Policy & Trends: India has exempted three types of stainless steel flat products from BIS certification until Sep 2026, easing import barriers. Japan’s Metal One fully acquired Thailand’s PSCTH to boost high-end exports. In Taiwan, China, traders tentatively raised 304 prices by NT$2,000/ton following mill hikes, though holiday trading remains quiet. Market Drivers: 304 spot prices hold at 14,350–14,400 RMB/ton, with Indonesia FOB at $2,082.5/ton. While Middle East tensions keep logistics and fuel surcharges high, providing a strong price floor, weak downstream demand is keeping the market in a narrow range-bound pattern for now.

Recently, Chengxin Lithium Group Co., Ltd. (002240.SZ) disclosed on the investor interaction platform that pre-construction preparations for the Murong Lithium Mine, located in Yajiang County, Sichuan Province, had been largely completed, and large-scale construction is expected to begin soon. This progress marked the entry of this lithium industry giant into the substantive development stage of “the largest hard-rock single lithium deposit proven in Asia to date.” The value of the Murong Lithium Mine was first reflected in its remarkable resource endowment. According to data from the Sichuan Mineral Resources and Reserves Review Center, the mine had identified cumulative ore resources of about 61.095 million mt, with lithium oxide (Li₂O) resources as high as 989,600 mt and an average grade of 1.62%. This resource scale made it indisputably the largest hard-rock single lithium mine in Asia, and its grade also ranked among the highest in Sichuan. The mine is located in the well-known Jiajika lithium-beryllium ore district, which forms part of the Songpan-Ganzi-West Kunlun giant lithium metallogenic belt spanning Sichuan, Qinghai, and other provinces and regions, and is known as the “Asian Lithium Belt.” The entire Jiajika ore field had identified total lithium oxide resources exceeding 2 million mt, making it one of the most concentrated regions for hard-rock lithium resources in China and even globally. The Murong Lithium Mine was designed for a production scale of 3 million mt/year, and its mining license is valid until September 5, 2048, providing assurance for long-term and stable mining operations. According to the company’s latest disclosure, the Murong Lithium Mine project had obtained project approval from the Sichuan Provincial National Development and Reform Commission (NDRC), as well as key approvals from departments including natural resources, ecology and environment, and emergency management covering land-use pre-examination, environmental impact assessment, and safety facilities design. Various pre-construction preparations had been largely completed. This means the project is expected to enter the stage of large-scale mine infrastructure and beneficiation plant construction soon. After the project is completed and put into operation, its annual raw ore processing capacity of 3 million mt will translate into considerable production of lithium concentrates, providing stable and high-quality raw material support for the company’s downstream lithium chemicals production sites in Deyang and Suining, Sichuan, as well as Indonesia.

On Feb 24, 2026, China placed 20 Japanese firms, including Subaru, on an export control watchlist for unverifiable end-use of dual-use items. This signals tighter controls on critical minerals and tech amid geopolitical and supply chain shifts. The analysis examines the firms' supply chain roles and the long-term industrial implications.

On February 24, 2026, China's Ministry of Commerce issued Announcement No. 12 of 2026, adding 20 Japanese entities, including Subaru Corporation, to the export control "watch list" on the grounds of "inability to verify the end-users and end-uses of dual-use items." This move marks the first time since January 2026 that China has explicitly implemented such list-based management measures targeting Japanese enterprises, signaling a shift toward more precise, systematic, and in-depth development of export controls in the fields of critical minerals and high-tech materials. This article will conduct an in-depth analysis of the core backgrounds of these 20 enterprises, reveal their deep-seated connections with supply chains of critical materials such as rare earths, and explore the potential impact of this measure on the future global industrial landscape.

