China responded to the United States imposing new tariffs on trading partners, stating its opposition to unilateral tariff measures.
The Ministry of Commerce added 14 EU entities to its export control list. Trump ordered the US military to pause strikes on Iran and announced he will run for president for a fourth time.
Former China Securities Regulatory Commission (CSRC) Vice Chairman Fang Xinghai is under investigation. The Supreme People's Court and the Supreme People's Procuratorate revised judicial interpretations to increase penalties for insider trading and leaking inside information.
Samsung and SK hynix signed a massive $950 billion chip deal with Nvidia and Broadcom. Contemporary Amperex Technology Co., Ltd. (CATL) plans to repurchase shares worth between 20 billion and 40 billion yuan for cancellation.
Macroeconomic News
China responded to the US imposing new tariffs on trading partners, reiterating its opposition to unilateral tariff measures. Foreign Ministry spokesperson Lin Jian stated that the Chinese position on China-US trade issues is consistent and clear, opposing all forms of unilateral tariffs, as a tariff war or trade war benefits no one.
The Ministry of Commerce decided to place 14 EU entities, including the Lavat Group, on the export control list. This measure is taken to safeguard national security and interests and fulfill international obligations such as non-proliferation.
The Ministry of Finance and the State Taxation Administration issued a new announcement clarifying the individual income tax treatment of offshore trusts. Under the new rules, residents transferring property into an offshore trust, as well as income generated during the trust's existence, must declare and pay individual income tax at a 20% rate on the gains from the "transfer of property."
The People's Bank of China (PBOC) will conduct overnight reverse repurchase operations on July 29-31 and August 3. The operations will use a fixed interest rate and a quantity-based bidding method, with daily amounts of 600 billion yuan from July 29-31 and 300 billion yuan on August 3.
Global Headlines
US media outlet Axios reported that President Trump on July 24 ordered the US military not to launch strikes on Iran, breaking a 13-day streak of daily attacks. Sources say Trump had been approving daily strike plans for the previous two weeks, but received a similar plan on the 24th and did not approve it, instead instructing the military to stand down.
President Trump, speaking at the White House Correspondents' Association dinner on July 25, donned a red cap reading "Trump 2028" and announced he will run for president for a fourth time. A recent poll shows his political standing is deteriorating, particularly regarding the Iran issue.
The three major US stock indexes closed mixed on July 24. The Dow Jones Industrial Average rose 0.46% to 51,947.25, while the S&P 500 gained 0.05% to 7,411.98. The Nasdaq Composite fell 0.64% to 24,975.82. For the week, the Dow fell 0.38%, the S&P 500 dropped 0.61%, and the Nasdaq declined 2.13%, marking two consecutive weekly losses for the Nasdaq and S&P 500 and three for the Dow.
Financial and Capital Markets
Fang Xinghai, former Vice Chairman of the China Securities Regulatory Commission, is suspected of serious violations of discipline and law and is currently under investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.
The Supreme People's Court and the Supreme People's Procuratorate jointly released a decision to amend the judicial interpretation on insider trading and leaking inside information criminal cases. The revised interpretation, effective July 27, 2026, aims to increase the punishment for these crimes.
The Shanghai Stock Exchange held a symposium with nearly 40 foreign institutions in Hong Kong. The meeting focused on the latest developments of the STAR Market, reform policies, and the effectiveness of index investing. Attending institutions expressed confidence in the resilience of China's macroeconomy and a growing interest in investing in A-share hard-tech and high-quality Sci-Tech innovation assets.
Industry Focus
Foreign Ministry spokesperson Lin Jian stated that China is willing to work with the US to implement the important consensus reached by the two heads of state, particularly in the field of artificial intelligence, in response to reports that President Trump mentioned the two countries' leaders would discuss AI-related topics.
A major cross-border AI chip partnership has been announced. SK Group and Samsung Electronics have formed a chip partnership worth 1,375 trillion won (approximately $950 billion) with US tech giants. SK Group will supply $750 billion worth of chips to companies including Nvidia, while Samsung Electronics will collaborate with Broadcom on advanced memory chip manufacturing in a deal valued at over $200 billion.
Company News
ChangXin Memory Technologies (CXMT) will be listed on the Shanghai Stock Exchange's STAR Market on July 27. A research report from Huaxi Securities suggests CXMT's listing could fundamentally change the valuation logic of the A-share semiconductor sector, filling a gap in the market for DRAM manufacturing leaders. The report estimates a stable market value of 2-3 trillion yuan post-listing, with an optimistic scenario of 4 trillion yuan.
Contemporary Amperex Technology Co., Ltd. (CATL) reported a 41.98% year-on-year increase in net profit for the first half of the year, reaching 43.284 billion yuan. The company also announced a plan to repurchase shares worth between 20 billion and 40 billion yuan for cancellation.
The State Administration for Market Regulation (SAMR) fined Ctrip Group 5.179 billion yuan for abusing its dominant market position. From 2020 onwards, Ctrip was found to have used its market power in the online hotel booking platform market to implement monopolistic behaviors through traffic allocation mechanisms and platform rules.
Storage company De Ming Li announced that its controlling shareholder and chairman, Li Hu, has voluntarily committed to not selling any shares for 12 months starting July 27, 2026, to stabilize the company's equity structure and protect minority investors' interests.
Zhiyuan Robot, a general AI robotics company, has initiated the process for a Hong Kong IPO. According to Omdia, the company shipped over 5,100 general-purpose humanoid robots in 2025, and data from CIC Consulting indicates it was the world's largest general AI robot company by revenue in 2025 and the first quarter of 2026.
Zeekr responded to the "overseas vehicle lock incident" by launching a "Cross-border Guard" feature on its app, allowing users to unlock their vehicles with a single click. The company is also developing an overseas anti-theft function switch that users can set before leaving the country, which will not be triggered unless the owner actively enables it.
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