Zhitong Hong Kong Stock Early Knowledge | Trump extends the "reciprocal tariffs" deferral period to August 1, Tesla falls nearly 7%

[Today's Headlines]

Hong Kong Securities and Futures Commission Holds Second Digital Asset Consultation Group Meeting

According to Zhitong Finance APP, on July 7, the Hong Kong Securities and Futures Commission held its second digital asset consultation group meeting. This meeting with licensed virtual asset trading platforms covered a wide range of topics related to market and regulatory developments in Hong Kong's digital asset sector, particularly measures related to Pillar A (Access) and Pillar P (Products) in the Hong Kong Securities and Futures Commission's ASPIRe roadmap, including proposals to introduce a regulatory framework for virtual asset trading service and custody service providers, as well as measures for market participation and product supply.

[Market Outlook]

U.S. Stock Indices Decline, Tesla (TSLA.US) Drops Nearly 7%

Overnight, the Dow Jones Industrial Average fell by 422.17 points, a decrease of 0.94%, closing at 44,406.36 points; the Nasdaq dropped by 188.59 points, a decline of 0.92%, closing at 20,412.52 points; the S&P 500 index fell by 49.37 points, a decrease of 0.79%, closing at 6,229.98 points. Most large tech stocks declined, with Tesla dropping nearly 7%, and Apple and Google falling over 1%. Popular Chinese concept stocks showed mixed results, with the Nasdaq Golden Dragon China Index closing up 0.59%. Bilibili rose over 7%, Baidu increased nearly 4%, XPeng fell nearly 5%, and Alibaba dropped over 2%. The Hang Seng Index ADR rose, closing at 23,891.08 points, up 3.25 points or 0.01% compared to the Hong Kong close.

[Hot Topics Ahead]

Chinese Central Bank Increases Gold Reserves for the 8th Consecutive Month

The People's Bank of China: As of the end of June, China's gold reserves stood at 73.9 million ounces, an increase of 70,000 ounces month-on-month, marking the 8th consecutive month of gold accumulation.

Trump Signs Executive Order Extending "Reciprocal Tariff" Delay to August 1

U.S. President Trump signed an executive order extending the delay of the so-called "reciprocal tariffs," pushing the implementation date from July 9 to August 1. Trump announced the imposition of the so-called "reciprocal tariffs" on April 2, which triggered a sharp decline in the U.S. financial markets. Under pressure from multiple parties, Trump announced on April 9 a 90-day delay in imposing high "reciprocal tariffs" on certain trade partners, while maintaining a 10% "baseline tariff."

Hong Kong Stock Exchange (00388): Average Daily Trading Volume in Securities Market Up 118% Year-on-Year in First Half of 2025

According to Zhitong Finance APP, the Hong Kong Stock Exchange (00388) released the market overview for June. The total market capitalization of the Hong Kong securities market was HKD 42.7 trillion at the end of June 2025, an increase of 33% compared to HKD 32.1 trillion in the same period last year. The average daily trading volume in June 2025 was HKD 230.2 billion, up 107% from HKD 111.2 billion in the same period last year. The average daily trading volume for the first half of 2025 was HKD 240.2 billion, an increase of 118% compared to HKD 110.4 billion in the same period last year China Construction Machinery Industry Association: In June, sales of various types of excavators reached 18,804 units, a year-on-year increase of 13.3%

According to statistics from the China Construction Machinery Industry Association on major excavator manufacturers, sales of various types of excavators reached 18,804 units in June 2025, a year-on-year increase of 13.3%. Among them, domestic sales were 8,136 units, a year-on-year increase of 6.2%; exports were 10,668 units, a year-on-year increase of 19.3%.

China Carbon Neutrality (01372) signs strategic cooperation agreement with Beijing Zhonghong Blue Ocean, both parties will deepen cooperation in carbon peak carbon neutrality and new energy industry fields

China Carbon Neutrality (01372) announced that the group has officially signed a strategic cooperation agreement with Beijing Zhonghong Blue Ocean Livestock Technology Development Co., Ltd. (Beijing Zhonghong Blue Ocean). Both parties will deepen cooperation in the fields of carbon peak carbon neutrality and new energy industry, with a total investment expected to be RMB 10 billion.

