[Today's Headlines]
Federal Reserve June Meeting Minutes: Internal Disagreements Intensify, No Consensus on Timing and Magnitude of Rate Cuts
According to the Zhitong Finance APP, the Federal Reserve released the minutes of the Federal Open Market Committee (FOMC) meeting held on June 17-18, 2025, on July 9. Although the meeting unanimously decided to maintain the federal funds rate target range at 4.25% to 4.5%, the minutes revealed that internal disagreements within the Federal Reserve regarding the future direction of monetary policy are intensifying, particularly on the issue of whether to cut rates within the year.
&#34;Federal Reserve mouthpiece&#34; Nick Timiraos stated that the minutes revealed some things we already knew, with officials divided into three main camps regarding the rate path: ① Cut rates within the year but exclude July (mainstream camp), ② Hold steady throughout the year, ③ Advocate for immediate action at the next meeting (the minutes indicated that only a &#34;minority&#34; of attendees supported this, implying Federal Reserve Governor Waller and Bowman). The minutes also noted that &#34;several participants indicated that the current federal funds rate target range may not be much higher than the neutral level.&#34; In other words, unless the economy significantly slows down, even if rate cuts are restarted, the subsequent room for cuts will be very limited.
[Market Outlook]
Overnight U.S. Stocks All Three Major Indices Closed Higher
As of the close of trading overnight, the Dow Jones Industrial Average rose 217.54 points from the previous trading day, closing at 44,458.3 points, an increase of 0.49%; the S&amp;P 500 index rose 37.74 points, closing at 6,263.26 points, an increase of 0.61%; the Nasdaq Composite Index rose 192.88 points, closing at 20,611.34 points, an increase of 0.94%. Large technology stocks collectively rose, with NVIDIA up 1.8%, briefly surpassing a total market value of $4 trillion. Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 1.11%. Bitcoin hit a historic high, and gold rose alongside risk assets. The Federal Reserve meeting minutes showed severe internal disagreements. U.S. President Trump announced a 50% tariff on Brazil. The Hang Seng Index ADR rose, closing at 23,894.69 points, up 2.37 points or 0.01% compared to the Hong Kong close.
[Hot Topics Ahead]
State Administration for Market Regulation Holds Symposium on Fair Competition for Enterprises
On July 9, the State Administration for Market Regulation held the fourth symposium on fair competition for enterprises in 2025, themed &#34;Maintaining Fair Competition Market Order and Promoting High-Quality Development of the Private Economy.&#34; Representatives from eight companies, including Goldwind Technology, TELD, Great Wall Motors, Du Xiaoman, Vipshop, NetEase, SF Express, and Neusoft, spoke and provided opinions and suggestions on strengthening fair competition governance. Meng Yang, a member of the General Administration's Party Group and Deputy Director, attended the meeting and delivered a speech. Meng Yang introduced a series of recent policy measures issued by the General Administration and efforts to rectify prominent issues affecting fair competition for private enterprises. He pointed out that the General Administration will resolutely implement the decisions and deployments of the Party Central Committee and the State Council, strengthen fair competition reviews, enhance antitrust regulatory enforcement, and improve the efficiency of investment and merger reviews to create a favorable market environment and broader space for the development of private enterprises
HKEX: The average daily trading amount in June 2025 was HKD 230.2 billion, a year-on-year increase of 107%
HKEX: The average daily trading amount in June 2025 was HKD 230.2 billion, up 107% from HKD 111.2 billion in the same period last year; there were 44 new listed companies, an increase of 47% from 30 in the same period last year; the total fundraising amount was HKD 280.8 billion, up 322% from HKD 66.5 billion in the same period last year.
SFC: The first actively managed ETF is listed in Hong Kong
According to Zhitong Finance APP, on July 9, the Hong Kong Securities and Futures Commission (SFC) welcomed the listing of the first actively managed exchange-traded fund (ETF) in Hong Kong. This mutual listing, conducted using a feeder fund structure, benefits from the simplified regulations applicable to eligible ETFs. This move not only introduces the world's largest actively managed ETF strategy to the Hong Kong market, enriching local investors' product choices, but also demonstrates Hong Kong's competitiveness in attracting overseas ETFs.
IDC: Global PC shipments reached 68.4 million units in Q2 2025, a year-on-year growth of 6.5%
On July 9, market research firm IDC released data from its global quarterly personal computing device tracking report, showing that global PC shipments reached 68.4 million units in Q2 2025, a year-on-year growth of 6.5%. Among them, Lenovo's market share was 24.8%, an increase of nearly 2 percentage points from the same period last year, maintaining its position as the world's number one PC market. Meanwhile, shipments reached 16.97 million units, a 15.2% increase from the second quarter of last year. HP and Dell ranked second and third, with market shares of 20.7% and 14.3%, and shipments of 14.1 million units and 9.8 million units, showing a year-on-year growth of 3.2% and a decline of 3%, respectively.
Fosun Pharma (02196): Fumatinib® initiates Phase III clinical trial for treating pediatric low-grade glioma in China
Zhitong Finance APP reports that Fosun Pharma announced that its subsidiary, Shanghai Fosun Pharmaceutical Industry Development Co., Ltd., has initiated a Phase III clinical trial for Fumatinib® (generic name: Lenvatinib tablets) for the treatment of pediatric low-grade glioma in mainland China (excluding Hong Kong, Macau, and Taiwan).
CIMC Enric (03899) reaches strategic cooperation with Jiangsu Zhongchun Hydrogen Energy, first green hydrogen project to be launched in Xinjiang
