Core Viewpoint - The recent developments in stablecoins and regulatory frameworks in both China and the U.S. are expected to significantly enhance the efficiency and reduce costs in cross-border payments, indicating a growing trend towards the adoption of blockchain technology in financial transactions [3][4][5]. Group 1: Market Performance - On June 18, various sectors including digital currency, cross-border payments, and blockchain showed resilience, with stocks like Xiexin Nengke and Shidai Publishing hitting their daily limits [1][2]. - Notable stock performances included Xiexin Nengke with a 10.02% increase, Shidai Publishing at 9.96%, and Chutianlong at 10% [2]. Group 2: Regulatory Developments - The People's Bank of China emphasized the role of blockchain and distributed ledger technologies in promoting the development of central bank digital currencies and stablecoins during the 2025 Lujiazui Forum [3]. - The U.S. Senate passed legislation to establish a regulatory framework for stablecoins, indicating a significant step towards formalizing the market [3][4]. Group 3: Industry Insights - Traditional cross-border payment systems are hindered by lengthy processing times and high costs, averaging over 6%, while stablecoins can facilitate direct peer-to-peer settlements, potentially reducing costs and processing times significantly [5]. - The introduction of the Hong Kong Stablecoin Ordinance is expected to enhance competition and promote the use of stablecoins, particularly in the context of the global financial landscape [5][6]. - The market for Real World Assets (RWA) is projected to reach $16 trillion by 2030, driven by the ongoing development of stablecoins and blockchain technology [6].

Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" marks a significant step in enhancing financial cooperation between Shanghai and Hong Kong, focusing on various areas such as market connectivity and innovation in cross-border financial services [1] Group 1 - The action plan outlines specific directions for cooperation, including the interconnection of financial markets [1] - It emphasizes innovation in cross-border financial services [1] - The plan also highlights the development of green finance and cooperation in technology finance [1]

Market Overview - A-shares experienced narrow consolidation with a divergence in popular thematic stocks, particularly the brain-computer interface concept leading the gains, while sectors like innovative drugs and IP economy showed significant adjustments [1] - The Shanghai Composite Index closed down 0.04% at 3387.4 points, with the Shenzhen Component down 0.12%, the ChiNext Index down 0.36%, and the CSI 500 down 0.03%, maintaining a market turnover above 1 trillion yuan [1] ETF Performance - The A500 ETF fund (512050) saw continuous net subscriptions over two days, attracting a total of 285 million yuan [1] - The A500 ETF has maintained the highest average daily trading volume among similar products since its listing, with a competitive fee rate [2] Upcoming Events - The 2025 Lujiazui Forum is set to take place in Shanghai on June 18, with key financial leaders expected to deliver keynote speeches and announce significant financial policies [1] Federal Reserve Outlook - The Federal Reserve is anticipated to maintain its current interest rates in the upcoming June decision, with indications that a rate cut could be considered if not for tariff-related price risks [1]

Group 1 - The 2025 Lujiazui Forum will be held from June 18 to 19, focusing on financial openness and high-quality development with eight plenary sessions [1] - The 2025 Shanghai World Mobile Communication Conference will take place from June 18 to 20, emphasizing the integration of 5G, artificial intelligence, and IoT technologies [2] - A press conference titled "Vigorously Promote the Spirit of Educators and Accelerate the Construction of a Strong Education Nation" will be held by the State Council Information Office on June 18 [3] Group 2 - On June 18, a total of 11 companies will have their restricted shares unlocked, with a total unlock volume of 9.3643 million shares, amounting to a market value of 1.423 billion yuan [4] - 31 companies disclosed stock repurchase progress on June 18, with significant proposals from several companies, including Qizhong Technology and Huahai Qingke [5] - A total of 1.64 billion yuan in 7-day reverse repos will mature today, following a central bank operation on June 11 with an interest rate of 1.40% [6]

