[Dual Momentum in the Magnesium Industry: Coordinated Empowerment of New Development Through Salt Lake Resource Security and Breakthroughs in End-Use Applications] As one of the lightest known structural metallic materials, magnesium combines outstanding properties such as light weight, high strength, and high thermal conductivity, making it a core strategic material supporting industrial upgrading in sectors such as automotive lightweighting and new energy materials. China’s magnesium industry is advancing on two fronts, simultaneously promoting breakthroughs in end-use application technologies and securing raw material supply, overcoming bottlenecks in industrial development and supporting the high-quality development of the magnesium industry.

According to news from Dapeng New District, Shenzhen, on June 13, Dapeng New District, Shenzhen, the Shenzhen Municipal Bureau of Industry and Information Technology (Shenzhen New Energy Vehicle Industry Office), the Shenzhen Municipal Transport Bureau, and China FAW Group Co., Ltd. held a signing ceremony for a cooperation framework agreement on the innovative development of the flying car industry. This signing marks the official settlement of the FAW Flying Car Headquarters Project in Dapeng, Shenzhen. According to the agreement, the four parties will focus on the R&D, production, and market expansion of flying car aircraft, and engage in in-depth and comprehensive cooperation in areas such as technological breakthroughs, scenario implementation, and ecosystem construction. According to the relevant person in charge of the flying car project, the Hongqi Tiannian No. 1 flying car adopts a split design, with a driving range of over 200 kilometers in the air, and supports vertical takeoff and landing within designated areas. It is understood that the Hongqi Tiannian No. 1 flying car is expected to make its maiden flight within the year.

[CATL's standardized battery swapping model, "Chocolate," will be launched in Hong Kong, with plans to establish 10 battery swapping stations by the end of next year] CATL's subsidiary, Contemporary Amperex Service Technology Co., Ltd. (CAES), and Contemporary Amperex Technology Xiaoju New Energy Technology Co., Ltd., along with China FAW Group Import & Export Co., Ltd. and Longsheng New Energy Holdings Limited, signed a strategic cooperation agreement in Hong Kong, announcing the joint promotion of the large-scale application of battery swapping-enabled commercial vehicles in Hong Kong and the simultaneous initiation of the construction of battery swapping infrastructure in Hong Kong. The four parties have clear divisions of labor: FAW is responsible for car model development and after-sales support, CAES is responsible for battery asset operation and recycling, Contemporary Amperex Technology Xiaoju New Energy Technology Co., Ltd. provides digital operation support for battery swapping stations, and Longsheng New Energy is responsible for local infrastructure construction and vehicle promotion. According to the cooperation plan of the relevant parties, 10 stations will be established by the end of 2026, forming a battery swapping network covering all districts of Hong Kong.

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.

On June 10 local time, Li Chenggang, the International Trade Representative and Vice Minister of Commerce, said in London, when referring to the first meeting of the China-U.S. economic and trade consultation mechanism, that China and the United States had conducted professional, rational, in-depth, and candid communications. The two sides reached a framework in principle on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5, as well as the consensus reached during the Geneva talks.

