[South Africa Initiated a Second Sunset Review Investigation of Safeguard Measures on Imported Threaded Fasteners of Iron or Steel] On March 6, 2026, the WTO Committee on Safeguards issued a safeguards notification submitted by the South African delegation. On February 27, 2026, the International Trade Administration Commission of South Africa (ITAC) published a notice and, upon an application filed by the South African industry association South African Fasteners Manufacturers Association (SAFMA), initiated a second sunset review investigation of safeguard measures on imported threaded fasteners of iron or steel.

The core PCE data released by the US for January showed that its increase reached 3.1% YoY, the highest level since March 2024, while the MoM increase held unchanged at 0.4%, with both readings in line with market expectations. Currently, the market expects the US Fed to keep interest rates unchanged at next week’s monetary policy meeting. However, if inflationary pressures continue to intensify, the window for the US Fed to resume interest rate cuts may be further delayed.

Integrated Circuit (Chip): 1. TSMC's advanced 3-nanometer process is facing rare production bottlenecks, with its capacity fully booked until 2027. 2. Moore Threads: Revenue for 2025 is projected to range from 1.45 billion yuan to 1.52 billion yuan. 3. Japanese automakers collaborate with chip suppliers to establish a database to prevent supply disruptions and geopolitical impacts. 4. The U.S. states its goal is to relocate 40% of Taiwan's semiconductor supply chain capacity to the United States; Taiwan Affairs Office responds.

Anhui Hanchen Aluminum Alloy Precision Manufacturing Co., Ltd. is planning a three-phase project to produce 57,000 tons of precision aluminum tubes for home appliances and automobiles annually. With a total investment of approximately 300 million yuan, the project will be constructed in three phases. Phase I, with a planned investment of approximately 60 million yuan, will construct production lines for precision drawn tubes, internally threaded aluminum tubes, and battery casings. Upon commissioning, the project will have an annual output of 12,000 tons of various precision tubes, generating an estimated annual output value of 300 million yuan. Construction work is largely complete, with equipment installation and commissioning imminent. The project is scheduled to be fully operational by early next year.

On Wednesday (June 11), US stocks moved downwards after a higher opening, with all three major indices declining. Both the S&P 500 and the Nasdaq ended their three-day winning streaks. By the closing bell, the Dow Jones Industrial Average dipped slightly by 1.1 points to close at 42,865.77. The S&P 500 fell 0.27% to close at 6,022.24, and the Nasdaq Composite Index dropped 0.5% to close at 19,615.88. Data released before the US market opened showed that the US Consumer Price Index (CPI) for May rose 2.4% YoY, while the core CPI increased 2.8% YoY, both falling short of market expectations of 2.5% and 2.9%, respectively. Following the data release, US President Trump posted on his social media platform, calling the CPI figures "very good numbers" and reiterating his earlier statement that "the US Fed should cut interest rates by a full percentage point." Alexandra Wilson-Elizondo, an executive at Goldman Sachs Asset Management, stated that the lower-than-expected inflation in May suggests that tariffs have not yet had a significant direct impact, as companies have been using existing inventory or adjusting prices slowly due to uncertain demand. She added that if US inflation remains manageable or the labor market shows weakness, the US Fed may consider an interest rate cut. However, during the trading session, tensions in the Middle East reversed market risk appetite. Hossein Salami, commander-in-chief of the Islamic Revolutionary Guard Corps (IRGC) of Iran, stated that Iran is prepared with upgraded missiles for any combat. He also reiterated that Iran is ready for any threat scenario. Earlier in the day, Iranian Defense Minister Mohammad Reza Ashtiani warned that if conflict is forced, US losses would far exceed those