（来源：科创100ETF基金） 港股收盘，恒生指数涨0.72%，恒生科技指数涨0.48%。港股科技ETF(159751)涨0.43%，恒生港股通 ETF(159318)涨0.71%。板块方面，水务、海上运输板块涨幅靠前；生物科技、制药板块跌幅靠前。个 股方面，基地锦标集团大涨超110%；邮储银行（601658）涨4.59%，中国宏桥涨4.48%，金沙中国有限 公司涨4.4%，美团-W涨4.06%；山高控股跌11.28%，中铝国际（601068）跌13.23%；天津创业环保 （600874）股份涨24.17%，秦港股份（601326）涨12.94%，泡泡玛特跌超9%。 来源：市场资讯 ...

Market Overview - The U.S. stock market experienced a significant decline, with the Dow Jones index falling by 1.02%, the S&P 500 index dropping over 1%, and the Nasdaq Composite index decreasing by more than 2% [1] - The Nasdaq China Golden Dragon Index saw a decline of over 4%, marking its largest drop since August 27 [2] Sector Performance - The Philadelphia Semiconductor Index fell by 4.7%, with notable declines in major semiconductor stocks: AMD down over 8%, ARM down over 7%, Micron Technology down over 6%, Nvidia down over 2%, ASML down over 3%, Qualcomm down over 4%, and Matson down nearly 6% [6] Commodity Market - Gold prices experienced a short-term increase, with London spot gold reported at $4020.22 per ounce and COMEX gold at $4027.7 per ounce [2]

港股午间收盘，恒生指数跌0.87%，恒生科技指数跌1.44%。港股科技ETF（159751）涨3.17%，恒生港 股通ETF（159318）涨1.11%。板块方面，电气设备、酒店和度假村REIT板块涨幅靠前；海上运输、水 务板块跌幅靠前。个股方面，长飞光纤光缆跌4.55%，新濠国际发展跌5.1%；大众公用涨28.34%，上海 电气涨12.56%。 ...

Market Overview - The Hang Seng Index closed down by 0.99% while the Hang Seng Tech Index fell by 1.18% [1] - The Hong Kong Tech ETF (159751) increased by 0.33%, whereas the Hang Seng Hong Kong Stock Connect ETF (159318) decreased by 0.28% [1] Sector Performance - Diversified REITs and gas sectors showed strong performance with notable gains [1] - Aerospace and defense, along with offshore transportation sectors, experienced significant declines [1] Individual Stock Movements - Lens Technology saw a substantial increase of 12.56% [1] - China National Nuclear Power dropped by 10.0%, while Canggang Railway fell by 10.83% [1] - Dazhong Public Utilities surged by 35.44%, and MIRXES-B rose by 17.91% [1]

Market Overview - The Hang Seng Index closed up by 0.19%, while the Hang Seng Tech Index decreased by 0.01% [1] - The Hong Kong Tech ETF (159751) rose by 0.27%, and the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.15% [1] Sector Performance - The Computer and Peripheral Equipment sector and the Marine Transportation sector showed the highest gains [1] - The Diversified REITs and Dealers sectors experienced the largest declines [1] Individual Stock Movements - Songjing Technology surged over 121%, while Baida International Holdings increased by over 55% [1] - XPeng Motors-W rose by 5.36%, and Techtronic Industries gained 4.35% [1] - Kingworld Medicines fell by 10.06%, and Guofu Hydrogen Energy dropped by 11.34% [1] - Ganfeng Lithium increased by 20.91%, and Longpan Technology rose by 18.8% [1]

Core Insights - The volume of shipments departing from China has decreased by 24% year-on-year, while Southeast Asian countries such as Vietnam, Thailand, and Malaysia have seen significant increases in shipping volumes, with growth rates of 57%, 22%, and 96% respectively [1] - The overall shipping volume from Asia to the United States has dropped by 9% in June, totaling 1,540,998 TEUs (twenty-foot equivalent units) [1] - The decline in shipments from China is attributed to the high tariff policies implemented by the Trump administration, leading to a sustained decrease in shipping volumes for two consecutive months [1] - In contrast, Japan's shipping volume has decreased by 14% [1] Product Category Analysis - Among the top 10 product categories, 7 have experienced a year-on-year decline in shipping volumes, including furniture (-12%), plastics (-5%), machinery (-15%), automotive-related products (-22%), and steel products (-12%) [1] - Conversely, rubber products (tires) have increased by 14%, while clothing and footwear have seen growth rates of 6% and 1% respectively [2] Trade Relations Impact - Following the reduction of additional tariffs between the U.S. and China on May 14, there has been a slight recovery in shipping volumes from China, although they have not yet reached the levels of the previous year [2] - Many industry experts believe that the shipping volumes from China have failed to maintain the momentum gained after the U.S.-China agreement [2]

Group 1: Central Economic Committee Meeting Insights - The 6th meeting of the 20th Central Economic Committee was held on July 1, 2025, with a significant gap of nearly one and a half years since the last publicly disclosed meeting[3] - The meeting emphasized the need to deepen the construction of a unified national market, focusing on supply-side optimization and combating "involution" competition[13] - The meeting's outcomes are expected to lead to smoother policy formulation and execution, as clarified by the recent political bureau meeting[6] Group 2: Supply-Side Reform and Involution - The concept of "anti-involution" was first introduced in the July 2024 political bureau meeting, with the current meeting reinforcing this stance and calling for specific policy implementations[17] - Historical context shows that supply-side structural reforms initiated in November 2015 led to significant improvements in local government finances, with land transfer income rising from CNY 3.1 trillion to CNY 5.0 trillion between 2015 and 2017[20] - Current local fiscal pressures remain high, necessitating careful monitoring of how "anti-involution" and supply-side optimization are implemented[20] Group 3: Marine Economy Development - The meeting highlighted the ongoing policy support for the marine economy, which has been a consistent focus since the 18th National Congress in 2012[24] - Key investment areas identified include offshore wind power, marine infrastructure, and marine transportation, with expectations for short-term fundamental improvements[28] - The integration of marine economy with other sectors such as pharmaceuticals, military, and cultural tourism is anticipated to catalyze further policy support[28]