Codelco and miner Rio Tinto signed a memorandum of understanding on Thursday to explore development and investment opportunities.

Macro News 1. On June 17 local time, during his attendance at the second China-Central Asia Summit in Astana, President Xi Jinping met with Uzbek President Shavkat Mirziyoyev. The two heads of state exchanged views on the current situation in the Middle East. Xi Jinping stated that Israel's military actions against Iran have suddenly intensified tensions in the Middle East, and China is deeply concerned about this. China opposes any actions that infringe upon the sovereignty, security, and territorial integrity of other countries. Military conflict is not the way to resolve issues, and the escalation of regional tensions does not serve the common interests of the international community. All parties should work to de-escalate the conflict as soon as possible and prevent further escalation of tensions. China is willing to work with all parties to play a constructive role in restoring peace and stability in the Middle East. 2. Li Bin, Deputy Director of the State Administration of Foreign Exchange and spokesperson, stated that in May, the overall supply and demand of foreign exchange at home and abroad were balanced, and the foreign exchange market operated smoothly. In May, the net inflow of cross-border funds from non-bank sectors, including enterprises and individuals, amounted to $33 billion. Among them, the net inflow of funds from trade in goods remained at a relatively high level, and foreign investors' holdings of domestic stocks increased further compared to the previous month. The net outflow of funds from services trade, dividend distributions by foreign-invested enterprises, and outward direct investment remained generally stable. 4. Yesterday, a reporter asked whether there were plans to evacuate Chinese citizens in Iran and Israel amid the escalating conflict between Israel and Iran. Foreign Ministry spokesperson Guo Jiakun stated that some Chinese citizens have already been safely evacuated to neighboring countries. The Foreign Ministry and relevant embassies and consulates are working with relevant departments to fully ensure the safety and protection of Chinese citizens in Iran and Israel and to organize the evacuation of Chinese citizens promptly. 6. At yesterday's regular press conference of the Foreign Ministry, a reporter asked about the Financial Times report that the EU had canceled the high-level China-EU economic dialogue, believing that discussions with China were meaningless without progress on trade issues. Guo Jiakun responded by saying to inquire with the competent Chinese authorities. Guo Jiakun stated that strengthening strategic communication and deepening dialogue and cooperation between China and the EU are beneficial to the world. Industry News 1. Zhang Guoqing, Member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, conducted a survey on industrial innovation and the promotion of the healthy development of the platform economy in Guangdong from the 15th to the 17th. He emphasized the need to thoroughly implement the important instructions and directives of General Secretary Xi Jinping, implement the decisions and deployments of the CPC Central Committee and the State Council, promote the deep integration of technological innovation and industrial innovation, continuously shape new momentum and advantages for development, adhere to the principle of equal emphasis on development and regulation, focus on improving the governance system of the platform economy, and create a fair and orderly environment for the development of the platform economy. 2. The State-owned Assets Supervision and Administration Commission (SASAC) of the State Council held the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises in Shenzhen, Guangdong Province, on the 17th. The meeting called for efforts to improve the quality of technological innovation supply, take on responsibilities in building a modern industrial system, make tangible progress in collaborative innovation and the application of research outcomes, and achieve breakthroughs in improving the innovation evaluation and incentive mechanisms. It also urged active promotion of AI-led transformations in the scientific research paradigms of state-owned enterprises, as well as the creation and opening up of strategic, high-value application scenarios. The meeting emphasized that completing the deepening and enhancement action plan with high quality should be the top priority for this year's state-owned enterprise reforms, with a focus on achieving tangible results. 3. The International Energy Agency's new medium-term outlook indicates that global oil supply growth will far exceed demand growth in the coming years. 4. The National Development and Reform Commission (NDRC) announced that starting today, domestic gasoline and diesel prices will be increased by 260 yuan/mt and 255 yuan/mt, respectively. In terms of price per liter, 92-octane gasoline will increase by 0.2 yuan, while 95-octane gasoline and 0-diesel will both increase by 0.22 yuan. After this price increase, filling up a 50L fuel tank of a family car with 92-octane gasoline will cost an additional 10 yuan. 5. According to a survey report titled "The New Silver Hair Economy Will Become Another 'Strategic Opportunity' for Upgrading Consumption Quality" released by the Shanghai Consumer Council, the new silver hair economy will become an important engine for upgrading consumption quality. The consumption demands of the new silver hair group are highly concentrated in areas such as "health and wellness," "travel and socializing," and "hobbies and interests." 6. The commencement ceremony for the EPCI project of the Shanghai Lingang Submarine Data Center Demonstration Project, participated in by the Second Company of CCCC Third Harbor Engineering Co., Ltd., was held in Nantong. As the world's first zero-carbon new infrastructure benchmark for offshore wind power-integrated submarine data centers, this project will help Shanghai reach the international forefront in the field of green and low-carbon computing infrastructure. 7. During an inspection of a shipment of children's toys and plastic cups, customs officers from Beilun Customs, under the jurisdiction of Ningbo Customs, discovered that a plush toy was suspected of infringing on the copyright of the "Labubu Spring Elf Series." After contacting the rights holder for confirmation, it was determined that the entire shipment was infringing. Upon inventory, it was found that there were 20,240 infringing children's toys. 8. Relevant officials from the Guangdong Provincial SASAC stated at the second thematic promotion meeting for the 2025 Action Plan for Deepening and Enhancing the Reform of State-owned Enterprises that Guangdong Province has increased its investment in strategic emerging industries and high-tech enterprises, establishing the Guangdong Advanced Manufacturing Industry Investment Fund and the Strategic Industry Promotion and Development Fund, with a total subscribed capital of approximately 70 billion yuan and 52 investment projects. Company News 1. New World Development stated on an interactive platform that its shopping malls have POP MART vending machines. 2. PetroChina Capital announced its plan to invest 655 million yuan to increase the capital of Kunlun Capital for investment in controllable nuclear fusion projects. 3. SmartSens Technology announced that the shareholding ratio of the National Integrated Circuit Industry Investment Fund Phase II has decreased to 6.99%. 4. BOE Technology Group Co., Ltd. announced its plan to acquire a 30% stake in CHOT. 5. RemeGen announced that Telitacicept has been granted orphan drug designation by the European Union. 6. Dematic announced its strategic cooperation intention with Zhiyuan Xinchuang to explore innovative applications of embodied intelligent robots in logistics scenarios. 7. GCoreLab announced the successful internal testing of its new anti-quantum cryptographic card, which has been sampled to multiple customers. 8. Yuanlong Yatu stated on the interactive platform that its revenue from IP-related businesses with POP MART in 2024 was approximately 2.21 million yuan. 9. Eastcompeace Technology announced that in recent years, the company has actively deployed R&D and applications in fields such as blockchain, but faces risks of new technology R&D and commercial applications not meeting expectations. 10. Asian Paints announced that Runhe Tongcai intends to passively reduce its shareholding in the company by 3% due to the triggering of a mandatory liquidation procedure. Global Markets 1. US stocks opened lower and closed lower, with all three major indices ending in the red. The Nasdaq fell 0.91%, the S&P 500 fell 0.84%, and the Dow fell 0.7%. Major tech stocks generally declined, with Tesla falling nearly 4% and Apple falling over 1%. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 1.77%. Major European stock indices also closed lower, with the German DAX30 index falling 0.86%. 2. International crude oil futures settlement prices rose sharply by over 4%. WTI crude oil futures for July rose 4.28%, and Brent crude oil futures for August rose 4.4%. 3. COMEX gold futures fell 0.37%, while COMEX silver futures rose 1.97%. Investment Opportunities Reference 1. China's annual cross-border e-commerce export scale exceeds 2 trillion yuan, with leading sellers expected to continue increasing market share According to media reports, at the 2025 China Langfang International Economic and Trade Fair, which opened on June 16, the Statistical Analysis Department of the General Administration of Customs introduced China's cross-border e-commerce import and export situation in 2024, stating that China's cross-border e-commerce export scale exceeded 2 trillion yuan in 2024, reaching 2.15 trillion yuan, a 16.9% increase from 2023, setting a new historical high for cross-border e-commerce scale. A survey of enterprises by the customs showed that over 70% of enterprises expected cross-border e-commerce import and export to remain stable or grow in 2025. Cinda Securities believes that the increasing penetration of online channels in overseas consumer markets will continue to be an important opportunity for Chinese brands to go global. Leading sellers in cross-border e-commerce are focusing on brand strategies and leveraging their core supply chain advantages, and are expected to continue increasing their market share. 2. Ten new low-altitude logistics routes have been added in the region, and 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root. According to media reports, the Hanshang Low-Altitude Port, which connects the core areas of the three towns of Wuhan (Wuchang, Hankou, and Hanyang) through flight service routes, has officially commenced operations. It is understood that the Hanshang Low-Altitude Port is constructed and operated by Hanshang Low-Altitude Technology Co., Ltd., a subsidiary of Hanshang Group. Currently, it has formed a specialized low-altitude logistics operation system comprising one digital real-time dispatching platform, two intelligent command centers, ten low-altitude routes, and 22 intelligent parking aprons. It primarily serves the distribution and emergency support of commodities such as seafood, fresh-cut flowers, and pharmaceuticals. Galaxy Securities believes that 2025 is expected to be the first year for the commercial application of the low-altitude economy to take root, with infrastructure such as air traffic control systems and takeoff and landing sites accelerating in construction. Kaiyuan Securities further analyzed that the low-altitude economy has ushered in vertical implementation from the macro level (national-level industrial planning) to the meso level (local subsidies in various regions) and then to the micro level (infrastructure mainframe tenders and application scenario creation). It is recommended to pay attention to the subsequent market trends of the low-altitude economy sector. 3. The region's first project of this kind has officially landed! Policy dividends are emerging, injecting strong momentum into foreign trade growth. According to media reports, recently, the Macun Port Customs under Haikou Customs successfully handled the customs clearance procedures for a cross-border bonded lease of a "Lancang" electric multiple unit (EMU) trainset declared by a leasing company within the Haikou Integrated Free Trade Zone, marking the official landing of Hainan Free Trade Port's first cross-border railway EMU leasing project. Currently, the EMU trainset has been delivered to Laos-China Railway Co., Ltd., effectively enhancing the passenger transport supply capacity of the Lao section of the China-Laos Railway and driving regional economic development. "Unlike previous direct sales and exports, the bonded lease approach significantly reduces the investment and operating costs for foreign enterprises. It also helps promote international cooperation and optimal resource allocation, providing more foreign enterprises with access to China's manufacturing resources and market opportunities," said a relevant person in charge of the leasing company. This business represents an important milestone in the company's cross-border leasing business layout. A relevant person in charge of Haikou Customs stated that the customs will strengthen communication and exchanges with various parties, including the Haikou Integrated Free Trade Zone and leasing companies, to further leverage the policy advantages of the Hainan Free Trade Port. By facilitating financing and customs clearance, it will promote industrial development and accelerate the "going global" of large-scale rail transit equipment made in China. According to statistics from Haikou Customs, as of late May this year, the import value of goods under Hainan Free Trade Port's three "zero-tariff" lists reached 22.69 billion yuan, with tax exemptions and reductions totaling 4.32 billion yuan. The early policy dividends of the Hainan Free Trade Port are emerging, injecting strong momentum into foreign trade growth. 4. Hard to Get a Ticket! Number of Scottish Premiership Sponsors Surges to 20 It was reported that as of June 16, the number of Scottish Premiership sponsors had reached 20, more than three times the number at the start of the season. Amid sustained high popularity, the sponsorship fees for the "Scottish Premiership" had soared to 3 million yuan, and it was hard to get a ticket. Meanwhile, according to booking data from Meituan Travel, the booking volume for cultural and tourism activities in Jiangsu Province during the summer vacation had increased by 41% YoY. Over the past weekend, the tourism order volume in Jiangsu Province had surged to the top nationwide, with the order volume for dining in restaurants in Jiangsu contributed by out-of-town consumers increasing by over 49% YoY. The tourism order volume in Nanjing, the provincial capital, led the country, while Suzhou and Yangzhou had both ranked among the top 10, showing a booming trend of "full bloom". The "Scottish Premiership Effect" was amplified by policy support and the platform economy, driving comprehensive growth in the cultural, tourism, sports, and commercial sectors in Jiangsu. The ongoing Jiangsu Provincial City Football League has recently attracted a large number of fans to attend the games. According to Future Report data, the global football market size reached $55.97 billion in 2024 and is expected to expand at a compound annual growth rate of 3.9%, reaching $70.29 billion by 2030. Fang Guangzhao from Kaiyuan Securities believes that driven by both policy support and market demand growth, the Chinese football industry is expected to usher in a period of rapid development, and it is recommended to actively pay attention to investment opportunities related to the football industry chain. The development of the football industry is expected to drive demand for derivatives such as trading cards and sports lotteries. As a core component of the upstream events in the football industry chain, football clubs are expected to see their value continue to rise. In addition, with the rapid development of the football industry, the demand for high-grade football equipment and materials may increase significantly.

