According to The Information, citing people familiar with the matter, Alibaba, ByteDance, and Tencent have turned to domestic chipmakers to ease pressure from the worsening global memory chip shortage. The companies are reportedly in talks to purchase more commodity memory chips (i.e., DRAM) and NAND flash memory from two Chinese firms. The report said that in recent months, Alibaba, ByteDance, and Tencent have sought additional chip supplies from Samsung Electronics and SK Hynix.

SMM June 17 news: Metal market: Domestic base metals showed mixed performance overnight, with SHFE tin slightly down. SHFE copper rose 0.45%. SHFE nickel fell 0.48%. SHFE lead gained 0.35%. SHFE aluminum edged down 0.02%, while SHFE zinc advanced 0.62%. Additionally, the most-traded alumina futures contract increased 0.18%, and the most-traded cast aluminum contract climbed 0.64%. Overnight ferrous metals series mostly rose, with iron ore up 0.07%, stainless steel down 0.2%, rebar gaining 0.17%, and HRC slightly higher. For coking coal and coke: coking coal rose 1.08%, coke increased 0.85%. Overnight overseas market metals saw LME base metals generally rise, with LME copper up 0.52%, LME aluminum gaining 0.56%, LME lead rising 0.8%, LME zinc jumping 1.41%, while LME tin fell 0.44% and LME nickel declined 0.42%. Overnight precious metals: COMEX gold dropped 1.4%; COMEX silver edged up 0.04%. SHFE gold fell 1.37%, SHFE silver decreased 0.08%. As of 8:15 am June 17, overnight closing quotes 》Click to view SMM futures data dashboard Macro front Domestic: [Notice: MOFCOM to hold press conference on 19th regarding key work in commerce sector] The Ministry of Commerce will hold a press conference at 3 pm on Thursday, June 19, 2025, where its spokesperson will introduce recent key work in the commerce sector and take questions from reporters. [NAFMII convenes symposium on supporting high-quality development of automakers in China's interbank market] NAFMII held a symposium on June 16, 2025, discussing interbank market support for high-quality development of automakers. Representatives from automakers and lead underwriters attended, with the meeting chaired by NAFMII Vice President Zhong Xu. The association presented interbank market support for the automotive industry. Representatives from 9 companies - FAW, SAIC, BAIC Group, BYD, Geely Holding, Great Wall Motor, NIO Group, XPeng Motors, and Xiaomi Group - described challenges faced amid cut-throat competition and proposed suggestions for optimizing financing environment. Lead underwriters conducted on-site matchmaking for automakers' financing needs. Next, NAFMII will implement the Party Central Committee and State Council's strategic deployment on developing new quality productive forces through technological innovation, strengthen bond market system building and product innovation, optimize financial services tailored for the automotive sector, encourage automakers to increase bond financing while maintaining healthy development and avoiding disorderly competition, and actively promote intelligent, high-end, green transformation to advance China's automotive industry toward high-quality development. Cailian Press) [CPCA: 52,000 Pickup Trucks Sold in May, Up 13.6% YoY] According to data from the China Passenger Car Association (CPCA), in May 2025, 51,700 pickup trucks were produced nationwide, up 20.8% compared to May 2024. From January to May 2025, 255,000 pickup trucks were produced, up 23.4% YoY. In May 2025, 52,000 pickup trucks were sold in the market, up 13.6% compared to May 2024, and down 8.1% MoM from the previous month, remaining at a high level in the past five years. From January to May 2025, 258,000 pickup trucks were sold, up 18.2% YoY compared to January-May 2024. [Goldman Sachs Bullish Again: Global Capital Returns to China, Optimistic About China's "Top 10" Stocks] Kinger Lau, Chief China Equity Strategist at Goldman Sachs, recently released a research report titled "The Return of China's Private Enterprises: The Tide Has Turned." Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment prospects for China's private enterprises are improving. Goldman Sachs has listed China's "Top 10," namely the ten Chinese private publicly listed firms that Goldman Sachs is particularly bullish on. They are: Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Ctrip, and Anta. 》Click for details US Dollar: The US dollar index rose 0.03% overnight, closing at 98.15. The market is focused on the tense situation between Israel and Iran, as well as the US Fed's policy meeting this week. The Fed meeting will conclude on Wednesday. The market generally expects the Fed to keep interest rates unchanged. However, the market will be watching how the Fed views recent data, which generally indicate softening economic activity, but the risk of rising price pressures remains high. Other Currencies: Leaders of the Group of Seven (G7) began their annual summit in Canada. With about three weeks left until Trump's deadline for trade agreements, the market remains nervous as agreements with major trading partners such as the EU and Japan have not yet been signed. They will be looking for any progress made in any bilateral talks with the US on the sidelines of the G7 leaders' summit. (Webstock Inc.) Data: Today, data such as the Bank of Japan's policy benchmark interest rate on June 17, the ZEW Economic Sentiment Index for the Eurozone in June, the ZEW Economic Sentiment Index for Germany in June, the US monthly import price index for May, the US annual import price index for May, the US monthly retail sales for May, the US monthly core retail sales for May, the US annual retail sales for May, the US monthly retail sales control group associated with GDP for May - seasonally adjusted, the US monthly industrial output for May, the US capacity utilization rate for May, the US monthly manufacturing output for May, the US manufacturing capacity utilization rate for May, and the US annual industrial output for May - seasonally adjusted, will be released. In addition, it is worth noting that: Today, 182 billion yuan of one-year medium-term lending facility (MLF) matured; Bank of Japan Governor Kazuo Ueda held a monetary policy press conference; the Bank of Japan announced its interest rate decision; US President Trump visited Canada from June 15 to 17 to attend the G7 Leaders' Summit. Crude oil: Both WTI and Brent crude oil futures fell, with WTI down 2.06% and Brent down 2.33%. Market concerns about disruptions to crude oil supplies in the Middle East eased, leading to a decline in oil prices. The US Navy said on Monday that electronic interference with commercial shipping navigation systems around the Strait of Hormuz had surged in recent days, affecting vessels passing through the area. Approximately one-fifth of global oil consumption, or about 18-19 million barrels per day (bpd) of oil, condensate, and fuels, passes through the Strait. Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), currently produces about 3.3 million bpd of oil and fuels and exports more than 2 million bpd. Analysts and OPEC observers said that the spare capacity of OPEC oil-producing countries to increase production to offset any disruptions is roughly equivalent to Iran's production. A preliminary survey showed that US crude oil and distillate inventories likely fell last week, while gasoline inventories may have increased. Before the weekly inventory report was released, the average forecast of four surveyed analysts was that US crude oil inventories increased by about 600,000 barrels in the week ending June 13. US distillate inventories, including diesel and heating oil, were expected to decrease by about 100,000 barrels, while gasoline inventories were expected to increase by 200,000 barrels. The American Petroleum Institute (API) will release its weekly crude oil inventory report at 4:30 AM Beijing time on Wednesday, and the US Energy Information Administration (EIA) will release its weekly crude oil inventory report at 10:30 PM Beijing time on Wednesday. (Webstock Inc.)

