Harita Nickel plans to launch a share buyback of up to Rp 1 trillion, subject to shareholder approval. The company said the move is intended to enhance shareholder value because the current share price does not fully reflect its fundamentals. Against a backdrop of volatility in nickel sector valuations, the planned buyback is also seen as a step to support market expectations and reinforce shareholder returns.

Trimegah Bangun Persada, also known as Harita Nickel (NCKL), plans to carry out a share buyback of up to Rp 1 trillion over the next 12 months after its annual general meeting on June 30, 2026. The company said the buyback is intended to support shareholder value because the current market price does not yet reflect the company’s underlying fundamentals. NCKL shares rose more than 1% to Rp 860 on Monday.

Constellium and Ryerson are attracting market attention as aluminum prices remain high amid global trade tensions. Constellium benefited from stronger packaging, automotive and aerospace demand, with Q4 2025 revenue rising 28% YoY to USD 2.2 billion and packaging and automotive rolled product shipments increasing 11%. The company also generated USD 110 million in free cash flow and continued share buybacks. In comparison, Ryerson’s aluminum business supported a 10.4% increase in aluminum revenue to USD 1.15 billion in 2025, but weaker manufacturing demand and debt pressure continued to weigh on sentiment. Over the past six months, Constellium shares rose 60.8% while Ryerson declined 6.6%.

SMM Nickel News, May 12: Macro and market news: (1) An Iranian official said on May 11 that serious disagreements existed between Iran and the US in negotiations over the disposal of enriched uranium, the duration of uranium enrichment suspension, and war reparations. (2) The PBOC released its Q1 2026 China Monetary Policy Implementation Report. The report proposed continuing to implement a moderately accommodative monetary policy, flexibly utilizing various monetary policy tools to maintain ample liquidity and relatively accommodative social financing conditions. The report also noted that as of month-end March, financial institutions had signed stock buyback and stake-increase loan contracts totaling approximately 370 billion yuan, with over 180 billion yuan already disbursed. Spot market: On May 12, SMM #1 refined nickel prices fell 1,450 yuan/mt from the previous trading day. Spot premiums: Jinchuan #1 refined nickel averaged 1,200 yuan/mt, unchanged from the previous trading day, while domestic mainstream brand electrodeposited nickel ranged from -700 to 500 yuan/mt. Futures market: The most-traded SHFE nickel 2606 contract surged in early trading before dropping sharply, closing the morning session at 145,980 yuan/mt, down 0.71%. Although Iran and the US had previously come close to reaching an agreement framework, the negotiations ultimately failed to sign formal terms. If the geopolitical stalemate continues to escalate and sulfur supply constraints remain unresolved, nickel prices still have upside room. In the short term, the most-traded SHFE nickel contract is expected to trade in the range of 145,000-150,000 yuan/mt.

The performance of the gold price in March surprised many investors, as the precious metal recorded significant price declines despite geopolitical escalations.

According to POSCO’s Q1 2026 earnings call, the company has introduced its third interim shareholder return policy and shifted from a free-cash-flow-based approach to a more earnings-linked framework. The new policy targets a shareholder return ratio of 35%-40% of adjusted net profit attributable to controlling interests, to be delivered through a mix of cash dividends and share buybacks or cancellations. POSCO said the change is intended to improve payout visibility while balancing growth investment and shareholder returns.

Newmont (WKN 853823) impressively demonstrates the leverage of the current precious metals price environment at the start of 2026. The world’s largest gold producer significantly exceeded both the previous quarter and market expectations in the first quarter.

