On July 3rd, Citigroup published a research report stating that the third plenary session of the 18th Central Committee of the Communist Party of China will be held from July 15th to 18th. Citigroup anticipates that exports and non-real estate infrastructure investment will remain the main driving force of China's mainland economy in the second half of the year. Citigroup expressed bullishness on stocks that may benefit from export growth and rising commodity prices, with PDD Holdings, ASMPT, Aluminum Corporation of China, Techtronic Ind, MGM China, Li Ning, and BYD Company Limited being the top picks for the market. Citigroup also listed eight major catalysts, ranked in order of probability as follows: (1) structural reforms, which are expected to affect major industries such as electrical utilities, real estate and insurance; (2) the development of cross-border trade in renewable energy and power grid equipment, autos, semiconductors, etc.; (3) state-owned enterprise reform in the telecommunications, banking, and insurance industries; (4) the easing measures of the real estate market to assist the real estate, banking, and insurance industries; (5) solving the problem of overcapacity in the solar energy, materials, and semiconductor industries; (6) consumption and internet industry coping with aging population; (7) consumption and internet industry consumption recovery; and (8) the support measures for private enterprises driving the development of the internet, IT services, and software industries. Currently, the bank predicts that the People's Bank of China will cut interest rates twice, by 10 basis points each time, in the third and fourth quarters of this year. The bank's forecast for the renminbi exchange rate against the US dollar for the next three months and six to twelve months are 7.25 and 7.35, respectively.