►New Advances in Magnesium Materials and Processes ►Development and Application of New-Type Low-Cost, High-Strength, Corrosion-Resistant Magnesium Alloys ►Stainless Magnesium Technology: R&D Progress from Alloy Materials to Semi-Solid Processes, R&D and Application of Stainless Magnesium Alloys ►Hefei • Great “Magnesium” Chaohu — Building a First-Class Magnesium Industry Ecosystem in China ►R&D Progress and Current Industrialisation Status of Magnesium-Based Materials and Products at Baowu Magnesium ►Haitian Magnesium Alloy Injection Molding Technology and Market Outlook ►Magnesium from an International Perspective: The Transformation from a Cost-Driven Bulk Commodity to a Strategic Engineering Material ►: Focusing on the New Cycle of Supply and Demand for Magnesium Metal and Downstream Applications — Outlook for the Magnesium Market in 2026

On February 4, Foxconn's New Energy Vehicle R&D Center officially commenced operations in Zhengzhou Airport Economy Zone, Henan Province. The launch of this facility will assist Foxconn in building an efficient industrial ecosystem, reducing the new vehicle production cycle to 24 months. This also signifies that Foxconn has established comprehensive end-to-end capabilities, from product planning and platform development to vehicle manufacturing.

I. Production and Sales Data According to public data released by authoritative institutions such as the China Association of Automobile Manufacturers (CAAM), the production and sales of fuel cell vehicles in China from January to May 2025 are as follows: (I) Overview of Core Data: Unit: 10,000 units Indicator May Data YoY Change Value (units) YoY Change Production 0.025 -37.2% 0.1 -25.0% Sales 0.0165 -62.9% 0.1 -26.1% Note: The data statistics cover fuel cell commercial vehicles (including buses and trucks), excluding passenger vehicles and stationary power generation applications. (II) Monthly Trend Analysis: 1. January-February: Affected by the Chinese New Year holiday and the policy transition period, the production and sales pace was relatively slow (with approximately 219 units produced and 252 units sold). 2. March: The implementation of local subsidy policies drove demand, with monthly production reaching 365 units and sales reaching 377 units, marking the peak for the quarter. 3. April-May: Stable growth was maintained, with monthly production of approximately 592 units and sales of 493 units. The expansion of infrastructure contributed to an increase in market penetration. II. Key Driving Factors: Policy Support: From January to May 2025, the national and provincial/municipal governments jointly issued 116 hydrogen energy-related policies. Expansion of Application Scenarios: Heavy-duty trucks and logistics vehicles accounted for a significant proportion, with demonstration projects in ports, ore areas, etc., being delivered in batches. Among them, Hydrogen Blue Times delivered 100 hydrogen-powered heavy-duty trucks to Handan, Hebei Province. Cost Reduction: The average price of fuel cell systems has dropped to approximately 1,000 yuan/kW (a 47% decrease YoY), driving an improvement in the economic efficiency of the entire vehicle. III. Regional and Corporate Dynamics: Regional Concentration: The Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong clusters accounted for 78% of the national sales. Performance of Top-Tier Enterprises: Antelope Hydrogen Energy: Delivered and operated 100 hydrogen-powered container trucks for Jiaxing Port Authority; Farizon New Energy Commercial Vehicle: Successively delivered 1,000 Farizon Star Intelligence H9M units to Shanghai Shangqiao; Proton Motor: Signed an export intention agreement with an Australian partner for 20 hydrogen fuel cell heavy-duty trucks. IV. Challenges and Outlook: Existing Bottlenecks: The coverage rate of hydrogen refueling stations is still insufficient, particularly in second- and third-tier cities, which lack supporting hydrogen refueling stations. H2 Outlook: Policy: As the final year of the "14th Five-Year Plan" fuel cell subsidy policy, the uncertainty surrounding the continuity of policies in 2025 will, to some extent, affect corporate production plans. Some enterprises have adopted conservative strategies due to unclear expectations for new policies, with some automakers suspending or reducing their production plans. Taking Beijing as an example, the hydrogen vehicle purchase subsidy in 2025 has decreased by 50% compared to 2021, and the subsidy disbursement cycle has been extended to 18 months, exacerbating the cash flow pressure on vehicle manufacturers and significantly reducing their purchase willingness. Additionally, the demonstration city cluster policy is set to expire in September 2025, while new policies remain unclear, plunging the industry into a "policy vacuum," with enterprises generally postponing their expansion plans. Short-term Drivers: Policy Sprint and Peak Season Effect 1. Subsidy Sprint: 2025 marks the final year of the demonstration city cluster policy, with local governments needing to complete their targets by August (Beijing-Tianjin-Hebei) or December (Zhengzhou, Hebei). It is expected that orders will be concentrated in Q3-Q4. 2. Expansion of Highway Access Policies: Ten provinces nationwide (including Shandong and Shaanxi) have introduced policies for free highway access for hydrogen-powered vehicles. The relaxation of highway access will stimulate demand for logistics and heavy-duty trucks. 3. Seasonal Installation Peak: Historical data shows that June and Q4 are the peaks for production and sales, with a rebound expected after the trough in May. The following figure illustrates the completion status of pilot projects in various target cities. (The above information is sourced from public data and survey data compiled by relevant departments.) V. Conclusion: Short-term Pressure, Expected Bottoming Out and Rebound in H2 1. The decline in May reflects a combination of economic bottlenecks, a policy vacuum, and seasonal fluctuations, rather than a reversal of long-term trends. 2. Core variables in H2: The intensity of the subsidy sprint in city clusters, the progress of hydrogen refueling station commissioning, and the speed of green hydrogen cost reduction. 3. Key periods: If sales do not rebound in June, the probability of a conservative annual forecast (7,000 units) will increase. If policy coordination is strengthened, an optimistic target (15,000 units) remains achievable.

