[SMM Morning Meeting Minutes: Weak Non-Farm Payrolls Data; LME Zinc Posted a Bullish Candlestick] Last Friday, LME zinc opened at $3,240.0/mt and dipped to $3,221.0/mt in early trading. It then saw its center fluctuate upward at a slow pace. After entering the night session, it accelerated higher and touched a high above $3,343.0/mt, finally closing up at $3,323.0/mt, up $93/mt, a gain of 2.88%. Trading volume increased to 121,000 lots, while open interest fell by 516 lots to 219,000 lots.

[SMM Morning Meeting Minutes: Macro Sentiment-Driven, LME Zinc Center Shifts Lower] Overnight, LME zinc posted a large bearish candlestick, with the upper Bollinger Bands midline forming resistance and the lower 60-day moving average providing support. The Middle East conflict escalated, the US dollar strengthened, oil prices hit a new high since July of the year before last, inflation expectations rose, and the US Fed......

[SHFE: Announcement on Further Expanding the Scope of Commodity Futures and Options Trading for Qualified Foreign Investors] With the approval of the China Securities Regulatory Commission (CSRC), effective from the trading session on June 20, 2025 (i.e., the night session on June 19), the Shanghai Futures Exchange (hereinafter referred to as SHFE) will further expand the range of tradable products for Qualified Foreign Institutional Investors (QFIIs) and RMB Qualified Foreign Institutional Investors (RQFIIs) (hereinafter collectively referred to as Qualified Foreign Investors). The following commodity futures and options contracts will be newly opened for trading: 1. Natural rubber, lead, and tin futures contracts. 2. Natural rubber, lead, and tin options contracts. This announcement is hereby made. (Shanghai Futures Exchange)

Macro News 1. The spokesperson of the Ministry of Foreign Affairs announced that, at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan, President Xi Jinping will attend the second China-Central Asia Summit in Astana, Kazakhstan, from June 16 to 18. 2. Li Qiang chaired a State Council executive meeting to deploy the replication and promotion of pilot measures in the China (Shanghai) Pilot Free Trade Zone, hear reports on the construction of a new model for real estate development and the promotion of high-quality housing, and study measures to optimize the centralised procurement of pharmaceuticals and medical consumables. 3. According to data from the People's Bank of China, at the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. The increase in aggregate social financing in January-May was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. 4. On June 13, the People's Bank of China announced again that it would conduct 400 billion yuan of outright reverse repo operations on June 16 with a term of six months (182 days), indicating that the central bank would achieve a net injection for the entire month. 5. The World Trade Organization held the second annual meeting of the Council for Trade in Services in Geneva, Switzerland, on June 13. China pointed out the misleading narrative and erroneous logic of the US's "reciprocal tariff" and urged the US to comply with WTO rules, resolve differences through multilateral cooperation rather than unilateral measures, and jointly maintain the stability of the global trading system with all parties. 6. The New Zealand government's official website announced that starting from November 2025, Chinese passport holders entering New Zealand from Australia with valid Australian tourist, work, student, or family visas will be exempt from visa requirements for stays of up to three months. Industry News 1. Eight departments, including the Ministry of Industry and Information Technology, are soliciting public comments on the "Guidelines for the Security of Outbound Automobile Data (2025 Edition)". Automobile data processors shall declare a security assessment for outbound data if they provide automobile data overseas under any of the following circumstances: (1) providing important data overseas; (2) cumulatively providing personal information (excluding sensitive personal information) of more than 1 million individuals overseas since January 1 of the current year; (3) cumulatively providing sensitive personal information of more than 10,000 individuals overseas since January 1 of the current year; (4) operators of critical information infrastructure providing personal information overseas; (5) other circumstances requiring a security assessment for outbound data as specified by relevant state regulations. 