GMT EIGHT - OPPORTUNITIES IN CHINA

PS6 moves towards the "no disc drive era"! Morgan Stanley bets on Sony's PS ecosystem to leap from hardware cycles to digital platform super compounder.

The Daiwa analyst team maintains an "overweight" rating on Sony stock, with a target price of 4700 yen, implying about a 41% upside from Sony's closing price of 3330 yen on the Japanese stock market on July 2.

A-share evening hot topics | The highest pre-increase is nearly 744 times! Storage giant's performance "explodes"

Jiangbalong announced that the expected net profit attributable to shareholders of the listed company in the first half of 2026 will be between 9.2 billion and 11 billion yuan, an increase of 62204% to 74394% year-on-year.

Evercore ISI issued a warning ahead of PepsiCo, Inc.'s second quarter earnings report: weak consumer demand and inflation headwinds may put pressure on profits, maintaining a "keep pace with the market" rating.

Investment bank Evercore ISI predicts that Pepsi's performance in the second quarter will be below market expectations due to multiple pressures including slowing consumer spending, cost inflation, and intensifying market competition.

Earned war money and hurt the president's heart? American oil companies' profits skyrocket, may ignite a direct conflict with the White House.

The American oil giant is about to disclose its most impressive quarterly financial report in years, however, this may lead to a positive conflict with the US President Trump.

US stocks experienced the largest single-week outflow of funds in nearly four months, according to Bank of America's Hartnett: "Sell signal" still flashing.

In the week ending on July 1st, the outflow of funds from U.S. stock funds reached 17.2 billion U.S. dollars, marking the largest weekly net redemption record since March 2026. This is the second consecutive week of net outflows for U.S. stock funds, signaling a significant reversal in the strong trend of fund inflows since the beginning of the year.

New stock news | Wuhan DR Laser Technology Corp., (300776.SZ) plans to list in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations on overseas investments involving overseas subsidiaries.

The China Securities Regulatory Commission (CSRC) has requested Deerie Laser (300776.SZ) to provide further clarification on the specific compliance status of overseas investments, foreign exchange management and other regulatory procedures of its overseas subsidiaries, as well as the latest developments in pending lawsuits.

New stock news | Gan Zhi Cao plans to list on the Hong Kong stock exchange. The China Securities Regulatory Commission requires supplementary information on the pricing basis for previous capital increases and equity transfers.

According to the disclosure by the Hong Kong Stock Exchange on January 27, Hangzhou Gan Zhi Cao Technology Co., Ltd. (referred to as: Gan Zhi Cao) submitted its listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities International and Shenwan Hongyuan Hong Kong as its joint sponsors.

Goldman Sachs Group, Inc. (GS.US) leads the EMEA mergers and acquisitions advisory market, with the AI trend driving the size of mergers and acquisitions to a 19-year high in the first half of the year.

Data shows that Goldman Sachs provided advisory services for 111 transactions in the EMEA region in the first half of 2026, accounting for 44% of the total M&A value in that region, up from 42% in the same period last year.

New Stock News | Tobida plans to list in Hong Kong. The China Securities Regulatory Commission requires additional details on the compliance of the red chip structure.

The China Securities Regulatory Commission requires Toppot to explain whether shareholders holding more than 5% of the shares have completed the foreign exchange registration as stipulated in Document No. 37, as well as information regarding the transaction price, pricing basis, tax payment, etc. related to the acquisition of domestic entities in the process of constructing a red-chip structure.

New Listing News | Sino Medical Sciences Technology Inc. (688108.SH) plans to list on the Hong Kong Stock Exchange. The China Securities Regulatory Commission requires additional information on changes in share capital and shareholders, etc.

The China Securities Regulatory Commission requires Sinocare Medical to provide detailed explanations of the company's establishment and changes in share capital and shareholders since its establishment, including but not limited to capital increases, share transfers, and related payment situations.

New Stock News: Westone Group plans to list in Hong Kong. The China Securities Regulatory Commission requires additional clarification on the pricing basis and details of previous capital increase and equity transfer transactions.

On July 3rd, the China Securities Regulatory Commission released the "Supplementary Materials Requirements for Overseas Issuance and Listing Filing (June 29, 2026 - July 3, 2026)."

New stock news | Maji Electronics intends to list in Hong Kong. The China Securities Regulatory Commission requires supplementary explanations on the pricing basis for previous capital increases and equity transfers.

The China Securities Regulatory Commission requires Marji Electronics to provide supplementary explanations on the pricing basis of each previous capital increase and equity transfer, whether there are abnormal stock purchase prices, and whether there is any transfer of benefits.

The Hong Kong Monetary Authority injected HK$371 million liquidity into banks through its discount window.

On July 3, the Hong Kong Monetary Authority injected HK$371 million in liquidity into the banking system through discount window operations.

