July 24 — Guangzhou Statistics Bureau said GDP in 1H 2026 was RMB 1.6045 tln at constant prices, up 5.8% YoY per Guangdong provincial unified accounting. Value added: primary RMB 10.8 bln, +3.2%; secondary RMB 380.0 bln, +5.6%; tertiary RMB 1.2137 tl

International 1. Morgan Stanley: Expects the Fed to hold rates steady next week. 2. ING: The pound may fall further due to policy divergence between the Bank of England and the European Central Bank, and fiscal risks. 3. Capital Economics: The Bank of Japan may be more pessimistic about Japanese economic activity. 4. MUFG: Since the outbreak of the US-Iran conflict, the yen and the Swiss franc have been the worst-performing G10 currencies. 5. Morgan Stanley: The European Central Bank is expected to raise interest rates in September. 6. ING: A September rate hike by the European Central Bank seems inevitable. 7. Capital Economics: The European Central Bank has given almost no hints about its next move. 8. Capital Economics: The Gulf region's recovery faces new setbacks, affected by increased downside risks due to Iranian attacks. Domestic 1. CITIC Securities: Seize the valuation repair opportunity under the expectation of rising copper prices and the recovery in sentiment. 2. CITIC Futures: Maintain a cautious wait-and-see attitude in precious metals; short-term traders are advised to wait for a clear right-side entry opportunity. 3. CITIC Securities: The off-season is not weak, and the peak season is expected; lithium prices are likely to rebound from their lows. 4. CITIC Securities: Renewable energy is expanding in both quantity and quality, and non-electricity sectors such as green hydrogen are receiving stronger policy support. 5. CITIC Securities: New orders and performance in the domestic CRO/CDMO industry will accelerate in 2026, driving the CXO industry chain into a new development stage. 6. Huatai Securities: The red line for eliminating outdated photovoltaic capacity is becoming clearer. 7. Huatai Securities: AI agents are accelerating the expansion of inference computing power and storage capacity, further accelerating the localization of the self-reliant and controllable supply chain.

China's CSRC has notified brokerages of the 2026 classification results. The assessment covered 106 entities; 44 subsidiaries were consolidated into parent firms for unified evaluation. Ratings largely match prior-year proportions: 53 firms rated A (including 14 AA), 42 B and 11 C. This is the second evaluation under the CSRC's revised Securities Company Classification Regulations, issued in Aug 2025 to implement the capital market 1+N framework emphasizing risk prevention, stronger supervision and higher-quality development while supporting differentiated growth for smaller firms.