2. On the 15th, the official WeChat account of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCCK) published an article by He Jie, Chairman of the Shenzhen Municipal Committee of the RCCCK, discussing Shenzhen's new mission in comprehensive reform. He Jie stated that relevant departments in Shenzhen are currently formulating relevant listing rules, with the expectation of piloting the secondary listing of red-chip stocks, which will provide more convenient and efficient listing channels for science and technology innovation enterprises. He Jie emphasized that the blueprint for comprehensive reform "2.0" has already been drawn up, and the key lies in effective implementation. Many reforms are still framework-based and directional in nature, requiring integration with practical needs, particularly achieving an organic combination of "top-level design and local initiatives." 3. According to statistics from Choice, as of June 14th, 105 public offering products (with multiple share classes combined) have been liquidated since the beginning of this year. In terms of termination reasons, 83 products were terminated due to the net asset value of the fund falling below contractual limits, 21 products were terminated with the consent of the fund holders' meeting, and 1 product was terminated due to contract expiration. Among these, equity liquidations accounted for 70%, with industry-themed funds in sectors such as new energy, pharmaceuticals, and consumption becoming the "hardest-hit areas." 4. The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. During the period in question, the account group controlled by Tu Wenbin had significant capital advantages, manipulating the prices of multiple stocks through continuous trading, driving up stock prices, large-volume limit-up orders, and false order placements and cancellations. The CSRC decided to impose penalties, with the total amount of fines and confiscations reaching nearly 77 million yuan. 5. On June 15th, a reporter learned from China National Nuclear Corporation (CNNC) that yttrium-90 glass microspheres irradiated by Qinshan Nuclear Power's "Hefu No. 1" reactor were successfully removed from the reactor and passed relevant detections, marking China's successful mastery of the technology for producing yttrium-90 in commercial reactors, enabling mass production. 6. The opening forum of the Golden Goblet Film Forum at the 27th Shanghai International Film Festival was held on June 15th. Participants unanimously agreed that the current film market has reached a moment for a fresh start. Facing industry challenges, chairmen and executives of multiple listed film companies discussed solutions, with directions such as increasing non-ticket revenue, reducing the number of films produced, and lowering production costs emerging as potential solutions. Corporate News 1. Kweichow Moutai announced an adjustment to its 2024 annual profit distribution plan, increasing the dividend per share to 27.673 yuan/share. 2. On June 14th, POP MART Korea issued an announcement stating that due to concerns about potential safety accidents at recent offline sales venues, the company has decided to temporarily suspend offline sales of the entire LABUBU plush toy and LABUBU plush keychain series. 3. GAC Group issued a commitment announcement, stating that it will ensure the fulfillment of dealer rebates within two months from today. 4. Guotai Haitong Securities announced that it has received an administrative licensing decision from the People's Bank of China (PBOC) for the issuance of 15 billion yuan in science and technology innovation bonds. 5. Yong'an Pharmaceutical announced that the company's stock price has risen significantly in the short term, severely deviating from the overall market trend, and there is a high risk of speculation. 6. *ST Tongzhou announced that the company's stock will be suspended for one day on June 16, and starting from June 17, the delisting risk warning and other risk warnings will be revoked, with the stock abbreviation changing to Tongzhou Electronics. 7. Haimo Technologies announced that the controlling shareholder and actual controller are proposed to be changed to Fan Zhonghua, and the stock will resume trading from June 16. 8. *ST Haiyue announced that it will repurchase company shares worth 30 million to 50 million yuan during the delisting consolidation period. 9. Huayang New Materials issued a stock trading risk warning announcement, stating that the company does not possess the attributes of rare earth permanent magnets. 10. Honghui Fruits & Vegetables announced that the controlling shareholder is proposed to be changed to Shenze Ruitai, and the company's stock and convertible bonds will resume trading from the opening of the market on June 16. 11. Ruifeng Gaocai issued an announcement in response to rumors about the board secretary being placed under investigation, stating that the investigation does not involve the company's stock trading and that current production and operations are normal. 