The total trading volume of Shanghai-Shenzhen Stock Connect today was RMB 143.208 billion, with China Merchants Bank and CATL ranking first in terms of individual stock trading volume on the Shanghai Stock Connect and Shenzhen Stock Connect, respectively. In terms of the most-traded contract's open interest by sector, the non-bank financial sector saw the highest net inflow of open interest. In terms of ETF trading volume, the Hong Kong Stock Exchange Innovative Drug ETF (513120) ranked first. In terms of the most-traded futures contracts' open interest, the number of short positions reduced in the IC contract exceeded that of long positions. On the Dragon Tiger List, Anglikang received RMB 235 million in purchases from institutions; Limin Chemical received RMB 105 million in purchases from institutions; Royal Silver was sold off by institutions for RMB 115 million; China Superconductor was sold off by institutions for over RMB 60 million; Junyao Health was sold off by institutions for over RMB 60 million; Chutianlong received over RMB 90 million in purchases from the Yichang Yanjiang Avenue Business Department of Guotai Haitong Securities; Nanhua Futures was sold off by two quantitative trading seats. I. Top 10 Stocks by Trading Volume on Shanghai-Shenzhen Stock Connect Today, the total trading volume on the Shanghai Stock Connect was RMB 68.229 billion, while that on the Shenzhen Stock Connect was RMB 74.979 billion. Among the top 10 stocks by trading volume on the Shanghai Stock Connect, China Merchants Bank ranked first; Kweichow Moutai and JAC ranked second and third, respectively. Among the top 10 stocks by trading volume on the Shenzhen Stock Connect, CATL ranked first; BYD and East Money ranked second and third, respectively. II. Main Large-Order Open Interest by Sector and Individual Stocks In terms of sector performance, rare earth permanent magnets, gaming, auto parts, and securities sectors led the gains, while controlled nuclear fusion, other power supply equipment, biological vaccines, and communication services sectors led the losses. In terms of the most-traded sector's open interest monitoring data, the non-bank financial sector saw the highest net inflow of open interest. In terms of sector open interest outflows, the pharmaceutical sector saw the highest net outflow of open interest. In terms of the most-traded individual stock's open interest monitoring data, the sectors of the top 10 stocks with net inflows of open interest were relatively scattered, with N-Insta360 ranking first in terms of net inflows. The sectors of the top 10 stocks with net outflows of open interest were relatively scattered, with Lianhe Tech ranking first in terms of net outflows. III. ETF Trading Volume Among the top 10 ETFs by trading volume, the Hong Kong Stock Exchange Innovative Drug ETF (513120) ranked first, while the CSI 300 ETF (510300) ranked second. Among the top 10 ETFs by MoM growth in trading volume, the Germany ETF (159561) ranked first with an 110% MoM increase in trading volume from yesterday; two rare earth ETFs ranked second and third, with the Rare Earth ETF Fund (516150) ranking second with a 93% MoM increase in trading volume. IV. Most-Traded Futures Contracts' Open Interest Among the most-traded contracts of the four major stock index futures, both longs and shorts reduced their positions in the IH, IC, and IM contracts, with longs reducing more positions in the IH and IM contracts and shorts reducing slightly more positions in the IC contract; both longs and shorts increased their positions in the IF contract, with shorts increasing more positions. V. Dragon Tiger List 1. Institutions Today, the activity level of institutions on the Dragon Tiger List was moderate. On the buying side, Angelic, a concept stock of innovative drugs, was bought by institutions for 235 million yuan; Limin Chemical, a pesticide stock, was bought by institutions for 105 million yuan. On the selling side, Yuyin, a concept stock of stablecoins, was sold by institutions for 115 million yuan; Zhongchao Holding, a nuclear power stock, was sold by institutions for over 60 million yuan; Junyao Health, a dairy stock, was sold by institutions for over 60 million yuan. 2. Retail Investors The activity level of first-tier retail investors declined significantly. Baili Electric, a concept stock of controllable nuclear fusion, was sold by three first-tier retail investor seats for a total of over 200 million yuan, and the stock was also sold by a seat of Shanghai-Hong Kong Stock Connect for over 100 million yuan; Chutian Dragon, a concept stock of stablecoins, was bought by the Yichang Yanjiang Avenue Business Department of Guotai Haitong Securities for over 90 million yuan. The activity level of quantitative funds was moderate. Baili Electric was sold by two quantitative seats; Nanhua Futures was sold by two quantitative seats.

