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On July 6, JPMorgan turned conservative on the short-term outlook for gold, lowering its forecast for the price of gold in the fourth quarter of 2026 by 25% to $4,500 per ounce, down from a previous target of approximately $6,000. The bank also expects the average gold price for the third quarter of this year to be $4,300. This adjustment is primarily influenced by weakened demand from major purchasing sectors for gold, coupled with gold prices being more sensitive to fluctuations in real interest rates, which has suppressed short-term upside potential. The institution predicts that gold prices will remain in a range-bound fluctuation in the second half of the year, with a recovery expected only after improvements in the macroeconomic environment.

[JPMorgan Lowers Q4 Gold Price Forecast to $4,500/Ounce]On July 6, JPMorgan turned conservative on the short-term outlook for gold, lowering its forecast for the price of gold in the fourth quarter of 2026 by 25% to $4,500 per ounce, down from a previous target of approximately $6,000. The bank also expects the average gold price for the third quarter of this year to be $4,300. This adjustment is primarily influenced by weakened demand from major purchasing sectors for gold, coupled with gold prices being more sensitive to fluctuations in real interest rates, which has suppressed short-term upside potential. The institution predicts that gold prices will remain in a range-bound fluctuation in the second half of the year, with a recovery expected only after improvements in the macroeconomic environment.

JPMorgan Lowers Q4 Gold Price Forecast to $4,500/Ounce

On July 6, SK Hynix announced plans to raise 43 trillion won through an ADR listing.

[SK Hynix Plans to Raise 43 Trillion Won Through ADR Listing]On July 6, SK Hynix announced plans to raise 43 trillion won through an ADR listing.

SK Hynix Plans to Raise 43 Trillion Won Through ADR Listing

On July 6, Takao Yamazaki, former chief of Japan's Ministry of Finance and head of foreign exchange policy, stated in an interview that the yen should appreciate by up to 20% from its current level (approximately 130 yen to 1 dollar), refuting views that bet on further weakness of the yen. Yamazaki said, 'This is no longer a fundamental issue, but rather a question of how market expectations change. However, we are approaching a climax.' He believes that the current estimate of the yen being undervalued by 10% may be overly conservative. 'If the yen rises to around 130, I wouldn't be surprised. To be honest, that's my view.' Meanwhile, Yamazaki hinted that the market should not misinterpret the recent apparent calm of Japanese authorities as complacency. He stated, 'They have issued warnings; anyone still holding short positions on the yen knows they face the risk of intervention penalties—namely, being forced to cover their positions. The Ministry of Finance has moved beyond the warning stage, and the authorities have indicated their willingness to take action.'

[Former Japanese Forex Chief: Yen May Be Undervalued by 20%, Shorts Should Beware of Intervention Risks]On July 6, Takao Yamazaki, former chief of Japan's Ministry of Finance and head of foreign exchange policy, stated in an interview that the yen should appreciate by up to 20% from its current level (approximately 130 yen to 1 dollar), refuting views that bet on further weakness of the yen. Yamazaki said, 'This is no longer a fundamental issue, but rather a question of how market expectations change. However, we are approaching a climax.' He believes that the current estimate of the yen being undervalued by 10% may be overly conservative. 'If the yen rises to around 130, I wouldn't be surprised. To be honest, that's my view.' Meanwhile, Yamazaki hinted that the market should not misinterpret the recent apparent calm of Japanese authorities as complacency. He stated, 'They have issued warnings; anyone still holding short positions on the yen knows they face the risk of intervention penalties—namely, being forced to cover their positions. The Ministry of Finance has moved beyond the warning stage, and the authorities have indicated their willingness to take action.'

Former Japanese Forex Chief: Yen May Be Undervalued by 20%, Shorts Should Beware of Intervention Risks

On July 6, The Block reported that South Korea's media regulator will provide Polymarket an opportunity to respond before deciding whether to take corrective action against its prediction market platform. The regulator is examining whether Polymarket's services constitute illegal gambling activities prohibited by South Korean law.

[South Korean Regulator Reviews Polymarket for Potential Illegal Gambling, Offers Chance to Respond]On July 6, The Block reported that South Korea's media regulator will provide Polymarket an opportunity to respond before deciding whether to take corrective action against its prediction market platform. The regulator is examining whether Polymarket's services constitute illegal gambling activities prohibited by South Korean law.

