water operation, with a maximum operational depth exceeding 1500 meters and a geological temperature reaching up to 138 degrees Celsius [5][13] Project Details - The Phase I project was launched in June 2021, while Phase II includes 12 underwater gas wells across three areas, along with new infrastructure such as a jacket platform and underwater production systems [7][9] - The project has upgraded existing shallow water facilities to a multi-functional platform, enhancing capabilities for gas processing, shallow water drilling, and cross-regional gas distribution [9] Industry Development - China's deepwater oil and gas engineering capabilities have significantly improved, transitioning from shallow to ultra-deep water operations, with equipment technology reaching world-class standards [11][17] - The "Deep Sea No. 1" project faces extreme challenges due to its high temperature and pressure conditions, marking it as the most complex deepwater gas field developed independently in China [13][15] - The project has pioneered a new development model for deepwater gas fields, integrating remote-controlled underwater production systems with shallow water platforms, addressing significant technical challenges [15] Future Outlook - The combination of production, research, and development has led to comprehensive improvements in design, construction, installation, and commissioning of deepwater oil and gas equipment [19] - In 2024, China's marine energy supply is expected to continue growing, with marine crude oil and natural gas production projected to increase by 4.7% and 8.7% year-on-year, respectively [19]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) has fully launched the second phase of the "Deep Sea No. 1" gas field project in the South China Sea, marking the completion of the largest offshore gas field in China [1][2] Group 1: Project Overview - The "Deep Sea No. 1" gas field consists of two phases, with the first phase commencing production in June 2021 and proven natural gas geological reserves exceeding 150 billion cubic meters [1] - The project operates at a maximum water depth of over 1,500 meters and a maximum well depth exceeding 5,000 meters, making it the deepest and most challenging deep-water gas field developed independently in China [1] Group 2: Technical Challenges - The second phase of the project faces extreme geological conditions, with the highest formation temperature reaching 138 degrees Celsius and maximum pressure exceeding 69 MPa, which is 1,000 times the working pressure of a household pressure cooker [1] - The project manager highlighted the innovative development model combining underwater production systems, shallow water jacket platforms, and deep-water semi-submersible platforms with remote control systems [1] Group 3: Production Capacity and Impact - The "Deep Sea No. 1" gas field has reached its maximum design capacity, with an expected annual gas production exceeding 4.5 billion cubic meters [2] - The produced deep-water natural gas will flow to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan through various land terminals, integrating into the national natural gas pipeline network [2] - The facilities and technical systems established during the construction of the two phases are expected to facilitate the development of other complex deep-water oil and gas reserves in the Hainan sea area, enhancing the contribution of marine oil and gas to domestic energy supply [2]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the full production of the "Deep Sea No. 1" Phase II project, marking the completion of China's largest offshore gas field [1][3]. Group 1: Project Overview - The "Deep Sea No. 1" gas field has a total proven geological reserve of over 150 billion cubic meters, with the maximum operational water depth exceeding 1,500 meters and well depths over 5,000 meters [1][3]. - The Phase II project faced extreme geological conditions, with the highest formation temperature reaching 138 degrees Celsius and maximum pressure exceeding 69 MPa, which is equivalent to 1,000 times the working pressure of a household pressure cooker [3]. Group 2: Technological Innovations - The project introduced an innovative development model combining underwater production systems, shallow water jacket platforms, and deep-water semi-submersible platform remote control systems [3]. - A total of 12 underwater gas wells were deployed across three well areas (south, north, east), along with the construction of one jacket platform, one underwater production system, five subsea pipelines, and five deep-water umbilicals, creating a large-scale oil and gas production facility cluster spanning over 170 kilometers [3]. Group 3: Production Capacity and Impact - The "Deep Sea No. 1" gas field has reached its maximum design capacity, with an expected annual gas production of over 4.5 billion cubic meters [3]. - The produced deep-water natural gas will flow to the Guangdong-Hong Kong-Macao Greater Bay Area and Hainan through various land terminals, integrating into the national natural gas pipeline network [3][4].