On June 17, 2025, the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , hosted by SMM, successfully concluded at the Hyatt Regency Bangkok Sukhumvit in Bangkok, Thailand! The conference brought together experts, scholars, corporate representatives, and government officials from the domestic and overseas automotive industries to discuss new trends and models in the development of the automotive industry, share the latest technologies and innovative achievements, promote collaborative development and cooperation within the automotive industry, facilitate the improvement and enhancement of the industry chain, help Chinese automotive industry chain enterprises better understand overseas investment environments, leverage the complementary advantages of various countries and regions in the automotive industry, and jointly support the healthy and sustainable development of the automotive industry! Yossapong Laoonual, Honorary Chairman of the Electric Vehicle Association of Thailand (EVA) and Director of the Mobility and Vehicle Technology Research Center (MOVE) at King Mongkut's University of Technology Thonburi (KMUTT) , stated that Thailand's electric vehicle vision (the 30@30 Policy) sets an ambitious goal of achieving 30% zero-emission vehicles (ZEVs) in the country's total production and 50% in newly registered vehicles by 2030. To achieve this goal, the government provides subsidies to original equipment manufacturers producing cars, pickup trucks, and motorcycles. The planned annual capacity for EVs exceeds 500,000 units, while the actual production in 2024 was 9,688 units, representing a 58-fold increase compared to the entire year of 2023. Although internal combustion engine vehicles still dominate the market, the growth rate of battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) is very rapid, with a compound annual growth rate (CAGR) of 138% for BEVs from 2020 to 2024. By 2024, the market penetration rate of electric four-wheelers had reached 13%. Asst. Prof. Uthane Supatti, Ph.D., Vice Chairman of the Electric Vehicle Association of Thailand (EVAT) , stated, when referring to the development of charging infrastructure in Thailand, that after 2023, the deployment of charging piles in Thailand has reached a significant turning point. Data shows that the number of charging piles increased by an astonishing 306.2% YoY in 2023. By 2023, the number of charging piles had already surpassed the original target set for 2025. However, there is still significant room for improvement to achieve the 2030 goal, and continued efforts in construction are needed. In addition, Yao Xinying, Director of SMM Steel Product Research , released the SMM Thailand Metal Prices and Thailand Steel Prices to help enterprises identify fair prices and reduce transaction costs. She stated that the Thai manufacturing industry still faces numerous obstacles in price referencing and settlement, such as the lack of authoritative price benchmarks, low price transparency, an imperfect settlement system, and susceptibility to market manipulation. SMM, closely connected with the upstream and downstream of the Thai metal industry chain, has launched the SMM Thailand Metal Prices to facilitate market transactions. Additionally, SMM has specially designed a networking session for automakers, bringing together over a dozen well-known domestic and overseas automakers, including BYD and BMW, to provide dedicated time for supply and demand exchanges between attending guests and automakers, facilitating collaboration discussions! 》Click to view the live video of the conference 》Click to view the live photo gallery of the conference 》Click to view the special coverage of the conference Opening Remarks Speaker: Logan Lu, CEO of SMM 》Click to view details of the on-site speech Guest Speaker Session Speech Topic: Latest Policies in Southeast Asia's Automotive Industry Guest Speaker: Yossapong Laoonual, Honorary Chairman of the Electric Vehicle Association of Thailand (EVA) and Director of the Mobility and Vehicle Technology Research Center (MOVE), King Mongkut's University of Technology Thonburi (KMUTT) Thailand's EV Vision (30@30 Policy) Thailand's EV Vision (30@30 Policy) sets an ambitious target of achieving 30% zero-emission vehicles (ZEVs) in the country's total production and 50% in new vehicle registrations by 2030. To achieve this, the government is providing subsidies to original equipment manufacturers (OEMs) producing cars, pickup trucks, and motorcycles. 2024 Capacity and Market Performance The planned annual production capacity for EVs exceeds 500,000 units, with actual production in 2024 reaching 9,688 units, a 58-fold increase compared to the full year of 2023. Despite internal combustion engine vehicles still dominating the market, the growth rates of battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs) have been very rapid, with BEVs achieving a compound annual growth rate (CAGR) of 138% from 2020 to 2024. By 2024, the market penetration rate of electric four-wheelers has reached 13%. Infrastructure Development By 2024, the ratio of electric passenger vehicles to charging stations is 28, and the number of DC charging piles has exceeded the 2025 target by 40%. These charging piles are mainly distributed in gas stations, department stores, office buildings, and other locations. Challenges Faced In Thailand's four-wheeled EV market, Chinese OEMs have already taken a dominant position and are benefiting from the 30@30 policy. To enhance the competitiveness of the local automotive industry, local auto parts suppliers should actively integrate into the global supply chain and collaborate with Chinese OEMs to improve price competitiveness and enhance technological capabilities. 》EVA Thailand Shares: Thailand's EV Outlook - Opportunities and Challenges Automotive Brand Building and Differentiation Strategies in the Southeast Asian Market Guan Xin, Deputy General Manager of Changan Automobile's Southeast Asia Division Zhang Cong, General Manager of Geely Radar Thailand Pichayuth Vongpattanasin, Vice President of Omoda&Jaecoo (Thailand) Co., Ltd. Roundtable Discussion: Pathways for Building and Optimizing Localized Supply Chains in Southeast Asia Guests: Martin Knoss, Regional President for Passenger Cars, Commercial Vehicles, and Off-Road Vehicles in the ASEAN Market Segment, Powertrain Solutions Division, Robert Bosch Automotive Technology (Thailand) Co., Ltd. Peter Klöpfer, Senior Manager, Rutronik Yoshinobu Egawa, Head of China Region, SIIX Corporation Ma Ming, General Manager, Joyson Safety Systems (Thailand) Guan Xin, Deputy General Manager of Changan Automobile's Southeast Asia Division Speech Topic: SMM Thailand Metal Price Launch & Thailand Steel Price Release - Discovering Fair Prices and Reducing Transaction Costs Guest Speaker: Yao Xinying, Director of Steel Product Research, SMM Why Launch SMM Thailand Metal Prices? The Thai manufacturing industry still faces numerous obstacles in terms of price reference and settlement. 1. Lack of an authoritative price benchmark Thailand lacks an independent third-party price publishing platform, resulting in a lack of unified and credible price reference standards for metal trading. This makes it difficult for buyers and sellers to reach fair pricing agreements, exacerbating market price confusion. 2. Low price transparency Due to the absence of professional price information disclosure channels, metal trading price data is scattered and not publicly available. Market participants are unable to obtain timely and accurate market information, increasing the difficulty of price discovery and the risk of trading decisions. 》SMM Thailand Metal Price Launch Event & Thailand Steel Price Release - Discovering Fair Prices and Reducing Trading Costs Roundtable Discussion: Southeast Asia Automotive Supply Chain - Import and Local Matters (Services, Prices, Landing Support Possibilities) Dong Rujun, Senior Overseas Market Manager, SMM Wu Zhengguo, Operations Director, Taichengfa Co., Ltd. Wu Zhongxian, Deputy General Manager, International Trade Company, CITIC Pacific Special Steel Group Co., Ltd. Bai He, General Manager, RTM International Aluminum Division, Mitsubishi Corporation Yingzhang Liang, Head of Sustainability, Metals & Mining, Asia Pacific, Bloomberg Intelligence Shine Peng, Sales General Manager, FedEx Speech Topic: Accelerating the Development of Thailand's EV Ecosystem Guest Speaker: Asst. Prof. Uthane Supatti Ph.D., Vice Chairman, Electric Vehicle Association of Thailand (EVAT) Transformation of Transportation Modes in Thailand Traditional transportation modes include speedboats, traditional buses, and traditional trains. After improvements, electric taxis, electric buses, and electric motorbike taxis have emerged. Following electrification development, subways, trams, and electric boats have also come into people's view. Thailand's EV Vision - The "30@30" Policy Thailand has set EV adoption and production targets for 2025 and 2030. By 2030, the following goals will be achieved: zero-emission vehicles will account for 30% of Thailand's total vehicle production; zero-emission vehicles will account for 50% of the country's vehicle usage. Passenger Vehicle Production: As of 2024, Thailand's total sedan production reached 1,468,997 units, a YoY decrease of 20%. Among them, passenger vehicle production was 558,440 units, a YoY decrease of 13.5%. Pure electric passenger vehicle production was 9,688 units, a YoY surge of 5,807.3%. 》Current Status of Thailand's EV Industry - How to Accelerate the Development of Thailand's EV Ecosystem? Roundtable Discussion: Accelerated Electrification and Localization Progress of Core Components in Thailand Xiaolong Xu, Deputy General Manager, Inovance United Power System (Thailand) Co., Ltd. Zhibiao Fu, Plant Manager, Shanghai Edrive (Thailand) Co., Ltd. Tongkarn Kaewchalermtong, Chair of the Transport and Logistics Working Group, ASEAN Federation of Engineering Organizations (AFEO) Sizhan Chen, Chairman of the Automotive Parts Industry Association, Federation of Thai Industries, and Deputy Secretary General, Thai Auto Parts Manufacturers Association Haofeng, Business Director, Gotion High-tech (Thailand) Co., Ltd. Presentation Topic: Industrialization Breakthrough of Ultra-Thin Soft Magnetic Materials for High-Efficiency Drive Motors Guest Speaker: Lugang Zhan, Executive Deputy General Manager, Hunan Hongwang New Materials Technology Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: Charging Pile Infrastructure: Unlocking the Last Mile of Southeast Asia's New Energy Revolution Liming Zhao, Overseas Sales Director for Southeast Asia, Teld International Soravis Sithicharoen, Charging Pile Business Head, Gentari Green Mobility Thailand Chavarin Chavarangkul, Charging Pile Head and Sales Director, Innopower Company Limited Presentation Topic: Operational Status of Lithium Carbonate Futures Guest Speaker: Bing Leng, Deputy General Manager, GFEX (At the speaker's request, this presentation will not be publicly available) Presentation Topic: Eastern Economic Corridor (EEC): A Hub of Prosperity Opportunities Guest Speaker: Songwut Apirakkhit, Executive Head of Next-Generation Automotive Sector, Eastern Economic Corridor Roundtable Discussion: Investment Models in Southeast Asia: Pros and Cons of Joint Ventures and Wholly Owned Subsidiaries Weien Lin, Director and Deputy General Manager, Thai Long United Automotive Co., Ltd. Kuixian Lin, Founder of Jiahua Group and CEO of NexV, Sdn Bhd Bin Zhao, President, Thai-Chinese Rayong Industrial Zone Development Co., Ltd. June 17 Main Conference Presentation Topic: Rizhao Steel's ESP Automotive Steel Supports Green and Efficient Development in the Automotive Industry Guest Speaker: Xutao Zheng, Deputy Director of Technology and Quality Department, Technical Center Director, Rizhao Steel Holding Group Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: How Southeast Asia's Local Supply Chain Serves European and US Markets Tuan Vi, Vice President of Supply Chain and Logistics for Asia Pacific, Schaeffler Vietnam Sridhar Ramakrishna, Application and Engineering Director, Tenneco Presentation Topic: Smart Logistics Systems and Technologies Facilitating Global Supply Chain Expansion Guest Speaker: Chunlong Jin, Deputy General Manager, Shanghai Boyi International Logistics Co., Ltd. (At the speaker's request, this presentation will not be publicly available) Roundtable Discussion: Potential Synergies in Battery Cell Chemical Materials Across Southeast Asia Logan Lu, CEO, SMM Tony, General Manager, Sunwoda EV Energy (Thailand) Co., Ltd. Rui Liu, Chairman, Innovate (Malaysia) New Materials Technology Co., Ltd. Changxi Jin, Sales Director for Japan, South Korea, and Southeast Asia, Electrolyte Division, Guangzhou Tinci Materials Technology Co., Ltd. Shuzhan Yang, Deputy General Manager, BTR New Materials Group Co., Ltd., and Chairman, BTR Indonesia Automaker Demand Matching Session At the 2025 SMM (2nd) Southeast Asia Automotive Supply Chain Conference , SMM has specially designed a networking session for automakers, bringing together over a dozen renowned domestic and overseas automakers to provide attendees with dedicated time for supply and demand discussions and collaboration opportunities! 》Click to view the list of automakers participating in the exchange meeting Sign-in 》Click to view more highlights from the event With this, the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference has come to a successful conclusion Thank you for the support of all industry colleagues See you next year! 》Click to view the special report on the 2025 SMM Southeast Asia (Thailand) Automotive Supply Chain Conference

