Group 1 - The China Securities Regulatory Commission (CSRC) announced that starting from October 9, 2025, qualified foreign institutional investors (QFII/RQFII) will be allowed to participate in domestic ETF options trading, with the purpose limited to hedging [1][3] - This initiative reflects the CSRC's commitment to optimizing the QFII/RQFII system and expanding the investment scope for foreign investors, thereby enhancing the attractiveness of the QFII/RQFII framework [3] - The move is expected to stabilize foreign institutional investment behavior, encourage long-term investments, and promote the healthy development of the A-share market [3] Group 2 - In conjunction with the ETF options opening, major domestic commodity futures exchanges have announced an expansion of the tradable varieties for QFII/RQFII, including new contracts for glass, soda ash, silicon iron, natural rubber, lead, tin, ethylene glycol, and liquefied petroleum gas [3] - These series of measures demonstrate China's determination to further embrace global capital markets, attract more long-term foreign capital, and enhance market depth and resilience [3] - The CSRC indicated that more reform measures to optimize the QFII/RQFII system will be introduced in the future to promote high-level institutional opening of the capital market [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed maintained the benchmark interest rate at 4.25%-4.50% in its June meeting, with reduced but still high uncertainty about the outlook. It also adjusted GDP and inflation forecasts [3]. - Multiple financial regulatory departments announced measures at the 2025 Lujiazui Forum to promote high - level opening up of the financial market [2][15]. - Various commodity markets showed different trends, including changes in inventory, production, and trading policies [5][8]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q1 2025, GDP grew by 5.4% year - on - year, unchanged from the previous quarter [1]. - In May 2025, the manufacturing PMI was 49.5%, up from 49.0% in the previous month, and the non - manufacturing PMI for business activities was 50.3%, down from 50.4% [1]. - In May 2025, M0, M1, and M2 had different year - on - year growth rates, with M0 at 12.1%, M1 at 2.3%, and M2 at 7.9% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Qualified foreign investors can participate in more domestic commodity futures and options starting from June 20 [2]. - Zhengzhou Commodity Exchange adjusted trading rules for some futures contracts [2]. - Multiple financial regulatory departments announced policies at the 2025 Lujiazui Forum to support Shanghai's international financial center construction [2][15]. 3.2.2 Metal - India restricted imports of palladium - rhodium alloys with a gold content over 1% [5]. - London Metal Exchange inventories of various metals changed, and the gold ETF's holdings increased [5]. - "New Bond King" Gundlach predicted that gold would reach $4000 [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Nippon Steel completed the acquisition of U.S. Steel for $14.9 billion [7]. 3.2.4 Energy and Chemicals - China's May imports and exports of energy and chemical products showed different trends, such as a 10.4% increase in gaseous natural gas imports [8]. - Russia and some OPEC+ countries may increase crude oil production [8][9]. - EIA data showed changes in U.S. oil and gas inventories and production [10]. 3.2.5 Agricultural Products - The government planned to reduce the inventory of breeding sows by about 1 million [12]. - As of June 18, the national "Three Summers" wheat harvest was 96% complete [12][13]. - The global cotton market may see increased production, and domestic cotton fundamentals are improving [13]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 77 billion yuan [14]. - The central bank issued 30 billion yuan of central bank bills in Hong Kong on June 18 [14]. 3.3.2 Key News and Information - Multiple financial regulatory departments announced policies at the 2025 Lujiazui Forum to promote high - level opening up [15]. - The Fed maintained the benchmark interest rate, adjusted GDP and inflation forecasts, and influenced financial markets [16]. - Various domestic and international economic and political events occurred, such as government officials' investigations and international trade disputes [17][18] 3.3.3 Bond Market Summary - The Chinese bond market showed narrow fluctuations, with different trends in bond yields and futures [25]. - European bond yields generally declined, while U.S. bond yields rose [29]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down, and the US dollar index rose [30]. 3.3.5 Research Report Highlights - Guosheng Fixed Income believed that the 10 - year Treasury bond has high investment value [31]. - Yangtze River Fixed Income expected the June capital market to remain stable [31]. - CITIC Securities analyzed the possible nomination of the next Fed Chairman [32]. 3.4 Stock Market Key News - The CSRC announced policies to support the listing of unprofitable enterprises on the Sci - tech Innovation Board and ChiNext [35]. - The A - share market had a narrow range of fluctuations, while the Hong Kong stock market declined [35]. - Multiple companies' IPO progress was reported, such as Moore Threads and MiniMax [37]

Macro Dynamics - The Chinese Foreign Ministry responded to Trump's announcement of extending the deadline for the sale of TikTok, reiterating that China will handle related issues according to its laws and regulations [1] - As of June 18, 791 Chinese citizens have been safely relocated from Iran, with over 1,000 more in the process of evacuation, supported by Chinese embassies in neighboring countries [2] Financial Institutions - UBS reported a data breach affecting over 130,000 employees, but emphasized that client data remains secure [10] Market Data - On June 18, A-shares saw slight increases, with the Shanghai Composite Index rising by 0.04% and the ChiNext Index by 0.23%, while the total market turnover was approximately 11,910.88 billion [11] - The margin balance in the two markets increased by 53.83 billion, reaching a total of 18,098.63 billion [12] - The Hong Kong stock market closed with the Hang Seng Index down by 1.12% and the Hang Seng Tech Index down by 1.46% [13] Company Dynamics - JD Travel announced a plan for hotel operators to join the "JD Hotel PLUS Membership Program," offering up to three years of zero commission to optimize supply chain costs [15] - Powin, the third-largest energy storage company in the U.S., filed for bankruptcy, with major debts owed to companies including CATL and CIMC [16] - Toyota's chairman saw a 20% increase in total compensation, reaching approximately 1.34 million USD, primarily from bonuses and stock compensation [17] - The launch of a new budget delivery vehicle by Cainiao, priced at 21,800 RMB, aims to enhance logistics capabilities [20] - The live streaming event by Pop Mart on AliExpress attracted 240,000 viewers, significantly boosting the GMV of the trendy toy category by 300% year-on-year [18][19]