Hot Spotlight //
1. The central bank announced that in order to maintain the stable operation of the bond market, on the basis of prudent observation and evaluation of the current market situation, it has decided to carry out treasury bond borrowing operations for some primary dealers in the open market in the near future. Ming Ming, chief economist of CITIC Securities, said that the central bank's move means that it may carry out treasury bond sales operations in the open market in the near future. At a time when the yield on 10-year Treasury bonds has fallen to a record low, selling Treasury bonds is conducive to stabilizing long-term bond interest rates and guarding against interest rate risks.
2. Boosted by the trade-in policy in various places, the auto market performed well in June, and many new energy brands achieved the best monthly sales results this year. In June, Ideal delivered 47,774 new vehicles, an increase of 36% month-on-month and 46.7% year-on-year. Since the beginning of this year, the ideal monthly delivery exceeded 40,000 units for the first time. It was followed by Hongmeng Zhixing, which delivered 46,141 units in June. In June, NIO delivered 21,209 new vehicles, a year-on-year increase of 98% and a record high. ZEEKR delivered 20,106 vehicles in June, an increase of 89% year-on-year. Leapmotor delivered 20,116 units in June, a record high, up 52.3% year-on-year and 10.7% month-on-month. Xpeng delivered 10,668 new vehicles in June, up 24% year-on-year and 5% month-on-month. Xiaomi Auto delivered more than 10,000 vehicles in June, and it is expected that the delivery volume will continue to exceed 10,000 units in July. In addition, BYD's sales of new energy vehicles reached 341,700 units in June, compared with 253,000 units in the same period last year. Geely Automobile's total sales in June were 166085 units, up about 24% year-on-year. In June, Great Wall Motor's sales fell 6.55% year-on-year.
3. Brokerage gold stocks in July are coming. As of July 1, among the more than 160 monthly "gold stocks" recommended by more than 10 brokerages, BYD topped the list and became the most favored target, with a total of 7 brokerages recommending; CNOOC, Midea Group, China Shenhua, Lixun Precision and other targets have also become the "favorites" of brokerage institutions. From the perspective of industry distribution, the pharmaceutical and biological industry, which has been relatively sluggish this year, has become the industry with the most dense distribution of gold stocks recommended by brokerages in July, with a total of 13 companies being recommended; More than 10 companies in the power equipment, machinery and equipment, electronics, utilities, automobile, non-ferrous metals and other industries have been recommended.
Global Markets //
1. The three major U.S. stock indexes closed up across the board, with the Dow up 0.13% at 39,169.52, the S&P 500 up 0.27% at 5,475.09, and the Nasdaq up 0.83% at 17,879.3. Merck rose 3.28% and Apple rose 2.91%, leading the Dow. The Wind U.S. TAMAMA Technology Index rose 1.72%, Tesla rose 6.05%, and Microsoft rose 2.19%. Most of the Chinese concept stocks rose, with Hollysys Automation up 17.61% and Dada Group up 9.52%.
2. The three major European stock indexes closed up across the board, with the German DAX index up 0.45% at 18,318.37 points, the French CAC 40 index up 1.33% at 7,578.85 points, and the British FTSE 100 index up 0.03% at 8,166.76 points.
3. Most of the major stock indexes in the Asia-Pacific region closed higher, with the South Korean Composite Index up 0.23% at 2,804.31 points, the Nikkei 225 Index up 0.12% at 39,631.06 points, the Australian S&P 200 Index down 0.22% at 7,750.7 points, the New Zealand S&P 50 Index up 0.61% at 11,789.39 points, the FTSE Malaysia Composite Index up 0.51% at 1,598.2 points, and the FTSE Singapore Straits Index up 0.17% At 3,338.57 points, the Indian SENSEX30 Index rose 0.56% to 79,476.19 points.
4. International oil prices rose across the board, with the U.S. oil August contract up 2.26% to $83.38 per barrel. Brent oil September contract rose 1.92% to $86.63 a barrel.
5. International precious metal futures closed up slightly, COMEX gold futures rose 0.1% to $2341.9 per ounce, and COMEX silver futures rose 0.64% to $29.75 per ounce.
