On July 7, according to CCTV, Denmark's Maersk Shipping Group announced on the 6th that it will collaborate with Germany's Hapag-Lloyd to establish the 'Gemini' cooperation network, allowing some of its vessels to resume using the Suez Canal route. Initially, major global shipping companies chose to reroute around the African continent to avoid the Red Sea, Bab-el-Mandeb Strait, and Suez Canal starting in November 2023. This decision was prompted by the outbreak of a new round of conflict between Israel and Palestine, as the Houthi forces in Yemen launched attacks on vessels associated with Israel in the Red Sea and Gulf of Aden, forcing shipping companies to avoid the Suez Canal.
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Two Major Shipping Giants Resume Suez Canal Routes
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China's Central Bank Increases Gold Reserves for the 20th Consecutive Month
As of the end of June, China's gold reserves stood at 75.44 million ounces (approximately 2,346.446 tons), an increase of 480,000 ounces (about 14.93 tons) from the end of May, which reported 74.96 million ounces (approximately 2,331.52 tons). This marks the 20th consecutive month of gold accumulation. -
China's Foreign Exchange Reserves in June at $341.6262 Billion
On July 7, China's foreign exchange reserves for June stood at $341.6262 billion, a decrease of $26 billion from the end of May, representing a decline of 0.75%, with expectations set at $343.2 billion. -
U.S. Storage Stocks Drop Pre-Market, SanDisk and Micron Down Over 4%
On July 7, U.S. storage concept stocks collectively fell in pre-market trading. Western Digital dropped over 5%, SanDisk and Micron Technology fell over 4%, Seagate Technology declined over 3%, Rambus fell over 2%, and SMI fell over 1%. -
U.S. Stocks in Optical Communication Sector Drop Pre-Market
On July 7, stocks in the optical communication sector of the U.S. market collectively fell pre-market. Astera Labs dropped over 4%, while Marvell Technology, Credo Technology, and AXT Inc. fell more than 3%. Tower Semiconductor, MaxLinear, Corning, Applied Optoelectronics, GlobalFoundries, Lumentum, and Qorvo all declined by more than 2%. Coherent, Nokia, Amphenol, and Broadcom dropped over 1%. -
Pre-market Decline in U.S. Storage Stocks
In pre-market trading, U.S. storage concept stocks experienced a widespread decline, with Micron Technology falling by 4.8%, SanDisk dropping over 4%, Corning down more than 2%, and Intel decreasing by over 3%. -
Two Departments: Support for Reinsurance Institutions to Increase Capital and Issue Supplementary Capital Tools
On July 7, the National Financial Supervision and Administration Bureau and the Shanghai Municipal Government released several measures to accelerate the construction of the Shanghai International Reinsurance Center. Among these measures, they proposed to enhance the quality and efficiency of the reinsurance industry, support reinsurance institutions in increasing capital and expanding shares, and issuing supplementary capital tools to improve the capacity for internal capital accumulation and external capital supplementation, thereby strengthening the reinsurance industry's capabilities. The initiative aims to guide the insurance industry to focus on major national projects, strategic emerging industries, and livelihood security, consolidating insurance and reinsurance underwriting capabilities to enhance risk protection levels. It also supports reinsurance institutions in leveraging their professional technical advantages to assist the insurance industry in reducing risk. -
Sources: Saudi Arabia Plans to Expand Oil Pipeline to Red Sea, Increasing Capacity by 2 Million Barrels Daily to Bypass Strait of Hormuz
On July 7, five informed sources revealed that Saudi Arabia is considering expanding the crude oil pipeline capacity to its western coast on the Red Sea, allowing Saudi Arabia and its neighbors to transport more oil without passing through the Strait of Hormuz. This east-west pipeline, built in the early 1980s, has gained strategic importance since the outbreak of the Iran war in February and the disruption of shipping in the Strait of Hormuz. The pipeline can deliver up to 7 million barrels of crude oil per day to the Red Sea port. The CEO of Saudi Aramco stated in May that approximately 2 million barrels are supplied to west coast refineries, while about 5 million barrels are for export. Sources indicate that Saudi Arabia is in preliminary discussions with some neighboring countries regarding the pipeline expansion, aiming to add about 2 million barrels of pipeline capacity per day. It remains unclear whether Aramco's planned expansion involves upgrading existing infrastructure or constructing new pipelines. One source mentioned that the expansion plan also includes a smaller refined oil pipeline. Two sources indicated that the expansion scale could range from 1 million to 2 million barrels per day, with refined oil also being considered. Another source stated that the project would take several years and cost billions of dollars, requiring adjustments to Saudi crude pricing mechanisms. -
Citi: Tencent's WorkBuddy Gains Momentum, Maintains 'Buy' Rating
On July 7, Citi released a research report stating that, according to the latest industry data, Tencent's AI agent product WorkBuddy has reached 20 million monthly active users (MAU) and over 13 million daily active users (DAU), with a DAU/MAU ratio between 65% and 75%. Considering the product has only been launched for a few months, user stickiness and daily engagement are performing strongly. Citi quoted Tencent's management as saying that in terms of daily active users, Tencent is leading its Chinese peers in the deployment of AI agents. Early user data reflects strong natural growth for both CodeBuddy and WorkBuddy, with high retention rates. Early users are interacting with the AI agents for long durations and with high frequency, creating a positive feedback loop. It is expected that AI products will become a key revenue source for Tencent Cloud. The firm believes that WorkBuddy's success demonstrates the strength of Tencent's ecosystem, the synergy between various productivity tools, and users' trust in Tencent's products and security. Citi maintains a 'Buy' rating on Tencent with a target price of HKD 763 unchanged. -
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Japanese and South Korean Stock Markets Decline, KOSPI Triggers Second Circuit Breaker
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