On Tuesday (June 10), the three major US stock indices collectively rose, all closing at their highest levels in at least three months, with the S&P 500 and Nasdaq both recording a three-day winning streak. By the close, the Dow Jones Industrial Average rose 0.25% to 42,866.87 points; the S&P 500 rose 0.55% to 6,038.81 points; and the Nasdaq Composite Index rose 0.63% to 19,714.99 points. Traders are closely monitoring the progress of US-China negotiations. Previously, strong earnings reports from US publicly listed firms and a recent series of AI-related news had driven a rebound in tech stocks, boosting the overall US stock market. Jay Woods, Chief Global Strategist at Freedom Capital Markets, said, "Technically, the stock market is performing well, breaking through key levels and getting back on track. At the beginning of the week, the index was slightly above the downtrend line and is now rebounding towards its year-to-date high." Woods added, "This rebound looks similar to many tech stocks trying to return to their all-time highs. The good news is that even the weaker sectors seem to have found a soft landing spot, and from a risk/reward perspective, it's a good entry point now." The US CPI report is scheduled to be released before the market opens on Wednesday, with expectations that inflation may rise slightly. A survey by 22V Research showed that 42% of investors believe the market's reaction to the CPI data will be "risk-on," the first time the market has leaned towards risk-taking since last August. Mark Malek, Chief Investment Officer at Siebert Financial, said, "The US Fed is worried that the true inflationary effects have not yet materialized. Given the current complex tariff situation, we expect to see initial signs of tariff-driven inflation in goods such as cars, clothing, and food." Performance of Popular Stocks Most large-cap tech stocks rose, with Nvidia (by market cap) up 0.93%, reclaiming its position as the world's largest company by market cap; Microsoft down 0.39%, Apple up 0.61%, Amazon up 0.29%, Alphabet Class C up 1.34%, Meta up 1.2%, and Broadcom up 0.14%. Tesla rose 5.67%, and after a sharp rebound over three consecutive days, its market cap returned to above $1 trillion. Chip stocks generally strengthened, with the Philadelphia Semiconductor Index rising 2.06%. Among the 30 constituent stocks, only Marvell Technology (-0.43%) declined. Intel rose 7.81%, its largest single-day gain in two months, closing at $22.08, a level not seen since May 13. Novo Nordisk rose 5.13%. According to media reports citing sources, activist hedge fund Parvus Asset Management is increasing its stake in Novo Nordisk. "Stablecoin first stock" Circle fell by 8.1%, after surging over 270% in the three days since its listing. Among US-listed Chinese stocks, the Nasdaq Golden Dragon China Index rose by 0.3%. The performance of popular US-listed Chinese stocks was mixed, with Legend Biotech up 8.22%, NIO up 5.83%, New Oriental up 2.6%, XPeng Motors up 1.59%, Pinduoduo up 0.76%, and Alibaba up 0.33%. On the other hand, CHAGEE fell by 6.44%, Pony.ai fell by 5.29%, Li Auto fell by 3.57%, Baidu fell by 1.32%, Tencent Music fell by 0.92%, and JD.com fell by 0.44%. Corporate News [Starbucks Launches Microsoft Azure OpenAI Assistant for Baristas] Starbucks has introduced a generative AI assistant created using Microsoft Azure's OpenAI platform. The technology will be rolled out to stores in the US and Canada in fiscal year 2026. As part of its turnaround plan, Starbucks has been working to streamline baristas' work and speed up service in its cafes. [OpenAI Reportedly Plans to Partner with Google Cloud for Cloud Computing] According to media reports, sources familiar with the matter revealed that OpenAI plans to collaborate with Alphabet's Google Cloud to meet its growing computing needs. The two sides began discussions several months ago and finalised the agreement in May. This partnership not only demonstrates OpenAI's need for a diversified supply chain but also symbolises its gradual reduction of reliance on its major supporter, Microsoft. [Morgan Stanley CEO: Equity Capital Market Activity Expected to Gradually Rebound] The CEO of Morgan Stanley stated that there has been a recent rebound in deal announcements, and equity capital market activity is expected to gradually rebound, with recent deals performing well. He also expects a strong finish to the current quarter, with a stable deal pipeline showing growth in certain regions.

Macro News 1. A spokesperson for the Ministry of Foreign Affairs announced that He Lifeng, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, will visit the UK from June 8 to 13 at the invitation of the UK government. During the visit, he will hold the first meeting of the China-US Economic and Trade Consultation Mechanism with the US side. 2. In response to a reporter's question about China's export control measures on medium-heavy rare earth, a spokesperson for the Ministry of Commerce stated that rare earth-related items have both military and civilian applications, and implementing export controls on them is in line with international common practices. With the development of industries such as robotics and NEVs, the demand for medium-heavy rare earth in civilian applications is growing across countries. As a responsible major country, China fully considers the reasonable demands and concerns of various countries in civilian applications and reviews export license applications for rare earth-related items in accordance with laws and regulations. It has approved a certain number of compliant applications in accordance with the law and will continue to strengthen the review of compliant applications. China is willing to further strengthen communication and dialogue on export controls with relevant countries to facilitate compliant trade. 