On July 21, the U.S. Central Command stated on July 20 local time that at 4:00 p.m. Eastern Time that day, the U.S. military began a new round of strikes on Iran as directed by the president. The U.S. Central Command said the operation aims to further degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz.
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US Military Launches New Round of Strikes on Iran
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BTC Surpasses $66,000
Market data shows that BTC has surpassed $66,000, currently priced at $66,007.99, with a 24-hour increase of 3.27%. Due to significant market fluctuations, please ensure proper risk management. -
ChiNext Index Rises Over 7%, Semiconductor Chain Surges
On July 21, the ChiNext index rose over 7%, with the semiconductor industry chain surging across the board. Concepts such as memory chips, CPO, and lithography machines led the gains. Among the constituent stocks, more than 25 stocks, including Sanhuan Group, Beijing Junzheng, Zhongji Innolight, and Jiangbo Long, rose over 10%. -
JPMorgan: South Korean Stock Market Deleveraging Process 75% Complete, Maintains 'Overweight' Rating
JPMorgan pointed out that forced deleveraging driven by leveraged ETFs was the main reason for the recent sharp decline in the South Korean KOSPI index. The institution analyzed that the liquidation of leveraged fund positions, rather than corporate earnings or fundamental deterioration, amplified market volatility. It is estimated that leveraged ETF assets have now shrunk to approximately $26 billion, and the deleveraging process is currently about 75% complete. The corporate fundamentals of the South Korean market remain solid, but strong deleveraging pressures have weighed on stock prices. The institution predicts that stronger regulatory measures by South Korean financial authorities, such as raising basic deposit margin requirements and suspending new listings of single-stock leveraged ETFs, will further promote the deleveraging process. The report also assessed that the leverage of hedge funds is also rapidly decreasing. JPMorgan stated that the scale of long-short positions under hedge fund management has dropped from over 5.5 times net assets to less than 4 times, with deleveraging estimated to be more than half complete. This year, foreign net selling of South Korean stocks is expected to exceed $110 billion, but about 90% of this is concentrated in memory semiconductor stocks. As the weight of memory stocks has recently declined, foreign selling pressure is gradually easing. The bank also remains optimistic about the medium- to long-term outlook. AI investment and data center investment remain solid, a slowdown in memory chip demand has not yet been confirmed, earnings improvements in the industrial, financial, and consumer goods sectors, as well as improvements in corporate governance, are also positive factors for the South Korean stock market. JPMorgan maintains an 'overweight' rating on the South Korean stock market and expects a 12-month target price for the KOSPI index of 12,500 points, consistent with its previous forecast. Its base case target is 12,500 points, bull case is 15,000 points, and bear case is 8,000 points. (Jin10) -
JPMorgan: Korean Stock Market De-leveraging Process 75% Complete, Maintains 'Overweight' Rating
On July 21, JPMorgan pointed out that forced de-leveraging driven by leveraged ETFs was the main cause of the recent sharp decline in South Korea's KOSPI index. The institution analyzed that the liquidation of positions by leveraged funds, rather than deteriorating corporate earnings or fundamentals, amplified market volatility. It estimates that leveraged ETF assets have now shrunk to approximately $26 billion, with the de-leveraging process currently about 75% complete. The corporate fundamentals of the Korean market remain solid, but strong de-leveraging pressures have weighed on stock prices. JPMorgan predicts that stronger regulatory measures by South Korean financial authorities, such as raising the basic deposit margin requirement and suspending new listings of single-stock leveraged ETFs, will further advance the de-leveraging process. The report also assessed that hedge fund leverage is rapidly decreasing. JPMorgan stated that the size of long-short positions under hedge fund management has dropped from over 5.5 times net assets to less than 4 times, estimating that de-leveraging is more than half done. This year, foreign net selling of Korean stocks is expected to exceed $110 billion, but about 90% of that is concentrated in memory semiconductor stocks. As the weight of memory stocks has recently declined, foreign selling pressure is gradually easing. The bank remains optimistic about the medium-to-long-term outlook. AI investment and data center investment remain robust, a slowdown in memory chip demand has not yet been confirmed, and improvements in earnings for the industrial, financial, and consumer goods sectors, as well as improvements in corporate governance, are also positive factors for the Korean stock market. JPMorgan maintains its 'overweight' rating on Korean stocks and expects the KOSPI index's 12-month target price to be 12,500 points, consistent with its previous forecast. Its base case target is 12,500 points, bull case target is 15,000 points, and bear case target is 8,000 points. (Jin10) -
Zhongji Innolight's Hong Kong IPO Plans to Offer Shares at Up to HKD 1,010 Per Share, Raising at Least USD 8 Billion
July 21, according to media reports, Zhongji Innolight's Hong Kong IPO plans to offer shares at up to HKD 1,010 per share, raising at least USD 8 billion. Zhongji Innolight plans to set the issue price on July 27 and list on July 30. -
Sci-Tech Innovation 50 Index Surges Over 10%, Renewing Year's Largest Single-Day Gain
On July 21, the Sci-Tech Innovation 50 Index rose over 10%, refreshing the year's highest single-day gain. Previously, on July 9, 2026, the index recorded a single-day increase of 8.41%. Among its constituent stocks, Goke Micro, Hua Hong Hongli, and China Science Flying Measurement all hit the 20% daily limit-up. (Jin10) -
Tencent Integrates Workbuddy and QClaw Teams
On July 21, according to an internal organizational adjustment notice released by Tencent on July 20, the relevant business and some teams of Tencent's QClaw product center will be adjusted to Cloud Product Six. The QClaw product will continue to operate. QClaw was developed by Tencent's PC Manager team based on OpenClaw and began internal testing in March this year. According to media reports, its user base exceeded several million within a week of launch. Cloud Product Six is the department to which Tencent's other AI office agent, Workbuddy, belongs. Over the past six months, Workbuddy has emerged rapidly. On July 20, the latest '2026 Q2 China Office Agent Platform Market Insight Report' released by Analysys International showed that Tencent WorkBuddy's monthly visits on the domestic PC-side AI-native office agent market exceeded 20 million in June, maintaining a leading market advantage and surpassing the sum of the second and third places. As WorkBuddy quickly becomes a leading AI office product, the positioning and integration direction of multiple Tencent Agent products have attracted much attention. The merger of the QClaw and Workbuddy teams indicates that Tencent's integration of intelligent agent products has entered a new phase. (Leiphone) -
South Korean Won Rises to 1472.1 Against US Dollar, Highest Since May 11
The South Korean won rose to 1472.1 against the US dollar, the highest level since May 11. (Jinshi) -
Japanese Stocks Close Up 3.26%
On July 21, the Nikkei 225 index closed up 2091.07 points, or 3.26%, at 66,232.19 points. -
Bloomberg: BlackRock's South Korea ETF Allocates About a Quarter of Holdings to SK Hynix
According to Bloomberg, the asset management giant BlackRock's iShares MSCI South Korea ETF (EWY) saw net inflows of over $2.8 billion last week, setting a single-week record and far exceeding the $1.2 billion record set in February this year. Approximately 25% of its holdings have been allocated to SK Hynix. Data shows that South Korean investment products attracted a total net inflow of $3.03 billion last week, ranking first globally. During the same period, U.S.-listed emerging market ETFs saw total net inflows of $4.39 billion, the highest since February 27. Among them, equity ETFs absorbed $4.22 billion, while bond funds saw inflows of $164 million.
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