China International Capital Co said markets began to wobble in mid‑May and
staged a partial recovery in early June but remain below prior peaks. Hot
thematic sectors show high cumulative gains and crowding, and style rebalancing
has gained traction. Internationally, transit through the Strait of Hormuz has
eased crude supply disruption and pushed WTI toward about $70/bbl, easing upward
pressure on global inflation; however Kevin Warsh's policy stance continues to
intermittently influence US monetary expectations. Domestically, the A‑share
market is entering interim‑results season; stronger July–August results are
expected to support indices, CICC says prior volatility and rapid style rotation
may be waning, and interim earnings should progressively become the main
investment focus.