Market Overview - A-shares experienced a significant rally, with the ChiNext Index rising by 1.34%, driven by strong performances in the military and diversified financial sectors [1] - Northbound capital saw a substantial inflow of 8.1 billion yuan, indicating increased foreign interest in A-shares [1] External Market Influence - U.S. stock markets rose over 1%, with the Nasdaq China Golden Dragon Index increasing by 3.31%, positively impacting A-shares [3] - The easing of tensions in the Middle East and a 6% drop in international oil prices contributed to a more favorable market environment [3] Technical Analysis - The ChiNext Index broke through the critical resistance level of 2050 points, indicating a strong upward momentum [3] - The Shanghai Composite Index showed potential to challenge the 3450-point mark, contingent on volume support [3] Capital Flow - Northbound funds were actively purchasing, with over 4 billion yuan each in both the Shanghai and Shenzhen stock connects, reflecting foreign optimism towards A-shares [4] - Domestic capital showed a net outflow overall, but focused on military, financial, and solid-state battery sectors [4] Sector Performance - The military sector saw significant gains, with over ten stocks hitting the daily limit, supported by a 7.2% increase in defense budgets and geopolitical risk hedging [4] - The financial sector's surge was attributed to favorable policies announced at the Lujiazui Forum, including the establishment of a digital RMB international operation center in Shanghai [4] - The solid-state battery sector is gaining traction, with companies like Xiangtan Electrochemical achieving five consecutive trading limits, driven by advancements in technology and upcoming production milestones [5] Underperforming Sectors - The oil and gas extraction sector faced declines, with companies like Zhun Oil Co. hitting the daily limit down, linked to the drop in international oil prices [6] - The port shipping and film industry are also experiencing adjustments due to economic cycles and market capital flow [6] - The liquor sector remains sluggish, with prices for premium products like Moutai dropping significantly due to seasonal consumption declines and industry de-financialization [6] Investment Strategy - For long-term investors, the military and financial sectors present ongoing opportunities, particularly in military stocks supported by policy and earnings expectations [6] - Caution is advised in the solid-state battery sector due to high short-term volatility, emphasizing the need to identify companies with genuine technological breakthroughs [6] - The ChiNext Index's ability to maintain above 2100 points could lead to a challenge of 2200 points, with a focus on technology and new energy sectors [6]

Core Viewpoint - The A-share market showed a positive trend in the morning session, with the ChiNext index rising over 1%, driven by strong performances in the military industry sector [1] Market Performance - All three major A-share indices rose in the morning, with the Shanghai Composite Index increasing by 0.28%, the Shenzhen Component Index by 0.64%, and the ChiNext Index by 1.34% [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 920 billion [1] Sector Performance - The military industry sector led the market gains, indicating strong investor interest [1] - Financial sectors, including securities and banking, also performed well, contributing to market stability [1] - The stablecoin concept saw a pre-lunch surge, reflecting growing interest in digital currencies [1] - The oil and gas extraction sector experienced a continuous decline, with Huai Oil shares hitting the daily limit down [1] - The port and shipping sector showed weak performance, indicating potential challenges in that area [1]

Core Insights - The "Deep Sea No. 1" gas field is China's most challenging deep-water gas field, characterized by the deepest operational water depth, highest formation temperature and pressure, and significant exploration and development difficulties [1] Industry Development - China's deep-water oil and gas engineering capabilities have significantly improved in recent years, achieving a transition from shallow to ultra-deep water operations [1] - The equipment technology has reached a world-class advanced level, indicating a strong competitive position in the global market [1] Project Specifications - The second phase of the "Deep Sea No. 1" project features a maximum operational water depth of nearly 1000 meters, with the highest formation temperature reaching 138 degrees Celsius and the highest pressure exceeding 69 MPa [1] - The total designed well depth exceeds 60,000 meters, and the main production facilities span a geographical distance of over 170 kilometers, making it the deepest and most extensive deep-water gas field developed independently by China [1] - The project faces extreme challenges due to the combination of "deep water, deep layers, high temperature, and high pressure" [1]

Group 1 - The A-share oil and gas extraction sector continues to show weakness, with companies like Beiken Energy and Huai Oil Co. hitting the daily limit down [1] - Tongyuan Petroleum experienced a decline of over 7%, while other stocks such as Zhongman Petroleum and Intercontinental Oil & Gas also followed the downward trend [1]