3. According to PBOC data, China's gold reserves stood at 73.83 million ounces (approximately 2,296.37 mt) at the end of May, up 60,000 ounces (approximately 1.86 mt) MoM, marking the seventh consecutive month of gold purchases. 4. Data shows that the PBOC conducted reverse repo operations totaling 930.9 billion yuan in the open market last week, while reverse repos totaling 1,602.6 billion yuan matured in the open market last week. Consequently, the PBOC achieved a net withdrawal of 671.7 billion yuan from the open market on a full-caliber basis last week. This week, reverse repos totaling 930.9 billion yuan will mature in the PBOC's open market operations. 5. According to statistics from the State Administration of Foreign Exchange, as of the end of May 2025, China's foreign exchange reserves stood at $3,285.3 billion, up $3.6 billion from the end of April, representing an increase of 0.11%. 6. In response to a reporter's question about Minister Wang Wentao's talks with European Commission Executive Vice President Valdis Dombrovskis, responsible for Trade and Economic Security, during his visit to France, the Ministry of Commerce stated that Minister Wang Wentao and Executive Vice President Dombrovskis held professional and in-depth discussions on the EV case, making significant progress towards a proper resolution of the case. Currently, price commitment negotiations between China and the EU on the EV case have entered the final stage, but efforts from both sides are still needed. Industry News 1. On June 6, Li Lecheng, Minister of the Ministry of Industry and Information Technology, chaired a meeting of the Ministry's Leading Group for the Integration of Informatization and Industrialization. The meeting called for the implementation of the "AI + Manufacturing" initiative to accelerate the intelligent upgrading of key industries and create an "upgraded version" of smart manufacturing. By focusing on industrial intelligence, the meeting aimed to deepen the industrial application of AI and drive the innovation and iteration of industrial datasets and large industrial models. 2. The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) issued the "Administrative Measures for the Development Planning of Central State-owned Enterprises", placing greater emphasis on industrial orientation. A three-tier planning system has been established, comprising the "Overall Development Plan for Central State-owned Enterprises + Key Task Planning + Enterprise Planning". Industrial optimization and adjustment have been identified as the key focus of this three-tier planning, with the aim of channeling state capital into critical industries and key sectors vital to national security and the lifeline of the national economy, as well as into public services, emergency response capabilities, and public welfare sectors that are crucial to the national economy and people's livelihoods, and further into forward-looking and strategic emerging industries. 3. The Shanghai Stock Exchange (SSE) held a symposium on high dividends, significant returns, and enhancing the value of publicly listed firms. Relevant officials from the SSE stated that in the future, the SSE will encourage publicly listed firms to further increase dividend payouts and frequency, and effectively utilize market value management tools such as share buybacks, mergers and acquisitions, and investor communications to continuously enhance the investment value of companies. 4. Last Saturday, a Boeing 737 MAX aircraft took off from Seattle, US, and landed in Hawaii before continuing its journey to China. This aircraft, originally a new plane awaiting delivery at Boeing's Zhoushan factory, was returned to the US in April. This marks the first time since April that Boeing has resumed aircraft deliveries to China. 5. The People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are actively promoting the interconnection of the two regions' fast payment systems. The project is progressing smoothly, with some services expected to be launched by mid-year. Details will be announced in due course. 6. Cui Dongshu, Secretary General of the China Passenger Car Association (CPCA), wrote that with the strengthening of national sales promotion subsidies for scrappage and renewal, the market has rebounded, significantly boosting the automotive market. Consequently, the pressure from price wars has relatively eased from January to mid-May. Due to competitive differentiation, the promotional efforts for new energy vehicles (NEVs) in May have rebounded significantly. In May 2025, the promotional discounts for NEVs dropped to a mid-to-high level of 11%, representing an increase of 1.3 percentage points compared to the same period last year and a 1.6 percentage point increase MoM. 7. Hong Kong SAR Chief Executive John Lee Ka-chiu attended and delivered a speech at the opening ceremony of the 16th Cross-Strait and Hong Kong-Macao Economic and Trade Cooperation Symposium hosted by the Chinese Manufacturers' Association of Hong Kong last Saturday. Lee stated that Hong Kong is actively developing the artificial intelligence (AI) industry and will establish a "Technology and Innovation Industry Guidance Fund" with a scale of HK$10 billion to strengthen the guidance of market funds and promote the development of strategic emerging and future industries such as AI and robotics. 