Macro News 1. The WTO Ministerial Conference was held in Paris, France. Chinese Minister of Commerce Wang Wentao attended the conference and delivered a speech. Wang Wentao stated that China had submitted the "Statement on Supporting the Multilateral Trading System under the Current Situation" to the WTO and was willing to work with all parties to safeguard the international economic and trade order and global trade stability, injecting more certainty into the world economy. 2. On June 4, Foreign Ministry Spokesperson Lin Jian hosted a regular press conference. A reporter asked about the White House's response to Lee Jae-myung's election as President of the Republic of Korea and mentioned China's influence on other socialist countries in the world. Lin Jian stated that China consistently adheres to the principle of non-interference in the internal affairs of other countries and has never and will never interfere in the internal affairs of any country. Lin Jian reiterated that the United States should abandon its old habit of imagining China based on its own actions, and stop provoking relations between China and the Republic of Korea. 3. Christopher Hui, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, stated that the Hong Kong Securities and Futures Commission was considering introducing virtual asset derivatives trading for professional investors and would formulate robust risk management measures. 4. On June 4, the Ministry of Finance of the People's Republic of China issued RMB 12.5 billion in government bonds for the third issue of 2025 through tender to institutional investors in the Hong Kong Special Administrative Region. The bonds were widely welcomed by investors, with a subscription multiple of 3.96 times. 5. Recently, the Ministry of Finance and the Ministry of Housing and Urban-Rural Development organized the selection of cities supported by the central government's fiscal funds for the implementation of urban renewal actions in 2025. The 20 cities proposed for support are: Beijing, Tianjin, Tangshan, Baotou, Dalian, Harbin, Suzhou, Wenzhou, Wuhu, Xiamen, Jinan, Zhengzhou, Yichang, Changsha, Guangzhou, Haikou, Yibin, Lanzhou, Xining, and Urumqi. Industry News 1. Li Lecheng, Secretary of the Party Leadership Group and Minister of the Ministry of Industry and Information Technology, chaired a meeting on June 3 to study ideas and measures for promoting the development of the artificial intelligence industry and empowering new-type industrialization. The meeting emphasized promoting the deployment of large models in key industries of the manufacturing sector, accelerating the refinement of application scenario requirements, expediting the intelligent upgrading of the entire manufacturing process, and transforming production management models. 2. The National Energy Administration issued a notice on organizing the first batch of pilot work for the construction of a new-type power system, which mentioned that, based on the scientific integration of source-load-storage resources, it would coordinate the green electricity demand of existing and incremental data centers in various regions with the conditions of new energy resources, and collaboratively plan and layout computing power and power projects. It would also build or renovate a number of different types of virtual power plants according to local conditions, encourage the launch of pilot projects for the new generation of coal-fired power plants, and focus on building or renovating a number of new energy power stations in regions with tight power supply or high consumption pressure. 3. The National Energy Administration held the 2025 Training Course on Power Market Construction Capacity and the Symposium on Power Market Construction Work in Kunming, Yunnan. The meeting called for continued efforts to advance the construction of power markets in southern China and the Yangtze River Delta region, accelerate the transition of provincial (autonomous region, municipality) power spot markets to continuous operation, and steadily promote the full participation of new energy in the market. 4. FTSE Russell announced the results of the quarterly review of the FTSE China 50 Index and the FTSE China A50 Index for June 2025. Pop Mart and SF Holding were newly included in the FTSE China 50 Index, while China Merchants Securities and China Railway Group were removed. Jiangsu Bank was included in the FTSE China A50 Index, while Great Wall Motor was removed. 5. Based on preliminary monthly data, the China Passenger Car Association (CPCA) comprehensively estimated that nationwide wholesale sales of passenger NEVs by producers reached 1.24 million units in May 2025, up 38% YoY and 9% MoM. The cumulative wholesale sales for the period from January to May 2025 were comprehensively estimated at 5.22 million units, up 41% YoY. 6. In May 2025, the number of newly opened A-share accounts pulled back but remained stable. On a monthly comparison basis, the total number of newly opened A-share accounts in January 2025 was 1.57 million, nearly doubling to 2.84 million in February, surpassing 3 million in March, and then declining by 37.22% MoM in April due to market volatility caused by tariff frictions. In May, the number further pulled back due to the impact of holidays. Compared with the 1.27 million newly opened accounts in May 2024, the number of newly opened accounts in May 2025 increased by 22.86% YoY. 7. The Nansha Branch of the Guangzhou Municipal Planning and Natural Resources Bureau in Guangdong Province processed the first "delivery of sea area with issuance of certificate" business in the province. Guangzhou Port Nansha Port Operation Co., Ltd. obtained the real estate ownership certificate on the same day after submitting the payment voucher for the sea area use fee, becoming the first enterprise in the province to benefit from the "delivery of sea area with issuance of certificate" reform. 