{"id":34107,"date":"2026-07-20T09:24:37","date_gmt":"2026-07-20T01:24:37","guid":{"rendered":"https:\/\/www.orientfutures.com.sg\/?p=34107"},"modified":"2026-07-21T09:21:31","modified_gmt":"2026-07-21T01:21:31","slug":"morning-brief-2026-07-20","status":"publish","type":"post","link":"https:\/\/www.orientfutures.com.sg\/zh\/research\/morning-brief-2026-07-20\/","title":{"rendered":"Morning Brief 2026-07-21"},"content":{"rendered":"<span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">\u5206\u949f<\/span><\/span>\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"34107\" class=\"elementor elementor-34107\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-239077a4 e-flex e-con-boxed e-con e-parent\" data-id=\"239077a4\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1cfa91de elementor-widget elementor-widget-text-editor\" data-id=\"1cfa91de\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\" data-olk-copy-source=\"MessageBody\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\" data-olk-copy-source=\"MessageBody\"><div data-ogsc=\"\" data-olk-copy-source=\"MessageBody\"><div data-ogsc=\"\" data-olk-copy-source=\"MessageBody\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><div data-ogsc=\"\"><strong>Sectors<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-A Foreign Ministry Spokesperson stated that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-US relations, and the two sides have maintained communication on arrangements for interactions between the two heads of state within this year.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-The CSRC held an investor forum to solicit opinions and suggestions on promoting the stable and sound development of the capital market. The CSRC will continue to advance risk prevention, strengthened supervision and high-quality development of the capital market in an integrated manner, and make every effort to maintain stable market operation.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Industry<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-Citi downgraded South Korean equities in its emerging markets asset allocation while upgrading Chinese equities, citing volatile trading conditions in South Korea. Meanwhile, the Chinese market is poised to benefit as this year\u2019s rally led by a small number of artificial intelligence winners is expected to broaden out to more sectors.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Data<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-China\u2019s July LPR figures have been released. The one-year LPR stands at 3%, while the five-year and above LPR is 3.5%, both unchanged from June, in line with market expectations.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><strong>Jul 20 Block Trade Info<\/strong><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Discount<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-CSG Holding (000012 CH) saw 1 block trades worth 107.30mn at 3.70yuan per share, 2.89pct discount from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-Hoymiles Power Electronics (688032 CH) saw 3 block trades worth 85.20mn at 60.00yuan per share, 19.47pct discount from last closing.<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">*Premium<\/span><\/div><div data-ogsc=\"\">\u00a0<\/div><div data-ogsc=\"\"><span data-blocked-bgimage=\"initial\" data-ogsc=\"\">-Kweichow Moutai (600519 CH) saw 1 block trades worth 204.51mn at 1309.30yuan per share, 4.49pct premium from last closing.<\/span><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><div data-ogsc=\"\">\u00a0<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><p>For more insights, please visit Orient Futures Singapore\u2019s research platform,\u00a0<br \/><a href=\"http:\/\/www.finoview.com.sg\/\">Finoview.<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b458eaf elementor-widget elementor-widget-button\" data-id=\"b458eaf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.orientfutures.com.sg\/wp-content\/uploads\/2026\/07\/Morning-Brief-2026-07-21.pdf\" target=\"_blank\" rel=\"nofollow\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> &lt; 1<\/span> <span class=\"rt-label rt-postfix\">\u5206\u949f<\/span><\/span>This market update covers the latest developments in China&#8217;s financial markets, including policy announcements, sector outlook, and notable block trade activity.<\/p>","protected":false},"author":7,"featured_media":34161,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[33],"tags":[],"post_language":[],"class_list":["post-34107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Morning Brief 2026-07-21 - Orient Futures Singapore<\/title>\n<meta name=\"description\" content=\"Stay updated with the latest China market developments, including policy updates, capital market news, LPR rates, sector insights.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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