[Dual Momentum in the Magnesium Industry: Coordinated Empowerment of New Development Through Salt Lake Resource Security and Breakthroughs in End-Use Applications] As one of the lightest known structural metallic materials, magnesium combines outstanding properties such as light weight, high strength, and high thermal conductivity, making it a core strategic material supporting industrial upgrading in sectors such as automotive lightweighting and new energy materials. China’s magnesium industry is advancing on two fronts, simultaneously promoting breakthroughs in end-use application technologies and securing raw material supply, overcoming bottlenecks in industrial development and supporting the high-quality development of the magnesium industry.

According to news from Dapeng New District, Shenzhen, on June 13, Dapeng New District, Shenzhen, the Shenzhen Municipal Bureau of Industry and Information Technology (Shenzhen New Energy Vehicle Industry Office), the Shenzhen Municipal Transport Bureau, and China FAW Group Co., Ltd. held a signing ceremony for a cooperation framework agreement on the innovative development of the flying car industry. This signing marks the official settlement of the FAW Flying Car Headquarters Project in Dapeng, Shenzhen. According to the agreement, the four parties will focus on the R&D, production, and market expansion of flying car aircraft, and engage in in-depth and comprehensive cooperation in areas such as technological breakthroughs, scenario implementation, and ecosystem construction. According to the relevant person in charge of the flying car project, the Hongqi Tiannian No. 1 flying car adopts a split design, with a driving range of over 200 kilometers in the air, and supports vertical takeoff and landing within designated areas. It is understood that the Hongqi Tiannian No. 1 flying car is expected to make its maiden flight within the year.

[CATL's standardized battery swapping model, "Chocolate," will be launched in Hong Kong, with plans to establish 10 battery swapping stations by the end of next year] CATL's subsidiary, Contemporary Amperex Service Technology Co., Ltd. (CAES), and Contemporary Amperex Technology Xiaoju New Energy Technology Co., Ltd., along with China FAW Group Import & Export Co., Ltd. and Longsheng New Energy Holdings Limited, signed a strategic cooperation agreement in Hong Kong, announcing the joint promotion of the large-scale application of battery swapping-enabled commercial vehicles in Hong Kong and the simultaneous initiation of the construction of battery swapping infrastructure in Hong Kong. The four parties have clear divisions of labor: FAW is responsible for car model development and after-sales support, CAES is responsible for battery asset operation and recycling, Contemporary Amperex Technology Xiaoju New Energy Technology Co., Ltd. provides digital operation support for battery swapping stations, and Longsheng New Energy is responsible for local infrastructure construction and vehicle promotion. According to the cooperation plan of the relevant parties, 10 stations will be established by the end of 2026, forming a battery swapping network covering all districts of Hong Kong.

Macro News 1. From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with Beth Van Duyne, the US lead negotiator and US Secretary of the Treasury, Gina Raimondo, US Secretary of Commerce, and Katherine Tai, US Trade Representative, in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing economic and trade concerns of both sides. 2. Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said in London, UK, on the evening of June 10 that over the past two days, the Chinese and US teams had conducted in-depth exchanges and reached a framework on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5 and the consensus reached during the Geneva talks. 3. At yesterday's regular press conference of the Ministry of Foreign Affairs, Lin Jian, a spokesperson, introduced that the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of the Forum on China-Africa Cooperation (FOCAC) was held in Changsha, Hunan Province. President Xi Jinping sent a congratulatory letter to the meeting, announcing that China would implement the measure of zero tariffs on 100% of tariff items for products from 53 African countries with diplomatic relations with China. 4. At yesterday's regular press conference of the Ministry of Foreign Affairs, a reporter asked about CK Hutchison Holdings' sale of overseas port assets. Lin Jian stated that China has consistently and resolutely opposed economic coercion, hegemony, and bullying. Lin Jian reiterated that regarding the navigation of vessels from relevant countries, China will, as always, respect Panama's sovereignty over the canal and recognize the canal's status as a permanently neutral international waterway. Industry News 1. From the evening of June 10 to the afternoon of June 11, 15 original equipment manufacturers (OEMs), including BYD, China FAW Group Corporation, Geely Auto, and Xiaomi Auto, have successively issued statements committing to uniformly controlling the payment period for suppliers within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of leading enterprises, and promote the high-quality development of the automotive industry. 2. The General Offices of the Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on carrying out the cultivation work of pilot-scale production capacity construction platforms for biomanufacturing. The notice proposed that, based on the current status of biomanufacturing industrialisation and the needs of technological development, and focusing on the shortcomings and pain points in the pilot-scale production links of various fields of biomanufacturing, pilot platforms for key product areas such as food and additives, biopharmaceuticals, cosmetics, chemicals, energy, and enzyme preparations should be cultivated according to the characteristics of technological process equipment, effectively driving the coordinated innovation and development of upstream and downstream enterprises in the industry chain. 