8. Amidst the 618 shopping festival promotions, national subsidy policies for home appliances in multiple regions, including Jiangsu, Chongqing, Hubei, and Guangdong, have been suspended or adjusted to a limited supply model. A reporter from Cailian Press learned through on-site visits that in Jiangsu Province, consumers wishing to use national subsidies offline need to queue up at merchants to "snatch" quotas, with digital products being in high demand and quotas hard to come by. Similarly, consumers in Guangdong Province also need to compete for coupons for redemption. According to data from the Ministry of Commerce, sales from trade-in policies have exceeded 1 trillion yuan. Industry analysts believe that the main reason for the current policy adjustment is the rapid depletion of national subsidy funds, which is a temporary phenomenon, and a new round of subsidies may be reintroduced. 9. Recently, a team led by professors Peng Jun and Zhang Xiaohong from Soochow University, in collaboration with the University of New South Wales in Australia and the White Horse Lake Laboratory in Zhejiang Province, achieved a significant breakthrough in the field of single-junction perovskite solar cells. The certified steady-state efficiency of their 0.1 cm² single-junction perovskite cell reached 27.3%, while that of the 1 cm² single-junction perovskite cell reached 26.9%, both setting new world records for their respective sizes. Corporate News 1. LONGi Green Energy announced that shareholder HHLR plans to reduce its stake by no more than 0.5% of the company's shares. 2. Desay SV announced that shareholders Huichuangtou and Shenhua Investment plan to reduce their stakes by 3% and 1.45% of the company's shares, respectively. 3. Royo announced that Langzi plans to reduce its stake by no more than 3% of the company's shares. 4. LB Group announced that it plans to repurchase between 500 million and 1 billion yuan worth of the company's shares. 5. Roborock announced that it plans to issue H shares and list them on the Hong Kong Stock Exchange. 6. *ST Haiyue announced that it has been investigated by the China Securities Regulatory Commission for suspected violations of information disclosure regulations. On the same day, the company also announced that it has received a decision to delist its shares, with the expected last trading date being July 4. 7. Vanke A announced that Shenzhen Metro Group plans to provide the company with a loan of no more than 3 billion yuan. 8. Sinowealth Electronics announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 9. BlueFocus announced that it is planning to issue H shares and list them on the main board of the Hong Kong Stock Exchange. 10. Honghui Fruits & Vegetables announced that its controlling shareholder is planning changes to the company's control, and trading in its shares has been suspended. 11. Canadian Solar announced that shareholder Yuanhe Chongyuan plans to reduce its stake by no more than 3% of the company's shares. 12. Jiechuang Intelligence announced that it plans to purchase servers worth no more than 600 million yuan for its intelligent computing cloud services. Global Markets 1. The three major U.S. stock indexes closed higher collectively last Friday, with the Dow Jones Industrial Average rising 1.05% and gaining 1.17% for the week; the Nasdaq Composite rising 1.2% and gaining 2.18% for the week; and the S&P 500 rising 1.03% and gaining 1.5% for the week. Popular tech stocks generally rose, with Google and Tesla gaining over 3%, Amazon rising over 2%, and Nvidia, Apple, and Meta each rising over 1%, while Broadcom fell 5%. Cryptocurrency and automobile manufacturing sectors led the gains. 2. Starting on the morning of the 6th, federal agencies such as the U.S. Immigration and Customs Enforcement (ICE) deployed a large number of law enforcement officers to carry out operations targeting illegal immigrants in multiple locations across Los Angeles County, California, leading to numerous street confrontations, chaos, and clashes. On the 7th local time, law enforcement officers clashed with local residents for the second consecutive day. The most intense conflict on the 7th occurred in Paramount, approximately 30 kilometers south of downtown Los Angeles, an area predominantly inhabited by Latino immigrants. Hundreds of heavily armed federal law enforcement officers confronted and clashed with several hundred protesters. 3. According to a June 7 report by The Washington Post, the US State Department notified embassies and consulates worldwide on June 6 to resume visa processing for international students planning to study at Harvard University. This decision overturned the visa rejection order issued just the day before. Currently, no relevant information has been published on the US State Department's official website. Investment Opportunities Reference 1. Intelligent driving has become a focal point of competition among major automakers, with the demand for such core hardware continuously rising. Samsung has formed partnerships with Infineon and NXP to jointly develop next-generation automotive chip solutions. This collaboration will be based on Samsung's 5-nanometer process, with a focus on optimizing the co-design of memory and processors, and aims to "enhance chip security performance and real-time processing capabilities." Samsung is reportedly developing highly integrated SoC solutions in this field to achieve better energy efficiency ratios. Everbright Securities pointed out that in the era of domain controllers, heterogeneous SoC chips with high computing power, high performance, and high integration will become the core components of intelligent driving. In addition to domain controllers, intelligent driving SoC chips are also core components of front-view integrated machines. By 2025, the penetration rate of urban NOA in car models priced below RMB 150,000 will rapidly increase, driving up the demand for medium-to-high computing power chips. Additionally, from a technological perspective of intelligent driving, by 2025, new end-to-end technologies will focus on VLA and world models, with "parking lot to parking lot" intelligent driving functions becoming a focal point of competition among major automakers, posing higher requirements for chip computing power, solution provider capabilities, and OEM self-research capabilities. Against the backdrop of automotive OEMs such as BYD and Geely implementing "intelligent driving equity" strategies, third-party SoC producers are expected to benefit first, with the trend of "chip pre-embedding" bringing high growth certainty to the industry. 