of Iran. He pointed out that in any conflict, the US would have to withdraw from the region as all its bases would be within Iran's missile range. During the session, media reports indicated that the US was preparing to evacuate some staff from its embassy in Iraq and allow US military families to leave the Middle East due to heightened security risks in the region. This news led to a surge of over 4% in the settlement price of international crude oil futures. Performance of Popular Stocks Most large-cap tech stocks declined, with Microsoft (ranked by market cap) rising 0.36% to reclaim its position as the world's most valuable company, while Nvidia fell 0.78%. Apple dropped 1.92%, with its total market cap falling below $3 trillion. Amazon fell 2.03%, Google Class C fell 0.68%, Meta fell 1.18%, and Tesla rose 0.1%. The Philadelphia Semiconductor Index fell 0.19%, with only 7 out of 30 component stocks rising. Broadcom saw the largest gain, rising 3.38%, while Intel fell 6.34%, marking its biggest single-day decline in two months. US nuclear power company Oklo rose by 29.48%, hitting a new all-time closing high. Space technology company Voyager Technologies surged by 82.19% on its first day of trading in the US IPO. Among US-listed Chinese companies, the Nasdaq Golden Dragon China Index rose by 0.08%. Popular US-listed Chinese stocks had mixed changes. Bilibili rose by 8.28%, Tencent Music Entertainment rose by 1.31%, Li Auto rose by 1.12%, Pinduoduo rose by 0.75%, and Baidu rose by 0.07%. Pony.ai fell by 3.21%, NIO fell by 1.84%, Alibaba fell by 1.27%, New Oriental Education & Technology Group fell by 1.11%, TAL Education Group fell by 1.02%, XPeng Motors fell by 0.24%, and JD.com fell by 0.18%. Company News [Meta Launches New Model V-JEPA 2] Meta has launched a new model, V-JEPA 2, claiming it "achieves state-of-the-art visual understanding and prediction in the physical world, thereby enhancing the physical reasoning capabilities of AI agents." Meanwhile, the company has also released three new benchmarks to evaluate the ability of existing models to infer the physical world from videos. [Meta Introduces AI Video Editing Feature on AI APP] Meta Platforms has introduced an AI video editing feature on its AI APP. Recently, the company has been testing a new private messaging feature on its social media platform Threads. Meta Platforms stated that users can now easily adjust elements such as clothing, location, and lighting using preset AI video editing prompts, and then share or publish the edited videos. [Disney and Universal Sue AI Company for Copyright Infringement] On June 11 local time, Disney and Universal Studios filed a copyright infringement lawsuit against AI company Midjourney, alleging that Midjourney pirated the copyright libraries of these two Hollywood studios to generate and distribute "countless unauthorized copies" of their famous characters. [Heineken Plans to Invest $2.7 Billion in Mexico by 2028] On June 11, Heineken Mexico announced that it will invest $2.7 billion in Mexico by 2028, including the construction of a previously announced plant in Yucatan. The company stated that it will not close any plants in other regions of Mexico and will continue to expand its business. [Trump Responds to Musk's Apology: "I Think He Did a Great Job"] On June 11 local time, Trump responded to Musk's apology, saying, "I think he did a great job." In the early morning of the 11th Eastern Time, Elon Musk, CEO of Tesla and SpaceX, stated on his social media platform "X" that he regretted some posts he made about US President Trump last week, saying that "the content went too far." [Oracle's adjusted EPS for the fourth fiscal quarter was $1.7, exceeding market expectations] Oracle's adjusted EPS for the fourth fiscal quarter was $1.70, compared to analysts' expectations of $1.64. Adjusted revenue for the fourth fiscal quarter was $15.9 billion, compared to the estimated $15.59 billion. Operating profit for the fourth fiscal quarter was $7.04 billion, compared to analysts' expectations of $6.85 billion. Cloud infrastructure revenue (IaaS) for the fourth fiscal quarter was $3 billion, compared to the estimated $3.07 billion.