Macro News 1. The spokesperson of the Ministry of Foreign Affairs announced that, at the invitation of President Kassym-Jomart Tokayev of the Republic of Kazakhstan, President Xi Jinping will attend the second China-Central Asia Summit in Astana, Kazakhstan, from June 16 to 18. 2. Li Qiang chaired a State Council executive meeting to deploy the replication and promotion of pilot measures in the China (Shanghai) Pilot Free Trade Zone, hear reports on the construction of a new model for real estate development and the promotion of high-quality housing, and study measures to optimize the centralised procurement of pharmaceuticals and medical consumables. 3. According to data from the People's Bank of China, at the end of May, the balance of broad money (M2) was 325.78 trillion yuan, up 7.9% YoY. The balance of narrow money (M1) was 108.91 trillion yuan, up 2.3% YoY. The balance of currency in circulation (M0) was 13.13 trillion yuan, up 12.1% YoY. Net cash injection in the first five months was 306.4 billion yuan. The increase in aggregate social financing in January-May was 18.63 trillion yuan, 3.83 trillion yuan more than the same period last year. RMB loans increased by 10.68 trillion yuan in the first five months. 4. On June 13, the People's Bank of China announced again that it would conduct 400 billion yuan of outright reverse repo operations on June 16 with a term of six months (182 days), indicating that the central bank would achieve a net injection for the entire month. 5. The World Trade Organization held the second annual meeting of the Council for Trade in Services in Geneva, Switzerland, on June 13. China pointed out the misleading narrative and erroneous logic of the US's "reciprocal tariff" and urged the US to comply with WTO rules, resolve differences through multilateral cooperation rather than unilateral measures, and jointly maintain the stability of the global trading system with all parties. 6. The New Zealand government's official website announced that starting from November 2025, Chinese passport holders entering New Zealand from Australia with valid Australian tourist, work, student, or family visas will be exempt from visa requirements for stays of up to three months. Industry News 1. Eight departments, including the Ministry of Industry and Information Technology, are soliciting public comments on the "Guidelines for the Security of Outbound Automobile Data (2025 Edition)". Automobile data processors shall declare a security assessment for outbound data if they provide automobile data overseas under any of the following circumstances: (1) providing important data overseas; (2) cumulatively providing personal information (excluding sensitive personal information) of more than 1 million individuals overseas since January 1 of the current year; (3) cumulatively providing sensitive personal information of more than 10,000 individuals overseas since January 1 of the current year; (4) operators of critical information infrastructure providing personal information overseas; (5) other circumstances requiring a security assessment for outbound data as specified by relevant state regulations. 2. On the 15th, the official WeChat account of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang (RCCCK) published an article by He Jie, Chairman of the Shenzhen Municipal Committee of the RCCCK, discussing Shenzhen's new mission in comprehensive reform. He Jie stated that relevant departments in Shenzhen are currently formulating relevant listing rules, with the expectation of piloting the secondary listing of red-chip stocks, which will provide more convenient and efficient listing channels for science and technology innovation enterprises. He Jie emphasized that the blueprint for comprehensive reform "2.0" has already been drawn up, and the key lies in effective implementation. Many reforms are still framework-based and directional in nature, requiring integration with practical needs, particularly achieving an organic combination of "top-level design and local initiatives." 3. According to statistics from Choice, as of June 14th, 105 public offering products (with multiple share classes combined) have been liquidated since the beginning of this year. In terms of termination reasons, 83 products were terminated due to the net asset value of the fund falling below contractual limits, 21 products were terminated with the consent of the fund holders' meeting, and 1 product was terminated due to contract expiration. Among these, equity liquidations accounted for 70%, with industry-themed funds in sectors such as new energy, pharmaceuticals, and consumption becoming the "hardest-hit areas." 4. The China Securities Regulatory Commission (CSRC) issued an administrative penalty decision. During the period in question, the account group controlled by Tu Wenbin had significant capital advantages, manipulating the prices of multiple stocks through continuous trading, driving up stock prices, large-volume limit-up orders, and false order placements and cancellations. The CSRC decided to impose penalties, with the total amount of fines and confiscations reaching nearly 77 million yuan. 5. On June 15th, a reporter learned from China National Nuclear Corporation (CNNC) that yttrium-90 glass microspheres irradiated by Qinshan Nuclear Power's "Hefu No. 1" reactor were successfully removed from the reactor and passed relevant detections, marking China's successful mastery of the technology for producing yttrium-90 in commercial reactors, enabling mass production. 6. The opening forum of the Golden Goblet Film Forum at the 27th Shanghai International Film Festival was held on June 15th. Participants unanimously agreed that the current film market has reached a moment for a fresh start. Facing industry challenges, chairmen and executives of multiple listed film companies discussed solutions, with directions such as increasing non-ticket revenue, reducing the number of films produced, and lowering production costs emerging as potential solutions. Corporate News 1. Kweichow Moutai announced an adjustment to its 2024 annual profit distribution plan, increasing the dividend per share to 27.673 yuan/share. 2. On June 14th, POP MART Korea issued an announcement stating that due to concerns about potential safety accidents at recent offline sales venues, the company has decided to temporarily suspend offline sales of the entire LABUBU plush toy and LABUBU plush keychain series. 3. GAC Group issued a commitment announcement, stating that it will ensure the fulfillment of dealer rebates within two months from today. 4. Guotai Haitong Securities announced that it has received an administrative licensing decision from the People's Bank of China (PBOC) for the issuance of 15 billion yuan in science and technology innovation bonds. 5. Yong'an Pharmaceutical announced that the company's stock price has risen significantly in the short term, severely deviating from the overall market trend, and there is a high risk of speculation. 6. *ST Tongzhou announced that the company's stock will be suspended for one day on June 16, and starting from June 17, the delisting risk warning and other risk warnings will be revoked, with the stock abbreviation changing to Tongzhou Electronics. 7. Haimo Technologies announced that the controlling shareholder and actual controller are proposed to be changed to Fan Zhonghua, and the stock will resume trading from June 16. 8. *ST Haiyue announced that it will repurchase company shares worth 30 million to 50 million yuan during the delisting consolidation period. 9. Huayang New Materials issued a stock trading risk warning announcement, stating that the company does not possess the attributes of rare earth permanent magnets. 10. Honghui Fruits & Vegetables announced that the controlling shareholder is proposed to be changed to Shenze Ruitai, and the company's stock and convertible bonds will resume trading from the opening of the market on June 16. 11. Ruifeng Gaocai issued an announcement in response to rumors about the board secretary being placed under investigation, stating that the investigation does not involve the company's stock trading and that current production and operations are normal. 12. Haers stated on an interactive platform that its past cooperation with POP MART has been terminated, and the scope of the previous cooperation did not include Labubu. Global Markets 3. According to CCTV News, US President Trump stated on social media in the early hours of the 15th (Eastern Time) that "the United States has nothing to do with tonight's attacks on Iran" and warned that if Iran attacks the US in any form, the US armed forces will "respond with full force on an unprecedented scale." In addition, Trump claimed that the US could "easily facilitate an agreement to end this bloody conflict," but did not elaborate on how the agreement would be reached. 4. On Friday last week, US stocks opened lower and continued to decline, with all three major indices falling more than 1%. The Dow Jones Industrial Average fell 1.32% for the week; the Nasdaq Composite fell 0.63% for the week; and the S&P 500 index fell 0.39% for the week. Most large-cap tech stocks declined, with Intel falling more than 3% and Nvidia falling more than 2%; Tesla rose approximately 2%. The energy sector bucked the trend and surged, with Houston Energy rising more than 119% and US Energy rising more than 55%. Drone manufacturer Airo's US IPO closed up 140% on its first day. Oracle rose more than 7% for the week, nearly 24%, marking its best weekly performance since 2001. Most popular Chinese ADRs closed lower, with the Nasdaq Golden Dragon China Index falling 2.74%. Fangdd Network fell more than 9%, WeRide fell more than 7%, Kingsoft Cloud fell more than 6%, XPeng Motors fell more than 5%, Alibaba, Bilibili, and Li Auto all fell more than 3%, and JD.com, Pinduoduo, and Baidu all fell more than 2%. Investment Opportunities Reference 1. Xiaomi Auto unveils solid-state battery patent; institutions say eVTOL + humanoid robots open up incremental space for solid-state batteries Intellectual property information from Tianyancha shows that recently, Xiaomi Auto Technology Co., Ltd. applied for a patent titled "Solid-state battery composite electrode, preparation method, and solid-state battery comprising the composite electrode," which has been made public. The abstract indicates that the solid-state battery composite electrode disclosed in the patent effectively shortens the transmission path of metal ions in thick electrodes and accelerates the transmission rate of metal ions between electrodes, featuring high electrode loading and C-rate performance. Dongxing Securities stated that with the gradual entry of fields such as eVTOL and humanoid robots into a phase of rapid growth, along with the release of technological solutions and industrialisation application timelines for all-solid-state batteries by various enterprises, driven by sustained new demand, the application and implementation of solid-state battery technology is expected to accelerate, with the industrialisation process already showing an accelerating trend. Battery enterprises with a first-mover advantage in solid-state battery technology and leading application deployment will primarily benefit. Sihan Industry Research Institute believes that AI is empowering industrial transformation, with eVTOL and humanoid robots opening up incremental space for solid-state batteries. 2. AI inference demand is accelerating, and this solution has become a focus for self-development among major cloud providers According to media reports, while GPUs have advantages in general-purpose accelerated computing scenarios, they face challenges such as high costs and power consumption in specific scenarios, prompting buyers to seek alternative types of chips for support. Customised ASIC chips have become a focal point of attention. Recently, NVIDIA introduced NVLink Fusion, directly targeting Broadcom's high-growth market: AI custom chips. This also means there are new entrants in the ASIC chip market. As AI models become increasingly powerful, the demand for AI inference is accelerating, with ASIC customised solutions offering better energy efficiency and cost advantages becoming a focus for self-development among major cloud providers, with upgraded versions typically released every 1-2 years. Guojin Securities believes that compared to GPUs, ASICs can be custom-developed for specific business scenarios, and the substantial demand for inference computing power and cost reduction will effectively drive the growth of ASIC demand. They are optimistic about ASIC design service companies, Ethernet white-box switch producers, Ethernet switching chip producers, AEC producers, and PCB producers. 