The escalation of conflicts between Israel and Iran has strengthened the market's demand for safe-haven assets. Silver, as a precious metal with both safe-haven and industrial attributes, has become an alternative choice for capital to seek refuge amid the backdrop of gold's trend being suppressed by the rebound of the US dollar index on June 17. At the end of May, the gold-silver ratio once broke through the historical extreme of 1:100, far exceeding the previous long-term average of 60-80, indicating that silver was severely undervalued. The demand for silver's valuation repair has supported its price. The long-term trend of the global silver supply-demand gap provides underlying support for silver prices. As the most-traded SHFE silver contract technically broke through the round-number threshold of 9,000 yuan/kg, it attracted more market capital inflows, pushing silver prices to repeatedly hit new highs. As of around 15:19 on June 18, the most-traded SHFE silver contract rose by 2.35%, closing at 9,045 yuan/kg, and refreshing its historical high since listing to 9,075 yuan/kg...

[200MW/800MWh New-Type ESS Power Station Project Lands in Zhengzhou, Henan] Shenzhen Yichu Energy Technology Co., Ltd. announced on its official account that on June 10, Yichu Energy reached a strategic cooperation agreement with the People's Government of Shangjie District, Zhengzhou City, Henan Province. Both parties plan to jointly invest in and construct a new-type ESS power station project in the local area. According to the agreement, the project will be planned, invested, and constructed based on the local new energy development process, with an expected total construction scale of 200MW/800MWh. After the project is completed and put into operation, it will significantly enhance the peak shaving capacity of the local power grid, effectively improve the consumption level of new energy, and provide strong support for the optimization and stable supply of the regional energy structure.

