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On July 15, it was reported that China's M2 money supply in June increased by 8% year-on-year, below the expected 8.5% and down from the previous value of 8.6%.

[China's June M2 Money Supply Grows 8% Year-on-Year, Below Expectations]On July 15, it was reported that China's M2 money supply in June increased by 8% year-on-year, below the expected 8.5% and down from the previous value of 8.6%.

China's June M2 Money Supply Grows 8% Year-on-Year, Below Expectations

On July 15, Zhu Yiming, Chairman of Changxin Technology, stated during the IPO roadshow for the Sci-Tech Innovation Board that entering the capital market represents not only a new starting point for Changxin Technology but also a new responsibility. He hopes that through the funds raised from this project, the company can further enhance its technological research and development capabilities and industrialization level, play a leading role as a key enterprise, promote collaborative development within the industry chain, and contribute greater strength to the construction of China's integrated circuit and industrial ecosystem. Looking to the future, Changxin will continue to adhere to the path of independent innovation, maintain respect for technology, invest in innovation, and nurture a passion for the industry, striving to build a globally influential semiconductor storage enterprise. (Sci-Tech Innovation Board Daily)

[Zhu Yiming of Changxin Technology: Listing on the Sci-Tech Innovation Board is a New Starting Point and a New Responsibility]On July 15, Zhu Yiming, Chairman of Changxin Technology, stated during the IPO roadshow for the Sci-Tech Innovation Board that entering the capital market represents not only a new starting point for Changxin Technology but also a new responsibility. He hopes that through the funds raised from this project, the company can further enhance its technological research and development capabilities and industrialization level, play a leading role as a key enterprise, promote collaborative development within the industry chain, and contribute greater strength to the construction of China's integrated circuit and industrial ecosystem. Looking to the future, Changxin will continue to adhere to the path of independent innovation, maintain respect for technology, invest in innovation, and nurture a passion for the industry, striving to build a globally influential semiconductor storage enterprise. (Sci-Tech Innovation Board Daily)

Zhu Yiming of Changxin Technology: Listing on the Sci-Tech Innovation Board is a New Starting Point and a New Responsibility

On July 15, Huansquare Quantitative, controlled by Liang Wenfeng, utilized 153 private equity products to participate in the offline subscription of Changxin Technology at a price of 8.78 yuan per share. As a leading domestic storage chip manufacturer, Changxin Technology will open its subscription this Thursday, with an expected issuance of 6.688 billion shares. If the market value reaches between 2 trillion and 5 trillion yuan after listing, a single subscription could yield a profit of approximately 10,000 to 33,000 yuan.

[Liang Wenfeng's Company Uses 153 Private Equity Products to Invest in Changxin Technology]On July 15, Huansquare Quantitative, controlled by Liang Wenfeng, utilized 153 private equity products to participate in the offline subscription of Changxin Technology at a price of 8.78 yuan per share. As a leading domestic storage chip manufacturer, Changxin Technology will open its subscription this Thursday, with an expected issuance of 6.688 billion shares. If the market value reaches between 2 trillion and 5 trillion yuan after listing, a single subscription could yield a profit of approximately 10,000 to 33,000 yuan.

Liang Wenfeng's Company Uses 153 Private Equity Products to Invest in Changxin Technology

On July 15, according to GMGN market information, the market cap of the Robinhood Chain ecosystem token INDEX surpassed $16 million, currently reported at $16.02 million, doubling in nearly one hour. The surge in the token's value may be attributed to the latest remarks by Robinhood CEO Vlad Tenev, who stated, 'We welcome developers to embed stock tokens or RWA into your applications.' Previously, the INDEX project announced plans to use transaction fees to purchase on-chain stock tokens and distribute them to INDEX holding addresses.

[Robinhood CEO Calls on Developers to Integrate Stock Tokens, INDEX Token Market Cap Doubles Temporarily]On July 15, according to GMGN market information, the market cap of the Robinhood Chain ecosystem token INDEX surpassed $16 million, currently reported at $16.02 million, doubling in nearly one hour. The surge in the token's value may be attributed to the latest remarks by Robinhood CEO Vlad Tenev, who stated, 'We welcome developers to embed stock tokens or RWA into your applications.' Previously, the INDEX project announced plans to use transaction fees to purchase on-chain stock tokens and distribute them to INDEX holding addresses.

