Shennong Group reported 1H revenue of 2.489 bln yuan, down 11.0% YoY. Net loss attributable to shareholders was 809 mln yuan, versus a 388 mln yuan profit a year earlier. Basic EPS -1.56 yuan.

2-year bond futures (TS) most-active contract rose 0.01%, 5-year (TF) rose 0.05%, 10-year (T) rose 0.09%, 30-year (TL) rose 0.24%.

Great Wall Fund says China A-share market is in a consolidation phase: market activity remains but risk appetite has weakened as investors cash out high-flyer growth positions without forming a new coordinated bid. Leadership is shifting from a single tech-driven spillover to a more balanced pattern — core tech retained, dividend and defensive sectors providing support, and healthcare/consumption rotating in. Outlook: expect continued churn and short-term volatility, but a low probability of breaching prior lows. Tactical focus: 1) energy-security and dividend assets such as oil & petrochemicals, coal and banks — rationale is stable cash flow with oil at mid-to-high levels and defensive characteristics from low valuations; 2) concentrated AI hardware plays — prioritize optical modules, switches, servers, PCB, semiconductor equipment/materials and HBM where mid-year results and order visibility can verify demand; 3) pharmaceuticals and select domestic-demand resilient sectors — low crowding and earnings potential to help hedge tech volatility.