（1） Important Market News

1. The three major stock indexes in the United States closed with mixed gains and losses, with the Nasdaq falling 0.82%, the Dow Jones Industrial Average rising 0.91%, and the S&P 500 index falling 0.11%; Tesla fell over 5%, Netflix fell over 3%, Nvidia fell over 2%, Microsoft fell over 1%, and Apple rose over 1%. Chinese concept stocks fluctuated, with the Nasdaq China Golden Dragon Index up 0.2%, Huya Live up nearly 13%, NIO and Xiaopeng Motors up over 2%, Tiger Securities down over 2%, and Futu Holdings down over 1%.

2. According to CCTV News, on July 1st local time, when asked whether the uncertainty caused by the current tariff system of the US government had led to the Fed delaying interest rate cuts, Fed Powell gave a positive answer, adding that due to the impact of tariffs, almost all forecasts for US inflation rates are significantly rising. When asked about the possibility of a rate cut in July, Powell said he would not rule out any possibility and would not "directly put it on the table", depending on how the data evolves. Powell stated that the "vast majority" of members of the Federal Reserve's interest rate setting committee do anticipate that another rate cut later this year would be appropriate.

3. International gold prices rose, with spot gold rising 1.06% to $3337.33 per ounce; COMEX gold futures rose 1.28% to $3349.90 per ounce; COMEX silver futures rose 0.20% to $36.25 per ounce. International oil prices have slightly strengthened, with the main US oil contract closing up 0.65% at $65.53 per barrel; The Brent crude oil main contract rose 0.69% to $67.20 per barrel. The three major European stock indexes closed with mixed gains and losses, with the German DAX index falling 0.99% to 23673.29 points, the French CAC40 index falling 0.04% to 7662.59 points, and the UK FTSE 100 index rising 0.28% to 8785.33 points.

（2） Industry Gold Mining

1. On July 1st, the sixth meeting of the Central Committee of Finance and Economics was held to study and deepen the construction of a unified national market and the high-quality development of the marine economy. The meeting pointed out that to promote high-quality development of the marine economy, it is necessary to strengthen top-level design, increase policy support, and encourage and guide social capital to actively participate in the development of the marine economy. To enhance the independent innovation capability of marine science and technology, strengthen the strength of marine strategic science and technology, cultivate and develop leading marine science and technology enterprises and specialized, refined, unique and new small and medium-sized enterprises. To strengthen, optimize and expand the marine industry, promote the standardized and orderly construction of offshore wind power, develop modern offshore fishing, develop marine biomedicine and biological products, create marine characteristic culture and tourism destinations, and promote the high-quality development of the maritime industry.

Commentary: The marine economy has vast space and is an important driving force for economic growth. According to the "2024 China Marine Economy Statistical Bulletin", the total value of China's marine economy in 2024 exceeded 10 trillion yuan for the first time, accounting for 7.8% of the country's GDP in 2024. The marine economy has a driving force of 11.5% on GDP and has become a new engine driving economic growth. The government report mentions "deep-sea technology" for the first time in the section on new quality productivity, injecting new connotations into the marine economy. Deep sea technology is expected to achieve rapid development, especially in core technological fields such as deep-sea equipment and exploration. The three major fields of deep-sea material research and development, deep-sea equipment manufacturing, and deep-sea digitalization applications are expected to usher in development opportunities. Concept stocks include Zhongke Haixun, Jianglong Boats, Haiguo Shares, etc.

2. On July 1st, the National Healthcare Security Administration and the National Health Commission issued the "Several Measures to Support the High Quality Development of Innovative Drugs", providing full chain support for the research and development, admission, hospitalization, and diversified payment of innovative drugs. One is to stimulate the vitality of innovative drug research and development through measures such as medical insurance data support, encouraging increased investment in innovative drugs, implementing directory access policy guidance, and national science and technology major special project support. The second is to build a diversified payment system for innovative drugs and broaden the payment channels for innovative drugs. Encourage innovative drugs to go global and actively explore global markets. The third is to help improve the accessibility of innovative drugs by proposing practical and feasible policy measures in various aspects such as online listing, hospitalization, payment, and equipment, encouraging the rational use of innovative drugs, and enhancing drug accessibility.

