Macro News 1. The WTO Ministerial Conference was held in Paris, France. Chinese Minister of Commerce Wang Wentao attended the conference and delivered a speech. Wang Wentao stated that China had submitted the "Statement on Supporting the Multilateral Trading System under the Current Situation" to the WTO and was willing to work with all parties to safeguard the international economic and trade order and global trade stability, injecting more certainty into the world economy. 2. On June 4, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A reporter asked about the White House's response to Lee Jae-myung's election as President of the Republic of Korea and mentioned China's influence on other socialist countries in the world. Lin Jian stated that China consistently adheres to the principle of non-interference in the internal affairs of other countries and has never and will never interfere in the internal affairs of any country. Lin Jian reiterated that the United States should abandon its old habit of imagining China based on its own actions, and stop provoking relations between China and the Republic of Korea. 3. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, stated that the Hong Kong Securities and Futures Commission was considering introducing virtual asset derivatives trading for professional investors and would formulate robust risk management measures. 4. On June 4, the Ministry of Finance of the People's Republic of China issued RMB 12.5 billion in government bonds for the third issue of 2025 through tender to institutional investors in the Hong Kong Special Administrative Region. The bonds were widely welcomed by investors, with a subscription multiple of 3.96 times. 5. Recently, the Ministry of Finance and the Ministry of Housing and Urban-Rural Development organized the selection of cities supported by the central government's fiscal funds for the implementation of urban renewal actions in 2025. The 20 cities proposed for support are: Beijing, Tianjin, Tangshan, Baotou, Dalian, Harbin, Suzhou, Wenzhou, Wuhu, Xiamen, Jinan, Zhengzhou, Yichang, Changsha, Guangzhou, Haikou, Yibin, Lanzhou, Xining, and Urumqi. Industry News 1. Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, chaired a meeting on June 3 to study ideas and measures for promoting the development of the artificial intelligence industry and empowering new-type industrialization. The meeting emphasized promoting the deployment of large models in key industries of the manufacturing sector, accelerating the refinement of application scenario requirements, expediting the intelligent upgrading of the entire manufacturing process, and transforming production management models. 2. The National Energy Administration issued a notice on organizing the first batch of pilot work for the construction of a new-type power system, which mentioned that, based on the scientific integration of source-load-storage resources, it would coordinate the green electricity demand of existing and incremental data centers in various regions with the conditions of new energy resources, and collaboratively plan and layout computing power and power projects. It would also build or renovate a number of different types of virtual power plants according to local conditions, encourage the launch of pilot projects for the new generation of coal-fired power plants, and focus on building or renovating a number of new energy power stations in regions with tight power supply or high consumption pressure. 3. The National Energy Administration held the 2025 Training Course on Power Market Construction Capacity and the Symposium on Power Market Construction Work in Kunming, Yunnan. The meeting called for continued efforts to advance the construction of power markets in southern China and the Yangtze River Delta region, accelerate the transition of provincial (autonomous region, municipality) power spot markets to continuous operation, and steadily promote the full participation of new energy in the market. 4. FTSE Russell announced the results of the quarterly review of the FTSE China 50 Index and the FTSE China A50 Index for June 2025. Pop Mart and SF Holding were newly included in the FTSE China 50 Index, while China Merchants Securities and China Railway Group were removed. Jiangsu Bank was included in the FTSE China A50 Index, while Great Wall Motor was removed. 5. Based on preliminary monthly data, the China Passenger Car Association (CPCA) comprehensively estimated that nationwide wholesale sales of passenger NEVs by producers reached 1.24 million units in May 2025, up 38% YoY and 9% MoM. The cumulative wholesale sales for the period from January to May 2025 were comprehensively estimated at 5.22 million units, up 41% YoY. 6. In May 2025, the number of newly opened A-share accounts pulled back but remained stable. On a monthly comparison basis, the total number of newly opened A-share accounts in January 2025 was 1.57 million, nearly doubling to 2.84 million in February, surpassing 3 million in March, and then declining by 37.22% MoM in April due to market volatility caused by tariff frictions. In May, the number further pulled back due to the impact of holidays. Compared with the 1.27 million newly opened accounts in May 2024, the number of newly opened accounts in May 2025 increased by 22.86% YoY. 7. The Nansha Branch of the Guangzhou Municipal Planning and Natural Resources Bureau in Guangdong Province processed the first "delivery of sea area with issuance of certificate" business in the province. Guangzhou Port Nansha Port Operation Co., Ltd. obtained the real estate ownership certificate on the same day after submitting the payment voucher for the sea area use fee, becoming the first enterprise in the province to benefit from the "delivery of sea area with issuance of certificate" reform. 