8. The official website of the Sichuan Provincial Health Commission recently released the "Sichuan Provincial Population and Family Planning Regulations (Draft Amendment for Public Consultation)." The draft proposes extending the marriage leave from 5 days to 20 days, with an additional 5 days of marriage leave for those who voluntarily participate in premarital medical examinations. It also proposes establishing a mechanism for increasing maternity leave based on the number of children born in compliance with laws and regulations. The maternity leave in Sichuan will be extended to 90 days for the first child, 120 days for the second child, and 150 days for the third child. Corporate News 1. Wantai Biological Pharmacy announced that its marketing authorization application for the nine-valent HPV vaccine has been approved. 2. Zhongke Electric announced its plan to invest no more than 8 billion yuan in the construction of an integrated base project for lithium-ion battery anode materials. 3. Bangji Technology announced that it is planning major matters, and its shares have been suspended from trading. 4. Hainan Huatie announced that it is planning to list on the Singapore Exchange. 5. Shanghai Construction Group announced that its overseas wholly-owned subsidiary issued US$600 million in bonds. 6. HiteVision announced the suspension of trading of its shares due to the planned change in control, with the counterparty engaged in investment and asset management businesses. 7. Kweichow Moutai announced that as of the end of May, it had repurchased 3.31 million shares at a cumulative cost of 5.1 billion yuan. 8. Jinjiang Hotels announced its intention to issue shares (H shares) overseas and list them on the Hong Kong Stock Exchange. 9. Winchip Microelectronics announced that its shareholder, Guiren Capital, and its concerted actors intend to reduce their shareholdings by no more than 3% of the company's shares. 10. Tyer Machine announced that its actual controller, Tai Zhengbiao, was released from custody and changed to being ordered to await further investigation. 11. *ST Jinbi announced the suspension of trading of its shares due to the planned change in control of the company. 12. PowerChina announced that a consortium led by its subsidiary had won a bid for an ESS project worth 6.282 billion yuan. 13. Kingsoft Office announced the continued appointment of Lei Jun as the company's honorary chairman. 14. Lier Chemical announced that its shareholder, Zhongtong Investment, intends to reduce its shareholdings by no more than 3% of the company's shares. 15. Kexing Pharmaceutical announced that its controlling shareholder, Keyi Pharmaceutical, intends to reduce its shareholdings by no more than 3% of the company's shares. Global Markets 1. The three major U.S. stock indices closed with mixed changes: the Dow fell 0.22%, the Nasdaq rose 0.32%, and the S&P 500 rose 0.01%. The Nasdaq Golden Dragon China Index closed up 2.04%, with most popular Chinese ADRs rising. 2. WTI crude oil futures closed down 0.88% at US$62.85 per barrel; Brent crude oil futures closed down 1.17% at US$64.86 per barrel. 3. COMEX gold futures closed up 0.6% at US$3,397.4 per ounce. COMEX silver futures closed up 0.06% at US$34.655 per ounce. Investment Opportunities Reference 1. AI Drives Demand Growth, with Microsoft, Google, and Meta All Placing Bets in This Field On Tuesday local time, tech giant Meta reached a 20-year agreement with Constellation Energy, the owner of the largest nuclear power plant in the US, to meet the electricity demand driven by the AI boom. Since the beginning of this year, tech giants such as Microsoft, Google, Amazon, and Meta have been strongly betting on nuclear energy. The market generally believes that this is aimed at planning energy supplementation in advance for the development of AI businesses. Yongxing Securities' research report indicates that supportive policies for nuclear power have been frequently introduced in 2025. The State Council has approved the construction of nuclear power plants and continued to increase investment in the research and development of new nuclear power technologies. According to Zhang Xing, Deputy Director-General of the General Office of the National Energy Administration, on April 27, the State Council Executive Meeting decided to approve five nuclear power projects, including the third phase of Sanmen in Zhejiang, Units 1 and 2 of the pressurized water reactor in Xiapu, Fujian, the third phase of Haiyang in Shandong, the second phase of Taishan in Guangdong, and the third phase of Fangchenggang in Guangxi. China's installed nuclear power capacity in operation and under approval for construction exceeds 120 million kW. In addition, the National Development and Reform Commission (NDRC) and the National Energy Administration will strongly support the R&D efforts for cutting-edge technologies such as fourth-generation nuclear power technology, small modular reactors, and nuclear fusion. 2. Lei Jun Says Xiaomi's Automotive Chips Are Expected to Launch Soon According to media reports, Xiaomi founder Lei Jun disclosed at the Xiaomi Investor Conference that the selling price of the newly launched Xiaomi YU7 is unlikely to be the rumored 235,900 yuan, and the official pricing will only be determined 1-2 days before the launch. Lei Jun stated that Xiaomi began investing in the R&D of the robotics sector five years ago. Currently, the car factory is testing relevant capabilities, and Xiaomi's automotive chips are under development, with an expected launch soon. China Research Institute of Industry Development (CRIID) stated that the market size of automotive chips in China reached 120 billion yuan in 2024 and is expected to exceed 300 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 25%. Guosen Securities issued a research report stating that multiple chips were unveiled at the Shanghai Auto Show, and the localisation of automotive chips is timely. Domestic car makers are focusing on intelligence after electrification and are actively promoting the localisation of automotive chips. Domestically produced automotive chips are gradually transitioning from the early product development stage to the stage of large-scale sales. 