On July 7, CIMC Enric's Energy Systems Co., Ltd. officially signed a strategic cooperation agreement for hydrogen energy business with Jiangsu Zhongchun Hydrogen Energy Technology Co., Ltd. The two parties will jointly promote the implementation of green hydrogen preparation, storage and transportation, and terminal application demonstration projects. As one of the key focuses of the cooperation, CIMC Enric and Jiangsu Zhongchun will jointly develop renewable energy electrolysis hydrogen production projects. One of the co-built green hydrogen projects in Xinjiang is expected to be launched in the second half of 2025, while the Inner Mongolia project is being prepared in an orderly manner
Shanghai Pharmaceuticals ( 02607 ) issues earnings forecast, expecting net profit attributable to parent company of RMB 4.45 billion in the first half, a year-on-year increase of approximately 52%
According to Zhitong Finance APP, Shanghai Pharmaceuticals announced that the company expects to achieve a net profit attributable to the parent company of RMB 4.45 billion in the first half of 2025, an increase of RMB 1.508 billion compared to the same period last year, representing a year-on-year growth of approximately 52%.
The company completed the acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals Co., Ltd. on April 25, 2025. The company's total shareholding in Shanghai Hutchison changed from 50% to 60%, and it will be included in the consolidated financial statements. The accounting treatment for this investment will change from equity method accounting for joint ventures to subsidiary accounting. According to accounting standards, if control can be exercised over an investee that is not under common control due to additional investments, the equity held in the investee prior to the purchase date should be remeasured at its fair value on the purchase date, with the difference between the fair value and its book value recognized as current investment income.
Decong Agriculture and Animal Husbandry ( 02419 ) sold 820,200 live pigs in June, generating sales revenue of RMB 1.565 billion
According to Zhitong Finance APP, Decong Agriculture and Animal Husbandry announced that in June 2025, the company sold 820,200 live pigs (including 793,000 commercial pigs), generating sales revenue of RMB 1.565 billion.
Zhaoke Ophthalmology -B (06622): National Medical Products Administration accepts new drug application for NVK002 (Atropine Sulfate Eye Drops 0.02%) for treating progressive myopia in children
According to Zhitong Finance APP, Zhaoke Ophthalmology announced that the National Medical Products Administration of China has recently accepted the new drug application for NVK002 (Atropine Sulfate Eye Drops 0.02%), one of the company's core products used for treating progressive myopia in children. This new drug application is classified as a Class II innovative drug.
Sijingt Technology (00580) issues earnings forecast expecting interim profit attributable to shareholders of approximately RMB 90 million, a year-on-year increase of approximately 167%
According to Zhitong Finance APP, Sijingt Technology announced that it expects to report revenue of approximately RMB 880 million for the six months ending June 30, 2025 (reporting period), an increase of approximately 34% compared to the same period in 2024. This growth is mainly due to the delivery of products for three ultra-high voltage direct current transmission projects, including the ±500 kV flexible DC converter station project in central-southern Saudi Arabia, the ±800 kV ultra-high voltage direct current transmission project from Gansu to Zhejiang, and the ±800 kV ultra-high voltage direct current transmission project from Shaanxi to Anhui, as well as the distributed power flow controller project in Peru/Chile; an increase in revenue from self-produced insulated gate bipolar transistors; and an expected profit attributable to the parent company of approximately RMB 90 million during the reporting period, representing a year-on-year increase of approximately 167%, mainly due to a significant increase in gains from forward foreign exchange contracts during the reporting period, which were signed to reduce exchange rate risks associated with material procurement in foreign currencies
[Stock Spotlight]
Lens Technology (06613): Increasing Investment in Foldable Screens, Apple's &#34;Big Move&#34; Approaches
As a well-known player in the Apple supply chain, Lens Technology's collaboration with Apple began 19 years ago, when both parties overcame the technical challenges of designing the glass panel for the first-generation iPhone. Currently, the products and services provided by Lens Technology are used in iPhone, Apple Watch, Mac, and Apple Vision Pro, among others. Previously, market news citing supply chain insiders indicated that Apple plans to finalize the supply chain for the foldable iPhone by April this year, with large-scale production of foldable iPhone components expected in the second half of this year.
Regarding Lens Technology's layout in the foldable smartphone sector, the company stated: &#34;We have long been engaged in the manufacturing processes for UTG (Ultra-Thin Glass) and CPI (Transparent Polyimide) for foldable protective screens, and we have already supplied UTG and CPI screens in bulk to major domestic clients. Additionally, the company is a core supplier of appearance and structural components for major clients in North America, and we are actively cooperating with clients for foldable screen validation, with overall progress meeting expectations to prepare for the mass production of new models.&#34;
In this Hong Kong IPO, Lens Technology has brought in 10 cornerstone investors, covering industrial capital, international asset management companies, hedge funds, regional investment institutions, and multi-strategy funds, with a total subscription amount of USD 191 million (approximately HKD 1.499 billion). The company expects that new production lines in Thailand and Vietnam will begin operations by the end of 2025 and gradually expand production in 2026

