上证综指上涨0.7%，收于3535点，而深证成分股周五上涨0.4%，收于10914点。随着北京方面对价格战的打击提振了市场情绪，内地股市延续涨势，创下数月新高。上证指数和深证指数也分别上涨0.7%和2%，连续第四周上涨。中国最高领导人誓言要遏制激进的降价以对抗通货紧缩，瑞银预计未来将对“内卷化”竞争进行更广泛的打击。与国有企业主导的2015-16年周期不同，分析人士警告称，这一努力可能面临更复杂的协调。此外，内阁誓言要加强对电动汽车行业的监管，针对不合理的定价和成本压力。然而，美国对中国石墨征收93.5%反倾销关税的消息限制了涨幅，加剧了人们对电动汽车供应链中断的担忧。在企业方面，涨幅最大的包括现代安培（2.2%）、中基（2%）、诺拉（1.9%）和江苏（1.8%）。

The Shanghai Composite rose 0.7% to close at 3,535, while the Shenzhen Component added 0.4% to 10,914 on Friday, with mainland stocks extending gains to reach fresh multi month highs as Beijing’s crackdown on price wars boosted sentiment. Both the Shanghai and Shenzhen indexes also advanced 0.7% and 2%, respectively, notching fourth straight weekly rise. China’s top leaders vowed to curb aggressive price-cutting to combat deflation, with UBS expecting a broader crackdown on “involution” competition ahead. Unlike the 2015–16 cycle led by SOEs, analysts warn this effort may face more complex coordination. In addition, the cabinet vowed to tighten oversight of the EV sector, targeting irrational pricing and cost pressures. However, gains were capped by news of a 93.5% U.S. anti-dumping tariff on Chinese graphite, fueling concerns over EV supply chain disruptions. On the corporate side, top gainers included Contemporary Amperex (2.2%), Zhongji (2%), Naura (1.9%), and Jiangsu (1.8%).

在中国，上海综合指数周五上涨18点，涨幅0.50%。涨幅最大的是内蒙古包头钢铁（5.97%）、北汽蓝园（1.91%）和中国国际（1.64%）。亏损最大的是中国铁路（-2.26%）、中国太平洋保险（-1.85%）和隆基绿色（-1.17%）。

In China, the Shangai Composite Index went up by 18 points or 0.50 percent on Friday. Top gainers were Inner Mongolia BaoTou Steel (5.97%), BAIC BluePark (1.91%) and China International (1.64%). Biggest losses came from China Railway (-2.26%), China Pacific Insu (-1.85%) and LONGi Green (-1.17%).

北京证实美国已采取措施批准英伟达H20 GPU向中国销售。希望美国能与中国合作，相向而行。合作共赢是正确的道路。希望美国能继续取消对中国的不合理贸易限制。如果你错过了之前的报道。英伟达火车继续前行。

Beijing confirms US has taken initiatives to approve Nvidia H20 GPU sales to China.Hopes US can work with China, meet each other half way A win-win cooperation is the right path Hopes US can continue to cancel unreasonable trade restrictions on China In case you missed the earlier report here. And the Nvidia train marches on.

上证综指上涨0.4%，收于3530点以上，而深证成分股周五上涨0.4%，至10920点，内地股市在持续的人工智能驱动乐观情绪的支撑下继续上涨，创下数月新高。这两个指数也有望连续第四周上涨。美国总统特朗普软化了对中国的言辞，提振了达成潜在贸易协议的希望。强劲的美国经济数据也提振了市场情绪，包括零售销售反弹和优于预期的失业救济申请，以及乐观的企业盈利。人工智能相关股票领涨，上涨1.3%，创四个月新高，受英伟达恢复H20芯片出货以及台积电上调其对人工智能芯片需求旺盛的全年展望后台湾的乐观情绪提振。涨幅最大的股票包括现代安培（1.6%）、中基（5.9%）和Eoptolink（3%）。现在，人们的注意力转向了中国人民银行本周晚些时候的最新贷款最优惠利率决定，预计不会有任何变化。

The Shanghai Composite rose 0.4% to above 3,530, while the Shenzhen Component added 0.4% to 10,920 on Friday, as mainland stocks extended gains to hit fresh multi-month highs, supported by ongoing AI-driven optimism. Both indexes are also on track to post their fourth consecutive weekly gain. US President Trump softened his rhetoric toward China, boosting hopes for a potential trade deal. Sentiment was also lifted by strong US economic data, including a rebound in retail sales and better-than-expected jobless claims, as well as upbeat corporate earnings. AI-related stocks led the charge, up 1.3% to a four-month high, buoyed by Nvidia’s H20 chip shipment resumption and optimism spreading from Taiwan after TSMC raised its full-year outlook on booming AI chip demand. Top gainers include Contemporary Amper (1.6%), Zhongji (5.9%), and Eoptolink (3%). Attention now turns to PBOC's latest loan prime rate decision later this week, with expectations for no change.