According to Cailian Press, on Tuesday (the 10th), US Eastern Time, Nvidia CEO Huang Renxun unusually published a long blog post in his personal capacity titled “AI is a five layer cake,” and wrote: “We are just getting started with this buildout. We’ve already invested hundreds of billions of dollars. There are trillions of dollars of infrastructure yet to be built.” Huang Renxun wrote: “Artificial intelligence is one of the most powerful forces shaping the world today. It is not an intelligent app or a single model; like electricity and the internet, it is indispensable infrastructure.”

[SMM Titanium Express] Based on current market conditions, Yibin Tianyuan Haifeng Hetai issued a price adjustment notice. Effective February 25, chloride-process TiO₂ prices will increase by RMB 500/ton for domestic market and USD 100/ton for overseas market.

Last week, the overseas rare earth market exhibited distinct characteristics, including accelerated exploration of futures financialization, diversified development of global resource projects, deepened supply chain strategies in major consumer countries, progress in alternative technology R&D, and continuous expansion of international cooperation networks. Next week, as China enters the Chinese New Year holiday, overseas markets will maintain this pace of advancement.

The price surge triggered by AI is spreading across the component industry chain. Following the sharp rise in memory chip prices, multilayer ceramic capacitors (MLCCs) have become the next key component to experience price increases. It is reported that spot prices for MLCCs in South Korea have risen by nearly 20%, and the industry expects the upward trend to continue in the short term. The capital market has responded positively. Since the beginning of this year, South Korea's Samsung Electro-Mechanics, a leading company in the MLCC industry, has seen significant gains, while related A-share stocks such as Fenghua Advanced Technology and Sanhuan Group have also risen in sync. The industry widely anticipates that the MLCC sector will show a differentiated pattern in 2026: high-end products are expected to see a surge in demand driven by the AI boom, while low and mid-end products will face pressures from weak demand and rising costs. Domestic enterprises have already established advantages in the low and mid-end markets and are currently accelerating their efforts to break into the high-end market.

This marked the model's debut in the city, showcasing the company's latest advancements in autonomous driving hardware and software.

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.

On June 7, 2025, SMM Aluminum Division Senior Manager Anran Ju and Aluminum Analyst Xinyi Liu led a delegation on a field trip to PT. Bintan Alumina Indonesia 's industrial park, where they visited BAI's alumina refinery and port facilities. Company Profile PT Bintan Alumina Indonesia (BAI) , established in 2018 and headquartered in the Galang Batang Special Economic Zone (SEZ) on Bintan Island, Riau Islands, Indonesia, specializes in producing smelter-grade alumina (SGA). The company's alumina refinery commenced operations in 2022 with an initial capacity of 2 million mt per year (Mtpa), processing approximately 6 million mt of domestically mined bauxite annually. It plans to expand its capacity by 1 million mt/year in both 2025 and 2026, ultimately achieving a total capacity of 4 million mt/year. BAI is 72.7% owned by Global Aluminium International Pte Ltd (a joint venture between Nanshan Aluminum Singapore Pte Ltd (95%) and Redstone Group (5%)), 25% by Press Metal Aluminium Holdings Bhd, and 2.3% by PT Mahkota Karya Utama. The company has signed a long-term supply agreement with Press Metal, committing to supply 1.5 million mt of alumina annually until 2040. BAI has also developed comprehensive infrastructure, including a dedicated port and a 160-megawatt coal-fired power plant, and secured electricity supply of up to 1,300 MW until 2050 through an agreement with PLN. Emphasizing environmental protection and energy conservation, BAI obtained certification as a Production & Transformation member from the Aluminium Stewardship Initiative (ASI) in May 2025. During the visit, both parties engaged in in-depth discussions on key topics such as commissioning progress, capacity expansion plans, cost structure analysis, red mud treatment technologies, and environmental protection measures. The BAI management team not provided detailed introductions to production processes and quality control standards but also guided the delegation through critical workshops including roasting, leaching, and precipitation, as well as demonstration areas for dry red mud treatment processes and tailings recycling. Subsequently, the delegation visited the port area to observe ore handling efficiency, storage management, and safety protocols. Through close exchanges, the parties reached preliminary consensus on optimizing supply chain collaboration, sharing energy conservation experiences, and expanding regional markets, agreeing to conduct further technical and commercial engagements in subsequent phases. This visit not enhanced mutual understanding but also laid a solid foundation for future cooperation in areas such as production process improvement, resource integration, and sustainable development. Both sides look forward to working together to advance Indonesia's alumina industry toward higher levels of green and intelligent development.

This milestone marks the transition of Pony.ai's latest self-driving system from lab and closed-course validation to real-world traffic environments, significantly accelerating its path to mass produc...

