China private securities product filings rose 49.15% YoY in the first five months to 6,530 from 4,378. Equity-strategy products drove the increase, with 4,222 filings (+51.11% YoY) accounting for roughly 65% of total filings, supported by firmer A-share trading activity. Index-enhanced strategies were the fastest-growing subset: 1,603 filings (+73.30% YoY), about 38.0% of equity-strategy filings. Filings remain concentrated among large private managers; firms with assets under management above 1

China A-shares ended lower with all three major indexes down: Shanghai Composite -0.64%, Shenzhen Composite -0.27%, ChiNext -0.83%. Turnover across Shanghai and Shenzhen was RMB 2.76 trillion, down about RMB 372.6 billion from the prior session. Market breadth was negative, with 1,344 advancers and 4,121 decliners. Electronic-chemical names outperformed, led by Longchen Technology which hit a limit-up, CSSC Special Gas reached a limit-up, and Weiteou, Aolaide, Huate Gas, Sanfu Xinke and Xingfu Electronics among top gainers. Coal mining and processing stocks were active; Antai Group, Pingmei, and Dayou Energy hit limit-up, while Zhengzhou Coal & Electricity, Shaanxi Heimao and Huadian Energy also rose. Oil & gas exploration and services lagged: Keli and Tongyuan Petroleum fell over 10%, with Qianeng Hengxin, Blue Flame Holdings and Zhongman Petroleum also weaker. Retail names were weak, with Central Mall and Zhongbai Group at limit-down and large declines in Bubugao, Ningbo Zhongbai, Guofang Group and Dongbai Group.

美聯儲戴利：當今最緊要的是將通脹恢復到目標水平，這是首要任務。