Codelco and miner Rio Tinto signed a memorandum of understanding on Thursday to explore development and investment opportunities.

Macro News 1. On June 17 local time, during his attendance at the second China-Central Asia Summit in Astana, President Xi Jinping met with Uzbek President Shavkat Mirziyoyev. The two heads of state exchanged views on the current situation in the Middle East. Xi Jinping stated that Israel's military actions against Iran have suddenly intensified tensions in the Middle East, and China is deeply concerned about this. China opposes any actions that infringe upon the sovereignty, security, and territorial integrity of other countries. Military conflict is not the way to resolve issues, and the escalation of regional tensions does not serve the common interests of the international community. All parties should work to de-escalate the conflict as soon as possible and prevent further escalation of tensions. China is willing to work with all parties to play a constructive role in restoring peace and stability in the Middle East. 2. Li Bin, Deputy Director of the State Administration of Foreign Exchange and spokesperson, stated that in May, the overall supply and demand of foreign exchange at home and abroad were balanced, and the foreign exchange market operated smoothly. In May, the net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, amounted to $33 billion. Among them, the net inflow of funds from trade in goods remained at a relatively high level, and foreign investors' holdings of domestic stocks increased further compared to the previous month. The net outflow of funds from services trade, dividend distributions by foreign-invested enterprises, and outward direct investment remained generally stable. 4. Yesterday, a reporter asked whether there were plans to evacuate Chinese citizens in Iran and Israel amid the escalating conflict between Israel and Iran. Foreign Ministry spokesperson Guo Jiakun stated that some Chinese citizens have already been safely evacuated to neighboring countries. The Foreign Ministry and relevant embassies and consulates are working with relevant departments to fully ensure the safety and protection of Chinese citizens in Iran and Israel and to organize the evacuation of Chinese citizens promptly. 6. At yesterday's regular press conference of the Foreign Ministry, a reporter asked about the Financial Times report that the EU had canceled the high-level China-EU economic dialogue, believing that discussions with China were meaningless without progress on trade issues. Guo Jiakun responded by saying to inquire with the competent Chinese authorities. Guo Jiakun stated that strengthening strategic communication and deepening dialogue and cooperation between China and the EU are beneficial to the world. Industry News 1. Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted a survey on industrial innovation and the promotion of the healthy development of the platform economy in Guangdong from the 15th to the 17th. He emphasized the need to thoroughly implement the important instructions and directives of General Secretary Xi Jinping, implement the decisions and deployments of the CPC Central Committee and the State Council, promote the deep integration of technological innovation and industrial innovation, continuously shape new momentum and advantages for development, adhere to the principle of equal emphasis on development and regulation, focus on improving the governance system of the platform economy, and create a fair and orderly environment for the development of the platform economy. 2. The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council held the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises in Shenzhen, Guangdong Province, on the 17th. The meeting called for efforts to improve the quality of technological innovation supply, take on responsibilities in building a modern industrial system, make tangible progress in collaborative innovation and the application of research outcomes, and achieve breakthroughs in improving the innovation evaluation and incentive mechanisms. It also urged active promotion of AI-led transformations in the scientific research paradigms of state-owned enterprises, as well as the creation and opening up of strategic, high-value application scenarios. The meeting emphasized that completing the deepening and enhancement action plan with high quality should be the top priority for this year's state-owned enterprise reforms, with a focus on achieving tangible results. 3. The International Energy Agency's new medium-term outlook indicates that global oil supply growth will far exceed demand growth in the coming years. 4. The National Development and Reform Commission (NDRC) announced that starting today, domestic gasoline and diesel prices will be increased by 260 yuan/mt and 255 yuan/mt, respectively. In terms of price per liter, 92-octane gasoline will increase by 0.2 yuan, while 95-octane gasoline and 0-diesel will both increase by 0.22 yuan. After this price increase, filling up a 50L fuel tank of a family car with 92-octane gasoline will cost an additional 10 yuan. 5. According to a survey report titled "The New Silver Hair Economy Will Become Another 'Strategic Opportunity' for Upgrading Consumption Quality" released by the Shanghai Consumer Council, the new silver hair economy will become an important engine for upgrading consumption quality. The consumption demands of the new silver hair group are highly concentrated in areas such as "health and wellness," "travel and socializing," and "hobbies and interests." 