2. Another low-orbit satellite successfully launched, with institutions stating that China's commercial aerospace industry has completed the "from 0 to 1" phase. Recently, China successfully launched the Internet of Satellites Low-Orbit Group 04 satellites into their predetermined orbits using a Long March 6A carrier rocket at the Taiyuan Satellite Launch Center, with the launch mission achieving complete success. Western Securities stated that the progress of the satellite Internet industry is accelerating, with potential for valuation expansion. The satellite Internet industry is a core component of new quality productive forces. From a policy perspective, policies and regulations in areas such as terminal-to-satellite direct connectivity, satellite network coordination, and access for private satellite enterprises have been successively introduced in the past two years, with a relatively complete top-level policy framework for the satellite industry now in place. From the product and user perspectives, the number of Tiantong package subscribers has exceeded 2 million, with over 16 million terminal devices in use. Moreover, Huawei's public testing of satellite internet is expected to commence in the second half of 2025 (H2), with the user base for satellite internet access in China gradually being established. Fu Chenshuo from CITIC Securities stated that with breakthroughs achieved in satellite manufacturing, rocket launches, ground equipment, and operational services, China's commercial aerospace industry has completed the "0 to 1" phase and is on the verge of entering a rapid development stage. 3. Indonesia Considering Procurement of China's J-10 Fighter Jets: Institutions Say China's Military Trade Ushers in a New Cycle According to media reports, on June 5 local time, the Indonesian military announced that the Indonesian government is conducting a feasibility assessment on the procurement of China-made J-10 fighter jets. Taufanto, the Deputy Minister of Defense of Indonesia, stated that this move aims to enhance the modern combat capabilities of the Indonesian Air Force while also considering cost-effectiveness within the national defense budget. Taufanto pointed out that the performance of China's J-10 fighter jets in the India-Pakistan conflict is one of the key factors influencing Indonesia's consideration of this model. Additionally, compared to similar Western fighter jets, the J-10 is more competitively priced and its technical configuration meets Indonesia's demand for "cost-effective advanced equipment." Taufanto revealed that Indonesia is currently focusing on reviewing the compatibility of the J-10 with its existing national defense system, after-sales maintenance support, and specific procurement terms. The procurement scope may not be limited to fighter jets but could also include China-made warships, frigates, and other weaponry. Shenwan Hongyuan stated that amid geopolitical conflicts, the attention on China's military trade will continue to rise. The intense conflict between India and Pakistan has drawn significant attention to China's military-industrial foreign trade products, with their maturity expected to gain high international recognition, thereby continuously promoting the opening up of the international market for China's military trade products and ushering in a new cycle for China's military trade, thus expanding the market space and valuation of the entire industry. 4. Volcano Engine's Motive Power Conference to Be Held, ByteDance Recently Launches Multiple AI Products The 2025 Volcano Engine Motive Power Conference - Spring will be held from June 11 to 12, focusing on cutting-edge fields such as large models and AI cloud-native technologies. Topics include agent development, multimodal understanding, deep thinking, AI cloud-native, and more. Recently, there have been continuous advancements in ByteDance's AI sector. On May 20, Volcano Engine launched the Doubao Voice Podcast Model, enabling the instant conversion of text content into a two-person dialogue-style podcast without complex editing, allowing hot topics to be instantly transformed into engaging podcasts. On the same day, Volcano Engine unveiled the Large Model Ecosystem Square - MCPServers. On May 8, Volcano Engine released the DiskANNRaBitQ vector algorithm engine, which, through the deep integration of the DiskANN algorithm and the ExtendedRaBitQ vector quantization technology, achieves an 115% improvement in query performance compared to the HNSW algorithm in high-performance vector retrieval scenarios, reduces memory resource consumption by 90%, and lowers the overall cost of the user's vector database by 75%, accelerating the application of AI technology across various industries. On May 7, Volcengine launched China's first intelligent database assistant, DBCopilot, which covers three core scenarios of data storage, management, and acquisition through AI technology. Guotai Haitong Securities stated that ByteDance has become a leading force in China's AI development, with its models and applications advancing in tandem, continuously bringing fresh blood to the development of China's AI ecosystem, and also reflecting the current vibrant state of AI development in China.