6. London base metals closed mixed, LME copper rose 0.39% to $9636 / ton, LME zinc fell 0.7% to $2917 / ton, LME nickel rose 0.92% to $17450 / ton, LME aluminum fell 0.28% to $2517.5 / ton, LME tin rose 0.51% to $32905 / ton, LME lead fell 0.45% to $2214 / ton.
7. The main contracts of agricultural futures on the Chicago Board of Trade (CBOT) collectively closed higher, with soybean futures up 0.66% at 1111.25 cents per bushel; Corn futures rose 0.18% to 421.5 cents a bushel, while wheat futures rose 2.75% to 589.25 cents a bushel.
8. European bond yields collectively closed higher, with the British 10-year yield up 10.9 basis points to 4.280%, the French 10-year yield up 5 basis points to 3.344%, the German 10-year yield up 10.8 basis points to 2.602%, the Italian 10-year yield up 3.4 basis points to 4.103%, and the Spanish 10-year yield up 5.3 basis points to 3.467%.
9. Treasury yields mostly closed higher, with the 2-year Treasury yield down 0.6 basis points at 4.766%, the 3-year Treasury yield up 1.7 basis points at 4.583%, the 5-year Treasury yield up 3.7 basis points at 4.432%, the 10-year Treasury yield up 5.9 basis points at 4.468%, and the 30-year Treasury yield up 6.2 basis points at 4.627%.
10. At the end of New York, the dollar index fell 0.03% to 105.81, most of the non-US currencies fell, the euro rose 0.25% to 1.0741 against the dollar, the pound rose 0.04% to 1.2650 against the dollar, the Australian dollar fell 0.15% to 0.6660, the dollar rose 0.36% to 161.46, the dollar rose 0.39% to 0.9027, and the offshore yuan fell 54 basis points to 7.3050 against the dollar.
11. Keith Gill (also known as "Roaring Kitten"), a retail investor in the Eastern District of New York, was indicted in the Eastern District of New York for securities fraud for his recent posts on the social media platform "X" and Reddit about his stake in GameStation.
Macro//
1. He Lifeng, Vice Premier of the State Council, presided over a symposium on foreign investment and pointed out that it is necessary to pay close attention to the implementation of various policies that have been introduced and further relax market access; We should give full play to the role of various open platforms such as pilot free trade zones, state-level economic and technological development zones, comprehensive bonded zones, and comprehensive pilot projects for the expansion and opening up of the national service industry, hold key investment exhibitions, and actively explore new ideas and new models for attracting investment that adapt to the new situation.
2. Caixin China's manufacturing PMI recorded 51.8 in June, up 0.1 percentage points from May, higher than the boom and bust line for eight consecutive months, the highest since June 2021, indicating that the expansion of manufacturing production and business activities has accelerated.
3. The central bank launched a 7-day reverse repurchase operation of 2 billion yuan on July 1, with a winning interest rate of 1.8%, and 50 billion yuan of reverse repurchase expired on the same day, so a net withdrawal of 48 billion yuan was realized.
4. Premier Li Qiang of the State Council signed an order of the State Council to promulgate the Provisions of the State Council on the Implementation of the Company Law of the People's Republic of China on the Registration and Management System of Registered Capital on July 1, 2024, which will come into force on the date of promulgation. The Provisions clarify the transitional period arrangements for the adjustment of the subscription period of capital contributions by existing companies. If a company registered and established before June 30, 2024, and the remaining subscribed capital contribution period of a limited liability company exceeds 5 years from July 1, 2027, it shall adjust its remaining subscribed capital contribution period to 5 years before June 30, 2027 and record it in the articles of association, and the shareholders shall pay the subscribed capital contribution in full within the adjusted subscribed capital contribution period; The promoter of a company limited by shares shall pay the full amount of shares according to the shares subscribed by it before June 30, 2027.
5. The Exit and Entry Administration of the People's Republic of China issued an announcement to issue Mainland Travel Permits for non-Chinese nationals who are permanent residents of Hong Kong and Macao from July 10.
