Next week's key agenda: China inflation data, Fed meeting minutes, SK Hynix's US stock debut, Zhipu MiniMax unlocking.

Major Economic Events for the Week of July 5 - July 13, all times Beijing time:

Key Focus Next Week:

On Macro Data and Policy, China's June CPI and PPI will be released on July 9, with the market watching whether the "K-shaped divergence" in prices will continue. On the same day, the Fed will release the minutes of its June FOMC meeting, the first meeting chaired by new Chair Walsh, with half of the committee already expecting a rate hike this year. Whether the minutes confirm a hawkish tone will directly impact global asset pricing. Additionally, the U.S. will hold hearings on imposing tariffs on 60 countries, a new variable in trade frictions that cannot be ignored. Saudi media reported that a new round of U.S.-Iran talks will be held in Pakistan on July 11.

On Capital Markets, Zhipu, MiniMax, and Tiantian Zhixin face a combined lock-up expiration of over HKD 85 billion, testing the scarcity premium of AI unicorns for the first time. Major IPOs such as Luxshare Precision and Three Circle Group will simultaneously debut in Hong Kong, straining market liquidity. SpaceX will be rapidly added to the Nasdaq 100, and SK Hynix ADRs will list in the U.S. at a record size. New A-share trading rules take effect, widening the price limit for ST stocks to 10%, subtly changing the market ecosystem. The U.S. stock Q2 earnings season kicks off, and A-share interim reports are due.

On Technology Industry, the Sun Valley annual summit gathers tech giants including Apple's Cook, Amazon's Bezos, Meta's Zuckerberg, and OpenAI's Altman, but the absences of Musk and Huang Renxun are notable. Europe's first physical AI summit, the MACHINA Summit, will be held in Paris on July 7, alongside the domestic Embodied Intelligent Robot Conference. Tesla, Ubisoft, and Zhiyuan are expected to disclose production timelines. In aerospace, the Zhuque-3 Y2 is expected to launch again from Jiuquan around July 9 to test vertical recovery technology, and the Long March 85B's maiden flight test is targeting July 10-13 at Wenchang to validate the world-first "Maritime Network Recovery" technology.

Economic Indicators

• China June CPI YoY

China's June CPI and PPI will be released on Thursday, July 9. Zhang Chao of Zhejiang Securities and others expect June prices to continue a "K-shaped divergence," with industrial goods prices stronger than consumer goods. They forecast June CPI growth of 1.1% YoY and PPI growth of 4.1% YoY, up 0.2 percentage points from last month.

• China June Financial Data, Foreign Exchange Reserves

On July 7, China's June foreign exchange reserves will be announced. The People's Bank of China has increased its gold holdings for 19 consecutive months.

The week of July 9, China's latest June financial data is expected to be released. Zhejiang Securities expects the financial data could be a weak link in June's macro data, with credit expansion and fund activation slowing. They forecast new RMB loans of 2.0 trillion yuan in June and new social financing of about 2.89 trillion yuan.

Financial Events

• Sun Valley Annual Summit: CEOs of OpenAI, Apple, Meta Attend; Huang Renxun and Musk Absent

The annual Allen & Company Sun Valley Summit is expected to be held July 7-10 in Sun Valley, Idaho. This gathering, known as the "Billionaire Summer Camp," brings together top tech giants, media magnates, and AI leaders for several days of high-level closed-door communication and deal-making.

According to a list obtained by Variety, Apple CEO Tim Cook, Amazon's Jeff Bezos, Meta's Mark Zuckerberg, OpenAI's Sam Altman, and other tech and AI leaders will attend. New faces such as Disney's new CEO Bob Chapek and Apple's incoming chief John Ternus will also appear for the first time. Notably, Elon Musk and Nvidia's Jensen Huang will be absent this year.

• USTR Holds Hearings on Tariffs on 60 Economies

The Office of the U.S. Trade Representative (USTR) will hold a public hearing on July 7 to consider imposing additional tariffs on 60 global economies. According to Xinhua Finance, the USTR previously announced, based on Section 301 investigation results, plans to impose 10% or 12.5% tariffs on 60 economies for "failing to ban imports of forced labor products."

• Saudi Media: New Round of U.S.-Iran Talks to Be Held in Pakistan on July 11

According to Xinhua News Agency, Saudi Arabia's Al Arabiya TV reported on July 4, citing sources, that a new round of negotiations between the U.S. and Iran will be held in Pakistan on July 11.

