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 ...

Group 1: Hong Kong Stock Market Highlights - Mixue Group (02097) rose over 7%, reaching a new high, with Daiwa raising its target price to HKD 608, optimistic about same-store sales growth and store opening speed [1] - Lianlian Digital (02598) increased nearly 10% following the official enactment of the "Stablecoin Regulation" in Hong Kong [1] - Automotive stocks collectively declined, with Li Auto-W, Great Wall Motors, and GAC Group all dropping over 2%, as the Ministry of Industry and Information Technology and the China Association of Automobile Manufacturers opposed "involution-style" price wars [1] - CSPC Pharmaceutical Group (02005) fell over 7% after reporting a 36.9% year-on-year decline in revenue and a 59.5% drop in net profit attributable to shareholders for Q1, with expectations of a 45%-60% decline in profit for the first half of the year due to demand drop and intensified competition [1] - Solar energy stocks dropped across the board, with New Special Energy, Xinyi Energy, Fuyao Glass, and Xinyi Solar all declining over 4%, as the anticipated "531" rush in May did not materialize following the April rush [1] - Chinese property stocks fell collectively in early trading, with R&F Properties, Sunac China, New City Development, and Agile Group all dropping over 4%, as data showed a 10.8% year-on-year decline in sales for the top 100 real estate companies from January to May, with a 17.3% drop in May alone [1] Group 2: Other Notable Stocks - Chongqing Rural Commercial Bank (03618) rose nearly 5% after being included in the CSI 300 Index, becoming the first local financial institution from Chongqing to be included, with a 6.25% year-on-year increase in net profit attributable to shareholders for Q1 [2] - Baker Hughes (02149) increased over 8%, reaching a new high after completing a placement of 3 million new H-shares, raising approximately HKD 117 million [2] - Giant Bio (02367) fell over 4% amid ongoing controversies regarding its product components, with the company stating it received an apology from the relevant testing agency and will pursue accountability for the rumors [2] - Chip stocks declined across the board, with Hua Hong Semiconductor, Jingmen Semiconductor, SMIC, and Shanghai Fudan all dropping over 2%, influenced by fluctuating U.S. policies and a decline in the Philadelphia Semiconductor Index [2] - Beike-W (02423) dropped nearly 6% as Huaxi Securities reported a significant slowdown in second-hand housing transaction growth, with a mere 8% year-on-year increase in 15 cities for the first 29 days of May, the lowest since October of the previous year [2] Group 3: U.S. Stock Market Highlights - AstraZeneca (AZN.US) rose over 2% after its cancer drug Imfinzi received EU approval for specific muscle-invasive bladder cancer treatments [3] - Trump Media & Technology Group (DJT.US) increased over 2.4% after announcing the completion of approximately USD 2.44 billion in financing, planning to use about USD 2.32 billion for Bitcoin reserves, potentially becoming one of the largest Bitcoin holders among U.S. public companies [3] - Nvidia (NVDA.US) fell over 2.92% after the CEO announced plans to sell up to 6 million shares by the end of 2025 [3] - Palantir (PLTR.US) rose over 7.73% as reports indicated the Trump administration relies on its technology for inter-agency data sharing, with over USD 113 million in government contracts since Trump took office [3] - Costco (COST.US) increased over 3.12% after reporting Q3 earnings that exceeded expectations, with revenue of USD 63.2 billion, an 8% year-on-year increase, and EPS of USD 4.28, demonstrating its scale advantage and member loyalty [3]

Macro and Policy Level - The US ISM Manufacturing Index for May is expected to rise from 48.7 to 49.2, indicating a slight recovery but still below the expansion threshold [1] - The second round of direct negotiations between Russia and Ukraine is scheduled to take place in Istanbul, which may impact global geopolitical dynamics, particularly in energy and commodity markets [2] - China's official manufacturing PMI for May increased by 0.5 percentage points to 49.5, while the non-manufacturing PMI decreased by 0.1 percentage points to 50.3, indicating continued expansion overall [2] - The US trade deficit for April is projected to narrow from $140.5 billion to $117.3 billion, reflecting a potential easing of the "export rush" effect [3] - The European Central Bank is expected to continue lowering interest rates in June, with market focus on future rate guidance amid economic growth concerns in the Eurozone [4] Financial Data - China's Caixin Manufacturing PMI and Services PMI for May are set to be released [5] - The US will release various economic indicators, including the May non-farm payroll report, with expectations of a decrease in job additions from 177,000 to 130,000 [7] Industry Level - CATL is set to launch monthly options for its H-shares, with the first contracts available on June 2, 2025 [6] - Nintendo will globally launch the Switch 2, featuring significant upgrades in hardware performance and gaming experience compared to its predecessor [8] Company Level - Xiaomi Group held its 2025 Investor Day, where management shared strategic directions and business developments, including a visit to its automotive factory [9] - Broadcom reported Q2 fiscal year 2025 earnings, projecting revenue of $14.9 billion, a 19% year-over-year increase, and AI semiconductor revenue of $4.4 billion, indicating strong growth potential [10]