Industry News - The Central Economic Committee, chaired by Xi Jinping, emphasized the need to advance the construction of a unified national market and promote high-quality development of the marine economy [1][4] - The Thai Constitutional Court has decided to accept the impeachment petition against Prime Minister Prayuth Chan-o-cha, suspending him from office [2][5] - Domestic gasoline and diesel prices have been raised by 0.18 yuan and 0.19 yuan per liter respectively, effective from July 1, leading to an additional cost of 9 yuan for filling a 50-liter tank with 92-octane gasoline [6] - The Ministry of Industry and Information Technology reported that from January to May, internet service companies achieved a revenue of 773.5 billion yuan, a year-on-year increase of 0.9%, while profits fell by 2.2% [6] - The photovoltaic glass market is entering a price decline phase, with leading companies potentially initiating a new round of production cuts to stabilize prices due to low demand and ongoing losses [6] - Shanghai's investment promotion office has issued measures to enhance financial resource supply, including establishing a 500 billion yuan fund for industrial transformation [7] Company News - He Yuan Bio has become the first company to pass the listing committee meeting under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [10] - *ST Yuan Cheng is under investigation by the China Securities Regulatory Commission for suspected false disclosures in financial reports [10] - Changchun Gaoxin plans to issue H-shares and list on the Hong Kong Stock Exchange [11] - Micron Biologics has received FDA acceptance for its clinical trial application for CS231295 [12] - Jinlong Co. has completed the public transfer of 20% of Dongguan Securities [13] - Newland has established a subsidiary overseas and obtained a Money Services Business license in the U.S. [14] - New and high-performance paper base material project for bamboo pulp paper production is expected to require an investment of 11 billion yuan [15] - BYD reported that its sales of new energy vehicles reached approximately 2.146 million units in the first half of the year, a year-on-year increase of 33.04% [17]

Group 1: Technology Developments - Nvidia's CEO Jensen Huang personally recruited two Chinese AI experts, Banghua Zhu and Jiantao Jiao, to focus on model post-training, performance evaluation, agent development, and AI infrastructure [2] - Google announced a commercial power purchase agreement with Commonwealth Fusion Systems for 200 MW from its fusion power project in Virginia, marking the first commercial application of fusion energy [2] - Baidu officially open-sourced its Wenxin large model 4.5 series, which includes 10 models with varying parameters, available for deployment on platforms like PaddlePaddle and Hugging Face [5] Group 2: Automotive Industry Updates - Xiaomi's automotive division plans to roll out the 10 million Clips version of its assisted driving feature for models SU7 Pro, Max, and SU7 Ultra by late July [6] - Hongmeng Zhixing reported that its flagship car, the Zun Jie S800, achieved over 6,500 pre-orders in its first month, positioning it against luxury competitors like BMW 7 Series and Audi A8 [7][8] - Tesla launched its next-generation V4 supercharging stations in China, which are also available for non-Tesla electric vehicles, enhancing user charging experience and efficiency [9] Group 3: Financial and Market Movements - Hongxin Electronics announced that its subsidiaries signed contracts totaling approximately 373 million RMB for AI-related services [10] - Hikvision stated that its Canadian market revenue will account for less than 0.3% of its total revenue in 2024, amidst ongoing political pressures [11] - The National Integrated Circuit Industry Investment Fund reduced its stake in Tongfu Microelectronics by 1%, bringing its holding down to 7.77% [16] Group 4: Semiconductor and Chip Industry - AMD announced that its upcoming AI semiconductor "MI400" series will support a new interconnect standard called "Ultra Accelerate Link" to compete with Nvidia's NVLink [12] - Wolfspeed filed for Chapter 11 bankruptcy protection, expecting to reduce its overall debt by approximately 70%, equivalent to about 4.6 billion USD [13] - Jiangbo Long anticipates a 5% to 10% increase in eSSD prices in Q3 due to production cuts and rising demand from downstream customers [18] Group 5: IPO and Market Entries - The Shanghai Stock Exchange accepted the IPO application of Muxi Integrated Circuit, aiming to raise 3.904 billion RMB for high-performance GPU development [19] - The IPO application of Moer Thread was also accepted, with plans to raise 8 billion RMB for various AI and graphics chip projects [20] - Jiadu Technology announced plans to issue H-shares and list on the Hong Kong Stock Exchange [21]