12. Haers stated on an interactive platform that its past cooperation with POP MART has been terminated, and the scope of the previous cooperation did not include Labubu. Global Markets 3. According to CCTV News, US President Trump stated on social media in the early hours of the 15th (Eastern Time) that "the United States has nothing to do with tonight's attacks on Iran" and warned that if Iran attacks the US in any form, the US armed forces will "respond with full force on an unprecedented scale." In addition, Trump claimed that the US could "easily facilitate an agreement to end this bloody conflict," but did not elaborate on how the agreement would be reached. 4. On Friday last week, US stocks opened lower and continued to decline, with all three major indices falling more than 1%. The Dow Jones Industrial Average fell 1.32% for the week; the Nasdaq Composite fell 0.63% for the week; and the S&P 500 index fell 0.39% for the week. Most large-cap tech stocks declined, with Intel falling more than 3% and Nvidia falling more than 2%; Tesla rose approximately 2%. The energy sector bucked the trend and surged, with Houston Energy rising more than 119% and US Energy rising more than 55%. Drone manufacturer Airo's US IPO closed up 140% on its first day. Oracle rose more than 7% for the week, nearly 24%, marking its best weekly performance since 2001. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 2.74%. Fangdd Network fell more than 9%, WeRide fell more than 7%, Kingsoft Cloud fell more than 6%, XPeng Motors fell more than 5%, Alibaba, Bilibili, and Li Auto all fell more than 3%, and JD.com, Pinduoduo, and Baidu all fell more than 2%. Investment Opportunities Reference 1. Xiaomi Auto unveils solid-state battery patent; institutions say eVTOL + humanoid robots open up incremental space for solid-state batteries Intellectual property information from Tianyancha shows that recently, Xiaomi Auto Technology Co., Ltd. applied for a patent titled "Solid-state battery composite electrode, preparation method, and solid-state battery comprising the composite electrode," which has been made public. The abstract indicates that the solid-state battery composite electrode disclosed in the patent effectively shortens the transmission path of metal ions in thick electrodes and accelerates the transmission rate of metal ions between electrodes, featuring high electrode loading and C-rate performance. Dongxing Securities stated that with the gradual entry of fields such as eVTOL and humanoid robots into a phase of rapid growth, along with the release of technological solutions and industrialisation application timelines for all-solid-state batteries by various enterprises, driven by sustained new demand, the application and implementation of solid-state battery technology is expected to accelerate, with the industrialisation process already showing an accelerating trend. Battery enterprises with a first-mover advantage in solid-state battery technology and leading application deployment will primarily benefit. Sihan Industry Research Institute believes that AI is empowering industrial transformation, with eVTOL and humanoid robots opening up incremental space for solid-state batteries. 2. AI inference demand is accelerating, and this solution has become a focus for self-development among major cloud providers According to media reports, while GPUs have advantages in general-purpose accelerated computing scenarios, they face challenges such as high costs and power consumption in specific scenarios, prompting buyers to seek alternative types of chips for support. Customised ASIC chips have become a focal point of attention. Recently, NVIDIA introduced NVLink Fusion, directly targeting Broadcom's high-growth market: AI custom chips. This also means there are new entrants in the ASIC chip market. As AI models become increasingly powerful, the demand for AI inference is accelerating, with ASIC customised solutions offering better energy efficiency and cost advantages becoming a focus for self-development among major cloud providers, with upgraded versions typically released every 1-2 years. Guojin Securities believes that compared to GPUs, ASICs can be custom-developed for specific business scenarios, and the substantial demand for inference computing power and cost reduction will effectively drive the growth of ASIC demand. They are optimistic about ASIC design service companies, Ethernet white-box switch producers, Ethernet switching chip producers, AEC producers, and PCB producers. 