Real-time News

SK Hynix is reportedly considering paying a 0.5% fee on its massive ADR offering.

On July 4th, a team led by Professor Yang Yuchao of the School of Integrated Circuits at Peking University, in collaboration with a team led by Researcher Song Zhitang of the Shanghai Institute of Microsystem and Information Technology, Chinese Academy of Sciences, successfully developed the world's first neurodynamics system-on-a-chip based on phase-change memristors. This breakthrough reduces the single-step latency of such complex calculations to 2.12 milliseconds for the first time. In tasks such as cortical reconstruction, this represents a speedup of 50 to 478 times compared to current advanced graphics processing units (GPUs), overcoming a real-time computing bottleneck that has constrained neurodynamics for half a century. The relevant findings were published in *Science* on the morning of July 3rd.

On July 4, Jiang Lue, spokesperson for the China Coast Guard, stated that the Xiushan frigate flotilla replaced the Daishan frigate flotilla on July 4 and continued its law enforcement patrols in the waters east of Taiwan. Since June, the Daishan frigate flotilla has continuously conducted patrols, verification operations, and fishery protection and rescue operations in the relevant waters to ensure normal navigation and operational order and safeguard the legitimate rights and interests, as well as the lives and property of Chinese fishermen, including compatriots from Taiwan. The China Coast Guard will continue to strengthen law enforcement patrols in waters under its jurisdiction and resolutely safeguard national territorial sovereignty and maritime rights.

July 4th - US President Trump: The US economy is booming! The stock market just recorded its best quarterly performance since my last term. The S&P 500, Nasdaq, and Dow Jones indices all surged, and Americans' 401(k) retirement accounts continued to grow. My tax cuts for working families have put more money in American pockets. The US trade deficit continues to narrow, and exports have hit record highs for several consecutive months. The US is building, producing, and selling at an unprecedented pace. The trillions of dollars in new investment attracted under my administration mean more factories, more jobs, and more opportunities for the American people. This is victory. America's "golden age" has begun, and this is just the beginning!

July 4th - The Fujian Provincial Government recently issued the "15th Five-Year Plan for Digital Fujian," further detailing the development goals and key tasks for the construction of Digital Fujian during the 15th Five-Year Plan period. The plan proposes that by 2030, the province's level of digital and intelligent development will reach a leading position domestically, continuously consolidating its advantages in areas such as market-oriented allocation of data elements, industrial digitalization, digital government construction, and the digital and intelligent development environment, making Digital Fujian a benchmark for the construction of Digital China. Specifically, it aims to achieve an average annual growth rate of over 8% in the added value of the core digital economy industries over the next five years.

July 4th - Q: Could you please explain the main considerations for revising the E-commerce Law? A: First, it's necessary to promote win-win development for platform enterprises and operators/workers within the platforms. Second, it's necessary to maintain a fair and competitive market environment. E-commerce platform operators are important participants in online market governance, possessing the dual attributes of operators and managers. It's necessary to revise the E-commerce Law to improve the legal liability system for platforms, solidify their primary responsibilities, encourage them to strengthen compliance, and drive related business entities to jointly create a healthy online market environment. Third, it's necessary to promote high-quality economic development. A standardized and orderly market order is an important guarantee for the healthy development of various business entities in the platform economy. It's necessary to revise the E-commerce Law to improve the regulatory mechanism, enhance regulatory methods, and strengthen regulatory effectiveness from a legislative perspective, guiding various business entities in the platform economy to shift from "traffic-first" to "innovation-driven," and from "price-driven" to "quality-driven," better promoting the development of new productive forces and serving the overall high-quality development strategy. Fourth, it's necessary to expand high-level opening-up. E-commerce is one of the key areas for steadily expanding institutional opening-up and holds an important position in global digital economy competition. It is necessary to amend the E-commerce Law to improve and add provisions on open cooperation, industry self-regulation, countermeasures against foreign countries, consultation and dispute resolution, so as to further expand the opening up of the e-commerce sector and create a favorable legal environment for the orderly overseas expansion of my country's e-commerce.

On July 4th, SemiAnalysis, a leading research firm specializing in semiconductor and AI infrastructure, published an article stating that the proportion of memory in hyperscale data center capital expenditures has sparked considerable discussion, especially after Micron Technology's earnings report last week. Some market participants are alarmed by how high this proportion might be next year. The firm stated that after releasing its initial views at the end of February, many clients questioned its 30% figure: "Memory only accounts for a dozen percentage points of the server BOM. How can overall capital expenditure be so high?" In May, after prices rose even faster than expected, SemiAnalysis directly responded that, combining DRAM, NAND, and HBM, memory expenditures in Nvidia systems will exceed 30% by the end of 2026 and surpass 40% in 2027. The firm expects the market to gain a fuller understanding of this trend in the coming months.