Group 1 - Elon Musk criticized the Republican Party's "Big and Beautiful" bill, claiming it would increase the debt ceiling by a record $5 trillion, and suggested the need for a new political party that genuinely cares for the people [1] - Moore Threads' IPO application for the Sci-Tech Innovation Board has been accepted, aiming to raise approximately 8 billion yuan for the development of AI training chips and graphics chips [1] - Baidu has officially open-sourced the Wenxin large model 4.5 series, which includes 10 models with varying parameters, available for deployment on platforms like PaddlePaddle and HuggingFace [2] - Huawei announced the open-sourcing of the Pangu 7B dense model and the 72B mixed expert model, along with the inference technology based on Ascend [3] - Meta's CEO Mark Zuckerberg announced a major restructuring of the AI team, creating a "Super Intelligence Lab" to consolidate various teams focused on foundational AI research and open-source projects [4] Group 2 - Apple is reportedly considering abandoning its in-house AI models in favor of using AI technologies from Anthropic or OpenAI for the new version of Siri [5] - Analyst Ming-Chi Kuo provided a roadmap for Apple's "Apple Vision" series and smart glasses, indicating no new head-mounted devices will be launched in 2026, with multiple products expected starting in 2027 [6] - Tesla's sales in the EU have significantly declined for three consecutive months, with a 36% drop in new car registrations in March, leading to a 45% decrease in first-quarter sales [7]

Market Overview - On June 30, A-shares saw collective gains across major indices, with the Shanghai Composite Index rising by 0.59% to 3444.43 points, the Shenzhen Component Index increasing by 0.83% to 10465.12 points, and the ChiNext Index up by 1.35% to 2153.01 points. The total market turnover was 151.72 billion yuan, a decrease of 58.4 billion yuan from the previous day, with over 4000 stocks advancing [2][3]. International Markets - The New York stock market indices also experienced gains on June 30, with the Dow Jones Industrial Average up by 0.63% to 44094.77 points, the S&P 500 rising by 0.52% to 6204.95 points, and the Nasdaq Composite increasing by 0.47% to 20369.73 points [4][5]. - In contrast, European indices fell, with the FTSE 100 down by 0.43% to 8760.96 points, the CAC 40 down by 0.33% to 7665.91 points, and the DAX down by 0.51% to 23909.61 points [4]. Sector Performance - Key sectors that performed well included gaming, brain-computer interfaces, photolithography, and photovoltaic industries, while banking, securities, automotive, and dairy sectors lagged behind [2]. Policy Announcements - The Ministry of Finance and other departments announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits reinvested in China from January 1, 2025, to December 31, 2028 [6]. - The Shenzhen Stock Exchange released guidelines for recognizing "light asset and high R&D investment" companies on the ChiNext board, aimed at better supporting technological innovation [7]. Industry Insights - The National Healthcare Security Administration will hold a press conference on July 1 to discuss measures supporting the high-quality development of innovative drugs, indicating a sustained positive outlook for the innovative drug sector [8]. - Analyst Ming-Chi Kuo projected that Apple will begin releasing multiple products in the Apple Vision series and smart glasses starting in 2027, which may influence the foldable smartphone market and related supply chains [9]. - The Hengqin Guangdong-Macao Deep Cooperation Zone plans to promote open testing and demonstration applications for intelligent connected vehicles, which could enhance market share for independent driving suppliers [10]. Consumer Trends - The Ministry of Culture and Tourism announced a summer cultural and tourism consumption season, with over 4300 events planned and 570 million yuan in consumer subsidies to stimulate demand [11]. Investment Recommendations - Analysts suggest focusing on sectors with strong policy support and growth potential, such as AI applications, innovative drugs, and independent driving technology, while also considering defensive assets like high-dividend stocks [12].