HKXCY

00388

NVDA

The State Administration for Market Regulation held a symposium on fair competition among enterprises, and the average daily trading volume of the Hong Kong Stock Exchange in June was HKD 230.2 billion, a year-on-year increase of 107%. The minutes of the Federal Reserve's June meeting showed increasing internal disagreements on future monetary policy, with no consensus on the timing and magnitude of interest rate cuts. The three major U.S. stock indices collectively closed higher, with strong performance from technology stocks, and NVIDIA's market capitalization surpassed USD 4 trillion. Bitcoin reached a historic high, and gold prices rose

- The Federal Reserve's June meeting minutes reveal increasing internal divisions regarding future monetary policy, particularly on interest rate cuts.  
- While the federal funds rate remains unchanged at 4.25% to 4.5%, officials are split into three camps regarding potential rate cuts this year.  
- The minutes suggest limited room for further cuts unless there is a significant economic slowdown, indicating a cautious outlook on monetary policy.

Zhitong

Hong Kong Exchanges and Clearing (HKEX)

HKEX

NVIDIA

Zhitong Hong Kong Stock Early Knowledge | The State Administration for Market Regulation held a symposium on fair competition among enterprises. HKEX: The average daily trading volume in June was HKD 230.2 billion, a year-on-year increase of 107%