Japan May core machinery orders YoY -1.9% vs +12.9% expected; prior +15.6%.

July 14 — A-share resource stocks led gains: nonferrous metals and coal rallied, with many nonferrous ETFs up >6%. Computing-power names rebounded in the afternoon; the ChiNext index rose >3% and several communication-themed ETFs gained >5%. Notably, during the sharp July 13 pullback, about 60 billion yuan of bottom-fishing flowed into the market via equity ETFs, the largest single-day inflow since April 8, 2025; broad-based ETFs tracking CSI 1000, CSI 300 and CSI 500 were heavily accumulated. Industry firms warn prior tech-growth leverage has accumulated sizable financing positions and rising volatility has prompted some leveraged funds to reduce exposure. On a medium-term view they say the core bullish case for A-shares is unchanged; the current move looks like a trading-structure correction as the market shifts from extreme structural leadership toward style rebalancing. The AI theme remains intact; Q3 may shift to selecting subsegments and validating earnings.

On July 14 in Beijing, Lin Honghong, vice chairman of the China Council for the Promotion of International Trade (CCPIT), met Onodera Osamu, director of the Japan External Trade Organization (JETRO) Beijing office. They discussed boosting China-Japan business exchanges, strengthening supply‑chain cooperation, and better supporting corporate development.