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.

As anticipated by Caixin Global yesterday, with the release of the US Treasury's 20-year bond auction data in the early hours of today, the US stock market collectively plunged against the backdrop of soaring US bond yields. By the close of trading, the S&P 500 fell 1.61% to 5,844.61 points; the Nasdaq Composite Index dropped 1.41% to 18,872.64 points; and the Dow Jones Industrial Average declined 1.91% to 41,860.44 points. All three major indices recorded their largest daily declines in a month . (Daily chart of the S&P 500 Index, source: TradingView) Long-term Treasuries were the hardest hit in the sell-off. The yield on the 20-year US Treasury bond surged 13 basis points to 5.12% during the day, while the 30-year Treasury yield rose to 5.09%; the 10-year Treasury yield also climbed to a nearly three-month high of 4.60%. The US dollar weakened simultaneously against major currencies, a phenomenon colloquially known as the "triple whammy" of stocks, currencies, and bonds. Market consensus is that the results of this 20-year US Treasury auction were quite poor, though not yet as disastrous as this week's Japanese government bond auction. The highest accepted yield for this issuance reached 5.047%, approximately 1.2 basis points higher than the pre-auction yield of 5.035%, marking the largest tail spread in nearly six months. Meanwhile, the bid-to-cover ratio also declined to 2.46 from the average of 2.57 over the past six months. George Saravelos, head of foreign exchange research at Deutsche Bank, stated that under such overall conditions, it is difficult for the US stock market to maintain resilience. Saravelos explained, "From 2023 to 2024, as the market continuously raised its expectations for US economic growth, it was entirely reasonable for US Treasury yields and the stock market to rise in tandem. But the situation is vastly different now. It is hard to argue that negative drivers such as rising capital costs would be beneficial to risky assets." He also pointed out that the most concerning aspect of the market's reaction to the bond auction was the simultaneous weakening of the US dollar. This suggests that "foreign investors are simply unwilling to continue financing the US twin deficits at current price levels." Performance of Popular Stocks Apart from Google, which just concluded its developer conference, US tech giants collectively declined on Wednesday. Apple fell 2.31%, Microsoft dropped 1.22%, Amazon declined 1.45%, Nvidia fell 1.92%, Google-A rose 2.79%, Tesla dropped 2.68%, Meta fell 0.25%, and Advanced Micro Devices declined 1.28%. Chinese ADRs also weakened, dragged down by market sentiment, with the Nasdaq Golden Dragon China Index falling 0.72% on Wednesday. By the close of trading, Alibaba fell by 1.25%, JD.com by 0.88%, Baidu by 4.32%, Pinduoduo by 1.01%, Bilibili rose by 0.39%, NIO by 0.51%, NetEase by 0.38%, Futu Holdings by 0.76%, Li Auto rose by 3.08%, and EHang Holdings fell by 4.9%. XPeng Motors, which released positive financial results and expects to achieve profitability in Q4, rose by 13%. WeRide, which reported positive progress in its Robotaxi business, rose by 21.42%. Corporate News [Moderna Withdraws Application for Combined COVID-19/Flu Vaccine] On Wednesday, US time, vaccine manufacturer Moderna announced the withdrawal of its marketing authorization application for a combined COVID-19 and flu vaccine. The company stated that it would resubmit the application later this year, accompanied by efficacy data from large-scale trials of its standalone flu vaccine, which are expected to be released this summer. By the close of trading on Wednesday, Moderna fell by 7.82%. [He Xiaopeng: Sales to Double in 2025, Profitability Expected in Q4] According to a report by the Science and Technology Innovation Board Daily, He Xiaopeng, Chairman of XPeng Motors, stated at the company's Q1 2025 earnings call that the company is confident of achieving a YoY increase in sales of more than 100% in 2025 and expects to achieve profitability in the fourth quarter, with full-year free cash flow turning positive on a large scale. [JPMorgan Establishes "Geopolitical Risk War Room"] JPMorgan announced on Wednesday the official launch of its "Center for Geopolitics" and released research reports on the Russia-Ukraine conflict, the situation in the Middle East, and global military rearmament. The "Center for Geopolitics" will release new reports quarterly in the future, covering hot topics such as populism and artificial intelligence. Executives from the department will also participate in various events and host closed-door meetings for clients. [UnitedHealth Accused of Paying Nursing Homes to Reduce Hospital Referrals] UnitedHealth, the largest US healthcare group embroiled in ongoing controversy due to the "Luigi shooting incident," was reported by the media on Wednesday to have secretly paid incentive fees to nursing homes to encourage them to reduce hospital referrals for seriously ill elderly patients. UnitedHealth also stated in a mid-day announcement that the report contained "significant factual errors" and emphasized that the US Department of Justice had already conducted an investigation and decided not to pursue charges against the company. By the close of trading on Wednesday, UnitedHealth fell by 5.78%. [Nike to Raise Prices on Multiple Products Starting This Week] According to US media reports, Nike will raise prices on a large number of footwear, apparel, and equipment products starting this week. Among them, the price of shoe models priced between $100 and $150 will increase by $5, while sneakers priced above $150 will see a $10 price hike. According to informed sources, the price adjustments will take effect no later than June 1, but some products may already reflect the changes at the retail level this week. In response to media inquiries, Nike avoided mentioning the word "tariffs," stating only that the company regularly evaluates its business conditions and makes price adjustments as part of its seasonal planning. [Navitas Semiconductor's Stock Price Doubles After Announcing Collaboration with NVIDIA] As of press time, US power semiconductor company Navitas Semiconductor's stock price surged over 190% in after-hours trading on Wednesday. This follows the company's announcement of a collaboration with NVIDIA to develop the next-generation 800-volt high-voltage DC (HVDC) power supply architecture to support NVIDIA's "Kyber" rack-level system. Through the HVDC architecture, NVIDIA aims to improve end-to-end power efficiency by up to 5% and reduce maintenance costs by 70%.

On Thursday, April 10, the US stock market overall pulled back, with all three major indices closing with significant declines. At the close, the Dow Jones Industrial Average fell 2.5% to 39,593.66, the S&P 500 dropped 3.46% to 5,268.05, and the Nasdaq Composite declined 4.31% to 16,387.31. In the previous trading session, US stocks surged significantly, with the Nasdaq closing up 12.16%, marking the second-largest single-day gain in the index's history. During the session, US President Trump announced that he had authorized a 90-day tariff suspension for countries not taking retaliatory actions. Following Trump's announcement, risk assets including US stocks collectively rose, but by Thursday, this optimism quickly subsided, with a risk-off tone returning to the mainstream. Safe-haven assets such as the yen, Swiss franc, and gold strengthened noticeably, while risk assets like US stocks gave back some of their gains. SimCorp executive Melissa Brown stated that investors have sobered up, and uncertainty is a major issue. Brown added that it is currently difficult to determine whether the market has hit bottom or peaked, as both market narratives and investor perceptions have changed significantly. Former US Treasury Secretary and former US Fed Chair Janet Yellen commented that Trump's economic policies are the "most severe self-inflicted wounds" in a well-functioning economy, and the likelihood of a US recession has increased. Morgan Stanley's chief US economist Michael Gapen wrote in a recent report that delaying some reciprocal tariffs does help the market but does not reduce uncertainty. Before the market opened, the US Bureau of Labor Statistics reported that the US CPI rose 2.4% YoY in