8. The official website of the Sichuan Provincial Health Commission recently released the "Sichuan Provincial Population and Family Planning Regulations (Draft Amendment for Public Consultation)." The draft proposes extending the marriage leave from 5 days to 20 days, with an additional 5 days of marriage leave for those who voluntarily participate in premarital medical examinations. It also proposes establishing a mechanism for increasing maternity leave based on the number of children born in compliance with laws and regulations. The maternity leave in Sichuan will be extended to 90 days for the first child, 120 days for the second child, and 150 days for the third child. Corporate News 1. Wantai Biological Pharmacy announced that its marketing authorization application for the nine-valent HPV vaccine has been approved. 2. Zhongke Electric announced its plan to invest no more than 8 billion yuan in the construction of an integrated base project for lithium-ion battery anode materials. 3. Bangji Technology announced that it is planning major matters, and its shares have been suspended from trading. 4. Hainan Huatie announced that it is planning to list on the Singapore Exchange. 5. Shanghai Construction Group announced that its overseas wholly-owned subsidiary issued US$600 million in bonds. 6. HiteVision announced the suspension of trading of its shares due to the planned change in control, with the counterparty engaged in investment and asset management businesses. 7. Kweichow Moutai announced that as of the end of May, it had repurchased 3.31 million shares at a cumulative cost of 5.1 billion yuan. 8. Jinjiang Hotels announced its intention to issue shares (H shares) overseas and list them on the Hong Kong Stock Exchange. 9. Winchip Microelectronics announced that its shareholder, Guiren Capital, and its concerted actors intend to reduce their shareholdings by no more than 3% of the company's shares. 10. Tyer Machine announced that its actual controller, Tai Zhengbiao, was released from custody and changed to being ordered to await further investigation. 11. *ST Jinbi announced the suspension of trading of its shares due to the planned change in control of the company. 12. PowerChina announced that a consortium led by its subsidiary had won a bid for an ESS project worth 6.282 billion yuan. 13. Kingsoft Office announced the continued appointment of Lei Jun as the company's honorary chairman. 14. Lier Chemical announced that its shareholder, Zhongtong Investment, intends to reduce its shareholdings by no more than 3% of the company's shares. 15. Kexing Pharmaceutical announced that its controlling shareholder, Keyi Pharmaceutical, intends to reduce its shareholdings by no more than 3% of the company's shares. Global Markets 1. The three major U.S. stock indices closed with mixed changes: the Dow fell 0.22%, the Nasdaq rose 0.32%, and the S&P 500 rose 0.01%. The Nasdaq Golden Dragon China Index closed up 2.04%, with most popular Chinese ADRs rising. 2. WTI crude oil futures closed down 0.88% at US$62.85 per barrel; Brent crude oil futures closed down 1.17% at US$64.86 per barrel. 3. COMEX gold futures closed up 0.6% at US$3,397.4 per ounce. COMEX silver futures closed up 0.06% at US$34.655 per ounce. Investment Opportunities Reference 1. AI Drives Demand Growth, with Microsoft, Google, and Meta All Placing Bets in This Field On Tuesday local time, tech giant Meta reached a 20-year agreement with Constellation Energy, the owner of the largest nuclear power plant in the US, to meet the electricity demand driven by the AI boom. Since the beginning of this year, tech giants such as Microsoft, Google, Amazon, and Meta have been strongly betting on nuclear energy. The market generally believes that this is aimed at planning energy supplementation in advance for the development of AI businesses. Yongxing Securities' research report indicates that supportive policies for nuclear power have been frequently introduced in 2025. The State Council has approved the construction of nuclear power plants and continued to increase investment in the research and development of new nuclear power technologies. According to Zhang Xing, Deputy Director-General of the General Office of the National Energy Administration, on April 27, the State Council Executive Meeting decided to approve five nuclear power projects, including the third phase of Sanmen in Zhejiang, Units 1 and 2 of the pressurized water reactor in Xiapu, Fujian, the third phase of Haiyang in Shandong, the second phase of Taishan in Guangdong, and the third phase of Fangchenggang in Guangxi. China's installed nuclear power capacity in operation and under approval for construction exceeds 120 million kW. In addition, the National Development and Reform Commission (NDRC) and the National Energy Administration will strongly support the R&D efforts for cutting-edge technologies such as fourth-generation nuclear power technology, small modular reactors, and nuclear fusion. 