Due to the pullback in coal prices, industry expectations for the profitability of the coal machinery sector have also decreased. A reporter from Cailian Press, acting as an investor, learned from multiple coal machinery producers that despite the intensified competition in the upstream coal machinery market caused by the decline in domestic coal prices, the coal machinery sector still maintains a relatively high market demand due to the high capacity utilisation rate of coal mines and the requirements for intelligent transformation of domestic coal mines. Meanwhile, the domestic coal machinery sector has intensified its efforts to expand into overseas markets in recent years, seeking new growth points. According to industry insiders, with the in-depth promotion of the "Belt and Road" Initiative, overseas demand for domestic coal machinery equipment is increasing, providing broad development space for Chinese coal machinery enterprises. Domestic coal machinery producers have successfully exported their products to regions such as Russia, Southeast Asia, Latin America, and Africa, achieving remarkable results in overseas market expansion. Coal Prices Pull Back, Domestic Coal Machinery Demand Stable with Prices Falling, Market Concentration Rising The coal market peaked at the beginning of last year, and coal prices have continued to fall this year. The Bohai-Rim Steam-Coal Price Index dropped from 731 yuan/mt at the beginning of the year to 669 yuan/mt, while the long-term agreement price of the Xinhua Coking Coal Price Index fell to around 1,000 yuan/mt, a decline of approximately 300 yuan/mt from the beginning of the year. The profitability of coal enterprises has pulled back, with China Shenhua Energy (601088.SH) reporting a net profit excluding non-recurring gains and losses of 11.705 billion yuan in Q1, a YoY decline of 28.89%, and Shanxi Coking Coal (000983.SZ) reporting a net profit excluding non-recurring gains and losses of 725 million yuan in Q1, a YoY decrease of 19.09%. Coal prices are a leading indicator of the prosperity of the coal machinery sector. A representative from Zhengzhou Coal Mining Machinery Group (601717.SH) stated, "Coal prices affect the production and operation of downstream customers, which in turn may influence their decisions on equipment procurement or maintenance." From the financial statements of coal machinery enterprises and the operating conditions of coal production enterprises, it can be seen that the demand for equipment from downstream coal enterprise customers remains relatively resilient, but product prices have pulled back, having a certain impact on the gross profit margins of coal machinery enterprises. A representative from Chuangli Group (603012.SH) stated, "The annual change in the number of mainframe sales is not particularly significant and basically tends to stabilize." In terms of prices, coal machinery products have indeed been impacted to a certain extent. To maintain market share, enterprises have more or less adopted price reduction strategies, as can be seen from the financial reports of relevant publicly listed firms. In Q1 this year, Tiandi Science & Technology (600582.SH) reported a gross profit margin on sales of 26.31%, a YoY decrease of 4.25 percentage points; Shandong Mining Machinery Group (002526.SZ) reported a gross profit margin on sales of 19.55%, a YoY decrease of 2.26 percentage points. The aforementioned representative from Chuangli Group explained that since last year, there has been a decline in revenue in the coal industry, which has also affected upstream coal machinery enterprises, mainly in terms of machine prices. Coal machinery equipment is a necessity for coal mines, but when the economic benefits of downstream coal mines decline, they may reduce procurement prices, thereby affecting gross profit margins. Additionally, another major reason why the current boom period for the coal machinery industry is longer than that for coal prices is the impact of policies. The intelligent transformation of coal mines has relatively extended the boom period for the domestic coal machinery industry. The "Guiding Opinions on Accelerating the Intelligent Development of Coal" issued by the National Energy Administration in 2020 required that large coal mines should basically achieve intelligence by 2025. The "Notice of the National Energy Administration on Further Accelerating the Intelligent Construction of Coal Mines to Promote High-Quality Development of the Coal Industry" issued in 2024 also set requirements for comprehensively promoting the intelligent development of coal mines under construction and the intelligent transformation of large coal mines and those with severe disasters. According to personnel from Zhengzhou Coal Mining Machinery Group Co., Ltd., currently, about 20-30% of coal mines nationwide have completed intelligent transformation, but the total capacity of mines that have achieved intelligence should have exceeded half. The remaining coal mines, which face greater difficulties in transformation or have poorer operating conditions, will also meet the minimum regulatory requirements for transformation. The intelligent transformation of domestic coal mines is required to be comprehensively promoted; it is just a matter of time. Furthermore, the increased technical requirements for intelligent coal mine equipment have also passively driven up the market concentration of top-tier enterprises. In the list of the top 50 Chinese coal machinery industry enterprises for 2024 released last month, the four major types of equipment produced by the top 50 coal machinery producers—shearers, roadheaders, scraper conveyors, and hydraulic supports—accounted for 91.55%, 87.4%, 76.78%, and 86.08% of the total statistics compiled by the association, respectively. Staff from Zhengzhou Coal Mining Machinery Group Co., Ltd. stated that in recent years, the market concentration of top-tier enterprises has been relatively high, and these enterprises have certain advantages in product quality and stability. Although the overall domestic market demand has stabilized and some demand has slightly declined, the company's market share and bid-winning rate have continued to increase. Export Value of Major Coal Machinery Equipment Doubles in Five Years, with Deeper Exchanges with Countries Along the "Belt and Road" The domestic coal machinery industry has achieved remarkable results in overseas market expansion over the past two years. Multiple coal machinery producers have stated that the international competitiveness of many Chinese coal machinery equipment has reached the world's leading level. The recognition and demand for Chinese coal machinery equipment in overseas markets have continued to grow, especially in countries along the "Belt and Road," where the products and services of Chinese coal machinery enterprises have been widely recognized. Le Bin, the executive director of Shanghai Huaxin Minfu Automatic Control Equipment Co., Ltd. (hereinafter referred to as Huaxin Minfu), who had just attended the 2025 Russia International Coal Mine Machinery Exhibition, told reporters from Cailian Press: "The company has intensified its efforts in overseas market expansion over the past two years, and the overseas sales of its products have continued to increase." The export value of major domestic coal machinery equipment has grown rapidly over the past five years. Customs data indicates that the export value of self-propelled coal (cutting) mining machines, rock drills, or tunnel boring machines (corresponding coal machinery categories: shearers, roadheaders) increased from 2.282 billion yuan in 2020 to 5.251 billion yuan in 2024, marking a 130% increase. The export value of belt-type continuous cargo conveyors or elevators (corresponding coal machinery category: scraper conveyors) rose from 3.873 billion yuan in 2020 to 8.904 billion yuan in 2024, showing an approximate 130% increase. The export value of hydraulic or pneumatic automatic regulating or controlling instruments and devices (corresponding coal machinery category: hydraulic supports) grew from 956 million yuan in 2020 to 1.432 billion yuan in 2024, approaching a 50% increase. These figures demonstrate the strong competitiveness and expanding market share of China's coal machinery equipment in overseas markets. Coal Machinery Export Data for the First Four Months of 2020-2025 (Data Source: Customs Statistical Data Query Platform) Behind the growth in export sales is the active "going global" step taken by domestic enterprises. An overseas exhibition organizer told a reporter from Cailian Press that in the past two years, there has been a significant change in the attitude of mining equipment enterprises towards participating in overseas exhibitions, with the number of enterprises participating in overseas exhibitions increasing year by year. Compared to the pre-pandemic period, the number of Chinese exhibitors at some overseas exhibitions has roughly doubled. This exhibition organizer has organized multiple groups of domestic coal mining machinery production enterprises to participate in coal mining machinery equipment exhibitions in countries such as Russia, South Africa, Australia, and Mexico this year. Le Bin, the executive director of Huaxin Minfu, shared his insights on the company's experience in developing the Russian market, stating that in recent years, there has been a rapid increase in demand for equipment in Russia. Previously, the country's coal machinery equipment was mainly sourced from European and American producers, but in recent years, due to changes in the international situation, most have now shifted to purchasing Chinese equipment. However, there are differences in equipment demand between the two countries. Russian coal enterprises do not have high requirements for intelligence, and their demand leans more towards traditional equipment. It will still take some time to promote certain new-type equipment. The company has been seeking partners in the country to continuously deepen its presence in the market. As domestic coal machinery enterprises rapidly expand in overseas markets, they are also gradually adapting to the differences between domestic and overseas markets. A representative from Zhengzhou Coal Mining Machinery Group stated that the company regards the international market as an important future growth source. However, overseas market demand is not particularly balanced, and most overseas mining is open-pit, resulting in relatively less demand for domestic underground mining equipment. Regarding how to expand overseas markets, Le Bin believes that overseas market promotion is a long-term endeavor that requires patience. It is not possible to open up a market by participating in just one or two exhibitions. Additionally, it is necessary to deeply integrate with the local market, such as by seeking local partners and adapting to the procurement habits of overseas end-user mining enterprises.

