U.S. Treasury yields fell after the nonfarm payrolls release; the 10-year Treasury yield dropped 1.76 bps to 4.457%.

Key News 1. The Asset Management Association of China (AMAC) is conducting a background check on leading quantitative private equity firms, involving issues such as homogeneous trading. 2. Shanghai: Focusing on developing edge AI chips and other technologies, and developing lightweight and stylish AI smartphones, AIPCs, smart speakers, and wearable products such as smart glasses and smart headphones. Individual Stock News 1. Do-Fluoride Chemicals: Currently does not have a tungsten hexafluoride production line and has no substantial products. 2. BYD: June sales of new energy vehicles reached 403,500 units, a year-on-year increase of 5.46%. 3. Has Sunway Communication's MLCC passed Apple's verification? Sunway Communication: Related products are currently undergoing verification. 4. Leadcore Technology received an inquiry letter from the Shanghai Stock Exchange, requiring it to explain whether there was any premature disclosure of insider information. 5. Digital China: A subsidiary has been pre-selected as the winner of a bid for a domestic intelligent computing token factory project, with a bid price of 717 million yuan. 6. Luoyang Molybdenum's suspension of tailings supply led to the shutdown of Xiamen Tungsten's subsidiary; the company responded that it was due to compliance control of tungsten mines. 7. Lianyong Microelectronics: The company currently has a strong order backlog for 8-inch heavily doped epitaxial wafers and has achieved mass production of silicon wafers for 28nm logic chips. 8. Xingyun Technology: Its subsidiary signed a computing power service contract worth 5.508 billion yuan. 9. Tianji Shares: Tungsten hexafluoride differs significantly from the company's existing product technology, and there are currently no related production plans. 10. Yake Technology: Some market views in the short term have over-interpreted and over-expected the company's electronic business development. 11. Jinhong Gas: The company's high-purity carbon dioxide products are mainly supplied to domestic semiconductor companies, with no overseas exports. 12. Xingye Technology: The indium phosphide assets to be acquired have failed to generate profits in the past three years and may not be profitable in the short term. 13. Xinxunda (two consecutive daily limit-up): Xinxing Optoelectronics' semiconductor laser chip project in East China is just starting construction and will require a considerable amount of time to complete and put into production. 14. Far East Group: Subsidiaries won/signed contracts worth over 10 million yuan in June, totaling 1.734 billion yuan, including a 26.93 million yuan order for optical fiber for AIDC. 15. Fujian Suntech Power: Net profit for the first half of the year is expected to increase by 50%-70% year-on-year, with VC product prices rising significantly in line with the industry price average. 16. Longtu Photomask: Cooperation with advanced packaging customers such as ASE and Tongfu Microelectronics is still in the small-batch stage before large-scale production.

Energy: 1. Hungarian oil and gas company MOL has received formal permission from the US Treasury Department to continue negotiations to acquire Serbian oil company NIS. The permission is valid until July 31. 2. US EIA strategic petroleum reserves for the week ending June 26 were at their lowest level since the week ending May 20, 1983. 3. US House Speaker Johnson and other Republican leaders sent a letter to Trump urging him to proceed with the planned expiration of the Jones Act waiver in mid-August. 4. Sources indicate that OPEC+ is likely to raise its August oil production quota by 188,000 barrels per day at its meeting on Sunday. 5. Russia is importing gasoline from India to address shortages; at least 60,000 tons have already been shipped. 6. Connecting to Nvidia chips, a nuclear power company has achieved its first advanced reactor power generation in the US. 7. The British Automobile Association (RAC) reports that UK diesel prices have experienced their largest monthly drop on record. 8. UBS: Brent crude oil prices are expected to average $84 per barrel this year, a $9 per barrel reduction from the earlier forecast; the 2027 oil price forecast has been lowered from $85 per barrel to $75 per barrel. 9. US President Trump: As I promised, oil prices are falling rapidly, and gasoline prices are falling, but not fast enough. On July 3, Liberty Fuel Network will lower gasoline prices at 25 Liberty Fuel gas stations in the Greater Philadelphia area. This retailer is leading the way, and other businesses should follow suit. Gasoline prices will soon return to the record lows before the Iran action. Precious Metals and Mining: 1. According to SMM data, national silver ingot production in June was 1,562 tons, a 6.5% decrease month-on-month; cumulative production in the first half of the year was 9,773 tons, a 6.9% increase year-on-year. The decline in production was mainly due to copper smelter maintenance and some manufacturers' shutdowns, which are expected to recover somewhat in July and August. 2. Xiamen Tungsten: Its subsidiary, Luoyang Yulu, has essentially suspended production due to the suspension of tailings supply. 3. South32: After selling its aluminum business, the company plans to focus on its copper business. 4. Driven by Trump's tariffs, an aluminum smelter in Missouri, USA, will resume production by the end of the year after a two-year shutdown. 5. Sources: The London Metal Exchange is considering relaxing warehousing rules to attract metal inflows to Hong Kong. 6. BHP Billiton: Plans to invest $1.5 billion to restart its Cerro Colorado copper mine in Chile. 7. Emirates Global Aluminium: Its bauxite refinery in Altawira is expected to produce its first bauxite in early Q3. Agriculture: 1. The US Department of Agriculture will invest $500 million to accelerate the construction of fertilizer plants in the US. 2. Drought in France may damage sugar beet crops; no rain is expected in the short term to alleviate the disaster. 3. EU institutions: Global sea surface temperatures broke historical records for the same period in June. Iran Situation: 1. Thailand confirmed that most of its ships have safely left the Strait of Hormuz. 2. US President Trump: Negotiations with Iran are progressing well. 3. Iran's denuclearization is progressing smoothly. 4. Iranian sources say Iran insists on retaining control of the Strait of Hormuz. 5. US Vice President Vance: Commercial shipping has been free to navigate for the past three days.