Federal Reserve's Big Move! June Monetary Policy Meeting Minutes to Be Released
Key Focus
On Thursday, July 9 (Beijing time), the Federal Reserve will release the minutes of its June monetary policy meeting, from which investors will seek clues about the future path of interest rates.
Macro • News
Putin and Trump Hold Phone Call
Russian Presidential Aide Yuri Ushakov said on the 5th that during a phone call with U.S. President Donald Trump on the 4th, Russian President Vladimir Putin reiterated his preference for a political and diplomatic resolution to the Ukraine issue, while emphasizing that Russia's principled positions must be taken into account.
Speaking at a press conference at midnight Moscow time on the 5th, Ushakov said that at the request of the U.S. side, Putin and Trump had a telephone conversation lasting about 1 hour and 25 minutes. During the call, Putin briefed Trump on the battlefield situation in the Russia-Ukraine conflict. Putin said Russian forces are launching offensives along the entire front line. (Xinhua News Agency)
Federal Reserve to Release June Monetary Policy Meeting Minutes
On Thursday, July 9 (Beijing time), the Federal Reserve will release the minutes of its June monetary policy meeting, from which investors will seek clues about the future path of interest rates. It is understood that at its June monetary policy meeting, the Federal Reserve decided to keep the benchmark interest rate unchanged in the range of 3.5%–3.75%.
At the beginning of this year, the market widely expected the Federal Reserve to start a rate-cutting cycle, but this expectation has now shifted to the possibility of a rate hike in the coming months. However, under the influence of the weaker-than-expected non-farm payroll data released last Thursday, market rate hike expectations have cooled somewhat.
Finance • Securities
PBOC's Big Move
On July 3, the People's Bank of China (PBOC) issued an announcement stating that on the 6th, it would conduct a 1 trillion yuan outright reverse repo operation with fixed quantity, rate bidding, and multiple price awarding, with a term of 3 months (91 days). Given that there was 800 billion yuan maturing in this tenor this month, this 3-month outright reverse repo operation will achieve a net injection, ending a three-month consecutive contraction in this tenor.
CSRC Seeks Comments, Optimizes Refinancing System
On July 3, the China Securities Regulatory Commission (CSRC) sought public comments on improving the refinancing rules for listed companies, aiming to further enhance the competitiveness and attractiveness of domestic capital markets and increase the inclusiveness and adaptability of the capital market system. According to the rules, a shelf registration system for private placement refinancing will be established, the small-and-fast refinancing system will be optimized, a unified market-price issuance pricing mechanism will be implemented, and conditions for listed companies to conduct private placements to their controlling shareholders will be simplified.
This revision targets the "Administrative Measures for the Registration of Securities Issuance by Listed Companies" and the "Administrative Measures for the Registration of Securities Issuance by Listed Companies on the Beijing Stock Exchange" along with supporting rules, clearly establishing a shelf registration system for private placement refinancing. According to the rules, listed companies with a high standard of information disclosure work applying for competitive pricing private placements can adopt a method of one registration with multiple issuances, better adapting to the characteristics of a bilateral market, facilitating listed companies to quickly seize market opportunities to raise funds, guiding them to engage in rational and orderly financing, reducing the impact of large one-time financing on the market. The shelf registration decision is valid for 2 years, with provisions on the timing of the first issuance and the interval between financings.
Major Adjustment to A-Shares
In April this year, the Shanghai Stock Exchange (SSE), Shenzhen Stock Exchange (SZSE), and Beijing Stock Exchange (BSE) revised their trading rules. Notably, the revised trading rules will officially take effect on Monday, July 6, 2026.
According to the revised trading rules, the core adjustments of the three exchanges are as follows:
SSE revision highlights:
- The applicable securities for the after-hours fixed-price trading method will be expanded from STAR Market stocks to all A-shares and exchange-traded open-end funds (ETFs).
- The trading method for fund closing phase will be adjusted from continuous auction to closing call auction, and the closing price will be generated through call auction.
- The price up/down limit for risk-warning stocks on the Main Board will be adjusted from 5% to 10%.
- In addition, adaptive revisions will be made according to rule changes and business needs, including optimizing disciplinary sanctions and improving rule expressions.
SZSE revision highlights:
- Introduce a market maker system on the ChiNext board.
- Adjust the confirmation time for block trades of ChiNext stocks. The confirmation time for negotiated block trades of ChiNext stocks will be adjusted from 15:00–15:30 to 9:30–11:30 and 13:00–15:30.
- Expand the scope of after-hours fixed-price trading. The applicable securities for after-hours fixed-price trading will be expanded from "ChiNext stocks" to "A-shares and exchange-traded open-end funds."
- Optimize self-regulatory measures and disciplinary arrangements.
- Integrate content related to the price up/down limit for risk-warning stocks on the Main Board. The price up/down limit for risk-warning stocks on the Main Board will be adjusted from 5% to 10%.
BSE revision highlights:
Launch after-hours fixed-price trading for stocks, adjust the price range for block trades of stocks without price up/down limits, clarify trading rules for risk-warning stocks and delisting stocks, and add regulatory arrangements for severe abnormal fluctuations. Additionally, the BSE has also adjusted the rule expressions and structure.
Upon closer inspection, both the SSE and SZSE have adjusted the price up/down limit for risk-warning stocks (i.e., Main Board ST stocks and *ST stocks) from 5% to 10%. Moreover, both exchanges have expanded the scope of securities applicable to after-hours fixed-price trading to include A-shares and ETFs. The BSE has introduced after-hours fixed-price trading for stocks.
