A-share PCB sector jumped in early trade; Huazheng New Material hit the daily limit. Chaosheng Electronics, Aohong Electronics, Zecheng Electronics and Fangbang Co. also advanced.

Internationally: 1. Goldman Sachs: Now expects the Fed to raise interest rates by 25 basis points in September. 2. Goldman Sachs: Maintains its year-end gold price forecast of $4,900, but faces significant upside risks. 3. JPMorgan: Expects the Fed to raise interest rates by 25 basis points each in September and December 2026. 4. UBS: Gold investors may already be focused on the Fed's future actions. 5. Barclays: If the Fed holds rates steady or adopts a dovish stance, the dollar may come under pressure. 6. BNP Paribas: Expects the Fed to raise interest rates three times between September 2026 and January 2027. 7. Deutsche Bank: Expects the Fed to raise interest rates a total of three times by March next year. Domestically: 1. CICC: From the perspective of maintaining the Fed's credibility, a September rate hike is the best course of action. 2. CICC: Raises its 4Q26 Brent oil price forecast to $85 per barrel. 3. CITIC Securities: The Fed's rate hike is imminent, and A-shares may see a rebound. 4. CITIC Securities: Rate hike expectations are fully priced in, and gold is expected to bottom out and rebound. 5. CITIC Securities: Vera Rubin will drive another round of AIDC power supply growth. 6. Huatai Securities: US CPI exceeds expectations, making rate hikes a "must-have". 7. Orient Securities: The bond market in September may maintain a range-bound trading pattern overall, with seasonally weakening credit bond allocation. 8. Tianfeng Securities: Short-term adjustment pressure on precious metals has not yet been relieved. 9. CITIC Securities: Shipping cycle paradigm reshaping; pay attention to express delivery peak season prices. 10. Huatai Securities: Hong Kong stocks are racing between fundamentals and discount rates; dividends and innovative drugs are the top picks. 11. Anthropic calls for slowing down the development of advanced AI models; Zheshang Securities: Medium- to long-term positive for AI applications and AI terminal companies.

South Korea July L monetary aggregate YoY 8.0%; prior unchanged at 9.4%.