6. The commencement ceremony for the EPCI project of the Shanghai Lingang Submarine Data Center Demonstration Project, participated in by the Second Company of CCCC Third Harbor Engineering Co., Ltd., was held in Nantong. As the world's first zero-carbon new infrastructure benchmark for offshore wind power-integrated submarine data centers, this project will help Shanghai reach the international forefront in the field of green and low-carbon computing infrastructure. 7. During an inspection of a shipment of children's toys and plastic cups, customs officers from Beilun Customs, under the jurisdiction of Ningbo Customs, discovered that a plush toy was suspected of infringing on the copyright of the "Labubu Spring Elf Series." After contacting the rights holder for confirmation, it was determined that the entire shipment was infringing. Upon inventory, it was found that there were 20,240 infringing children's toys. 8. Relevant officials from the Guangdong Provincial SASAC stated at the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises that Guangdong Province has increased its investment in strategic emerging industries and high-tech enterprises, establishing the Guangdong Advanced Manufacturing Industry Investment Fund and the Strategic Industry Promotion and Development Fund, with a total subscribed capital of approximately 70 billion yuan and 52 investment projects. Company News 1. New World Development stated on an interactive platform that its shopping malls have POP MART vending machines. 2. PetroChina Capital announced its plan to invest 655 million yuan to increase the capital of Kunlun Capital for investment in controllable nuclear fusion projects. 3. SmartSens Technology announced that the shareholding ratio of the National Integrated Circuit Industry Investment Fund Phase II has decreased to 6.99%. 4. BOE Technology Group Co., Ltd. announced its plan to acquire a 30% stake in CHOT. 5. RemeGen announced that Telitacicept has been granted orphan drug designation by the European Union. 6. Dematic announced its strategic cooperation intention with Zhiyuan Xinchuang to explore innovative applications of embodied intelligent robots in logistics scenarios. 7. GCoreLab announced the successful internal testing of its new anti-quantum cryptographic card, which has been sampled to multiple customers. 8. Yuanlong Yatu stated on the interactive platform that its revenue from IP-related businesses with POP MART in 2024 was approximately 2.21 million yuan. 9. Eastcompeace Technology announced that in recent years, the company has actively deployed R&D and applications in fields such as blockchain, but faces risks of new technology R&D and commercial applications not meeting expectations. 10. Asian Paints announced that Runhe Tongcai intends to passively reduce its shareholding in the company by 3% due to the triggering of a mandatory liquidation procedure. Global Markets 1. US stocks opened lower and closed lower, with all three major indices ending in the red. The Nasdaq fell 0.91%, the S&P 500 fell 0.84%, and the Dow fell 0.7%. Major tech stocks generally declined, with Tesla falling nearly 4% and Apple falling over 1%. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 1.77%. Major European stock indices also closed lower, with the German DAX30 index falling 0.86%. 2. International crude oil futures settlement prices rose sharply by over 4%. WTI crude oil futures for July rose 4.28%, and Brent crude oil futures for August rose 4.4%. 3. COMEX gold futures fell 0.37%, while COMEX silver futures rose 1.97%. Investment Opportunities Reference 1. China's annual cross-border e-commerce export scale exceeds 2 trillion yuan, with leading sellers expected to continue increasing market share According to media reports, at the 2025 China Langfang International Economic and Trade Fair, which opened on June 16, the Statistical Analysis Department of the General Administration of Customs introduced China's cross-border e-commerce import and export situation in 2024, stating that China's cross-border e-commerce export scale exceeded 2 trillion yuan in 2024, reaching 2.15 trillion yuan, a 16.9% increase from 2023, setting a new historical high for cross-border e-commerce scale. A survey of enterprises by the customs showed that over 70% of enterprises expected cross-border e-commerce import and export to remain stable or grow in 2025. Cinda Securities believes that the increasing penetration of online channels in overseas consumer markets will continue to be an important opportunity for Chinese brands to go global. Leading sellers in cross-border e-commerce are focusing on brand strategies and leveraging their core supply chain advantages, and are expected to continue increasing their market share. 