Morning News

**Source**: Wall Street News

**Market Overview**

**Last Friday**:

- The conflict between Israel and Iran and the intensifying risks in the Middle East dampened US stocks. The three major US stock indexes fell by at least 1% and declined for the week. Energy and military stocks rose against the trend. The energy sector rose nearly 2%, the only gainer among the S&P sectors. Military stock Lockheed Martin rose over 3%. Tesla closed up nearly 2%, the only one among the seven major technology stocks to gain, and rebounded 10% for the week. Oracle closed up nearly 8%, rising 22% in two days after releasing its financial report.

- After the Israeli attack, the 10 - year US Treasury bond yield hit a one - week low again, and then rebounded more than 10 basis points at one point. The US dollar index rebounded and moved away from a three - year low.

- After the Israeli attack, crude oil surged more than 10% at one point, then gave up nearly half of its gains. It still recorded the largest closing gain in more than three years and rose over 10% for the week. Gold jumped nearly 2% at one point and closed at a record high.

- In the Asian session, A - shares declined collectively. The ChiNext index closed down over 1%. Oil and gas stocks rose sharply against the trend. The Hang Seng Tech Index fell over 1%. The "Three New Consumption Stocks" rebounded. Commodities and treasury bonds mostly rose.

- In the early Asian session on Monday: Crude oil futures opened higher. Brent crude oil futures rose 5.5%, WTI rose over 6%, gold moved higher, and US stock futures fell.

**Top News**

- China's new social financing in May was 2.29 trillion yuan, new RMB loans were 620 billion yuan, new RMB deposits were nearly 2.18 trillion yuan, and the M2 - M1 scissors gap narrowed.

- The executive meeting of the State Council: Studied and optimized the measures related to the centralized procurement of drugs and medical consumables, and emphasized the need to solidly and effectively promote the construction of "good houses".

- Chinese representative: China condemns Israel's aggression against Iran. Wang Yi had phone calls with the foreign ministers of Iran and Israel respectively, stating that the top priority is to immediately take measures to avoid the escalation of the conflict, prevent the region from falling into greater turmoil, and return to the track of resolving the issue through diplomatic means.

- Iran launched a large - scale missile attack in retaliation, and there were continuous mutual attacks with Israel over the weekend. Targets included the residence of the Israeli prime minister's family. Iranian officials said they were seriously considering whether to block the Strait of Hormuz. Israel attacked Iran's largest gas field, and the conflict expanded to oil and gas facilities. The Israeli military said it carried out air raids on the headquarters of Iran's Ministry of Defense, the headquarters of its nuclear program, and several oil facilities. The Israeli prime minister said that if Iran accepts the US request to abandon its nuclear program, Israel is willing to stop its actions.

- The sixth round of nuclear negotiations between Iran and the US was cancelled on Sunday. The Iranian Foreign Ministry said that without the US permission, the Israeli attack would not have happened. The Iranian president said that as long as Israel continues to attack Iran, Iran will not resume negotiations with the US. White House officials said that the Israeli actions against Iran would "last for weeks", depending on Iran's reaction. The leaders of Russia and the US had a phone call to discuss the situation. Trump said that both he and Putin believed that the Israel - Iran conflict should end and were willing to accept Putin as the mediator of the Israel - Iran conflict, warning Iran not to attack US targets.

- The decline in the pound narrowed. The British prime minister said there were no "obstacles" to finalizing the US - UK trade agreement. The leaders of Japan and the US had a phone call and agreed to accelerate ministerial - level consultations to reach a mutually beneficial agreement. The Japanese side said that the deadline of July 9 for Bessent had not been extended. It is reported that the US and Vietnam are close to reaching a framework trade agreement, and the Vietnam ETF fell more than 2% intraday.

- The media said that Israel's assassination attempt on a senior Houthi leader failed on Saturday night. The Houthi armed forces denied that their senior officials had been assassinated.

**Market Closing Reports**

- **European and US stock markets**: The Dow Jones Industrial Average fell 1.79%, the S&P 500 Index fell 1.13%, and the Nasdaq fell 1.3%, declining 1.32%, 0.39%, and 0.63% respectively for the week. The European STOXX 600 Index fell 0.89%, declining 1.57% for the week.

- **A - shares**: The Shanghai Composite Index fell 0.75%, the Shenzhen Component Index fell 1.1%, and the ChiNext Index fell 1.13%.