• Zhipu, MiniMax, Tiantian Zhixin First Batch of Hong Kong IPO Cornerstone Restricted Shares Unlock

Zhipu and MiniMax will see their first batch of post-Hong Kong IPO lock-up shares unlock on July 8-9, with a combined unlock market value potentially exceeding HKD 85 billion. MiniMax's unlock is particularly significant, involving shares accounting for 34% to 63% of total equity.

Morgan Stanley has previously noted that both have extremely small floats and significant liquidity premiums. The supply-demand relationship will reverse for the first time after the unlock, severely testing the scarcity premium of their share prices.

In addition, Tiantian Zhixin's first batch of Hong Kong IPO cornerstone restricted shares expire around July 8.

• OpenAI Plans to Release GPT-5.6 on July 7

According to reports, OpenAI plans to release GPT-5.6 on July 7, precisely when Claude Fable 5's quota plan expires. Code leaks show GPT-5.6 includes three sub-models: Sol, Terra, and Luna, and introduces a "speed dial" feature. Internal tests indicate GPT-5.6 outperforms Fable 5 in efficiency and response speed, with a more competitive price. Sol Ultra is expected to rival Fable 5's performance at a lower cost.

• Fed Releases Monetary Policy Meeting Minutes

On Thursday, July 9, the Fed will release the minutes of its June FOMC meeting, the first presided over by Chair Walsh. The June dot plot showed half of the committee expects at least one rate hike this year. The market will watch whether the minutes further confirm this hawkish bias and whether any members see a rate hike as the baseline scenario. Notably, Walsh has advanced communication reforms since taking office, potentially reducing the length and detail of this meeting minutes.

Additionally, on July 9-10, FOMC permanent voter Williams and 2026 FOMC voter Logan will speak. Deutsche Bank's latest research notes an unusually sparse speaking calendar, with historically similar quiet periods occurring around monetary policy turning points, urging investor caution. Fed officials remained silent after the June meeting, drawing significant market attention.

• NATO Summit Scheduled for July 7-8

The NATO summit is scheduled for July 7-8 in Ankara, Turkey. According to CCTV News, U.S. officials have unilaterally set the tone that the summit will be "very successful," but in reality, there are many differences between the U.S. and Europe on NATO defense issues.

• South Korea's National Assembly Begins Systemic Reform Discussions: Focus on Single-Stock Leveraged ETF Regulation

South Korea's Democratic Party special committee will hold an internal closed-door review meeting on July 6 to initiate a review of capital market policies, focusing on single-stock leveraged ETF regulation. Samsung Electronics and SK Hynix leveraged ETFs have rapidly expanded in size after listing, accused of exacerbating market volatility and harming retail investors.

• Starmer Says UK Labour Party Leadership Election to Begin on July 9

According to Xinhua News Agency, UK Prime Minister Starmer announced his resignation on April 22, stating that the Labour Party leadership election will begin on July 9. Starmer said he has asked the party's National Executive Committee to set a timetable for the leadership election, with the nomination process starting on July 9 and ending before the summer recess. This means the new Labour leader will be chosen before Parliament reconvenes in September.

• ECB President Lagarde to Attend EU Finance Ministers Meeting, Says She Does Not Rule Out Early Resignation

Lagarde indicated that if macro uncertainties subside, she would not rule out the possibility of ending her current term early to participate in French politics. The ECB's weekly agenda shows Lagarde will attend the Eurogroup meeting on July 9 and the broader EU Finance Ministers meeting the following day. This personnel arrangement is unusual, as such meetings have traditionally been attended by the ECB Vice President.

• Europe's First Physical AI Summit: MACHINA Summit

The MACHINA Summit will be held on July 7 in Paris, France. It is Europe's first summit dedicated to Physical AI/Embodied Intelligence. It is the highest-level global event for robotics/humanoid robots in July.

• China Internet Conference, Robot Conference, Auto Expo

The 2026 (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 Intelligent Robot Industry Exhibition will be held July 10-12 in Nanjing. According to the agenda, Tesla, Ubisoft, Zhiyuan and others will disclose production timelines and component tenders.

The 2026 "Robot+" Innovation and Development Conference will be held July 11-13 in Jinan, Shandong. A major release is planned: the ""Robot+" Application Scenarios White Paper."

• OPEC+ Meeting

OPEC stated that seven OPEC+ members will hold their next meeting on July 5.

• Zhuque-3 Expected to Launch Again from Jiuquan on July 9

According to a report, the Zhuque-3 is expected to launch again from Jiuquan on July 9 to verify land-based vertical recovery technology (actual time pending official announcement).