2. Ten new low-altitude logistics routes have been added in the region, and 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root. According to media reports, the Hanshang Low-Altitude Port, which connects the core areas of the three towns of Wuhan (Wuchang, Hankou, and Hanyang) through flight service routes, has officially commenced operations. It is understood that the Hanshang Low-Altitude Port is constructed and operated by Hanshang Low-Altitude Technology Co., Ltd., a subsidiary of Hanshang Group. Currently, it has formed a specialized low-altitude logistics operation system comprising one digital real-time dispatching platform, two intelligent command centers, ten low-altitude routes, and 22 intelligent parking aprons. It primarily serves the distribution and emergency support of commodities such as seafood, fresh-cut flowers, and pharmaceuticals. Galaxy Securities believes that 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root, with infrastructure such as air traffic control systems and takeoff and landing sites accelerating in construction. Kaiyuan Securities further analyzed that the low-altitude economy has ushered in vertical implementation from the macro level (national-level industrial planning) to the meso level (local subsidies in various regions) and then to the micro level (infrastructure mainframe tenders and application scenario creation). It is recommended to pay attention to the subsequent market trends of the low-altitude economy sector. 3. The region's first project of this kind has officially landed! Policy dividends are emerging, injecting strong momentum into foreign trade growth. According to media reports, recently, the Macun Port Customs under Haikou Customs successfully handled the customs clearance procedures for a cross-border bonded lease of a "Lancang" electric multiple unit (EMU) trainset declared by a leasing company within the Haikou Integrated Free Trade Zone, marking the official landing of Hainan Free Trade Port's first cross-border railway EMU leasing project. Currently, the EMU trainset has been delivered to Laos-China Railway Co., Ltd., effectively enhancing the passenger transport supply capacity of the Lao section of the China-Laos Railway and driving regional economic development. "Unlike previous direct sales and exports, the bonded lease approach significantly reduces the investment and operating costs for foreign enterprises. It also helps promote international cooperation and optimal resource allocation, providing more foreign enterprises with access to China's manufacturing resources and market opportunities," said a relevant person in charge of the leasing company. This business represents an important milestone in the company's cross-border leasing business layout. A relevant person in charge of Haikou Customs stated that the customs will strengthen communication and exchanges with various parties, including the Haikou Integrated Free Trade Zone and leasing companies, to further leverage the policy advantages of the Hainan Free Trade Port. By facilitating financing and customs clearance, it will promote industrial development and accelerate the "going global" of large-scale rail transit equipment made in China. According to statistics from Haikou Customs, as of late May this year, the import value of goods under Hainan Free Trade Port's three "zero-tariff" lists reached 22.69 billion yuan, with tax exemptions and reductions totaling 4.32 billion yuan. The early policy dividends of the Hainan Free Trade Port are emerging, injecting strong momentum into foreign trade growth. 4. Hard to Get a Ticket! Number of Scottish Premiership Sponsors Surges to 20 It was reported that as of June 16, the number of Scottish Premiership sponsors had reached 20, more than three times the number at the start of the season. Amid sustained high popularity, the sponsorship fees for the "Scottish Premiership" had soared to 3 million yuan, and it was hard to get a ticket. Meanwhile, according to booking data from Meituan Travel, the booking volume for cultural and tourism activities in Jiangsu Province during the summer vacation had increased by 41% YoY. Over the past weekend, the tourism order volume in Jiangsu Province had surged to the top nationwide, with the order volume for dining in restaurants in Jiangsu contributed by out-of-town consumers increasing by over 49% YoY. The tourism order volume in Nanjing, the provincial capital, led the country, while Suzhou and Yangzhou had both ranked among the top 10, showing a booming trend of "full bloom". The "Scottish Premiership Effect" was amplified by policy support and the platform economy, driving comprehensive growth in the cultural, tourism, sports, and commercial sectors in Jiangsu. The ongoing Jiangsu Provincial City Football League has recently attracted a large number of fans to attend the games. According to Future Report data, the global football market size reached $55.97 billion in 2024 and is expected to expand at a compound annual growth rate of 3.9%, reaching $70.29 billion by 2030. Fang Guangzhao from Kaiyuan Securities believes that driven by both policy support and market demand growth, the Chinese football industry is expected to usher in a period of rapid development, and it is recommended to actively pay attention to investment opportunities related to the football industry chain. The development of the football industry is expected to drive demand for derivatives such as trading cards and sports lotteries. As a core component of the upstream events in the football industry chain, football clubs are expected to see their value continue to rise. In addition, with the rapid development of the football industry, the demand for high-grade football equipment and materials may increase significantly.