3. Against the backdrop of strong supply constraints and a concentrated industry structure, these chemicals are currently in a price upcycle Institutions have pointed out that as temperatures rise, the demand for refrigerant maintenance is gradually becoming robust, with genuine sales boosting channel price confidence. Downstream air conditioner production schedules from June to August remain high on a YoY basis, with the demand side continuing to provide positive feedback. The long-term bullish trend for refrigerants remains unchanged. Against the backdrop of equal domestic and international trade quotes for mainstream refrigerants, the performance release certainty of refrigerant-related producers has strengthened. Founder Securities pointed out that refrigerants are one of the largest and most widely applied segments in the fluorochemical industry. The Montreal Protocol has driven the generational transition of refrigerants. Currently, the refrigerant industry is in a phase of accelerated reduction of second-generation refrigerants, quota freezing of third-generation refrigerants, and patent protection for fourth-generation refrigerants. Against the backdrop of strong supply constraints and a concentrated industry structure, second- and third-generation refrigerants are currently in a price upcycle. The downstream air conditioning and automotive industries are expected to maintain growth trends, with third-generation refrigerants expected to see both volume and price increases. In addition, fluorine-containing fine chemicals are a niche but high-quality segment within the fluorine chemical industry, characterized by high product barriers and added value, with significant growth in market demand in recent years. With the development of emerging industries such as new energy and electronics, their market size continues to expand. 4. Institutions Say Defense and Military Demand Expected to Recover, with Long-Term Growth Certainty in Relevant Sectors Research reports from institutions indicate that, as 2025 marks the final year of the "14th Five-Year Plan" and the planning year for the "15th Five-Year Plan," demand in the defense and military sector is expected to recover. Research reports from Northeast Securities point out that, at the current juncture, as the "14th Five-Year Plan" enters its final year, disruptive factors in the military industry have largely been eliminated, and downstream demand is showing restorative growth. Meanwhile, with the impending 2027 construction target, medium and long-term goals also provide clear guidance for the industry's development: to basically achieve the modernization of national defense and the military by 2035, and to comprehensively build the People's Liberation Army into a world-class military by 2050. Along with the recovery in demand and the gradual optimization of capacity structure, the defense and military sector is expected to see significant improvement, with high safety margins and long-term growth certainty.

Macro News 1. On the afternoon of June 12, Premier Li Qiang met with European Central Bank President Christine Lagarde at the Great Hall of the People in Beijing. Li Qiang pointed out that China and Europe have strong economic complementarity, with China possessing a super-sized market advantage and continuously unleashing market potential. There is significant cooperation potential between China and Europe in many fields. China is willing to strengthen market connectivity and industrial synergy with Europe to add more momentum to their respective development. Lagarde stated that under the current international situation full of uncertainties, maintaining high-level exchanges and dialogue cooperation between Europe and China is crucial. Tariff wars and trade wars only lead to lose-lose outcomes, while adhering to multilateralism and strengthening open cooperation is the right choice. 2. On the afternoon of June 12, the Ministry of Commerce held a regular press conference. A reporter inquired about the first meeting of the China-US economic and trade consultation mechanism. Ministry of Commerce spokesperson He Yadong stated that from June 9 to 10 local time, the China-US economic and trade teams held the first meeting of the consultation mechanism in London, UK. The two sides reached a principled consensus on implementing the important consensus of the June 5 phone call between the two heads of state and the framework of measures to consolidate the outcomes of the Geneva economic and trade talks, making new progress in addressing each other's economic and trade concerns. Regarding the rare earth issue, as a responsible major country, China fully considers the reasonable needs and concerns of various countries in the private sector, reviews applications for export licenses of rare earth-related items in accordance with laws and regulations, has approved a certain number of compliant applications according to law, and will continue to strengthen the approval of compliant applications. 3. On June 11, People's Bank of China Governor Pan Gongsheng held the first annual meeting with European Central Bank President Christine Lagarde. The two sides exchanged in-depth views on topics including the economic and financial situations of China and Europe, reform of the international monetary system, global financial regulation, and key areas of cooperation between the two central banks. After the meeting, the two sides signed the Memorandum of Understanding on Cooperation between the People's Bank of China and the European Central Bank. 4. A passenger plane crashed at Ahmedabad Airport in Gujarat, India, on June 12. According to reports, all 242 people on board were killed. CCTV News learned that local police found one survivor in the Indian plane crash. 5. Foreign Ministry spokesperson Lin Jian presided over the regular press conference yesterday. A foreign media reporter asked about US President Trump's post on his social media platform, claiming that an agreement had been reached with China, such as China providing rare earth magnets. Lin Jian stated that China always honors its words with actions. Since a consensus has been reached, both sides should abide by it, and China hopes the US will work with China to implement the important consensus reached in the phone call between the two heads of state. Industry News 2. Recently, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the "Several Measures on Financial Support for Fujian to Explore a New Path for Cross-Strait Integrated Development and Build a Demonstration Zone for Cross-Strait Integrated Development." TheThe "Several Measures" proposes 12 policy measures in four aspects: optimizing the financial ecosystem of the cross-strait shared "living circle", serving the construction of the first home for Taiwan compatriots and Taiwan-funded enterprises to land on the mainland, supporting the pilot program for high-level opening-up of cross-border trade in Fuzhou, Xiamen, and Quanzhou, supporting the facilitation of cross-border investment and financing under the capital account, comprehensively strengthening financial supervision, and effectively preventing and defusing financial risks. These measures are of great significance for continuously deepening the construction of a demonstration zone for cross-strait integrated development and promoting high-level financial opening-up. The People's Bank of China and the State Administration of Foreign Exchange will promote the detailed implementation of various policy measures outlined in the "Several Measures", further intensify financial support for the integrated development across the Taiwan Strait, and provide strong financial support for the construction of the demonstration zone for cross-strait integrated development. 3. At the Annual Meeting of the Asia Traders Forum & Stock Trading Summit 2025, Tim LUI, Chairman of the Securities and Futures Commission of Hong Kong, stated that the SFC is studying plans to adjust the number of shares per trading lot, thereby enhancing the convenience of trading high-priced stocks and odd lots, and further improving market liquidity. 4. The General Office of the People's Government of the Guangxi Zhuang Autonomous Region recently issued the "Implementation Plan for Special Actions to Boost Consumption in Guangxi". It mentions expanding support for trade-in policies for automobiles, home appliances, home improvement, kitchen and bathroom products, and e-bikes, as well as subsidies for purchasing new 3C digital products. 5. In 2025, Urumqi plans to develop 82 cultural and tourism projects with a total investment of 44.815 billion yuan and an annual planned investment of 5.4116 billion yuan, representing increases of 76%, 181%, and 170% respectively compared to 2024. The focus will be on introducing a batch of high-end hotel cluster projects, creating a number of major construction projects, and building a comprehensive cultural and tourism space integrating cultural experiences, commercial consumption, and leisure and entertainment. 6. With the "Suzhou Super League" gaining widespread popularity, some netizens have called on Sichuan to host similar football events through the "Ask the Government Sichuan" platform. In response, the Sichuan Provincial Sports Bureau stated that the "Bashu Xiongqi Cup" Sichuan Super League will learn from the healthy development experience of the "Suzhou Super League", improve the event system, strengthen supervision, promote fair competition, mobilize social forces to participate, facilitate the development of mass football and campus football, and support nationwide fitness. Company News 1. New China Life Insurance announced its intention to subscribe for private equity fund shares with an investment not exceeding 15 billion yuan. 2. China Vanke Co., Ltd. announced that it sold a total of 72.96 million A-share treasury shares from June 10 to June 12, which will help supplement the company's working capital. 3. *ST Gongzhi announced that the Shenzhen Stock Exchange has decided to terminate the listing of the company's shares. 4. Yidian Technology stated on an interactive platform that POP MART is an important client of the company. 5. ST Jinyi announced that the other risk warnings for the company's shares have been revoked, and trading will resume from June 16. 6. Xiaofang Pharmaceutical announced a collaboration with Shanghai Dermatology Hospital to develop Compound Platycladi Tincture, a Class 1.1 traditional Chinese medicine for treating hair loss. 7. PowerChina secured a 10.77 billion yuan offshore wind power EPC turnkey project. 8. Qingmu Technology clarified that it currently only provides e-commerce agency operation services for Pop Mart's Tmall flagship store. 9. Taiji Co., Ltd. disclosed that its controlling shareholder and actual controller are planning matters related to changes in company control, leading to a trading suspension. 10. Hengbao Co., Ltd. announced that director and vice president Gao Qiang plans to sell no more than 197,500 shares. 11. Jingjin Equipment reported that its actual controller, chairman, and general manager has been placed under retention. 12. Feiliner completed verification work, with its shares resuming trading on June 13. Global Markets US and European stocks showed mixed performance, with both the S&P 500 and Dow Jones hitting at least three-month closing highs. US stocks opened lower but closed higher, with all three major indices posting slight gains. The S&P 500 rose 0.38%, the Dow gained 0.24%, and the Nasdaq advanced 0.24%. The S&P 500 reached its highest closing level since late February, while the Dow achieved its best close since early March. Oracle surged over 13% to a record high after exceeding Q4 earnings expectations. US fintech firm Chime jumped over 37% on its debut. Boeing fell nearly 5% following an Air India Boeing 787 crash. European indices closed mixed, with Germany's DAX30 down 0.48%. International crude oil futures settled slightly lower. WTI July crude dropped 0.16%, while Brent August crude declined 0.59%. COMEX gold futures rose 0.84% to $3,406.8/oz, and silver futures gained 0.41% to $36.41/oz. Investment Opportunities 1. Pop Mart Expanded Capacity Early This Year, But Demand Far Exceeds Supply Chain Response Media reports indicate that since Chinese New Year, Pop Mart has urgently recalled workers and expanded capacity to meet surging demand driven by rising IP popularity. An insider described this as a "sweet trouble" where market demand vastly outpaces supply chain responsiveness, noting "even overworked sewing machines can't keep up." The core appeal of IP collectibles lies in instant emotional gratification. Labubu's distinctive features meet specific demands, amplified through social media. Current supply shortages and product scarcity further elevate circulation premiums, significantly boosting visibility. Zhongtai Securities released a research report stating that it is optimistic about the investment value of the IP industry and anticipates the growth and commercialization of major IPs. Three directions are worth noting: (1) Leading companies in the IP2C model for trendy toys that possess a high-quality IP matrix, strong operational capabilities, and channel strength; (2) Content producers with strong content creation capabilities; (3) IP operators in the IP2B2C model that possess high-quality IPs and B-end customer resources. 2. German nuclear fusion startup ProximaFusion secures record-breaking funding On Wednesday local time, German nuclear fusion startup ProximaFusion announced that it had raised €130 million (equivalent to $148 million) in a record-breaking funding round. Investors have high hopes that the company will be the first to build the world's first commercial nuclear fusion power plant. ProximaFusion's Series A funding round was co-led by CherryVentures and BaldertonCapital, marking the largest private nuclear fusion investment round in Europe to date. In recent years, market interest in nuclear fusion technology has continued to grow. Founder Securities' machinery equipment team is optimistic that the timeline for global nuclear fusion could be advanced. Currently, the European Commission (EC) has officially launched a four-week consultation period, which will help the EU establish a leading position in global nuclear fusion development and accelerate the commercialization of fusion energy. 