The market experienced a day of volatile and divergent trading, with the three major indices showing mixed changes. The total trading volume on the Shanghai and Shenzhen stock exchanges reached 1.15 trillion yuan, a decrease of 138.4 billion yuan from the previous trading day. On the futures market, hot topics were rather scattered, with the number of rising and falling stocks roughly equal. In terms of sectors, cyclical stocks such as chemicals and non-ferrous metals bucked the trend and remained active, with Shengda Resources and others hitting the daily limit. Computing power concept stocks surged at one point, with Meiliyun and others hitting the daily limit. The ST sector also strengthened amid volatility, with over 10 stocks including ST Baili hitting the daily limit. On the downside, stablecoin concept stocks underwent a collective correction, with Xiongdi Technology falling more than 10%. By the close, the Shanghai Composite Index rose 0.04%, the Shenzhen Component Index fell 0.19%, and the ChiNext Index dropped 0.45%. Sector Performance Among sectors, non-ferrous metals and precious metals led the gains, with stocks such as Zhongrun Resources, Hunan Silver, Baiyin Nonferrous Group Co., Ltd., and Shengda Resources hitting the daily limit. On Thursday, spot silver surged 4.5% at one point, touching above the $36 per ounce mark, reaching its highest level since February 2012. Analysts believe that the market has begun to worry that the US government may continue to impose additional taxes on other key metals, driving up the prices of silver and platinum. In addition, recent poor performance in multiple macroeconomic indicators released by the US has rapidly fueled expectations for US Fed interest rate cuts, which has also provided a positive catalyst for precious metals with stronger industrial attributes, such as silver and platinum. Chemical stocks also remained active against the trend, with stocks such as Bohai Chemical, Danhua Technology, Meibang Stock, Changqing Stock, and Zhejiang Zhongcheng hitting the daily limit, while stocks such as United Chemical, Shanshui Technology, Silver Age Technology, and Hengxing New Materials led the gains. On the news front, Red Sun recently announced on its official WeChat account that due to rising raw material costs, the price of chlorantraniliprole has been increased to 300,000 yuan per mt, with limited supply. Supply side, the "dual carbon" policy has accelerated the exit of high-energy-consuming and backward production capacities in China. On the demand side, surging demand in the new energy and semiconductor sectors has driven growth in the demand for fine chemicals such as lithium battery electrolytes and photoresists; traditional industries have also shown signs of recovery. Given that the overall valuation of the current chemical industry remains at a historically low level, an increasing number of institutions believe that the industry's prosperity cycle is expected to bottom out and rise. In addition to the fundamental expectations catalyst, the rotation of hot topics in the existing market was also a key factor in today's strength of cyclical stocks. In the previous few trading days, sectors such as innovative drugs, new consumption, and technology (CPO) have successively rebounded, while the performance of cyclical stocks has remained lukewarm. Therefore, some funds that have taken profits from high positions have begun to attempt to flow back into cyclical stocks, which are relatively undervalued. However, after today's concentrated rebound, it is expected that the profit-making effect within cyclical stocks will still concentrate on a few individual active stocks. In the direction of computing power leasing, there was a temporary surge. Nanling Technology and Meiliyun hit the daily limit, while Qingyun Technology, UCloud, and Parallel Technology were among the top gainers. On the news front, the Ministry of Industry and Information Technology (MIIT) recently issued the "Action Plan for Computing Power Interconnection," focusing on improving the efficiency and service level of public computing power resources and promoting high-quality development of computing power. The plan outlines 16 key tasks across six areas. As computing power remains a high-profile market direction, it has a strong influence on short-term sentiment. If it strengthens further in the future, there may still be opportunities for supplementary gains within the technology sector. Regarding individual stocks From the perspective of individual stocks, the enthusiasm for consecutive limit-up stocks showed some recovery today. Most of yesterday's consecutive limit-up stocks continued to receive positive feedback from funds, with an overall advancement rate exceeding 50%. In terms of specific gains, although the football concept sector experienced overall divergence and consolidation, the leading stock, CCGrass, hit the daily limit again in the afternoon, pushing the market's consecutive limit height back to five boards. Driven by this, Jinling Sports also saw a rapid inflow of funds for recovery after initially dropping over 10%, ultimately closing with a nearly 9% gain. In the chemical sector, stocks showed strength against the trend. Suli Co. achieved two consecutive limit-ups, while the popular stock United Chemical rose over 8%. The two core stocks in fluorochemical, Sanmei Co. and Juhua Co., also hit historical highs during the session. The innovative drug sector became active again, with Changshan Biochemical surging over 10% to a new high, while Sailun Biotech, Zhongsheng Pharma, and Qianhong Biopharma maintained their upward trend structures. Overall, under the influence of fund clustering, intraday sector rotations mainly exhibited localized stock activity. Therefore, compared to passive following, seeking low-entry opportunities during the pullback and consolidation of core stocks may offer higher success rates. Market Outlook After yesterday's surge with increased volume, the market returned to divergence and consolidation today, with turnover shrinking again. Given the current market environment, the index still lacks the conditions for sustained volume-driven upward momentum. However, on the positive side, there was still some support momentum during the session. Therefore, as long as the index does not break below the 5-day moving average, it is expected to maintain a fluctuating upward rebound structure. From the perspective of the futures market, under the stock game, hotspots continue to exhibit rapid rotation. Most hotspots experience a pulse-like surge during the session, followed by fluctuations and pullbacks. Compared to major thematic sectors, stock clustering has become increasingly prominent in recent sessions. Thus, the strategy should focus on capturing rotation rhythms to find low-entry opportunities in popular sectors or patiently wait for the market to identify a clearer leading core before following. Market News Focus 1. Hong Kong's "Stablecoin Ordinance" to Take Effect on August 1 According to a report by Cailian Press on June 6, the Hong Kong Special Administrative Region Government published the "Stablecoin Ordinance (Effective Date) Notice" in the Gazette today (June 6), designating August 1, 2025, as the commencement date for the "Stablecoin Ordinance" (Chapter 656) ("the Ordinance"). Christopher Hui, Secretary for Financial Services and the Treasury, said, "After the Ordinance comes into effect, the licensing regime will provide appropriate regulations for relevant stablecoin activities, marking a milestone in promoting the sustainable development of Hong Kong's stablecoin and digital asset ecosystem." 2. Next week, reverse repo operations worth 930.9 billion yuan will mature in the central bank's open market operations. Caijing reported on June 6 that data showed the central bank conducted reverse repo operations totaling 930.9 billion yuan in the open market this week, while reverse repo operations worth 1,602.6 billion yuan matured. As a result, the central bank's open market operations achieved a net withdrawal of 671.7 billion yuan this week. Next week, reverse repo operations worth 930.9 billion yuan will mature in the central bank's open market operations, with maturities of 0, 454.5 billion yuan, 214.9 billion yuan, 126.5 billion yuan, and 135 billion yuan from Monday to Friday, respectively.