Domestic Stock Market //
1. The three major A-share indexes collectively counterattacked in the afternoon, with the Shanghai Composite Index expanding its gains approaching 3,000 points, and the ChiNext Index, which once fell more than 1.8% in early trading, turned red intraday. Real estate and coal stocks broke out, rare earth permanent magnets, phosphorus chemicals, and vitamin concept stocks strengthened, photovoltaic and lithium battery industry chains rose, and semiconductors fell. As of the close, the Shanghai Composite Index rose 0.92% to 2994.73 points, the Shenzhen Component Index rose 0.57%, the ChiNext Index fell 0.04%, the Science and Technology 50 fell 0.35%, the Beijing Stock Exchange 50 rose 0.09%, Wind All A rose 0.75%, and Wind Shuangchuang fell 0.03%. The market turnover was 660.65 billion yuan.
2. Hong Kong stocks will be closed for one day due to the anniversary of the establishment of the Hong Kong Special Administrative Region, and north-south trading will be closed. The Taiwan Weighted Index closed up 0.11% at 23,058.57.
3. The Shanghai Stock Exchange terminated the IPO review of Lianshi Technology and Volcan.
4. The Shenzhen Stock Exchange has added two new shareholder identity authentication methods for individual investors: "reserved mobile phone number + face recognition for shareholder account opening" and "reserved mobile phone number + face recognition for UnionPay card opening" to facilitate individual investors to exercise their voting rights.
5. Last week, there were 25 new companies on the Beijing Stock Exchange. As of June 30, there were 32 new declared enterprises on the Shanghai and Shenzhen North Stock Exchange this year. A total of 407 enterprises are under review in various sectors. Among them, there are 110 on the Shanghai Stock Exchange, 183 on the Shenzhen Stock Exchange and 114 on the Beijing Stock Exchange. In 2024, 298 companies have announced the termination of review (withdrawal of materials + veto/termination of registration), including 119 on the Shanghai Stock Exchange, 129 on the Shenzhen Stock Exchange, and 50 on the Beijing Stock Exchange.
6. More than 30 brokerages have released the latest monthly portfolios, and the recommended 200 monthly "gold stocks" are more concentrated in machinery and equipment, medicine and biology, electronics and other industries. BYD, Midea Group, Lixun Precision and other targets, brokerage recommendation frequency is in the top. Looking forward to the overall performance of A-shares in July, many industry insiders expect that they will still be dominated by shocks. Structural opportunities and investment themes such as high-dividend assets, corporate overseas sectors, and new quality productivity are worth paying attention to.
7. In the first half of this year, there were obvious investment opportunities in the Hong Kong stock market, which attracted relevant institutions to accelerate the pace of layout. Wind data shows that in the first half of the year, public funds issued a total of 35 Hong Kong stock theme funds, with a total issuance scale of more than 6 billion yuan, of which 3 products were issued with a scale of more than 1 billion yuan.
8. The data shows that in the first half of the year, a total of 1,645 A-share listed companies implemented real money repurchases, with a total repurchase amount of 99.284 billion yuan. Both the number of repurchase companies and the amount of repurchase have exceeded that of last year. Market participants expect that the enthusiasm for repurchase of listed companies is expected to continue in the second half of the year. This is conducive to improving the internal stability of the capital market, improving the ecology of the capital market, boosting investor confidence, and promoting the healthy operation of the capital market.
9. In the first half of 2024, the Shanghai and Shenzhen North Stock Exchanges have taken regulatory measures against 660 market violations of laws and regulations of 538 A-share companies, a year-on-year increase of 27.66%, fully releasing the signal of strict supervision and strict management; From the content point of view, while strictly grasping information disclosure and building the lifeline of the capital market, the regulator will continue to anchor the goal of strengthening the capital and foundation, and severely crack down on serious violations of laws and regulations such as financial fraud, illegal shareholding reduction, abnormal transactions, and capital occupation.
10. Wind data shows that among the 73 listed companies in the A-share Shenwan traditional Chinese medicine industry, 4 companies in the sector have been subject to risk warning this year, and the number of risk warning companies in the traditional Chinese medicine industry has increased to 8, accounting for more than 10%, which is significantly higher than the proportion of about 3% of risk warning companies in the whole market.