South Korean Regulator Reviews Polymarket for Potential Illegal Gambling, Offers Chance to Respond

On July 6, Alibaba's Tongyi Laboratory announced that the first word delay of its streaming speech recognition model Fun-ASR-Realtime has been reduced to the 100ms level, enabling immediate output as soon as speech ends, with accuracy approaching that of offline models. During the recent 100-hour live broadcast of 'Island Survival' by Yingshi Ju Feng, the model provided real-time subtitle support throughout, successfully recognizing over 60,000 phrases and a total of 1.32 million characters in challenging conditions, including outdoor heavy rain and frequent speaker changes. To address the common issue of misinterpretation in real-time speech recognition, the new model enhances contextual awareness, allowing it to dynamically correct errors based on historical dialogue and real-time trending words (for example, automatically correcting '叶鹿' to '夜鹭' based on subsequent context). The model currently supports 30 languages and 16 dialects, achieving an average character accuracy rate of 88.62% in dialect tests, with Shanghai dialect at 92.41% and the notoriously difficult Wenzhou dialect reaching 82.74%. The offline version, Fun-ASR-Flash, ranked first in the word error rate leaderboard on the global AI evaluation platform Artificial Analysis. Both models' API services are now available on Alibaba Cloud, and the underlying open-source toolkit and models can be accessed on the MoDa community and GitHub.

[Alibaba Upgrades Real-Time Voice Model Fun-ASR-Realtime: First Word Delay Reduced to 100ms, Wenzhou Dialect Recognition Accuracy Exceeds 82%]On July 6, Alibaba's Tongyi Laboratory announced that the first word delay of its streaming speech recognition model Fun-ASR-Realtime has been reduced to the 100ms level, enabling immediate output as soon as speech ends, with accuracy approaching that of offline models. During the recent 100-hour live broadcast of 'Island Survival' by Yingshi Ju Feng, the model provided real-time subtitle support throughout, successfully recognizing over 60,000 phrases and a total of 1.32 million characters in challenging conditions, including outdoor heavy rain and frequent speaker changes. To address the common issue of misinterpretation in real-time speech recognition, the new model enhances contextual awareness, allowing it to dynamically correct errors based on historical dialogue and real-time trending words (for example, automatically correcting '叶鹿' to '夜鹭' based on subsequent context). The model currently supports 30 languages and 16 dialects, achieving an average character accuracy rate of 88.62% in dialect tests, with Shanghai dialect at 92.41% and the notoriously difficult Wenzhou dialect reaching 82.74%. The offline version, Fun-ASR-Flash, ranked first in the word error rate leaderboard on the global AI evaluation platform Artificial Analysis. Both models' API services are now available on Alibaba Cloud, and the underlying open-source toolkit and models can be accessed on the MoDa community and GitHub.

Alibaba Upgrades Real-Time Voice Model Fun-ASR-Realtime: First Word Delay Reduced to 100ms, Wenzhou Dialect Recognition Accuracy Exceeds 82%

On July 6, JPMorgan turned cautious on the short-term outlook for gold, lowering its forecast for the fourth quarter of 2026 by 25% to $4,500 per ounce, down from a previous target of approximately $6,000. The bank also expects the average gold price for the third quarter of this year to be $4,300. This adjustment is primarily influenced by weakened demand from key purchasing sectors for gold, coupled with gold prices being more sensitive to fluctuations in real interest rates, which suppresses short-term upside potential. The institution predicts that gold prices will remain in a range-bound fluctuation in the second half of the year, with a recovery expected only after improvements in the macroeconomic environment.

[JPMorgan Lowers Q4 Gold Price Forecast to $4,500/oz]On July 6, JPMorgan turned cautious on the short-term outlook for gold, lowering its forecast for the fourth quarter of 2026 by 25% to $4,500 per ounce, down from a previous target of approximately $6,000. The bank also expects the average gold price for the third quarter of this year to be $4,300. This adjustment is primarily influenced by weakened demand from key purchasing sectors for gold, coupled with gold prices being more sensitive to fluctuations in real interest rates, which suppresses short-term upside potential. The institution predicts that gold prices will remain in a range-bound fluctuation in the second half of the year, with a recovery expected only after improvements in the macroeconomic environment.