Macro News 1. The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Further Advancing Shenzhen's Comprehensive Reform Pilot to Deepen Reform, Innovation, and Opening Up." The document proposes supporting Shenzhen in reforming the flight management system for unmanned aircraft, improving low-altitude flight supervision rules, and exploring cross-border helicopter flights and public service general aviation operations. It also calls for establishing mechanisms for the empowerment, transformation, and evaluation of job-related scientific and technological achievements, implementing long-cycle assessments of state-owned asset preservation and appreciation resulting from such transformations. Additionally, it allows enterprises listed on the Hong Kong Stock Exchange within the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange in accordance with relevant policies. 2. On June 10, Zheng Shanjie, Minister of the National Development and Reform Commission (NDRC), chaired a symposium with technology-oriented private enterprises to solicit opinions and suggestions for the scientific formulation of the 15th Five-Year Plan, focusing on the field of technological innovation. Minister Zheng stated that during the formulation process, the NDRC will carefully study and incorporate enterprises' suggestions, proposing more targeted policy measures to support private enterprises in playing a more active role in promoting technological innovation and building a modern industrial system. Representatives from five private enterprises attended the symposium, including Moore Threads from Beijing, Ant Technology Group from Zhejiang, BGI from Guangdong, Yinjinda New Materials from Henan, and Seven Robots from Chongqing. 3. The Ministry of Commerce announced that, in accordance with the "Anti-Dumping Regulations of the People's Republic of China," it decided on June 17, 2024, to initiate an anti-dumping investigation into imported pork and pork by-products originating from the European Union. Given the complexity of the case, the Ministry of Commerce has extended the investigation period to December 16, 2025, pursuant to Article 26 of the regulations. 4. Senior Colonel Wang Xuemeng, spokesperson for the Chinese Navy, stated that recently, the Chinese Navy's aircraft carrier formations, including the Liaoning and Shandong, conducted training exercises in the Western Pacific and other waters to test their capabilities in far-sea defense and joint operations. These exercises were routine training organized according to the annual plan, aimed at continuously improving mission readiness, in compliance with relevant international laws and practices, and not targeting any specific country or objective. Industry News 1. Yesterday, four automotive producers—China FAW Group Corporation, Dongfeng Motor Corporation, Guangzhou Automobile Group Co., Ltd., and Seres Group Co., Ltd.—issued statements on the same day, committing to standardize payment terms to within 60 days. 2. The State Administration for Market Regulation has solicited public comments on the "Measures for the Supervision of Live E-commerce (Draft for Comments)."It was proposed that platform operators should establish and improve platform agreement rules, and strengthen identity authentication and qualification review of live-streaming room operators, service agencies for live-streaming marketers, and live-streaming marketers. Live-streaming marketers are required to introduce products or services truthfully, accurately, and comprehensively, and must not deceive or mislead consumers. 3. Yesterday, at Yongle's 2025 Spring Auction, a LABUBU displayed as a first-generation collectible mint-green piece was ultimately auctioned off for 1.08 million yuan. It is understood that this auction was part of the world's first dedicated art auction for first-generation collectible LABUBU pieces. This LABUBU piece measures 131cm in height, is made of PVC, and is mint-green in color. It is marked as "the only one in the world" in the remarks column. 4. According to the State Taxation Administration, during the first month of the implementation of further optimized measures for the departure tax refund policy (April 27 - May 26), the number of departure tax refunds processed by tax authorities nationwide increased by 116% YoY. During the first month of the policy's implementation, 1,303 new departure tax refund stores were added nationwide, bringing the total to 5,196, which is 1.4 times the number at the end of 2024. Sales at tax refund stores increased by 56% YoY. 5. The ±800 kV UHV DC transmission project from Hami to Chongqing, undertaken by State Grid Corporation of China, commenced power transmission on June 10. This is the first UHV DC receiving project in south-west China, capable of transmitting over 36 billion kWh of electricity annually from Xinjiang to the load center in Chongqing. 