Market indices closed with mixed performances on June 24th. The Shanghai Composite Index rose 0.11 percent to finish at 4110.81 points, while the Shenzhen Component Index gained 1.24 percent to close at 16051.32 points. The ChiNext Index advanced 1.41 percent, ending the day at 4251.42 points.
In the United States, the three major stock indices showed divergent movements. The Dow Jones Industrial Average increased by 182.06 points, or 0.35 percent, settling at 51848.9. Conversely, the S&P 500 index declined by 7.24 points, or 0.10 percent, to 7358.22, and the Nasdaq Composite dropped 110.40 points, or 0.43 percent, closing at 25476.63.
International oil prices experienced a significant drop. The August delivery contract for West Texas Intermediate crude on the New York Mercantile Exchange fell by $2.87 to settle at $70.34 per barrel, a decline of 3.92 percent. Similarly, Brent crude for August delivery on the London ICE Futures Europe exchange decreased by $3.34 to $73.74 per barrel, marking a 4.33 percent loss.
Key Financial Developments
1. The Ministry of Commerce has issued the "Measures for the Investigation of Industrial and Supply Chain Security." These measures, comprising twenty-two articles, are designed to implement State Council regulations on safeguarding industrial and supply chain security. They outline the subjects, content, procedures, and handling measures for such investigations. Notably, the ministry may initiate investigations against foreign states, regions, or international organizations that violate fundamental principles of international law and relations by imposing discriminatory prohibitions, restrictions, or other similar measures against China in industrial and supply chains, or by taking actions that harm China's industrial and supply chain security.
2. The People's Bank of China announced a Medium-term Lending Facility operation for June. To maintain ample liquidity in the banking system, the central bank will conduct a 500 billion yuan MLF operation on June 25th, 2026, with a one-year maturity. With 300 billion yuan of MLF maturing this month, this represents a net injection of 200 billion yuan, marking the second consecutive month of increased operations and an expansion of 100 billion yuan compared to the previous month's increment. Considering a combined reduction of 300 billion yuan in reverse repo operations for two tenors in June, the overall net change in medium-term liquidity operations for the month is a reduction of 100 billion yuan.
3. The National Radio and Television Administration has released a draft of the "Administrative Measures for the Development of Short-Form Video Series" for public consultation, with feedback accepted until July 23rd, 2026. The draft, containing eight chapters and fifty-three articles, aims to foster the healthy growth of this emerging form of online entertainment. Key provisions include requiring clear labeling for episodes generated or produced using artificial intelligence technology, prohibiting platforms from using algorithm models that induce user addiction or excessive spending, promoting the application of short-form videos across various industries, and supporting the simultaneous domestic and international release of high-quality content.
4. At the opening of the 2026 Mobile World Congress Shanghai, the Ministry of Industry and Information Technology's Chief Engineer emphasized the need for moderately advanced infrastructure development. He stated that planning and construction for next-generation communication networks and computing power networks will be strengthened, with a push for the evolution from dual-gigabit to dual-ten-gigabit networks. Efforts will also accelerate the establishment of a multi-layered computing facility system and actively deploy new network infrastructures such as low-altitude information infrastructure and satellite internet, aiming to build an integrated space-air-ground information network.
5. The Ministry of Industry and Information Technology, along with four other departments including the State-owned Assets Supervision and Administration Commission, has launched a pilot program for industrial 5G standalone private networks. This initiative supports the deep integration of 5G technology into key industrial sectors through institutional innovation. An industrial 5G standalone private network is an enterprise-exclusive 5G network where the industrial enterprise leads the construction of critical facilities like access and core networks, enabling independent operation without reliance on public networks. The pilot will support large and extra-large enterprises in sectors like raw materials, equipment manufacturing, consumer goods, electronics, defense technology, and energy transportation to build such networks. Cities participating in the "5G + Industrial Internet" integration application pilot are encouraged to take the lead in this construction work.
6. The printed circuit board sector, closely linked to computing power supply chains, saw a sharp decline on June 23rd. Victory Giant Technology(Huizhou) Co.,Ltd. (SHE: 300476), a leading concept stock in this area, plummeted over 7 percent in a single day. The broad sell-off was reportedly linked to two market rumors: one suggesting NVIDIA had requested PCB manufacturers to reduce prices by 10 percent, and another implying that capacity expansion by Victory Giant Technology was hindering shipments for NVIDIA's Rubin platform. When contacted for comment on these rumors, a company representative stated that numerous market rumors exist and it is impractical to address each one. The representative emphasized that the company's operations are normal with no changes to its fundamentals, noting that client project adjustments during production are common and that the company maintains certain first-mover advantages. Investors were advised to rely on officially disclosed company information.
7. The Doubao platform announced the official launch of Doubao Pro. This service is based on the latest Doubao 2.1 series of large language models and is tailored for complex office and productivity scenarios. It offers higher usage quotas for demanding work environments and introduces a new office task mode. The Doubao 2.1 model, ByteDance's latest intelligent agent model, is capable of handling multi-step operations such as project planning, document processing, and tool invocation to deliver high-quality outcomes for work tasks and complex demands. The series also demonstrates significantly enhanced programming capabilities, enabling stable delivery of enterprise-level development tasks, alongside improvements in multimodal understanding, knowledge, and reasoning.
8. Micron Technology (NASDAQ: MU) reported its fiscal 2026 third-quarter earnings for the period ended May 28th, 2026. Revenue reached $41.46 billion, a sequential increase of 73.8 percent and a substantial year-over-year surge of 345.7 percent, significantly surpassing market expectations of $35.84 billion. GAAP net income was $28.24 billion, or diluted earnings per share of $24.67, representing a staggering year-over-year increase of 1398.3 percent. On a non-GAAP basis, EPS soared over twelvefold to $25.11, approximately 22.5 percent higher than the consensus analyst estimate of $20.49.
9. U.S. President Donald Trump stated that any form of fee targeting shipping or maritime activities included in a final U.S.-Iran agreement would be "unacceptable" to him.
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