JPMorgan Lowers Q4 Gold Price Forecast to $4,500/oz

According to monitoring by Dongcha Beating, Tencent has officially released the 295B parameter version of the Hy3.0 (Hybrid Expert Model) MoE. The core change is the switch to the more permissive Apache 2.0 open source license, which abolishes the previous regional restrictions that prohibited use in the EU, UK, and South Korea. When the preview version was released in April this year, many overseas or multinational teams were deterred by strict regional limitations and a commercial threshold of 100 million monthly active users. The official version eliminates all compliance barriers and has undergone rigorous optimization to address deployment challenges: it integrates fast and slow thinking mechanisms and incorporates a 3.8B parameter Multi-Token Prediction (MTP) layer for parallel generation, effectively reducing inference latency. Through fine-grained data cleaning and training constraints, the official version has reduced the hallucination rate of the large model from 12.5% to 5.4%, and the error rate in multi-turn interaction tests has been cut from 17.4% to 7.9%. To address the persistent issue of tool invocation deviations during agent development, Hy3.0 has also received targeted enhancements. In mainstream frameworks like Cline and CodeBuddy, the accuracy fluctuation of cross-framework tool calls has been kept under 4%, resulting in more stable outputs. The officially released FP8 quantization version has also lowered the memory requirements for local deployment and fine-tuning.

[Tencent Releases Open Source Version of Hy3.0: Apache 2.0 License Removes Export Restrictions, Halves Hallucination Rate]According to monitoring by Dongcha Beating, Tencent has officially released the 295B parameter version of the Hy3.0 (Hybrid Expert Model) MoE. The core change is the switch to the more permissive Apache 2.0 open source license, which abolishes the previous regional restrictions that prohibited use in the EU, UK, and South Korea. When the preview version was released in April this year, many overseas or multinational teams were deterred by strict regional limitations and a commercial threshold of 100 million monthly active users. The official version eliminates all compliance barriers and has undergone rigorous optimization to address deployment challenges: it integrates fast and slow thinking mechanisms and incorporates a 3.8B parameter Multi-Token Prediction (MTP) layer for parallel generation, effectively reducing inference latency. Through fine-grained data cleaning and training constraints, the official version has reduced the hallucination rate of the large model from 12.5% to 5.4%, and the error rate in multi-turn interaction tests has been cut from 17.4% to 7.9%. To address the persistent issue of tool invocation deviations during agent development, Hy3.0 has also received targeted enhancements. In mainstream frameworks like Cline and CodeBuddy, the accuracy fluctuation of cross-framework tool calls has been kept under 4%, resulting in more stable outputs. The officially released FP8 quantization version has also lowered the memory requirements for local deployment and fine-tuning.

Tencent Releases Open Source Version of Hy3.0: Apache 2.0 License Removes Export Restrictions, Halves Hallucination Rate

On July 6, UBS released a research report indicating that due to the ongoing tight supply and demand in the memory market, it has raised its price forecasts for DRAM and NAND for the tenth consecutive month. The price forecast for the quarter ending in September has been adjusted from a quarter-on-quarter increase of 16% to 32%, while the forecast for the quarter ending in December has been raised from a 10% increase to 12%. Consequently, UBS has revised Kioxia Holdings' operating profit forecast for the fiscal year 2027 from 7.71 trillion yen to 9.18 trillion yen, and for fiscal year 2028 from 10.9 trillion yen to 12.9 trillion yen. UBS noted that whether Kioxia can secure a five-year contract has become a market focus, and it is expected that future market attention will shift to the progress of negotiations for long-term agreements. Given the extremely tight supply and demand situation, UBS believes the outlook is positive and has raised the target price from 132,000 yen to 144,000 yen, maintaining a 'Buy' rating.

[UBS Raises DRAM and NAND Price Forecasts for the Tenth Consecutive Month, Kioxia Target Price Increased to 144,000 Yen]On July 6, UBS released a research report indicating that due to the ongoing tight supply and demand in the memory market, it has raised its price forecasts for DRAM and NAND for the tenth consecutive month. The price forecast for the quarter ending in September has been adjusted from a quarter-on-quarter increase of 16% to 32%, while the forecast for the quarter ending in December has been raised from a 10% increase to 12%. Consequently, UBS has revised Kioxia Holdings' operating profit forecast for the fiscal year 2027 from 7.71 trillion yen to 9.18 trillion yen, and for fiscal year 2028 from 10.9 trillion yen to 12.9 trillion yen. UBS noted that whether Kioxia can secure a five-year contract has become a market focus, and it is expected that future market attention will shift to the progress of negotiations for long-term agreements. Given the extremely tight supply and demand situation, UBS believes the outlook is positive and has raised the target price from 132,000 yen to 144,000 yen, maintaining a 'Buy' rating.