As 2025 approaches the mid-year mark, announcements regarding the "suspension of vehicle trade-in subsidy application processing" have been issued in multiple regions. This sudden development has sparked widespread concern among consumers who are holding onto their money, waiting to make purchases. On June 11, the Shenyang Municipal Bureau of Commerce issued the "Announcement on Adjusting Some Consumer Goods Trade-in Activities," stating that starting from 24:00 on June 30, five activities would be suspended: trade-in of home appliances, purchase subsidies for new mobile phones, tablets, and smart watches (bands), "renovation" of home decoration and kitchen/bathroom products (home and home decoration products under the responsibility of the Municipal Bureau of Commerce), trade-in of e-bikes, and vehicle trade-in and renewal. The resumption of these activities will be announced separately. On the same day that Shenyang announced the suspension of vehicle trade-in subsidies, the Department of Commerce of the Xinjiang Uyghur Autonomous Region issued an announcement stating that the subsidy funds for consumer goods trade-in in the autonomous region's commerce sector for 2025 were about to be exhausted. "After deliberation, it has been decided that the autonomous region's vehicle scrappage and renewal policy will continue to be implemented. However, the subsidy policies for vehicle trade-in and renewal, trade-in of home appliances, purchase of new mobile phones, tablets, and smart watches (bands), trade-in of e-bikes, and "renovation" of home decoration and kitchen/bathroom products will be suspended starting from 24:00 on June 15." The day before, the "Announcement on Suspending the Application for Subsidy Eligibility Vouchers for Trade-in of Consumer Goods in Zhengzhou City for 2025" appeared on the website of the Zhengzhou Municipal Bureau of Commerce. The announcement mentioned that the subsidy funds for this round of home appliances in Zhengzhou had been exhausted. In accordance with the principle of "first-come, first-served, until funds are depleted," the application for subsidy eligibility vouchers for trade-in of consumer goods and home appliances for 2025 would be suspended starting from 12:00 on June 11. Consumers who had already received subsidy eligibility vouchers for home appliances on June 11 could still participate in the home appliance subsidy activities normally on that day. Subsequent activities would be launched and announced separately in a timely manner based on adjustments to relevant policies and funding arrangements in our province. On the same day, the Luoyang Municipal Bureau of Commerce issued the "Announcement on Suspending the Acceptance of Applications for Vehicle Trade-in and Renewal Subsidies in Luoyang City for 2025." "The principle of 'first-come, first-served, until funds are depleted' has already been stated in the previously issued policies. The policies will only remain effective until the end of the year if the funds are not exhausted," an office staff member from the Zhengzhou Municipal Bureau of Commerce told a reporter from Cailian Press. The subsequent development remains uncertain. If new policies are introduced by relevant departments and funds are replenished, the vehicle trade-in subsidy policy may continue to be implemented. "Actually, a similar situation occurred last year as well." Regarding the next steps, the staff member suggested consulting the business department of the Zhengzhou Municipal Bureau of Commerce. However, as of the time of reporting, the reporter was unable to reach the relevant business department by phone. According to incomplete statistics by Cailian Press reporters, as of now, nearly ten regions have suspended applications for vehicle trade-in subsidies. In addition to the aforementioned regions, these also include Chongqing, Xuchang, Huizhou, and Suzhou District of Jiuquan City. The reasons include the exhaustion of funds, system upgrades, and the upcoming opening of a new round of subsidies. The Chongqing Municipal Commission of Commerce stated on its official website in response to citizens' inquiries that it was drafting the second phase of the trade-in subsidy policy. A relevant official from the Department of Commerce of Guangdong Province responded that Guangdong would not end the trade-in policy ahead of schedule, while also noting that the temporary suspension of voucher distribution in some cities was due to system upgrades and periodic inventory checks. "Judging from the situation in multiple regions, the trade-in subsidy policy has had a significant stimulating effect on the automotive market, with consumers showing high levels of participation," an industry insider analyzed. The latest data from the Ministry of Commerce showed that as of May 31, the five major categories of consumer goods trade-ins had collectively driven sales of 1.1 trillion yuan this year, with approximately 175 million subsidies distributed directly to consumers. Among these, the number of applications for automotive trade-in subsidies reached 4.12 million. "China's economy has maintained steady growth overall, with the economic operation showing new and positive trends, the domestic demand space continuously expanding, and the external demand market becoming more diversified," the China Association of Automobile Manufacturers (CAAM) stated on June 11. Since the beginning of this year, "the program of large-scale equipment upgrades and consumer goods trade-ins has been expanded and intensified, continuing to show its effectiveness. Coupled with favorable factors such as the launch of new products by automakers and sales promotions at auto shows in multiple regions, it has helped accelerate the release of consumption vitality in the automotive market. 'In May, the automotive market continued its positive momentum, with production and sales achieving growth of over 10% compared to the same period last year, and both domestic demand and exports showing good performance,'" CAAM said.