3. Apple's Equity-Participating Company Advances Satellite Expansion Plan Recently, the Space Bureau of the US Federal Communications Commission (FCC) approved Globalstar's application to expand its second-generation "Direct-to-Device" (D2D) satellite constellation, aiming to provide network coverage services for Apple devices. It is understood that in November 2024, Globalstar announced plans for a new generation of C-3 satellite systems, which include Apple paying Globalstar up to $1.1 billion to enhance the non-terrestrial network connectivity capabilities of the iPhone. Previously, Apple also spent $400 million to acquire a 20% stake in Globalstar. The rapid advancement of aerospace technology has driven exponential growth in the global space economy. A report released by the World Economic Forum in 2024 shows that the global space economy is expected to grow from $630 billion in 2023 to $1.8 trillion by 2035, with an average annual growth rate of 9%, far exceeding the growth rate of global GDP, and will be an important engine driving global economic growth in the next decade. The US Federal Aviation Administration also predicts that commercial space activities will show strong growth momentum. Huaxi Securities stated that currently, the global commercial space sector is accelerating the development of reusable rockets and low-Earth orbit constellation networking, and China's commercial space industry is ushering in a dual turning point of "technological breakthrough" and "scale explosion". On the rocket manufacturing side, multiple top-tier enterprises in the commercial space sector are intensively conducting flight tests of reusable liquid rockets; on the satellite manufacturing side, greater manufacturing capacity and lower manufacturing costs are being achieved. In satellite applications, various scenarios are emerging, including direct satellite connectivity for mobile phones, direct satellite connectivity for automobiles, computing power satellites, and space broadband. 4. Capital market attention has increased significantly amid multiple catalysts, and the commercialization of Robo X has accelerated According to media reports, recently, Zheng Qinwen's match against top seed Aryna Sabalenka in the French Open women's singles quarterfinals attracted significant attention from domestic audiences. Beyond the tennis court, the event also showcased Guangzhou's technological elements. For two consecutive years, the only L4 autonomous minibus shuttle service at the French Open has been jointly provided by Guangzhou-based company WeRide and French automaker Renault Group. Driven by policy and industry synergy, the commercialization of Robo X (unmanned vehicles represented by Robotaxi and Robovan) has accelerated, and capital market attention has increased significantly amid multiple catalysts. Robotaxi: In 25Q1, fleets such as Pony.ai, WeRide, and Apollo Go have continued to expand, with orders growing rapidly and actively exploring overseas operations. Robovan has demonstrated significant potential in the logistics sector, forming a positive cycle of "cost reduction through technology - scenario validation - scale expansion." The business model has initially proven viable, and commercialization may accelerate in 2025. RoboX is expanding into broader unmanned applications, with commercialization accelerating in scenarios such as Robosweeper and Robotruck, while drone logistics is also emerging. Huatai Securities points out that the accelerated commercialization of Robo X is expected to bring investment opportunities across the entire industry chain.

Overnight Stock Market Major global indices generally rose on Tuesday, with all three major US stock indices closing higher. Chip stocks surged across the board, with Nvidia rising nearly 3%, extending gains from Monday, surpassing Microsoft in market capitalization, and once again becoming the world's most valuable company. Commodity Markets WTI crude oil futures closed at $63.41 per barrel, up $0.89, or 1.42%. Brent crude oil futures closed at $65.63 per barrel, up $1, or 1.55%. COMEX gold futures closed down 0.6% at $3,376.9 per ounce. COMEX silver futures closed down 0.05% at $34.675 per ounce. Market News [South Korea's Presidential Election Voting Results Bill Passes, Lee Jae-myung's Presidency Officially Begins] At 6 a.m. local time on June 4, the National Election Commission of South Korea held a plenary session and passed the bill on the presidential election voting results, officially marking the beginning of Lee Jae-myung's presidency. Around 5:03 a.m. local time on June 4, the vote counting for South Korea's 21st presidential election concluded. According to the results, Lee Jae-myung of the Democratic Party of Korea received 49.42% of the votes, Yoon Suk-yeol of the People Power Party received 41.15%, and Lee Jun-seok of the Reform and Innovation Party received 8.34%. [White House Says Trump Signed Order to Raise Steel and Aluminum Tariffs, Effective from Early Morning of June 4] The US White House issued a statement saying that President Trump had signed an order to raise tariffs on imported steel and aluminum and their derivatives from 25% to 50%, effective from 00:01 a.m. Eastern Time on the 4th. The statement indicated that tariffs on steel and aluminum imported from the UK would remain at 25%. [US Government Proposes First Spending Cut Plan, Requests Recall of $9.4 Billion] The US White House submitted a request to Congress on the same day to recall $9.4 billion in approved spending, most of which was for foreign aid. Mike Johnson, the Speaker of the US House of Representatives, stated that he had officially received the White House's request to recall $9.4 billion in wasteful foreign aid spending for organizations such as the US Agency for International Development and the Public Broadcasting Service. Mike Johnson said the House would act swiftly. It is understood that after the submission of the plan, Congress will have 45 days to process it. [Details of US-Iran Nuclear Negotiations Revealed: US Proposes Temporary Permission for Iran to Continue Uranium Enrichment] According to anonymous Iranian and European officials, the US proposed temporary measures during the US-Iran