As reminded by a Caixin article on Tuesday evening, overnight and into the morning, overseas markets have been busy reassessing the prospects of the Middle East conflict, with the three major US stock indices collectively under pressure and declining. As of Tuesday's close, the S&P 500 fell 0.84% to 5,982.72 points; the Nasdaq Composite Index fell 0.91% to 19,521.09 points; and the Dow Jones Industrial Average fell 0.7% to 42,215.8 points. As a bellwether for the Middle East conflict, international oil prices surged again. (Daily chart of Brent crude oil, source: TradingView) According to CCTV News, as the military conflict between Israel and Iran continues, the market's focus has shifted to whether the US military will intervene. According to reports, US President Trump met with his national security team in the White House Situation Room on Tuesday to weigh whether to further intervene in the ongoing conflict between Israel and Iran. US Treasury bond prices also rose simultaneously, though this was also related to weak US retail, housing, and industrial output data. Later on Wednesday (early Thursday Beijing time), the US Fed will announce its latest interest rate decision and hold a press conference. The market generally expects that before a series of uncertainties that could trigger inflation are resolved, Fed officials will have no room to cut interest rates. Meanwhile, Andrew Tyler, head of global market intelligence at JPMorgan Chase, who successfully predicted the April rebound, said this week that despite the success of investors' strategy of buying the dip in the US stock market this year, with negative news always being rewarded after fading away, it is now best to reduce risk exposure. Regardless of the Israel-Iran situation, the US stock market itself is already ripe for a correction. The latest Bank of America Fund Manager Survey also shows that about 54% of institutional investors expect international stocks to be the best-performing asset class over the next five years, while only 23% choose US stocks. Performance of Popular Stocks Tech giants generally fell on Tuesday, with Apple down 1.4%, Microsoft down 0.23%, Amazon down 0.59%, Nvidia down 0.39%, Google-A down 0.46%, Tesla down 3.88%, and Meta down 0.7%. Chinese ADRs also weakened due to market sentiment, with the Nasdaq Golden Dragon China Index closing down 1.77%. As of the close, Alibaba was down 0.8%, JD.com was down 0.93%, Baidu was down 1.42%, Pinduoduo was down 0.25%, Bilibili was down 2.6%, NIO was down 2.27%, NetEase was down 1.12%, and Futu Holdings was down 1.47%. The "Traditional Chinese Medicine + Brain-Computer Interface" concept stock that captured market attention yesterday, Brain Regeneration Technology, continued to rise by 30%, reaching a market capitalization of $38.5 billion, with a cumulative increase of 59,900% since the beginning of the year. It should be emphasized that the core reason for the stock's speculative surge lies in its extremely small free float. Company News [Amazon CEO Issues Warning on "AI Taking Jobs"] On Tuesday local time, Andy Jassy, CEO of Amazon, the world's largest e-commerce and cloud computing platform, publicly wrote that as the company widely adopts AI to enhance efficiency, it is expected that the overall workforce will be reduced. [US Energy Giant Chevron Officially Enters Lithium Industry] US energy giant Chevron announced on Tuesday its entry into the lithium industry. The company acquired two oilfield areas with the intention of building a "commercial-scale" lithium business in the US. Chevron stated that in the future, it will utilize the "Direct Lithium Extraction" (DLE) process at oilfields to extract lithium from brine. [Coinbase to Seek SEC Approval for Tokenized Equities] Paul Grewal, Chief Legal Officer of Coinbase, a cryptocurrency exchange and newly added member of the S&P 500 Index, revealed that the company is seeking approval from the US Securities and Exchange Commission (SEC) to launch a "tokenized equities" service. [Eli Lilly to Acquire Gene-Editing Startup Verve for $1.3 Billion] On Tuesday Eastern Time, US pharmaceutical giant Eli Lilly announced that it would acquire gene-editing startup Verve Therapeutics for up to $1.3 billion. In response to this news, Verve's stock price closed up 81.50% on Tuesday. [JPMorgan Chase Launches Deposit Token JPMD, Emphasizing It's Different from Stablecoins] JPMorgan Chase stated on Tuesday that it plans to launch a so-called deposit token, JPMD, on Coinbase's public blockchain Base, which is built on the Ethereum network. The token will provide customers with 24/7 settlement services and the ability to pay interest to holders. The Wall Street giant stated that this is a so-called "permissioned token," meaning it is limited to JPMorgan Chase's institutional clients only—different from most publicly circulating stablecoins. [Tesla's Stock Falls Due to Temporary Production Halt News] Tesla's stock price fell by 3.88% on Tuesday amid news that the company would suspend production of the Cybertruck and Model Y car models at its Austin, Texas, factory for a week. It is reported that the production halt for maintenance will begin on June 30, marking the third similar shutdown at the Austin factory in the past year. [Meta to Launch AI Glasses in Collaboration with Prada and Oakley] Market news on Tuesday reported that Meta and its AI glasses partner EssilorLuxottica plan to launch new AI glasses products under the Prada and Oakley brands. Meta had already announced on Monday that it would unveil a new collaboration with Oakley this week, focusing on sports scenarios. [Intel Reportedly to Cut Up to 20% of Employees in Its Foundry Division] An internal memo disclosed by the media on Tuesday revealed that Intel plans to reduce its workforce in the foundry business unit by 15% to 20% starting from July. It remains unclear how many employees will be directly affected by this move. Regulatory filings indicate that as of the end of last year, Intel had a total of 108,900 employees.