11. In response to the news that "the industry's production scheduling data in July generally declined", the relevant person in charge of CATL responded that the company's operation is good, and the overall production schedule is good.
12. With the end of the first half of 2024, a number of companies have begun to disclose semi-annual performance forecasts. On Monday night, including Naipu Mining Machinery, Sanhua Intelligent Control and other 8 companies released performance forecasts have increased significantly, except for the larger Sanhua Intelligent Control is expected to have low double-digit growth, the remaining 7 companies are high double-digit growth, and some are even expected to increase several times.
13. Tencent released Xingmai Network 2.0, which improves the training efficiency of large models by 20%.
14. Xiaomi Auto announced that Xiaomi SU7 launched a limited-time car purchase right in July, from July 1st to 31st, the whole system can enjoy a free Nappa leather seat worth 8000 yuan and Xiaomi intelligent driving enhanced intelligent driving function for free for life.
15. Due to the continuous increase in R&D related to the most advanced processes such as 2nm, coupled with the unexpectedly strong follow-up demand for 2nm, TSMC's capital expenditure in 2025 is expected to reach the range of US$32 billion to US$36 billion, the second highest in history, with a year-on-year increase of 12.5% to 14.3%.
Finance//
1. The process of clearing up the equity of financial institutions in which central state-owned enterprises have invested is further accelerating. According to the data, as of June this year, 7 such equity transactions have been liquidated, including China Shipbuilding, Anshan Iron and Steel Group, Datang Group, Huadian Group and other subsidiaries have been listed on the property rights trading platform to sell the equity of financial institutions, covering banking, insurance, securities, trust and other types of licenses. Some state-owned enterprises have even concentrated on cleaning up the equity of financial institutions, such as China Coal Group, which listed to sell its shares in China Coal Property Insurance and China Chengxin Trust in January 2024, and sold the equity of Shanxi Shanyin Rural Commercial Bank in April.
2. In the first half of the year, a total of 79 fund companies had senior management changes, involving 161 senior executives. The number of deputy general managers changed the most, with a total of 57 people, and the number of chairman and general manager changes was 37 and 43 respectively.
3. The number of fund managers who left in the first half of the year reached 165, the highest level in the same period in nine years, and the previous high was 185 in the same period in 2015. From the perspective of fund products, more than 2,000 products have changed fund managers in the first half of the year.
4. After breaking through the 30 trillion yuan mark in April, the scale of public funds continued to set a new record in May, exceeding 31 trillion yuan. Among them, bond funds contributed the largest increase of 322.784 billion yuan, and the scale of equity and hybrid funds shrank. Judging from the performance in the first half of the year, public funds showed a clear differentiation trend, with more than 6,700 fund products achieving positive returns, accounting for more than half of the total, and QDII funds and some stock-biased funds in industries such as artificial intelligence and power performed well.
5. With the official end of the first half of 2024, it is time to summarize the investment performance of fund companies. Among them, E Fund, Changxin, and UBS SDIC led the performance list of fixed income products in the past 10 years. China Merchants, Red Earth Innovation, and Zhejiang Merchants have led the performance list of fixed income products in the past five years. Huaan Securities, Beixin Ruifeng and Cinda Securities have ranked among the top in the performance list of fixed income products in the past three years.
6. It is reported that the regulatory authorities have convened some trust companies to hold online meetings to convey a number of the latest regulatory spirits, including the need for portfolio investment in non-standard trusts, the need for market value valuation of new fixed-income trust products, and the need to prudently judge the risks of the actual controller and related parties of private equity funds. Some trust companies said that the risk control department had participated in relevant meetings, but it was inconvenient to disclose the specific content of the meetings.
Housing//
1. According to the data released by CRIC Real Estate Research, in June, the top 100 real estate companies achieved sales of 438.93 billion yuan, an increase of 36.3% month-on-month, which was better than that in May; The year-on-year decline was about 16.7%, which was significantly narrower than the previous monthly decline of 30%-40%. In terms of cumulative performance, the sales volume of the top 100 real estate companies in the first half of the year was 1,851.83 billion yuan, a year-on-year decrease of 39.5%, and the decline rate narrowed by 4.7 percentage points.
