Market Performance - Jinli Permanent Magnet (06680) rose over 17% due to significant increases in overseas medium and heavy rare earth prices, which are expected to gradually transmit to the domestic market [1] - Zhixing Technology (01274) increased over 3% after securing a platform-based logistics vehicle contract with a leading domestic brand [1] - Weimeng Group (02013) surged over 9% as its upgraded Weimeng Guide Agent product is anticipated to benefit from the growth of WeChat e-commerce [1] - Zhaoke Ophthalmology-B (06622) gained over 8% following FDA approval for a new drug trial application for cyclosporine eye gel [1] - Zai Ding Pharmaceutical (09688) rose over 5% after reporting excellent data from the low-dose group of ZL-1310 [1] - Lianlian Digital (02598) saw a mid-session increase of over 5% as it partnered with BVNK to provide stablecoin payment solutions for its merchants [1] - Reading Group (00772) increased over 7% after acquiring a 26.67% stake in Yihua Kaitian, with its IP+AI strategy expected to unlock more value [1] - NIO opened nearly 4% higher, projecting a year-on-year revenue growth of 11.8%-15% for Q2 [1] - Kuaishou-W (01024) rose over 6% as its Kecing AI recently launched a new 2.1 series model, with institutions optimistic about its profitability [1] - Meituan (03690) surged over 3%, reaching a nearly two-month high, with southbound funds continuing to accumulate for 13 consecutive days [1] US Market Highlights - Applied Digital (APLD.US), a stock related to Nvidia, surged nearly 30%, with a 94% increase over three trading days, as long-term contracts are expected to generate $7 billion in revenue [2] - Tesla (TSLA.US) fell 3.55% due to declines in both the Chinese and European automotive markets, with a 15% year-on-year drop in China's May wholesale sales of new energy passenger vehicles [2] - MongoDB (MDB.US) saw a nearly 15% increase in after-hours trading following better-than-expected Q1 results and an $800 million stock buyback plan [2] - Broadcom (AVGO.US) rose over 3% before earnings, reaching a new historical high, with Morgan Stanley stating that AI is operating at full speed, expecting strong Q2 results [3] - Meta increased over 3% as it was reported to be accelerating the development of ultra-lightweight open-headset projects [3] - Guidewire Software (GWRE.US) surged over 16% after exceeding Q3 earnings expectations and raising its guidance [3] - Dollar Tree (DLTR.US) fell over 8% after warning of potential 50% declines in adjusted earnings due to tariffs and weak consumer spending [3] - STMicroelectronics (STM.US) rose nearly 11% amid reports that Italy and France are considering splitting its joint management rights [3]

Core Viewpoint - Meta Platforms has signed a 20-year power purchase agreement with Constellation Energy, expecting to pay approximately $80 per megawatt-hour for energy from the Clinton nuclear plant, which is cheaper than Microsoft's similar agreement at $110 per megawatt-hour for energy from the Three Mile Island plant [1][2]. Group 1 - The price difference in expected electricity costs between Meta and Microsoft is attributed to the need to restart a reactor at the Three Mile Island plant, which had been closed for economic reasons since 2019, with a restart cost estimated at $1.6 billion [2]. - Meta's agreement reflects a broader trend among tech giants willing to pay a premium for nuclear energy, which is seen as a reliable, carbon-free power source to meet the increasing electricity demands driven by AI [2]. - Constellation Energy plans to invest in enhancing the power generation capacity of the Clinton plant and is considering building a new reactor at the site, which has already received federal approval for a second unit [2].

