Next week's major events: China inflation data, Federal Reserve meeting minutes, SK Hynix US stock debut, Zhipu MiniMax unlocking.

**Overview of Major Financial Events for the Week of July 5th to July 13th (All Times Beijing Time):** **Key Focus for Next Week:** **Macroeconomic Data and Policy:** On July 9, China’s June CPI and PPI data will be released, with the market watching whether the “K-shaped divergence” in prices continues. The same day, the Federal Reserve will release minutes from the June FOMC meeting, the first presided over by new Chair Waller, with half of the committee having forecasted a rate hike this year. Whether the minutes confirm the hawkish tone will directly affect global asset pricing. In addition, the US will hold hearings on imposing tariffs on 60 countries, which adds uncertainty to global trade friction. According to Saudi media, the next round of US-Iran talks will be held on the 11th in Pakistan. **Capital Markets:** Zhipu, MiniMax, and TianShu Zhixin face over 85 billion HKD in IPO lock-up expiries, putting AI unicorn scarcity premiums to the test for the first time. Major IPOs from Luxshare Precision, Sanhuan Group, and others will also debut in Hong Kong, putting liquidity under pressure. SpaceX will be added to the Nasdaq 100 at record speed, and SK Hynix ADR will be listed in the US at a record scale. New A-share trading rules take effect, expanding ST stock price limits to 10%, subtly changing market ecology. US earnings season kicks off while A-share interim results are released in quick succession. **Technology Industry:** The annual Sun Valley Summit gathers giants like Apple’s Cook, Amazon’s Bezos, Meta’s Zuckerberg, and OpenAI’s Altman, but Musk and Nvidia’s Jensen Huang are noticeably absent. Europe’s first physical AI summit, MACHINA, convenes in Paris on July 7. China will host embodied intelligence/robotics conventions where mass production plans for companies like Tesla, UBTECH, and Zhiyuan may be disclosed. In aerospace, the Suzaku-3 rocket is expected to launch again at Jiuquan on July 9 to validate vertical recovery technology, while the inaugural Long March 10B launch, targeting July 10-13, aims to demonstrate the world’s first offshore net recovery system in Wenchang. --- ## Economic Indicators - **China June CPI (YoY)** China’s June CPI and PPI will be released on July 9. Zheshang Securities’ Li Chao and others expect the K-shaped price divergence to continue, with industrial goods outpacing consumer goods. June CPI is forecast to rise 1.1% YoY, and PPI is seen up 4.1% YoY, both 0.2 percentage points higher than the previous month. - **China June Financial Data and Forex Reserves** On July 7, China’s June forex reserves will be published. The central bank has increased its gold holdings for 19 months in a row. The latest financial data is expected the week of July 9. According to Zheshang Securities, financial data may be a weak spot in June’s macro indicators, with a slowdown in credit expansion and capital utilization. New RMB loans are expected at 2 trillion yuan, and new aggregate financing at about 2.89 trillion yuan. --- ## Financial Events - **Sun Valley Annual Summit: OpenAI, Apple, Meta CEOs Attend, Musk and Huang Absent** The annual Allen & Co. Sun Valley Conference will be held July 7-10 in Sun Valley, Idaho. Known as the “billionaires’ summer camp,” this event gathers top tech giants, media moguls, and AI leaders for several days of high-level closed-door talks. According to Variety, Apple CEO Tim Cook, Amazon’s Bezos, Meta’s Zuckerberg, and OpenAI’s Altman will all attend, along with newcomers such as Disney’s new CEO D’Amaro and Apple’s incoming chief John Ternus. Notably, Elon Musk and Nvidia’s Jensen Huang are absent this year. - **US Trade Representative’s Hearing to Discuss Tariffs on 60 Economies** The US Trade Representative’s Office (USTR) will hold a public hearing on July 7 to discuss imposing additional tariffs on 60 economies. According to Xinhua Finance, the plan is based on findings from a Section 301 investigation, citing “failure to ban imports made with forced labor,” and contemplates 10% or 12.5% tariffs. - **Saudi Media: Next Round of US-Iran Talks Set for the 11th in