Broad headline numbers mixed, China property in focus GDP growth in Jun Q remained robust, though other economic indicators for China in the month of June are mixed. Highlights include: 1) June quarter GDP was +5.2% y/y vs consensus +5.1% y/y owing to front-loading of exports and related production, earlier government bond issuance and implementation of already planned stimulus, 2) Industrial production growth accelerated, 3) Property signals deteriorated, and 4) Retail sales slowed. Given prevailing weakne ...

Equity Research Thematic Investing 3 July 2025 Thematic Investing Critical Raw Materials: Three strategies to strengthen supply chains Although China is the key player in CRM mining and refining, we see Europe and the US adopting initiatives to strengthen domestic CRM chains. We update our company landscape to highlight c.60 listed companies exposed to CRM substitution, exploration and/or recycling. Demand for critical minerals is being driven by more than the green transition. Powering AI (Global trade: Mi ...

Key Takeaways POSCO unveiled a research and development lab in Perth to boost battery materials and rare earths. The lab supports POSCO's drive for raw material localization and carbon-reducing innovations. PKX aims to advance tech in lithium, nickel and rare earths through local collaboration.POSCO Holdings (PKX) has opened the Australia Critical Minerals R&D Lab in Perth with the goal of achieving ultra-gaps in technological competitiveness in the steel, battery material, raw materials and rare earth in ...