3. Against the backdrop of strong supply constraints and a concentrated industry structure, these chemicals are currently in a price upcycle Institutions have pointed out that as temperatures rise, the demand for refrigerant maintenance is gradually becoming robust, with genuine sales boosting channel price confidence. Downstream air conditioner production schedules from June to August remain high on a YoY basis, with the demand side continuing to provide positive feedback. The long-term bullish trend for refrigerants remains unchanged. Against the backdrop of equal domestic and international trade quotes for mainstream refrigerants, the performance release certainty of refrigerant-related producers has strengthened. Founder Securities pointed out that refrigerants are one of the largest and most widely applied segments in the fluorochemical industry. The Montreal Protocol has driven the generational transition of refrigerants. Currently, the refrigerant industry is in a phase of accelerated reduction of second-generation refrigerants, quota freezing of third-generation refrigerants, and patent protection for fourth-generation refrigerants. Against the backdrop of strong supply constraints and a concentrated industry structure, second- and third-generation refrigerants are currently in a price upcycle. The downstream air conditioning and automotive industries are expected to maintain growth trends, with third-generation refrigerants expected to see both volume and price increases. In addition, fluorine-containing fine chemicals are a niche but high-quality segment within the fluorine chemical industry, characterized by high product barriers and added value, with significant growth in market demand in recent years. With the development of emerging industries such as new energy and electronics, their market size continues to expand. 4. Institutions Say Defense and Military Demand Expected to Recover, with Long-Term Growth Certainty in Relevant Sectors Research reports from institutions indicate that, as 2025 marks the final year of the "14th Five-Year Plan" and the planning year for the "15th Five-Year Plan," demand in the defense and military sector is expected to recover. Research reports from Northeast Securities point out that, at the current juncture, as the "14th Five-Year Plan" enters its final year, disruptive factors in the military industry have largely been eliminated, and downstream demand is showing restorative growth. Meanwhile, with the impending 2027 construction target, medium and long-term goals also provide clear guidance for the industry's development: to basically achieve the modernization of national defense and the military by 2035, and to comprehensively build the People's Liberation Army into a world-class military by 2050. Along with the recovery in demand and the gradual optimization of capacity structure, the defense and military sector is expected to see significant improvement, with high safety margins and long-term growth certainty.

SMM June 6 news: Metal market: Domestic base metals generally rose overnight, with SHFE tin up 1.66%, SHFE copper up 0.58%, SHFE nickel up 0.28%, SHFE lead down 0.36%, SHFE aluminum up 0.1%, and SHFE zinc down 0.27%. Additionally, the most-traded alumina futures contract fell 1.17%. Ferrous metals series all rose overnight, with iron ore up 1%, stainless steel slightly up, rebar up 1.15%, HRC up 1.01%. For coking coal and coke, coking coal surged 4.64% while coke gained 1.64%. LME base metals showed mixed performance overnight, with LME copper up 0.89%, LME aluminum down 0.32%, LME lead down 0.48%, LME zinc down 0.5%, LME tin up 1.07%, and LME nickel up 0.32%. Precious metals: COMEX gold fell 0.68% while COMEX silver rose 3.31%. SHFE gold dropped 0.46% and SHFE silver climbed 2.89%. As of 8:25 am June 6, overnight closing quotes 》Click to view SMM futures data dashboard Macro front 》Xi Jinping held phone talks with US President Trump Domestic news: [Commerce Ministry responds to auto industry's cut-throat competition: Strengthens comprehensive rectification and compliance guidance] A reporter raised questions about the automotive industry. Commerce Ministry spokesperson Yongqian He stated that the auto sector is a pillar and strategic industry of the national economy, playing a vital role in stabilizing growth and expanding consumption. In recent years, the Ministry has implemented car trade-in policies and auto circulation reform pilots to continuously unleash consumption potential and cultivate new growth points. Recently, relevant departments organized symposiums with industry associations, research institutions and enterprises to gather opinions for improving auto circulation. Next, the Ministry will collaborate with other departments to enhance market tracking, research and policy guidance, remove circulation bottlenecks, and better meet diverse consumer needs. Regarding current cut-throat competition in the industry, the Ministry will coordinate with relevant authorities to strengthen comprehensive governance and compliance guidance, maintain fair competition, and promote healthy industry development. 