China Federation of Logistics & Purchasing said on the 4th the July China logistics prosperity index was 50.4, down 0.2 ppt MoM but remaining in expansion. The new orders index rose to 50.5, up 0.2 ppt MoM and marking a fifth consecutive monthly increase this year. New orders in rail, road and multimodal transport rose 0.1, 0.2 and 0.4 ppt MoM respectively, with multimodal transport showing the largest gain.

Bernstein rates SpaceX Outperform with a $239 PT but says the valuation hinges less on rockets than on whether AI compute can move to orbit. Its model assumes about 3,600 launches a year by 2031, roughly 170,000 satellites and about 20 GW of orbital compute. The thesis: terrestrial data centres face rising constraints on power, land and cooling; if Starship achieves rapid two‑stage reusability and sharply cuts launch costs, orbit could become a compute venue. Bernstein flags new bottlenecks — chip supply, satellite thermal management, radiation hardening, communications and regulation — and notes the scale it models would demand about 2.8 mln wafers a year, or the equivalent of roughly five dedicated fabs. Conclusion: ground AI data centres remain the primary revenue stream this decade; orbital compute is a long‑dated option.

CITIC Securities says on fundamentals it expects Q2 net interest margins to be strong and capital markets and wealth-management activity to lift non-interest income, keeping banks' revenue growth stable and likely nudging profit growth higher. From an investment angle the sector extended its positive trend since July last week but experienced large index swings amid style rotation; CITIC expects A-share volatility to remain elevated over the next two weeks and banks' relative performance may weaken. Nevertheless, stable operating profiles and an ongoing macro narrative support continued full-year absolute return potential.