Robinhood CEO Calls on Developers to Integrate Stock Tokens, INDEX Token Market Cap Doubles Temporarily

On July 15, Korean media outlet Bloter reported that insiders revealed Samsung Electronics has begun internal research on various plans for issuing ADRs in the United States and is assessing the related operational processes. Bloomberg reported on July 14 that Samsung Electronics has had preliminary discussions with several investment banks regarding a U.S. IPO through ADRs. However, Samsung Electronics responded that it is not considering an IPO in the U.S. market through ADR issuance. Nevertheless, market insiders believe that the company's denial does not completely rule out the possibility of issuing ADRs in the future. Despite the company's denial of this plan, relevant business departments have begun evaluating the potential costs, benefits, and necessary procedures for issuing ADRs under management's directive. On July 15, sources in the semiconductor industry revealed that the company's management recently requested relevant departments to explore whether a feasible structure could be designed for the company to issue ADRs. As part of the research, personnel from Samsung Electronics have reached out to SK Hynix, which recently completed an ADR issuance and was listed on NASDAQ, to gather information.

[Korean Media: Samsung Secretly Studies Feasibility of U.S. IPO, Company Previously Denied Related Plans]On July 15, Korean media outlet Bloter reported that insiders revealed Samsung Electronics has begun internal research on various plans for issuing ADRs in the United States and is assessing the related operational processes. Bloomberg reported on July 14 that Samsung Electronics has had preliminary discussions with several investment banks regarding a U.S. IPO through ADRs. However, Samsung Electronics responded that it is not considering an IPO in the U.S. market through ADR issuance. Nevertheless, market insiders believe that the company's denial does not completely rule out the possibility of issuing ADRs in the future. Despite the company's denial of this plan, relevant business departments have begun evaluating the potential costs, benefits, and necessary procedures for issuing ADRs under management's directive. On July 15, sources in the semiconductor industry revealed that the company's management recently requested relevant departments to explore whether a feasible structure could be designed for the company to issue ADRs. As part of the research, personnel from Samsung Electronics have reached out to SK Hynix, which recently completed an ADR issuance and was listed on NASDAQ, to gather information.

Korean Media: Samsung Secretly Studies Feasibility of U.S. IPO, Company Previously Denied Related Plans

On July 15, the Nikkei 225 index closed up 1008.01 points, an increase of 1.49%, ending at 68751.51 points; individual stocks such as Kioxia rose by 5.4% and Iwate Electric increased by 7.7%. The South Korean KOSPI index closed up 427.58 points on July 15, an increase of 6.24%, ending at 7284.41 points; the KOSDAQ also saw a rise of 5.79%; individual stocks like SK Hynix increased by 8.8%, Samsung Electronics by 6.2%, and Hanmi Semiconductor surged by 29.8%. (Jin Shi)

[Japanese and South Korean Stock Markets Rise, Chip Stocks Strengthen]On July 15, the Nikkei 225 index closed up 1008.01 points, an increase of 1.49%, ending at 68751.51 points; individual stocks such as Kioxia rose by 5.4% and Iwate Electric increased by 7.7%. The South Korean KOSPI index closed up 427.58 points on July 15, an increase of 6.24%, ending at 7284.41 points; the KOSDAQ also saw a rise of 5.79%; individual stocks like SK Hynix increased by 8.8%, Samsung Electronics by 6.2%, and Hanmi Semiconductor surged by 29.8%. (Jin Shi)

Japanese and South Korean Stock Markets Rise, Chip Stocks Strengthen

According to monitoring by Dongcha Beating, Anthropic has launched Claude for Teachers. Certified K-12 teachers in the United States can use the premium version of Claude for free for one year. The application deadline is June 30, 2027. The teacher version integrates with Learning Commons. Claude can read the curriculum standards of all 50 states and generate lesson plans based on resources like OpenSciEd. It can also rewrite textbooks according to student levels, analyze class data, and automate repetitive tasks. Teachers can also use Claude Code and Cowork to handle files and spreadsheets. Conversations with teachers will not be used to train the model. Student data is subject to specific privacy terms for K-12 education. Currently, it is only available to individual teachers, while versions for schools and districts are still in development.

[Anthropic Offers One Year of Free Claude for U.S. Teachers, Aligned with State Standards]According to monitoring by Dongcha Beating, Anthropic has launched Claude for Teachers. Certified K-12 teachers in the United States can use the premium version of Claude for free for one year. The application deadline is June 30, 2027. The teacher version integrates with Learning Commons. Claude can read the curriculum standards of all 50 states and generate lesson plans based on resources like OpenSciEd. It can also rewrite textbooks according to student levels, analyze class data, and automate repetitive tasks. Teachers can also use Claude Code and Cowork to handle files and spreadsheets. Conversations with teachers will not be used to train the model. Student data is subject to specific privacy terms for K-12 education. Currently, it is only available to individual teachers, while versions for schools and districts are still in development.

