China: An Equity Strategist’s Diary: Weekly wrap (29 Jun-3 Jul): Every rally needs a breather

研报英文原文证据摘录

China: An Equity Strategist’s Diary: Weekly wrap (29 Jun-3 Jul): Every rally needs a breather

May), non-mfg +852 3508 8008

PMI at 50.2% (50.1%); PBOC’s new overnight rate set below forecasts in hint at easing; gina.wu@bofa.com

May industrial profits +21.1%YoY (+24.7% in Apr). Patrick Pan, CFA >> Research Analyst

Sector: key trends and weekly updates Merrill+852 3508Lynch4601(Hong Kong)

A-share: SSE new account opening +74.0%YoY in Jun (+77.8% in May); electronics patrick.pan2@bofa.com

surpassed banks as top market-cap sector in 2Q amid AI frenzy; IPO: PwC lifted HK IPO Winnie Wu >>

Research Analyst

proceeds forecast to USD49bn for 2026, seeing strength into 2027; Airline: air fuel Merrill Lynch (Hong Kong)

surcharge to fall again from Jul 5 as summer travel starts; Auto: Jun EV delivery strong, +852winnie.wu@bofa.com3508 3058

BYD exports ahead; Geely to ship first Lotus EVs to Canada in Jul under Carney-Xi deal;

Aviation: CAAC grounded light aircraft after Beijing tower crash; Internet: Alibaba and

its US payment affiliate agreed to pay USD600mn to settle a US federal probe; Iron See glossary list on page 19

ore: China restricted some Fortescue iron ore cargoes as talks sour; Lithium: CATL’s

Recent reports:Jianxiawo mine obtained safety production permit, close to resume output; Property:

Vanke appointed seasoned financial regulator Huang Yu as president amid leadership A tale of two markets: Korea and

reshuffle; Semis: Apple sought to buy memory chips from CXMT and YTMC for use in India conferences feedback, Jun 22

devices sold in China; CXMT won RMB20bn DRAM supply deal with Tencent; Solar: US

worked on ban targeting Chinese energy inverters; Tech/AI: DeepSeek set to launch V4 Hold or fold – US investors’ feedback,