Today, multiple automakers including BYD, Great Wall Motor, XPeng Motors, Xiaomi Auto, Chery Group, and BAIC Group issued statements on the same day, committing to "payment terms not exceeding 60 days." Yesterday, six automotive producers, namely China FAW Group Corporation Limited, Dongfeng Motor Corporation Limited, Guangzhou Automobile Group Co., Ltd., Seres Group Co., Ltd., Geely Auto Group, and Changan Automobile, issued statements on the same day, making the same commitment. As of now, over 10 automakers have made relevant commitments. BYD: Unifying supplier payment terms to within 60 days According to BYD's official Weibo account, in order to implement a series of deployment requirements made by the state and relevant ministries and commissions to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry, and to support the healthy development of small and medium-sized enterprises, BYD announced that it would unify supplier payment terms to within 60 days. BYD stated that it would take concrete actions to promote the high-quality development of China's automotive industry. In the future, BYD will continue to work with upstream and downstream partners to jointly drive the steady and long-term development of China's automotive industry through technological innovation and management optimization. Great Wall Motor: Committing to unify payment terms to within 60 days Great Wall Motor Co., Ltd. announced that it would unify supplier payment terms to within 60 days to ensure the stability of the automotive industry chain and supply chain, promote fair market competition, stimulate innovation vitality, and improve development efficiency. Xiaomi Auto: Unifying supplier payment terms to within 60 days Xiaomi Auto's official Weibo account announced that it would resolutely implement the deployment requirements made by the state and relevant competent authorities to promote the high-quality development of the automotive industry and ensure the stability of the supply chain, unifying supplier payment terms to within 60 days. XPeng Motors: Unifying payment terms to within 60 days XPeng Motors stated that in order to actively respond to and implement a series of deployment requirements made by the state and relevant departments to promote the high-quality development of the automotive industry, ensure the stability of the industry chain and supply chain, and support the healthy development of small and medium-sized enterprises, XPeng Motors announced that it would unify payment terms to within 60 days. Chery Group: Unifying supplier payment terms to within 60 days Chery Group issued a statement saying that recently, national ministries and commissions such as the Ministry of Industry and Information Technology (MIIT) and the State-owned Assets Supervision and Administration Commission (SASAC) have made a series of deployment requirements to ensure the stability of the industry chain and supply chain and promote the high-quality development of the automotive industry. Chery Group resolutely implements these requirements and has decided to unify supplier payment terms to within 60 days starting from June 10th to accelerate the capital turnover efficiency of the industry chain and ensure the stability of the industry chain and supply chain. Leap Motor: Will adhere to the "60-day payment" principle as always to ensure efficient and smooth payment processes Leap Motor posted on Weibo that it would adhere to the "60-day payment" principle as always, with zero arrears as the standard, streamline the approval process, continuously strengthen interdepartmental collaboration, and ensure efficient and smooth payment processes. BAIC Group: Strictly fulfill settlement within 60 days for all partners meeting payment conditions from today onwards BAIC Group stated that from today onwards, it would strictly fulfill settlement within 60 days for all partners meeting payment conditions, comprehensively cancel unreasonable settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers, and alleviate the cash flow pressure on small and medium-sized suppliers. Li Auto: Will continue to implement a payment term within 60 days Li Auto stated that it would continue to implement a payment term within 60 days and jointly promote the high-quality development of China's automotive industry with industry partners. NIO: Will continue to implement a payment term within 60 days NIO posted on Weibo that it would continue to implement a payment term within 60 days and work together with upstream and downstream partners to jointly promote the high-quality development of China's automotive industry. SAIC: Unifies supplier payment terms to within 60 days, does not use commercial acceptance bills SAIC announced in an article on its official WeChat official account that, in order to actively implement the national decision-making and deployment to ensure the stability of the industrial chain and supply chain and promote the high-quality development of the automotive industry, it would unify supplier payment terms to within 60 days and not adopt settlement methods such as commercial acceptance bills that increase the financial pressure on suppliers. It would fulfill its responsibilities as a state-owned enterprise with practical actions, ensure the high-quality and efficient circulation of funds for upstream and downstream enterprises, and promote better collaborative operation among partners. FAW Group: Sets "60-day payment" as the payment term requirement for affiliated units FAW Group stated in an article that it would continuously optimize internal procurement and financial settlement processes and take practical actions to maintain the healthy and stable order of the market economy. First, it would improve mechanisms and strengthen implementation. It would clarify payment terms and payment methods, set "60-day payment" as the payment term requirement for affiliated units, and strengthen fund supervision and process management. Second, it would optimize processes and improve efficiency. It would strengthen internal collaboration among departments such as procurement and finance, further streamline approval links, and ensure unobstructed payment processes. Third, it would leverage technology for precise control. It would make full use of the digital cloud workbench to achieve real-time monitoring of the entire process nodes, including contract execution, invoice matching, and payment applications, to ensure that every payable is paid on schedule. Dongfeng Motor: Payment Terms to Be Unified to Within 60 Days Dongfeng Motor announced that on June 10, in order to thoroughly implement the spirit of national policies and support the healthy development of small and medium-sized enterprises, Dongfeng Motor Corporation Limited (hereinafter referred to as Dongfeng Motor) officially declared that it would unify its payment terms to within 60 days. This move is an important initiative by Dongfeng Motor to actively respond to the "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council, aiming to promote the efficient circulation of funds upstream and downstream through practical actions and facilitate the coordinated development of the industry chain. Dongfeng Motor will actively fulfill its social responsibilities and obligations as a central state-owned enterprise, further leverage its role as the "leader" of the industry chain, and collaborate with upstream and downstream enterprises to build an automotive industry ecosystem with greater resilience and innovative vitality, injecting new momentum into the high-quality development of China's automotive industry. GAC Group: Adhering to Supplier Payment Terms of No More Than 60 Days to Ensure Efficient Capital Turnover in the Supply Chain GAC Group stated that it has always been committed to providing customers with safe and high-grade products and services. The healthy development of the supply chain system is the foundation for ensuring the safety and high grade of products. To this end, GAC Group will, as always, adhere to supplier payment terms of no more than 60 days to ensure efficient capital turnover in the supply chain, and work hand in hand with upstream and downstream partners to jointly promote the high-quality development of the industry. Seres: Payments Made in Accordance with Contractual Agreements with Suppliers, with Normal Payment Terms of 60 Days Seres announced that it is actively promoting product integration and intelligent manufacturing clustering, effectively facilitating the coordinated development of upstream and downstream enterprises in the industry chain and enhancing the competitiveness of the entire industrial cluster. Seres has consistently made payments in accordance with contractual agreements with suppliers, with normal payment terms of 60 days, achieving a win-win situation for both the OEM and suppliers. Changan Automobile: Unifying Supplier Payment Terms to Within 60 Days Changan Automobile announced that, together with its subsidiaries Changan Aepower, Changan Kaicheng, Deepal, and Avatr, it is declaring to the industry that it will unify supplier payment terms to within 60 days. Through practical actions, it will fulfill its social responsibilities as a central state-owned enterprise, ensure the efficient circulation of funds for small and medium-sized enterprises, facilitate the coordinated operation of the industry chain, and work together to promote the high-quality development of the industry. Geely Auto Group: Unifying Supplier Payment Terms to Within 60 Days Geely Auto Group stated that in order to actively respond to and implement the "Regulations on Ensuring Payments to Small and Medium-sized Enterprises" issued by the State Council and the "Initiative on Maintaining Fair Competition Order and Promoting the Healthy Development of the Industry" issued by the China Association of Automobile Manufacturers (CAAM), Geely Auto Group announced that it would unify supplier payment terms to 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 a leading enterprise, and promote the high-quality development of the automotive industry.

