March 22 — According to Iranian media reports on the 22nd, Iran’s Islamic Revolutionary Guard Corps said that day that if US President Trump’s threat to attack Iranian power stations were carried out, Iran would immediately take four measures, including completely closing the Strait of Hormuz, striking all of Israel’s power stations, energy and information technology facilities, completely destroying all companies in the Middle East with US shareholdings, and striking the power stations of Middle Eastern countries hosting US military bases.

[SMM Aluminum Express News] Aluminium Bahrain (Alba) has entered into an exclusive agreement with American Industrial Partners (AIP) to acquire 100% of Aluminum Dunkerque, Europe's largest primary aluminum smelter, located in Loon-Plage, Dunkerque, France. The site produces ~300,000 tonnes of aluminum per year. Aluminium Bahrain (Alba) will pay the consideration for acquiring Aluminium Dunkerque entirely payable in cash, with funding fully underwritten by a syndicate of relationship banks. Alba has offered a shareholding position to Bpifrance (France's public investment bank) to foster a strategic partnership and support the long-term, sustainable development of the French smelter. Discussions with Bpifrance have started and will continue in the coming days.

Keda Manufacturing stated during an investor relations activity that the company holds 43.58% of shares in Blue Lithium Industry and controls 48.58% of its voting rights. According to the shareholding ratio, the net profit of Blue Lithium Industry is included in the net profit attributable to the parent company. Blue Lithium Industry adopts a market-driven pricing principle for its lithium carbonate products, with sales prices dynamically adjusted according to market conditions. The increase in lithium carbonate prices in the market is expected to positively contribute to the company's performance.

Democratic Republic of Congo will enforce a long-dormant rule requiring local employee ownership for mines in a move that may rebalance shareholdings in some of the world’s biggest copper and cobalt producers. In a letter dated Jan. 30 and addressed to miners of all metals in the country, Mines Minister Louis Watum said firms must demonstrate that 5% of their share capital is held by Congolese employees. Companies have until July 31, 2026 to submit proof that they’re complying with the directive, according to the letter, which was posted by the ministry on X on Sunday and confirmed by a ministry official. Watum didn’t immediately respond to a call and text message requesting comment on Monday.

Lithium battery giant R&D Technology announced that it will invest RMB 50 million in Fu'an Guolong Nanomaterials. Specifically, it will acquire all of Guolong Nanomaterials' equity held by Jiaxing Songhe for RMB 10 million (corresponding to RMB 2.7778 million of Guolong Nanomaterials' registered capital), and subscribe for RMB 11.1111 million of registered capital for RMB 40 million, resulting in a post-transaction shareholding of 10.8696%. The announcement disclosed that Guolong Nanomaterials' net assets as of September 30, 2025, were approximately RMB 93.4737 million, and it has been operating at a loss in recent years.

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.

[Li Auto responds to Meituan CEO's reduction of company shares: It is a personal action and does not involve Meituan's shareholding] According to the equity disclosure information from the Hong Kong Stock Exchange, from June 10 to June 13, the Meituan CEO reduced his shareholding in Li Auto by a cumulative 5.737 million shares, cashing out over 600 million Hong Kong dollars. His shareholding ratio decreased from 20.94% to 20.61%. In response, Li Auto stated to reporters: "Recently, shares were sold during the window period, and the specific number of shares is subject to the DI form (referring to the disclosure of interests form) filed. This stock transaction was a personal action, accounting for a small portion of his total shareholding, and does not involve Meituan's shareholding. The specific shareholding information will be subject to the company's annual report after it is issued.

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.