》Click for details [Commerce Ministry responds to US steel/aluminum tariff hike: Urges US to stop overstretching national security concept] This afternoon, the Commerce Ministry held a regular press conference where the spokesperson introduced recent key work in commerce. A reporter asked, "The US has increased tariffs on imported steel, aluminum, and their derivatives from 25% to 50%, and the policy officially took effect on the 4th. What comments does the Ministry of Commerce have on this?" Spokesperson He Yongqian of the Ministry of Commerce stated that China has repeatedly emphasized that the Section 232 tariffs are a typical act of unilateralism and protectionism, which have long been ruled by the WTO's dispute settlement mechanism as violating WTO rules. This time, the US has once again raised tariffs on steel, aluminum, and their derivative products, which not only harms others and itself, does not help maintain industrial security, but will also seriously disrupt the stability of the global industry chain and supply chain. The US approach has been opposed by multiple countries. China urges the US to respect economic laws, abandon the zero-sum mentality, stop overgeneralizing and abusing the concept of national security, work with all parties to maintain a rules-based multilateral trading system, resolve respective concerns through equal dialogue, and jointly maintain the stability of the global industry chain and supply chain. 》Click to view details [Ministry of Commerce: China will approve rare earth export license applications that meet regulations] The Ministry of Commerce held a regular press conference. A media outlet asked that some foreign enterprises believe that the process for obtaining rare earth export licenses in China is slow, and their enterprises may face production shutdowns. How does China respond to this? In response, Spokesperson He Yongqian of the Ministry of Commerce stated that rare earths and related items have obvious dual-use attributes for both military and civilian purposes, and implementing export controls on them is an international common practice. The Chinese government reviews export license applications for dual-use items in accordance with laws and regulations. For applications that meet the regulations, China will approve them to promote and facilitate compliant trade. 》Click to view details [Breaking with convention! The central bank will conduct a 1 trillion yuan outright reverse repo operation. What signals does the first "advance notice" release?] The central bank announced that to maintain ample liquidity in the banking system, on June 6, 2025, the People's Bank of China will conduct a 1,000 billion yuan outright reverse repo operation through fixed-quantity, interest-rate tendering, and multiple-price bidding methods, with a term of 3 months (91 days). 》Click to view details [Latest statement from the CSRC! Relating to strengthening the protection of small and medium-sized investors and supporting the listing of high-quality unprofitable technology enterprises] ① Cheng Hehong, the chief lawyer of the CSRC, stated at the 2025 Tianjin Wudadao Financial Forum that the CSRC will expedite the research and formulation of "Several Opinions on Further Strengthening the Protection of Small and Medium-Sized Investors in the Capital Market" to enhance the level of investor protection; ② Cheng Hehong also proposed that science and technology innovation bonds of high-quality enterprises should be included in benchmark market-making varieties, and support the issuance of REITs for new-type infrastructure projects such as artificial intelligence and data centers. 》Click to view details US dollar: The US dollar index fell by 0.04% overnight, closing at 98.75. According to a report by Xinhua News Agency in Beijing on June 5, on the evening of June 5, Chinese President Xi Jinping had a scheduled phone call with US President Donald Trump. The two heads of state agreed that their respective teams should continue to implement the Geneva consensus and hold a new round of talks as soon as possible. The number of Americans filing initial claims for unemployment benefits rose to its highest level in seven months last week, suggesting that the labour market is softening amid intensifying economic headwinds caused by tariffs. Giovanni Staunovo, an analyst at UBS, said that the US non-farm payrolls report for May, due to be released on Friday, could influence the US Fed's interest rate policy, while market focus will also be on geopolitical tensions in the Middle East. (Webstock Inc.) In other currency news: The Bank of England announced on Thursday that it had allocated a record 68.106 billion pounds (approximately $92.39 billion) in seven-day funds through its weekly short-term repo operations. This figure surpassed the previous record of 64 billion pounds set in April. The Bank of England provides reserves to banks through short-term repo operations while gradually selling government bonds purchased under its quantitative easing programme. (Huitong Finance) In terms of data: Today, data to be released includes Germany's seasonally adjusted