3. Cumulative financing exceeds 1 billion yuan in the first half of the year; experts say commercial space is experiencing unprecedented development opportunities Media reports indicate that China's commercial space industry in 2025 is accelerating at an unprecedented pace towards industrialization. One of the most telling signs is the "real money" coming from the capital market. According to incomplete statistics by reporters, in the first five months of this year alone, the publicly disclosed and estimable financing amounts in China's commercial space sector have cumulatively exceeded 1 billion yuan. Recently, there have been continuous developments in the commercial space sector. LandSpace Technology Corporation's independently developed ZQ-2 Modification 2 remote sensing launch vehicle successfully started production and lifted off; Beijing CAS Space Technology Co., Ltd.'s KQ-1 remote sensing 7 launch vehicle was successfully launched; and the "Tada Hu Yang No. 1" satellite was successfully launched by the KQ-1 remote sensing 7 launch vehicle. Experts interviewed stated that after several years of cultivation, China's commercial space industry is flourishing, with enterprises in commercial satellites, commercial rockets, commercial monitoring and control, and other sectors emerging like bamboo shoots after a spring rain. The commercialization of the entire industry chain is being prioritized, and the industry chain ecosystem is continuously improving. With the synergy of policies, technology, and the market, commercial space is experiencing unprecedented development opportunities. 4. AI development brings significant changes to the industry, continuously expanding the space for the industry chain Institutions have pointed out that switching networks are the "blood vessels" of AIDC. Since entering the era of large models, as the scale of clusters has accelerated its expansion, the interconnection requirements between computing cards have rapidly increased. As the hardware core supporting the interconnection network, the industry chain space for switches has been continuously expanding. Guojin Securities believes that domestic large models are rapidly advancing from a scale of hundreds of billions of parameters to trillion and ten trillion parameters, and 800G switches will become an important driver for the rapid growth of the industry. Dell'Oro Group predicts that by 2025, the adoption rate of 800G switch ports is expected to exceed that of 400G data center switch ports, accounting for more than 25% of data center switch ports. The development of the AI industry has brought about significant changes to the switch industry. Along with the development of the domestic AI industry, domestic high-speed switches for training-side applications and domestic medium-speed switches for inference-side applications are on the verge of mass production. CPO, OCS, white-box switches, etc., are expected to become strategic highlands in the domestic switch industry, and enterprises with relevant layouts are worthy of close attention.

Macro News 1. From June 9 to 10 local time, He Lifeng, the Chinese lead negotiator for China-US economic and trade talks and Vice Premier of the State Council, held the first meeting of the China-US economic and trade consultation mechanism with Beth Van Duyne, the US lead negotiator and US Secretary of the Treasury, Gina Raimondo, US Secretary of Commerce, and Katherine Tai, US Trade Representative, in London, UK. Both sides engaged in candid and in-depth dialogue, exchanged in-depth views on economic and trade issues of mutual concern, reached a consensus in principle on the framework of measures to implement the important consensus reached during the phone call between the heads of state of the two countries on June 5 and to consolidate the outcomes of the Geneva economic and trade talks, and made new progress in addressing economic and trade concerns of both sides. 2. Li Chenggang, China's International Trade Representative and Vice Minister of Commerce, said in London, UK, on the evening of June 10 that over the past two days, the Chinese and US teams had conducted in-depth exchanges and reached a framework on implementing the consensus reached during the phone call between the heads of state of the two countries on June 5 and the consensus reached during the Geneva talks. 3. At yesterday's regular press conference of the Ministry of Foreign Affairs, Lin Jian, a spokesperson, introduced that the Ministerial Meeting of Coordinators for the Implementation of the Outcomes of the Forum on China-Africa Cooperation (FOCAC) was held in Changsha, Hunan Province. President Xi Jinping sent a congratulatory letter to the meeting, announcing that China would implement the measure of zero tariffs on 100% of tariff items for products from 53 African countries with diplomatic relations with China. 4. At yesterday's regular press conference of the Ministry of Foreign Affairs, a reporter asked about CK Hutchison Holdings' sale of overseas port assets. Lin Jian stated that China has consistently and resolutely opposed economic coercion, hegemony, and bullying. Lin Jian reiterated that regarding the navigation of vessels from relevant countries, China will, as always, respect Panama's sovereignty over the canal and recognize the canal's status as a permanently neutral international waterway. Industry News 1. From the evening of June 10 to the afternoon of June 11, 15 original equipment manufacturers (OEMs), including BYD, China FAW Group Corporation, Geely Auto, and Xiaomi Auto, have successively issued statements committing to uniformly controlling the payment period for suppliers within 60 days. This move aims to accelerate the efficiency of capital turnover in the industry chain, ensure the stability of the industry chain and supply chain, fulfill the responsibilities of leading enterprises, and promote the high-quality development of the automotive industry. 2. The General Offices of the Ministry of Industry and Information Technology and the National Development and Reform Commission issued a notice on carrying out the cultivation work of pilot-scale production capacity construction platforms for biomanufacturing. The notice proposed that, based on the current status of biomanufacturing industrialisation and the needs of technological development, and focusing on the shortcomings and pain points in the pilot-scale production links of various fields of biomanufacturing, pilot platforms for key product areas such as food and additives, biopharmaceuticals, cosmetics, chemicals, energy, and enzyme preparations should be cultivated according to the characteristics of technological process equipment, effectively driving the coordinated innovation and development of upstream and downstream enterprises in the industry chain. 3. According to informed sources, with the continuous rise in the popularity of IPs, Pop Mart urgently sought workers to resume work after the Chinese New Year to expand its capacity to meet the surging consumer demand. The individual believes that for brands, when market demand far exceeds the supply chain's response speed. 4. Industrial Securities held a cadre conference yesterday, announcing that Su Junliang, the former chairman of Huafu Securities, would assume the role of Party Secretary of Industrial Securities. Due to age limits for the position, Yang Huahui would no longer serve. Yang Huahui had led Industrial Securities for eight years. According to the reporter, Yang Huahui would have other positions arranged for him subsequently. 5. Nine departments, including the Shanghai Headquarters of the People's Bank of China, jointly issued the "Notice on Leveraging the Role of International Green Finance Hub to Support the Construction of a Beautiful Shanghai". The Notice proposed exploring financial support models for ecological and environmental protection projects in Shanghai, continuously building the Shanghai Green Finance Service Platform, and improving the Shanghai Green Project Library. 6. Data released by the China Association of Automobile Manufacturers (CAAM) showed that in May 2025, China's automobile production and sales reached 2.649 million units and 2.686 million units respectively, up 1.1% MoM and 3.7% MoM, and up 11.6% YoY and 11.2% YoY. From January to May, automobile production and sales reached 12.826 million units and 12.748 million units respectively, up 12.7% YoY and 10.9% YoY. 7. Benefiting from the deep integration of AI large models and augmented reality technology, the smart glasses market has been heating up recently, with strong sales both online and offline. The head of the digital business department of an e-commerce platform introduced that the smart glasses market had shown explosive growth, with trading volume increasing more than eightfold YoY. 8. The General Office of the People's Government of Liaoning Province issued the "Implementation Plan for Promoting Innovative Development of Artificial Intelligence in Liaoning Province". It proposed that by 2027, the province's computing infrastructure construction system would be basically formed, achieving a computing power scale of over 5000 PFLOPS, and the core industry scale of artificial intelligence would reach 100 billion yuan. Corporate News 1. *ST Yazhen announced that due to multiple instances of abnormal fluctuations in stock trading, it would suspend trading for verification starting today. 2. Industrial Securities announced that as of now, it had not received any information regarding a "merger with Huafu Securities". 3. Shuangliang Eco-Energy announced the signing of a 450 million yuan sales contract for green electricity-based hydrogen production systems. 4. *ST Jinbi announced that Yuanyichengwu would become the company's controlling shareholder, and its stock would resume trading. 5. Hesheng New Materials announced plans to invest 250 million yuan in ARM server processor chip company Yizhi Electronics. 6. Junshi Biosciences announced that the clinical trial application for its controlled subsidiary's JT118 injection had been accepted, intended primarily for the prevention of monkeypox virus infection. 7. ST Red Sun announced that it would remove other risk warnings starting from June 13, and its stock abbreviation would be changed to "Red Sun". 8. Aurora Optoelectronics announced that the company has a solid position in the backlight module for Switch 2 and will increase R&D efforts in high-end products in the future. 9. KDLI announced its intention to jointly invest with VEICHI Electric and others to establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 10. Yinlun Machinery announced its intention to contribute 10 million yuan to jointly establish Suzhou Yizhi Smart Drive Technology Co., Ltd. 11. Tinci Materials announced its intention to invest in and construct an integrated production base for electrolytes and raw materials in Morocco. 12. Changshan Pharmaceutical stated on an interactive platform that the suspension of the listing of Abenatide is unrelated to the combined listing approval for weight loss. Global Markets Most European and US stock markets fell, while international crude oil futures settlement prices surged over 4%. US stocks moved downwards after a higher opening, with all three major indices closing lower. The Nasdaq fell 0.5%, the S&P 500 fell 0.27%, and the Dow Jones Industrial Average fell by 1 point. Intel fell over 6%, marking its largest single-day decline in two months. Oklo surged nearly 30%, hitting a record closing high, as the company reached a nuclear power agreement with the US Air Force. Space technology company Voyager Technologies Inc. (VOYG) surged over 82% on its first day of trading in the US IPO. Popular Chinese ADRs had mixed changes, with the Nasdaq Golden Dragon China Index rising 0.08%. Major European stock indices closed with mixed changes, with the German DAX30 rising 0.04%. International crude oil futures settlement prices surged over 4%. WTI crude oil futures for July rose 4.88%, and Brent crude oil futures for August rose 4.33%. COMEX gold futures rose 0.9%, while COMEX silver futures fell 0.76%. Investment Opportunities Reference 1. Officially entering the mass production stage, a key milestone in the construction of a large-scale aviation equipment system On June 11, the large amphibious aircraft AG600, independently developed by the Aviation Industry Corporation of China (AVIC), was awarded the Production Certificate (PC) by the Civil Aviation Administration of China (CAAC) in Zhuhai, Guangdong. This marks the official entry of China's large amphibious aircraft into the mass production stage and is a key milestone in the construction of China's large-scale aviation emergency rescue equipment system. Founder Securities pointed out that the civil aircraft manufacturing industry holds profound strategic significance for the country, directly linked to national economic growth, employment opportunities, and technological progress. This industry not only significantly boosts economic growth but also drives substantial employment and plays a huge role in promoting technological development, particularly in the fields of new materials, new energy, and advanced electronic technologies. The development level of the large aircraft industry has become an important indicator of a country's technological and industrial strength, as well as its international competitiveness. Additionally, the large aircraft industry also holds significant military application value, playing a crucial role in enhancing the quality and level of the national defense industry. 