nuclear negotiations to allow Iran to continue low-enriched uranium enrichment activities while the US and other countries develop more detailed plans. The New York Times reported on the 3rd that the US and other countries will formulate a more detailed plan aimed at preventing Iran from developing nuclear weapons while allowing it to obtain the fuel needed for new nuclear power plants. According to the plan, the US will assist Iran in building nuclear reactors and negotiate the construction of a uranium enrichment facility managed by a coalition of regional countries. Once Iran begins to receive the promised benefits, it must cease all uranium enrichment activities within its borders. Iranian and European officials revealed that the plan has been submitted to Iran. [Zelensky: Opposes Unilateral Restart of Zaporizhzhia Nuclear Power Plant] Ukrainian President Zelensky held talks with IAEA Director General Grossi on the 3rd. Zelensky stated that the two sides discussed the safety of Ukraine's nuclear facilities, as well as the completion of the Khmelnytskyi Nuclear Power Plant, uranium mining, and the restoration of the damaged sarcophagus at the Chernobyl Nuclear Power Plant. Zelensky expressed that any Russian idea of restarting the Zaporizhzhia Nuclear Power Plant without Ukraine's involvement is absurd and dangerous. He emphasized that the IAEA should be stationed at the nuclear power plant for this purpose. [US Bureau of Labor Statistics: Will Correct "Minor Errors" in April Employment Data on Friday] The US Bureau of Labor Statistics stated that it will correct "minor errors" in April's employment data while releasing May's data on Friday, adding that the relevant adjustments will not affect key indicators such as the unemployment rate. In a statement on Tuesday, the Bureau of Labor Statistics said, "Due to minor errors in weights resulting from the introduction of a redesigned Current Population Survey (CPS) sample, some estimates for April 2025 will be corrected on June 6, 2025." "Major labor force indicators such as the unemployment rate, labor force participation rate, and employment-to-population ratio were not affected. Although many estimates will be corrected, the impact will be negligible." [Musk Criticizes Tax Reform Bill as "Absurd"; White House: Does Not Affect Trump's Position] US White House Press Secretary Levitt stated on the 3rd that Elon Musk's criticism "will not change" US President Trump's support for the massive tax and spending bill. It is reported that Musk posted a message on a social media platform on the same day, calling the massive bill "absurd and riddled with political manipulation." Musk claimed that the bill would significantly increase the budget deficit to $2.5 trillion, imposing an unbearable debt burden on US citizens. [White House Confirms Authenticity of Letter "Urging" Trade Negotiation Partners to "Submit Proposals"] The US White House Press Secretary stated on the 3rd that she could confirm the authenticity of the content of the letter regarding the deadline for trade negotiations. She said that the Office of the US Trade Representative sent the letter to trading partners merely to remind them of the approaching deadline, and that US President Trump was looking forward to reaching a good agreement. [Meta Reportedly Focused on Developing "Ultra-thin Open-type Headset"] Meta was reported to be adjusting its development plans: it intends to scrap the upgrade projects for its current VR products and accelerate the launch of an "ultra-thin open-type headset" before the end of next year. According to overseas tech media citing multiple sources familiar with the matter, the two alternative upgrade plans for the VR glasses Quest 4, "Pismo Low" and "Pismo High," have been canceled. Therefore, Meta's next Quest headset with a traditional design will not be launched until at least 2027. At the end of last year, Meta also confirmed that an alternative project for its high-end VR headset Quest Pro 2 had been scrapped. Meanwhile, Meta is accelerating the R&D project for its ultra-thin open-type headset, code-named "Puffin," with the goal of launching it before the end of 2026. In terms of form factor, the device will connect an independent computing module and a battery via cables. Sources familiar with the matter said that Meta is exploring display system solutions at different price points for this product, and the final mass-produced version has not yet been determined. [US eVTOL Company and Saudi Enterprise Explore Cooperation Opportunities, with Potential Delivery of 200 Electric Aircraft in the Future] On Tuesday (June 3) local time, Abdul Latif Jameel, a well-known Saudi enterprise, announced on its official website that it had signed a memorandum of understanding with Joby Aviation, a US company, to explore opportunities for establishing a distribution agreement for Joby's eVTOLs in Saudi Arabia. The press release stated that the two parties are expected to deliver up to 200 Joby Aviation aircraft and related services in the coming years, with the total transaction value potentially approaching $1 billion. "In the long run, both Abdul Latif Jameel and Joby see potential revenue opportunities in the Middle East region," it said. [Broadcom Announces Delivery of Switch Chips, Setting an Industry Record for Capacity] On June 3, Broadcom announced the official delivery of its Tomahawk® 6-series switch chips, setting an industry record with a switching capacity of 102.4 Tbps per single chip, which doubles the bandwidth of existing Ethernet switch products. [Meta and Constellation Sign 20-Year Power Supply Agreement] On Tuesday local time, tech giant Meta reached a 20-year agreement with Constellation Energy, the largest owner of nuclear power plants in the US, to meet the power demand driven by the artificial intelligence (AI) boom. According to the released statement, starting from June 2027, Meta will purchase approximately 1.1 gigawatts of electricity from Constellation's Clinton Clean Energy Center in Illinois, which represents the full power generation capacity of one of the center's nuclear reactors.

