HSI JUL4 Forum

GF Securities believes that for A-shares, the core factor is the elasticity of external demand recovery, with transmission chains coming from:
Global rate cut cycle starts → North American real estate cycle accelerates recovery → North American durable goods demand picks up → China's new export orders recover.
Global rate cut cycle starts → Global manufacturing PMI rises → Demand for globally priced resources (like copper) warms up → ...

The following factors highlight the continued insufficiency of demand:

The real estate sector is still undergoing a deep adjustment.
In the first half of the year, efforts to reduce local government debt and financial sector inefficiencies resulted in insufficient physical investment by the government.
Residents' e...

Trump assassination attempt
President Joe Biden addressed the nation from the White House, where he condemned all political violence and called for unity. “Disagreement is inevitable in American democracy,” Biden said. “It’s part of human nature. But politics must never be a literal battlefield, or God forbid, a killing field.”
The attempted assassination of former President Donald Trump at a rally in Pennsylvania on Saturday left one attendee and the gunman dead, and...