Pre-market briefing on A shares | The Drug Administration's top ten measures to support high-end medical devices, and the U.S. House of Representatives passes the "Big and Beautiful" bill.

Pre-market news 1. Ministry of Industry and Information Technology: Comprehensive management of photovoltaic industry's low-price disorderly competition, promoting the orderly exit of backward production capacity Type: Industry Sentiment Impact: Positive The Ministry of Industry and Information Technology held the fifteenth manufacturing enterprise symposium, focusing on the high-quality development of the photovoltaic industry. The meeting proposed to regulate the low-price disorderly competition in the photovoltaic industry in accordance with laws and regulations, guide enterprises to improve product quality, promote the orderly exit of backward production capacity, and achieve healthy and sustainable development. 2. US June non-farm payroll data better than expected! Hopes for rate cut in July largely dashed, S&P, Nasdaq hitting new highs again Type: Macro Sentiment Impact: Positive US Department of Labor data shows that non-farm payrolls increased by 147,000 in June, with a unemployment rate of 4.1%, both better than market expectations. Although the stronger-than-expected employment data suppressed expectations of a rate cut by the Federal Reserve, it also eased concerns about economic slowdown and boosted investor confidence. Overnight, the three major US indices rose, with S&P and Nasdaq hitting new highs again. 3. State Council issued a document to replicate and promote the pilot measures of Shanghai Free Trade Zone on a larger scale, releasing greater institutional innovation dividends Type: Macro Sentiment Impact: Positive The State Council issued a notice mentioning support for the Shanghai Free Trade Zone to comprehensively integrate international high-standard economic and trade rules for pilot experimentation, creating a national institutional demonstration zone. Efforts should be made to replicate and promote measures such as the innovative application scenarios of the DIGIHUMAN RMB pilot in other free trade zones. 4. Four votes difference! US House of Representatives passes "big and beautiful" bill, $3.4 trillion deficit burden imminent Type: Macro Sentiment Impact: Neutral The massive tax cuts and spending bill advocated by US President Trump - the so-called "big and beautiful" bill - narrowly passed in the House of Representatives vote. This bill would raise the federal government's statutory debt ceiling by $5 trillion, and the Congressional Budget Office (CBO) estimates that this could increase the government's budget deficit by $3.4 trillion over the next decade. Investment Calendar Shanghai Free Trade Zone pilot effect briefing Investment Tips Regardless of how the market rages or collapses, the purchase price must be significantly lower than the intrinsic value, which is the ultimate protection against emotional risks. [US] Graham's "The Intelligent Investor" Institutional Views 1. Huaxi: A-share stability with upward trend may continue, suggest moderately balanced allocation, focus on non-ferrous metals, AI computing power, etc. 2. Zheshang: The uncertainties affecting market risk appetite in July will increase, mid-cap growth style relatively dominant. 3. Orient: Until the market clearly strengthens, the rapid rotation of hotspots continues, the technology track welcomes investment opportunities. Positive and Negative Outlooks 1. Drug Administration's top ten measures to support high-end medical devices, brain-machine interface expected to receive policy support Type: Policy Focus Shanghai Securities: The brain-machine interface is hailed as the "most disruptive technology of the 21st century". Multiple milestone events indicate that the technology is quickly transitioning from the laboratory to commercial applications, with China's market experiencing rapid growth and significant upside potential. 2. Shanghai: By 2027, Shanghai will have over 3,000 outbound tax refund shops and over 10,000 outlets Type: Policy Focus CITIC SEC: With policy support, the potential growth space for outbound tax refunds is considerable. The optimization of outbound tax refund policies benefits inbound tourism and related shopping scenarios, with tourism retail operators, travel service providers, and destination scenic spots benefiting. 3. Accelerated construction of AI infrastructure, high prosperity of PCB industry chain continues to release Type: Market Hot Discussion Ping An Securities: The overall demand for downstream electronics is showing signs of recovery, coupled with the continued upward trend in the prosperity of innovative fields such as AI and high-speed communication. This supports the overall growth of PCB demand, and related manufacturers are expected to achieve rapid development by seizing the opportunities presented by AI. Announcement Highlights Slightly positive announcements 1. China Vanke Co., Ltd.: Applied for a loan from Shenzhen Metro Group not exceeding RMB 6.249 billion and extended the term of certain existing loans. 2. Hunan Valin Steel: Zhongtai Life Insurance acquired a stake in the company through the secondary market. 3. Jiangsu Sinopep-Allsino Biopharmaceutical: Expects a net profit for the half year of RMB 300 million to RMB 330 million, representing a year-on-year growth of 32% to 45%. Slightly negative announcements 1. Zhejiang Great Southeast Corp. Ltd: The company's product CPP aluminum-plastic film is suitable for the packaging of solid-state lithium batteries, but the product is not currently in production. 2. Chengbang EcoEnvironment: The controlling shareholder Fang Liqiang and acting in concert person's pledge ratio is relatively high. 3. Shenzhen Fortune Trend Technology: The actual controller and chairman intend to reduce their holdings of the company's shares by no more than 3%. Overseas Markets Boosted by strong non-farm payroll data, the three major US indices collectively rose, with Nasdaq and S&P hitting new closing highs. Large-cap tech stocks saw widespread gains, with Nvidia rising more than 1% to reach a historic high, while popular Chinese concept stocks had mixed performances. This article is reproduced from "Tencent Stock Selection", GMTEight Editor: Xu Wenqiang.