On Tuesday, Eastern Time, all three major indices closed higher, with the Nasdaq leading the gains among major indices, turning its year-to-date performance positive for the first time since February. (Minute-by-minute charts of the three major indices, source: TradingView) At the close, the Dow Jones Industrial Average rose 0.51% to 42,519.64; the S&P 500 gained 0.58% to 5,970.37; and the Nasdaq Composite advanced 0.81% to 19,398.96. Nvidia and other chip stocks drove the rally. Nvidia rose nearly 3%, extending gains from Monday, surpassing Microsoft in market capitalization to once again become the world's most valuable company. Broadcom and Micron Technology rose more than 3% and 4%, respectively. The recent rally has been boosted by a strong earnings season, while some investors believe that Trump's trade policies are unlikely to push the US economy into a recession, a concern that had previously weighed on the market. Wedbush Securities analyst Dan Ives noted that news of a planned call between Chinese and US leaders this week was positive, with Nvidia being one of the biggest beneficiaries. Sam Stovall, chief investment strategist at CFRA Research, warned that the market could oscillate between 5,700 and the all-time high set in late February in the short term. "We won't see Q2 GDP data until July, and we won't start getting Q2 earnings until July, and we won't have more information on tariffs until July," Stovall said in an interview with the media. "Until then, the market may just consolidate with volatility until we have a clearer picture—if we ever do—of earnings, GDP growth, and other prospects." Performance of Popular Stocks Most major tech stocks rose, with Apple up 0.78%, Microsoft up 0.22%, Nvidia up 2.80%, Google down 1.69%, Amazon down 0.45%, Meta down 0.60%, and Tesla up 0.46%. Most popular Chinese ADRs closed higher, with the Nasdaq Golden Dragon China Index up 0.56%. Alibaba rose 0.19%, JD.com fell 1.37%, Pinduoduo rose 1.96%, NIO rose 0.28%, XPeng Motors rose 1.92%, Li Auto rose 6.07%, Bilibili fell 2.49%, Baidu rose 0.83%, NetEase rose 2.32%, and Tencent Music rose 0.12%. Company News [Meta Reportedly Focused on Developing "Ultra-Thin Open Headset"] Meta reportedly adjusted its development plans: it plans to scrap upgrade projects for its current VR products and accelerate the launch of an "ultra-thin open headset" before the end of next year. According to reports from overseas tech media citing multiple sources, the two alternative upgrade plans for the VR headset Quest 4, namely "Pismo Low" and "Pismo High," have been cancelled. Therefore, Meta's next Quest headset featuring a traditional design is not expected to hit the market until at least 2027. At the end of last year, Meta also confirmed that an alternative project for its high-end VR headset Quest Pro 2 had been scrapped. Meanwhile, Meta is accelerating the development of its ultra-thin, open-style headset project, code-named "Puffin," with the goal of launching it before the end of 2026. In terms of form factor, the device will connect an independent computing module and a battery via cables. Sources said that Meta is exploring display system solutions at different price points for this product, and the final mass-produced version has yet to be determined. [US eVTOL Company Explores Cooperation Opportunities with Saudi Enterprises, Eyes Delivery of 200 Electric Aircraft in Future] On Tuesday (June 3) local time, Abdul Latif Jameel, a well-known Saudi enterprise, announced on its official website that it had signed a memorandum of understanding with Joby Aviation, a US-based company, to explore opportunities for establishing a distribution agreement for Joby's eVTOLs in Saudi Arabia. The press release stated that the two parties are expected to deliver up to 200 Joby Aviation aircraft and related services over the next few years, with the total transaction value potentially reaching nearly $1 billion. "In the long run, both Abdul Latif Jameel and Joby see potential revenue opportunities in the Middle East region," it said. [Broadcom Announces Delivery of Switch Chips, Setting Industry Record for Capacity] On June 3, Broadcom announced the official delivery of its Tomahawk® 6-series switch chips, setting an industry record with a switching capacity of 102.4 Tbps per single chip, doubling the bandwidth of existing Ethernet switch products. [Meta Signs 20-Year Power Supply Agreement with Constellation] On Tuesday local time, tech giant Meta reached a 20-year agreement with Constellation Energy, the largest owner of nuclear power plants in the US, to meet the power demand driven by the artificial intelligence (AI) boom. According to the released statement, starting from June 2027, Meta will purchase approximately 1.1 gigawatts of electricity from Constellation's Clinton Clean Energy Center in Illinois, which represents the full power generation capacity of one of the center's nuclear reactors.