2. Lei Jun Says Xiaomi's Automotive Chips Are Expected to Launch Soon According to media reports, Xiaomi founder Lei Jun disclosed at the Xiaomi Investor Conference that the selling price of the newly launched Xiaomi YU7 is unlikely to be the rumored 235,900 yuan, and the official pricing will only be determined 1-2 days before the launch. Lei Jun stated that Xiaomi began investing in the R&D of the robotics sector five years ago. Currently, the car factory is testing relevant capabilities, and Xiaomi's automotive chips are under development, with an expected launch soon. China Research Institute of Industry Development (CRIID) stated that the market size of automotive chips in China reached 120 billion yuan in 2024 and is expected to exceed 300 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 25%. Guosen Securities issued a research report stating that multiple chips were unveiled at the Shanghai Auto Show, and the localisation of automotive chips is timely. Domestic car makers are focusing on intelligence after electrification and are actively promoting the localisation of automotive chips. Domestically produced automotive chips are gradually transitioning from the early product development stage to the stage of large-scale sales. 3. Apple's Equity-Participating Company Advances Satellite Expansion Plan Recently, the Space Bureau of the US Federal Communications Commission (FCC) approved Globalstar's application to expand its second-generation "Direct-to-Device" (D2D) satellite constellation, aiming to provide network coverage services for Apple devices. It is understood that in November 2024, Globalstar announced plans for a new generation of C-3 satellite systems, which include Apple paying Globalstar up to $1.1 billion to enhance the non-terrestrial network connectivity capabilities of the iPhone. Previously, Apple also spent $400 million to acquire a 20% stake in Globalstar. The rapid advancement of aerospace technology has driven exponential growth in the global space economy. A report released by the World Economic Forum in 2024 shows that the global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2035, with an average annual growth rate of 9%, far exceeding the growth rate of global GDP, and will be an important engine driving global economic growth in the next decade. The US Federal Aviation Administration also predicts that commercial space activities will show strong growth momentum. Huaxi Securities stated that currently, the global commercial space sector is accelerating the development of reusable rockets and low-Earth orbit constellation networking, and China's commercial space industry is ushering in a dual turning point of "technological breakthrough" and "scale explosion". On the rocket manufacturing side, multiple top-tier enterprises in the commercial space sector are intensively conducting flight tests of reusable liquid rockets; on the satellite manufacturing side, greater manufacturing capacity and lower manufacturing costs are being achieved. In satellite applications, various scenarios are emerging, including direct satellite connectivity for mobile phones, direct satellite connectivity for automobiles, computing power satellites, and space broadband. 4. Capital market attention has increased significantly amid multiple catalysts, and the commercialization of Robo X has accelerated According to media reports, recently, Zheng Qinwen's match against top seed Aryna Sabalenka in the French Open women's singles quarterfinals attracted significant attention from domestic audiences. Beyond the tennis court, the event also showcased Guangzhou's technological elements. For two consecutive years, the only L4 autonomous minibus shuttle service at the French Open has been jointly provided by Guangzhou-based company WeRide and French automaker Renault Group. Driven by policy and industry synergy, the commercialization of Robo X (unmanned vehicles represented by Robotaxi and Robovan) has accelerated, and capital market attention has increased significantly amid multiple catalysts. Robotaxi: In 25Q1, fleets such as Pony.ai, WeRide, and Apollo Go have continued to expand, with orders growing rapidly and actively exploring overseas operations. Robovan has demonstrated significant potential in the logistics sector, forming a positive cycle of "cost reduction through technology - scenario validation - scale expansion." The business model has initially proven viable, and commercialization may accelerate in 2025. RoboX is expanding into broader unmanned applications, with commercialization accelerating in scenarios such as Robosweeper and Robotruck, while drone logistics is also emerging. Huatai Securities points out that the accelerated commercialization of Robo X is expected to bring investment opportunities across the entire industry chain.