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]

Core Viewpoint - Robinhood Markets' stock price has reached a new high, driven by the resurgence of the cryptocurrency market, marking a significant recovery from previous lows [1][2]. Group 1: Stock Performance - Robinhood's stock rose by 5.5% to close at $71.72, surpassing its previous high of $70.39 set shortly after its IPO [1]. - The stock had experienced a prolonged decline, dropping 82% within a year of its IPO due to the fading "meme stock" craze and the collapse of FTX, which negatively impacted digital asset prices [1]. - The stock's recent surge aligns with a broader market rebound, including a record high for Bitcoin last month [1]. Group 2: Business Strategy and Market Position - Analysts highlight Robinhood's unique ability to gamify the trading process, effectively engaging a new generation of traders [2]. - The company has expanded its customer base through acquisitions, including the purchase of cryptocurrency company WonderFi to enter the Canadian market and the acquisition of European digital asset exchange Bitstamp [2]. - Analysts believe that as long as the Bitcoin bull market continues, Robinhood and other cryptocurrency-related stocks are likely to perform well, with significant growth potential in its cryptocurrency business [2].

Company Overview - Guanghetong, established in 1999, is the first listed wireless communication module company in China, focusing on IoT and mobile internet wireless communication technology research and application [1] - The company's stock price increased by 28.29% year-to-date as of May 30, 2024, closing at 26.02 yuan [1] - Approximately 10% of Guanghetong's products are exported to the United States, with minimal impact from tariffs due to inclusion in the U.S. 301 tariff exemption list [1] Financial Performance - Revenue in 2024 is expected to grow significantly by 23.4%, driven by the commercialization of AI modules and solutions, with new revenue from edge AI modules reaching 81 million yuan [2] - Q1 2025 revenue decreased by 12.6% due to the sale of its overseas vehicle-mounted communication module business, which contributed about 26.7% of total revenue in 2023 [2][3] - Gross margin is projected to decline from 21.0% in 2024 to 18.2% in 2025, primarily due to increased competition and lower average selling prices of smart modules [2][3] - Net profit in 2023 surged by 55% due to one-time gains from business termination, but growth is expected to slow in 2024 due to increased administrative expenses and R&D costs [2][3] Asset and Cash Flow - As of 2024, net assets stand at 3.613 billion yuan, with cash and cash equivalents stable at approximately 980 million yuan [4] - Operating cash flow decreased by 26% in 2024 to 429 million yuan, mainly due to an increase in accounts receivable [5] Market Position and Industry Dynamics - Guanghetong is the second-largest wireless communication module provider globally, holding a market share of 15.4%, while the largest competitor, Quectel, has a market share of 22.5% [6] - The global wireless communication module industry is highly concentrated, with the top five companies accounting for 76.1% of the market [6] - The industry is expected to grow at a CAGR of 10.6% from 2025 to 2029, with specific segments like new energy vehicle modules and edge AI markets projected to grow at 26.5% and 39.6%, respectively [7] Competitive Advantages - Guanghetong maintains a leading market position, particularly in automotive electronics and smart home sectors [8] - The company has a strong customer base, with the top five customers accounting for over 58% of revenue, including major players like TP-Link and Xiaomi [5][8] - The company has a robust R&D framework, with 515 authorized patents and a focus on AI modules and solutions, which are expected to drive future revenue growth [8] Risks and Challenges - High customer concentration poses a risk, with the top five customers contributing 58.3% of revenue [10] - Increased competition from major players like Quectel, which has a larger revenue base and lower pricing strategies, may pressure Guanghetong's margins [11] - The company faces geopolitical risks due to its significant overseas business, although current U.S. tariffs do not have a major impact on operations [13]

