The Nikkei 225 index fell by 1.00% during the day.

Key News 1. State Council Executive Meeting: Promote the large-scale development of emerging pillar industries across the entire value chain, and strengthen basic research and key software and hardware breakthroughs. 2. National electricity load hits a record high of 1.518 billion kilowatts. 3. State Council: Approves in principle the "15th Five-Year Plan for the Revitalization and Development of Traditional Chinese Medicine". 4. Ministry of Commerce and General Administration of Customs: Implement temporary export ban on helium. 5. National Development and Reform Commission: Enhance stable power generation and supply capabilities, and ensure the production and supply of primary energy sources such as coal and natural gas. 6. Ministry of Foreign Affairs statement regarding the hype surrounding the "South China Sea Arbitration Ruling" ten years ago. Individual Stock News 1. Zhongji Xuchuang clarifies rumors of severely underperforming second-quarter results and deliberate stock price suppression. 2. Shannon Chip Innovation: Expects first-half net profit to increase by 2117.54%-2434.34% year-on-year. 3. Seres: Expects a first-half loss of 1.5 billion-1.8 billion yuan, mainly due to increased costs caused by rising raw material prices. 4. Vanke A: Expected net loss of 12 billion to 15 billion yuan in the first half of the year, compared to a loss of 11.947 billion yuan in the same period last year. 5. Unisplendour Corporation: Expected net profit growth of 83.50% to 122.89% in the first half of the year. 6. Rongjie Shares: Expected net profit growth of 956.84% to 1191.69% in the first half of the year. 7. China Satellite: Expected net profit of 30.5 million to 36.5 million yuan in the first half of the year, turning a profit compared to the same period last year. 8. CITIC Securities: Expected net profit of 23.343 billion yuan in the first half of the year, an increase of 70.15% year-on-year. 9. Zhongkuang Resources: Expected net profit of 1.05 billion to 1.25 billion yuan in the first half of the year, an increase of 1078.07% to 1302.46% year-on-year. 10. Fenghua High-Tech: Expected net profit growth of 61.84% to 79.82% in the first half of the year. 11. Yidao Information: First-half net profit is expected to increase by 1442%-1792% year-on-year, driven by sales expansion from AI PC and other product lines. 12. Chengzhi Shares: First-half net profit is expected to be 260 million-320 million yuan, a year-on-year increase of 1259.43%-1573.15%. 13. Muyuan Shares: First-half net profit is expected to turn from profit to loss, with a net loss of 5.7 billion-6.7 billion yuan. 14. Duofuduo: First-half net profit is expected to be 450 million-560 million yuan, a year-on-year increase of 776.68%-990.98%. 15. Luoyang Molybdenum: First-half net profit is expected to increase by 78.76% to 90.29% year-on-year. 16. Xianglu Tungsten: First-half net profit is expected to be 450 million-650 million yuan, a year-on-year increase of 2347.83%-3435.76%. 17. Shiyun Circuit: Net profit for the first half of the year is expected to decline by 73.97%-82.56% year-on-year. The third price increase plan this year, to be implemented gradually in July, is expected to significantly improve performance in the second half of the year. 18. Sinopec completes the restructuring of China Aviation Oil, making it a wholly-owned second-tier subsidiary. 19. Julisling Rigging: Clarifies false rumors about its commercial aerospace business and reminds investors of investment risks. 20. Huagong Tech: TGV glass through-hole laser processing intelligent equipment has completed finalization. 21. Dongyangguang: Its holding subsidiary signed a computing power service procurement contract worth 13 billion to 15 billion yuan. 22. Raw material prices are rising; Shenghong Co., Ltd. raises prices across its entire product line by 10%-30%. 23. Sanyou Chemical: Net profit for the first half of 2026 is expected to increase by approximately 129% year-on-year. 24. Longhua Technology Group's subsidiary, Fenglianke Optoelectronics, achieves fully independent mass production and shipment of G8.7 AMOLED silver alloy tube targets. 25. Dinglong Technology: The soft polishing pads for glass substrates have been delivered to several leading packaging and testing companies and wafer manufacturing companies.

According to an announcement by Caitong Fund, the Caitong Multi-Strategy Fuxin Regularly Open Flexible Allocation Hybrid Fund (trading code: 501046) will be suspended from trading on July 13, 2026, until 10:30 a.m. on the same day due to a significant premium in the secondary market.

JP Morgan raised its price target for Zhipu (02513.HK) by 20% to HKD 2,400 from HKD 2,000, marking a second increase in one week (the bank moved the PT from HKD 1,800 to HKD 2,000 last Tuesday). JP Morgan said proceeds from a USD 4.0 bln equity placement will ease compute-supply bottlenecks and support further model-training investment; the bank added that new inference capacity could convert into annual recurring revenue within 12 months, analysts including Olivia Xu wrote. JP Morgan also cut its price target on MiniMax (00100.HK) to HKD 240 from HKD 300, citing share dilution after the company’s lock-up expiration and the fundraising; this follows a downgrade last week.

1. Total trading volume on the Shanghai and Shenzhen stock exchanges rebounded to 3.39 trillion yuan on July 10, rising above the 20-day moving average of 3.2 trillion yuan, indicating a significant improvement in market sentiment. 2. On July 10, the ratio of margin buying to A-share market capitalization, a measure of leverage, rebounded from near the low of June 12 and the lower limit of its fluctuation range over the past year, reaching 8.23%, suggesting a recovery in risk appetite. Note: 1. Trading volume reflects the views of major institutions, speculative funds, and retail investors on A-shares. Volume above the moving average indicates increased total trading volume and a more optimistic market sentiment, while volume below the moving average indicates decreased total trading volume and a cooling market sentiment. 2. Since 2015, A-share leverage levels have mostly remained between 6% and 10%. A leverage ratio exceeding 10% indicates high market activity, potentially approaching or in a bull market. A leverage ratio exceeding 15% indicates an overheated market risk, requiring caution.

Individual Stock News 1. Duan Yongping further increased his stake in Pop Mart (09992.HK), raising his shareholding to 7.65%. 2. China Life Insurance (02628.HK): Plans to invest RMB 4.999 billion to jointly establish a semiconductor industry fund with related parties. 3. China Hongqiao (01378.HK): Net profit for the first half of 2026 is expected to increase by approximately 39% compared to the same period in 2025, mainly due to the increase in the sales price of the Group's aluminum alloy products compared to the same period in 2025. 4. Zhongliang Holdings (02772.HK): Cumulative contracted sales amount for the first half of 2026 was approximately RMB 3.6 billion, with a cumulative contracted sales area of approximately 365,000 square meters and an average contracted sales price of approximately RMB 9,900 per square meter. 5. CSPC Pharmaceutical Group (01093.HK): The company received a US$25 million R&D milestone payment from AstraZeneca on July 10, 2026. 6. Basic Semiconductor (09971.HK) announced that the prices of some of its products are expected to increase by up to 25%. 7. Insilicon Technologies (03696.HK): Reached a new collaboration with Kangzhe Pharmaceutical in the research and development of drugs in the central nervous system field. 8. Country Garden (02007.HK) July management meeting: The second half of the year will be a critical window for the company's business transition.