Pakistan** Xinhua reports, citing Saudi’s Al Arabiya TV, that a new round of talks between the US and Iran is scheduled for the 11th in Pakistan. - **Zhipu, MiniMax, and TianShu Zhixin First Batch HK IPO Lock-up Expiry** Zhipu and MiniMax will each see the first HK IPO lock-up shares released July 8-9, together worth over 85 billion HKD; MiniMax’s expiry is particularly large, comprising 34–63% of its total shares. Morgan Stanley has warned that both have very small free floats and high liquidity premiums, so the expiry reverses supply-demand dynamics for the first time, putting scarcity premiums to a severe test. Separately, TianShu Zhixin’s first locked cornerstone shares in HK will also be released around July 8. - **OpenAI Plans to Release GPT-5.6 on July 7** According to Xinzhiyuan, OpenAI will release GPT-5.6 on July 7, coinciding with the expiry of the Claude Fable 5 limited plan. Leaked code shows GPT-5.6 includes three submodels (Sol, Terra, Luna) and a “speed dial” function. Internal tests show GPT-5.6 outperforms Fable 5 in efficiency and response speed, and at a more competitive price—Sol Ultra may match Fable 5 performance at a lower cost. - **Federal Reserve To Release Monetary Policy Meeting Minutes** On July 9 (Thursday), the Fed will release minutes of the June FOMC, Waller’s first as chair. The June dot plot showed half of committee members expect at least one hike this year. Markets are watching to see whether the minutes confirm this hawkish bias or show further support for a hike scenario. Notably, Waller has reformed the communication mechanism, so these minutes may be briefer and more concise. Additionally, July 9-10, FOMC permanent voter Williams and 2026 voter Logan will speak. Deutsche Bank notes this is a very light speaking calendar; historically such “quiet periods” often precede monetary policy turning points, so investors should be cautious. Fed officials have remained unusually silent since the June meeting, which has attracted intense market attention. - **NATO Summit to Be Held July 7-8** The NATO summit will be held July 7-8 in Ankara, Turkey. According to CCTV News, the US has, on its own, set the tone for a “very successful” summit, but in reality, US-European rifts over NATO defense remain significant. - **South Korea Parliament Starts Regulatory Review: Focus on Single-Stock Leveraged ETF Oversight** South Korea’s Democratic Party will hold an internal closed meeting on July 6 to discuss capital market reforms, focusing on single-stock leveraged ETF regulation. After listings for Samsung Electronics and SK Hynix leveraged ETFs ballooned in size, some have blamed these for increasing volatility and harming individual investors. - **Starmer Says UK Labour Party Leadership Election Starts July 9** According to Xinhua, UK PM Starmer announced on the 22nd that the Labour Party’s leadership election will start July 9, with the nomination process beginning on that day and set to finish before Parliament’s summer recess. The new leader will be in place before Parliament reconvenes in September. - **ECB President Lagarde to Attend EU Finance Minister Meeting, Won’t Rule Out Early Resignation** Lagarde has said she doesn’t rule out ending her term early to participate in French politics should macro uncertainty subside. ECB’s weekly agenda shows Lagarde will attend both the July 9 Eurozone finance minister meeting and the broader EU finance minister meeting the next day—a rare arrangement since ECB vice presidents usually attend. - **Europe’s First Physical AI Summit - MACHINA Summit** MACHINA Summit will be held July 7 in Paris, the first dedicated European summit for physical AI/embodied intelligence, and the highest-level overseas robotics/humanoid robot event of July. - **China Internet Conference, Robotics Expo, Auto Expo** The 25th China Internet Conference will be held July 8-10 in Beijing. The 23rd Changchun International Auto Expo will be held July 11-20. The 2026 China (Nanjing) Embodied Intelligence Robot Industry Expo will be held July 10-12 in Nanjing, with Tesla, UBTECH, Zhiyuan etc. expected to disclose volume production and component tenders. The 2026 ‘Robotics+’ Innovation Development Conference will be July 11-13 