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The People's Bank of China has announced a major expansion of the "Southbound Connect" bond investment quota, raising the annual net limit from 500 billion yuan to 800 billion yuan and extending eligibility to include Hong Kong and Macau bonds, a move designed to accelerate the flow of mainland capital into Hong Kong's offshore bond market.

CIIA Leadership Stabilizes Market: On July 20, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), held a direct investor symposium in Beijing, personally meeting with 8 representatives of retail investors (large, medium, and small) to gather feedback. He explicitly stated that the CSRC will prioritize "maintaining smooth market operations," emphasizing that investors are the foundation of the market and will commit to risk prevention, strong regulation, and high-quality development to better return value to investors.
Tripartite Corporate Support Measures: In response to market volatility, a "three-arrow" support strategy was deployed: C-state-owned enterprise shareholders initiated large-scale shareholding increase plans, listed companies surged with share repurchase programs, and fund institutions (including 5 public/private firms) launched self-purchase announcements totaling over 122 million RMB, signaling strong confidence in the market's long-term value.
2026 World AI Conference (WAIC) Outcomes: The 2026 WAIC concluded with significant results, including the launch of groundbreaking end-side AI products like the Rabbit Robot Phone and AI Agent phones. The conference facilitated 177 global procurement groups, achieving an estimated intended procurement amount of approximately 20.36 billion RMB (up 25%), marking a major milestone for China's AI industry and global governance cooperation.
Sector Performance: Positive Earnings & AI Growth: A-share companies reported strong first-half 2026 earnings, with sector upturns in shipping, semiconductors, and chemicals. Notably, the Ji Hua Group reported a net profit increase of over 12 times, while AI-related hardware and smart driving sectors advanced with "Physical AI" shifting from mere "seeing" to "understanding" environments.
Power Sector "Water-Fire" Divergence: The electricity sector experienced a sharp split in performance: hydroelectric companies saw significant profit growth due to high water levels and seasonal cooling demand, while thermal power companies faced margin pressure due to generation quotas being squeezed by hydro priority. Experts predict hydro will remain high in the second half, with thermal power potentially recovering due to supply guarantee needs.
LPR Stability and Monetary Policy: The Loan Prime Rate (LPR) remained unchanged for the 14th consecutive month in July (1-year at 3.0%, 5-year+ at 3.5%). This decision aligns with market expectations, driven by the stable 7-day reverse repo rate and the need to maintain commercial bank net interest margins, which are historically low at 1.40%.
"Southward Connect" Capital Expansion: The People's Bank of China announced a new expansion of the "Southward Connect" bond channel, increasing the annual investment net quota from 50 billion to 80 billion RMB. This measure aims to facilitate compliant offshore bond investment for domestic institutions, expanding product coverage to include HKD and RMB bonds and accessing the Macau market.
CSRC and State-Owned Capital Integration: Central and local state-owned capital cooperation has entered a "New Coupling Era," characterized by high-frequency interaction and diversified mechanisms. Key cases include SPV-based control transfers (e.g., Shenzhou High-speed) and joint strategic collaborations (e.g., Changan Auto and BAIC), moving from single-project cooperation to deep integration.
China's Unicorn Enterprises Hit 10-Year High: The number of Chinese unicorn enterprises reached 376 in 2025, with a total valuation exceeding $1.4 trillion. This marks a rebound from the 2021 peak and a new ten-year high, with 88 new companies joining the list in 2025, driven by triple drivers of technology, talent, and capital.
US Judicial Block on Merger Deal: Locally, a US federal judge issued a temporary injunction blocking the merger between Paramount and Warner Bros. Discovery, citing antitrust violations that could lead to higher prices and reduced content supply. This international regulatory event mirrors the increasing global scrutiny on large-scale media and tech consolidations.

東京円、162円台半ば米イラン対立激化で基軸通貨ドルに「有事の買い」入る

The USD/JPY exchange rate has risen to around 162 yen, with the yen weakening amid rising geopolitical tensions.
Oil prices have continued to climb, reaching 83 dollars per barrel, driven by supply concerns and rising to a one-month high.
Stock markets in New York have declined, with the Dow falling by over 52,000 dollars due to fears of escalating US-Iran conflict.
Geopolitical tensions between the US and Iran are escalating, raising concerns about potential military confrontation.
Honda has extended its joint venture with China's Guangzhou Automobile Group until 2038, despite sales challenges.
Osaka has launched a new financial services initiative, focusing on blockchain and digital transactions.
A new cultural project in Tokyo supports young artists, with a partnership between Tokyo University of the Arts and Mizuho FG.
The yen's weakness has raised concerns about potential intervention to correct the exchange rate, with market participants adopting a wait-and-see approach.
European stock markets have fluctuated, with London's FT buying energy stocks and DAX's industrial stocks declining.
China has maintained low-level exports of rare earth magnets to Japan, with June exports at 128 tons, down from the previous year.

BlackRock’s ETHA Drives ETH ETF Reversal With Back-to-Back Inflow Weeks

Exodus is cutting 25% of its global workforce to shift focus toward payments services.
AI compute stocks surged as Hut-8 and IREN secured billions in new contracts, signaling strong demand for data infrastructure.
Bank of Korea is preparing for live CBDC transactions with 9 partner banks in September, marking a major step in digital currency adoption.
MicroStrategy raised cash reserves to $3.2 billion while keeping its bitcoin holdings unchanged, balancing liquidity with strategic crypto exposure.
Brazil’s securities regulator established a task force with a 60-day deadline to address tokenization proposals, increasing regulatory oversight.
Analysts warn that a bitcoin "volmageddon" may be brewing, based on emerging key indicators of market volatility.
Crypto markets slipped despite rising equities, driven by a surge in social-media hype and "pump" chatter.
Ethereum bulls are preparing for a major price breakout above the 100-day EMA, with BlackRock’s ETHA ETF driving recent inflows.
Hyperliquid plans to upgrade to HIP-4 by adding decentralized prediction markets, enhancing its DeFi ecosystem capabilities.
The "Crypto Clarity Act" remains in limbo as political races and August recess deadlines delay legislative progress on digital assets.

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