2. Smart dexterous hand developed by Chinese researchers achieves human-like adaptive grasping for the first time According to media reports, the breakthrough bionic dexterous robotic hand, F-TAC Hand, was recently published in the international journal Nature Machine Intelligence. This system integrates high-resolution tactile sensing across 70% of its palm area, achieving human-like adaptive grasping capabilities for the first time and marking a significant leap forward in robotic intelligence and its ability to interact in real dynamic environments. This breakthrough was jointly achieved by the Beijing Institute for General Artificial Intelligence and Peking University. Huaxi Securities believes that dexterous hands are crucial for the practical application of humanoid robots, and subsequent updates and iterations will still present significant technical challenges. Producers with the capability to design and manufacture dexterous hands are expected to have a stronger voice in the industry chain and may lead in profitability. Additionally, to enhance the functionality of dexterous hands, the demand for key components such as lead screws, reducers, motors, tendon cables, and tactile sensors will increase. The firm remains optimistic about technology-leading enterprises with advanced industrial layouts. 3. Another solid-state battery conference is set to take place in June, with institutions affirming the industry's long-term development trend The "5th China International Solid-State Battery Technology Conference & 2025 Advanced Battery Materials and Intelligent Equipment Technology Exhibition" will be held in Hefei from June 19-20, 2025. The conference will feature six themes covering solid-state batteries, cathode and anode materials, sodium-ion batteries, battery safety, battery recycling, lithium resources, as well as testing instruments and equipment enterprises. It will comprehensively showcase the latest research, technologies, processes, and equipment advancements, and delve into the future development directions of the new energy industry. Recently, CATL's 21C Innovation Lab published its research findings on lithium metal batteries in the international journal Nature Nanotechnology. This research is expected to accelerate the transition of solid-state batteries from laboratory to large-scale application. Yang Rui from Huaxi Securities believes that with the maturation of battery technology and the improvement of the supporting industry chain, new solid-state-related products are expected to be launched successively, capacity construction will continue to progress, and terminal performance is anticipated to be continuously validated, accelerating the industrialisation process. Yao Yao from Sinolink Securities believes that the long-term development trend of solid-state batteries is certain, and attention should be paid to incremental segments. Recent industry changes focus on the fibrillation of raw materials and lithium metal anodes. 4. Industry leader launches AI medical product matrix to meet users' diverse healthcare management needs Recently, at a launch event, Ping An Good Doctor announced the official rebranding of Ping An Health Medical Technology Co., Ltd. to "Ping An Good Doctor." The company unveiled its annual medical and health service brand and introduced a comprehensive "7+N+1" AI medical product matrix that covers all scenarios, cycles, and ecosystems to meet users' diverse healthcare management needs. AI technology can not only assist doctors in identifying fracture lesions but also aid in early disease screening. Nowadays, it is also taking on the crucial task of intelligent patient triage. According to Southwest Securities, statistics show that over 830 hospitals nationwide have successively completed the localized deployment of DeepSeek-R1, driving the digital and intelligent transformation of hospitals. Application scenarios include monitoring medical quality, optimizing hospital resource allocation, assisting in diagnosis, and ensuring data security. The comprehensive open-sourcing and multi-domain adaptation of the domestic large model DeepSeek-R1 marks a new stage of technological integration and industry restructuring in AI healthcare, drawing attention to the accelerated development and investment opportunities in the AI healthcare sector.

Macro News 1. The General Office of the Communist Party of China Central Committee and the General Office of the State Council issued the "Opinions on Further Advancing Shenzhen's Comprehensive Reform Pilot to Deepen Reform, Innovation, and Opening Up." The document proposes supporting Shenzhen in reforming the flight management system for unmanned aircraft, improving low-altitude flight supervision rules, and exploring cross-border helicopter flights and public service general aviation operations. It also calls for establishing mechanisms for the empowerment, transformation, and evaluation of job-related scientific and technological achievements, implementing long-cycle assessments of state-owned asset preservation and appreciation resulting from such transformations. Additionally, it allows enterprises listed on the Hong Kong Stock Exchange within the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange in accordance with relevant policies. 2. On June 10, Zheng Shanjie, Minister of the National Development and Reform Commission (NDRC), chaired a symposium with technology-oriented private enterprises to solicit opinions and suggestions for the scientific formulation of the 15th Five-Year Plan, focusing on the field of technological innovation. Minister Zheng stated that during the formulation process, the NDRC will carefully study and incorporate enterprises' suggestions, proposing more targeted policy measures to support private enterprises in playing a more active role in promoting technological innovation and building a modern industrial system. Representatives from five private enterprises attended the symposium, including Moore Threads from Beijing, Ant Technology Group from Zhejiang, BGI from Guangdong, Yinjinda New Materials from Henan, and Seven Robots from Chongqing. 3. The Ministry of Commerce announced that, in accordance with the "Anti-Dumping Regulations of the People's Republic of China," it decided on June 17, 2024, to initiate an anti-dumping investigation into imported pork and pork by-products originating from the European Union. Given the complexity of the case, the Ministry of Commerce has extended the investigation period to December 16, 2025, pursuant to Article 26 of the regulations. 4. Senior Colonel Wang Xuemeng, spokesperson for the Chinese Navy, stated that recently, the Chinese Navy's aircraft carrier formations, including the Liaoning and Shandong, conducted training exercises in the Western Pacific and other waters to test their capabilities in far-sea defense and joint operations. These exercises were routine training organized according to the annual plan, aimed at continuously improving mission readiness, in compliance with relevant international laws and practices, and not targeting any specific country or objective. Industry News 1. Yesterday, four automotive producers—China FAW Group Corporation, Dongfeng Motor Corporation, Guangzhou Automobile Group Co., Ltd., and Seres Group Co., Ltd.—issued statements on the same day, committing to standardize payment terms to within 60 days. 2. The State Administration for Market Regulation has solicited public comments on the "Measures for the Supervision of Live E-commerce (Draft for Comments)."It was proposed that platform operators should establish and improve platform agreement rules, and strengthen identity authentication and qualification review of live-streaming room operators, service agencies for live-streaming marketers, and live-streaming marketers. Live-streaming marketers are required to introduce products or services truthfully, accurately, and comprehensively, and must not deceive or mislead consumers. 3. Yesterday, at Yongle's 2025 Spring Auction, a LABUBU displayed as a first-generation collectible mint-green piece was ultimately auctioned off for 1.08 million yuan. It is understood that this auction was part of the world's first dedicated art auction for first-generation collectible LABUBU pieces. This LABUBU piece measures 131cm in height, is made of PVC, and is mint-green in color. It is marked as "the only one in the world" in the remarks column. 4. According to the State Taxation Administration, during the first month of the implementation of further optimized measures for the departure tax refund policy (April 27 - May 26), the number of departure tax refunds processed by tax authorities nationwide increased by 116% YoY. During the first month of the policy's implementation, 1,303 new departure tax refund stores were added nationwide, bringing the total to 5,196, which is 1.4 times the number at the end of 2024. Sales at tax refund stores increased by 56% YoY. 5. The ±800 kV UHV DC transmission project from Hami to Chongqing, undertaken by State Grid Corporation of China, commenced power transmission on June 10. This is the first UHV DC receiving project in south-west China, capable of transmitting over 36 billion kWh of electricity annually from Xinjiang to the load center in Chongqing. 6. The Nanjing Municipal Bureau of Industry and Information Technology and the Jiangbei New Area Administrative Committee jointly announced at a Nanjing Municipal Government press conference that the 2025 Nanjing Software Conference will be held in Nanjing from June 17 to 19. Themed "Empowering Industrial Software, Enabling Open Source Innovation," the conference will focus on key areas such as industrial software, information technology application innovation industry, and open source ecosystems. It will feature one main conference, four major special events, and one software park investment promotion activity. 7. The Zhengzhou Municipal Bureau of Commerce issued an announcement stating that the subsidy funds for this round of home appliance products in Zhengzhou have been fully utilized. In accordance with the principle of "first come, first served, until funds are exhausted," the application for subsidy qualification coupons for the 2025 trade-in of home appliance products will be suspended starting at 12:00 on June 11. Consumers who have already received subsidy qualification coupons for home appliance products on June 11 can still participate in the home appliance subsidy activities normally on the same day. 8. The housing provident fund management centers of six cities, namely Shenzhen, Zhuhai, Shantou, Jiangmen, Chaozhou, and Jieyang, officially signed the "Cooperation Agreement on Promoting the Coordinated Development of Housing Provident Funds." It is reported that the cities involved in this agreement will continue to accelerate the realization of a "unified city" experience for housing provident fund services within the region from four aspects, including promoting non-discriminatory services for housing provident funds across different regions and facilitating mutual recognition and interoperability of housing provident fund loans across different regions. Company News 1. Vanke A announced the first sale of 22 million A-share treasury shares, with a transaction amount of RMB 146 million. 2. Tencent Music Entertainment Group announced on the Hong Kong Stock Exchange its proposed acquisition of Himalaya Holdings, with a total cash consideration of $1.26 billion. 3. *ST Jingang announced the signing of a restructuring investment agreement with industrial investor Ouhao Group. 4. Lianhuan Pharmaceutical announced the receipt of an administrative penalty decision, with a total fine and confiscation amounting to RMB 61.0382 million. 5. Honghe Technology announced a proposed change in corporate control, and its shares will resume trading on June 11. 6. Qumei Furniture announced that Wu Nani, a director of the company, reduced her shareholding by 58,000 shares during the period of abnormal stock trading fluctuations. 7. Sugon announced that it will hold an investor briefing on major asset restructuring on June 11. 8. Beize Technology announced a strategic cooperation intention with Xingdong Jiyuan to collaborate on the application of humanoid robots in intelligent logistics scenarios. 9. Founder Tech announced a proposed private placement to raise no more than RMB 1.98 billion for the construction of an industrial base for high-density interconnect circuit boards for artificial intelligence and computing power applications. 10. Chutian Dragon released a record of investor relations activities, stating that it maintains necessary technical reserves and focuses on the underlying technologies related to stablecoins. 11. Chengdu Huawei announced the release of a 4-channel, 12-bit, 16G high-speed, high-precision RF direct-sampling ADC chip. 12. Dongfang Electric Heating Technology announced the signing of a strategic cooperation agreement with Shanghai Zhishi, a subsidiary of Xiaomi, to actively develop robotic electronic skin. Global Markets 1. The three major U.S. stock indices closed higher collectively, with the Nasdaq up 0.63%, the S&P 500 up 0.55%, and the Dow up 0.25%. Among them, the Nasdaq and the S&P 500 reached new closing highs since late February, while the Dow reached a new closing high since early March. Intel rose nearly 8%, marking its largest single-day gain in two months; Tesla rose over 5%. Circle fell more than 8%, after surging over 270% in the three days since its listing. McDonald's (MCD) closed lower for seven consecutive trading days, marking its longest losing streak since 2013. Popular Chinese ADRs had mixed performances, with the Nasdaq Golden Dragon China Index up 0.3%. Major European stock indices closed with mixed results, with the German DAX 30 down 0.69%. 