SMM April 21: As the anti-involution policy continued to advance, the second round of coke price hikes was officially implemented. This, combined with persistently tight spot supply and demand, capacity constraints caused by Daqin Railway maintenance, the highlighted coal substitution advantage driven by high oil prices, and incremental demand from continued increases in hot metal production, created multiple positive factors that drove the coal mining sector to a two-day winning streak. Specifically, on the supply side, the Daqin Railway spring concentrated maintenance restricted north-to-south coal transportation capacity, inventories continued to decline, and the implementation of coke price hikes further transmitted cost support, pushing coal prices steadily upward. On the demand side, a stronger-than-usual off-season pattern emerged, with hot metal production continuing to edge up, coupled with significant YoY and MoM increases in daily consumption at coastal power plants. Restocking demand from the construction materials and other industries was released ahead of the Labour Day holiday, and with power plant inventories at low levels, seasonal restocking demand was activated early. In addition, tensions in the Middle East pushed up international oil prices, highlighting the economic advantage of coal-fired power, while the defensive attributes of the coal sector attracted some capital inflows, jointly driving the sector higher. As of the close on April 21, the sector gained 2.27%, with individual stocks performing actively. Gansu Energy Chemical, Huayang New Material Technology, Yankuang Energy, Shaanxi Coal Industry, and Lu'an Clean Energy led the gains. Futures market: As of the daytime close on April 21, ferrous metals mostly rose, with coking coal up 1.53% and coke up 2.42%. Spot market Hot metal production is expected to continue edging up this week On April 15, the blast furnace operating rate of the 242 steel mills tracked by SMM rose WoW. The sample steel mills' daily average hot metal production increased WoW. Last week, according to the latest SMM survey, no new blast furnace maintenance was reported, and a total of 2 blast furnaces resumed production, mainly concentrated in Shanxi. Currently, blast furnace profits were under pressure, and most steel mills produced normally as planned. The pace of maintenance and production resumptions remained generally stable, with hot metal production staying relatively steady. Looking ahead to this week, hot metal production is expected to continue edging up. Spot market: On April 21, the Linfen low-sulphur coking coal price was quoted at 1,530 yuan/mt. The Tangshan low-sulphur coking coal price was quoted at 1,550 yuan/mt. The nationwide average price of first-grade metallurgical coke (dry quenching) was 1,845 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (dry quenching) was 1,705 yuan/mt. The nationwide average price of first-grade metallurgical coke (wet quenching) was 1,490 yuan/mt. The nationwide average price of quasi-first-grade metallurgical coke (wet quenching) was 1,400 yuan/mt. Coking coal market: Production at some mines that had previously cut production recovered somewhat, but major mines were still affected by safety inspections, and the incremental supply of coking coal remained limited. Moreover, futures rallied, market sentiment warmed notably, stimulating some coal grades to stabilize and rebound. In the short term, coking coal prices may hold up well. Coke market: In terms of supply, coke enterprises' per-mt profitability has recovered, production enthusiasm was moderate, shipments were relatively smooth, and in-plant coke inventory remained at low levels. Demand side, steel mills maintained strong production enthusiasm, hot metal production edged up, providing solid just-in-time procurement support for coke. Additionally, with the Labour Day holiday approaching, some steel mills released pre-holiday restocking demand. Overall, the coke supply-demand structure remained tight, and the coke market may hold up well in the short term. Institutional Views A Datong Securities research report showed: on coking coal, driven by downstream restocking and coke price hike expectations, port coking coal prices rose, while mine-mouth coal prices showed some divergence. At ports, Shanxi-origin coking coal warehouse-pickup prices at Jingtang Port rose WoW, while mine-mouth prices generally showed a stable-to-declining trend. Internationally, Australian Peak Downs hard coking coal CFR China prices were flat WoW. In the short term, with continued growth in hot metal production, sentiment boost from coke price hikes being implemented, and downstream restocking demand release, the coking coal market may see slight upward momentum. A Shanxi Securities research report noted: currently, Daqin Line maintenance-related destocking and high landed costs of imported coal supported coal prices. Power plant daily consumption was at seasonal lows, while chemicals, steel mills, and other industries drove coal demand. Attention should be paid to the sustainability of just-in-time procurement from non-power industries and the summer electricity consumption peak after May. Investment recommendation: high uncertainty from US-Iran conflicts corresponds to high volatility, but oil prices are unlikely to decline significantly in the short term. Recovery signals have been confirmed, coal PPI is about to turn positive, coal prices are expected to rise, and coal stocks are poised for a Davis Double Play. A Guohai Securities research report suggested that, from a broader perspective, the supply-side constraint logic for the coal mining industry remains unchanged, while demand may experience periodic fluctuations, with prices also showing certain oscillations and dynamic rebalancing. From the long-term industry development trend, the aforementioned driving factors still exist, and coal prices still have upward momentum over the long term. The process may be tortuous, but the direction should be clear. Leading coal enterprises have high asset quality, abundant cash flows on their books, exhibiting "five highs" — high profitability, high cash flow, high barriers, high dividends, and high margin of safety. Since 2025, multiple central and state-owned coal enterprises have initiated share buyback and asset injection plans for their publicly listed firms, also releasing positive signals, demonstrating confidence in coal enterprise development, and enhancing corporate growth potential and stability. A Guangda Futures research report analyzed: Coking coal: supply side, most mines at production areas operated largely normally. There were reports that Mongolian coal throughput decreased due to factors such as fuel shortages. Recently, downstream buyers moderately restocked raw material coal, and overall inventory continued destocking. Demand side, steel mills maintained high hot metal production, with a preference for coke procurement. The second round of coke price increases was implemented, and coking enterprises restocked some coal grades with higher cost-effectiveness. Coking coal futures are expected to hold up well in the short term. Coke: Supply side, coking enterprises in some regions were constrained in operations due to government ultra-low emission retrofit requirements. Coking enterprises saw good shipments, and coke inventory mostly remained at low levels. Demand side, steel mills had a relatively strong willingness to produce, and mainstream steel mills accepted the second round of coke price increases. Transportation restrictions emerged in some regions, and steel mills experienced continuous destocking, with high procurement enthusiasm. Coke futures are expected to fluctuate upward in the short term. Southwest Futures stated: In the short term, changes in the Middle East situation may still have sentiment impact on futures prices, but the impact on the actual supply-demand pattern of coking coal and coke is relatively small. Coking coal side, production at some mines in major producing areas was affected, but the impact on production was limited. Demand side, the online auction atmosphere improved recently, and quotes for some coal grades were raised. Coke side, some coking enterprises currently cut production, but the change in supply was relatively small; demand side, national daily hot metal production may continue to rebound, and demand expansion provides support for coke prices; the second round of spot coke price increases is being implemented. From a technical perspective, coking coal and coke futures may continue to move sideways in the medium term. Strategy-wise, investors may watch for buying opportunities at low levels and pay attention to position management. Recommended reading:

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 State Council Information Office will hold a press conference at 10:00 a.m. on Tuesday, June 10, 2025. Deputy Secretary General Xiao Weiming of the National Development and Reform Commission (NDRC), along with relevant officials from the Ministry of Education, the Ministry of Civil Affairs, the Ministry of Finance, the Ministry of Human Resources and Social Security, and the National Health Commission, will introduce policies on further safeguarding and improving people's livelihoods, and answer questions from journalists.