The three major U.S. stock indexes collectively closed higher, and storage stocks bucked the trend and fell sharply; The Nasdaq China Golden Dragon Index rose 2.92%

The three major U.S. stock indexes collectively closed higher, and storage stocks bucked the trend and fell sharply; The Nasdaq China Golden Dragon Index rose 2.92%.

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1) Important market news 1. The three major U.S. stock indexes collectively closed higher. The Dow rose 0.29%, the Nasdaq rose 0.62%, and the S&P 500 rose 0.38%. Most large technology stocks rose. Storage concept stocks and computer hardware sectors bucked the trend. Slumped, Apple rose by more than 4%, Google, Meta, and Amazon rose by more than 3%, Microsoft rose by more than 2%, SK Hynix fell by more than 9%, Micron Technology, SanDisk, and Western Digital fell by more than 8%, and AMD and HP fell by more than 3%. Chinese concept stocks generally rose. The Nasdaq China Golden Dragon Index rose by 2.92%, Miniso rose by more than 9%, Manbang Group rose by more than 6%, Alibaba and Bilibili rose by more than 4%, and Li Auto and Pinduoduo rose by more than 2%. 2. The Federal Reserve’s Beige Book shows that between the end of May and June, economic activity in 11 of the 12 Federal Reserve jurisdictions grew at a slight to moderate rate, while another region reported no change in economic activity. Prices generally rose moderately. Among the 12 Federal Reserve jurisdictions, 9 reported moderate price increases, 2 had a strong increase, and 1 had a small increase. The overall increase was the same or slower than the previous period. Employment rose overall, with five regions reporting modest, moderate or solid job growth and seven regions seeing little or no change. Respondent companies generally expect continued economic expansion in the coming months, but several jurisdictions pointed to high uncertainty about the outlook for fuel costs. 3. International oil prices collectively closed higher. The main U.S. oil contract rose 1.13% to US$80.24/barrel; the main Brent oil contract rose 1.06% to US$85.63/barrel. International precious metal futures generally closed lower. COMEX gold futures fell 0.07% to US$4,066.90 per ounce; COMEX silver futures fell by 1.70% to US$58.10 per ounce. The three major European stock indexes closed with mixed gains. Germany's DAX index fell 0.59% to 24999.53 points; France's CAC40 index rose 0.19% to 8382.43 points; Britain's FTSE 100 index fell 0.13% to 10515.92 points. 1. It is reported that the "Gravity-1" Y4 carrier rocket, which is assembled by the Haiyang Oriental Spaceport, is expected to board the "Oriental Spaceport" launch ship on July 22 to perform a maritime satellite launch mission in the waters east of Shanghai. "Gravity-1" is the first launch vehicle of Oriental Space, with a carrying capacity of 6.5 tons in low-Earth orbit and 4.2 tons in a 500-kilometer sun-synchronous orbit. The first flight in January 2024 will set many records such as "the world's largest solid launch vehicle and China's largest civil and commercial rocket". It will be the first to meet the needs of large-scale network launch of low-orbit satellites. It has now officially entered the stage of normalized commercial operation. Comment: As competition for space resources becomes increasingly fierce, satellite Internet has become a new high ground for global technological competition. In the future, the space economy will become a new industrial field, involving satellite communications, satellite navigation, satellite remote sensing, space tourism and other aspects. The scale of the satellite and ground communication industry is expected to reach 200 billion to 400 billion yuan by 2030, with an average annual compound growth rate between 10% and 28%. The satellite-to-ground communications industry is standing at a critical turning point from "concept proof" to "large-scale application." As technology matures, costs decline, and application scenarios expand, a new communications landscape of "the world and the earth are integrated, and everything is interconnected" will be formed in the next ten years, becoming an important engine for promoting the high-quality development of the digital economy. Concept stocks include Guanglian Airlines, Jinli Huadian, Highlander, etc. 2. DiZhe Pharmaceutical announced that the global rights of suvotinib have been awarded to AstraZeneca, with the latter paying an initial payment of US$600 million, subsequent clinical milestone payments of US$400 million, and commercial milestone payments of US$500 million. The incident continues to ferment today and detonates stock prices. If only the exon 20ins indication is considered for Suvotinib, the global peak value will be around US$1 billion. If PACC mutation indications are taken into account, the potential peak value will exceed US$1.5 billion. The corresponding valuation is more than 10 billion yuan. After this BD, the company will receive nearly 4 billion yuan in cash. As subsequent clinical data disclosure releases value, it is expected to contribute a total of 30 billion yuan in incremental market value in the long run. Therefore, the company's long-term target market value is 50 billion yuan. Recently, “monkeys” have dominated the investment community. According to Red Star News, the market price of the experimental monkey has risen to 200,000, which is comparable to a mid-range car.