2. According to a report released by the China Index Research Institute, the average price of new residential buildings in 100 cities in June was 16,421 yuan / square meter, up 0.15% month-on-month and 1.5% year-on-year.
3. The latest data shows that in June, the transaction volume of second-hand houses in Beijing, Shanghai and Shenzhen all hit a new high. Among them, the number of second-hand residential online signatures in Beijing was 14,987 units, an increase of 12% month-on-month and a year-on-year increase of 29.1%, and the transaction volume exceeded the "Xiaoyangchun" in March this year, hitting a new high in the past 15 months; The number of second-hand houses in Shanghai was 26,374, an increase of 41.1% month-on-month, not only a new high this year, but also a new high in 36 months; 4,172 second-hand houses were signed in Shenzhen, also hitting a new high this year and a new high in 38 months.
Industry//
1. The adjustment of the 2024 National Medical Insurance Drug List was officially launched on July 1, and it is planned to complete the negotiations and announce the results in November. The work plan for the adjustment of the catalogue is clear, and the five categories of drugs not included in the catalogue can apply for the adjustment of the medical insurance catalogue in 2024, including drugs for children, drugs for rare diseases, drugs with major changes in indications or functional indications, etc.
2. According to the monitoring data of the State Post Bureau, the volume of express delivery business in the mainland exceeded 80 billion pieces in the first half of this year, 59 days earlier than in 2023.
3. The State Food and Drug Administration, together with the General Administration of Customs, drafted the Announcement on Matters Concerning the Prohibition of Importing Calculus Bovisis for the Production of Proprietary Chinese Medicines (Draft for Comments), which intends to allow the import of Calculus Bovisis for the production of proprietary Chinese medicines.
4. According to the data of Lighthouse Professional Edition, as of 21:00 on June 30, the total box office of films in the first half of 2024 will be 23.897 billion yuan, and the films "Hot and Hot", "Flying Life 2" and "Article 20" have become the top three box office in the first half of the year.
5. Macau's gross revenue from lucky games in June was 17.69 billion patacas, a year-on-year increase of 16.4%, and the market estimate was 17.5%; From January to June, the gross revenue of lucky games was 113.75 billion patacas, up 41.9% year-on-year.
Overseas-
1. ECB President Christine Lagarde said that the ECB does not yet have enough evidence that the inflation threat has passed, which has heightened expectations that ECB officials will pause interest rate cuts this month. The ECB needs time to assess inflation uncertainty.
2. Japan once again revised the economic decline in the first quarter, and the year-on-year decline in real GDP was revised to 2.9% from the previously announced 1.8%. The data were said to have been revised again because of an error in previous statistics on the state of the construction industry.
3. In June this year, South Korea's semiconductor exports reached 13.4 billion US dollars (about 97.3 billion yuan), a sharp increase of 50.9% year-on-year, which is the largest export figure on record.
4. The final value of the S&P global manufacturing PMI in June in the United States was 51.6, with an expectation of 51.7 and a previous value of 51.3.
5. The final value of the manufacturing PMI in the euro area in June was 45.8, expected to be 45.6, and the previous value was 47.3. The final value of the UK manufacturing PMI in June was 50.9, with an expectation of 51.4 and a previous value of 51.2. The final value of the German manufacturing PMI in June was 43.5, with an expectation of 43.4 and a previous value of 45.4. The final value of the French manufacturing PMI in June was 45.4, with an expectation of 45.3 and a previous value of 46.4.
6. The preliminary value of German CPI in June rose by 2.2% year-on-year, with an expected increase of 2.3%, and the final value in May rose by 2.4%; Month-on-month, it rose 0.1%, expected to rise 0.2%, and the final value in May rose 0.1%.
7. The Nationwide house price index in the United Kingdom rose 1.5% year-on-year in June, with an expected increase of 1.1% and a previous increase of 1.3%; Month-on-month rose 0.2%, expected to fall 0.1%, and the previous value rose 0.4%.
8. The central bank of the United Kingdom approved 60,000 mortgages in May, with an expected 59,900 and a previous value of 61,100.