2. International crude oil futures settled slightly lower. The July contract for WTI crude oil futures fell 0.47%, while the August contract for Brent crude oil futures fell 0.25%. 3. COMEX gold futures fell 0.31%, and COMEX silver futures fell 0.4%. Investment Opportunities Reference 1. Suzhou, Jiangsu, to solicit "AI+" technologies to support provincial urban football league preparations According to media reports, the Suzhou Artificial Intelligence Industry Association plans to solicit innovative products and solutions that leverage AI technologies to empower the Suzhou football team, aiming to enhance training standards and competitive performance, and assist the team in achieving outstanding results in the 2025 Jiangsu Provincial Urban Football League. The upgrade and expansion of the Suzhou Super League, along with the star power of its players, have increased the tournament's visibility. The expansion of live-streaming channels and the potential for paid broadcasts are expected to enhance commercial monetization. Coupled with the trend of multiple regions emulating the league format, these factors collectively boost the commercial value of the sports industry. Guotai Haitong Securities stated that with the advancement of AI technologies, "AI + Sports" has already been deployed in multiple segments. AI treadmills and AI strength training equipment are gradually being introduced in gyms and home settings. Against the backdrop of strong policy support, ample consumption potential, and iterative advancements in AI technology, it is recommended to focus on investment opportunities in the sports sector in 2025. 2. Another industry conference to be held, institutions say humanoid robot orders continue to grow rapidly It is reported that the 2025 (2nd) Embodied Intelligent Robot Scenario Application Ecosystem Conference will be held on June 12. Dongguan Securities stated that orders for humanoid robot manufacturers continue to grow rapidly, and a small-scale production phase may be reached in H2 2025, which will catalyze the sector's market performance. Soochow Securities believes that the mass production of humanoid robots is imminent. The current stage is comparable to the EV sector in 2014, with a decade-long industrial cycle on the verge of explosion. Shanghai Securities believes that the emergence of DeepSeek AI has driven the development of general-purpose robot large models, facilitating the realization of embodied intelligence in humanoid robots. The humanoid robot industry chain has entered a phase of "diverse and vibrant" development. Currently, humanoid robots are entering industrial scenarios, becoming a highly certain application trend both domestically and overseas. The commercialization of humanoid robots is expected, and it is recommended to focus on domestic parts producers that stand to benefit. 3. Potentially the best carrier for full integration of multimodal interaction, shipments of such products are expected to grow rapidly According to reports, Saphlux LLC has officially launched the T3-series 0.13-inch monolithic full-color MicroLED microdisplay. This product utilizes Saphlux's self-developed nanopore quantum dot technology, achieving high integration of RGB pixels through quantum dot color conversion on a single blue wafer. Currently, the company is collaborating with its partner, Leyard, to develop AR glasses based on the T1-0.13-inch monochromatic microdisplay and plans to launch a new generation of AR glasses equipped with the T3-0.13-inch full-color display by the end of 2025. Guotai Junan Securities believes that AI+AR glasses are the optimal carrier for the full integration of multimodal interaction. AI+AR glasses rely on cameras for image input and can be combined with devices such as rings, watches, and wristbands to enable various interaction methods, including voice, display, gestures, eye movements, and touch. They empower scenarios such as voice assistants, image analysis, and intelligent navigation, making them the optimal carrier for multimodal large models, and will benefit from the evolution of multimodal large models. Global shipments of AI glasses are expected to grow rapidly. 4. The industry is entering a period of explosive growth in technological integration and scenario implementation. According to media reports, in line with the requirements of the "Notice on Conducting Pilot Work for Pairing Up and Applying Intelligent Elderly Care Service Robots in Scenarios" jointly issued by the Ministry of Industry and Information Technology (MIIT) and the Ministry of Civil Affairs, MediHealth Technology is publicly recruiting 100 users to participate in the trial of elderly care robots to further promote technological innovation and application of intelligent elderly care service robots. It is reported that the company's elderly care robots have been successively signed up for use in professional elderly care and medical facilities in Shanghai, Zhejiang, and other regions. Founder Securities points out that the penetration rate of intelligent robots in the elderly care field is continuously increasing, and the market potential is vast. In 2024, the market size of the intelligent elderly care robot industry is approximately 7.9 billion yuan, with rehabilitation robots accounting for the highest proportion, approximately 45%. Emotional companion robots have the fastest growth rate, with an annual growth rate of 120%. It is expected that the market for intelligent elderly care robots will reach 50 billion yuan in 2025. The elderly care robot industry is entering a period of explosive growth in technological integration and scenario implementation. With the continuous breakthroughs in technologies such as artificial intelligence, the Internet of Things, and flexible mechanics, elderly care robots will upgrade from single-function to multimodal interaction and embodied intelligence, achieving more accurate health monitoring, more natural companion interactions, and safer physical assistance.

Macro News 1. On June 9, the State Council held its 14th thematic study session on "deepening the reform of the mechanism for the commercialization of scientific and technological achievements, and promoting the integrated development of scientific and technological innovation and industrial innovation." Premier Li Qiang of the State Council, while presiding over the study session, emphasized the need to thoroughly study and implement the important instructions of General Secretary Xi Jinping and the relevant decisions and deployments of the CPC Central Committee. Through coordinated efforts in multiple aspects, efforts should be made to break through the bottlenecks in the commercialization of scientific and technological achievements, effectively improve the efficiency of commercialization, and promote innovative development. 2. The first meeting of the China-US Economic and Trade Consultation Mechanism was held in London, UK, on the afternoon of June 9 (local time). CCTV News reporters learned that the first meeting of the China-US Economic and Trade Consultation Mechanism would continue on June 10 (local time). 3. The General Offices of the CPC Central Committee and the State Council issued the "Opinions on Further Ensuring and Improving People's Livelihoods, and Focusing on Addressing the Urgent, Difficult, Worrisome, and Anticipated Needs of the Masses." Among the proposals are to improve the mechanism for adjusting the minimum wage standard and reasonably raise the minimum wage standard; to improve the mechanism for adjusting the basic medical insurance drug list, formulate and introduce a list of innovative drugs for commercial health insurance, and better meet the multi-level drug security needs of the people; and to promote eligible agricultural migrant populations to enjoy the same rights as the registered permanent residents of the places they move to. 4. Lin Jian, spokesperson for the Ministry of Foreign Affairs, presided over a regular press conference yesterday. A reporter asked whether China would open more "green channels" for the approval of rare earth exports. Lin Jian stated that the Ministry of Commerce of China had already responded to China's export control measures on rare earths, and that information could be consulted. Industry News 1. The Beijing Municipal Bureau of Economy and Information Technology and four other departments issued the "Implementation Plan for the High-Quality Development of Beijing's Fashion Industry (2025-2027)," which proposes supporting the launch of trendy portable wearable devices and the development of new products such as artificial intelligence personal computers. It encourages the R&D and launch of high-end new car models with a stronger sense of technology and fashion, and the exploration of overseas markets. 2. It is reported that the financial regulatory authorities in a certain area of the Yangtze River Delta recently issued a notice, clearly stating that banking institutions within their jurisdiction must not absorb deposits by giving physical gifts to customers or cooperating with internet platforms to distribute membership benefits. In case of the above-mentioned situations, the local regulatory authorities require the immediate suspension of the sale of relevant products, the simultaneous removal of promotional and display materials, and the orderly withdrawal of existing businesses by the end of 2025. 3. Data from the China Passenger Car Association (CPCA) show that domestic retail sales of passenger NEVs reached 1.021 million units in May, up 28.2% YoY and 12.1% MoM. From January to May, domestic retail sales of passenger NEVs reached 4.351 million units, up 34.1% YoY. 4. The Suzhou Artificial Intelligence Industry Association plans to solicit innovative products and solutions that leverage AI technology to empower the Suzhou football team, aiming to enhance training standards and competitive performance, and support the team in achieving outstanding results in the 2025 Jiangsu Provincial Urban Football League. 5. According to "Guiyang Release", Guiyang has established a joint conference system for the development of the sports industry, forming a collective effort to promote its growth. In terms of financial support, special funds and industrial support policies have been established and utilized to provide assistance to sports products, services, projects, and enterprises that align with the support direction. 6. The Hebei Provincial Development and Reform Commission recently issued the "Notice on Several Refined Measures to Promote the Development of the Private Economy in the Energy Sector", proposing support for private enterprises to participate in the construction and operation of charging infrastructure. It aims to expand diversified investment and financing models, attracting various types of social capital to participate in charging facility construction through investment attraction and policy support. Corporate News 1. Sugon announced that Hygon Information would absorb and merge Sugon through share exchange, and its stock trading would resume. Hygon Information also announced on the same day that its stock trading would resume. 2. Changshan Pharmaceutical announced that the marketing authorization application for its Ebenatide Injection for type 2 diabetes had been accepted, with uncertainties regarding approval and timing. 3. Vohringer announced abnormal fluctuations in its stock trading and would suspend trading for verification. 4. CECPORT announced that the National Integrated Circuit Fund had recently reduced its stake in the company by 1%. 5. Chow Tai Fook announced its intention to issue H shares and list on the Hong Kong Stock Exchange. 6. In response to media reports that "the company is planning a share transfer", relevant personnel from Hosun Silicon Industry responded to a reporter from China Securities Journal on the afternoon of the 9th, stating that they had never been in contact or negotiations with TBEA or its affiliates regarding share transfer matters. 7. Ruifeng Advanced Materials announced that its senior executive, Zhao Ziyang, was under investigation by the China Securities Regulatory Commission for suspected insider trading. 8. SFI said on its interactive platform that its FINNOSafe compliant Web3 platform could support the development of businesses related to stablecoin issuers and market participants. 9. Dexin Technology announced that the sales revenue from molds and products produced by its subsidiary for solid-state battery production accounted for less than 1% of its operating revenue. 10. Yangnong Chemical stated on its interactive platform that Tetrachlorantraniliprole could replace "Chlorantraniliprole" and had good market prospects. 11. EVE announced its intention to issue H shares and list on the Stock Exchange of Hong Kong Limited. 12. Xinzhu Stock announced plans to acquire a 60% stake in Sichuan Shudao Clean Energy Group Co., Ltd., with trading resuming. 13. Maxinlin announced that its controlling subsidiary signed a computing power service contract worth 1.184 billion yuan. 14. Huasheng Stock announced plans to acquire a 100% stake in Yixin Technology, with trading suspended. 15. *ST Longyu announced that the Shanghai Stock Exchange required the company to fulfill its repurchase obligations during the delisting period. 