Zhongjin: In the medium term, we hold a more positive view on the market in the second half of the year.

The Zhongjin Research Report stated that the economic data for June still shows signs of weakening domestic demand, with indications of a slowdown in consumption and investment, weak price growth, but continuous improvement in financial data, especially in the rapid growth of M1 and M2 money supply. In terms of market performance, A-shares have recently shown strong performance and broken through the highest point of the year, performing overall better than Hong Kong stocks. We believe that this is mainly due to market sentiment and liquidity factors, with the value of equity markets becoming more prominent against the backdrop of an "asset shortage." Looking ahead, we believe that there is still significant uncertainty in the short term, with global markets desensitized to the impact of external tariff policies and pressure on corporate performance from short-term domestic economic data. After continuous gains, the market needs to digest and consolidate through fluctuations, lacking a catalyst for continuous growth. However, in the medium term, we hold a more positive view on the market for the second half of the year.