9. Switzerland's real retail sales rose 0.4% year-on-year in May, and the previous value was revised from 2.7 to 2.2%.
International Stock Market //
1. Most of the popular Chinese concept stocks rose, Hollysys Automation rose 17.61%, Dada Group rose 9.52%, Dajian Yuncang rose 5.19%, Douyu rose 4.91%, Huya Live rose 4.43%, Shell rose 4.35%, EHang Intelligent rose 3.98%, Legend Biotech rose 3.91%, and Canaan Technology rose 3.02%; In terms of declines, Melco Resorts & Entertainment fell 5.9%, Canadian Solar fell 5.02%, and Zeekr fell 3.24%. China's new energy vehicle stocks generally rose, with NIO up 6.61%, Xpeng up 5.18%, and Li Auto up 6.71%.
2. Tesla China announced that it will launch a limited-time preferential policy for car purchases, and before July 31 (inclusive), it will launch a number of preferential policies such as "five-year zero interest" preferential activities for Model 3/Y and low-interest car purchases. According to Musk, XAI's GROK 2 model will be launched in August.
3. The U.S. Department of Justice will prosecute Boeing for criminal fraud, and Boeing will need to pay another $243.6 million in criminal fines on top of the $243.6 million fines it has already paid, totaling nearly $500 million, according to people familiar with the matter.
4. Well-known journalist Mark Gurman revealed that Apple plans to introduce Apple Intelligence functions into the Vision Pro headset, but will not introduce related functions into HomePod speakers; In addition, Apple's Apple Intelligence is expected to be connected to Google's Gemini this fall.
5. The European Union said that Meta violated the provisions of the Digital Markets Act, and confirmed that it issued a warning against the company's "pay or agree" model.
6. Amazon is planning to invest more than $100 billion in data centers in the next 10 years.
7. Microsoft responded to the closure of all offline authorized stores in the Chinese mainland market, saying that it would integrate channels in the Chinese mainland market.
8. BlackRock will acquire British data company Prechin Research for 2.55 billion pounds (about 3.23 billion US dollars) in cash, and the transaction is expected to be completed by the end of 2024. BlackRock has partnered with Google on its climate infrastructure business.
9. Approve deals with Boeing and Airbus. Airbus and Perverium have signed binding letters of intent to sell their factories in Belfast, Prestwick and Malaysia to Airbus. Boeing acquired Setsharp for $37.25 per share, with an equity value of about $4.7 billion. Boeing expects the acquisition to be sharp and add $1 billion to its full-year revenue.
10. UBS Group said that it had completed the merger of UBS Group AG and Credit Suisse Group.
11. Australian lithium developer Lake Resources will lay off more than 50% of its global workforce to cut costs and maximise the value of its flagship Kachi project in Argentina.
12. SoftBank's deal with British AI chip company Graphcore will face security scrutiny.
13. ZEEKR Automobile announced that the 2025 ZEEKR X "Orange" will be listed, with a time-limited equity price of 179,000 yuan.
Commodity-
1. Domestic commodity futures closed mostly up in the night, energy and chemicals generally rose, crude oil rose 1.69%, and low-sulfur fuel oil rose 1.18%. The black series rose across the board, with coke up 1.56%, coking coal up 1.52%, and iron ore up 1.44%. Agricultural products were mixed, palm oil rose 1.39%, cotton yarn rose 1%, cotton and vegetable oil rose nearly 1%. Most of the base metals closed higher, alumina rose 1.73%, Shanghai lead rose 1%, Shanghai nickel rose 0.98%, Shanghai copper rose 0.46%, stainless steel rose 0.36%, Shanghai aluminum rose 0.07%, Shanghai tin fell 0.22%, Shanghai zinc fell 0.47%. Shanghai gold rose 0.04%, and Shanghai silver fell 0.03%.
2. The innovation consortium in the field of deep and ultra-deep oil and gas exploration and development was formally established. Under the guidance of the State-owned Assets Supervision and Administration Commission of the State Council, the innovation consortium was jointly established by nine central enterprises, including PetroChina and Sinopec, focusing on the exploration and development of ultra-deep conventional oil and gas, deep shale oil and gas and deep coal and rock gas, and opening up a new field of major strategic succession of onshore deep and ultra-deep oil and gas.
