提示：美聯儲威廉姆斯在上週五接受了採訪，採訪內容剛剛公佈。

A-shares suffered their largest monthly drop of the year in July; the Sci-Tech Innovation 50 index fell nearly 26% on the month with a peak intra-month drawdown exceeding 30%. Several public fund-of-funds (FOFs) heavily weighted to tech and related thematic allocations recorded notable losses. Hong Kong hard-tech names outperformed after Changxin Technology listed on the STAR Market and a batch of hard-tech firms accelerated approvals. Market views diverge: one camp says current tech growth is tracking offshore moves and inflows concentrated in cyclical pockets such as memory/storage, which lack sustainability; another argues that once China’s equity funding structure stabilizes, tech growth still has runway. Jinxin Fund manager Kong Xuebing warns the A-share funding profile has become markedly short-term: margin lending, leveraged quant strategies and high-frequency trading have likely amplified trading enthusiasm, masking a shortage of incremental and long-term capital. In a macro backdrop with limited systemic opportunities and K-shaped divergence, this convergence of flows creates crowded, consensus trades that are more prone to episodic collapse.

禮來(LLY.N)：胰腺癌療法獲得突破性療法認定。