monthly industrial output rate for April, Germany's working-day adjusted annual industrial output rate for April, Germany's seasonally adjusted monthly export rate for April, France's trade balance for April, the final seasonally adjusted quarterly GDP rate for the eurozone in Q1, the final seasonally adjusted annual GDP rate for the eurozone in Q1, the monthly retail sales rate for the eurozone in April, the annual retail sales rate for the eurozone in April, the monthly leading indicator rate for Canada in May, the seasonally adjusted change in US non-farm payrolls for May, the annual average hourly wage rate for the US in May, the change in US private non-farm payrolls for May, the US labour force participation rate for May, the seasonally adjusted change in US manufacturing employment for May, the US unemployment rate for May, the change in Canadian employment for May, the Canadian unemployment rate for May, and other data. In addition, it is worth noting that Federal Reserve Governor Adriana Kugler will speak at the Economic Club of New York, and Patrick Harker, the 2026 FOMC voter and president of the Federal Reserve Bank of Philadelphia, will speak about the economic outlook. In terms of crude oil: Both WTI and Brent crude oil futures rose, with WTI up 0.64% and Brent up 0.66%. Improved trade relations are expected to boost oil demand, supporting oil prices. On Wednesday, data showed that US gasoline and distillate inventories rose more than expected, reflecting weak demand in the world's largest economy, and oil prices fell by 1%. On Thursday, Saudi Arabia, the world's largest oil exporter, cut the price of its crude oil for Asian buyers in July to its lowest level in nearly two months, curbing the rise in crude oil prices. (Webstock Inc.)

Cheng Hehong, Chief Counsel of the China Securities Regulatory Commission (CSRC), delivered a keynote speech at the 2025 Tianjin Wudadao Financial Forum on June 5. We will expedite the research and formulation of the "Several Opinions on Further Strengthening the Protection of Small and Medium Investors in the Capital Market" Cheng Hehong stated that the next step is to effectively protect investors. The trust and participation of a broad base of investors form the foundation for the capital market to support and serve technological innovation. It is essential to synchronize the deployment, arrangement, and implementation of financing services for technology innovation enterprises with the protection of investors' legitimate rights and interests. We will strengthen the disclosure of information related to the technological innovation attributes and investment risks of technology innovation enterprises, and improve the corresponding investor suitability system and mechanisms. We will actively guide and support enterprises, issuers, their controlling shareholders, actual controllers, and relevant securities firms to voluntarily undertake and fulfill commitments to compensate investors in advance in accordance with the law. We will continue to enhance the refined service and management capabilities of the 12386 service platform, and collaborate to promote the establishment of a regularized working mechanism for special representative litigation. We will support the launch of pilot work on arbitration in the securities and futures industry. We will expedite the research and formulation of a comprehensive policy document on investor protection under the "Several Opinions on Further Strengthening the Protection of Small and Medium Investors in the Capital Market." Include high-quality enterprise science and technology innovation bonds in benchmark market-making categories Cheng Hehong stated that the next step is to strengthen comprehensive equity-debt linkage services. We will promote the high-quality development of science and technology innovation corporate bonds, explore the development of more science and technology innovation-themed bonds, and actively encourage eligible enterprises to obtain financing through science and technology innovation bonds, thereby helping to reduce the financing costs of technology innovation enterprises. We will include high-quality enterprise science and technology innovation bonds in benchmark market-making categories. We will support the issuance of Real Estate Investment Trusts (REITs) for projects in areas such as new-type infrastructure including artificial intelligence, data centers, and smart cities, as well as technology innovation industrial parks, to facilitate the revitalization of existing assets and support the digital transformation of traditional infrastructure. Promote the transition of fund share transfer business pilot programs to regular operations and expand the pilot program for physical stock distribution by funds to investors Cheng Hehong stated that the next step is to cultivate and expand long-term and patient