The world's first large-scale commercial e-methanol plant officially commenced operations recently in Aabenraa, Denmark, marking a new phase in the industrial application of e-methanol technology. Siemens Energy provided a 52.5-megawatt (MW) proton exchange membrane (PEM) electrolyzer for the green hydrogen production process at the plant, which can produce approximately 8,000 mt of green hydrogen annually, serving as the core raw material for e-methanol synthesis. Constructed by European Energy, the plant sources its electricity from the adjacent Kasø Solar Park, while carbon dioxide is captured and supplied by Tønder Biogas. The plant can produce approximately 42,000 mt of e-methanol annually, reducing carbon emissions by about 97% compared to traditional processes. The e-methanol produced will be supplied to Maersk for use in its world's first methanol-powered container ship, the Laura Maersk. It will also be used as a raw material by the LEGO Group to produce some LEGO components. Additionally, Novo Nordisk plans to apply it in chemical production, gradually replacing existing fossil fuel-based methanol. Siemens Energy's PEM electrolyzer technology has been applied in multiple projects. For instance, the company provided key equipment support for BASF's 54-MW electrolyzer project at its Ludwigshafen site in Germany, which is currently the largest single-unit PEM hydrogen production project in operation in Europe. Meanwhile, Siemens Energy is also advancing three 100-MW-class water electrolysis projects for hydrogen production, committed to laying a solid foundation for the large-scale application of green hydrogen energy.

According to sources, in order to accelerate the green transformation of the power cable industry chain, Denmark's NKT-Nordiske Kabel Traadfabriker (NKT) Group recently signed a strategic cooperation agreement with Hydro. Under the contract, which is valid until 2033, Hydro will provide NKT with low-carbon aluminum wire worth approximately 1 billion euros (approximately 8.1 billion yuan), which will significantly enhance NKT's market supply capability in the medium- and high-voltage cable sector.

According to sources, to accelerate the green transformation of the power cable industry chain, Denmark's NKT-Nordiske Kabel Traadfabriker (NKT) Group recently signed a strategic cooperation agreement with Hydro. Under the contract, which is valid until 2033, Hydro will provide NKT with low-carbon aluminum wire worth approximately 1 billion euros (approximately RMB 8.1 billion), which will significantly enhance NKT's market supply capability in the medium- and high-voltage cable sector.

Macro News 1. On May 6, the State Council Information Office announced that it would hold a press conference at 9 a.m. today. Officials from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission will introduce the "package of financial policies to support market stability and expectations" and answer questions from journalists. 2. From May 4 to 7, the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) was held in Milan, Italy. Lan Fo'an, Minister of Finance and China's Governor to the ADB, attended and delivered a speech, and also held a series of bilateral talks. Lan pointed out that China is both a beneficiary and contributor to economic globalization, with its contribution to global economic growth maintaining at around 30% in recent years. In the first quarter of this year, China's GDP increased by 5.4% YoY, achieving a good start. China will adopt more proactive macro policies and is confident in achieving the growth target of around 5% for 2025. 3. On May 6, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. Lin stated that over the past few years, exchanges between China and EU legislative bodies have encountered some setbacks due to well-known reasons. Under the current circumstances, both sides agree that strengthening dialogue and cooperation between China and the EU is of great importance. After mutual consultations, China and the European Parliament have decided to simultaneously and comprehensively lift restrictions on mutual exchanges. 5. According to Indian media reports, India has cut off water flowing to Pakistan from the Baglihar Dam on the Chenab River, claiming that it will not allow "a single drop" of water from the Indus River to flow to Pakistan. The Chenab River has dried up sharply. Industry News 1. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that the demand for the Hong Kong dollar continues to rise, primarily driven by stock-related demand, and that no abnormal activities have been observed in the Hong Kong dollar. 2. The Shenzhen Stock Exchange recently revised the "Guidelines for the Evaluation of Members' Client Trading Behavior Management at the Shenzhen Stock Exchange." It is understood that this revision adds references to higher-level rules, improves the content of member evaluations, and includes two new evaluation aspects: "members' management of algorithmic trading" and "members' management of margin trading and securities lending." Additionally, the original evaluation of "members' collaborative self-regulatory supervision" has been expanded to include key monitoring of securities management and enhanced risk warnings for client trading. 3. The Ministry of Industry and Information Technology and the Standardization Administration of China recently jointly issued the "Guidelines for the Construction of the National Intelligent Manufacturing Standard System (2024 Edition)." This guideline further focuses on the integrated application of new technologies such as artificial intelligence in the manufacturing industry, adding standardization content in five areas, including intelligent equipment, industrial software, and new models of intelligent manufacturing. 