As US President Donald Trump abruptly proposed a tariff hike on the European Union (EU) and Apple on Friday, the three major US stock indices collectively weakened amid shock and skepticism, with the S&P 500 recording its fourth consecutive daily decline. By the close of trading, the S&P 500 fell 0.67% to 5,802.82 points, the Nasdaq Composite Index dropped 1% to 18,737.21 points, and the Dow Jones Industrial Average declined 0.61% to 41,603.07 points. For the week, the S&P 500 fell 2.61%, the Nasdaq dropped 2.47%, and the Dow fell 2.47%. (Daily chart of the S&P 500 Index, source: TradingView) This level of decline is sufficient to show that the market currently does not fully believe that Trump will impose a 50% tariff on the EU on June 1 . Based on the understanding of the past two months, two weeks is enough time for Trump's policies to take several turns. Therefore, at Friday's press conference, a reporter directly asked him, "How do you plan to reach an agreement with the EU in nine days?" Trump downplayed the possibility of reaching an agreement with the EU, emphasizing: " They're not handling it the right way. I just said it's time to play the game my way, which I'm familiar with. " Meanwhile, Trump also expanded the threat of imposing a 25% tariff on Apple to all mobile phone manufacturers, including Samsung, and stated that the government is pushing to implement this tax before month-end. Ross Mayfield, an investment strategist at Baird, interpreted this as follows: "Over the past six weeks or so, the market has been riding the wave of easing trade tensions, which has also been one of the best six-week periods for the market in the past 75 years. The escalation of trade war rhetoric threatens this situation. Unless things really deteriorate, I don't think we'll retest the lows or anything like that. But from the market's perspective, this is undoubtedly a step in the wrong direction. " As the latest evidence of Trump's flip-flopping, he ambiguously stated on Friday that he supports a "partnership" between US Steel and Nippon Steel. According to Japanese media citing White House sources, Trump has approved Nippon Steel's offer to acquire US Steel. Prior to this, he had repeatedly expressed complete opposition to the acquisition of US Steel, a symbol of American manufacturing, by foreign capital. Performance of Popular Stocks US tech giants fell across the board, with Apple down 3.02%, Microsoft down 1.03%, Amazon down 1.04%, Nvidia down 1.16%, Alphabet (Google-A) down 1.40%, Tesla down 0.5%, Meta down 1.49%, and Advanced Micro Devices down 0.36%. By comparison, Chinese ADRs showed greater resilience, with the Nasdaq Golden Dragon China Index closing up 0.05%. At the close, Alibaba fell 0.62%, JD.com dropped 1.01%, Baidu declined 0.31%, Pinduoduo decreased 0.47%, Bilibili rose 3.19%, NIO fell 1.55%, NetEase increased 0.61%, Futu Holdings rose 0.29%, Li Auto gained 0.84%, XPeng Motors fell 2.44%, EHang Holdings dropped 2.19%, Niu Technologies surged 12.19%, Tencent Music Entertainment Group rose 3.48%, Youdao gained 2.32%, and Trip.com Group rose 2.08%. Corporate News [Trump Supports "Cooperation" Between Nippon Steel and US Steel] US President Donald Trump stated on Friday that US Steel will "remain in the US" and form a "partnership" with Nippon Steel. He also mentioned that this collaboration would create at least 70,000 jobs and add $14 billion to the US economy, with most investments to be completed within the next 14 months. Although Trump's remarks were unclear, Japanese media quoted White House sources as saying that he meant he had approved Nippon Steel's offer to acquire US Steel. Driven by this news, US Steel closed up 21.24% on Friday. [Ming-Chi Kuo: Apple's Issues Go Beyond Tariffs, There's Also Trump's Attention] In response to Trump's threat to impose a 25% tariff on Apple, renowned analyst Ming-Chi Kuo commented that, in terms of profit, it would be far better for Apple to absorb the 25% tariff than to move its production lines to the US. The key point is that this is the second time Trump has made comments targeting Apple recently, which is a signal that cannot be ignored. Kuo pointed out that before Trump leaves office, it is unrealistic to assemble iPhones for the US market in the US. Therefore, even if Apple reaches a temporary agreement with Trump to avoid tariffs this time, it is difficult to guarantee that Apple will not face tariff threats from time to time before Trump leaves office. [Trump Signs Nuclear Energy Revitalization Order, Nuclear Energy Industry Chain Soars] On Friday local time, Trump signed four executive orders aimed at accelerating the construction of nuclear power plants in the US, including new-generation small advanced reactors. One order requires the Nuclear Regulatory Commission to streamline its regulations and approve applications for new reactors within no more than 18 months. Another order directs the Department of Energy and the Department of Defense to explore sites on federal land and military bases for reactor construction, possibly alongside new data centers. As a result, the nuclear energy industry chain collectively