Macro - The U.S. military is deploying F35 aircraft to the Middle East, with President Trump demanding Iran's unconditional surrender, raising market speculation about potential U.S. military involvement against Iran, leading to a significant rebound in international crude oil futures, reaching a nearly five-month closing high [1] - The 2025 Lujiazui Forum is set to open, expected to announce a series of significant financial policies, becoming an important platform for national financial management departments to release key signals [2] - The State Administration of Foreign Exchange reported a stable foreign exchange market in May 2025, with a net inflow of $33 billion, and an increase in foreign investment in domestic stocks compared to the previous month [3] Industry - The State-owned Assets Supervision and Administration Commission emphasized the need to promote artificial intelligence to lead the transformation of research paradigms in state-owned enterprises, focusing on enhancing the quality of technological innovation supply [4] Market Sentiment - The market is expected to maintain a volatile trend in the short term, with a focus on the implementation of incremental policies amid external disturbances [6] - The white liquor industry is increasingly reliant on market share growth in core markets, with companies adapting to fast-moving consumer goods operations gaining competitive advantages [9] - Rising geopolitical tensions have led to a strong increase in oil prices, with the upcoming peak travel season likely to boost oil demand [10]

Core Viewpoint - The 2025 Lujiazui Forum will be held on June 18, featuring key speeches from prominent financial leaders in China [1] Group 1 - The event will include speeches from the Governor of the People's Bank of China, Pan Gongsheng [1] - The head of the Financial Regulatory Administration, Li Yunzhe, will also deliver a keynote address [1] - The Chairman of the China Securities Regulatory Commission, Wu Qing, is scheduled to speak at the forum [1] - The Director of the State Administration of Foreign Exchange, Zhu Hexiong, will participate and present [1]

Group 1 - The 2025 Lujiazui Forum will officially open on June 18, focusing on "Financial Openness and Cooperation in the Global Economic Changes" [4] - Major financial policies will be announced during the forum, and Shanghai and Hong Kong will sign the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" [4] - The Ministry of Foreign Affairs responded to Taiwan's inclusion of Huawei and SMIC in its entity list, criticizing the U.S. for politicizing technology and trade issues [4] Group 2 - In May, there was a net inflow of $33 billion in cross-border funds from non-bank sectors, with foreign investment in domestic stocks increasing compared to the previous month [5] - The foreign exchange market remained stable, with banks reporting a surplus in foreign exchange settlement and sales [5] - The National Development and Reform Commission announced an increase in domestic gasoline and diesel prices, with gasoline prices rising by 0.2 to 0.21 yuan per liter [5] Group 3 - The State-owned Assets Supervision and Administration Commission emphasized the importance of enhancing technological innovation and building a modern industrial system during a meeting in Shenzhen [6] - As of the end of May, 606 foreign institutional investors entered the market through the settlement agency model, with a total trading volume of 14.768 billion yuan, a year-on-year decrease of 13% [6] Group 4 - U.S. stock indices collectively fell, with the Nasdaq down 0.91%, S&P 500 down 0.84%, and Dow Jones down 0.7% [7] - The Nasdaq China Golden Dragon Index dropped by 1.77%, indicating a decline in popular Chinese concept stocks [7] Group 5 - Tianmao Group failed to hold its 2024 annual shareholders' meeting within the stipulated time [10] - BOE Technology Group plans to acquire a 30% stake in Rainbow Optoelectronics [10] - Huahai Pharmaceutical's chairman proposed a share buyback of 50 million to 100 million yuan [10]