UBS Raises DRAM and NAND Price Forecasts for the Tenth Consecutive Month, Kioxia Target Price Increased to 144,000 Yen

On July 6, Samsung Electronics announced on Monday that employees in its semiconductor business will receive performance bonuses of up to 100% of their base salary for the first half of this year. This generous bonus level is consistent with the second half of last year and will be distributed on Wednesday. As this bonus is being issued, the semiconductor industry is entering an unprecedented AI super cycle, with high bandwidth memory (HBM) shipments continuing to rise. Analysts estimate that Samsung's memory chip division achieved an operating profit of approximately 140 trillion won (about 91 billion USD) in just the first half of this year. The annual operating profit could approach 350 trillion won. Samsung is set to announce its second-quarter earnings guidance on Tuesday. (Jinshi)

[AI Super Cycle Drives Performance Surge, Samsung Chip Division Employees Receive 100% Performance Bonus]On July 6, Samsung Electronics announced on Monday that employees in its semiconductor business will receive performance bonuses of up to 100% of their base salary for the first half of this year. This generous bonus level is consistent with the second half of last year and will be distributed on Wednesday. As this bonus is being issued, the semiconductor industry is entering an unprecedented AI super cycle, with high bandwidth memory (HBM) shipments continuing to rise. Analysts estimate that Samsung's memory chip division achieved an operating profit of approximately 140 trillion won (about 91 billion USD) in just the first half of this year. The annual operating profit could approach 350 trillion won. Samsung is set to announce its second-quarter earnings guidance on Tuesday. (Jinshi)

AI Super Cycle Drives Performance Surge, Samsung Chip Division Employees Receive 100% Performance Bonus

On July 5, South Korean media reported that the Bank of Korea warned that single-stock leveraged ETFs linked to Samsung Electronics and SK Hynix could further exacerbate market concentration, amplify market volatility, and strengthen unilateral trading capital flows. In a written response submitted to National Power Party lawmaker Park Sung-hoon, the Bank of Korea stated, "Given that Samsung Electronics and SK Hynix account for more than half of the total market capitalization and trading volume of the Korean stock market, expanding the investment scale of single-stock leveraged ETFs may further intensify market concentration." The Bank of Korea noted that as corporate performance or market expectations change, increased inflows and outflows of funds could amplify unilateral trading in these products. Moreover, if the market experiences a correction, retail investors' losses could be further magnified, and increased ETF redemptions or portfolio rebalancing could also exacerbate price fluctuations of the related stocks. According to Yonhap News Agency, the Bank of Korea plans to strengthen monitoring of the impact of single-stock leveraged ETFs on the stock market and financial system.

[Bank of Korea Warns Samsung and SK Hynix Leveraged ETFs May Intensify Market Volatility]On July 5, South Korean media reported that the Bank of Korea warned that single-stock leveraged ETFs linked to Samsung Electronics and SK Hynix could further exacerbate market concentration, amplify market volatility, and strengthen unilateral trading capital flows. In a written response submitted to National Power Party lawmaker Park Sung-hoon, the Bank of Korea stated, "Given that Samsung Electronics and SK Hynix account for more than half of the total market capitalization and trading volume of the Korean stock market, expanding the investment scale of single-stock leveraged ETFs may further intensify market concentration." The Bank of Korea noted that as corporate performance or market expectations change, increased inflows and outflows of funds could amplify unilateral trading in these products. Moreover, if the market experiences a correction, retail investors' losses could be further magnified, and increased ETF redemptions or portfolio rebalancing could also exacerbate price fluctuations of the related stocks. According to Yonhap News Agency, the Bank of Korea plans to strengthen monitoring of the impact of single-stock leveraged ETFs on the stock market and financial system.

Bank of Korea Warns Samsung and SK Hynix Leveraged ETFs May Intensify Market Volatility

Lao Huang: Prompt is Dead, the Entire AI Community is Frenziedly Chasing Loops

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Bank of Korea Warns Samsung and SK Hynix Leveraged ETFs May Intensify Market Volatility

Descargo de responsabilidad：El contenido anterior no representa las posiciones de HTX.，HTX no ofrece ninguna recomendación de trading.。

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