Two departments: Promoting the diversification of cinema operations, encouraging the integration of multiple formats, and strengthening brand management.

On July 3rd, the State Film Administration and the State Administration for Market Regulation jointly issued the "Notice on Promoting Diversified Operation of Cinemas and Cultivating the Cultural Development of Cinemas".

"Big Short" semiconductor sector adds another member to the bearish list! Berri shorts Micron Technology (MU.US), warning that cyclical highs have surpassed the dot-com bubble era.

Prominent investor "The Big Short" Michael Burry has opened a short position in Micron Technology (MU.US) and at the same time increased his holdings in five existing long positions.

British bond market "warm nearby cold far away": Mr. Barnum's "stable gentleman" image is starting to take effect, but long-term British bonds are still being shunned.

British bond investors are gradually gaining confidence in Andy Burnham's fiscal discipline in borrowing and spending, but this is still not enough to make them buy British long-term bonds.

Oil price fall weakens inflation impact, French central bank governor openly states that after the June rate hike, the ECB has entered a "comfort zone"

Mulan said that due to the drop in oil prices easing the inflation pressure in the Eurozone, the European Central Bank is in a more favorable position after raising interest rates last month.

A-share announcement highlights | Multiple stocks expected to perform well in interim reports Storage leader Shenzhen Longsys Electronics (301308.SZ) expects net profit to increase by over 740 times

Jiangbolong expects a net profit of 9.2-11 billion yuan in the first half of the year, a year-on-year increase of 62204%-74394%.

CSRC: Improve the lock-in price and fixed increase system, strengthen the supervision requirements for convertible bonds.

CSRC solicits public opinions on the decision to amend the "Administrative Measures for the Securities Issuance and Registration of Listed Companies" (draft for comments) and related supporting rules.

Private credit tightens redemption channel, about $14 billion funds are temporarily retained to cope with market fluctuations.

Private credit management institutions are facing a continuous wave of redemption requests, with the number of withdrawal requests in the second quarter exceeding that of the previous quarter.

CSRC intends to optimize the refinancing system: establish a shelf issuance mechanism, and increase the small and fast upper limit to 1 billion yuan.

The China Securities Regulatory Commission is soliciting opinions on improving the rules for refinancing of listed companies and optimizing the small-scale rapid refinancing system.

CSRC: Jiang Ye and Ma Hongguang manipulated the trading of fresh apple 2404 futures contracts and were fined 3.36 million yuan.

According to the news released by the China Securities Regulatory Commission on July 3, the commission conducted an investigation into the manipulation of the Fresh Apple 2404 futures contract by Jiang Ye and Ma Hongguang. The commission believes that Jiang Ye and Ma Hongguang violated Article 12, Paragraph 2, Item 8 of the Futures and Derivatives Law, constituting market manipulation as described in Article 125 of the Futures and Derivatives Law. Based on the facts, nature, circumstances, and degree of social harm of the illegal acts of the parties involved, in accordance with Article 125 of the Futures and Derivatives Law, the commission has decided to confiscate the illegal gains of Jiang Ye and Ma Hongguang amounting to 360,031.87 yuan, with Jiang Ye bearing 360,031.87 yuan and Ma Hongguang bearing 0 yuan; and to impose a fine of 3,000,000 yuan, with Jiang Ye bearing 1,500,000 yuan and Ma Hongguang bearing 1,500,000 yuan.

Eurozone PMI climbs back from the edge of contraction to the 50 mark. The European Central Bank may shift from a tightening stance to a more cautious approach.

Last month, business activity in the Eurozone was better than expected, and economic activity in the region seems to be stagnating rather than shrinking.

The ceasefire between the US and Iran has squeezed out the "war premium", global food prices fell slightly by 0.3% in June, and a new concern arises as Europe's heatwave takes over from El Nio.

The Food and Agriculture Organization of the United Nations (FAO) released a report on Friday showing that the global food commodity price index fell by 0.3% in June compared to the previous month, mainly driven by declines in grains and sugar.

New stock news: Ingenic Semiconductor (300223.SZ) has received approval from the China Securities Regulatory Commission for listing on the Hong Kong Stock Exchange.

On July 3rd, the International Cooperation Department of the China Securities Regulatory Commission issued the "Notice of Approval for Overseas Issuance and Listing of Beijing Junzheng Integrated Circuit Co., Ltd.".

New Stock News | Fosh backbay Technology Stock IPO and domestic unlisted shares "fully tradable" approved by the China Securities Regulatory Commission

On July 3, the International Cooperation Department of the China Securities Regulatory Commission issued the "Notice on the Overseas issuance and listing of Ningbo Feishi Technology Co., Ltd. and the filing of the full circulation of unlisted shares domestically".

New Stock News | Shenzhen Forms Syntron Information (300468.SZ) Hong Kong IPO approved by China Securities Regulatory Commission.