4. It is reported that Apple AI is expected to launch some of its features for the first time in mainland China with the iOS 18.6 system, with technical support provided by Alibaba and Baidu. Specifically, Baidu's ERNIE Bot large model will serve as the core cloud-based intelligent engine for the Chinese version of Apple AI, while Alibaba will be responsible for providing a review mechanism to ensure local compliance of AI-generated content. 5. The Food Safety Office of the State Council and five other departments jointly issued the "Comprehensive Governance Plan for the Abuse of Food Additives". The Plan calls for comprehensive strengthening of source governance in areas such as the production of edible agricultural products, and the import inspection of food and food additives. It also emphasizes the need to strengthen supervision over the production and sales of food additives, as well as their use in food production, processing, and catering services. The Plan aims to crack down on illegal activities where chemical products are passed off as food additives, and to carry out comprehensive governance of the abuse of food additives throughout the entire process from farm to table. 6. Reporters have learned that Pony.ai's Robotaxi fleet will be integrated into the Uber platform in the second half of this year. The cooperation will first be implemented in the Middle East and gradually expanded to the global market. On the same day, WeRide announced an expanded strategic partnership with Uber, planning to add 15 new international cities over the next five years to deploy autonomous driving Robotaxi services, covering international markets in Europe, the Middle East, and other regions. Corporate News 1. CATL announced that it has repurchased 6.641 million shares, using a total of 1.551 billion yuan in funds. 2. Shinhint Group announced that the repeated changes and uncertainties in US tariff policies will adversely affect the company's hair products and textile and apparel export businesses. 3. Huafon Test announced that a shareholder intends to transfer 2.9% of its shares through an inquiry-based transfer. 4. NationalChip Technology announced the successful internal testing of a new anti-quantum cryptographic chip product. 5. Dison announced that its controlling shareholder reduced its stake in the company by 575,300 shares on May 6. 6. Changchuan Technology announced its intention to jointly invest with a professional investment institution to establish Hangzhou Changyue Technology Co., Ltd., a joint venture primarily engaged in the localisation of high-end packaging and testing equipment. 7. Seres released its production and sales report for April 2025, showing a 12.99% YoY increase in NEV sales in April. 8. Huayi Group announced its intention to acquire a 60% stake in 3F for 4.091 billion yuan in cash, expanding its business in the field of fluorine-containing fine chemicals. 9. Insigma Technology announced its subscription of 33 million yuan to participate in the investment of an equity investment fund, which focuses on investments in areas such as artificial intelligence, robotics, and embodied intelligence. 10. ST Xinchao announced that it was placed under investigation by the China Securities Regulatory Commission for failing to disclose its periodic report (2024 annual report) within the specified time limit. 11. *ST Hengli announced that it was under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports within the prescribed time limit. 12. Zitian Technology announced that it was under investigation by the CSRC for failing to disclose periodic reports within the prescribed time limit. 13. *ST Jingang announced that its shares may be delisted due to the share price falling below 1 yuan. 14. Kangxi Communication announced the termination of the planning for a major asset restructuring, which will be changed to a strategic investment. 15. Xiangshan Share announced that shareholders Zhao Yukun and Chen Bo intend to reduce their holdings by no more than 6% of the company's shares. 16. Tongyu Heavy Industry announced that the actual controller will change from the State-owned Assets Supervision and Administration Commission of Zhuhai Municipality to the State-owned Assets Supervision and Administration Commission of Shandong Province, and its shares will resume trading. 17. Tianmao Group announced that it was under investigation by the CSRC for suspected failure to disclose periodic reports on schedule. 18. Kinlita announced that it was under investigation by the CSRC for failing to disclose its 2024 annual report within the statutory time limit. Global Markets 1. The three major U.S. stock indices closed collectively lower, with the Dow Jones Industrial Average down 0.95%, the Nasdaq down 0.87%, and the S&P 500 down 0.77%. Most large-cap tech stocks declined, with Meta falling over 2%, and Tesla and Intel each dropping over 1%. Pharmaceutical stocks led the declines, with SRPT falling over 26% and Eli Lilly falling over 5%. Palantir fell over 12%, marking its worst single-day performance in a year. Nuclear power concept stock CEG rose over 10%, marking its largest single-day gain since February 21. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index closing up 0.42%. WeRide rose over 31%, and Pony.ai rose over 47%. The three major European stock indices closed with mixed results, with the German DAX Index down 0.41%. 2. International crude oil futures closed up over 3%, with WTI crude oil futures for June rising 3.43% and Brent crude oil futures for July rising 3.19%. 