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.

In accordance with the spirit of the documents "Implementation Plan for Henan Province to Intensify and Expand Large-Scale Equipment Renewal and Consumer Goods Trade-in in 2025" and "Detailed Implementation Rules for Henan Province to Intensify and Expand Subsidy Activities for Home Appliances and Digital Products in 2025," the subsidy funds for home appliances in Zhengzhou City have been fully utilized. Following the principle of "first come, first served, until funds are exhausted," the application for subsidy qualification vouchers for consumer goods trade-in of home appliances in 2025 will be suspended starting from 12:00 on June 11. Consumers who have already received subsidy qualification vouchers for home appliances on June 11 can still participate in the subsidy activities for home appliances normally on the same day. Subsequent activities will be launched and announced in a timely manner based on adjustments to relevant policies and funding arrangements in our province.

[Zhengzhou: Will Suspend Subsidy Applications for Trade-in of Home Appliances Under the Consumables Trade-in Policy] The Zhengzhou Municipal Bureau of Commerce issued an announcement stating that the subsidy funds for home appliances in this round in Zhengzhou have been fully utilized. In accordance with the principle of "first come, first served, until funds are exhausted," starting from 12:00 on June 11, the application for subsidy qualification vouchers for the trade-in of home appliances under the 2025 consumables trade-in policy will be suspended. Consumers who have already received subsidy qualification vouchers for home appliances on June 11 can still participate in the home appliance subsidy activities as usual on the same day.