On June 17, 2025, the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , hosted by SMM, successfully concluded at the Hyatt Regency Bangkok Sukhumvit in Bangkok, Thailand! The conference brought together experts, scholars, corporate representatives, and government officials from the domestic and overseas automotive industries to discuss new trends and models in the development of the automotive industry, share the latest technologies and innovative achievements, promote collaborative development and cooperation within the automotive industry, facilitate the improvement and enhancement of the industry chain, help Chinese automotive industry chain enterprises better understand overseas investment environments, leverage the complementary advantages of various countries and regions in the automotive industry, and jointly support the healthy and sustainable development of the automotive industry! Yossapong Laoonual, Honorary Chairman of the Electric Vehicle Association of Thailand (EVA) and Director of the Mobility and Vehicle Technology Research Center (MOVE) at King Mongkut's University of Technology Thonburi (KMUTT) , stated that Thailand's electric vehicle vision (the 30@30 Policy) sets an ambitious goal of achieving 30% zero-emission vehicles (ZEVs) in the country's total production and 50% in newly registered vehicles by 2030. To achieve this goal, the government provides subsidies to original equipment manufacturers producing cars, pickup trucks, and motorcycles. The planned annual capacity for EVs exceeds 500,000 units, while the actual production in 2024 was 9,688 units, representing a 58-fold increase compared to the entire year of 2023. Although internal combustion engine vehicles still dominate the market, the growth rate of battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) is very rapid, with a compound annual growth rate (CAGR) of 138% for BEVs from 2020 to 2024. By 2024, the market penetration rate of electric four-wheelers had reached 13%. Asst. Prof. Uthane Supatti, Ph.D., Vice Chairman of the Electric Vehicle Association of Thailand (EVAT) , stated, when referring to the development of charging infrastructure in Thailand, that after 2023, the deployment of charging piles in Thailand has reached a significant turning point. Data shows that the number of charging piles increased by an astonishing 306.2% YoY in 2023. By 2023, the number of charging piles had already surpassed the original target set for 2025. However, there is still significant room for improvement to achieve the 2030 goal, and continued efforts in construction are needed. In addition, Yao Xinying, Director of SMM Steel Product Research , released the SMM Thailand Metal Prices and Thailand Steel Prices to help enterprises identify fair prices and reduce transaction costs. She stated that the Thai manufacturing industry still faces numerous obstacles in price referencing and settlement, such as the lack of authoritative price benchmarks, low price transparency, an imperfect settlement system, and susceptibility to market manipulation. SMM, closely connected with the upstream and downstream of the Thai metal industry chain, has launched the SMM Thailand Metal Prices to facilitate market transactions. Additionally, SMM has specially designed a networking session for automakers, bringing together over a dozen well-known domestic and overseas automakers, including BYD and BMW, to provide dedicated time for supply and demand exchanges between attending guests and automakers, facilitating collaboration discussions! 》Click to view the live video of the conference 》Click to view the live photo gallery of the conference 》Click to view the special coverage of the conference Opening Remarks Speaker: Logan Lu, CEO of SMM 》Click to view details of the on-site speech Guest Speaker Session Speech Topic: Latest Policies in Southeast Asia's Automotive Industry Guest Speaker: Yossapong Laoonual, Honorary Chairman of the Electric Vehicle Association of Thailand (EVA) and Director of the Mobility and Vehicle Technology Research Center (MOVE), King Mongkut's University of Technology Thonburi (KMUTT) Thailand's EV Vision (30@30 Policy) Thailand's EV Vision (30@30 Policy) sets an ambitious target of achieving 30% zero-emission vehicles (ZEVs) in the country's total production and 50% in new vehicle registrations by 2030. To achieve this, the government is providing subsidies to original equipment manufacturers (OEMs) producing cars, pickup trucks, and motorcycles. 2024 Capacity and Market Performance The planned annual production capacity for EVs exceeds 500,000 units, with actual production in 2024 reaching 9,688 units, a 58-fold increase compared to the full year of 2023. Despite internal combustion engine vehicles still dominating the market, the growth rates of battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) have been very rapid, with BEVs achieving a compound annual growth rate (CAGR) of 138% from 2020 to 2024. By 2024, the market penetration rate of electric four-wheelers has reached 13%. Infrastructure Development By 2024, the ratio of electric passenger vehicles to charging stations is 28, and the number of DC charging piles has exceeded the 2025 target by 40%. These charging piles are mainly distributed in gas stations, department stores, office buildings, and other locations. Challenges Faced In Thailand's four-wheeled EV market, Chinese OEMs have already taken a dominant position and are benefiting from the 30@30 policy. To enhance the competitiveness of the local automotive industry, local auto parts suppliers should actively integrate into the global supply chain and collaborate with Chinese OEMs to improve price competitiveness and enhance technological capabilities. 