点击蓝字，关注我们 美债收益率状况 美东时间周一上午，20年期美债收益率一度低于期限最长的30年期美债收益率 ，尽管幅度不到1个基 点，但却接近四年来的最高水平。 而到了中午，20年期美债收益率上涨约5个基点 ，至4.99%左右，几乎与30年期美债收益率持平。 图片来源于：智通财经 这是近几个月美债收益率曲线持续趋陡的又一迹象，因为交易员要求更高的回报才愿意持有长期债 券，导致20年期美债相较30年期美债更具吸引力。由于 美国国会就减税进行的谈判引发人们担心特 朗普的政策将可能导致已处于高位的财政赤字进一步恶化 ，长期国债正面临越来越大的压力。 道明证券美国利率主管Gennadiy Goldberg表示，这种走势" 可能是由于期限溢价上升，以及对外国投 资者撤离的预期，导致长期债券表现不佳所致 "。 据悉，长期以来20年期美债一直不受投资者青睐。 为缓解压力， 美国财政部已将20年期美债的季度 发行规模从2021年的峰值750亿美元削减至目前的420亿美元 。此举在一定程度上缓解了20年期债券 供需失衡的问题 不过，关于是否值得继续发行20年期美债的争论依然存在。前美国财政部长姆努钦(Steven Mnuch ...

此前，香港立法会已经在5月21日正式通过该条例草案，用以在香港设立 "法币稳定币"发行人的发牌 制度。 今年年底前，合规的香港稳定币有望正式落地。 香港金管局已公开首批稳定币发行人沙盒名 单，包括圆币创新科技等 。 点击蓝字，关注我们 稳定币法案通过有望促进大陆 RWA 项目在港进一步落地 智通财经APP获悉，5月30日 ，香港《稳定币条例》作为全球首个针对法币稳定币的专项立法正式落 地， 有效填补了法币稳定币监管空白，加快推动稳定币合规化发展。 众安在线(06060)： 众安在线持股43.43%的众安银行是中国香港首家为稳定币发行方提供储备银行服 务的数字银行；持股8.7%的圆币创新科技是中国香港金管局首批沙盒参与者之一。国金证券指出，众 安银行虚拟资产业务布局深入，有望受益；瑞银指出，市场预期众安将从以下两方面受益：圆币创新 科技估值上升潜力、可观的净利息差。 连连数字（02598）： 连连数字通过多层全资子公司间接持有连连国际（LianLian Pay Global Limited）100%股权。连连国际与圆币科技合作稳定币在跨境支付的场景应用项目。此外连连数字子 公司DFX Labs早前已取得香港VA ...

Group 1: Stock Movements and Market Reactions - JunDa Co., Ltd. (02865) fell by 12.69% due to weak fundamentals, expected shareholder sell-off, and cash flow concerns [1] - Rongchang Biopharmaceutical (09995) rose by 4.61% after ASCO announced positive data for RC108 combined with vorinostat, enhancing its commercialization prospects [1] - Datang Gold (08299) increased by 7.27% as it partnered with Wuxi to develop AI mining applications, benefiting from gold's safe-haven demand [1] - Kanglong Chemical (03759) gained 4.35% by investing in a biopharmaceutical fund, strengthening its investment ecosystem [1] - Automotive stocks surged following a significant increase in May's new energy vehicle sales, with Li Auto (2015) rising nearly 6% and Great Wall Motors (2333) up over 3% [1] - Gold stocks led the market as COMEX gold prices returned to $3,400, with Goldman Sachs predicting $4,200, driven by geopolitical tensions [1] Group 2: Company-Specific Developments - Changfei Optical Fiber (06869) rose by 8.34% as its Wuhan base began mass production of 6-inch silicon carbide wafers, achieving a 97% yield rate [2] - China Shipbuilding Defense (00317) increased by 7.58% after securing the highest global new orders from January to April, with Q1 net profit up 1,099% [2] - Hengrui Medicine (00013) rose by 5.09% as SACHI III phase data met expectations, opening up market space for MET amplification lung cancer treatment [2] - Lepu Medical Technology (02157) gained 5.76% following positive ASCO data for its ADC drug MRG003, boosting approval expectations for nasopharyngeal carcinoma [2] - Aidi Kang Holdings (09860) increased by 5.2% after acquiring Suzhou Yuande Youqin to enhance blood disease diagnostics [2] - NetDragon (00777) rose by 5.82% due to its collaboration with Thailand on an AI education platform, attracting investor interest [2] Group 3: Notable Market Trends - China Everbright Holdings (00165) surged over 21% following the enactment of Hong Kong's stablecoin regulations, with Circle's IPO expectations boosting related equity valuations [3] - iFlytek Medical (02506) rose by 6.62% as its medical AI model demonstrated superior accuracy, supported by favorable policies [3] - MicroPort NeuroTech (02172) increased by 9.59% as it initiated clinical research on brain-machine interfaces, benefiting from policy incentives [3] - Longpan Technology (02465) rose by 14.9% after its subsidiary signed a $7.1 billion contract with Yiwei Lithium Energy for lithium iron phosphate [4] - Hansoh Pharmaceutical (03692) gained 3.85% after reaching a global licensing agreement with Regeneron, receiving an $80 million upfront payment [4] Group 4: U.S. Market Highlights - Steel and aluminum stocks surged over 10%-28% as Trump proposed increasing steel tariffs to 50%, benefiting domestic companies [5] - Blueprint Medicines (BPMC.US) rose by 26% following Sanofi's $9.1 billion acquisition, enhancing its rare disease pipeline [5] - BioNTech (BNTX.US) increased by 18% due to a collaboration with Bristol-Myers Squibb, securing a $1.5 billion upfront payment [5] - Applied Digital (APLD.US) surged by 48.46% after signing a $7 billion AI data center lease, validating its business model [5] - Tempus AI (TEM.US) rose by 15% as it launched an AI medical innovation plan, attracting investor interest [7]