16. Hailian Jinhui stated on the interactive platform that the company currently has no direct business revenue related to digital currency or stablecoins. Global Markets 1. The three major U.S. stock indices closed mixed, with the Nasdaq up 0.31%, the S&P 500 up 0.09%, and the Dow flat. Both the Nasdaq and S&P 500 hit new closing highs since late February. Most large-cap tech stocks rose, with Tesla up over 4%, Intel up over 2%, Google and Amazon up over 1%, and Microsoft rising slightly. Apple and Netflix fell over 1%, while Meta dropped slightly. Most popular Chinese stocks closed higher, with the Nasdaq Golden Dragon China Index up over 2%. European major indices collectively closed lower, with Germany's DAX30 down 0.62%. 2. International crude oil futures settled about 1% higher. WTI crude July futures rose 1.1%, while Brent crude August futures gained 0.86%. 3. COMEX gold futures rose 0.04% to $3,347.8/oz, while COMEX silver futures gained 2.07% to $36.915/oz. Investment Opportunities 1. Cross-Sea Flight Takes Only 5 Minutes: Hong Kong's First Drone Delivery Route Officially Launched Media reported that under Hong Kong's low-altitude economy regulatory sandbox framework, Meituan's drone first regular route officially commenced operations. The route features a "cross-sea + park" scenario, flying from Hong Kong Science Park to Ma On Shan Promenade in about 5 minutes, nearly 7 times more efficient than traditional delivery methods. Merchants like McDonald's and Pizza Hut in Hong Kong have already joined the service. Zhongtai Securities noted that China's consumer drone market size grew from 15.5 billion yuan in 2016 to 38.81 billion yuan in 2021, with a CAGR of 20.2%, and is projected to reach 62.49 billion yuan by 2026. As prices decline and the industry chain improves, the barrier for consumer purchases has significantly lowered. 2. Industry Leaders Launch Scenario-Specific Products, with ByteDance, Huawei, and Tencent Entering the Market Media reported that Baidu Intelligent Cloud recently launched a family of selected industry scenario-specific smart agents covering energy, transportation, healthcare, and environmental sectors. In addition to Baidu, companies such as ByteDance, Huawei, Tencent, and Kunlun Tech have also been actively deploying AI Agents. A research report by Guoyuan Securities pointed out that major internet companies are competing in the Agent sector to secure new interaction entry points in the AI internet era. AI Agents inherit the core genes of the APP era, possessing a certain degree of versatility and subscription systems. Agents have advantages in service-oriented delivery, network effects, and developer ecosystems, and can directly invoke APPs to complete designated tasks. Universal Agents are widely permeating various aspects of users' work and lives, and are expected to surpass the original APP ecosystem. 3. The industry has a vast market size and is becoming an important driving force for economic development. According to media reports, the marine economy has shown a positive development trend this year, with the gross marine product in Q1 reaching RMB 2.5 trillion, up 5.7% YoY. The development of the marine industry has remained stable and positive, with the acceleration of new quality productive forces. The surging blue new momentum is becoming an important driving force for China's economic development. The marine economy has a vast market size and broad development space. In 2023, global marine trade reached US$2.2 trillion, accounting for about 7% of the total global trade, with service trade reaching US$1.3 trillion and merchandise trade reaching US$900 billion. The Organisation for Economic Co-operation and Development (OECD) predicts that by 2030, the economic value of the ocean will exceed US$3 trillion, equivalent to the size of the world's fifth-largest economy. Domestically, according to data released by the Ministry of Natural Resources, in 2024, China's total marine economy exceeded RMB 10 trillion for the first time. Northeast Securities pointed out that the 2025 government work report mentioned "launching large-scale application demonstration initiatives for new technologies, new products, and new scenarios to promote the safe and healthy development of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology." This is the first time that deep-sea technology has been included in the government work report. Deep-sea technology enhances detection capabilities in deep-sea areas, and the development of deep-sea technology holds both economic and strategic significance. With the support of top-level planning, emerging fields such as deep-sea technology are expected to accelerate their development. 4. An important direction in the new round of technological competition for NEVs, with significant acceleration in the R&D progress of such products. It is reported that as the technological breakthroughs in the NEV industry enter the "deep water zone," the evolution of the technological path of power batteries, as a core component, has attracted significant market attention. Among them, solid-state batteries have become an important direction in the new round of technological competition for NEVs. In terms of relevant standards, the "Judgment Method for All-Solid-State Batteries" has been released. In the market, R&D progress in the field of solid-state batteries has significantly accelerated. Driven by multiple factors, several publicly listed firms have clarified the timetable for the mass production of solid-state batteries, accelerating the industrialisation process of solid-state batteries. Zhongtai Securities pointed out that in April 2025, the Ministry of Industry and Information Technology (MIIT) introduced new national standards for power batteries, imposing stricter requirements on battery thermal runaway and thermal propagation. It also issued documents urging the acceleration of top-level construction in the solid-state battery industry, indicating a proactive and encouraging stance in national policies. Meanwhile, from the perspective of the capital expenditure cycle, capital expenditures for new-type battery technologies, primarily semi-solid-state, have significantly increased. The solid-state battery industry is expected to drive the lithium battery industry to complete a new round of industrial technology upgrades and iterations under the influence of the triple factors of "market demand + policy encouragement + industrial upgrading."

On June 6, China Energy Engineering Group Co., Ltd. organized and held the acceptance and review meeting for the major science and technology project "Research on Key Technologies and Core Equipment for Hydrogen Energy" of China Energy Engineering Group. The project focused on the entire industry chain of hydrogen energy, covering "production, storage, transportation, refueling, and utilization," and conducted research on key technologies and core equipment. The demonstration applications of the project's achievements have reached internationally leading levels, guiding the healthy and smooth development of China's hydrogen energy industry. The review experts came from well-known domestic scientific research institutions and related units of top-tier enterprises in the hydrogen energy industry. The meeting was chaired by Pei Aiguo, General Manager of the Science, Information, and Equipment Department of China Energy Engineering Group Co., Ltd. Li Jingguang, Secretary of the Party Committee and Chairman of China Energy Engineering Hydrogen Energy Co., Ltd., the leading unit of the project, attended the meeting. The project focused on core technologies in the hydrogen energy industry chain, including electrolytic hydrogen production, hydrogen purification, hydrogen liquefaction, green hydrogen-based ammonia synthesis, hydrogen refueling stations, and business models. It proposed systematic solutions and conducted demonstration applications for key scenarios such as electrolytic water-splitting equipment for fluctuating renewable energy, battery-grade lithium hydroxide coupling control, green hydrogen-based ammonia synthesis, and hydrogen refueling stations. It supported the construction of the world's largest Songyuan Green Hydrogen, Ammonia, and Methanol Project, created a model for green hydrogen, ammonia, and methanol energy construction, set a benchmark for the hydrogen energy industry, and led the development of the hydrogen energy industry. Technological breakthroughs were achieved in multiple aspects: Electrolytic hydrogen production: A 1000Nm³/h alkaline electrolyzer was independently developed, and an automated production line for 1000Nm³/h alkaline electrolyzers was established. The resulting equipment has been applied in the Zhongneng Green Electricity Zhangye Hydrogen Energy Project and the Songyuan Green Hydrogen, Ammonia, and Methanol Integrated Demonstration Project, gaining widespread market recognition. Supply contracts worth tens of millions of yuan for electrolyzers have been signed, achieving the goal of seamless transition from scientific and technological R&D to achievement transformation. By-product hydrogen purification: A 1400Nm³/h PSA industrial by-product hydrogen purification process technology was developed. This technology has been applied in the Jiangmen City 81,000 mt/year caustic soda relocation project, achieving a hydrogen purity of 99.999%. It has opened up a route for industrial by-product hydrogen purification, providing technical support for the design, investment, construction, and operation of by-product hydrogen projects of China Energy Engineering Group. Hydrogen liquefaction: A 1t/d hydrogen liquefaction process engineering plan was formulated, with the para-hydrogen molar content of liquid hydrogen products exceeding 98%, comparable to the energy consumption levels and para-hydrogen content of mainstream international products. Flexible ammonia synthesis: A "process-equipment-intelligent control" trinity solution for hydrogen purification and green ammonia synthesis was constructed, significantly reducing industrial carbon emissions. A 100,000 mt/year renewable energy electrolytic hydrogen-based ammonia synthesis technology was developed and applied in the China Energy Engineering Shule County 1 million mt hydrogen-based chemical base project. Integrated hydrogen production and refueling stations: A design plan for 1000kg/d, 70MPa-class integrated hydrogen production and refueling stations was formulated. Simulation software for hydrogen refueling station operation and optimization scheduling software for integrated new energy hydrogen production and refueling stations were developed. Relevant achievements have been applied in the Jingneng Chagannur "Wind, Solar, Thermal, Storage, and Hydrogen" Integrated Demonstration Project. Additionally, the project systematically studied the business models and investment opportunities across the entire industry chain of hydrogen energy production, storage, transportation, and utilization. It proposed a new market development strategy ("3316N") and a business development strategy of "seizing resources to reduce costs and increase efficiency in upstream hydrogen production, deeply involving in and iterating technologies in midstream storage and transportation, and comprehensively planning layouts to expand the market in downstream applications." This has formed a hydrogen energy business model across the entire industry chain with CEEC's characteristics. The CEEC Songyuan Hydrogen Energy Industrial Park (Green Hydrogen, Ammonia, and Alcohol Integration) project was selected as a demonstration project for green and low-carbon advanced technologies by the National Development and Reform Commission (NDRC) in 2024. One monograph titled "Research on the Development Status and Pathways of Renewable Energy-Based Hydrogen Production" was published. At the acceptance and evaluation meeting, the expert panel highly praised the work completed, unanimously agreeing that the project had fulfilled the contents specified in the task book and that the assessment indicators met the requirements of the task book. The demonstration application of the project's achievements had reached an internationally leading level. Meanwhile, it was believed that the project had strengthened the technological iteration and updating in the hydrogen energy field, consolidated the industry's leading position, and provided strong support for building a demonstration benchmark across the entire industry chain and for the development of CEEC's hydrogen energy industry. Liu Dairong, Deputy General Manager of CEEC Hydrogen Energy Co., Ltd., the leading unit of the project, reported on the project's progress and related achievements on behalf of the project team. Over 20 members of the project team attended the meeting. Taking this acceptance and evaluation meeting as an opportunity, the hydrogen energy company will firmly grasp the window period for the development of the national hydrogen energy industry and promote industrial innovation through technological innovation. In response to the strategic deployments of the national "15th Five-Year Plan" for "building a new-type energy system" and "tackling key green and low-carbon technologies," the hydrogen energy company will fully align with the development needs of the hydrogen energy industry's leapfrog growth. It will focus on three main lines: "large-scale green hydrogen production, independent storage and transportation technologies, and diversified application scenarios," accelerating the race to occupy the commanding heights of global hydrogen energy technology.

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.