》EVA Thailand Shares: Thailand's EV Outlook - Opportunities and Challenges Automotive Brand Building and Differentiation Strategies in the Southeast Asian Market Guan Xin, Deputy General Manager of Changan Automobile's Southeast Asia Division Zhang Cong, General Manager of Geely Radar Thailand Pichayuth Vongpattanasin, Vice President of Omoda&Jaecoo (Thailand) Co., Ltd. Roundtable Discussion: Pathways for Building and Optimizing Localized Supply Chains in Southeast Asia Guests: Martin Knoss, Regional President for Passenger Cars, Commercial Vehicles, and Off-Road Vehicles in the ASEAN Market Segment, Powertrain Solutions Division, Robert Bosch Automotive Technology (Thailand) Co., Ltd. Peter Klöpfer, Senior Manager, Rutronik Yoshinobu Egawa, Head of China Region, SIIX Corporation Ma Ming, General Manager, Joyson Safety Systems (Thailand) Guan Xin, Deputy General Manager of Changan Automobile's Southeast Asia Division Speech Topic: SMM Thailand Metal Price Launch & Thailand Steel Price Release - Discovering Fair Prices and Reducing Transaction Costs Guest Speaker: Yao Xinying, Director of Steel Product Research, SMM Why Launch SMM Thailand Metal Prices? The Thai manufacturing industry still faces numerous obstacles in terms of price reference and settlement. 1. Lack of an authoritative price benchmark Thailand lacks an independent third-party price publishing platform, resulting in a lack of unified and credible price reference standards for metal trading. This makes it difficult for buyers and sellers to reach fair pricing agreements, exacerbating market price confusion. 2. Low price transparency Due to the absence of professional price information disclosure channels, metal trading price data is scattered and not publicly available. Market participants are unable to obtain timely and accurate market information, increasing the difficulty of price discovery and the risk of trading decisions. 》SMM Thailand Metal Price Launch Event & Thailand Steel Price Release - Discovering Fair Prices and Reducing Trading Costs Roundtable Discussion: Southeast Asia Automotive Supply Chain - Import and Local Matters (Services, Prices, Landing Support Possibilities) Dong Rujun, Senior Overseas Market Manager, SMM Wu Zhengguo, Operations Director, Taichengfa Co., Ltd. Wu Zhongxian, Deputy General Manager, International Trade Company, CITIC Pacific Special Steel Group Co., Ltd. Bai He, General Manager, RTM International Aluminum Division, Mitsubishi Corporation Yingzhang Liang, Head of Sustainability, Metals & Mining, Asia Pacific, Bloomberg Intelligence Shine Peng, Sales General Manager, FedEx Speech Topic: Accelerating the Development of Thailand's EV Ecosystem Guest Speaker: Asst. Prof. Uthane Supatti Ph.D., Vice Chairman, Electric Vehicle Association of Thailand (EVAT) Transformation of Transportation Modes in Thailand Traditional transportation modes include speedboats, traditional buses, and traditional trains. After improvements, electric taxis, electric buses, and electric motorbike taxis have emerged. Following electrification development, subways, trams, and electric boats have also come into people's view. Thailand's EV Vision - The "30@30" Policy Thailand has set EV adoption and production targets for 2025 and 2030. By 2030, the following goals will be achieved: zero-emission vehicles will account for 30% of Thailand's total vehicle production; zero-emission vehicles will account for 50% of the country's vehicle usage. Passenger Vehicle Production: As of 2024, Thailand's total sedan production reached 1,468,997 units, a YoY decrease of 20%. Among them, passenger vehicle production was 558,440 units, a YoY decrease of 13.5%. Pure electric passenger vehicle production was 9,688 units, a YoY surge of 5,807.3%. 》Current Status of Thailand's EV Industry - How to Accelerate the Development of Thailand's EV Ecosystem? Roundtable Discussion: Accelerated Electrification and Localization Progress of Core Components in Thailand Xiaolong Xu, Deputy General Manager, Inovance United Power System (Thailand) Co., Ltd. Zhibiao Fu, Plant Manager, Shanghai Edrive (Thailand) Co., Ltd. Tongkarn Kaewchalermtong, Chair of the Transport and Logistics Working Group, ASEAN Federation of Engineering Organizations (AFEO) Sizhan Chen, Chairman of the Automotive Parts Industry Association, Federation of Thai Industries, and Deputy Secretary General, Thai Auto Parts Manufacturers Association Haofeng, Business Director, Gotion High-tech (Thailand) Co., Ltd. Presentation Topic: Industrialization Breakthrough of Ultra-Thin Soft Magnetic Materials for High-Efficiency Drive Motors Guest Speaker: Lugang Zhan, Executive Deputy General Manager, Hunan Hongwang New Materials Technology Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: Charging Pile Infrastructure: Unlocking the Last Mile of Southeast Asia's New Energy Revolution Liming Zhao, Overseas Sales Director for Southeast Asia, Teld International Soravis Sithicharoen, Charging Pile Business Head, Gentari Green Mobility Thailand Chavarin Chavarangkul, Charging Pile Head and Sales Director, Innopower Company Limited Presentation Topic: Operational Status of Lithium Carbonate Futures Guest Speaker: Bing Leng, Deputy General Manager, GFEX (At the speaker's request, this presentation will not be publicly available) Presentation Topic: Eastern Economic Corridor (EEC): A Hub of Prosperity Opportunities Guest Speaker: Songwut Apirakkhit, Executive Head of Next-Generation Automotive Sector, Eastern Economic Corridor Roundtable Discussion: Investment Models in Southeast Asia: Pros and Cons of Joint Ventures and Wholly Owned Subsidiaries Weien Lin, Director and Deputy General Manager, Thai Long United Automotive Co., Ltd. Kuixian Lin, Founder of Jiahua Group and CEO of NexV, Sdn Bhd Bin Zhao, President, Thai-Chinese Rayong Industrial Zone Development Co., Ltd. June 17 Main Conference Presentation Topic: Rizhao Steel's ESP Automotive Steel Supports Green and Efficient Development in the Automotive Industry Guest Speaker: Xutao Zheng, Deputy Director of Technology and Quality Department, Technical Center Director, Rizhao Steel Holding Group Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: How Southeast Asia's Local Supply Chain Serves European and US Markets Tuan Vi, Vice President of Supply Chain and Logistics for Asia Pacific, Schaeffler Vietnam Sridhar Ramakrishna, Application and Engineering Director, Tenneco Presentation Topic: Smart Logistics Systems and Technologies Facilitating Global Supply Chain Expansion Guest Speaker: Chunlong Jin, Deputy General Manager, Shanghai Boyi International Logistics Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: Potential Synergies in Battery Cell Chemical Materials Across Southeast Asia Logan Lu, CEO, SMM Tony, General Manager, Sunwoda EV Energy (Thailand) Co., Ltd. Rui Liu, Chairman, Innovate (Malaysia) New Materials Technology Co., Ltd. Changxi Jin, Sales Director for Japan, South Korea, and Southeast Asia, Electrolyte Division, Guangzhou Tinci Materials Technology Co., Ltd. Shuzhan Yang, Deputy General Manager, BTR New Materials Group Co., Ltd., and Chairman, BTR Indonesia Automaker Demand Matching Session At the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , SMM has specially designed a networking session for automakers, bringing together over a dozen renowned domestic and overseas automakers to provide attendees with dedicated time for supply and demand discussions and collaboration opportunities! 》Click to view the list of automakers participating in the exchange meeting Sign-in 》Click to view more highlights from the event With this, the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference has come to a successful conclusion Thank you for the support of all industry colleagues See you next year! 》Click to view the special report on the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference

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.

Macro News 1. On the afternoon of June 12, Premier Li Qiang met with European Central Bank President Christine Lagarde at the Great Hall of the People in Beijing. Li Qiang pointed out that China and Europe have strong economic complementarity, with China possessing a super-sized market advantage and continuously unleashing market potential. There is significant cooperation potential between China and Europe in many fields. China is willing to strengthen market connectivity and industrial synergy with Europe to add more momentum to their respective development. Lagarde stated that under the current international situation full of uncertainties, maintaining high-level exchanges and dialogue cooperation between Europe and China is crucial. Tariff wars and trade wars only lead to lose-lose outcomes, while adhering to multilateralism and strengthening open cooperation is the right choice. 2. On the afternoon of June 12, the Ministry of Commerce held a regular press conference. A reporter inquired about the first meeting of the China-US economic and trade consultation mechanism. Ministry of Commerce spokesperson He Yadong stated that from June 9 to 10 local time, the China-US economic and trade teams held the first meeting of the consultation mechanism in London, UK. The two sides reached a principled consensus on implementing the important consensus of the June 5 phone call between the two heads of state and the framework of measures to consolidate the outcomes of the Geneva economic and trade talks, making new progress in addressing each other's economic and trade concerns. Regarding the rare earth issue, as a responsible major country, China fully considers the reasonable needs and concerns of various countries in the private sector, reviews applications for export licenses of rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications according to law, and will continue to strengthen the approval of compliant applications. 3. On June 11, People's Bank of China Governor Pan Gongsheng held the first annual meeting with European Central Bank President Christine Lagarde. The two sides exchanged in-depth views on topics including the economic and financial situations of China and Europe, reform of the international monetary system, global financial regulation, and key areas of cooperation between the two central banks. After the meeting, the two sides signed the Memorandum of Understanding on Cooperation between the People's Bank of China and the European Central Bank. 4. A passenger plane crashed at Ahmedabad Airport in Gujarat, India, on June 12. According to reports, all 242 people on board were killed. CCTV News learned that local police found one survivor in the Indian plane crash. 