3. According to informed sources, with the continuous rise in the popularity of IPs, Pop Mart urgently sought workers to resume work after the Chinese New Year to expand its capacity to meet the surging consumer demand. The individual believes that for brands, when market demand far exceeds the supply chain's response speed. 4. Industrial Securities held a cadre conference yesterday, announcing that Su Junliang, the former chairman of Huafu Securities, would assume the role of Party Secretary of Industrial Securities. Due to age limits for the position, Yang Huahui would no longer serve. Yang Huahui had led Industrial Securities for eight years. According to the reporter, Yang Huahui would have other positions arranged for him subsequently. 5. Nine departments, including the Shanghai Headquarters of the People's Bank of China, jointly issued the "Notice on Leveraging the Role of International Green Finance Hub to Support the Construction of a Beautiful Shanghai". The Notice proposed exploring financial support models for ecological and environmental protection projects in Shanghai, continuously building the Shanghai Green Finance Service Platform, and improving the Shanghai Green Project Library. 6. Data released by the China Association of Automobile Manufacturers (CAAM) showed that in May 2025, China's automobile production and sales reached 2.649 million units and 2.686 million units respectively, up 1.1% MoM and 3.7% MoM, and up 11.6% YoY and 11.2% YoY. From January to May, automobile production and sales reached 12.826 million units and 12.748 million units respectively, up 12.7% YoY and 10.9% YoY. 7. Benefiting from the deep integration of AI large models and augmented reality technology, the smart glasses market has been heating up recently, with strong sales both online and offline. The head of the digital business department of an e-commerce platform introduced that the smart glasses market had shown explosive growth, with trading volume increasing more than eightfold YoY. 8. The General Office of the People's Government of Liaoning Province issued the "Implementation Plan for Promoting Innovative Development of Artificial Intelligence in Liaoning Province". It proposed that by 2027, the province's computing infrastructure construction system would be basically formed, achieving a computing power scale of over 5000 PFLOPS, and the core industry scale of artificial intelligence would reach 100 billion yuan. Corporate News 1. *ST Yazhen announced that due to multiple instances of abnormal fluctuations in stock trading, it would suspend trading for verification starting today. 2. Industrial Securities announced that as of now, it had not received any information regarding a "merger with Huafu Securities". 3. Shuangliang Eco-Energy announced the signing of a 450 million yuan sales contract for green electricity-based hydrogen production systems. 4. *ST Jinbi announced that Yuanyichengwu would become the company's controlling shareholder, and its stock would resume trading. 5. Hesheng New Materials announced plans to invest 250 million yuan in ARM server processor chip company Yizhi Electronics. 6. Junshi Biosciences announced that the clinical trial application for its controlled subsidiary's JT118 injection had been accepted, intended primarily for the prevention of monkeypox virus infection. 7. ST Red Sun announced that it would remove other risk warnings starting from June 13, and its stock abbreviation would be changed to "Red Sun". 8. Aurora Optoelectronics announced that the company has a solid position in the backlight module for Switch 2 and will increase R&D efforts in high-end products in the future. 9. KDLI announced its intention to jointly invest with VEICHI Electric and others to establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 10. Yinlun Machinery announced its intention to contribute 10 million yuan to jointly establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 11. Tinci Materials announced its intention to invest in and construct an integrated production base for electrolytes and raw materials in Morocco. 12. Changshan Pharmaceutical stated on an interactive platform that the suspension of the listing of Abenatide is unrelated to the combined listing approval for weight loss. Global Markets Most European and US stock markets fell, while international crude oil futures settlement prices surged over 4%. US stocks moved downwards after a higher opening, with all three major indices closing lower. The Nasdaq fell 0.5%, the S&P 500 fell 0.27%, and the Dow Jones Industrial Average fell by 1 point. Intel fell over 6%, marking its largest single-day decline in two months. Oklo surged nearly 30%, hitting a record closing high, as the company reached a nuclear power agreement with the US Air Force. Space technology company Voyager Technologies Inc. (VOYG) surged over 82% on its first day of trading in the US IPO. Popular Chinese ADRs had mixed changes, with the Nasdaq Golden Dragon China Index rising 0.08%. Major European stock indices closed with mixed changes, with the German DAX30 rising 0.04%. International crude oil futures settlement prices surged over 4%. WTI crude oil futures for July rose 4.88%, and Brent crude oil futures for August rose 4.33%. COMEX gold futures rose 0.9%, while COMEX silver futures fell 0.76%. Investment Opportunities Reference 1. Officially