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

Before the "Super Central Bank Week" kicked off, the US stock market temporarily recovered from the risk-averse sentiment of last Friday, with all three major indices closing higher on Monday, while gold and crude oil prices pulled back together. As of Monday's close, the S&P 500 rose 0.94% to 6,033.11 points; the Nasdaq Composite Index rose 1.52% to 19,701.21 points; and the Dow Jones Industrial Average rose 0.75% to 42,515.09 points. Spot gold fell nearly $50 to $3,383.62 per ounce, and international oil prices also fell nearly 2%. (Daily chart of the S&P 500 Index, source: TradingView) According to CCTV News, the conflict between Israel and Iran continued overnight and into the morning. Israeli Prime Minister Benjamin Netanyahu stated in a pre-recorded online press conference that Israel's actions would not stop and that Israel was "systematically and continuously destroying Iran's nuclear targets." On the same day, Hossein Dehghan, a senior advisor to the Commander-in-Chief of the Islamic Revolutionary Guard Corps (IRGC) of Iran, said that the IRGC was prepared for a long-term, full-scale war with Israel. Undoubtedly, the progress of this conflict will continue to directly impact the performance of capital markets. Investors will closely monitor the conditions of energy facilities and key shipping routes. The RBC Capital Markets Strategist Team pointed out that, given recent gains, US stock valuations have become stretched. In the worst-case scenario, if the situation in the Middle East drives up energy prices, leading to "severe" inflation in the US, the S&P 500 could experience a significant correction. Starting from noon Beijing time on Tuesday, multiple central banks will gradually disclose their interest rate decisions. The market will closely monitor the Bank of Japan's statements and actions regarding the "Japanese bond storm," the US Fed's outlook statements, and the Swiss National Bank's move back to zero interest rates (or even the possibility of negative rates). Performance of Popular Stocks US tech giants rebounded collectively on Monday. Apple rose 1%, Microsoft rose 0.88%, Amazon rose 1.89%, NVIDIA rose 1.92%, Alphabet (Google-A) rose 1.20%, Tesla rose 1.17%, Meta rose 2.9%, and Advanced Micro Devices (AMD) rose 8.81%. Chinese concept stocks also showed a broad-based rally, with the Nasdaq Golden Dragon China Index closing up 2.07%. As of the close, Alibaba rose 2.74%, JD.com rose 2.2%, Baidu rose 1.45%, Pinduoduo rose 2.2%, Bilibili rose 5.64%, NIO rose 0.43%, NetEase rose 1.31%, Futu Holdings rose 10.77%, Jinko Solar rose 3.13%, Tuya Smart rose 4.4%, 21Vianet Group rose 4.41%, and GDS Holdings rose 9.5%. Company News [Circle's Share Price Hits New High, CEO Predicts Stablecoin's "iPhone Moment" is Imminent] Cryptocurrency stablecoin company Circle closed up 13.1% on Monday to $151, just shy of quintupling its IPO price ($31). Jeremy Allaire, Circle's co-founder and CEO, said over the weekend that while the "iPhone moment" for cryptocurrency stablecoins has not yet arrived, he expects it to come soon. On the policy front, the US Senate is expected to vote on the GENIUS Act as early as this Tuesday. [Sarepta's Share Price Collapses: Another Patient Dies After Gene Therapy Treatment] Biopharmaceutical company Sarepta Therapeutics plummeted 42.12% on Monday after the second patient treated with its gene therapy, Elevidys, died, raising questions about the therapy's safety. It is understood that Elevidys is the only gene therapy approved by the US Food and Drug Administration (FDA) for the treatment of the rare Duchenne muscular dystrophy (DMD), a disease in which muscles gradually weaken, typically affecting children or adults after the age of 4. [Alibaba's AI Team Launches AI Models Optimized Based on Apple's MLX Framework] Alibaba's Tongyi Qianwen announced on Monday that it has launched all Qwen3-series models deeply optimized based on Apple's MLX framework, enabling Apple devices, including iPhones, to easily deploy the Tongyi Qianwen series models. [Meta Introduces Paid Ads to WhatsApp for the First Time] Meta announced on Monday that businesses can now place so-called "Status Ads" on the messaging app WhatsApp to guide users to interact with advertisers through WhatsApp's messaging feature. [AMD's Share Price Surges, Analysts Predict Rebound in GPU Business] Compute chip supplier AMD's share price closed up 8.81% on Monday, approaching its yearly high from early January. On the news front, analysts at Piper Sandler raised their target price from $125 to $140 in their latest report. Analysts are excited about AMD's new products released last week and expect the company's GPU business to rebound in Q4.

