China's three main A-share indices turned positive, led by memory/storage chips, advanced IC packaging and MLCC sectors; more than 3,500 stocks rose.

CSC Financial says July saw a broad A-share pullback and deep correction in growth: China's Shanghai Composite Index fell 6.4% and the ChiNext -23.0%, with small-cap growth notably pressured; coal, oil & petrochemicals and banks outperformed. With interim results disclosure and overseas tech shocks abating, market pricing is reverting to fundamentals, creating valuation-repair opportunities in tech growth. Cyclical beaters include tech manufacturing and industrial metals: memory prices continue to rise amid higher cloud-provider capex guidance; industrial-robot output was up 28% YoY and automation capex is being realized; industrial-metal inventories remain low alongside supply constraints, supporting prices. Recommended positioning: target rebounds in July-oversold but still uptrending tech-growth names, while keeping exposure to cyclicals and manufacturing names with clearer earnings improvement.

美国财长贝森特：美联储的流动性工具旨在控制离岸市场的波动。