Industry • Companies
Starting Next Year, Tax Preferential Policies for Energy-Saving and New Energy Vehicles Adjusted
With approval from the State Council, the Ministry of Finance, the State Administration of Taxation, and the Ministry of Industry and Information Technology jointly issued an announcement on July 3 adjusting the vehicle and vessel tax preferential policies for energy-saving and new energy vehicles:
From January 1, 2027, the policy of halving the vehicle and vessel tax for energy-saving vehicles will be cancelled, and the policy of exempting pure electric commercial vehicles, plug-in hybrid (including extended-range) electric vehicles, and fuel cell commercial vehicles from vehicle and vessel tax will also be cancelled; newly acquired vehicles and those already acquired before the implementation of this announcement shall be subject to vehicle and vessel tax in accordance with the "Vehicle and Vessel Tax Law of the People's Republic of China" and its implementing regulations and other relevant provisions.
Doubao and Qianwen Jointly Announce: Agent Functions to Be Discontinued
On July 4, according to a message from the Doubao platform, due to product function adjustments, the agent function will be discontinued on July 15, 2026. After the function is discontinued, users will still be able to view and save agent information and historical conversation data through Doubao for a period of time.
Qianwen also recently announced that its agent functions and services will be officially discontinued on July 15, 2026, after which users will no longer be able to access related agent configurations and historical conversation records.
Longsys: First Half Net Profit Up 62,204%–74,394% Year-on-Year
Longsys (301308) announced that it expects a net profit attributable to shareholders of the listed company of 9.200–11.000 billion yuan for the first half of 2026, an increase of 62,204%–74,394% year-on-year.
SpaceX to Be Included in the Nasdaq 100 Index
SpaceX will be officially included in the Nasdaq 100 Index on July 7. JPMorgan estimates that SpaceX's inclusion in the Nasdaq 100 Index could attract $4.3 billion in passive fund inflows.
This Week's Focus
New Stock Subscriptions This Week
According to the issuance schedule, there are temporarily 2 new stocks available for subscription this week, as follows:
Monday: Longxin Intelligent, subscription code: 920117
Friday: Tainuo Mabo, subscription code: 787806
Shares Unlocking This Week
According to data from Securities Times·Data Bao, a total of 32 stocks will have lock-up period expirations this week (July 6–10), with a total of 2.949 billion shares unlocked. Based on the latest closing prices, the total market value of shares unlocked is 100.043 billion yuan.
Six stocks have an unlocked market value exceeding 2.4 billion yuan. Among them, Yitang Co., Ltd. (688729) has the highest unlocked market value, with 1.533 billion shares tradable this week, mainly consisting of original shareholder restricted shares and strategic placement shares, with an unlocked market value of 65.362 billion yuan.
June CPI Data to Be Released
On July 9, the National Bureau of Statistics will release the June CPI and PPI data.
Institutional Views
Everbright Securities: Semiconductor and AI Wave Drive Fluorine-Containing New Materials into High-Speed Growth Period
Everbright Securities research report believes that leading domestic fluorine chemical companies are accelerating their layout in fluorine-containing new materials, focusing on building a second growth curve. In the semiconductor field, high-purity (e.g., G5 grade) electronic-grade hydrofluoric acid, as an indispensable key wet electronic chemical for chip manufacturing, has long been monopolized by Japanese and American companies. In recent years, domestic companies have broken through the ultra-clean and high-purity process bottlenecks by leveraging their integrated industry chain advantages. Electronic-grade hydrofluoric acid has successfully passed the stringent certifications of leading domestic and international wafer foundries and has entered a phase of large-scale volume expansion. Meanwhile, the rapid rise in computing power from AI, HPC, and hyperscale data centers has led to increasing heat density in data centers. Traditional air-cooling solutions have gradually become inadequate for high-power-density scenarios, and liquid cooling is becoming the necessary solution for efficient heat dissipation. Fluorine chemical companies are responding to the trend for efficient heat dissipation by actively deploying high-performance fluorine-containing coolants such as perfluoropolyether (PFPE). With their insulating, non-flammable, and excellent thermal management properties, these coolants occupy an irreplaceable position in high-safety, high-power scenarios such as immersion liquid cooling. Fluorine-containing new materials are driving fluorine chemical companies to undergo a deep transformation toward high technical barriers and high added value.
CICC: Recommend Gradually Entering Agricultural Product Long Positions at Low Valuations in the Medium to Long Term
CICC research report believes that after the global agricultural product inventory accumulation and deep price downward adjustment cycle from 2023 to 2025, the agricultural product sector is expected to officially usher in a cyclical turning point in 2026. The bottom of full-category prices has been fully consolidated, and the overall pattern is established with prices being prone to rise rather than fall. Comprehensive judgment: In the second half of 2026, there is no basis for a unilateral decline in global bulk agricultural products. Costs have built a solid bottom, supply contraction has established a trend, weather provides impulse elasticity, and demand opens upward space. The sector as a whole is expected to gradually start a cyclical upward trend. The sector ranking is: oils, cotton, natural rubber, sugar > soybeans, corn > 0. Currently, the second-quarter sector valuation has corrected reasonably. It is recommended to gradually enter agricultural product long positions at low valuations in the medium to long term, seizing phased repair and trend upward opportunities in each variety.
Proofread by Wang Wei, Editor in charge: Gao Ruiqi