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.

[CAAM: Top 10 Sedan Producers in Sales Volume from January to April Sold a Total of 2.502 Million Units] According to the statistical analysis by the China Association of Automobile Manufacturers (CAAM), from January to April 2025, the top 10 sedan producers in terms of sales volume sold a total of 2.502 million units, accounting for 68.7% of the total sedan sales. Among these 10 enterprises, compared with the same period last year, BYD Co., Ltd., Geely Auto, SAIC-GM-Wuling, and China FAW Group Corporation experienced varying degrees of growth in sales, while the sales of other enterprises declined to varying degrees.

[CAAM: Top 10 sedan producers in terms of sales from January to April sold a total of 2.502 million units] According to statistical analysis by the China Association of Automobile Manufacturers (CAAM), from January to April 2025, the top 10 sedan producers in terms of sales sold a total of 2.502 million units, accounting for 68.7% of the total sedan sales. Among these 10 enterprises, BYD Co., Ltd., Geely Auto, SAIC-GM-Wuling, and China FAW Group Corporation experienced varying degrees of sales growth compared to the same period last year, while the sales of other enterprises declined to varying degrees.

【Looking Ahead to the 2025 Shanghai Auto Show: The Turning Point of Intelligent and Electric Transformation, Harmony Intelligent Mobility Alliance (HIMA) May Become the "Traffic Attraction"】①Xiaomi Auto, Harmony Intelligent Mobility Alliance (HIMA), ONVO and Firefly under NIO, and Fangchengbao under BYD will make their debut at the Shanghai Auto Show. ②Some automakers, including Hyundai Kia, Jaguar Land Rover, Polestar, Jiyue, and Neta, missed this year's auto show. ③After confirming that Xiaomi YU 7 will be absent from this year's Shanghai Auto Show, the "Huawei camp" will undoubtedly become the "traffic attraction." (Cailian Press)