- **Bond market**: By the end of the bond market on Friday, the yield on the 10 - year US Treasury bond was about 4.40%, rising about 4 basis points intraday and falling about 11 basis points for the week. The yield on the 2 - year US Treasury bond was about 3.95%, rising about 4 basis points intraday and falling about 9 basis points for the week.

- **Commodities**: WTI July crude oil futures rose 7.26%, rising about 13% for the week. Brent June crude oil futures rose about 7%, rising nearly 11.7% for the week. COMEX August gold futures rose 1.48%, rising about 3.2% for the week. COMEX July silver futures rose 0.17%, rising 0.6% for the week. COMEX July copper futures fell 0.43%, falling about 0.7% for the week.

**Detailed Top News**  

**Global Highlights**  

China's new social financing in May amounted to 2.29 trillion yuan, with new RMB loans reaching 620 billion yuan, and the M2-M1 scissors gap narrowed. The cumulative new social financing in the first five months was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. After adjusting for the impact of bond swaps, the growth rate remained around 8%, and new RMB deposits in May were nearly 2.18 trillion yuan.  

State Council Executive Meeting: Studied and optimized measures for centralized procurement of drugs and medical consumables, and emphasized the solid promotion of "high-quality housing" construction. Premier Li Qiang chaired the State Council Executive Meeting, deploying the replication and promotion of pilot measures for the China (Shanghai) Pilot Free Trade Zone, hearing reports on building a new model for real estate development and advancing high-quality housing construction, deliberating and approving the *Implementation Plan for Further Improving the Credit Repair System*, and studying measures to optimize centralized procurement of drugs and medical consumables.  

The General Secretary of the Communist Party of China Central Committee published an article in *Qiushi*: Guiding economic and social development with medium- and long-term plans is an important approach for our Party to govern the country.  

Local time on Friday, the 13th: Khamenei stated that Iran's armed forces would act to completely destroy the Israeli regime. Israel launched another airstrike, and Iran fired "hundreds of" missiles in retaliation.  

Iran confirmed partial damage to the Natanz nuclear facility, and an advisor to Khamenei claimed U.S. involvement in the attack. Netanyahu said the attack on Iran was originally scheduled for late April, and Israel had destroyed Iran's main uranium enrichment facilities, a large number of Iranian missile stockpiles, and multiple nuclear facilities. "It must be assumed that Iran will respond," and operations will continue as necessary. On Friday night, the Israeli Air Force allegedly launched the ninth wave of large-scale attacks on Iran, stating that Iran's large-scale missile retaliation would arrive "within hours." Iranian media reported launching three waves of missile attacks on Israel, with the Iranian military claiming "dozens of" missiles hit targets. The Israeli Defense Minister accused Iran of attacking Israeli civilian population centers, warning that Iran would pay a heavy price. The Israeli military said Iran launched two rounds of ballistic missile attacks on Israel that night, firing nearly 100 missiles in total.  

Chinese representative: China condemns Israel's aggression against Iran. Iran's retaliation against Israel has begun, and experts say the Middle East is in its "most dangerous" moment. It is certain that military conflicts between Iran and Israel will further escalate in the next two to three days.  

Local time on Saturday:  

Iran launched the fourth wave of missile attacks, triggering air raid sirens in multiple northern Israeli regions. Iran fired the fifth round of missiles at Israel. Iran claimed to have hit 150 targets in Israel. A senior Iranian military official said plans were in place to strike U.S. military bases in the Middle East, and the next round of attacks on Israel would use "20 times" the number of missiles as before.  

Wang Yi held phone calls with Iranian Foreign Minister Araghchi and Israeli Foreign Minister Sar. Wang Yi stated that China clearly opposes Israel's use of force to attack Iran in violation of international law, especially when the international community is still seeking a political solution to the Iranian nuclear issue. The top priority is to immediately take measures to avoid conflict escalation, prevent the region from falling into greater turmoil, and return to the track of resolving the issue through diplomatic means, which is also the common consensus of the international community.  

Is the biggest market risk emerging? Israel attacked Iran's largest natural gas field, expanding the conflict to oil and gas facilities. This marks the first time Israel has targeted Iran's energy infrastructure and the first attack on a refinery in Iran since the 1980s Iran-Iraq War. The Israeli military said it carried out airstrikes on the headquarters of Iran's Ministry of Defense, nuclear program, and multiple oil facilities.  

International Atomic Energy Agency: Iranian nuclear facilities have been attacked multiple times, but radiation is not expected to increase temporarily.  