entering the mass production stage, a key milestone in the construction of a large-scale aviation equipment system On June 11, the large amphibious aircraft AG600, independently developed by the Aviation Industry Corporation of China (AVIC), was awarded the Production Certificate (PC) by the Civil Aviation Administration of China (CAAC) in Zhuhai, Guangdong. This marks the official entry of China's large amphibious aircraft into the mass production stage and is a key milestone in the construction of China's large-scale aviation emergency rescue equipment system. Founder Securities pointed out that the civil aircraft manufacturing industry holds profound strategic significance for the country, directly linked to national economic growth, employment opportunities, and technological progress. This industry not only significantly boosts economic growth but also drives substantial employment and plays a huge role in promoting technological development, particularly in the fields of new materials, new energy, and advanced electronic technologies. The development level of the large aircraft industry has become an important indicator of a country's technological and industrial strength, as well as its international competitiveness. Additionally, the large aircraft industry also holds significant military application value, playing a crucial role in enhancing the quality and level of the national defense industry. 2. Smart dexterous hand developed by Chinese researchers achieves human-like adaptive grasping for the first time According to media reports, the breakthrough bionic dexterous robotic hand, F-TAC Hand, was recently published in the international journal Nature Machine Intelligence. This system integrates high-resolution tactile sensing across 70% of its palm area, achieving human-like adaptive grasping capabilities for the first time and marking a significant leap forward in robotic intelligence and its ability to interact in real dynamic environments. This breakthrough was jointly achieved by the Beijing Institute for General Artificial Intelligence and Peking University. Huaxi Securities believes that dexterous hands are crucial for the practical application of humanoid robots, and subsequent updates and iterations will still present significant technical challenges. Producers with the capability to design and manufacture dexterous hands are expected to have a stronger voice in the industry chain and may lead in profitability. Additionally, to enhance the functionality of dexterous hands, the demand for key components such as lead screws, reducers, motors, tendon cables, and tactile sensors will increase. The firm remains optimistic about technology-leading enterprises with advanced industrial layouts. 3. Another solid-state battery conference is set to take place in June, with institutions affirming the industry's long-term development trend The "5th China International Solid-State Battery Technology Conference & 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition" will be held in Hefei from June 19-20, 2025. The conference will feature six themes covering solid-state batteries, cathode and anode materials, sodium-ion batteries, battery safety, battery recycling, lithium resources, as well as testing instruments and equipment enterprises. It will comprehensively showcase the latest research, technologies, processes, and equipment advancements, and delve into the future development directions of the new energy industry. Recently, CATL's 21C Innovation Lab published its research findings on lithium metal batteries in the international journal Nature Nanotechnology. This research is expected to accelerate the transition of solid-state batteries from laboratory to large-scale application. Yang Rui from Huaxi Securities believes that with the maturation of battery technology and the improvement of the supporting industry chain, new solid-state-related products are expected to be launched successively, capacity construction will continue to progress, and terminal performance is anticipated to be continuously validated, accelerating the industrialisation process. Yao Yao from Sinolink Securities believes that the long-term development trend of solid-state batteries is certain, and attention should be paid to incremental segments. Recent industry changes focus on the fibrillation of raw materials and lithium metal anodes. 4. Industry leader launches AI medical product matrix to meet users' diverse healthcare management needs Recently, at a launch event, Ping An Good Doctor announced the official rebranding of Ping An Health Medical Technology Co., Ltd. to "Ping An Good Doctor." The company unveiled its annual medical and health service brand and introduced a comprehensive "7+N+1" AI medical product matrix that covers all scenarios, cycles, and ecosystems to meet users' diverse healthcare management needs. AI technology can not only assist doctors in identifying fracture lesions but also aid in early disease screening. Nowadays, it is also taking on the crucial task of intelligent patient triage. According to Southwest Securities, statistics show that over 830 hospitals nationwide have successively completed the localized deployment of DeepSeek-R1, driving the digital and intelligent transformation of hospitals. Application scenarios include monitoring medical quality, optimizing hospital resource allocation, assisting in diagnosis, and ensuring data security. The comprehensive open-sourcing and multi-domain adaptation of the domestic large model DeepSeek-R1 marks a new stage of technological integration and industry restructuring in AI healthcare, drawing attention to the accelerated development and investment opportunities in the AI healthcare sector.