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

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

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

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.

On Monday (June 9), US stocks pulled back in the final trading session, with the three major indices closing with mixed changes. By the close, the Dow Jones Industrial Average fell slightly by 1.11 points to close at 42,761.76 points. The S&P 500 rose 0.09% to close at 6,005.88 points, last closing above 6,000 points on February 21. The Nasdaq Composite Index rose 0.31% to close at 19,591.24 points, also marking a new closing high since late February. Chinese ADRs and semiconductor stocks generally rose, with the Nasdaq Golden Dragon China Index closing up 2.07% and the Philadelphia Semiconductor Index up 1.96%, both outperforming the broader market. Among semiconductor stocks, Entegris rose 7.61%, AMD rose 4.77%, and Qualcomm rose 4.13%. On the afternoon of June 9 local time, the first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK. CCTV News reporters learned that the meeting would continue on June 10 local time. Larry Tentarelli, founder of Blue Chip Daily Trend Report, commented that investors were bullish on popular Chinese ADRs and US semiconductor stocks today, as both are beneficiaries of trade negotiations. The US CPI report is scheduled to be released on Wednesday and is expected to be a key topic this week. Sam Stovall, an analyst at CFRA, said that if inflation continues to decline, it should help make the recent rebound in the stock market more pronounced and sustained. During the trading session, Apple held its 2025 Worldwide Developers Conference (WWDC). Despite the impressive debut of the new system, the market reaction was unusually lukewarm. By the close, Apple's stock price fell 1.21%, and at one point during the session, it approached the $200 mark. Performance of Popular Stocks Large-cap tech stocks closed with mixed changes. (Ranked by market capitalization) Microsoft rose 0.5%, NVIDIA rose 0.64%, Apple fell 1.21%, Amazon rose 1.6%, Alphabet Class C rose 1.67%, Meta fell 0.52%, and Broadcom fell 1.07%. Tesla rose 4.55%, after falling as much as 4.5% during the session. Most popular Chinese ADRs rose, with Kingsoft Cloud up 9.69%, XPeng Motors up 3.38%, Baidu up 3.32%, Tencent Music up 3.06%, JD.com up 2.48%, Li Auto up 2.13%, TAL Education Group up 1.98%, Alibaba up 1.76%, and New Oriental up 1.11%. NIO fell 0.83%, and Pony.ai fell 0.93%. Company News [Apple: Is Expected to Launch Apple Intelligence Models for Developers] Apple said it is expected to launch Apple Intelligence models for developers and confirmed that the operating system is set for a redesign. This year, Apple Intelligence will support more languages, and Apple will allow direct access to the large language model on the device at the core of Apple Intelligence. [Apple reiterated that the personalized Siri feature will be launched within the next year.] Apple reiterated that the personalized Siri feature will be launched within the next year, but it will not be included in the first betas of iOS 26, iPadOS 26, or macOS 26. Apple will launch macOS Tahoe, which includes many iOS features, and enhance the calling experience by bringing the Phone app to the Mac. [Google announced the launch of the memory-optimized machine series COMPUTE ENGINE M4.] Google announced the launch of the memory-optimized machine series COMPUTE ENGINE M4, the most powerful memory-optimized virtual machine with memory configurations below 6TB. [Strategy raises $112 million for Bitcoin purchases, does not sell any MSTR shares.] From June 2 to June 8, Strategy successfully sold 626,639 STRK preferred shares and 432,679 STRF preferred shares through its at-the-market (ATM) offering program, raising a total of $112.2 million in net proceeds. It is worth noting that this fundraising was entirely from the sale of preferred shares, and the company did not sell any common shares (MSTR). As of June 8, the company still had $18.631 billion available for issuance under its Common ATM program, $20.617 billion under the STRK ATM program, and $2.005 billion under the STRF ATM program.