Anthropic Offers One Year of Free Claude for U.S. Teachers, Aligned with State Standards

According to three U.S. officials and three individuals familiar with internal cost assessments, the cost of the war with Iran could exceed the previously estimated $30 billion by more than three times. Sources indicate that after accounting for repairs to damaged U.S. military bases, replacing destroyed aircraft, and fully replenishing consumed U.S. weapons and equipment, the Department of Defense's internal estimate for the total cost of the war is between $80 billion and $100 billion. Previously, the Pentagon faced funding shortfalls due to its failure to estimate the costs of this war and other military operations, including actions against drug trafficking organizations in the Western Hemisphere. The Pentagon is seeking an additional budget appropriation of $68 billion. If Congress approves, this funding would allow the Pentagon to maintain operations until this fall, when Congress will consider a new budget proposal amounting to $1.5 trillion. So far, there has been little interest among lawmakers in approving this supplemental funding request.

[U.S. War Costs with Iran May Reach $100 Billion]According to three U.S. officials and three individuals familiar with internal cost assessments, the cost of the war with Iran could exceed the previously estimated $30 billion by more than three times. Sources indicate that after accounting for repairs to damaged U.S. military bases, replacing destroyed aircraft, and fully replenishing consumed U.S. weapons and equipment, the Department of Defense's internal estimate for the total cost of the war is between $80 billion and $100 billion. Previously, the Pentagon faced funding shortfalls due to its failure to estimate the costs of this war and other military operations, including actions against drug trafficking organizations in the Western Hemisphere. The Pentagon is seeking an additional budget appropriation of $68 billion. If Congress approves, this funding would allow the Pentagon to maintain operations until this fall, when Congress will consider a new budget proposal amounting to $1.5 trillion. So far, there has been little interest among lawmakers in approving this supplemental funding request.

U.S. War Costs with Iran May Reach $100 Billion

On July 15, the U.S. June CPI was significantly lower than market expectations, with the overall CPI year-on-year dropping to 3.5% and the core CPI also slowing to 2.6%, marking the first negative growth since 2020. The market promptly adjusted its expectations for interest rate hikes by the end of the year, leading to a rebound in U.S. stocks, gold, and the cryptocurrency market, with Bitcoin nearing $65,000 at one point. If it can stabilize above $64,000, the rebound momentum may continue. However, this cooling of inflation is not due to widespread weak demand but is driven by a sharp monthly decline in energy prices by 5.7% and a significant drop in gasoline prices by 9.7%, which has rapidly cooled overall inflation. On the other hand, prices for housing, food, and services continue to show positive growth, indicating that while core price pressures have improved, they have not completely disappeared. If tensions in the Middle East push energy prices up again, inflation may regain support in the coming months, so the market will not entirely dismiss the possibility of inflation fluctuations based solely on one month's data. Notably, Federal Reserve Chair Waller did not change his stance in his congressional testimony due to the CPI cooling, emphasizing a 'zero tolerance' for persistent inflation and stating that interest rates and balance sheet tools remain on the policy options table, while initiating research into five reforms including AI, productivity, balance sheets, and policy frameworks. This indicates that the Federal Reserve is downplaying forward guidance and is more inclined to adjust policies based on actual data rather than preemptively signaling policy direction to the market, which will increase the importance of each economic data release in the future. Meanwhile, the situation in the Middle East continues to escalate. The U.S. military has resumed maritime blockades against Iran, and both the U.S. and Iran are maintaining hardline stances, while the U.S. is also pushing for the resumption of the Iraq-Syria oil pipeline to reduce global dependence on the Strait of Hormuz. This suggests that energy supply is gradually diversifying, but until alternative transportation routes are fully established, the energy market will maintain a high risk premium, introducing uncertainty in the pace of inflation improvement. Additionally, the Japanese market is also worth continuous attention. The USD/JPY exchange rate has returned to 162, prompting the market to revisit the risks associated with yen carry trades. If the Bank of Japan raises interest rates, or if official interventions in the currency market occur, or if weak U.S. economic data leads to a drop in the dollar, this could prompt a rapid unwinding of carry positions, further amplifying short-term volatility in global tech stocks and high-risk assets. Overall, this CPI report has led to a restoration of market sentiment rather than a comprehensive alleviation of risks. Moving forward, the market will focus on three main lines: whether inflation can continue to improve in the context of rising energy prices, whether the Federal Reserve will maintain its data-dependent policy approach, and whether there will be structural changes in the flow of Japanese funds. In a backdrop where policy, geopolitical factors, and global liquidity continue to interact, the volatility of risk assets is expected to remain relatively high.

