上证综指上涨0.4%，收于3517点，而深证成分股周五上涨1.4%，收于10874点，内地股市在汽车行业的支持措施和人工智能驱动股票的重新乐观情绪的推动下创下数月新高。与人工智能相关的股票上涨1.8%，信息技术板块上涨2.2%，达到四个月高点，受英伟达将增加对中国H20芯片供应的消息提振。在官员们发誓要遏制电动汽车市场的激烈竞争和价格战后，汽车股也上涨了1.7%。与此同时，花旗分析师将中国股市的评级上调至增持，指出盈利前景更好，估值公平，以及包括人工智能和公司治理改善在内的关键增长主题。在最新的贸易新闻中，美国总统特朗普软化了对中国的立场，以确保与Xi举行峰会并达成贸易协议，在持续的贸易担忧中，将重点从强硬言论转移到快速购买协议。

The Shanghai Composite rose 0.4% to close at 3,517 while the Shenzhen Component jumped 1.4% to 10,874 on Friday, with mainland stocks hitting multi-month highs on the back of supportive measures for the auto industry and renewed optimism in AI-driven stocks. AI-linked stocks rose 1.8% and the info tech sector jumped 2.2% to a four-month high, lifted by news that Nvidia will boost H20 chip supply to China. Auto shares also climbed 1.7% after officials vowed to curb aggressive competition and price wars in the EV market. Meanwhile, Citi analysts raised their rating on China equities to overweight, pointing to better earnings prospects, fair valuations, and key growth themes including AI and corporate governance improvements. In the latest trade news, US President Trump has softened his stance on China to secure a summit with Xi Jinping and a trade deal, shifting focus from tough rhetoric to quick purchase agreements amid ongoing trade concerns.

中国表示芬太尼问题在于美国自身。墨西哥也在争论同样的说法，但特朗普将继续做他想做的事。如果在贸易/关税方面有施压的空间，他将尽其所能。

China says problem with fentanyl issue lies with the US itself.It's the same narrative that Mexico is arguing as well but Trump will continue to do what he wants. If there is room to pressure on trade/tariffs, he'll use whatever avenue he can.

国家统计局周四公布的数据显示，中国16至24岁青年失业率（不包括大学生）从上个月的14.9%降至2025年6月的14.5%，为2024年6月以来的最低水平。与此同时，6月份全国调查失业率保持在5%的六个月低点，与市场共识相符。在与美国持续的贸易紧张局势和青年失业率上升的情况下，北京最近推出了新的就业稳定措施。为了缓解劳动力市场的压力，国务院宣布地方政府将提高失业保险退款率，将小企业的退款率从之前的60%提高到90%，将大企业的退税率从30%提高到50%。面临运营困难的公司也可能申请推迟支付养老金、失业和工伤保险计划。

China’s youth jobless rate for 16- to 24-year-olds, excluding college students, fell to 14.5% in June 2025 from 14.9% in the previous month, marking the lowest reading since June 2024, according to data from the National Bureau of Statistics released Thursday. Meanwhile, the surveyed jobless rate in the country held at a six-month low of 5% in June, matching market consensus. Beijing recently introduced new employment-stabilization measures amid ongoing trade tensions with the U.S. and elevated youth unemployment. To ease pressure on the labor market, the State Council announced that local governments will increase unemployment insurance refund rates, raising them to 90% for small firms (from the prior 60%) and 50% for large firms (from 30%). Companies grappling with operational difficulties may also apply to defer payments to pension, unemployment, and workplace injury insurance schemes.

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China’s cabinet on Wednesday pledged to contain "irrational" competition in the electric vehicle (EV) sector, vowing stronger cost investigations and price monitoring, according to state broadcaster CCTV. Chaired by Premier Li Qiang, the meeting addressed concerns over a two-year price war in the world's largest auto market. The cabinet promised short- and long-term steps to foster high-quality growth, though details were limited. Automakers were urged to honor supplier payment terms, with support for innovation and quality upgrades. Regulators warn that cutthroat pricing could threaten the industry’s sustainability. Separately, the cabinet unveiled plans to spur domestic consumption by easing restrictions on household spending and improving its consumer goods trade-in program.