Morning Insight: July 14, 2025

Morning Insight:July 14, 2025 LinlinGaoCertification：Z0002332gaolinlin@gtht.comYu Chen Wu (Contact)Certification：F03133175 wuyuchen@gtht.com Main Body Commodity MarketInsight： Stock Index Futures:In a bullish trend, it is essential to dynamicallytrack new fundamental developments. Last week, the market continued its upward movement, driven primarily bygrowing expectations for supply-side reform. This was further reinforcedby speculative discussions around the potential restart of shantytownrenovation programs, resulting in a synchronized rise in both cyclicaland growth sectors. The current policy focus on supply-side support isconducive to the recovery of price indicators. Meanwhile, price movementsare aligned with corporate earnings performance, suggesting an improvingoutlookfor stock market profitability. Additionally, external risks such as trade friction have not escalated,and U.S. equities continue to reach new highs—contributing to sustainedbullish sentiment in the market. Looking ahead, although the index is atrelatively elevated levels, with market risk appetite remaining strongand no unexpected bearish catalysts emerging, the bullish structure ofthe market is likely to persist. We believe that a reversal in trend would likely be triggered by eitherintensified external shocks or a domestic policy shift toward structuraladjustment—both of which are difficult to predict in advance and requireongoing observation. Starting this week, domestic economic data will gradually be released. Ifthe data continues to exceed expectations, the market’s anticipation forfurther easing may cool, while expectations for accelerated structural reform could gain momentum. At the same time, pay attention to mid-yearearnings forecasts and their impact on the growth style segment. Open Interest Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch Source：iFind, GUOTAIJUNAN FUTURESResearch News Highlights: 1. China's railway construction saw stable progress in the first half(H1) of 2025, with fixed-asset investment expanding 5.5 percent year onyear, according to the country's railway operator. During the January-June period, fixed-asset investment in the railwaysector reached 355.9 billion yuan (nearly 50 billion U.S. dollars),according to data from China State Railway Group Co., Ltd. The investment volume has remained high, the company said, noting thatrailway investment involves a long industrial chain and covers a widerange of sectors, thus serving as a significant growth driver. Railway projects have advanced steadily across the country this year,with 301 km of new routes put into operation and the preparatory work forthe construction of new lines making headway. (Source: Xinhua) 2. China National Nuclear Corporation (CNNC) announced Saturday that thecountry's largest natural uranium project has produced its first barrelof uranium, marking a new phase of sustainable and smart uranium miningin China. Located in Ordos in north China's Inner Mongolia Autonomous Region, the"National No.1 Uranium" demonstration project, the country's largestnatural uranium production base by capacity and built to the highest standards, has also set a new record for construction speed, having beencompleted just one year after breaking ground. "This demonstration project is a major achievement in China's third-generation uranium mining and processing technology," said Yuan Xu,chairman of China National Uranium Co., Ltd., a subsidiary of CNNC.He added that the project features key elements of modern uranium mining,including a strong focus on environmental protection, remote controloperations, intelligent analysis, and enhanced quality and efficiency.Through full-process digitalization and intelligent analysis, the projecthas made uranium mining more predictable and controllable, according toYuan. China's total nuclear power generation capacity--including units inoperation, under construction, or officially approved--ranks first inthe world, according to the China Energy Research Society. The technologies used in the demonstration project are expected to befully applied and rapidly scaled across uranium development in China'snorthern basins to support the creation of additional large-scale uraniummining bases, according to the CNNC. (Source: Xinhua) 3. Beijing plans to develop two to three new landmark integratedconsumption hubs by 2030, with each targeting annual sales revenue ofover 100 billion yuan (about 14 billion U.S. dollars) by blendingconsumption scenarios of culture, commerce, tourism andsports, themunicipal commerce bureau has announced. Beijing has implemented a consumption stimulus action plan, aiming toachieve an average annual growth of around 5 percent in total marketconsumption by 2030. The Chinese capital's move is designed to further strengthen its globalinfluence in consumption market, enhance resource allocation efficiency,and r