in Jining, Shandong, featuring the release of the ‘Robotics+’ application scenarios white paper. - **OPEC+ Meeting** OPEC says seven OPEC+ countries will meet next on July 5. - **Suzaku-3 Rocket Expected to Launch Again at Jiuquan on July 9** According to National Business Daily, Suzaku-3 is expected to launch again at Jiuquan July 9 to validate land-based vertical recovery technology (official time to be announced). - **Long March 10B Inaugural Test Flight Targeted for July 10-13** National Business Daily, citing media reports, says the first flight of China’s heavy recoverable rocket Long March 10B is expected July 10-13, testing the world’s first offshore net recovery technology in Wenchang. At the same time, Suzaku-3 will attempt another booster re-entry recovery. --- ## Earnings & IPO Calendar - **SK Hynix US ADR Tentatively Listed on Nasdaq July 10** According to Yonhap, Korean semiconductor giant SK Hynix is tentatively scheduled to list its US ADR on Nasdaq July 10. The company will issue up to 45.45 trillion won (ca. RMB 200.1 billion) in ADRs, rivaling Alibaba’s then-record $25 billion IPO. - **MLCC Leader Sanhuan Group Expected to List in Hong Kong July 9** According to its HKEx filing, Chaozhou Sanhuan Group will offer up to 71 million shares at no more than HKD 100.30 each, expecting to list July 9. Separately, Qiyunshan Foods will list 25 million shares in HK at HKD 5–8 each, also expected July 9. - **Luxshare Precision Expected to List in Hong Kong July 9** Apple’s key supplier Luxshare Precision began its H-share global offering June 30, offering around 383.5 million shares at up to HKD 63.28 each, with a net raise of HKD 24 billion (about $3.1 billion), and expects to list July 9. This is Luxshare’s first return to the HK market since debuting on Shenzhen in 2010, and one of the most significant tech IPOs in Hong Kong this year. - **Nasdaq: SpaceX Will Be Included in Nasdaq 100 on July 7** Musk’s SpaceX is one of the fastest entrants ever to the Nasdaq 100 index, attracting a new wave of passive investors less than a month after its record-setting IPO debut. Nasdaq announced that index funds and products will start buying SpaceX stock after close July 6, with official index inclusion premarket July 7; SpaceX will enter the index with a weight of less than 1%. - **New A-Share Trading Rules Effective July 6, ST Stock Price Limits Raised to 10%** From July 6, the Shanghai and Shenzhen bourses will adjust trading rules: optimized close auction mechanism, expanded use of post-close fixed-price transactions, and ST stock price limits on the main board raised to 10%. - **South Korea to Launch 24-Hour Forex Trading** From July 6, Korea will implement round-the-clock won trading, the biggest foreign-exchange control deregulation in decades and a key step toward an MSCI developed market upgrade. But timing is delicate: the won is at a 17-year low, down over 6% YTD. Korea’s economic structure is shifting from net capital inflow to net outflow, with the national pension fund boosting overseas allocation and foreign investors exiting Korean stocks—24-hour trading may increase forex volatility. - **Kingsoft Cloud: AI Compute Service Price Hikes by 15%-50%** Kingsoft Cloud: AI compute-related product/service prices will increase 15%-50% effective 00:00 July 12, 2026 Beijing time. - **US Q2 Earnings Start, A-share Interim Reports Approaching Fast** July brings a wave of interim results forecasts and releases. Deadline for mandatory interim forecasts: before July 15, for main board companies with a loss, a swing to profit, or a YoY change of ±50%. Next week, companies like Fast Retailing, PepsiCo, and Delta Air Lines will report, starting the US Q2 earnings season. From July 9, overseas giants will also see a peak in result announcements. --- Risk Disclosure and Disclaimer The market has risks; investment requires caution. This article does not constitute personal investment advice and does not consider individual users’ specific investment objectives, financial circumstances, or needs. Users should consider whether any opinions, views, or conclusions herein are appropriate to their circumstances. Investment based on this information is at your own risk.