The market fluctuated and rebounded throughout the day, with the ChiNext Index leading the gains. Trading volume on the Shanghai and Shenzhen stock exchanges reached 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day. On the futures market, hot topics rotated rapidly, with more stocks rising than falling. Over 3,500 stocks across the market advanced. In terms of sectors, the IP economy concept remained strong throughout the day, with multiple stocks such as Enlight Media hitting the daily limit. The stablecoin concept strengthened again, with stocks like GCL New Energy Holdings and Hundsun Technologies hitting the daily limit. The chemical sector remained active, with stocks like Jinniu Chemical hitting the daily limit. On the downside, the football concept experienced volatile adjustments, with Gongchuang Lawn approaching the daily limit down. By the close, the Shanghai Composite Index rose 0.35%, the Shenzhen Component Index rose 0.41%, and the ChiNext Index rose 0.66%. Sector-wise In the sector, stablecoin concept stocks strengthened further in the afternoon, with stocks like Insigma Technology, Tiansun Technology, Hundsun Technologies, Hengbao, China Finance Online, and Oceanpayment hitting the daily limit. Stocks like Lakala and Feitian Technologies rose over 10%. On the news front, Financial Secretary of the Hong Kong Special Administrative Region Government Paul Chan Mo-po recently wrote that after the Stablecoin Ordinance comes into effect, the Hong Kong Monetary Authority will process license applications as soon as possible to allow eligible applicants to commence their businesses. Additionally, Walmart, the largest retailer in the US, and Amazon, the largest e-commerce platform in the US, have recently been exploring the possibility of issuing stablecoins in the US. This, combined with the continuous surge in Circle, a stablecoin concept stock listed on the US stock market, has also catalyzed positive sentiment for A-shares. However, after the overall volume surge in the stablecoin sector, it remains noteworthy whether there will be sufficient capital inflows to support the sector tomorrow. If the sector can maintain its upward momentum or complete a transition from divergence to consensus within the day, its short-term position may be further strengthened. Conversely, if it returns to consolidation after a sentiment peak, it should be viewed from the perspective of topic rotation, with a focus on front-line core stocks at that time. The IP economy concept remained strong throughout the day, with stocks like Enlight Media, GaoLe, Cuihua Jewelry, Yuanlong Yatu, and Dazzle Fashion hitting the daily limit. Stocks like Rastar Group, Jinghua Laser, Kingwin Laser, and Bona Film Group led the gains. On the news front, on the IP side, Labubu has gone viral globally, with the overseas expansion of domestic cultural IPs exceeding expectations. Industry insiders commented that its popularity is another vivid manifestation of Chinese creativity and innovative products gaining global recognition. Huachuang Securities remains bullish on the high-growth development of China's IP industry and the progress of cultural exports in the long term. From a market perspective, the overall position of IP economy concept stocks has already risen significantly after the hype. Therefore, amid intensifying market divergence, fluctuations in related stocks during the trading day may be more pronounced. However, as long as the medium-term trend remains intact, the overall risk is relatively controllable. In addition, the market's recent speculation on the IP economy has gradually extended to sub-sectors such as film and television, gaming, and even 3D printing. Therefore, attention can still be paid to the rebound opportunities of newly strengthened stocks in lower-tier sub-sectors. Regarding individual stocks From the perspective of individual stocks, although short-term sentiment showed some recovery today, the feedback from high-level consecutive limit-up stocks remained relatively average. As of the close, only Yuanlong Yatu remained among the stocks with more than two consecutive limit-ups today. However, stocks like Beikong Technology, Nanhua Futures, Yiming Pharmaceutical, and Hengbao Co., although unable to maintain consecutive limit-ups, still managed to sustain a strong upward structure after breaking the streak. Therefore, in terms of the current speculative style, funds