ADNOC said it will consolidate the LNG marketing operations of ADNOC Gas and XRG under ADNOC Trading to create a unified, integrated commercial platform.

Henan provincial government office issued new measures to boost private investment, actively promoting infrastructure REITs issuance. As infrastructure REIT issuance becomes regular, the plan encourages private capital to help unlock high-quality existing assets and supports eligible private investment projects issuing infrastructure REITs, including exploring a step-by-step listing/issuance model. The measures also push commercial real estate REITs issuance to help private firms broaden equity financing, optimize balance sheets and mobilize existing commercial property stock.

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).