BYD Company Limited (01211.HK) continued its strong performance today, hitting a record high of HKD 464.20 during intraday trading. As of the time of writing, the stock was up 3.51%, trading at HKD 460.20. Judging from the stock price trend chart, BYD Company Limited has continuously broken through historical highs in recent days, driven by three major positive factors: The first is the better-than-expected growth in performance. In Q1 2025, BYD's net profit reached RMB 9.155 billion, up 100.4% YoY; sales increased 59.81% YoY to 1.0008 million units. In 2024, the company's annual revenue was RMB 777.1 billion, net profit was RMB 40.25 billion, and R&D investment was RMB 54.2 billion, all hitting record highs. On the sales side, production and sales data for April 2025 showed that NEV sales reached 380,100 units, up 21.34% YoY. From January to April, cumulative sales were 1.3809 million units, up 46.98% YoY. The second is the accelerated implementation of the globalization strategy. According to relevant data, BYD performed outstandingly in the Singapore market, with sales of 3,002 units in the first four months and a market share of 20%, surpassing Toyota. Overseas factories in Brazil, Thailand, and other places have commenced production, with exports reaching 206,100 units in Q1, accounting for 20.59% of total sales. In 2024, global sales reached 4.27 million units, up 41% YoY. The last is the positive impact on funding. According to the quarterly review results announced by Hang Seng Indexes Company, BYD Company Limited was added to the Hang Seng Tech Index, with the change taking effect from June 9. According to CICC's estimates, the newly included BYD Company Limited is expected to receive approximately US$2 billion in passive capital inflows over about 2.7 days. How do institutions view BYD? Citi once again raised its target price for BYD in its report, stating that the export landscape of Chinese passenger vehicles in the first four months of this year further favors BYD. Analysts including Jeff Chung stated in the report that BYD's market share in pure electric vehicle exports surged from 23% in FY2024 to 38% in the first four months of FY2025. The growth in China's plug-in hybrid vehicle exports is astonishing, and a market consensus has yet to form. They also pointed out that BYD has the strongest ability to cope with potential price reductions in 2026. BYD is on track to achieve its export target of 800,000 to 1 million units in FY2025. Citi raised its target prices for BYD's Hong Kong-listed shares and A-shares to HKD 727 and RMB 669, respectively, having previously raised the target price for the stock in February.

According to SMM statistics, the total production of primary aluminium outside China reached 7,461.5 kilo metric tonnes (kmt) in the first quarter of 2024. The Middle East contributed 23% or 1.72 million tonnes of the total. Following closely were...

【SMM Lithium Carbonate Quarterly Review: LC2407 main contract rose 3.00%】 On March 18, the main contract for lithium carbonate 2407 rose by 3.00%. According to data, the main contract for lithium carbonate 2407 opened at 114,700 yuan/ton and closed at 116,900 yuan/ton, with a trading volume of 333,726 lots and an open interest of 205,503 lots, a decrease of 1164 lots from the previous trading day. SMM's spot price for battery-grade lithium carbonate on the same day was 110,000-115,100 yuan/ton, with an average price of 112,550 yuan/ton, an increase of 300 yuan/ton from the previous working day. In terms of trend, the price of lithium carbonate fluctuated upward after the opening on the same day, running above the daily average line, and then plummeted sharply at the end of the trading day, but ultimately closed up by 3.00%.

SMM Lithium Carbonate Quarterly Review: LC2401 main contract fell by 1.10% On January 25, the main contract of lithium carbonate 2401 fell by 1.10%. According to data, the main contract of lithium carbonate 2401 opened at 104,950 yuan/ton and closed at 102,950 yuan/ton, with a trading volume of 31 contracts and an open interest of 112 contracts, an increase of 2 contracts from the previous trading day. The spot price of battery-grade lithium carbonate reported by SMM on the same day was 93,000-100,000 yuan/ton, with an average price of 96,500 yuan/ton, unchanged from the previous working day. In terms of trends, the price of lithium carbonate on the market opened sharply lower and then fluctuated downwards after a slight rebound, with a slight uptick towards the end of the trading day. The main contract price saw a small increase after the midday opening, but then a significant pullback towards the end, resulting in a final drop of 1.10% in the market price.

【SMM lithium carbonate quarterly review: LC2401 main contract continues to fall, down 0.25%】On December 29th, the main contract of lithium carbonate LC2401 dropped by 0.25%. According to data, the main contract of lithium carbonate LC2401 opened at 101200/ton and closed at 101100/ton, with a trading volume of 6422 lots and an open interest of 11852 lots, a decrease of 1181 lots from the previous trading day. SMM's battery-grade lithium carbonate spot price on the day was 93000-100800 yuan/ton, with an average price of 96900 yuan/ton, a decrease of 100 yuan/ton from the previous working day. Shortly after the opening of the LC2401 contract today, it dropped significantly, falling by 3.5% to reach a low of 97750 yuan/ton. It then fluctuated and rose, but contrary to the morning market, the prices surged significantly after the afternoon opening, stabilizing overall until the close, ultimately falling by 0.25%.