The Shanghai Composite Index slightly lost and regained 3,500 points, the ChiNext rose 1.7% for the whole day, and the domestic property stocks have support at low levels

The National Bureau of Statistics announced that China's GDP in the second quarter grew by 5.2% year-on-year, exceeding the market expectation of 5.1%; it increased by 1.1% quarter-on-quarter. The growth in the first quarter of this year was 5.4%. In the first half of the year, the national industrial added value above designated size grew higher than expected, while national fixed asset investment grew lower than market expectations.

The People's Bank of China today (15th) conducted a seven-day reverse repurchase operation in the open market amounting to 342.5 billion yuan, with the operation rate remaining at 1.4%. Today, 69 billion yuan of reverse repos matured, resulting in a net injection of 273.5 billion yuan. The central parity rate of the yuan against the US dollar was reported at 7.1498, down by 7 pips.

The three major indices of A-shares developed differently, with the Shanghai Composite Index slightly weaker, regaining the 3,500-point mark, while the ChiNext rose more than 1%. The Shanghai Composite Index fell by 14 points or 0.4%, closing at 3,505 points, with a turnover of 646.85 billion yuan; the Shenzhen Component Index rose by 60 points or 0.6%, closing at 10,744 points, with a turnover of 965.2 billion yuan; the ChiNext Index rose by 37 points or 1.7%, closing at 2,235 points, with a turnover of 447.4 billion yuan.

Banking stocks such as China Construction Bank (601939.SH) and Industrial and Commercial Bank of China (601398.SH) fell by 0.7% and 0.5%, respectively. China Merchants Bank (600036.SH) opened high but closed lower, falling 0.8% for the day. It is reported that China Merchants Jinling International has officially obtained approval from the Hong Kong Securities and Futures Commission to become the first Chinese bank-affiliated brokerage in Hong Kong to obtain licenses for virtual asset trading services and related businesses.

With expectations of policy rollout, real estate stocks found support at low levels, with UKF (000514.SZ9) hitting the daily limit in the afternoon. Evergrande (600622.SH) and China Fortune Land Development (600340.SH) saw their declines narrow, falling 3.7% and 3.9% for the day, respectively. Vanke A (000002.SZ) fell by 0.9%, with the company expecting a net loss of 10 billion to 12 billion yuan in the first half of 2025, compared to a loss of 9.85 billion yuan in the same period last year.

In addition, BYD (002594.SZ) rebounded by 1.4%. Contemporary Amperex Technology Co., Limited (300750.SZ) fell by 0.3%. Ganfeng Lithium (002460.SZ) fell by 2.6%, with the company expecting a net loss of 300 million to 550 million yuan in the first half of the year, compared to a loss of 760 million yuan in the same period last year. Tianqi Lithium (002466.SZ) fell by 1%, with the company expecting to turn a profit in the first half of 2025.

OFILM (002456.SZ) fell by 2.2%, with the company expecting a net loss of 85 million to 115 million yuan in the first half of the year, compared to a profit of 39.1445 million yuan in the same period last year.

Rare earth stocks showed mixed performance, with Shenghe Resources (600392.SH) rising by 1.2%. Northern Rare Earth (600111.SH) and Baotou Steel Rare Earth (600010.SH) fell by 3% and 4.3%, respectively