On July 3, the International Cooperation Department of the China Securities Regulatory Commission issued the "Notice of Overseas issuance and listing filing of Shenzhen Si Fang Jing Chuang Information Co., Ltd."

The People's Bank of China and two other departments: implement key protection for critical information infrastructure in important industries and sectors such as finance.

The People's Bank of China and two other departments have issued a public consultation on the draft Regulations for the Management of Cybersecurity in the Financial Sector.

The State Council appoints and removes national civil servants, and appoints Cheng Fubo as the director of the State-owned Assets Supervision and Administration Commission of the State Council.

According to the Ministry of Human Resources and Social Security, the State Council appoints and dismisses national personnel. Cheng Fubo was appointed as the director of the State-owned Assets Supervision and Administration Commission of the State Council; and Hao Weiming was appointed as the deputy commissioner of the General Administration of Customs.

Northbound funds | North Water's net buying of 4.538 billion yuan, AI hardware stocks showed differentiation, PCB received additional positions while chip stocks were sold off.

On July 3, the Hong Kong stock market saw a net purchase of 4.538 billion Hong Kong dollars from the northbound funds. Of this, the Shanghai-Hong Kong Stock Connect had a net purchase of 4.468 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect had a net purchase of 0.7 billion Hong Kong dollars.

National Medical Products Administration: Eligible cell and gene therapy drugs will be included in the 30-day fast track review process for innovative drug clinical trials.

The National Medical Products Administration's comprehensive department is soliciting opinions on the "Announcement on Optimizing the Evaluation and Approval of Cell and Gene Therapy Drugs." It mentions encouraging research and development innovation to improve the quality and effectiveness of clinical research and development. The announcement also supports the research and development innovation of cell and gene therapy drugs guided by clinical value, focusing on key areas such as malignant tumors, rare diseases, genetic diseases, immune system diseases, and neurodegenerative diseases. It encourages conducting global synchronized research and international multicenter clinical trials in China, and includes eligible cell and gene therapy drugs in the innovative drug clinical trial evaluation and approval fast track process of 30 days to improve the quality and effectiveness of clinical research and development.

The China Banking Regulatory Commission has decided to take over Zhongbang Bank.

Announcement by the China Banking and Insurance Regulatory Commission and the People's Government of Hubei Province on the takeover of Wuhan Zhongbang Bank Co., Ltd. Due to serious credit risks at Wuhan Zhongbang Bank Co., Ltd., in order to protect the legitimate rights and interests of depositors and other customers, in accordance with the relevant provisions of the Banking Supervision and Management Law of the People's Republic of China and the Commercial Bank Law of the People's Republic of China, the China Banking and Insurance Regulatory Commission has decided to take over Zhongbang Bank.

The southbound funds recorded a net purchase of 4.538 billion yuan today. In terms of the Hong Kong Stock Connect (Shanghai), Jian Tao Jilayer board and Tencent Holdings had net purchases of 723 million Hong Kong dollars and 423 million Hong Kong dollars respectively; You Bi Xuan had the highest net selling amount of 551 million Hong Kong dollars. As for the Hong Kong Stock Connect (Shenzhen), Xiaomi Group-W and Jian Tao Jilayer board had net purchases of 492 million Hong Kong dollars and 181 million Hong Kong dollars respectively; Huahong Holdings had the highest net selling amount of 1.319 billion Hong Kong dollars.

Three departments: Pure electric passenger vehicles and fuel cell passenger vehicles are not within the scope of the vehicle and vessel tax, and are not subject to the vehicle and vessel tax.

Heads of relevant departments are answering questions from reporters regarding the adjustment of the tax incentives for energy-saving vehicles and new energy vehicles.

The South Korean market goes straight from ICU to KTV! SK Hynix's $29 billion ADR triggers a surge in capital inflows, leading to a "stock and currency rebound" with top storage giants.

An informed source revealed that South Korean officials are preparing for the currency flow related to the issuance of American depositary receipts for SK Hynix Company. After the news spread, the South Korean won strengthened significantly.

Japanese "Shunto" presents good news: Wage growth has exceeded 5% for three consecutive years, a rare trend in 30 years, and supports the central bank's interest rate hike.

The annual spring labor negotiations in Japan officially concluded recently, with the average wage increase surpassing 5% for the third consecutive year. This result not only confirms the resilience of the country's economy but also further strengthens market expectations for the Bank of Japan to continue raising interest rates.

The central bank: carry out 1 trillion yuan repurchase agreement operation.

Announcement of the People's Bank of China: In order to maintain the liquidity of the banking system, on July 6, 2026, the People's Bank of China will conduct a 1000 billion yuan reverse repurchase operation through fixed quantity, rate bidding, and multiple price bidding methods. The operation will have a term of 3 months, with the maturity date on October 5, 2026.