are no longer confined to pure consecutive limit-up strategies but are engaging in trend-based speculation combined with industry logic. On the other hand, the number of stocks with two consecutive limit-ups today increased to 16, mainly focusing on sectors such as oil and gas, IP economy, stablecoins, and chemicals. Therefore, which stocks can stand out in the future will also be a key focus, as the themes behind them may still hold certain rebound opportunities. Market Outlook Analysis The market rebounded with fluctuations today, with all three major indices closing in the green and more stocks rising than falling. This reflects that, after last Friday's high-volume adjustment, the market still possesses considerable momentum. However, it is worth noting that today's trading volume shrank significantly (a single-day decrease of over 250 billion yuan). Combined with the recent week's trend of "volume increases during declines and shrinks during rebounds," the market will need to confirm a renewed strength by breaking above the 5-day moving average with increased volume. From the perspective of the futures market, as repeatedly emphasized recently, the current hot topics continue to rotate rapidly, making it difficult for the market to form sufficient buying momentum. Therefore, to further enhance the profitability of the futures market, a more defined leading theme is needed to elevate the market's potential. Market News Focus 1. Goldman Sachs Turns Bullish Again: Global Funds Returning to China, Favoring China's "Top Ten" Stocks According to a report by CLS on June 16, Goldman Sachs' Chief China Equity Strategist, Kenneth Lau, recently released a research report titled "The Return of Chinese Private Enterprises: The Tide Has Turned." Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment outlook for Chinese private enterprises is improving. Goldman Sachs also emulated the "Magnificent Seven" of U.S. stocks and listed China's "Top Ten," which are the ten Chinese private publicly listed firms that Goldman Sachs particularly favors. They are Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Hengrui Medicine, Trip.com, and Anta. The combined market capitalization of the aforementioned ten companies reached US$1.6 trillion, accounting for 42% of the MSCI China Index's weight, with daily trading volume reaching US$11 billion. Goldman Sachs analysts forecast that the earnings of the "Big Ten" will increase by 13% (compound annual growth rate) over the next two years, with a price-to-earnings ratio of 16x. The "Big Ten" will collectively embody the latest economic themes in China, including AI/technology development, "going global," new consumption trends, and enhancing shareholder returns. Additionally, Liu Jinjin specifically noted that investing in private enterprises does not mean excluding state-owned enterprises—Goldman Sachs reiterated its preference for a combination of "high-quality" Chinese state-owned enterprises and shareholder returns. 2. National Bureau of Statistics (NBS): Industrial Added Value Above Designated Size Grew 5.8% YoY in Real Terms in May Caijing News on June 16: Data from the National Bureau of Statistics (NBS) showed that in May, the industrial added value above designated size grew 5.8% YoY in real terms. On a MoM basis, the industrial added value above designated size increased by 0.61% in May compared to the previous month. From January to May, the industrial added value above designated size grew 6.3% YoY.

Recently, Kinger Lau, Chief China Equity Strategist at Goldman Sachs, released a research report titled "The Return of China's Private Enterprises: The Tide Has Turned". Lau pointed out that driven by various macro, policy, and micro factors, the medium-term investment prospects for China's private enterprises are improving.