6. The Nanjing Municipal Bureau of Industry and Information Technology and the Jiangbei New Area Administrative Committee jointly announced at a Nanjing Municipal Government press conference that the 2025 Nanjing Software Conference will be held in Nanjing from June 17 to 19. Themed "Empowering Industrial Software, Enabling Open Source Innovation," the conference will focus on key areas such as industrial software, information technology application innovation industry, and open source ecosystems. It will feature one main conference, four major special events, and one software park investment promotion activity. 7. The Zhengzhou Municipal Bureau of Commerce issued an announcement stating that the subsidy funds for this round of home appliance products in Zhengzhou have been fully utilized. In accordance with the principle of "first come, first served, until funds are exhausted," the application for subsidy qualification coupons for the 2025 trade-in of home appliance products will be suspended starting at 12:00 on June 11. Consumers who have already received subsidy qualification coupons for home appliance products on June 11 can still participate in the home appliance subsidy activities normally on the same day. 8. The housing provident fund management centers of six cities, namely Shenzhen, Zhuhai, Shantou, Jiangmen, Chaozhou, and Jieyang, officially signed the "Cooperation Agreement on Promoting the Coordinated Development of Housing Provident Funds." It is reported that the cities involved in this agreement will continue to accelerate the realization of a "unified city" experience for housing provident fund services within the region from four aspects, including promoting non-discriminatory services for housing provident funds across different regions and facilitating mutual recognition and interoperability of housing provident fund loans across different regions. Company News 1. Vanke A announced the first sale of 22 million A-share treasury shares, with a transaction amount of RMB 146 million. 2. Tencent Music Entertainment Group announced on the Hong Kong Stock Exchange its proposed acquisition of Himalaya Holdings, with a total cash consideration of $1.26 billion. 3. *ST Jingang announced the signing of a restructuring investment agreement with industrial investor Ouhao Group. 4. Lianhuan Pharmaceutical announced the receipt of an administrative penalty decision, with a total fine and confiscation amounting to RMB 61.0382 million. 5. Honghe Technology announced a proposed change in corporate control, and its shares will resume trading on June 11. 6. Qumei Furniture announced that Wu Nani, a director of the company, reduced her shareholding by 58,000 shares during the period of abnormal stock trading fluctuations. 7. Sugon announced that it will hold an investor briefing on major asset restructuring on June 11. 8. Beize Technology announced a strategic cooperation intention with Xingdong Jiyuan to collaborate on the application of humanoid robots in intelligent logistics scenarios. 9. Founder Tech announced a proposed private placement to raise no more than RMB 1.98 billion for the construction of an industrial base for high-density interconnect circuit boards for artificial intelligence and computing power applications. 10. Chutian Dragon released a record of investor relations activities, stating that it maintains necessary technical reserves and focuses on the underlying technologies related to stablecoins. 11. Chengdu Huawei announced the release of a 4-channel, 12-bit, 16G high-speed, high-precision RF direct-sampling ADC chip. 12. Dongfang Electric Heating Technology announced the signing of a strategic cooperation agreement with Shanghai Zhishi, a subsidiary of Xiaomi, to actively develop robotic electronic skin. Global Markets 1. The three major U.S. stock indices closed higher collectively, with the Nasdaq up 0.63%, the S&P 500 up 0.55%, and the Dow up 0.25%. Among them, the Nasdaq and the S&P 500 reached new closing highs since late February, while the Dow reached a new closing high since early March. Intel rose nearly 8%, marking its largest single-day gain in two months; Tesla rose over 5%. Circle fell more than 8%, after surging over 270% in the three days since its listing. McDonald's (MCD) closed lower for seven consecutive trading days, marking its longest losing streak since 2013. Popular Chinese ADRs had mixed performances, with the Nasdaq Golden Dragon China Index up 0.3%. Major European stock indices closed with mixed results, with the German DAX 30 down 0.69%. 2. International crude oil futures settled slightly lower. The July contract for WTI crude oil futures fell 0.47%, while the August contract for Brent crude oil futures fell 0.25%. 