CPCA data: June 1-7 China passenger vehicle retail sales 228,000 units, down 23% YoY and down 11% vs the same period last month; year-to-date retail 7.327 mln units, down 20% YoY. Manufacturer wholesale shipments June 1-7 204,000 units, down 25% YoY and up 10% vs the same period last month; year-to-date wholesale 10.39 mln units, down 6% YoY.

The Russian Defence Ministry said Russian forces have struck naval bases used by the Ukrainian armed forces, as well as ammunition and fuel depots.

East Money Securities deputy head of research Chen Guo said the Shanghai Composite has corrected from prior highs and, irrespective of external volatility, he no longer adopts a structural bearish view on A-shares. He expects index upside to materially exceed downside over the next quarter and advises actively seeking structural long opportunities. Chen says the next market phase will be more balanced; in tech he prefers selective China AI supply-chain names that meet four criteria: revenue and profit growth that won’t peak this year, market cap not overstating their industrial/economic position, H1 results likely to beat optimistic expectations, and no expected downward revision to next-year earnings. He is especially bullish on carbon-related large caps in H2 and highlights A-share and Hong Kong-listed leaders in new and legacy energy, financials and property, new consumption, and internet as candidates for systemic re-rating.