[Bitunix Analyst: Market Trading Reflects Repricing of Policy Credibility, Not Just Low Inflation]On July 15, the U.S. June CPI was significantly lower than market expectations, with the overall CPI year-on-year dropping to 3.5% and the core CPI also slowing to 2.6%, marking the first negative growth since 2020. The market promptly adjusted its expectations for interest rate hikes by the end of the year, leading to a rebound in U.S. stocks, gold, and the cryptocurrency market, with Bitcoin nearing $65,000 at one point. If it can stabilize above $64,000, the rebound momentum may continue. However, this cooling of inflation is not due to widespread weak demand but is driven by a sharp monthly decline in energy prices by 5.7% and a significant drop in gasoline prices by 9.7%, which has rapidly cooled overall inflation. On the other hand, prices for housing, food, and services continue to show positive growth, indicating that while core price pressures have improved, they have not completely disappeared. If tensions in the Middle East push energy prices up again, inflation may regain support in the coming months, so the market will not entirely dismiss the possibility of inflation fluctuations based solely on one month's data. Notably, Federal Reserve Chair Waller did not change his stance in his congressional testimony due to the CPI cooling, emphasizing a 'zero tolerance' for persistent inflation and stating that interest rates and balance sheet tools remain on the policy options table, while initiating research into five reforms including AI, productivity, balance sheets, and policy frameworks. This indicates that the Federal Reserve is downplaying forward guidance and is more inclined to adjust policies based on actual data rather than preemptively signaling policy direction to the market, which will increase the importance of each economic data release in the future. Meanwhile, the situation in the Middle East continues to escalate. The U.S. military has resumed maritime blockades against Iran, and both the U.S. and Iran are maintaining hardline stances, while the U.S. is also pushing for the resumption of the Iraq-Syria oil pipeline to reduce global dependence on the Strait of Hormuz. This suggests that energy supply is gradually diversifying, but until alternative transportation routes are fully established, the energy market will maintain a high risk premium, introducing uncertainty in the pace of inflation improvement. Additionally, the Japanese market is also worth continuous attention. The USD/JPY exchange rate has returned to 162, prompting the market to revisit the risks associated with yen carry trades. If the Bank of Japan raises interest rates, or if official interventions in the currency market occur, or if weak U.S. economic data leads to a drop in the dollar, this could prompt a rapid unwinding of carry positions, further amplifying short-term volatility in global tech stocks and high-risk assets. Overall, this CPI report has led to a restoration of market sentiment rather than a comprehensive alleviation of risks. Moving forward, the market will focus on three main lines: whether inflation can continue to improve in the context of rising energy prices, whether the Federal Reserve will maintain its data-dependent policy approach, and whether there will be structural changes in the flow of Japanese funds. In a backdrop where policy, geopolitical factors, and global liquidity continue to interact, the volatility of risk assets is expected to remain relatively high.

Bitunix Analyst: Market Trading Reflects Repricing of Policy Credibility, Not Just Low Inflation

Genesis Global Holdco, the parent company of cryptocurrency lender Genesis Global Capital and a sister company of CoinDesk, filed for Chapter 11 bankruptcy protection late Thursday.
Genesis owes over $3.5 billion to its top 50 creditors – and one of the creditors has ties to a $6.8 billion pension fund system in Fairfax County, Virginia.
The list of creditors in the bankruptcy filing included the New Finance Income Fund from global asset manager VanEck with a $53 million claim against Genesis.

Detail

【Fairfax County, Virginia, pension Funds exposed to Genesis bankruptcy】Genesis Global Holdco, the parent company of cryptocurrency lender Genesis Global Capital and a sister company of CoinDesk, filed for Chapter 11 bankruptcy protection late Thursday.
Genesis owes over $3.5 billion to its top 50 creditors – and one of the creditors has ties to a $6.8 billion pension fund system in Fairfax County, Virginia.
The list of creditors in the bankruptcy filing included the New Finance Income Fund from global asset manager VanEck with a $53 million claim against Genesis.

Fairfax County, Virginia, pension Funds exposed to Genesis bankruptcy

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Fairfax County, Virginia, pension Funds exposed to Genesis bankruptcy

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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