5. Foreign Ministry spokesperson Lin Jian presided over the regular press conference yesterday. A foreign media reporter asked about US President Trump's post on his social media platform, claiming that an agreement had been reached with China, such as China providing rare earth magnets. Lin Jian stated that China always honors its words with actions. Since a consensus has been reached, both sides should abide by it, and China hopes the US will work with China to implement the important consensus reached in the phone call between the two heads of state. Industry News 2. Recently, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the "Several Measures on Financial Support for Fujian to Explore a New Path for Cross-Strait Integrated Development and Build a Demonstration Zone for Cross-Strait Integrated Development." TheThe "Several Measures" proposes 12 policy measures in four aspects: optimizing the financial ecosystem of the cross-strait shared "living circle", serving the construction of the first home for Taiwan compatriots and Taiwan-funded enterprises to land on the mainland, supporting the pilot program for high-level opening-up of cross-border trade in Fuzhou, Xiamen, and Quanzhou, supporting the facilitation of cross-border investment and financing under the capital account, comprehensively strengthening financial supervision, and effectively preventing and defusing financial risks. These measures are of great significance for continuously deepening the construction of a demonstration zone for cross-strait integrated development and promoting high-level financial opening-up. The People's Bank of China and the State Administration of Foreign Exchange will promote the detailed implementation of various policy measures outlined in the "Several Measures", further intensify financial support for the integrated development across the Taiwan Strait, and provide strong financial support for the construction of the demonstration zone for cross-strait integrated development. 3. At the Annual Meeting of the Asia Traders Forum & Stock Trading Summit 2025, Tim LUI, Chairman of the Securities and Futures Commission of Hong Kong, stated that the SFC is studying plans to adjust the number of shares per trading lot, thereby enhancing the convenience of trading high-priced stocks and odd lots, and further improving market liquidity. 4. The General Office of the People's Government of the Guangxi Zhuang Autonomous Region recently issued the "Implementation Plan for Special Actions to Boost Consumption in Guangxi". It mentions expanding support for trade-in policies for automobiles, home appliances, home improvement, kitchen and bathroom products, and e-bikes, as well as subsidies for purchasing new 3C digital products. 5. In 2025, Urumqi plans to develop 82 cultural and tourism projects with a total investment of 44.815 billion yuan and an annual planned investment of 5.4116 billion yuan, representing increases of 76%, 181%, and 170% respectively compared to 2024. The focus will be on introducing a batch of high-end hotel cluster projects, creating a number of major construction projects, and building a comprehensive cultural and tourism space integrating cultural experiences, commercial consumption, and leisure and entertainment. 6. With the "Suzhou Super League" gaining widespread popularity, some netizens have called on Sichuan to host similar football events through the "Ask the Government Sichuan" platform. In response, the Sichuan Provincial Sports Bureau stated that the "Bashu Xiongqi Cup" Sichuan Super League will learn from the healthy development experience of the "Suzhou Super League", improve the event system, strengthen supervision, promote fair competition, mobilize social forces to participate, facilitate the development of mass football and campus football, and support nationwide fitness. Company News 1. New China Life Insurance announced its intention to subscribe for private equity fund shares with an investment not exceeding 15 billion yuan. 2. China Vanke Co., Ltd. announced that it sold a total of 72.96 million A-share treasury shares from June 10 to June 12, which will help supplement the company's working capital. 3. *ST Gongzhi announced that the Shenzhen Stock Exchange has decided to terminate the listing of the company's shares. 4. Yidian Technology stated on an interactive platform that POP MART is an important client of the company. 5. ST Jinyi announced that the other risk warnings for the company's shares have been revoked, and trading will resume from June 16. 6. Xiaofang Pharmaceutical announced a collaboration with Shanghai Dermatology Hospital to develop Compound Platycladi Tincture, a Class 1.1 traditional Chinese medicine for treating hair loss. 7. PowerChina secured a 10.77 billion yuan offshore wind power EPC turnkey project. 8. Qingmu Technology clarified that it currently only provides e-commerce agency operation services for Pop Mart's Tmall flagship store. 9. Taiji Co., Ltd. disclosed that its controlling shareholder and actual controller are planning matters related to changes in company control, leading to a trading suspension. 10. Hengbao Co., Ltd. announced that director and vice president Gao Qiang plans to sell no more than 197,500 shares. 11. Jingjin Equipment reported that its actual controller, chairman, and general manager has been placed under retention. 