By Saturday night, Israel and Iran continued to exchange attacks. Netanyahu declared that night that Israeli military strikes against Iran would persist, "striking every military stronghold and every military target in Iran."  

Local time on Sunday:  

A round of Iranian missile attacks in the early morning of Sunday caused over 200 casualties in Israel. The Israeli military said it launched a new round of attacks on missile facilities in western Iran and carried out "fierce strikes" on Iran's Isfahan nuclear facility. The Israeli military expects Iran to continue launching ballistic missile attacks, and the Israeli Air Force "will not stop striking for a moment." Israeli Prime Minister: If Iran accepts the U.S. request to abandon its nuclear program, Israel is willing to cease operations.  

Iran's President: If Israel continues its hostile actions, Iran will take more decisive and severe responses. According to CCTV, Iranian officials said they are seriously considering blocking the Strait of Hormuz. The targets of Iran's new round of missile attacks included the Israeli Prime Minister's family residence.  

Media reported that Israel failed to assassinate a senior Houthi leader on Saturday night, and the Houthi armed forces denied the assassination of their senior officials on Sunday, stating, "No attack occurred."  

Iran decided to withdraw from the sixth round of Iran-U.S. nuclear negotiations, and Trump admitted being aware of Israel's attack. The Omani Foreign Minister confirmed that no Iran-U.S. nuclear talks would be held on Sunday the 15th.  

Trump warned Iran on Friday: If no agreement is reached, the next wave of strikes will be "more brutal," but later said Iranian officials had contacted him, suggesting a possible chance for the U.S. and Iran to reach an agreement. Trump believes Israel's attack may force Iran to negotiate seriously, stating that the attack used "advanced U.S. equipment," without disclosing whether Israel requested direct U.S. participation.  

U.S. officials said on Friday that to address the escalation of the Israel-Iran conflict, the U.S. is mobilizing its military resources in the Middle East; the U.S. still hopes to negotiate with Iran; the U.S. did not participate in or assist the Israeli military attack, though some officials said the U.S. helped Israel intercept missiles.  

Iran's Foreign Minister said Israel's attack had destroyed diplomatic channels. The Iranian Foreign Ministry: Without U.S. permission, Israel's attack would not have occurred, and dialogue with the biggest accomplice of the aggressor is meaningless. Iran's President: As long as Israel continues to attack Iran, Iran will not resume negotiations with the U.S.  

Leaders of Russia and the U.S. held a phone call to discuss the situation. Putin mentioned that Russia is prepared to mediate the Israel-Iran conflict. Trump subsequently stated that both he and Putin believe the Israel-Iran conflict should end. Trump: Willing to accept Putin as the mediator of the Israel-Iran conflict. Trump again warned Iran not to attack U.S. targets.  

White House officials said Israeli actions against Iran would "last for weeks," depending on Iran's reaction. White House officials stated that the U.S. would not instruct Israel to take any actions, only self-defense. Media: Israel has asked the U.S. to join military operations against Iran, but the U.S. has not considered it. Media: U.S. air defense systems in the Middle East assisted in shooting down Iranian missiles.  

On the same day as the military parade, "anti-king" protests swept across the U.S., with hundreds of thousands of people in 50 states taking to the streets on Saturday to protest against the Trump administration.  

On Sunday the 15th, the first trading day since Israel attacked Iran, Middle Eastern stock markets collectively plunged during the session. The Egyptian stock index once fell over 7%, the Kuwaiti index fell over 5%, the Saudi index fell over 3%, and Israel's Tel Aviv stock market opened 1.7% lower.  

Oil prices soared, and the market's most pressing question is: Will the Strait of Hormuz be blocked? Many analysts believe the possibility of Iran completely blocking the Strait of Hormuz is extremely low. Due to the strait's width and part of the water area belonging to Oman, it is physically difficult to fully block. More importantly, Iran itself relies heavily on this waterway for importing large quantities of civilian supplies, and blocking it would also harm the interests of its major oil customers, making it a losing proposition. Some analysts also worry that if the situation escalates further, Iran may still block it.  

Israel's airstrike on Iran has made the market highly attentive to "the speed and scale of Iran's counterattack." Analysis points out that this geopolitical crisis comes at a time when global stock markets have just experienced a strong rebound with little adjustment, leaving them in a relatively fragile position. Currently, risky assets are correcting, while safe-haven assets such as the Japanese yen and U.S. Treasury bonds are favored. If Tehran's response is limited and energy flows remain undisturbed, experience suggests the premium may dissipate quickly. However, any signs of retaliation or supply disruptions will keep volatility high and push up crude oil and safe-haven assets.  

