Allianz chief economist Ludovic Subran said US nonfarm payrolls were weak but he still expects inf to peak above 3.7% as AI, fiscal stimulus and the energy sector sustain growth, and that the Fed may have to hike in September, creating a US-Europe po

Key News 1. Unitree Robotics' IPO registration application on the Science and Technology Innovation Board has been approved. 2. 2.8646 million new A-share accounts were opened in June 2026, a year-on-year increase of 73.99%. 3. The State-owned Assets Supervision and Administration Commission of the State Council: Accelerate the upgrading of industrial structure and create a number of world-class industrial clusters with global competitiveness. 4. State-owned banks have relaunched 5-year personal large-denomination certificates of deposit with an annualized interest rate of 1.6%. 5. The Ministry of Commerce responded to the issue of tariffs on US agricultural products: Agreed to include relevant US agricultural products in the framework for reciprocal tariff reduction. Individual Stock News 1. Estun: Planning to acquire a stake in Estun Kootronics, a company specializing in embodied intelligent robots. 2. BOE Technology Group Co., Ltd. (BOE A): Established a CPO technology research team for Micro LED optical interconnect systems and glass substrates to accelerate technological breakthroughs. 3. Beijing Junzheng: Currently, the supply of memory chips is expected to remain tight in the fourth quarter, and there is a possibility of further price adjustments. 4. Yake Technology's stock price hit the daily limit down. The company responded that it has no business related to tungsten hexafluoride and has no plans to do so. 5. Digital China: Won a bid for a China Mobile PC server project totaling 10.94 billion yuan. 6. Boway Alloy: The company's Rubin microchannel liquid cooling material has been successfully verified and is awaiting mass production. 7. Dongfang Zirconium: Product prices are highly correlated with zircon ore and zircon sand prices. Significant price fluctuations will have a significant impact on operating performance. 8. Zhongkuang Resources: The company expects its annual lithium salt production and sales volume will not be significantly adversely affected by the temporary shutdown and maintenance of its wholly-owned subsidiary. 9. Beijing Junzheng: DRAM prices will continue to rise in the third quarter. Currently, supply is still relatively tight in the fourth quarter, and further price adjustments are possible. 10. Shijiazhuang Pharmaceutical Group Innovation: Reached a strategic cooperation agreement with AstraZeneca for a novel small interfering nucleic acid drug, and will be entitled to receive potential milestone payments totaling up to US$1.74 billion. 11. Alpha Group: Expects net profit to increase by 305%-413% year-on-year in the first half of the year. 12. Ruijie Networks: Q2 net profit is expected to increase by 288%-410% quarter-on-quarter, with significant growth in the data center switch business. 13. Huafeng Chemical: First-half net profit is expected to increase by 71%-112% year-on-year, driven by rising raw material prices and fluctuating demand. 14. Guanggang Gas: First-half net profit is expected to increase by 87%-138% year-on-year, with helium contributing to increased revenue and profit. 15. Salt Lake Resources: First-half net profit is expected to increase by 131.38%-142.95% year-on-year, with significant profit growth in the potassium chloride segment. 16. Yonghe Shares: First-half net profit is expected to increase by 69.51% to 102.68% year-on-year, with steady growth in production and sales in the fluorine-containing polymer materials segment. 17. Star-Net Ruijie: Q2 net profit is expected to increase by 632%-955% quarter-on-quarter, with significant growth in the data center switch business of its subsidiary serving internet customers.

International 1. Fitch: The Fed need not worry about employment; oil prices help cool inflation. 2. Citi: Oil prices may fall to $60 per barrel as the Strait of Hormuz crisis subsides. 3. Citi: Aluminum prices have bottomed out in the short term and are expected to rebound to $3,500 by the end of the year. 4. Barclays: The Japanese government bond yield curve is steepening amid multiple headwinds. 5. OCBC Bank: Gold is expected to remain an effective target for asset diversification in the medium term. 6. National Australia Bank: The Reserve Bank of Australia is expected to cut interest rates in 2027; the outlook for the Australian dollar is bleak. Domestic 1. CICC: Cooling non-farm payrolls support the Fed's decision not to raise or cut interest rates. 2. CICC: The US dollar index may return to a weak fluctuation range. 3. Everbright Securities: Meta computing power leasing is a resource optimization method and does not change the medium- to long-term expansion plan. 4. CITIC Securities: The global semiconductor equipment market size is expected to double in 2028 compared to 2025. 5. CITIC Securities: Focus on the growth rate of domestic companies in powder materials and fluorinated polymer materials, and the opportunity presented by accelerated import substitution. 6. CITIC Securities: The domestic computing power theme is clear, and leading companies' performance is expected to accelerate. 7. CITIC Securities: There is still room for downward revision of US market interest rate hike expectations. 8. CITIC Securities: Supply and demand resonate with technology; now is the time for a revaluation of rare earth values.