On June 10 local time, Li Chenggang, the International Trade Representative and Vice Minister of Commerce, said in London, when referring to the first meeting of the China-U.S. economic and trade consultation mechanism, that China and the United States had conducted professional, rational, in-depth, and candid communications. The two sides reached a framework in principle on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5, as well as the consensus reached during the Geneva talks.

Today, multiple automakers including BYD, Great Wall Motor, XPeng Motors, Xiaomi Auto, Chery Group, and BAIC Group issued statements on the same day, committing to "payment terms not exceeding 60 days." Yesterday, six automotive producers, namely China FAW Group Corporation Limited, Dongfeng Motor Corporation Limited, Guangzhou Automobile Group Co., Ltd., Seres Group Co., Ltd., Geely Auto Group, and Changan Automobile, issued statements on the same day, making the same commitment. As of now, over 10 automakers have made relevant commitments. BYD: Unifying supplier payment terms to within 60 days According to BYD's official Weibo account, in order to implement a series of deployment requirements made by the state and relevant ministries and commissions to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry, and to support the healthy development of small and medium-sized enterprises, BYD announced that it would unify supplier payment terms to within 60 days. BYD stated that it would take concrete actions to promote the high-quality development of China's automotive industry. In the future, BYD will continue to work with upstream and downstream partners to jointly drive the steady and long-term development of China's automotive industry through technological innovation and management optimization. Great Wall Motor: Committing to unify payment terms to within 60 days Great Wall Motor Co., Ltd. announced that it would unify supplier payment terms to within 60 days to ensure the stability of the automotive industry chain and supply chain, promote fair market competition, stimulate innovation vitality, and improve development efficiency. Xiaomi Auto: Unifying supplier payment terms to within 60 days Xiaomi Auto's official Weibo account announced that it would resolutely implement the deployment requirements made by the state and relevant competent authorities to promote the high-quality development of the automotive industry and ensure the stability of the supply chain, unifying supplier payment terms to within 60 days. XPeng Motors: Unifying payment terms to within 60 days XPeng Motors stated that in order to actively respond to and implement a series of deployment requirements made by the state and relevant departments to promote the high-quality development of the automotive industry, ensure the stability of the industry chain and supply chain, and support the healthy development of small and medium-sized enterprises, XPeng Motors announced that it would unify payment terms to within 60 days. Chery Group: Unifying supplier payment terms to within 60 days Chery Group issued a statement saying that recently, national ministries and commissions such as the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC) have made a series of deployment requirements to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry. Chery Group resolutely implements these requirements and has decided to unify supplier payment terms to within 60 days starting from June 10th to accelerate the capital turnover efficiency of the industry chain and ensure the stability of the industry chain and supply chain. Leap Motor: Will adhere to the "60-day payment" principle as always to ensure efficient and smooth payment processes Leap Motor posted on Weibo that it would adhere to the "60-day payment" principle as always, with zero arrears as the standard, streamline the approval process, continuously strengthen interdepartmental collaboration, and ensure efficient and smooth payment processes. BAIC Group: Strictly fulfill settlement within 60 days for all partners meeting payment conditions from today onwards BAIC Group stated that from today onwards, it would strictly fulfill settlement within 60 days for all partners meeting payment conditions, comprehensively cancel unreasonable settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers, and alleviate the cash flow pressure on small and medium-sized suppliers. Li Auto: Will continue to implement a payment term within 60 days Li Auto stated that it would continue to implement a payment term within 60 days and jointly promote the high-quality development of China's automotive industry with industry partners. NIO: Will continue to implement a payment term within 60 days NIO posted on Weibo that it would continue to implement a payment term within 60 days and work together with upstream and downstream partners to jointly promote the high-quality development of China's automotive industry. SAIC: Unifies supplier payment terms to within 60 days, does not use commercial acceptance bills SAIC announced in an article on its official WeChat official account that, in order to actively implement the national decision-making