Tax Policy Changes - The Chinese government announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits reinvested in domestic direct investments from January 1, 2025, to December 31, 2028 [1][2] - Conditions for enjoying the tax credit include the nature of the profits, the type of investment, the industry involved, the holding period, and the payment method [1][2] Investment and Economic Trends - China's chip production accounts for approximately 30% of global output, with annual exports reaching several hundred billion USD, despite current limitations in high-end chip capabilities [3] - The domestic automotive sector is set to see new product launches from Ora, with a sales target of 50,000 units by 2025 and an expansion of sales channels [7] - Gree Electric's chairman emphasized the company's financial stability and called for patience from investors regarding future returns [7] Financial Market Developments - The Shenzhen Stock Exchange released guidelines for identifying "light asset, high R&D investment" companies, detailing standards for eligibility and disclosure requirements [11][12] - The A-share market saw significant growth in the first half of the year, with major indices rising, particularly the North Star 50 Index, which surged by 39.45% [13] International Business and Regulatory Environment - Alphabet's agreement with Commonwealth Fusion Systems marks a significant step towards commercializing nuclear fusion energy [8] - The Canadian government's decision to halt operations of Hikvision due to national security concerns has drawn strong opposition from the Chinese government, highlighting tensions in international trade [15]

Group 1 - Analyst Ming-Chi Kuo predicts that Apple will release multiple new head-mounted devices starting in 2027, with no new products expected in 2026 [1] - Apple is currently developing at least seven projects, including three Vision series products and four smart glasses, with five products having confirmed timelines [1] - The company views head-mounted devices as the next major trend in consumer electronics, but faces challenges related to pricing, application ecosystem, and user habits [1] Group 2 - The global server market is projected to reach $366 billion in 2025, representing a year-on-year growth of 44.6% [2] - The "x86" server market is expected to grow by 39.9% to $283.9 billion, while non-"x86" servers will see a 63.7% increase, reaching $82 billion [2] - The "Arm" architecture servers are anticipated to grow by 70.0%, accounting for 21.1% of total shipments, indicating a shift in demand driven by cloud computing giants [2] Group 3 - The Shanghai Stock Exchange has accepted 30 IPO applications in the first half of the year, with over 70% from the Sci-Tech Innovation Board [3] - This trend supports a positive cycle of technology, capital, and industry, accelerating the integration of technological and industrial innovation [3] - The focus on domestic chip companies provides a dedicated financing channel and establishes a protective barrier for strategic industries amid global technological competition [3]

Group 1: Stablecoins and Financial Assets - The global stablecoin issuance has exceeded $235 billion as of May 2025, surpassing Visa's transaction volume over 40 years in just 5 years [1] - The total financial asset scale formed by stablecoins is conservatively estimated at $14 trillion, with some estimates reaching $27-28 trillion [1] - It is predicted that all traditional financial assets will be on-chain within the next decade, leading to significant changes in the financial system's middle and back office operations in the next 5 to 8 years [1] Group 2: Manufacturing and Economic Indicators - The manufacturing Purchasing Managers' Index (PMI) for June is reported at 49.7%, marking a continuous increase for two months [2] - The new orders index has returned to the expansion zone at 50.2%, indicating a recovery in manufacturing operations [2] - The non-manufacturing business activity index for June is at 50.5%, showing continued expansion in the non-manufacturing sector [8] Group 3: Tax Incentives for Foreign Investors - A new tax incentive policy allows foreign investors to enjoy a 10% tax credit on profits reinvested in direct investments in China from January 1, 2025, to December 31, 2028 [3] - The policy allows for the carryover of any unused tax credits to future years [3] Group 4: Technological Innovations in Pharmaceuticals - Researchers have developed a method to transform yeast into "micro-factories" for producing therapeutic peptides, potentially accelerating drug development [4] Group 5: Advancements in High-end Nonferrous Metals - China's first "High-end Nonferrous Metal Materials Innovation Consortium" has made breakthroughs in key technologies, including those related to the C919 aircraft [5] Group 6: Economic Development Plans in Hengqin - The Hengqin Guangdong-Macao Deep Cooperation Zone has released a development plan aiming for a highly coordinated economic system with Macao by 2029 [6] Group 7: Supply Chain Innovations in Anhui - Anhui province is promoting the integration of advanced manufacturing and modern service industries, encouraging the development of intelligent logistics and supply chain management systems [9] Group 8: Global Server Market Growth - The global server market is projected to reach $366 billion by 2025, with a year-on-year growth of 44.6% [10] - The x86 server market is expected to grow by 39.9%, while non-x86 servers will see a growth of 63.7% [10] Group 9: Apple Vision Product Launches - Apple is expected to release multiple products in the Apple Vision series and smart glasses starting in 2027, with an anticipated shipment of 3 to 5 million units for the first product [11]

