A股MLCC概念震荡反弹，博迁新材涨停，博杰股份此前涨停，杰普特涨超12%，有研粉材涨超10%，洁美科技、雅创电子、斯迪克、火炬电子等跟涨。

Evercore ISI said the Fed’s foreign and international monetary authorities (FIMA) repo facility is unlikely to sustain prolonged U.S.-Japan intervention to defend the yen. The facility lets overseas holders use U.S. Treasuries as collateral to obtain dollars without selling securities in the open market, but it is capped at $60bn per counterparty per day—only slightly above Evercore’s estimate of Japan’s one-day intervention last Thursday. Strategists warned a capped repo could invite market testing of U.S. and Japanese resolve if defending the yen required large-scale Treasury sales. The facility is designed to provide short-term liquidity, not durable financing: borrowings must be rolled to persist and rates are set above private repo costs, signalling it is not intended for routine or sustained FX intervention.

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.