surged. Small nuclear reactor startups Oklo and NuScale saw gains of 23.04% and 19.43%, respectively, on Friday, while uranium miners Uranium Energy and Energy Fuels rose by 25% and 20%, respectively. The Global X Uranium ETF (URA) gained 11.61%. [Market News: Oracle Plans to Spend $40 Billion on NVIDIA Chips] According to media reports, Oracle plans to invest approximately $40 billion to purchase 400,000 NVIDIA GB200 chips to support OpenAI's "Stargate" project in Texas for training and running AI applications. The new data center is expected to become operational by mid-2026. [Amazon Accused of Selling "Contaminated Rice"] In a class-action lawsuit, Amazon was accused of selling rice contaminated with arsenic and heavy metals. A study found that 18 types of rice sold by the e-commerce giant contained toxic chemicals, including Amazon's private-label brands.

The CLNB 2025 (10th) New Energy Industry Expo, hosted by Shanghai Metals Market (SMM), will be grandly held at the Suzhou International Expo Center from April 16 to 18, 2025. Concurrently with the exhibition, there will be 1 main forum and 11 sub-forums, attended by government leaders, academicians from the Chinese Academy of Sciences and the Chinese Academy of Engineering, domestic and overseas scientists, foreign guests from dozens of countries, and leading entrepreneurs from various industries. Witness the gathering of industry leaders, delve into core technologies, listen to experts' insights, and interpret market trends. Gather in Suzhou, focus on key issues, and join us in dissecting industry development. This expo covers 6 major exhibition areas, with over 1,300 domestic and overseas exhibitors and participating companies showcasing the entire industry chain of batteries, including power batteries, consumer batteries, ESS, raw materials, materials, equipment, battery recycling, as well as NEVs, power tools, electric drives, and low-altitude economy in the power exhibition area, providing you with a one-stop exhibition experience. Click to fill out the registration form and register immediately to discuss the future development of the new energy industry with industry elites. We look forward to your arrival and to opening this feast of the new energy industry with SMM. At this New Energy Industry Expo, Shanghai Rudi Fluid Conveying Equipment Co., Ltd. will make a grand appearance, discussing industry cooperation, sharing development opportunities, and jointly painting a beautiful blueprint for the new energy industry with peers. Shanghai Rudi Fluid Conveying Equipment Co., Ltd., Booth No.: F107, cordially invites you to visit the CLNB 2025 New Energy Industry Expo. About Shanghai Rudi: Shanghai Rudi Fluid Conveying Equipment Co., Ltd., established in 2007, is a specialized and innovative enterprise, a high-tech enterprise, and a professional manufacturer of pneumatic diaphragm pumps, electric diaphragm pumps, electric-pneumatic hybrid pumps, and plunger pumps. From introducing foreign technology to continuously innovating and developing new products, the company is one of the producers with the most comprehensive specifications and varieties of pneumatic diaphragm pump products both domestically and overseas. The products cover diameters from 06 to 125, with materials including stainless steel, alloy steel, cast steel, cast iron, plastic, aluminum alloy, etc., and is a service provider offering high-quality digital and intelligent solutions to global customers. The company wins the market with small batches and multiple varieties, with product classifications including standard pumps and non-standard pumps. Centered on customers, it provides: anti-dry running pumps, heat-insulated diaphragm pumps, powder conveying pumps, filter press special pumps, sanitary pumps, anti-icing pumps, airless motor pumps, high suction pumps, remote alarm control pumps, anti-diaphragm rupture device pumps, and intelligent pumps for different occasions. Mainly distributed in industries such as nuclear power, new energy, fine chemicals, pharmaceuticals, coatings, paints, shipbuilding, environmental protection, and water treatment. Your dreams and wisdom will be realized at Rudi, with more pumps continuously under development... The company's core values: customer-centric, continuously launching new products. Let employees benefit, let customers benefit, let suppliers benefit, and satisfy society, looking forward to longer cooperation with you! Product Introduction: RD All-PP Pneumatic Diaphragm Pump: The RD All-PP Pneumatic Diaphragm Pump uses high-performance engineering plastics as the flow components of the diaphragm pump, making it more suitable for acidic and alkaline working environments and more corrosion-resistant. The plastic air valve body adopts an external air valve, which can be maintained externally without opening the inner cavity. The air valve piston cavity is equipped with a stainless steel cylinder sleeve, improving the piston's sealing and enhancing the product's service life. Additionally, the air inlet is equipped with our company's unique air filtration and purification mesh device to prevent unclean air from