A reporter exclusively learned from China Reform Holdings Corporation Ltd. (hereinafter referred to as "China Reform") that China Reform announced the issuance of 23 billion yuan in special bonds to support investment in major projects under the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins." The "implementation of major national strategies and the development of security capabilities in key areas" refers to the implementation of major national strategies and the development of security capabilities in key areas. The "program of large-scale equipment upgrades and consumer goods trade-ins" refers to large-scale equipment upgrades and consumer goods trade-ins. Since 2024, China has vigorously implemented the policies related to the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins" to stimulate domestic demand potential and provide support for promoting economic rebound and improvement. The Central Economic Work Conference at the end of 2024 clearly stated the need to "intensify and expand the scope of the implementation of the 'program of large-scale equipment upgrades and consumer goods trade-ins' policy" and "provide greater support for 'implementation of major national strategies and the development of security capabilities in key areas' projects." According to a reporter from Caixin, since 2024, to drive central state-owned enterprises to make every effort to stabilize growth, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) decided to support China Reform in issuing 300 billion yuan in special bonds for stabilizing growth and expanding investment in batches to inject capital into relevant central state-owned enterprises. The first batch of 30 billion yuan in special bonds was implemented in 2024, and this is the second batch of special bonds being issued. It is understood that the special bonds for stabilizing growth and expanding investment are mainly used to support investment in projects under the "implementation of major national strategies and the development of security capabilities in key areas" and the "program of large-scale equipment upgrades and consumer goods trade-ins," including investment in major equipment upgrades and technological transformations, major scientific and technological innovation projects, and major strategic emerging industries. In recent years, the proportion of direct financing in China's social financing structure has been relatively low, with social financing overly relying on bank credit, which is prone to accumulating systemic risks. As an effective way of allocating financial resources in the past, indirect financing has shown certain limitations in serving the development of the real economy under the power transformation in the stage of high-quality development. As a national-level capital operation platform, China Reform, as learned by a reporter from Caixin, has currently established 10 actively managed funds, including the China State-owned Capital Venture Capital Fund, the Central State-owned Enterprise Operation Fund, the Science and Technology Innovation Fund, the Double Hundred Fund, the State-owned Enterprise Reform Science and Technology Fund, the Comprehensive Reform Pilot Fund Group, and the China Reform High-level Talent Fund. By contributing 29.3 billion yuan in paid-in capital to these funds, it has driven the raising of over 87 billion yuan in funds and led the investment in over 100 projects, driving over 90 billion yuan in social capital. Recently, under the direct guidance of SASAC, a special fund for the development of strategic emerging industries of central state-owned enterprises and the China Reform Venture Capital Fund have been established, with a total scale of 60 billion yuan, to provide greater support for central state-owned enterprises to accelerate the development of strategic emerging industries and future industries. A representative from China Reform told a reporter from Caixin that China Reform continues to provide long-term and stable financial support to science and technology innovation enterprises. As of the end of April 2025, it has invested a cumulative total of over 346 billion yuan in strategic emerging industries, deploying a number of leading enterprises in fields such as semiconductors, memory chips, new energy batteries, and biotechnology. "We have increased investment in the 'bottleneck' areas of key core technologies in strategic emerging industries, with cumulative investment in original technology source projects exceeding 67 billion yuan, achieving full coverage of investment in the first batch of 29 central state-owned enterprises that are original technology sources. The amount invested in projects of central state-owned enterprises with long industry chains is nearly 40 billion yuan," said China Reform Holdings Corporation. A reporter from Cailian Press also learned that China Reform Holdings Corporation has supported major reforms of state-owned enterprises through direct investment services, implementing the deployment requirements of the SASAC. It has invested over 260 billion yuan in a market-oriented and professional manner to support the establishment of new central state-owned enterprises, the diversification of equity in central state-owned enterprises, strategic restructuring, specialized integration, and the prevention and resolution of risks in relevant enterprises. For example, it has participated in the establishment of new central state-owned enterprises such as PipeChina, China Green Development Group, and China Electrical Equipment Group, supported the restructuring of Ansteel Group and Bensteel Group, participated in the equity diversification reform of China Eastern Airlines Group, and supported the return of core assets of central state-owned enterprises such as China Telecom, China Mobile, and CNOOC to A-share IPOs. It has become an important shareholder of central state-owned enterprises and their affiliated enterprises, appointed directors to the enterprises it holds shares in, and played a "key minority" role in decision-making on major issues. Since 2023, amid a relatively sluggish capital market and weak investor expectations, China Reform Holdings Corporation has strengthened counter-cyclical investment and provided support by actively increasing its holdings or announcing share purchases, firmly safeguarding the value of publicly listed firms of central state-owned enterprises and playing the role of a "stabilizer" for the value of central state-owned enterprises. It has made concentrated investments in publicly listed firms of central state-owned enterprises in the technology sector on the secondary market on a "large-scale, high-proportion, and long-term" basis, investing in a cumulative total of 341 publicly listed firms of central state-owned enterprises involving 77 central state-owned enterprise groups. Actively becoming an active shareholder of 10 publicly listed firms controlled by central state-owned enterprises through market-oriented means and appointing directors, it has played a key role as an active shareholder in governance optimization, mechanism innovation, strategic synergy, and other aspects through targeted strategies. It has collaborated with central state-owned enterprises to carry out mergers and acquisitions in strategic emerging industries on the secondary market, vigorously promoting the strengthening and extension of the industry chains of central state-owned enterprises and enhancing their control and competitiveness. On April 7, the A-share market experienced a significant decline. A reporter from Cailian Press learned that, as an important strategic force in maintaining the stability of the capital market, China Reform Holdings Corporation immediately took action, firmly optimistic about the development prospects of China's capital market, and announced that it would increase its holdings of stocks of central state-owned enterprises, technology innovation stocks, and ETFs through special relending for stock repurchases and shareholding increases, with an initial amount of 80 billion yuan, demonstrating the responsibility and commitment of the operating company.

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.