World Bank: China's economic growth remains resilient
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The People's Bank of China: We will continue to implement a moderately loose monetary policy and increase counter-cyclical and cross-cyclical adjustments.
According to BlockBeats, on July 8th, the Monetary Policy Committee of the People's Bank of China held its second quarterly meeting of 2026. The meeting analyzed the domestic and international economic and financial situation, concluding that the current external environment is more complex and volatile, with weak global economic growth momentum, frequent geopolitical conflicts and trade frictions, divergent economic performance among major economies, and uncertainties surrounding inflation trends and monetary policy adjustments. While my country's economy is generally stable and moving towards new and improved directions, achieving new results in high-quality development, it still faces problems and challenges such as strong supply and weak demand, structural differentiation, and external shocks. The meeting stressed the need to continue implementing a moderately loose monetary policy, increase counter-cyclical and cross-cyclical adjustments, better leverage the dual functions of monetary policy tools in terms of both aggregate and structural aspects, strengthen the coordination of monetary and fiscal policies, and promote stable economic growth and a reasonable recovery in prices.
Morgan Stanley's Chief Economist for China, Xing Ziqiang: New-type productivity leads to strong export growth
According to Mars Finance, Xing Ziqiang, Chief Economist for China at Morgan Stanley, stated in his keynote speech titled "China's Economy Under the New Cycle of Technology and Energy" that China's economy performed steadily on the supply side in the first half of this year, with new-quality productivity becoming a key force supporting economic growth. From January to May, China's exports of AI-related infrastructure such as integrated circuits, semiconductors, and optical modules increased by 90% year-on-year, reaching over US$130 billion; exports of the "new three" products—electric vehicles, lithium-ion batteries, and solar cells—increased by 50% year-on-year, playing a crucial role in achieving the economic growth target in the first half of the year. (Cailian Press)
Bank of America: Strong semiconductor performance drives growth funds to outperform the market; actively managed funds performed exceptionally well in June.
According to Mars Finance, on July 6th, Bank of America released data showing that in June, 53% of actively managed large-cap funds outperformed their benchmark indices, while actively managed small- and mid-cap funds performed even better, with 71% and 91% outperforming their benchmarks respectively. Bank of America pointed out that in the first half of 2026, growth-style funds generally outperformed value-style funds, benefiting from the strong rally in semiconductor stocks; while value-style funds, due to their lower allocation to semiconductor stocks, lagged behind.
Nomura Securities: The core contradiction in the global storage industry remains a severe supply shortage, while AI-driven structural demand growth has not yet peaked.
According to Mars Finance, Nomura Securities, in its latest report, believes that the core contradiction in the global storage industry remains a severe supply shortage, and the structural demand growth driven by AI has not yet peaked. While recent investor concerns about oversupply are understandable, they are clearly excessive, and the market's overreaction may provide a window for reassessing the storage sector's valuation. Nomura Securities states bluntly in its report that market concerns are severely exaggerated. The cycle of semiconductor investment translating into actual production capacity is extremely long. South Korea's massive 4800 trillion won investment plan will take at least 5 to 10 years to convert into actual production capacity, and the squeeze on general-purpose storage capacity by high-profit HBM (high-bandwidth memory) is leading to a severe supply shortage in the market. Nomura Securities emphasizes that Meta's decision is by no means a turning point for reduced demand for AI-related hardware. On the contrary, due to the current shortage of computing power leading to an upward trend in single-token prices, the entry of Meta's computing power into the market is expected to stabilize token prices. (Cailian Press)
Serenity: Funds in China's primary market are flowing into physical AI and world models, with funding for cutting-edge models concentrating on leading companies.
According to Mars Finance, on July 3rd, Serenity published an article stating that, based on AI investment in China's primary market, institutional funds are flowing towards embodied intelligence, physical AI, and world models. The article cites approximately $23.56 billion in funding for large-scale models/LLMs, $15.74 billion for AI infrastructure and technology layers, $13.36 billion for embodied intelligence/physical AI, $8.79 billion for AIGC applications, and $3.82 billion for autonomous driving and other Top-20 clusters. However, this figure is not entirely comparable to the aforementioned categories. Early-stage, purely basic model funding has essentially closed, with more funds flowing to established leading companies and world model companies. The article believes a similar trend may emerge in the US market, with funds concentrating on leading companies like Anthropic and OpenAI, and that "world models have become the biggest consensus in early-stage investment." Several months ago, Serenity believed that 4D AI/world modeling would be the most noteworthy area to watch, mentioning that AEVA might offer exposure to this sector. However, there are currently no clear pure-play targets in the market, and we may need to wait for the next batch of IPOs in this field. Serenity stated that AIGC applications are the most mature area of AI technology commercialization, but there are currently no clear winners. Funds continue to flow into AI infrastructure and the semiconductor supply chain, while a large amount of capital is rotating into physical AI, embodied intelligence, humanoid robots, and world modeling, with cutting-edge modeling continuing to concentrate on leading companies.
The Reserve Bank of India reiterated its support for a "curb-prone ban" strategy on crypto assets, recommending that banks refrain from holding or trading crypto assets.
According to Mars Finance, on July 3, the Reserve Bank of India (RBI), in a document submitted to the Parliament's Standing Committee on Finance, reiterated its support for a "containment-oriented and prohibition-oriented" regulatory strategy for crypto assets, arguing that "prohibition" remains one of the policy options recognized by international regulatory frameworks. The RBI recommends that banks and other regulated financial institutions refrain from holding, trading, or providing exposure to crypto assets and privately issued stablecoins to avoid potential contagion risks to the financial system. The RBI stated that imposing traditional financial regulations on crypto assets could mislead the market, grant "legitimacy" to speculative assets lacking real economic value, and create a false sense of security for users. The RBI also warned that the large-scale adoption of stablecoins could weaken India's monetary sovereignty, weaken the transmission mechanism of monetary policy, fragment the payment system, and pose risks to financial stability. Therefore, it recommends prioritizing the development of sovereign digital payment infrastructure such as central bank digital currencies (CBDCs). Furthermore, the RBI questioned the ranking of India as having the highest crypto adoption rate globally, arguing that data based on private blockchain analytics firms has methodological flaws. The RBI pointed out that India currently has 54 FIU-registered crypto service providers, and approximately 39.3 million KYC-verified users holding crypto assets worth approximately 20.437 billion rupees. It stressed the need for a clear distinction between speculative crypto assets and the tokenization of real-world assets (RWAs) such as government bonds and corporate bonds to avoid hindering innovation in financial asset tokenization.