Near-month and far-month crude oil futures rose collectively. Is the market pricing in a "long-term Middle East conflict"? Analysts warn that if the Strait of Hormuz is blocked, 14 million barrels per day of supply are at risk, and oil prices may hit $120. Currently, the market focus has shifted to the scale of Iran's counterattack.  

Can the U.S. dollar and Treasury bonds still serve as safe havens? The Israel-Iran conflict provides the answer. When Israel airstruck Iranian targets, traditional safe-haven assets like the U.S. dollar and Treasury bonds showed a calm performance. The dollar's initial reaction was even a decline, while safe-haven gold broke through $3,400, and crude oil soared over 10%. Analysis indicates that the safe-haven status of the U.S. dollar and Treasury bonds faces three major crises: shocks from Trump's trade policies, soaring fiscal deficits, and质疑 (doubts) about global leadership.  

The pound's decline narrowed, and the British Prime Minister said there were no "obstacles" to finalizing the U.S.-UK trade agreement. British Prime Minister Starmer stated that there are "no obstacles or surprises" to reaching a U.S.-UK trade agreement and hinted that the agreement might be completed soon. Starmer also confirmed that Trump would proceed with a state visit to the UK as planned. The pound's decline against the dollar narrowed to 0.5%.  

Leaders of Japan and the U.S. held a phone call and agreed to accelerate ministerial-level consultations to reach a mutually beneficial agreement. The Japanese side said the July 9 deadline for Bessent had not been extended. Ishibashi Shigeo reiterated the demand to取消 (eliminate) tariffs. Japan's chief negotiator, Akasawa Ryo, said he met separately with U.S. Commerce Secretary Lutnick and Treasury Secretary Bessent, but refused to comment on whether a U.S.-Japan tariff agreement is expected in the future.  

It is reported that the U.S. and Vietnam are close to reaching a framework trade agreement, and the Vietnam ETF fell over 2% intraday. Media said Vietnam previously proposed eliminating all tariffs, but in the current agreement, Vietnam hopes the U.S. will set tariff rates at 20% to 25%, while the U.S. has proposed strengthening law enforcement against commodity transshipment.  

**Domestic Macro**  

Chinese representative: The U.S. narrative of "reciprocal tariffs" is one-sided and misleading, ignoring the service trade surplus.  

**Domestic Companies**  

Pop Mart's stock price has soared 200% this year, and multiple institutions have urgently raised target prices. At least five brokerages, including Deutsche Bank and Morgan Stanley, have raised Pop Mart's target price, with Citigroup being the most aggressive, significantly increasing the target price by 90% to a maximum of HK$308, citing the company's growing global IP influence.  

Car companies promise a 60-day payment period, and suppliers respond with six uncertainties. For suppliers to get paid by car companies, they must go through the bidding and targeting process, process confirmation, online acceptance, account reconciliation and invoicing, approval and payment, and acceptance bill processes. The 60-day period only applies to the approval and payment process.  

**Overseas Macro**  

Germany's €500 billion infrastructure plan first step: Repair railways. To escape economic stagnation, Germany will launch a €500 billion infrastructure investment plan, with the top priority being to repair aging railways. German Vice Chancellor and Finance Minister Lars Klingbeil plans to inject €10.5 billion into the railway system this year, accounting for about half of the annual infrastructure investment, with Deutsche Bahn as the biggest beneficiary.  

Global gold ETFs saw their first net outflow in five months, with selling across all regions except Europe! Boosted by easing trade conflicts, global gold ETFs suffered an $18 billion net outflow in May, with North America experiencing the largest net outflow ($15 billion), followed by Asia with a $4.8 billion net outflow. Europe achieved a modest $2.25 billion net inflow, becoming the only region with a net inflow.  

U.S. media broke the news: The U.S. has huge differences with other member states, and the G7 summit may "not issue a joint communiqué". According to the Global Times, G7 leaders will not attempt to reach a consensus on a joint communiqué at this summit, indicating huge differences between the U.S. and other G7 members on issues such as the Ukraine conflict and climate change. Separate joint statements on various issues may be issued, a plan also preferred by host Canada, as Carney hopes to ease tensions with Trump and advance trade and security negotiations.  