On Friday, Eastern Time, the US May non-farm payrolls data came in better than expected, easing market concerns about an economic slowdown and triggering a sharp rally in US stocks. All three major indices rose more than 1%, with the S&P 500 closing above 6,000 for the first time since February, though still more than 2% below its all-time high set in February. At the close, the Dow Jones Industrial Average rose 1.05% to 42,762.87; the S&P 500 rose 1.03% to 6,000.36; and the Nasdaq Composite rose 1.20% to 19,529.95. (Minute-by-minute charts of the three major indices, source: TradingView) All three major indices posted gains for the week, with the S&P 500 up 1.5%, the Dow up 1.2%, and the Nasdaq up 2.2%. Thanks to the recent rebound, all three major indices have turned positive for the year. Data released by the US Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 139,000 in May, a slowdown from the previous month's figure but higher than market expectations. The unemployment rate remained unchanged at 4.2%. The jobs report was released as other data suggested that US job growth may be slowing amid uncertainty over trade policy. The latest non-farm payrolls data provided a basis for the US Fed to maintain interest rates unchanged this summer. As a result, traders lowered their expectations for interest rate cuts in the coming months. "The non-farm payrolls data came in better than expected, suggesting that the labour market remains healthy despite a slowing growth trend," said Anthony Saglimbene, chief market strategist at Ameriprise. "There is still uncertainty about the inflationary impact of tariffs, which are expected to start showing up in economic data this summer. The market is now waiting to see the real impact of these factors on growth and earnings in the coming quarters. We're essentially back to where we were in February," Saglimbene said. Circle, the "first stablecoin stock," extended its rally, closing up more than 29% on its second day of trading, with cumulative gains of over 247% in two trading days. Performance of Popular Stocks Major tech stocks rose across the board, with Apple up 1.64%, Microsoft up 0.58%, Nvidia up 1.24%, Google up 3.25%, Amazon up 2.72%, Meta up 1.91%, and Tesla up 3.67%. Among popular Chinese ADRs, gains and losses were mixed. The Nasdaq Golden Dragon China Index fell 0.06%, with Alibaba down 0.48%, JD.com up 0.09%, Pinduoduo up 1.28%, NIO up 0.28%, XPeng Motors down 2.40%, Li Auto up 0.85%, Bilibili up 1.46%, Baidu down 0.05%, NetEase down 1.25%, and Tencent Music up 1.01%. Company News [Tesla Produces 8 Millionth EV at Giga Berlin] On June 6, Tesla announced that its 8 millionth electric vehicle (EV) rolled off the production line at Giga Berlin, with the vehicle being a Model Y. [Lululemon Plunges 20%, Lowers Full-Year Profit Forecast] Athletic apparel brand Lululemon (LULU) closed down 19.80% on Friday, marking its worst single-day performance since March 2020. Lululemon had previously lowered its full-year outlook, projecting Q2 net revenue to be between $2.54 billion and $2.56 billion, falling short of analysts' consensus estimate of $2.57 billion. [Virgin Galactic Announces Potential Resumption of Commercial Spaceflight Services] Virgin Galactic's shares surged over 16% intraday but closed up 2.88%. The company announced that its commercial spaceflight services are expected to resume, signaling a new phase in the restart of its space tourism business. [Fitch Upgrades Uber's Rating to BBB+] Fitch Ratings upgraded Uber's (UBER) long-term issuer default rating (IDR) to "BBB+" and assigned a commercial paper rating of "F1." [Deutsche Bank: Exploring Stablecoin or Tokenized Deposits] In a recent report on Friday, Sabih Behzad, Head of Digital Assets and Currency Transformation at Deutsche Bank, stated that the bank is exploring stablecoins and various forms of tokenized deposits. It is understood that the options being evaluated by Germany's largest bank include issuing its own token or joining industry consortium initiatives, while also exploring the development of its own tokenized deposit solutions for payment purposes. [Switzerland Unveils Banking Reform Proposal; UBS Faces $26 Billion in Additional Capital Requirements] According to the banking reform proposal put forward by the Swiss government, UBS Group will face up to $26 billion in new capital requirements over the next decade. Following months of uncertainty that weighed on the share price of the Zurich-based bank, the Swiss Federal Council announced on Friday that it will require UBS's parent company to fully capitalize its foreign subsidiaries. The Swiss government estimates that this will force UBS to increase capital for its main Swiss operations by up to $23 billion, with the remaining capital to be raised through other measures.