Comments: This transaction has set a new domestic record for the scale of down payment for BD for similar innovative drugs. Compared with the industry BD events that detonated the pharmaceutical market in previous years, the consideration for this transaction is larger and more certain. It is an excellent confirmation of the source innovation strength of Chinese Biotech companies. Different from the previous model of domestic pharmaceutical companies going overseas with generic and improved new drugs, suvotinib is the world's first independently developed differentiated target drug. It fills the global clinical gap for refractory lung cancer mutations. Being able to obtain high-priced authorization from AstraZeneca proves that Chinese pharmaceutical companies are fully capable of original research and innovation capabilities comparable to the world's first-class companies, and have achieved an upgrade from "product exporting" to "technical value exporting overseas." Concept stocks include Jinshi Yaoyao, CSPC Pharmaceutical Innovation, Changshan Pharmaceutical, etc. 3. Recently, the State Council issued a reply on the “15th Five-Year Plan for Expanding Consumption” and agreed in principle with the “15th Five-Year Plan for Expanding Consumption” (hereinafter referred to as the “Plan”). According to the plan, by 2030, the total retail sales of consumer goods will reach about 60 trillion yuan, and the role of consumption in driving economic growth will be further enhanced. As my country's first national-level special plan in the field of consumption, the plan has changed the past practice of embedding expansion of consumption-related deployments into the overall national economic and social development plan or other special plans. It has upgraded consumption promotion work to an independent top-level design, achieved triple breakthroughs in policy positioning, overall planning system, and implementation, and further clarified systemic mid- and long-term goals, field-specific promotion measures, institutional mechanisms, and safeguards. Comment: Against the background of the complex and ever-changing global external environment, increasing uncertainty in external demand, and diminishing marginal effects of traditional investment, the introduction of the plan accurately meets the core needs of my country's economic transformation. The plan anchors the target of 60 trillion yuan in total retail sales in 2030. Compared with the current scale of the current consumer market, the scale will be steadily expanded and the core driving role of consumption in economic growth will continue to be strengthened. This will effectively optimize the power structure of my country's "Troika" and promote economic growth from an exogenous model dominated by investment and external demand to an endogenous growth model driven by domestic demand and consumption. This will significantly improve the stability, resilience and risk resistance of economic operations, and consolidate the basic domestic demand for the economic development of large countries. Concept stocks include Shanxi Fenjiu, Kweichow Moutai, Tsingtao Beer, etc. Jingneng Heating: The company announced that Zhao Yibo, a shareholder holding 10.69% of the shares, plans to reduce his holdings of the company's shares by no more than 7.9092 million shares (accounting for 3% of the company's total share capital) through centralized bidding and block transactions. Haixing Shares: The company announced that Nantong Lianli Investment Management Co., Ltd., a concerted action party of the company's controlling shareholder, plans to reduce its holdings of the company's shares by no more than 4.8378 million shares (accounting for 2% of the company's total share capital) through block transactions. Zhangzidao: The company announced that Hedao No. 1 Fund, a shareholder holding 6.05% of the company's shares, plans to reduce its total holdings of the company's shares to no more than 7.5377 million shares through centralized bidding and block trading, accounting for no more than 1.06% of the company's total share capital. Keyuan Pharmaceutical: The company announced that shareholder Jinan Anfu Venture Capital Partnership (Limited Partnership) plans to reduce its holdings of the company's shares by no more than 612,900 shares (accounting for 0.57% of the company's total share capital) through centralized bidding; the company's shareholder Wen Zehong plans to reduce its holdings of the company's shares by no more than 3.2487 million shares (accounting for 3% of the company's total share capital) through centralized bidding and block transactions. (

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