From "burning money black hole" to "monetization engine": Meta's computing power monetization opens up the valuation ceiling, with Deutsche Bank and Morgan Stanley singing praises.

Deutsche Bank and Morgan Stanley have both raised their assessment of the prospects for Meta's cloud business, believing that leveraging excess computing power to "cash in" is a highly attractive short-term EPS goldmine.

HKEX authorized to obtain ChinaBond valuation data, 5-year China government bond futures to be launched on August 3rd.

ChinaBond Valuation Center will authorize the Hong Kong Stock Exchange to use relevant bond valuation information in the development and operation of Chinese government bond futures, and will provide price calculation services to the Hong Kong Stock Exchange. The Hong Kong Stock Exchange plans to launch 5-year Chinese government bond futures on August 3, 2026.

Midland Realty: Hong Kong property prices rose by 11.56% in the first half of the year, the largest half-year increase in 8 years.

In the first half of this year, the housing prices ultimately rose by 11.56%, the largest increase in 8 years since the first half of 2018 with 13.20%, significantly surpassing the full year increase of 4.70% in 2025 by 6.86 percentage points.

Meta (META.US) plans to place a $6.5 billion AI chip order with Samsung, changing the exclusive manufacturing status of Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR.

Meta is currently in deep negotiations with Samsung Foundry, a semiconductor manufacturing department under Samsung Electronics, planning to sign a huge contract worth up to 10 trillion Korean won (approximately 6.54 billion US dollars) for the large-scale production of Meta's next-generation customized AI chips.

The AI computing power factory is giving birth to a major reshuffle in the power equipment industry: Who will silently prosper in the $200 billion market, and who will be kicked out of the game?

The new generation AI computing power factory is forcing electricity equipment companies to reexamine their business layout in order to seize the golden track with a market size expected to exceed 200 billion US dollars this year.

From Meta's cloudification to NVIDIA's "computational power sharing", optimists see the cycle of "AI computational power as capital".

When pessimists cry out about oversupply, optimists see a new growth cycle dominated by "AI computing power is capital". Wall Street analysts unanimously believe that Meta's sale of computing power, combined with SoftBank's establishment of SB Neo to enter the American AI cloud market, and the latest news that NVIDIA is offering AI startups the opportunity to exchange computing power for revenue sharing, is essentially not betting on "oversupply of computing power", but on betting on the long-term expansion of AI training and inference demand into the exascale infrastructure era.

Hong Kong stocks closed: Hang Seng Index rose 1.280%, Hang Seng Technology Index rose 1.004%

Horizon Robotics-W increased by 10.256%, Zijin Mining increased by 9.297%, BYD Co., Ltd increased by 7.854%, Hansoh Pharmaceutical increased by 7.599%, Master Kong Holdings increased by 7.480%, Luoyang Molybdenum Co. increased by 7.072%, and Laopu Gold increased by 6.434%.

Token spending fell by nearly 20%: Pricing power in the AI industry is under pressure, with trillion-dollar capital expenditures by major companies facing ROI tests.

The "Silicon Valley Data LLM Token Spending Index," which tracks the expenses users pay with AI Tokens, has dropped nearly 20% from its peak in May.

A-share closing review: A-share traded rebounded with shrinking trading volume, the three major indexes rose and then fell, with more than 3800 individual stocks in the market increasing.

On July 3, the three major indexes of A-shares rose and then fell back, with the ChiNext Index rising more than 2% at one point in the morning session and shaking downward in the afternoon. By the close, the Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index rose by 0.64%, and the ChiNext Index rose by 0.07%.

Hong Kong Land Registry: 9,434 sale and purchase contracts for all types of buildings registered in June, representing a 29.7% increase compared to the previous year.

In June, a total of 9434 types of building sales contracts were submitted for registration with the Land Registry (an increase of 10.5% from May, and a 29.7% increase compared to June last year).

$42.6 billion "Challenge" in US dollars? OpenAI seeks to use equity to loosen regulatory restrictions.

Against the backdrop of soaring valuation in the artificial intelligence (AI) industry and increasing political pressure, a game surrounding the distribution of equity among AI giants and the regulatory boundaries is unfolding in Washington.

Memory prices have skyrocketed like never before. NVIDIA Corporation (NVDA.US) can't sit still either? GF SEC: AI servers "downgrade" to control costs.

Nvidia (NVDA.US) is likely to introduce a series of measures to control costs.

National Development and Reform Commission: Starting from 24:00 on July 3rd, domestic gasoline and diesel prices will be reduced by 950 yuan and 915 yuan per ton respectively.

According to the changes in international oil prices, starting from 24:00 on July 3, the prices of domestic gasoline and diesel (standard products) will be reduced by 950 yuan and 915 yuan per ton respectively.

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