Comment: The collaboration between AstraZeneca and Shiyao Group to develop small molecule candidate drugs is a landmark event in the field of AI pharmaceuticals, bringing multiple profound impacts from industry ecology, technological value to industry trends. This cooperation proves the hard power of Chinese pharmaceutical companies in the AI drug discovery process. Through AI analysis, shift drug discovery from "experience trial and error" to "AI design". In the long run, deeply linking the value of AI technology with the progress of drug launches and market performance will promote the establishment of a more reasonable mechanism for "technology contribution benefit distribution" in the industry. One of the more mature business models for AI pharmaceuticals is about to emerge. Concept stocks include Chengdu Pioneer, Qianyuan Pharmaceutical, Hongbo Pharmaceutical, etc.

3. According to reports, a power purchase agreement between Google and Federal Fusion Systems has injected a shot in the arm for the nascent nuclear fusion energy industry. This is the second power purchase agreement signed in the emerging field of nuclear fusion energy. In theory, nuclear fusion reactions do not produce long-term nuclear waste, do not emit carbon, and have extremely high energy density - the energy produced by a small cup of hydrogen isotope fuel has the potential to power a household for hundreds of years. For technology companies that need to meet both massive computing power demands and achieve carbon neutrality goals, nuclear fusion provides an ideal solution.

Comment: Since the beginning of this year, there have been continuous positive news in the field of nuclear power. According to the Blue Book of China Nuclear Energy Development Report (2025) released by the China Nuclear Energy Industry Association, global nuclear energy development has ushered in a comprehensive revival. Under the guidance of the "dual carbon" target, China's nuclear power construction process has significantly accelerated. By 2024, the number of approved nuclear power units has reached a historic high, involving third-generation and fourth generation technologies, and the number of under construction units remains the world's largest. According to the current construction speed and pace, China's installed nuclear power capacity in operation is expected to leap to the world's largest by 2030. At the same time, the adjustment of foreign energy structure has also created new opportunities for the export of nuclear power technology and equipment. Concept stocks include Zhongzhou Special Materials, Jiusheng Electric, Degut, etc.

（3） Lightning rod

Wuxi Zhenhua: The company has announced that Wuxi Kangsheng Investment Partnership Enterprise (Limited Partnership), a shareholder holding 3.84% of the company's shares, plans to reduce its holdings of no more than 1% of the company's shares, or no more than 2.5 million shares, through centralized bidding.

Fujie Environmental Protection: The company has announced that Deqing Junjie Enterprise Management Partnership (Limited Partnership), a shareholder holding 9.09% of the company's shares, plans to reduce its total holdings of the company's shares by no more than 4.441 million shares through centralized bidding or bulk trading within 3 months after 15 trading days, with the proposed reduction ratio not exceeding 3% of the company's total share capital.

Longxun Corporation: The company has announced that shareholder Saifu Venture Capital plans to reduce its holdings of no more than 1.5652 million shares of the company through centralized bidding or bulk trading, with a reduction ratio not exceeding 1.17% of the total share capital of the company; Shareholder Hefei Zhong'an and its concerted action party Chuzhou Zhong'an plan to reduce their total holdings of the company's shares by no more than 1.0213 million shares through centralized bidding or bulk trading, with a reduction ratio not exceeding 0.77% of the company's total share capital; Director and executive Su Jin plans to reduce his holdings of no more than 80000 shares of the company through centralized bidding or bulk trading, with a reduction ratio not exceeding 0.06% of the company's total share capital.

Hangzhou Thermal Power: The company has announced that Zhejiang Huashi Investment Management Co., Ltd., a shareholder holding 1.49% of the company's shares, plans to reduce its holdings of no more than 5.997 million shares (accounting for 1.49% of the total share capital) within 3 months after 3 trading days; Prior to the company's listing, the employee stock holding platforms Hang Re No.1, Hang Re No.2, and Hang Re No.3 plan to reduce their holdings of the company's shares by no more than 3.4615 million shares (accounting for 0.8652% of the total share capital), 3.6132 million shares (accounting for 0.9031% of the total share capital), and 3.2964 million shares (accounting for 0.82% of the total share capital) respectively within 3 months after 15 trading days. The above-mentioned shareholders plan to reduce their total shareholding by no more than 4.09% of the company's total share capital.