• Long March 85B Maiden Flight Test Targets July 10-13

According to a report citing media sources, the Long March 200.1B, a large-lift reusable rocket, is expected to make its maiden flight from July 10-13, achieving a leap from 0 to 1 and simultaneously verifying maritime network recovery technology. Meanwhile, the Zhuque-3 Y2 is expected to launch again in July, potentially conducting another first-stage reentry recovery mission. The launch window for the Long March 383.5M maiden flight test may target July 10-13, verifying the world's first "Maritime Network Recovery" technology at the Wenchang Commercial Space Launch Site.

Financial Reports and IPO Schedules

• SK Hynix U.S. ADR Tentatively Listed on Nasdaq on July 10

According to Yonhap News, South Korean semiconductor giant SK Hynix has tentatively set July 10 for the listing of its American Depositary Receipts (ADRs) on the Nasdaq. On April 24, SK Hynix announced plans to issue up to KRW 45.45 trillion (approximately RMB 200.1 billion) in depositary receipts for listing on the Nasdaq. If realized, this issuance size would rival Alibaba Group's record $25 billion IPO.

• MLCC Leader Three Circle Group Expected to List in Hong Kong on July 9

According to documents filed with the Hong Kong Stock Exchange, Chaozhou Three Circle (Group) Co., Ltd. plans to issue 71 million shares for its Hong Kong listing, with a maximum offer price of HKD 100.30 per share. Listing is expected on July 9. Additionally, Qiyunshan Food is offering 25 million shares in Hong Kong at an offer price range of HKD 5 to HKD 8 per share, with trading expected to begin on July 9.

• Luxshare Precision Expected to List in Hong Kong on July 9

Apple's core supplier Luxshare Precision officially launched its H-share global offering on June 30, planning to issue approximately 383.5 million shares at a maximum offer price of HKD 63.28 per share, with net proceeds of approximately HKD 24 billion (about USD 3.1 billion). Listing on the Hong Kong Stock Exchange is expected on July 9. This is Luxshare Precision's first foray into the Hong Kong market since its Shenzhen Stock Exchange listing on September 15, 2010, and one of the most significant IPOs in the Hong Kong consumer electronics/precision manufacturing sector this year.

• Nasdaq: SpaceX to Be Added to Nasdaq 100 Index on July 7

Elon Musk's space exploration company SpaceX is set to become one of the fastest companies ever added to the Nasdaq 100 Index, just under a month after its record-setting public market debut, ushering in a wave of new buying from passive investors.

Nasdaq announced that index-tracking funds and other product issuers will begin buying shares after the market close on July 6, and SpaceX will be formally added to the Nasdaq 100 Index before the market open on July 7, entering the index with an expected weight of under 1%.

• New A-Share Trading Rules Take Effect July 6, ST Stock Price Limit Raised to 10%

Starting July 6, 2026, the Shanghai and Shenzhen stock exchanges will adjust their rules. The new rules optimize the fund closing trading mechanism, expand the applicable varieties of after-hours fixed-price trading methods, and raise the price limit for mainboard ST stocks to 10%.

• South Korea Plans to Launch 24-Hour Foreign Exchange Trading

South Korea will implement 24-hour won trading starting July 6, the largest deregulation of foreign exchange controls in decades and a core measure to seek MSCI developed market upgrade. However, the timing is delicate as the won has fallen to a 17-year low, losing over 6% year-to-date. South Korea's economic structure is shifting from net capital inflow to net outflow, with the National Pension Service increasing overseas allocations and foreign capital continuing to exit Korean stocks. 24-hour trading could exacerbate short-term forex volatility.

• Kingsoft Cloud: AI Computing-Related Product Services Raised by Approximately 15%-50%

Kingsoft Cloud announced that AI computing-related product services will be raised by approximately 15%-50%, effective from 00:00:00 Beijing time on July 12, 2026.

• U.S. Stock Q2 Earnings Season Begins, A-Share Interim Report Forecasts Pour In

July will see the release of interim performance forecasts and reports. The mandatory interim forecast deadline: before July 15, companies on the main board that are loss-making, turning profitable, or have YoY changes of ±50% must issue a forecast.

Additionally, next week, companies such as Fast Retailing, PepsiCo, and Delta Air Lines will release financial results, kicking off the U.S. stock Q2 earnings season. Starting July 9, overseas giants will also enter their peak period for performance forecasts.

Risk Warning and Disclaimer

        Market risk exists, investment requires caution. This article does not constitute personal investment advice and does not consider the specific investment objectives, financial situation, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Responsibility for investment decisions rests with the user.