White House National Economic Council director Hassett said he expects downward pressure on prices.

Since July, sharp overseas market weakness and imported shocks have increased volatility in A-shares. A recent rumor of a domestic lithography-machine R&D breakthrough sent ASML shares lower and pushed related A-share sectors higher. Market moves suggest greater supply-chain autonomy is reducing A-shares' sensitivity to external shocks and helping form a defensive moat. China has a near-complete industrial system, a large engineering workforce and deep end-market demand; domestic substitution is shifting from single-point wins toward coordinated full-chain progress. Continued industrial-chain improvement should raise listed companies' long-term growth value and resilience to external risk. Investors should temper valuation assumptions for “industrial-chain security”: the direction is clear, but the process may be uneven.

Shanghai Gold Exchange (SGE) Gold T+D closed July 29 down 0.08% at 881.8 yuan/gram; SGE Silver T+D closed up 1.5% at 14,219.0 yuan/kg.