Veteran central bank journalist: The reasons for the Fed to cut rates are increasing. Greg Ip, a veteran central bank journalist for The Wall Street Journal, said the impact of tariffs on inflation has not been as significant as expected, while cracks have appeared in the labor market, strengthening the case for the Fed to cut rates. Ip believes that although the Fed does not need to act immediately at next week's meeting, policymakers need to acknowledge in their forward guidance and statements that risks are shifting.  

The University of Michigan's 1-year inflation expectation in the U.S. recorded the largest month-on-month decline since 2001, and consumer confidence rebounded sharply. Due to reduced inflation concerns from high tariffs, the preliminary June University of Michigan consumer confidence index rebounded significantly, far exceeding expectations. Consumers' short-term inflation expectations fell sharply, long-term inflation expectations also declined, and concerns about the economy eased.  

Bank of America Merrill Lynch's brief comment on Trump's "Great Beauty" bill: It can neither achieve fiscal balance nor significantly stimulate growth. Bank of America Merrill Lynch said that according to projections by the Joint Committee on Taxation (JCT), the total cost of the bill is as high as $2.3 trillion, but it will only generate $102.8 billion in revenue feedback, with a self-repayment ratio of only 4.5%. The bill's stimulus effect on economic growth is very limited, boosting GDP growth by an average of only 3 basis points over the next 10 years.  

"One of the greatest traders in the market," Cohen, on how to win. Hedge fund tycoon and Point72 founder Steve Cohen believes that love, evolution, systematic thinking, and long-termism are the keys to his continued success in the market. In management, he said that understanding what employees think and helping them solve problems means the company has already won half the battle.  

The U.S. government ordered a suspension of immigration raids on farm, hotel, and restaurant workers.  

**Overseas Companies**  

Huang Renxun's "dominant response": NVIDIA has advanced so rapidly that rivals should give up. Huang Renxun believes that self-developing AI chips is not so simple, and large customers' plans to self-develop chips will ultimately be abandoned. He also revealed that NVIDIA is adjusting its strategy, no longer binding network technologies to its own chips for exclusive sales, but opening up to customers, including competitors.  

Huang Renxun commented on Ren Zhengfei's latest statement: Huawei can meet the needs of the Chinese market.  

How does Apple respond to Trump's tariffs? Ship 97% of "Indian-made iPhones" to the U.S. Hon Hai Precision exported 97% of iPhones from India to the U.S. from March to May, far higher than 50.3% last year. Its export volume to the U.S. in the first five months of this year has reached $4.4 billion, exceeding the full-year figure of last year. Analysts expect Indian-made iPhones to account for 25%-30% of global shipments by 2025. Previously, Trump threatened Apple, saying it must manufacture domestically, or face a 25% tax!  

Apple made a comeback by cutting prices, and the iPhone regained the sales championship in China. Driven by resumed growth in its two major key markets, China and the U.S., Apple achieved a 15% year-on-year surge in global iPhone sales from April to May this year, setting the best同期 (same-period) performance since the pandemic, and returned to the top of China's market sales in May.  

The U.S. will relax regulations hindering the development of Tesla's autonomous taxis, and Tesla's stock rose over 4% intraday. It is reported that the Trump administration is taking measures to make it easier for automakers to deploy driverless cars, directly addressing one of the biggest regulatory obstacles Tesla faces in deploying its autonomous Cybercab.  

Swedish pension fund AP7 "blacklisted" Tesla, clearing its $1.36 billion stake, citing violations of labor rights.  

After Wall Street giants, Walmart and Amazon also plan to issue stablecoins? Retail giant Walmart, tech giant Amazon, online travel giant Expedia, and other large enterprises, including airlines, are discussing the possibility of issuing stablecoins, aiming to save tens of billions of dollars in annual fees while launching the most direct challenge to the traditional payment system.  

The AI-driven "back-office management system" supercycle: first SAP, now Oracle. Morgan Stanley believes Oracle's strong financial report indicates that the back-office supercycle is expanding from the SAP ecosystem to the broader ERP market. Enterprises' demand for AI capabilities is driving customers to upgrade from on-premise products to the cloud, as all AI functions are only available in the cloud. This clearly outlines the AI-driven ERP cloud migration trend, bringing clear growth opportunities for related software service companies.  

US data centers raise record funds, Goldman Sachs warns: Strong momentum in the near term, but beware of long-term "oversupply" risks. Goldman Sachs analysts pointed out that the size of the data center securitization market has surged from $5 billion to $30 billion, and this explosive growth is mainly driven by the surge in cloud computing capital expenditure, tight supply, and policy support in the short term. However, the Goldman Sachs team expects that the data center market will reach peak occupancy by the middle of next year, and then gradually slow down in the following years.