Market Overview - Concerns over escalating Middle East conflicts due to Trump's warnings have led to declines in major U.S. stock indices, with the Dow Jones down 0.7%, S&P 500 down 0.84%, and Nasdaq down 0.91% [1] - Tesla shares fell nearly 4%, leading the decline among major tech stocks, while solar stocks plummeted after a Senate bill proposed phasing out solar tax credits, with Sunrun dropping 40% [1] - The Chinese concept stock index fell nearly 2%, while RGC, a regenerative medicine company, surged 30% [1] Economic Indicators - Following the release of U.S. retail sales data, U.S. Treasury yields hit a daily low, and the dollar index rose, recovering losses since the Israeli attacks [2] Commodity Market - Trump's warning to Iran has triggered a significant rebound in oil prices, with intraday gains reaching 5% and closing at a nearly five-month high [3] - Silver futures rose over 2%, reaching a historical high, while gold futures experienced a decline, moving further away from record closing highs [4] Policy Developments - The European Commission plans to impose a complete ban on imports of Russian oil and natural gas [5] Technology and Innovation - Amazon's CEO stated that AI will replace a significant number of jobs, indicating a noticeable reduction in headquarters staff over the coming years [6] Domestic Developments - The State Administration of Foreign Exchange reported an increase in foreign investment in domestic stocks in May compared to the previous month [7] - The Lujiazui Forum is set to commence, opening a window for new financial policies [8] - New policies to support the high-quality development of the integrated circuit industry in Guangzhou have been issued, encouraging the development of high-end semiconductors and sensor materials [8] Industry Highlights - A breakthrough in magnetic levitation technology was reported, with a test vehicle achieving a speed of 650 km/h, setting a global record for similar platforms [14] - Meta is exploring AI-generated advertising technology to reduce costs and complexity for advertisers, with new tools allowing the transformation of product images into multi-scene video ads [15] - The 55th Paris Air Show will take place in June 2025, showcasing China's aerospace capabilities across various sectors [16] Company Announcements - BOE Technology Group plans to acquire a 30% stake in Xianyang Rainbow Optoelectronics Technology Co., Ltd. for a base price of 4.85 billion yuan [21] - Huahai Pharmaceutical's chairman proposed a share buyback of 50 million to 100 million yuan [21] - GuoDa Special Materials' actual controller proposed a share buyback of 200 million to 400 million yuan [21] - National Chip Technology has successfully tested a new anti-quantum password card product [21]

Group 1 - The 2025 Lujiazui Forum is set to open today, highlighting significant financial discussions and networking opportunities in the industry [1] - The Federal Reserve is scheduled to announce its interest rate decision early tomorrow morning, which could impact market dynamics and investment strategies [1]

Investment News - The "Science and Technology Innovation Board" has become an important innovation engine and platform for promoting China's new quality productivity development, with 588 listed companies and a total market value of 6.80 trillion yuan as of June 17 [4] - The Science and Technology Innovation Board has accepted the IPO application of a loss-making "hard technology" company, Zhaoxin Integrated, which plans to raise 4.169 billion yuan for various processor projects [4] - As of the end of the first quarter, the accumulated fund scale of enterprise annuities reached 3.73 trillion yuan, with a cumulative return rate of 7.46% over the past three years, marking the first release of this data [4] - The bond market has shown significant recovery since June, with 99% of bond funds achieving positive returns within the month, and over three-quarters of products reaching historical highs [4] Company Movements - JD Group's Chairman Liu Qiangdong expressed the company's intention to apply for stablecoin licenses in all major currency countries to reduce cross-border payment costs by 90% and improve efficiency to within 10 seconds [5] - Dongxin Peace has been focusing on cutting-edge technologies and actively developing blockchain, privacy computing, and digital wallet applications, although it faces risks related to new technology development and commercial application [5] - Meituan's CEO Wang Xing has recently reduced his holdings in Li Auto by over 5.7 million shares, cashing out over 600 million Hong Kong dollars, with his shareholding ratio decreasing from 20.94% to 20.61% [5] - Haitian Flavor Industry has set its Hong Kong IPO price at the upper limit of the range at 36.3 Hong Kong dollars per share, raising 10.1 billion Hong Kong dollars, higher than the initial plan [5] - Cao Cao Travel announced its plan to go public on the Hong Kong Stock Exchange on June 25, aiming to raise 1.853 billion Hong Kong dollars with a share price of 41.94 Hong Kong dollars, valuing the company at approximately 22.823 billion Hong Kong dollars [5] - Zhongyou Capital announced a plan to invest 655 million yuan in Kunlun Capital for a controlled nuclear fusion project [6]