On Friday (June 13), US stocks opened lower and continued to decline, with all three major indices closing in the red. At the close, the Dow Jones Industrial Average fell 1.79% to 42,197.79 points; the S&P 500 fell 1.13% to 5,976.97 points; and the Nasdaq Composite Index fell 1.3% to 19,406.83 points. For the week, the Dow fell 1.32%, the S&P 500 fell 0.39%, and the Nasdaq fell 0.63%, all ending a two-week winning streak. In the early hours of Friday (June 13) local time, tensions in the Middle East escalated, causing several popular US stocks to decline significantly during the night session. Affected by geopolitical tensions, international crude oil futures settled sharply higher, rising over 7%. WTI July crude oil futures rose 7.26%, and Brent August crude oil futures rose 7.02%. US COMEX gold futures rose 1.47%. Despite the overall decline in US stocks, sectors such as energy and precious metals rallied against the trend. ExxonMobil rose 2.18%, ConocoPhillips rose 2.4%; VanEck Gold Miners ETF rose 1.74%, and Newmont Corporation rose 3.54%. Louis Navellier, Chief Investment Officer at Navellier & Associates, said, "The lasting damage could be to crude oil prices. If oil prices do not pull back soon, it will certainly cause some damage to US inflation data." Performance of Popular Stocks Most large-cap tech stocks declined, with (ranked by market capitalization) Microsoft falling 0.82%, NVIDIA falling 2.09%; Apple falling 1.38%, Amazon falling 0.53%, Alphabet Class C falling 0.62%, Meta falling 1.51%, Broadcom falling 2.88%, and Tesla rising 1.94%. Oracle rose 7.69%, gaining 23.68% for the week, marking its best weekly performance since 2001. Drone manufacturer AIRO Group surged 140% on its first day of trading. Among Chinese stocks listed in the US, the Nasdaq Golden Dragon China Index fell 2.74%, declining 0.77% for the week. Most popular Chinese stocks listed in the US closed lower, with Pony.ai falling 7.24%, XPeng Motors falling 5.46%, Li Auto falling 3.84%, Alibaba falling 3.22%, NIO falling 3.04%, Pinduoduo falling 2.76%, JD.com falling 2.53%, New Oriental falling 2.33%, Tencent Music Entertainment falling 2.13%, and Baidu falling 2.06%. Company News [Amazon Restructures Healthcare Business] To streamline its structure, Amazon is reorganizing its healthcare business into six "pillars." Previously, Amazon had lost several healthcare executives in recent months. After acquiring PillPack and One Medical and launching some of its own services, Amazon has been struggling to find a consistent strategy in the healthcare market. [AMD Unveils Two Generations of Flagship AI Chips to Compete with NVIDIA; Morgan Stanley: MI400 Could Be a Key Inflection Point] At the AMD Advancing AI conference, AMD showcased its strongest lineup of AI products ever, including flagship AI chips for data centers, AI software stacks, AI rack-level infrastructure, AI network cards, and DPUs, fully demonstrating its ambition to compete with NVIDIA. Morgan Stanley stated that AMD has released the MI350 as expected, but the focus remains on the rack-level MI400/450 products to be launched next year. If these products can be delivered on schedule, they could have a greater impact. [US eVTOL Giant Archer Raises $850 Million] Archer Aviation, a well-known US electric vertical takeoff and landing (eVTOL) aircraft company, announced that it has raised $850 million through the sale of shares. Archer stated that it plans to use the $850 million to support new infrastructure construction and launch an AI-based aviation software platform.

On Thursday (June 12), US stocks opened lower but closed higher, with all three major indexes rising collectively. Both the Dow and the S&P 500 closed at their highest levels in at least three months. At the close, the Dow Jones Industrial Average rose 0.24% to 42,967.62 points, its highest level since March 6; the S&P 500 rose 0.38% to 6,045.26 points, a new high since February 21; and the Nasdaq Composite Index rose 0.24% to 19,662.48 points. Among the 30 Dow components, 19 rose and 11 fell. The biggest decliner was Boeing (-4.79%). Earlier in the day, an Air India Boeing 787-8 aircraft crashed shortly after takeoff, marking the first fatal accident involving the Boeing 787 model. Driven by Oracle's positive earnings report after the market close the previous day, AI-related stocks generally rose. Oracle surged 13.31%, closing at an all-time high, with its total market capitalization reaching $560 billion, surpassing Mastercard and Netflix. Oracle's earnings report showed that the company's revenue and earnings across all segments exceeded analysts' expectations. To top it off, the company also raised its revenue forecast for the next fiscal year and provided an optimistic outlook for accelerated growth in cloud infrastructure. Oracle CEO Safra Catz stated on the earnings call that Oracle expects total revenue for fiscal 2026 to reach at least $67 billion, representing a year-over-year increase of approximately 16.7%, up from the previous forecast of 15% growth. As