点击蓝字，关注我们 概念分化：中大盘指数仍反映市场对经济基本面的看法，而微型股现主要代表流动性和散户情 绪； 一、 小盘股 vs 大盘股表现分化 除近期报告所述，中国小盘股与大盘股的分化愈发显著，这不仅体现在： 成交量分布：本周微型股成交占比触及历史新高，而沪深 300 成交占比创历史新低； 表现分化：市值越小，表现越好； | Index | WTD Perf % | P/E TTM | | --- | --- | --- | | SHCOMP | 0.5 | 14.5 | | SSE 50 | (0.8) | 10.9 | | CSI 300 | (0.6) | 12.5 | | A 500 | (0.4) | 14.5 | | CHiNext | (0.4) | 30.5 | | STAR50 | 0.6 | 139.2 | | CSI 500 | 1.2 | 28.9 | | CSI 1000 | 1.7 | 39.6 | | CSI 2000 | 2.9 | 136.9 | | Wind Micro Cap | 3.8 | | 投资者结构分化：微型股由国内散户和游资主导，沪深 500 及以上大盘股由国 ...

5月31日，摩根大通发布研究报告指出，本周围绕美国关税的不确定性进一步加剧，美国法院根据《国 际紧急经济权力法案》（IEEPA）裁定特朗普政府的关税措施违宪。尽管表面上看，这预示着美国对中 国（及其他亚洲经济体）下调关税的可能性上升，但白宫仍拥有大量替代权力（如第 122、301、338 条款）以实施关税。因此，摩根大通认为关税争端不太可能就此结束，目前仍不能完全排除美国关税维 持现有水平甚至进一步上调的风险（摩根大通仍预期美国关税将上升）。 外汇市场借此机会进一步平仓美元多头，美元指数本周从局部低点反弹。美元 / 离岸人民币汇率随之温 和走高，但与地区 peers 相比总体保持稳定，使得中国外汇交易中心（CFETS）人民币贸易加权指数 （TWI）跟随美元指数小幅走强（图 1）。人民币汇率的相对稳定也得益于区间波动的中间价设定 —— 中国央行将每日参考汇率维持在 7.18-7.19 的窄幅区间内，而摩根大通的模型预测显示合理区间应为 7.17-7.21。中国央行通过有管理的中间价设定，允许人民币汇率大致跟踪美元走势，但波动性比其他 货币更收敛（图 2）。 图 1：美元 / 离岸人民币跟随美元走高，但人民币本周 ...