Beijing released the Digital Economy Development Report (2025–2026). The city’s digital economy value exceeded 2.4 trillion yuan in 2025, up 8.7% YoY and equal to 46.4% of GDP. Beijing ranked second in a global digital-economy benchmark cities index with a score of 0.770. Beijing’s AI leadership consolidated: the 2025 AI core industry was roughly 450 billion yuan, the city hosts over 2,500 related firms, and 225 large models were registered as of April 2026; model innovation and industry applica

Egypt central bank: M2 money supply rose 19.6% YoY in May.

Industrial Securities says as July ushers in the U.S.-China earnings season, relative sector momentum and relative earnings revisions remain the primary allocation signals. Sectors with strong consensus on AI compute and upstream materials — notably non-ferrous metals, chemicals and fiberglass tied to AI demand — could re-enter reallocation after earlier overseas-driven volatility as Chinese 1H earnings previews arrive. Several companies in memory/storage, fiber-optic cable, liquid cooling and specialty electronic gases have issued strong 1H previews, confirming high Q2 AI-chain momentum; further previews from leading firms could be stronger catalysts. For the North American compute chain (represented by optical comms and PCB), the prior compute rally narrowed into storage and has fallen more sharply recently under overseas pressure; the A-share valuation gap between North America-linked compute leaders and domestic compute leaders has retraced to June last-year levels, a configuration signal to watch. Ahead of the U.S. earnings wave in mid-late July, the market may seek domestic low-base, quality sectors for catch-up, notably the lithium battery supply chain, innovative drugs, brokerages, agrochemicals, refining & petrochemicals, and poultry (broilers).