and deployment to ensure the stability of the industrial chain and supply chain and promote the high-quality development of the automotive industry, it would unify supplier payment terms to within 60 days and not adopt settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers. It would fulfill its responsibilities as a state-owned enterprise with practical actions, ensure the high-quality and efficient circulation of funds for upstream and downstream enterprises, and promote better collaborative operation among partners. FAW Group: Sets "60-day payment" as the payment term requirement for affiliated units FAW Group stated in an article that it would continuously optimize internal procurement and financial settlement processes and take practical actions to maintain the healthy and stable order of the market economy. First, it would improve mechanisms and strengthen implementation. It would clarify payment terms and payment methods, set "60-day payment" as the payment term requirement for affiliated units, and strengthen fund supervision and process management. Second, it would optimize processes and improve efficiency. It would strengthen internal collaboration among departments such as procurement and finance, further streamline approval links, and ensure unobstructed payment processes. Third, it would leverage technology for precise control. It would make full use of the digital cloud workbench to achieve real-time monitoring of the entire process nodes, including contract execution, invoice matching, and payment applications, to ensure that every payable is paid on schedule. Dongfeng Motor: Payment Terms to Be Unified to Within 60 Days Dongfeng Motor announced that on June 10, in order to thoroughly implement the spirit of national policies and support the healthy development of small and medium-sized enterprises, Dongfeng Motor Corporation Limited (hereinafter referred to as Dongfeng Motor) officially declared that it would unify its payment terms to within 60 days. This move is an important initiative by Dongfeng Motor to actively respond to the "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council, aiming to promote the efficient circulation of funds upstream and downstream through practical actions and facilitate the coordinated development of the industry chain. Dongfeng Motor will actively fulfill its social responsibilities and obligations as a central state-owned enterprise, further leverage its role as the "leader" of the industry chain, and collaborate with upstream and downstream enterprises to build an automotive industry ecosystem with greater resilience and innovative vitality, injecting new momentum into the high-quality development of China's automotive industry. GAC Group: Adhering to Supplier Payment Terms of No More Than 60 Days to Ensure Efficient Capital Turnover in the Supply Chain GAC Group stated that it has always been committed to providing customers with safe and high-grade products and services. The healthy development of the supply chain system is the foundation for ensuring the safety and high grade of products. To this end, GAC Group will, as always, adhere to supplier payment terms of no more than 60 days to ensure efficient capital turnover in the supply chain, and work hand in hand with upstream and downstream partners to jointly promote the high-quality development of the industry. Seres: Payments Made in Accordance with Contractual Agreements with Suppliers, with Normal Payment Terms of 60 Days Seres announced that it is actively promoting product integration and intelligent manufacturing clustering, effectively facilitating the coordinated development of upstream and downstream enterprises in the industry chain and enhancing the competitiveness of the entire industrial cluster. Seres has consistently made payments in accordance with contractual agreements with suppliers, with normal payment terms of 60 days, achieving a win-win situation for both the OEM and suppliers. Changan Automobile: Unifying Supplier Payment Terms to Within 60 Days Changan Automobile announced that, together with its subsidiaries Changan Aepower, Changan Kaicheng, Deepal, and Avatr, it is declaring to the industry that it will unify supplier payment terms to within 60 days. Through practical actions, it will fulfill its social responsibilities as a central state-owned enterprise, ensure the efficient circulation of funds for small and medium-sized enterprises, facilitate the coordinated operation of the industry chain, and work together to promote the high-quality development of the industry. Geely Auto Group: Unifying Supplier Payment Terms to Within 60 Days Geely Auto Group stated that in order to actively respond to and implement the "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council and the "Initiative on Maintaining Fair Competition Order and Promoting the Healthy Development of the Industry" issued by the China Association of Automobile Manufacturers (CAAM), Geely Auto Group announced that it would unify supplier payment terms to within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of a leading enterprise, and promote the high-quality development of the automotive industry.