Jiuri New Materials narrowed its losses. On the evening of April 18, Jiuri New Materials released its 2024 performance report, showing that the company achieved revenue of 1.488 billion yuan during the reporting period, up 20.52% YoY, and a net loss of 53.7608 million yuan, narrowing the loss by 44.08% YoY. Regarding the narrowing of the net loss, Jiuri New Materials attributed it to two reasons: first, the sales of photoinitiators reached a record high of 23,100 mt, up 20.21% YoY, but due to the low unit price of photoinitiators and significant investment in the semiconductor industry, the net profit remained in the red, although the loss amount decreased significantly compared to the same period last year; second, the company adopted diversified marketing strategies to stabilize its existing market share and attract potential customers, thereby enhancing its overall competitiveness. In April this year, the US imposed additional tariffs on China. As the global production of photoinitiators is concentrated in China, and several varieties are only produced in China, the US market remains somewhat dependent on Chinese photoinitiators in the short term. Regarding the impact of US tariffs, Jiuri New Materials stated in its financial report that during the reporting period, the company's export value to the US accounted for about 8% of its total revenue, and most of its products were not subject to the US tariff hike, so the new US tariff policy would not have a significant impact on the company's business. "In recent years, the international situation has become increasingly complex and volatile, and the uncertainty of trade policies has gradually increased. If there are significant adverse changes in the international economic and trade environment, it may bring some pressure to the company's product exports," Jiuri New Materials further stated. Jiuri New Materials is mainly engaged in the R&D, production, and sales of photoinitiators, monomers, and other photocurable materials, as well as photoresists, photosensitizers, and other semiconductor chemical materials. Its products are applied in industries such as electrical/electronic coating, printed circuit board manufacturing, 3D printing, and semiconductors. Jiuri New Materials' layout in the semiconductor photoresist field has become a focus of market attention. On November 19 last year, Jiuri New Materials announced that the "Dajing New Materials Technology Group Co., Ltd. (hereinafter referred to as 'Dajing New Materials') annual production of 4,500 mt photoresist project," invested and constructed by its controlled subsidiary, has been completed, and the trial production plan has been approved by an expert panel, officially entering the trial production stage on November 19. Jiuri New Materials stated that the project includes an annual production of 4,000 mt of panel photoresist and 500 mt of semiconductor photoresist, which will promote the industrialisation of its photoresist products and achieve large-scale production. The Science and Technology Innovation Board Daily reporter noted that in 2024, in addition to the record-high sales of photoinitiators, the company's photoresist-specific photosensitizers and photoresists have achieved batch supply and generated revenue. The company stated that it has successfully developed more than 30 photoresist formula products. During the reporting period, the company's photoresist revenue was 1.3424 million yuan, accounting for 0.09% of total revenue. In terms of the progress of fundraising projects, Jiuri New Materials has experienced delays in the investment progress of several initial fundraising projects and changes in the direction of fundraising projects. Among them, regarding the reasons for the delayed investment progress of the annual production of 4,500 mt photoresist project by its subsidiary Dajing New Materials, Jiuri New Materials stated that to meet the domestic market demand for photoresist products and ensure product quality, the company re-evaluated the project design and adjusted some construction contents, resulting in delayed delivery.

According to media reports, journalists' statistics show that among the publicly listed firms that have disclosed their performance, over 90% of semiconductor equipment companies achieved profitability. Additionally, several publicly listed firms engaged in capital operations, conducted peer integration, or participated in industrial investments. From March 26 to 28, 2025, SEMICON China 2025 was held in Shanghai. During the exhibition, the emerging semiconductor equipment company Xinkailai made its debut, showcasing more than 30 semiconductor devices across four major categories, attracting widespread attention in the industry. A CITIC Securities research report stated that the 2025 SEMICON conference reached a new peak in popularity, with the industry continuing to unleash new vitality. Leading domestic semiconductor equipment and material producers maintained strong momentum, and various new companies, technologies, and products emerged continuously, injecting new vitality into the industry's development. The domestic semiconductor industry chain is gradually being completed. According to the Caixin Theme Library, among the relevant publicly listed firms: AMEC specializes in etching and thin film equipment, which are key core equipment in the semiconductor front-end process, with a broad market space and high technical barriers. Shanghai Sinyang primarily develops critical process materials for integrated circuit manufacturing, including electroplating solutions and additives, cleaning solutions, photoresists, and polishing slurries, positioned in the upstream segment of the entire industry chain.