**Macro Developments** China's Central Committee issued guidelines strengthening financial judiciary oversight, targeting market manipulation and illegal fundraising. Sixteen provincial-level regions face routine inspections under the Party's disciplinary review. The PBOC injected 1.4 trillion yuan via reverse repos, including 800 billion yuan for 91-day and 600 billion yuan for 182-day maturities.

H1 2025 financial data shows social financing up 4.74 trillion yuan YoY to 22.83 trillion yuan. M2 money supply grew 8.3% to 330.29 trillion yuan. Deputy Governor Zou Lan signaled continued accommodative monetary policy, anticipating narrowing China-U.S. rate differentials in H2.

**Industry Pulse** NVIDIA CEO Jensen Huang stated U.S. restrictions on AI chips to China are unnecessary, noting China's existing computing capabilities. New Green Finance Project Catalog (2025 Edition) unified standards for eco-friendly investments. Hubei province extended paid marriage leave to 15 days.

New energy vehicle registrations surged 27.86% YoY to 5.622 million units. Chongqing's grid absorbed 3.179 billion kWh of renewable energy (+34.25%), with distributed solar soaring 389.8%. Coal producers pledged to stabilize supply amid industry competition.

**Corporate Highlights** *Earnings Spotlight* - **Zhongyan Chemical** (600328) posted 88% net profit decline in A-share’s first H1 report. - **China Tourism Group Duty Free** (601888) lost 2.3-2.9 billion yuan; parent plans 111-220 million yuan buyback. - **Longi Green Energy** (601012) narrowed losses to 2.4-2.8 billion yuan. - **Shenwan Hongyuan** (000166) net profit jumped 93%-111% to 4.1-4.5 billion yuan. - **Jiugui Liquor** (000799) profit plummeted 90%-93% to 8-12 million yuan.

*Notable Moves* - **Wonder Investment** (300624) swung to 480-520 million yuan profit. - **Wingtech Technology** (600745) (rights protection) forecast 178%-317% earnings growth. - **Tianqi Lithium** (002466) returned to profitability (0-155 million yuan). - **China Gold Securities** (601995) projected 55%-78% profit growth.

**Global Markets** Former U.S. President Trump threatened 100% tariffs on Russian goods, while the EU prepared 72 billion euro countermeasures against U.S. products. U.S. indices edged up: Dow +0.2%, S&P 500 +0.14%, Nasdaq +0.27%. Brent crude forecasts lifted to $66/barrel by Goldman Sachs.

**Investment Themes** 1. **Robotaxi Commercialization Accelerates**: Beijing, Shanghai, and Wuhan advance autonomous driving trials. Shanghai issued first driverless permits at WAIC 2024. Industry revenue could surge as models launch in 2025. 2. **Solid-State Battery Race Intensifies**: Shipbuilding, aviation, and robotics sectors drive demand. Full solid-state batteries may enter mass production by 2027, with global shipments reaching 614.1GWh by 2030. 3. **Humanoid Robot Milestone**: Ji Ke (宇树) and Zhiyuan Robotics secured 124 million yuan order from China Mobile – China’s largest bipedal robot contract. 4. **Uranium Supply Breakthrough**: China National Nuclear Corporation produced its first uranium batch at Ordos-based "State Uranium No.1" project, boosting strategic resource security.

**Trading Halts/Resumptions** *Halted*: Sinochem Equipment (600579), ST Shuntian (600287) *Resumed*: Jinpu Titanium (000545), Suzhou Planning & Design (301505), Baile Technology (603959) (rights protection)

[Corporate announcements condensed for brevity]