Claude: We are investigating anomalous errors occurring in multiple models.

Conflict Update: 1. Ukraine reports 30 deaths in attack on Kyiv. 2. Russia reports 5 deaths and 18 injuries in Ukrainian attack on Zaporizhye. 3. Putin announces Russian forces have "completely liberated" Luhansk. 4. Russian Ministry of Defense claims control of Oleksandrivka in Ukraine. 5. Russian Ministry of Defense: Over the past week, Russian forces destroyed numerous Ukrainian military industrial facilities, energy and logistics facilities used by the Ukrainian military, as well as Ukrainian military airfields and ammunition depots. 6. Ukraine's Security Service: Drones attacked two Russian military airfields in Crimea. Preliminary information indicates at least seven fighter jets were damaged in the attack. Other Updates: 1. Russia increases refinery subsidies in June to address fuel shortages. 2. Zelensky calls for Patriot missile production in Ukraine. 3. Poland says it will carefully consider making new financial support commitments to Ukraine. 4. NATO senior commander: Europe has largely filled the gap left by US military reductions. 5. NATO plans to pledge €70 billion in military aid to Ukraine in 2026 and “at least the same level” of support in 2027.

On July 4th, the Russian Ministry of Defense released a war report on July 3rd, indicating that in the week between June 27th and July 3rd, in response to Ukrainian attacks on Russian civilian targets, Russian forces destroyed multiple Ukrainian military industrial facilities, energy and logistics facilities used by the Ukrainian military, as well as Ukrainian military airfields and ammunition depots. The Security Service of Ukraine reported on July 3rd that its drones struck two Russian military airfields in Crimea. Preliminary information indicates that the attacks damaged at least seven aircraft. As of now, Russia has not responded to this news.

European Commission President Ursula von der Leyen: Europe is facing a housing crisis. We plan to establish a "European Housing Union" and hold a high-level summit on European housing issues.

Kremlin spokesman Dmitry Peskov: The Russian Federation has completely liberated Konstantinovka (located in the central Donetsk region of eastern Ukraine).

July 4th - A Reuters survey showed that OPEC crude oil production rebounded sharply in June, increasing by approximately 3.3 million barrels per day to 19.43 million barrels per day, a significant rebound from the more than two-decade low reached in May, but still far below quota levels. This production increase was mainly driven by the resumption of supply from Gulf countries, with Kuwait seeing the largest increase, followed by Iran, Saudi Arabia, and Iraq. Nigeria and Libya also saw slight increases in production. The UAE withdrew from OPEC on May 1st and is no longer included in the statistics. The report noted that the previous war with Iran and the de facto blockade of the Strait of Hormuz had caused supply disruptions, but the subsequent lifting of restrictions on ships at Iranian ports by the United States helped to restore some production. Although OPEC+ had planned to increase production in June, it could not be fully implemented due to the war. Overall, global crude oil supply is recovering, but has not yet returned to normal levels.

Iranian Parliament Speaker Ghalibaf: The United States must "accept the established realities in the trade arena."

Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.

On July 4th, Labour politician Andy Burnham stated that if he succeeds Starmer as Prime Minister, he will not dissolve Parliament early and call a new general election. Instead, he will continue to implement Labour's campaign promises from the 2024 general election, including maintaining the triple lock on pensions. He also outlined several policy positions: advocating for stronger regulation in the public service sector, even considering nationalization in some industries; supporting further improvements in UK-EU relations; willing to negotiate with countries including Afghanistan to repatriate rejected asylum seekers; supporting electoral reform; ensuring adequate funding for defense investment programs; and explicitly stating continued firm support for Ukraine. If the party nomination proceeds smoothly and without competition, he could become Labour leader in mid-July and subsequently become Prime Minister.

July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81%, the Shanghai Silver futures contract rose 1.61%, and the SC crude oil futures contract fell 0.16%.

July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81% to 913 yuan/gram, the Shanghai Silver futures contract rose 1.61% to 15,294 yuan/kilogram, and the SC Crude Oil futures contract fell 0.16% to 438 yuan/barrel.