On Thursday, US Eastern Time, the US stock market moved downwards after a higher opening, with all three major indices closing lower. Tesla's share price plummeted, dragging down the Nasdaq and S&P 500 indices. (Minute-by-minute charts of the three major indices, source: TradingView) By the close, the Dow Jones Industrial Average fell 0.25% to 42,319.74 points; the S&P 500 dropped 0.53% to 5,939.30 points; and the Nasdaq Composite declined 0.83% to 19,298.45 points. Tesla was one of the worst-performing stocks on Thursday, plunging over 14% and seeing its market capitalization fall below $1 trillion. US President Donald Trump publicly expressed on Thursday that he was "very disappointed" with Tesla CEO Elon Musk. Musk later hit back on social media platform X, saying, "Without me, Trump wouldn't have won the election." The dispute between the two continued to escalate, with Trump later calling Musk "crazy" and hinting at the possibility of canceling government contracts for Tesla and its affiliated companies. Economic data released on Thursday was mixed. The US trade deficit in April narrowed to $61.6 billion, a larger decline than economists had expected. This followed a record-high trade deficit in March, as companies stockpiled goods ahead of tariff implementation. However, data from the US Department of Labor showed that initial jobless claims rose last week to their highest level since October last year. Despite investors' calm reaction to recent tariff news, BlackRock CEO Larry Fink said at a conference in New York that he expects trade tariffs to impact the economy later this year. "If tariffs are truly implemented in the next five months, I think we will see very serious inflation," Fink warned. Performance of Popular Stocks Most large-cap tech stocks fell, with Apple down 1.08%, Microsoft up 0.82%, Nvidia down 1.36%, Google up 0.10%, Amazon up 0.33%, Meta down 0.48%, and Tesla down 14.26%. Popular Chinese ADRs showed mixed performance. The Nasdaq Golden Dragon China Index rose 0.54%, with Alibaba up 0.43%, JD.com down 0.72%, Pinduoduo down 0.32%, NIO down 3.47%, XPeng Motors down 1.91%, Li Auto down 0.64%, Bilibili up 1.15%, Baidu up 1.13%, NetEase up 1.11%, and Tencent Music up 0.45%. Company News [Musk Says SpaceX Will Immediately Retire Dragon Spacecraft in Response to Trump's Contract Cancellation Threat] Elon Musk, founder of SpaceX, stated that in light of US President Donald Trump's statement about canceling government contracts, SpaceX will immediately begin retiring its Dragon spacecraft. It is understood that current US manned space activities heavily rely on SpaceX's Crew Dragon spacecraft. [Apple: App Store Generated $1.3 Trillion in Developer Revenue and Sales in 2024] On June 5, Apple announced that research showed the global App Store generated a total of $1.3 trillion in developer revenue and sales in 2024. Driven by increased demand for online food delivery and pickup, as well as grocery orders, sales of physical goods and services exceeded $1 trillion. Revenue from in-app display advertising by developers reached $150 billion. [Trump Media & Technology Group Files for Bitcoin ETF, Aims to List on NYSE] On Thursday local time, publicly listed firm Trump Media & Technology Group (DJT) announced in a statement that it had submitted an S-1 registration document to the US Securities and Exchange Commission (SEC) for the issuance of the "Truth Social Bitcoin ETF," and plans to list on the New York Stock Exchange (NYSE) after completing the approval process. The statement indicated that the ETF will directly hold Bitcoin and issue shares to investors, aiming to reflect the price performance of Bitcoin. Yorkville America Digital will serve as the fund sponsor, responsible for regulatory compliance and operational management. Although there is no specific approval deadline for the S-1 filing, the NYSE has already submitted the 19b-4 filing for this ETF on Tuesday, and the US SEC is required to make a final approval decision within 240 days. Therefore, conservatively estimated, the Trump family's Bitcoin ETF will be listed before early next year. [Microsoft CEO: Relationship with OpenAI is Adjusting, but Collaboration Remains Strong] Satya Nadella, CEO of tech giant Microsoft, recently stated that the important partnership between Microsoft and OpenAI is indeed evolving, but remains strong. In an interview with the media, Nadella said, "It's clear that any company transitioning from a research lab to one of the most successful products of our time must undergo some changes. They, us, and our partnership will all evolve."

[Heavy to torrential rain in some areas; a new round of strong precipitation to hit south China starting from May 27] The cold air process that has been affecting most parts of China since May 21 is currently coming to an end. Today, rainfall will continue in Yunnan, Guangxi, Sichuan, and other regions. The Central Meteorological Observatory forecasts that starting from May 27, a new round of strong precipitation weather process will occur in south China. There is a high risk of meteorological disasters such as mountain torrents and geological disasters in regions like Guangdong and Yunnan.