Company News - JD.com (JD.O) has not yet started issuing stablecoins through its blockchain technology [1] - Toyota's (TM.N) subsidiary Daihatsu will suspend operations at some factories in Japan due to insufficient parts supply [1] - Tesla (TSLA.O) has officially launched its first batch of V4 Superchargers in China, covering service areas in Shanghai, Gansu, Zhejiang, and Chongqing [1] - Analyst Ming-Chi Kuo predicts that Apple (AAPL.O) will release multiple models of the Apple Vision series and smart glasses starting in 2027 [1] - Oracle (ORCL.N) has announced the signing of several large cloud service agreements [1] - According to the Financial Times, insiders at Nvidia (NVDA.O) have sold over $1 billion worth of company stock in the past 12 months [1] - UBS (UBS.N) has initiated a stock buyback program of up to $2 billion [1]

Group 1 - The Chinese government will allow foreign investors to offset 10% of their taxable income against direct investments made in China from January 1, 2025, to December 31, 2028, based on profits distributed by domestic enterprises [1] - The State-owned Assets Supervision and Administration Commission reported significant progress in key areas such as aerospace, electronic information, and automotive shipbuilding within the high-end non-ferrous metal materials innovation consortium [1] - According to the China Index Academy, the total sales of the top 100 real estate companies in the first half of 2025 reached 1,836.41 billion yuan, a year-on-year decrease of 11.8% [1] - The State Administration of Foreign Exchange has issued a total of 3.08 billion USD in investment quotas to qualified domestic institutional investors (QDII) to support compliant cross-border investment activities [1] - Analyst Ming-Chi Kuo predicts that Apple will launch multiple models of the Apple Vision series and smart glasses starting in 2027, with expected shipments of smart glasses reaching between 3 million to 5 million units or more in 2027 [1] Group 2 - Tongfu Microelectronics reported that the National Integrated Circuit Industry Investment Fund has cumulatively reduced its stake in the company by 1% [2] - Jingwang Electronics experienced a reduction in shares by its controlling shareholder through block trading from June 27 to June 30 [2] - Inner Mongolia First Machinery Group, primarily engaged in the research and development of military-civilian integrated products, has not undergone significant changes in its main business [2] - Haitian Ruisheng's shareholder plans to reduce their stake by no more than 2.95% [2] - Zhongjing Electronics has not disclosed any significant undisclosed matters despite its stock performance [2] - Great Wall Military Industry has not experienced significant changes in its daily operations, although there is a risk of a sharp decline in its stock price [2]

Group 1: Company Updates - Shanghai Airport has clarified that power banks not included in the recall batch, with clear information and no exterior damage, can be temporarily stored for 7 days [1] - Nissan is seeking to delay payments to suppliers to free up cash, as the company aims to cut costs by 500 billion yen (approximately 3.4 billion USD) and plans to lay off about 15% of its workforce [1] - Demais has stated that it has not directly collaborated with Xiaomi Auto, although its products are used in Xiaomi's vehicles [1] - China Railway Construction has established a new energy development company in Changsha with a registered capital of 5 million RMB, focusing on solar and wind power services [9] Group 2: Market Trends and Innovations - Petal Ads showcased its innovative marketing strategies at the Retail Summit 2025 in Italy, aiming to help European brands penetrate the high-end Chinese market [2] - AVIC Shenyang Aircraft Corporation announced that its new district construction project is expected to achieve production line connectivity and trial operation by the end of this year [3] - Tencent Cloud and Weimob launched a "Private Domain Security Escort Plan" to support clients in private domain operations and marketing [4] - Kangaroo Outbound Technology introduced an innovative "Tourist Scenic Area Co-branded Card" solution to facilitate payments across various scenic spots [12] Group 3: Financial Developments - New World Development has signed a new refinancing agreement with banks to restructure approximately 88.2 billion HKD of existing unsecured financial debt [8] Group 4: Product Launches - DJI has launched its new flagship civil transport drone, the DJI FlyCart 100, designed for various applications including emergency and logistics [11] - Haiguang DCU has initiated deep technical cooperation on the Wenxin 4.5 series models, which include a mix of large and dense parameter models [10]