3. COMEX gold futures closed up 3.53%, hitting a new daily high of $3,440 per ounce; COMEX silver futures rose 2.96%, closing at $33.435 per ounce. Investment Opportunities Reference 1. Another new product is set to launch, with institutions saying this niche sector is expected to become a smart collaborative and computing terminal in the future. Industry media reported that, according to exclusive information from an insider, Zijing Unknown and Star Creation Vision (the parent company of Baodao Optical) signed a strategic cooperation agreement and launched a co-branded product—the NSVExBleeqUp AI sports photography glasses, which will enter mass production and be launched in June. After the launch, the product will be available in Baodao Optical's offline stores under Star Creation Vision. Zijing Unknown is an AR glasses brand invested in by Alibaba. Cinda Securities analyzed that smart glasses products are evolving from the stage of basic hardware stacking to the direction of intelligent assistance and intelligent assistants, and are expected to become smart collaborative and computing terminals in the future.With overseas tech giants such as Meta, Apple, and Amazon, as well as numerous domestic participants like Xiaomi, Huawei, ByteDance, and the "Four Dragons" of AR (PICO, Rokid, XREAL, and INMO) continuously iterating new products; models such as GPT, Llama, Grok, Deepseek, Doubao, and Tongyi Qianwen undergoing continuous updates and upgrades; and waveguide technology continuing to innovate in materials, processes, and technical pathways, the uptake of AI glasses may occur more rapidly than we anticipated. Wellsenn predicts that global sales of AI glasses are expected to reach 5.5 million units in 2025, up 135% YoY. 2. Lenovo Tech World Focuses on Super Agents, Ushering in a Wave of Large-Scale Deployment of AI Agents Lenovo Tech World is about to be unveiled! The conference features a 12-hour, all-day live broadcast, including a highly informative main forum that unveils the "grand" world of super agents, and four sub-forums with a super-high AI content focus on cutting-edge technologies such as computing power, agents, and embodied intelligence. Immerse yourself in hands-on experiences at the AI-themed exhibition, gain a comprehensive understanding of hybrid AI, and delve into the world of super agents. As interactive AI products, agents are beginning to rapidly land in the market. First-generation products like Cursor and Glean have already achieved annual recurring revenue (ARR) exceeding 100 million US dollars, demonstrating significant growth potential and introducing new pricing models based on actual delivery outcomes, task completion rates, and other indicators. AI agent products are forming an evolutionary path of infrastructure and application synergy characterized by "upgrades in underlying model capabilities + prosperity of intermediate tools + commercial scenario deployment." In the future, AI agent applications will need to further enhance planning capabilities, possess better memory, and have stronger multimodal understanding capabilities to unlock their monetization potential. According to grandviewresearch's estimates, the global AI agent market size was approximately 5.4 billion US dollars in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 45.8% from 2025 to 2030. Increased demand for automation, advancements in natural language processing (NLP) technology, and the growing need for personalized customer experiences are key factors driving the development of the AI agent industry. Additionally, the widespread adoption of cloud computing enables enterprises to deploy AI agents at lower costs. Cloud computing allows enterprises to scale AI agent applications with lower infrastructure investments, thereby promoting their widespread deployment across various industries. 3. Say Goodbye to Windows for Good! Huawei's HarmonyOS PC Version to Be Released This Month At Huawei's PuraX launch event in March, Yu Chengdong, Executive Director of Huawei, Chairman of the Terminal BG, and Chairman of the Intelligent Automotive Solution BU, announced that Huawei's terminal products are fully entering the HarmonyOS era, with HarmonyOS PCs to be launched in May this year. It was also reported that after April, all Huawei laptops shipped may adopt the HarmonyOS operating system, replacing the previous Microsoft Windows operating system used in Huawei laptops. The official launch of HarmonyOS PC is expected to take the lead in opening the door to the government and enterprise market. Unlike the traditional X86 computer architecture, HarmonyOS PC may have the comprehensive capability of self-developed chips and self-developed systems working in tandem. Zheshang Securities believes that the operating system, as a fundamental software, supports the operation of application software. As the world's third-largest mobile operating system and a distributed operating system that supports multiple terminals, HarmonyOS is expected to take the lead in breaking through the market. 4. News suggests WHO plans to officially recommend anti-obesity drugs for the first time to treat adult obesity, with institutions optimistic about the rising penetration of anti-obesity drugs According to media reports, a draft memorandum indicates that the World Health Organization (WHO) plans to officially recommend the use of anti-obesity drugs for the first time to treat adult obesity. This move marks a significant policy shift for the global health agency in addressing the growing obesity crisis. Caitong Securities expressed optimism about the rising market penetration of anti-obesity drugs. With the significant price reductions of anti-obesity drugs from Eli Lilly and Novo Nordisk, the market accessibility of GLP-1 drugs has improved notably, making these drugs more affordable for a larger number of patients. This will directly drive the rapid growth in demand for GLP-1 active pharmaceutical ingredients (APIs), especially among self-paying patient groups. Despite recent plans by both Novo Nordisk and Eli Lilly to expand their capacities, due to the enormous clinical demand in the anti-obesity drug market and the rising patient penetration brought about by price reductions from top-tier enterprises, the demand for GLP-1 drug APIs is expected to continue growing. In terms of market size, Founder Securities estimates that the domestic GLP-1 anti-obesity drug market is expected to exceed 37.852 billion yuan by 2030, indicating a broad market prospect.