capital. We will guide private equity funds to optimize their long-term performance evaluation mechanisms to better align with the development characteristics of technology innovation enterprises. We will support the development of private equity secondary market funds (S funds), promote the transition of fund share transfer business pilot programs to regular operations, expand the pilot program for physical stock distribution by funds to investors, and facilitate a virtuous cycle of "fundraising, investment, management, and exit." We will continue to guide the entry of medium and long-term funds into the market and continuously improve the "long-term capital for long-term investment" system. We will adhere to the basic legal principles of equity investment and promote the establishment and improvement of a fairer and more reasonable legal relationship between private equity investment funds and technology innovation enterprises, as well as their founding shareholders. The CSRC will revise and improve the Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets, and establish a sound system for punishing dishonesty and incentivizing integrity. Cheng Hehong stated that the next step is to build a more honest and friendly market environment. The high risks inherent in technological innovation also bring high risks to capital market activities that support and serve technological innovation. The greater the risk, the higher the required level of creditworthiness. In the process of the capital market supporting and serving technological innovation, it is necessary to further strengthen the construction of market integrity, and improve the integrity level of all market participants. The CSRC will revise and improve the Measures for the Supervision and Administration of Integrity in the Securities and Futures Markets, further enrich the capital market integrity archive database system, establish a sound system for punishing dishonesty and incentivizing integrity, severely crack down on serious acts of dishonesty such as fraudulent issuance, false information disclosure, and the failure of intermediaries to fulfill their duties diligently, enhance market transparency, leverage the verification and gatekeeping role of intermediary service institutions, and improve the professional ethics of practitioners. With a highly credible capital market, it will support and serve the development of high-level technological innovation. This year, publicly listed firms in strategic emerging industries have disclosed over 140 asset restructuring cases, twice the number from the same period last year. Cheng Hehong stated that in the field of mergers and acquisitions and restructuring, publicly listed firms in strategic emerging industries have disclosed over 140 asset restructuring cases this year, which is twice the number from the same period last year. In the field of bond financing, as of the end of April 2025, a total of 1,327 science and technology innovation bonds have been issued on the exchange market, with an issuance scale of 1.35 trillion yuan. In the field of private equity funds, the proportion of private equity and venture capital funds invested in strategic emerging industries has continued to increase. Currently, there are over 100,000 ongoing projects with an invested principal of over 4 trillion yuan. The CSRC will provide greater support for the listing of high-quality unprofitable technology firms and actively and prudently promote the implementation of new cases under the fifth set of listing criteria for the Science and Technology Innovation Board. Cheng Hehong, the CSRC's chief lawyer, delivered a keynote speech at the 2025 Tianjin Wudadao Financial Forum on June 5, stating that the next step is to deepen the reform of the stock issuance registration system. Adhering to information disclosure as the core, market intermediary verification and gatekeeping as the basis, and strict supervision and accountability as the guarantee, the CSRC will continue to advance the reform of the issuance and listing systems for the Science and Technology Innovation Board and the ChiNext Market, further enhancing the system's inclusiveness and adaptability. It will provide greater support for the listing of high-quality unprofitable technology firms and actively and prudently promote the implementation of new cases under the fifth set of listing criteria for the Science and Technology Innovation Board. The CSRC will adhere to the complementary and differentiated development of the Science and Technology Innovation Board, the ChiNext Market, and the Beijing Stock Exchange, further optimizing differentiated arrangements to better coordinate and leverage the diverse functions of each board in supporting technology firms, and strive to cover the different financing needs of technology firms at various types and stages of development.