previously reported by Cailian Press, Trump had announced an AI infrastructure project named "Stargate," with SoftBank, OpenAI, and Oracle as the initial three companies involved in this $500 billion project. In addition to AI factors, the better-than-expected PPI report before the market open also boosted US stocks. Data showed that the US PPI rose 2.6% YoY in May, in line with expectations; core PPI rose 3%, below the market consensus of 3.1%. Analysts believe this indicates that tariffs have not yet imposed higher inflationary pressure on consumers, further boosting expectations for a US Fed interest rate cut in September. Similar to yesterday's CPI report, Trump once again pressured the US Fed to cut interest rates after the data release. Tom Hainlin, Senior Investment Strategist at U.S. Bank Asset Management Group, said that the future direction of US stocks depends on the resolution of tariff issues and how that resolution affects government budgets and US Fed policies. Hainlin stated, "We believe that the uncertainty surrounding the progress of trade negotiations remains the fundamental situation for the stock market. The market is currently experiencing sideways movement, and it is difficult to see a sustained breakthrough until we reach a conclusion." Performance of Popular Stocks Large-cap tech stocks had mixed changes. (Ranked by market capitalization) Microsoft rose by 1.32%, Nvidia rose by 1.52%; Apple rose by 0.21%, Amazon rose by 0.02%, Google C fell by 1.02%, Meta fell by 0.11%, Broadcom rose by 1.25%, and Tesla fell by 2.23%. US fintech company Chime saw its shares rise by 37.44% on its first day of trading. Among Chinese ADRs, the Nasdaq Golden Dragon China Index fell by 0.41%. Most popular Chinese ADRs declined. XPeng Motors fell by 5.87%, NIO fell by 3.21%, Li Auto fell by 1.8%, Alibaba fell by 1.45%, New Oriental fell by 0.96%, and JD.com fell by 0.36%. Zai Lab rose by 3.94%, Kingsoft Cloud rose by 3.74%, Tencent Music rose by 1.29%, Baidu rose by 0.3%, and Pinduoduo rose by 0.26%. Company News [Trump Signs Resolution to Block California's Plan to Ban Sales of New Gasoline-Powered Cars] US President Trump signed a resolution at the White House on the 12th to block California's plan to be the first state in the US to ban sales of new gasoline-powered cars by 2035. [Apple Plans to Upgrade Long-Delayed AI Siri in Spring 2026] Apple plans to upgrade its long-delayed AI Siri in spring 2026. The company hopes to include new Siri features in the iOS 26.4 software. [Jensen Huang: Autonomous Driving and Robots Will Take Off in the Next Few Years] Nvidia CEO Jensen Huang said on Thursday that autonomous vehicles and robotics technology will flourish in the next few years. Nvidia plays an important role in advancing the development of autonomous vehicles, providing both hardware and software solutions. Musk expressed a similar view to Huang's last month, stating that for Tesla, the most important things in the long run are autonomous driving and the humanoid robot "Optimus." [Lisa Su: AI Chip Market Size to Exceed $500 Billion by 2028] AMD CEO Lisa Su said that the AI chip market size will exceed $500 billion by 2028, and the inference chip market will grow even faster. Musk's AI startup xAI uses AMD's MI300 AI chips, and AMD has launched the MI350 and MI355 chips. The MI400 chip will be launched next year. [Coinbase: Will Launch Its First Credit Card, Coinbase One Card, on American Express's Network] Cryptocurrency exchange Coinbase announced that it will launch its first credit card, the Coinbase One Card, on American Express's network. This card is exclusively for Coinbase One members in the US. Each purchase transaction will earn up to 4% cashback in Bitcoin. More information will be disclosed in the fall of 2025. [Adobe's Q2 revenue was $5.87 billion, exceeding expectations] Adobe's Q2 revenue was $5.87 billion, compared to analysts' expectations of $5.80 billion. The adjusted EPS for Q2 was $5.06, compared to analysts' expectations of $4.98. The company is expected to generate annual revenue of $23.5 billion to $23.6 billion, up from its original forecast of $23.3 billion to $23.55 billion. The company expects Q3 revenue to be $5.88 billion to $5.93 billion, compared to analysts' expectations of $5.88 billion. The company expects Q3 digital media revenue to be $4.37 billion to $4.40 billion, compared to analysts' expectations of $4.34 billion.