3. COMEX gold futures fell 0.31%, and COMEX silver futures fell 0.4%. Investment Opportunities Reference 1. Suzhou, Jiangsu, to solicit "AI+" technologies to support provincial urban football league preparations According to media reports, the Suzhou Artificial Intelligence Industry Association plans to solicit innovative products and solutions that leverage AI technologies to empower the Suzhou football team, aiming to enhance training standards and competitive performance, and assist the team in achieving outstanding results in the 2025 Jiangsu Provincial Urban Football League. The upgrade and expansion of the Suzhou Super League, along with the star power of its players, have increased the tournament's visibility. The expansion of live-streaming channels and the potential for paid broadcasts are expected to enhance commercial monetization. Coupled with the trend of multiple regions emulating the league format, these factors collectively boost the commercial value of the sports industry. Guotai Haitong Securities stated that with the advancement of AI technologies, "AI + Sports" has already been deployed in multiple segments. AI treadmills and AI strength training equipment are gradually being introduced in gyms and home settings. Against the backdrop of strong policy support, ample consumption potential, and iterative advancements in AI technology, it is recommended to focus on investment opportunities in the sports sector in 2025. 2. Another industry conference to be held, institutions say humanoid robot orders continue to grow rapidly It is reported that the 2025 (2nd) Embodied Intelligent Robot Scenario Application Ecosystem Conference will be held on June 12. Dongguan Securities stated that orders for humanoid robot manufacturers continue to grow rapidly, and a small-scale production phase may be reached in H2 2025, which will catalyze the sector's market performance. Soochow Securities believes that the mass production of humanoid robots is imminent. The current stage is comparable to the EV sector in 2014, with a decade-long industrial cycle on the verge of explosion. Shanghai Securities believes that the emergence of DeepSeek AI has driven the development of general-purpose robot large models, facilitating the realization of embodied intelligence in humanoid robots. The humanoid robot industry chain has entered a phase of "diverse and vibrant" development. Currently, humanoid robots are entering industrial scenarios, becoming a highly certain application trend both domestically and overseas. The commercialization of humanoid robots is expected, and it is recommended to focus on domestic parts producers that stand to benefit. 3. Potentially the best carrier for full integration of multimodal interaction, shipments of such products are expected to grow rapidly According to reports, Saphlux LLC has officially launched the T3-series 0.13-inch monolithic full-color MicroLED microdisplay. This product utilizes Saphlux's self-developed nanopore quantum dot technology, achieving high integration of RGB pixels through quantum dot color conversion on a single blue wafer. Currently, the company is collaborating with its partner, Leyard, to develop AR glasses based on the T1-0.13-inch monochromatic microdisplay and plans to launch a new generation of AR glasses equipped with the T3-0.13-inch full-color display by the end of 2025. Guotai Junan Securities believes that AI+AR glasses are the optimal carrier for the full integration of multimodal interaction. AI+AR glasses rely on cameras for image input and can be combined with devices such as rings, watches, and wristbands to enable various interaction methods, including voice, display, gestures, eye movements, and touch. They empower scenarios such as voice assistants, image analysis, and intelligent navigation, making them the optimal carrier for multimodal large models, and will benefit from the evolution of multimodal large models. Global shipments of AI glasses are expected to grow rapidly. 4. The industry is entering a period of explosive growth in technological integration and scenario implementation. According to media reports, in line with the requirements of the "Notice on Conducting Pilot Work for Pairing Up and Applying Intelligent Elderly Care Service Robots in Scenarios" jointly issued by the Ministry of Industry and Information Technology (MIIT) and the Ministry of Civil Affairs, MediHealth Technology is publicly recruiting 100 users to participate in the trial of elderly care robots to further promote technological innovation and application of intelligent elderly care service robots. It is reported that the company's elderly care robots have been successively signed up for use in professional elderly care and medical facilities in Shanghai, Zhejiang, and other regions. Founder Securities points out that the penetration rate of intelligent robots in the elderly care field is continuously increasing, and the market potential is vast. In 2024, the market size of the intelligent elderly care robot industry is approximately 7.9 billion yuan, with rehabilitation robots accounting for the highest proportion, approximately 45%. Emotional companion robots have the fastest growth rate, with an annual growth rate of 120%. It is expected that the market for intelligent elderly care robots will reach 50 billion yuan in 2025. The elderly care robot industry is entering a period of explosive growth in technological integration and scenario implementation. With the continuous breakthroughs in technologies such as artificial intelligence, the Internet of Things, and flexible mechanics, elderly care robots will upgrade from single-function to multimodal interaction and embodied intelligence, achieving more accurate health monitoring, more natural companion interactions, and safer physical assistance.