12. Feiliner completed verification work, with its shares resuming trading on June 13. Global Markets US and European stocks showed mixed performance, with both the S&P 500 and Dow Jones hitting at least three-month closing highs. US stocks opened lower but closed higher, with all three major indices posting slight gains. The S&P 500 rose 0.38%, the Dow gained 0.24%, and the Nasdaq advanced 0.24%. The S&P 500 reached its highest closing level since late February, while the Dow achieved its best close since early March. Oracle surged over 13% to a record high after exceeding Q4 earnings expectations. US fintech firm Chime jumped over 37% on its debut. Boeing fell nearly 5% following an Air India Boeing 787 crash. European indices closed mixed, with Germany's DAX30 down 0.48%. International crude oil futures settled slightly lower. WTI July crude dropped 0.16%, while Brent August crude declined 0.59%. COMEX gold futures rose 0.84% to $3,406.8/oz, and silver futures gained 0.41% to $36.41/oz. Investment Opportunities 1. Pop Mart Expanded Capacity Early This Year, But Demand Far Exceeds Supply Chain Response Media reports indicate that since Chinese New Year, Pop Mart has urgently recalled workers and expanded capacity to meet surging demand driven by rising IP popularity. An insider described this as a "sweet trouble" where market demand vastly outpaces supply chain responsiveness, noting "even overworked sewing machines can't keep up." The core appeal of IP collectibles lies in instant emotional gratification. Labubu's distinctive features meet specific demands, amplified through social media. Current supply shortages and product scarcity further elevate circulation premiums, significantly boosting visibility. Zhongtai Securities released a research report stating that it is optimistic about the investment value of the IP industry and anticipates the growth and commercialization of major IPs. Three directions are worth noting: (1) Leading companies in the IP2C model for trendy toys that possess a high-quality IP matrix, strong operational capabilities, and channel strength; (2) Content producers with strong content creation capabilities; (3) IP operators in the IP2B2C model that possess high-quality IPs and B-end customer resources. 2. German nuclear fusion startup ProximaFusion secures record-breaking funding On Wednesday local time, German nuclear fusion startup ProximaFusion announced that it had raised €130 million (equivalent to $148 million) in a record-breaking funding round. Investors have high hopes that the company will be the first to build the world's first commercial nuclear fusion power plant. ProximaFusion's Series A funding round was co-led by CherryVentures and BaldertonCapital, marking the largest private nuclear fusion investment round in Europe to date. In recent years, market interest in nuclear fusion technology has continued to grow. Founder Securities' machinery equipment team is optimistic that the timeline for global nuclear fusion could be advanced. Currently, the European Commission (EC) has officially launched a four-week consultation period, which will help the EU establish a leading position in global nuclear fusion development and accelerate the commercialization of fusion energy. 3. Cumulative financing exceeds 1 billion yuan in the first half of the year; experts say commercial space is experiencing unprecedented development opportunities Media reports indicate that China's commercial space industry in 2025 is accelerating at an unprecedented pace towards industrialization. One of the most telling signs is the "real money" coming from the capital market. According to incomplete statistics by reporters, in the first five months of this year alone, the publicly disclosed and estimable financing amounts in China's commercial space sector have cumulatively exceeded 1 billion yuan. Recently, there have been continuous developments in the commercial space sector. LandSpace Technology Corporation's independently developed ZQ-2 Modification 2 remote sensing launch vehicle successfully started production and lifted off; Beijing CAS Space Technology Co., Ltd.'s KQ-1 remote sensing 7 launch vehicle was successfully launched; and the "Tada Hu Yang No. 1" satellite was successfully launched by the KQ-1 remote sensing 7 launch vehicle. Experts interviewed stated that after several years of cultivation, China's commercial space industry is flourishing, with enterprises in commercial satellites, commercial rockets, commercial monitoring and control, and other sectors emerging like bamboo shoots after a spring rain. The commercialization of the entire industry chain is being prioritized, and the industry chain ecosystem is continuously improving. With the synergy of policies, technology, and the market, commercial space is experiencing unprecedented development opportunities. 4. AI development brings significant changes to the industry, continuously expanding the space for the industry chain Institutions have pointed out that switching networks are the "blood vessels" of AIDC. Since entering the era of large models, as the scale of clusters has accelerated its expansion, the interconnection requirements between computing cards have rapidly increased. As the hardware core supporting the interconnection network, the industry chain space for switches has been continuously expanding. Guojin Securities believes that domestic large models are rapidly advancing from a scale of hundreds of billions of parameters to trillion and ten trillion parameters, and 800G switches will become an important driver for the rapid growth of the industry. Dell'Oro Group predicts that by 2025, the adoption rate of 800G switch ports is expected to exceed that of 400G data center switch ports, accounting for more than 25% of data center switch ports. The development of the AI industry has brought about significant changes to the switch industry. Along with the development of the domestic AI industry, domestic high-speed switches for training-side applications and domestic medium-speed switches for inference-side applications are on the verge of mass production. CPO, OCS, white-box switches, etc., are expected to become strategic highlands in the domestic switch industry, and enterprises with relevant layouts are worthy of close attention.

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.