March, below market expectations, while core CPI increased 2.8% YoY, the smallest rise since March 2021. Economist Harriet Torry commented that typically, a slowdown in CPI YoY growth would be welcome news, but this time, investors, policymakers, and businesses will find it difficult to overinterpret the March data. Boston Fed President Collins stated that the US Fed's current stance of keeping rates steady seems to be the best option. Collins also mentioned that tariffs are pushing up US goods prices, which could lead the US Fed to delay interest rate cuts. Hot Stock Performance The "Magnificent Seven" all pulled back, with Apple down 4.24%, Microsoft down 2.34%, Nvidia down 5.91%, Amazon down 5.17%, Google C down 3.53%, Meta down 6.74%, and Tesla down 7.27%. The Philadelphia Semiconductor Index fell 7.97%, with all 30 components closing lower. AMD dropped 8.41%, Broadcom declined 6.94%, Qualcomm fell 6.4%, Arm Holdings slid 5.75%, ASML dipped 5.49%, and TSMC decreased 4.8%. Among Chinese stocks, the Nasdaq Golden Dragon China Index fell 1.14%. Hot Chinese stocks were mixed, with Li Auto up 5.25%, GDS Holdings up 4.94%, TAL Education up 3.21%, XPeng Motors up 3.04%, and JD.com up 1.44%. Alibaba fell 0.57%, New Oriental dropped 0.84%, NIO declined 0.91%, Tencent Music slid 1.19%, Baidu decreased 2.63%, and Pinduoduo plunged 6.16%. Company News [Amazon CEO Jassy Strongly Defends Massive AI Investments: Not Spending Will Leave You Behind] Amazon's leader Andy Jassy made a rare high-profile statement in his annual letter to shareholders, vigorously defending the company's massive investments in artificial intelligence. Jassy wrote in the letter: "If your mission is to make customers' daily lives better and easier, and you believe every customer experience will be reshaped by AI, then you will invest deeply and broadly in AI." [STMicroelectronics Introduces Multiple Cost-Cutting Reform Measures] European chipmaker STMicroelectronics announced several measures aimed at adjusting its manufacturing layout and cutting costs. This comes as the company's CEO Jean-Marc Chéry faces increasing pressure over performance. The company stated it will focus on improving efficiency, automation, and leveraging AI to enhance its investments in key technology R&D areas such as design, as well as large-scale assets in advanced European manufacturing. [Novavax's COVID-19 Vaccine Efficacy Questioned] Novavax Pharmaceuticals closed down 19.56%. US Health Secretary Robert F. Kennedy Jr. expressed doubts about the efficacy of the company's COVID-19 vaccine, as its approval in the US has been delayed. [US AI Drug Development Stocks Rise After Hours as FDA Abandons Animal Testing Principle] US AI drug development stocks rose after hours, with Certara up over 25%, Schrodinger up over 18%, Recursion Pharmaceuticals up over 21%, Absci Corp up over 17%, and Charles River up over 6%. The US Food and Drug Administration (FDA) announced it will gradually abandon animal testing for many drugs, including monoclonal antibodies, in favor of "more effective human-relevant research methods." [Reagan Airport Incident: Two American Airlines Planes Collide on Runway] The US Federal Aviation Administration (FAA) stated on the 10th that an American Airlines plane collided with the wingtip of another American Airlines plane while taxiing on the runway at Washington Reagan National Airport. One of the planes was carrying US Congress members, but no injuries were reported. The FAA will investigate the incident. This year, multiple incidents have occurred near Washington Reagan National Airport.

[SMM Analysis: Chinese Scientists Break Through Lithium Battery Lifespan Limit, "One Injection" Revives Used Batteries] In the early hours of February 13 Beijing time, the world-renowned journal *Nature* published a groundbreaking research achievement by the team of Huisheng Peng/Yue Gao from Fudan University as a cover paper. Through "precision medicine"-style innovative technology, they successfully achieved a breakthrough in lithium battery lifespan, extending it by 10-100 times compared to its original level. This could potentially revolutionize the global new energy industry landscape.