3. Argentina will significantly increase lithium production capacity, with four new projects coming online in the coming weeks and months, which will increase Argentina's annual lithium production capacity by 79% to a level equivalent to 202,000 tons.
4. Vale's nickel sales in Indonesia reached 18,175 tons in the first quarter, a year-on-year increase of 8.5%.
5. The data shows that in June, Malaysia's palm oil yield decreased by 4.75%, the oil yield decreased by 0.07%, and the output decreased by 5.1%; Palm oil exports fell by 11.82% month-on-month.
6. On Monday, the Luo Dry Bulk Index rose 5.27% to 2,158 points, rising for four consecutive days.
7. According to the latest quotation of Shanghai Nonferrous Metals Network, on July 1, the price of domestic battery-grade lithium carbonate fell by 780 yuan to 90,700 yuan/ton, falling for 2 consecutive days, continuing to hit a new low for more than 2 years, falling 2,400 yuan in the past 5 days and 16,290 yuan in the past 30 days.
Bond//
1. [Bond Market Overview] The central bank will carry out treasury bond borrowing operations, the bond market staged a big reversal in the day, the yield of major interbank interest rate bonds has changed from falling to rising, the yield of 30-year treasury bonds has rebounded sharply from the intraday low of about 7bp, and the 10-year and 30-year treasury bond futures have hit new highs in the intraday, and the high platform has dived sharply.
2. The China Securities Convertible Bond Index closed up 0.5%, and the Wind Convertible Bond Equal Rights Index rose 0.48%. Among them, Dongshi's convertible bonds rose by 20%, and Dongjie's convertible bonds fell by 5.75%, the largest decline.
3. ChinaClear Shenzhen Branch revised the Business Guidelines for the Registration and Settlement of Exchangeable Corporate Bonds, proposing that the application materials for opening a special securities account for pledge should be revised from "Prospectus for Private Placement Exchangeable Bonds" to "Pledge Contract signed between the Trustee and the Issuer".
4. [Major Bond Events] (1) 4 bonds including "H20 Shimao 1" failed to pay interest as agreed (2) "21 Power Y2" and "23 Rent Y4" will be fully redeemed on August 26 (3) Putailai intends to register and issue debt financing instruments (4) There is a change in the general manager and deputy general manager of China General Technology (Group) Holdings (5) Chongqing Xiexin Yuanchuang Industrial Co., Ltd.
Foreign exchange//
1. On Monday, the onshore yuan closed at 7.2684 against the US dollar at 16:30, down 25 basis points from the previous trading day, and closed at 7.2683 in the night. The central parity of the yuan against the US dollar was reported at 7.1265, up 3 basis points.
2. According to data from the China Foreign Exchange Trade Center, the RMB exchange rate index rose across the board last Wednesday, with the CFETS RMB exchange rate index at 100.04, up 0.07 month-on-month, the BIS currency basket RMB exchange rate index at 106.27, up 0.19 month-on-month, a new high since October 2022, and the SDR currency basket RMB exchange rate index at 94.68, up 0.06 from the previous month.
3. South Korea will extend the trading hours of the Korean won against the US dollar from 9 a.m. to 3:30 p.m. every day from 9 a.m. to 2 a.m. the next day. This is the biggest change in the Korean foreign exchange market since 1998.
4. Japan will start issuing a new version of banknotes on July 3, which is the first time in 20 years that Japan has changed the design of banknotes. As one of the anti-counterfeiting measures, the banknotes will be printed using holographic technology, so that the portraits of historical figures on the banknotes show a three-dimensional rotation effect.
Important Economic Agenda //
Review of historical articles
Witness History! The State Council, the China Securities Regulatory Commission, and the Exchange made a blockbuster shot", "Shenzhen, Beijing and other places collectively shot", "Gold suddenly dived! Two major negative effects have become an important fuse", "Throughout the 50-year history of the Federal Reserve's interest rate cuts, this time is the most unusual", "Beijing, Shenzhen, Nanjing property market has big news again"
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