A huge shock in Silicon Valley! Alexandr Wang joined Meta, making OpenAI, Microsoft, and Google "invisible" overnight. Scale AI, founded by 28-year-old Chinese talent Alexandr Wang, is an invisible monopolist in the field of AI data annotation, providing core data services for all AI giants such as OpenAI, Microsoft, and Google. Wang holds the core technical secrets of competitors, and his joining Meta is equivalent to "infiltration".

BlackRock, the "world's largest asset manager", disclosed a five-year plan: raising $400 billion, doubling revenue and stock prices, and private equity and technology businesses accounting for 30%. This is the first time the company has given a specific forecast for the fundraising scale of the private equity market. In the past 18 months, BlackRock has spent nearly $30 billion to acquire three heavyweight private equity companies, betting on the high-fee model of private equity asset management.

JPMorgan Chase raised the target prices of Coherent and Lumentum to $100. JPMorgan Chase pointed out that the CPO (Co-packaged Optics) industrial chain is approaching the critical point of explosion, and mass production is即将 (about to) begin in the second half of 2025. The market's previous panic about "disruption" has been overly exaggerated. Existing optical suppliers such as Coherent and Lumentum still play an indispensable role in it.

Industries/Concepts

1. Nuclear fusion: Reports point out that achieving a breakthrough in net energy gain has long been regarded as a key milestone in making nuclear fusion a practical and sustainable energy solution. Now, NIF has successfully achieved net energy gain for the eighth time, not only refreshing its own record but also showing a trend of steady progress towards achieving nuclear fusion energy.

2. Metrology and testing: China Securities Journal pointed out that in 2024, the added value of all industries in China reached 40.5 trillion yuan, and the overall scale of manufacturing has remained the first in the world for 15 consecutive years. The output of new energy vehicles, 5G equipment, solar panels and other fields has occupied a global leading position, and the demand for high-precision metrology and testing in these industries has surged. Policies emphasize the promotion of low-energy consumption, low-emission measuring instruments and carbon metrology technologies, and at the same time promote the networking and digitization of metrology services.

3. Oil: Securities Times pointed out that due to the risk of further attacks on oil infrastructure, oil prices may continue to run at a high level. Iran is seriously considering whether to block the Strait of Hormuz. The Strait of Hormuz connects the Persian Gulf and the Arabian Sea and is an important maritime passage for oil transportation in the Gulf region, carrying one-fifth of the world's total oil volume. Iran has not taken any action yet, but the tension has triggered market concerns that the Strait of Hormuz may be blocked, leading to a rise in oil prices. International investment banks such as JPMorgan Chase and ING warn that if the waterway is seriously disrupted, oil prices may soar to $120-130 per barrel.

4. AI pharmaceuticals: Securities Times pointed out that the cooperation between Shiyao and AstraZeneca is a landmark event in the field of AI pharmaceuticals, bringing multiple far-reaching impacts from the industry ecosystem, technical value to industrial trends.

5. Low-altitude economy: China Securities Journal pointed out that as an important city for the development of China's low-altitude economy, Suzhou has seen a number of listed companies focusing on drones, flight services, infrastructure and other fields. These companies are distributed in all links of the low-altitude economy industry chain, including aircraft manufacturing, testing services, planning and design, and operation platforms. The holding of the 2025 Digital Low-Altitude Conference will also help Suzhou accelerate the construction of a national low-altitude economic development highland and promote "digital + low-altitude" to become a new engine for local development.

6. Brain-computer interface: Guoxin Securities said that the brain-computer interface technology at home and abroad is still in the early stage of application landing. Against the background of continuous technological maturity, strong policy support, and the advancement of clinical trials, the market scale of brain-computer interfaces may accelerate into a rapid growth stage; CITIC Construction Investment Securities said that the technological progress in the middle and upper reaches of the brain-computer interface industry chain has brought continuous breakthroughs in downstream application terminals. In recent years, domestic and foreign studies in the medical fields such as motor recovery, language communication, and hearing reconstruction have continued to achieve milestone results.

Preview of today's top news

China's commodity residential house prices in 70 large and medium-sized cities in May.

China's social consumer goods retail sales in May, industrial added value above designated size in May, and national real estate development investment from January to May.

The Group of Seven (G7) summit will be held in Canada from the 15th to the 17th, with leaders of G7 countries such as US President Trump, Canadian Prime Minister Carney, and British Prime Minister Starmer attending.

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