Kangnai Optical (02276) issues profit warning, expects net profit attributable to shareholders in the first half of the year to increase by no less than 30% year-on-year

Kangnai Optical (02276) announced that it expects the net profit attributable to shareholders for the first half of 2025 to increase by no less than 30% compared to the six months ending June 30, 2024. The increase is mainly due to strong sales growth of high refractive index products and functional products, which has driven an increase in average selling prices due to favorable product mix.

Yanjing Beer (000729.SZ) issues profit forecast, expects net profit attributable to parent company in the first half of the year to grow by 40%-50% year-on-year

Yanjing Beer (000729.SZ) released its half-year performance forecast for 2025, expecting net profit attributable to the parent company to be between RMB 1.062 billion and RMB 1.137 billion, a year-on-year increase of 40%-50%. This involves Hong Kong stock Beijing Enterprises Holdings (00392).

Fengfan Technology: H-share issuance price set at HKD 120.5 per share

Fengfan Technology announced that the final price for this H-share issuance has been set at HKD 120.5 per share. The H-shares to be issued are limited to qualified foreign investors and domestic qualified investors who are entitled to conduct overseas securities investments according to relevant Chinese laws and regulations. The H-shares are expected to be listed and traded on the main board of the Hong Kong Stock Exchange on July 9, 2025.

Lens Technology: H-share issuance price set at HKD 18.18 per share

Lens Technology announced that the final price for this H-share issuance has been set at HKD 18.18 per share. The H-shares are expected to be listed and traded on the main board of the Hong Kong Stock Exchange on July 9, 2025.

United Pharmaceutical (00512) Yigantai® achieves breakthrough mid-term data in overseas clinical trials, receives FDA early formal approval to expand HCC indications, may reshape liver cancer treatment landscape On July 7, YuanDa Pharmaceutical announced that based on the breakthrough interim data from the clinical trial of Yttrium-90 microsphere injection DOORwaY90, it successfully achieved the pre-set joint primary endpoint, and the FDA has formally approved the new indication for this product ahead of schedule, for the treatment of unresectable hepatocellular carcinoma (HCC), without limiting the tumor diameter. This marks SIR-Spheres® Yttrium-90 microsphere injection as the first and only selective internal radiation therapy product globally approved by the FDA for the dual indications of unresectable HCC and colorectal cancer liver metastases, reflecting the product's significant clinical value. The relevant clinical data will also provide strong support for its indication expansion in China. Meanwhile, this significant progress also highlights YuanDa Pharmaceutical's outstanding overseas clinical registration capabilities, which have reached a leading global level, laying an important foundation for the subsequent overseas development of its self-researched innovative nuclear medicine products.

【Stock Highlights】

Jin Yong Investment (01328): Signed a strategic cooperation framework memorandum with AnchorX

According to the Zhitong Finance APP, Jin Yong Investment (01328) announced that in view of the deep relationship between the group and Hongyi Investment Group, as well as the potential strategic synergy with AnchorX Group Limited, a company registered in the British Virgin Islands (AnchorX), the company signed a strategic cooperation framework memorandum (strategic cooperation memorandum) with AnchorX on July 4, 2025. AnchorX issues a stablecoin AxCNH (AxCNH) pegged 1:1 to offshore Renminbi (RMB) using leading distributed ledger technology and enhanced cybersecurity measures.

As a stablecoin, AxCNH operates independently of traditional international payment networks, reducing reliance on the US dollar and the SWIFT system, lowering transaction costs, and achieving real-time global settlement around the clock. It helps offshore Renminbi circulate more effectively overseas, expands the application scenarios of Renminbi among overseas users, enhances the international recognition and acceptance of offshore Renminbi, and accelerates the process of Renminbi internationalization