entering and affecting the air valve's service life. Moreover, our air guide switch uses ceramic and engineering plastics for different usage scenarios. Our diaphragm pump ball seat sealing rings are made of different materials such as fluororubber, fluororubber-coated, and chloroprene rubber, suitable for various media. It is suitable for acidic and alkaline working environments, capable of handling chemicals, corrosive fluids, acids, and gases. Typical applications include chemistry, water treatment, chemical tank electroplating, industrial tank removal, etc. RD All-Stainless Steel Pneumatic Diaphragm Pump: The RD All-Stainless Steel Pneumatic Diaphragm Pump has all-stainless steel middle body components, greatly enhancing the overall corrosion resistance of the pneumatic diaphragm pump, making it suitable for more usage scenarios including nuclear power plants, chemical, spraying, food, pharmaceutical, etc. The stainless steel middle body air valve cover adopts an upper air intake structure, which can use downward airflow to press the air guide switch and reversing switch, preventing them from jumping up and disengaging from the slot during equipment operation, causing equipment jamming. At the same time, we have set up a filtration device at the air source inlet to protect the normal operation of the air valve body. The diaphragm pump's inlet and outlet connection methods include threaded and flanged connections, suitable for different pipeline interfaces. Typical applications include drum-type fluid conveying, bulk fluid supply, chemical evacuation, groundwater and sump evacuation, waste liquid removal, slurry and sludge conveying, environmental protection, shipbuilding, ceramics, and other industries. RD New-Type Electric-Pneumatic Hybrid Pump: The new-type electric-pneumatic hybrid pump is an important type of diaphragm pump, which converts the motor's rotation into the reciprocating motion of the diaphragm pump's diaphragm drive shaft, thereby achieving alternating changes in the cavity volume and realizing fluid transmission. Traditional electric diaphragm pumps are composed of a motor, reducer, coupling, and pump body. The reduction mechanism is installed in the reducer box, and the diaphragm pump's moving components are installed in the diaphragm pump box. Product Performance Features: 1. The diaphragm pump's reciprocating motion mechanism and reduction mechanism are installed in the same box; 2. The reduction mechanism's output shaft is also the input shaft for reciprocating motion, eliminating the coupling and making the structure more compact; 3. The installation reference is uniformly set on the housing; the motor and housing are connected by flanges; 4. The housing cavity has a large volume, facilitating the storage of more lubricating oil, which is beneficial for heat dissipation; 5. The reciprocating motion mechanism uses linear bearings as support, with low friction resistance and easy replacement; 6. The housing has a built-in air pipe for gas exchange between the two diaphragms and the inner clamping plate forming the inner cavity. Working Principle: The motor drives the reduction mechanism through an eccentric bearing to drive the pump body's plunger for reciprocating motion, thereby driving the diaphragm. There are 4 one-way ball valves installed above and below the left and right pump bodies. During the reciprocating motion of the diaphragm, the volume of the working cavity changes, forcing the 4 one-way ball valves to alternately close and open automatically, thereby continuously sucking and pressing out the medium (liquid). [CLNB 2025—Hot Registration in Progress] CLNB 2025 (10th) New Energy Industry Expo, April 16 to 18, 2025, Suzhou International Expo Center.

Last Friday night, LME copper opened at $9,085/mt, briefly fluctuated at the beginning of the session, then dipped to $9,047/mt. It subsequently climbed throughout the session, reaching a high of $9,177.5/mt by the end and closing at $9,177.5/mt, up 0.43%.

Last Friday, LME zinc opened at $2,782/mt, hovering around the daily moving average in the morning session, peaking at $2,789.5/mt at the beginning of the session.

[SMM Zinc Morning Commentary: Reduced Supply Continues to Support Zinc Prices, Shanghai Zinc Futures Rise Overnight] FOMC voter this year: It's time to consider a rate cut; Gaza ceasefire talks to resume this week, Iran may suspend retaliation against Israel; safety concerns arise from two major nuclear power plants in Russia and Ukraine; CSRC: Strengthen the supervision and oversight of securities appraisal institutions; three ministries and commissions propose new regulations: sponsor business and audit business can collect service fees in stages...

SMM, August 12: LME copper opened at $8,923.5/mt overnight, peaked at $8,950/mt in early trading, then fluctuated downward, hitting a low of $8,829.5/mt at the end of the session, and finally closed at $8,831/mt, up 0.25%.

LME copper opened at $8,923.5/mt overnight, peaked at $8,950/mt in early trading, then fluctuated downward, hitting a low of $8,829.5/mt at the end of the session, and finally closed at $8,831/mt, up 0.25%.