Changxin Technology, a China domestic memory leader, debuted on the Sci‑Tech Innovation Board and within its first hour set several A‑share records: it became the first A‑share tech stock to open with a market value above 3 tln yuan (opening market cap ~3.31 tln yuan); it topped the STAR Market market‑cap rankings, surpassing SMIC; first‑hour turnover exceeded 100 bln yuan, making it the first A‑share single‑stock listing day to breach 100 bln yuan turnover, with full‑day volume likely to set a

CITIC Securities says the latest Middle East-driven second oil shock follows exhaustion of earlier buffers and is not a simple replay of the first shock; the most crowded trades in the two episodes differ, so Q2 market patterns are unlikely to repeat. The conflict is increasingly unpredictable and the risk of prolonged tension has risen, making short-term de-risking unavoidable. However, price, volume and sentiment indicators show the negative moves are largely reflected in near-term extreme declines and the de-risking phase is approaching its end. CITIC sees a high probability of broad rotational repair in August and favors three convergence trades: 1) narrowing of excess returns between AI-chain upstream hardware/price-sensitive names and downstream platform companies; 2) valuation catch-up of domestic non-AI industrials versus overseas peers; 3) convergence between tech and non-tech sectors.

市场消息：日本正考虑为其对美5500亿美元投资承诺中的美国天然气发电项目引入外国银行融资。