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 - In May, A-shares saw collective gains across major indices, with the Shanghai Composite Index, ChiNext Index, and Shenzhen Component Index rising by 2.09%, 2.32%, and 1.42% respectively, indicating a market recovery despite a lack of clear leading sectors [2][3] Fund Managers - Lin Yuan and Dan Bin maintained their positions as the top two popular fund managers, with Lin Yuan's average return over the past year being ***% and Dan Bin's being ***% [7][9] - Dan Bin's overseas fund, Oriental Harbor Investment Fund, had a total holding value of approximately 62 billion RMB, with several U.S. stocks achieving over 10% gains in May [9][10] - Dong Chengfei, ranked 12th, announced a suspension of new client subscriptions for his managed products starting June 8, marking his first "closure" action after three years of private management [11][12] Popular Private Equity Firms - The top five popular private equity firms include Liangpai Investment, Ningbo Huansheng Quantitative, Honghu Private Equity, Guoyuan Xinda, and Hainan Shengfeng Private Equity, with several firms seeing a rise in popularity compared to April [13][14] Popular Private Equity Products - The top private equity products include "Luyuan Ruicheng Hui Zeng" managed by Luyuan Private Equity, with a product scale of approximately *** billion and average returns of ***% over the past year [24][26] - "Zeyuan Zhicheng Beite Quantitative No. 1 A Class" managed by Shenzhen Zeyuan achieved the highest performance among the listed products, with a scale of approximately *** billion and returns of ***% [26][28]

Group 1 - TSMC is set to begin production of its 2nm process, with total costs reaching $725 million and wafer foundry prices soaring to $30,000 per wafer. The upcoming 1.4nm process is expected to cost $45,000 per wafer [1] - Vivo's new foldable smartphone, the X Fold5, is scheduled for release in late June, aiming to surpass its predecessor's weight record of 219g and become the world's first foldable phone with full waterproofing [1] - The global smartphone market has seen a decline in growth for three consecutive quarters, with Q1 2025 showing only a 0.2% increase in shipments, totaling 296.9 million units. Samsung leads with 60.5 million units shipped, followed by Apple with 55 million and Xiaomi with 41.8 million [1] Group 2 - Zhikong Jiyuan Robotics has launched a series of coating robots designed for "three high materials" (high viscosity, high curing speed, high adhesion). These robots can enhance construction efficiency by 300%, reduce material waste by over 25%, and minimize high-risk operations by 90% [1]

PINS: Pinterest upgraded to Overweight from Neutral at JPMorgan PINS : JPMorgan 将 Pinterest 评级从中 性上调至增持 JPMorgan upgraded Pinterest to Overweight with a $40 price target (from $35), citing improved execution and a favorable setup. While the stock has outperformed year- to-date, it's still down 18% from February highs. JPM says the company is delivering on 2023 investor day goals boosting users, engagement, and monetization-while driving profitable growth. Pinterest is effectively using full-funnel ad tools ...

Group 1 - Nvidia has regained its title as the world's most valuable company, surpassing Microsoft with a market capitalization of $3.45 trillion, following a stock price increase of approximately 3% to $141.40, and a nearly 24% rise over the past month despite export control and tariff concerns [1] - TSMC's chairman, Wei Zhejia, confirmed that the company will not establish a factory in the Middle East, dismissing rumors and stating that TSMC has begun receiving advanced chip orders related to humanoid robots, which have already made a preliminary contribution to revenue [1] Group 2 - Huawei's WATCH 5 will integrate DeepSeek, combining the Pangu large model with a sports health professional model to analyze over 200 indicators in the sports health field [2] - Huawei is set to launch the Pura 80 series and other new products on June 11 [3] Group 3 - Xiaomi has transferred multiple "kimi" trademarks to Beijing Moonlight Technology, which was established in April 2023, focusing on software development and AI applications [4] - Xiaomi's automotive business is expected to achieve profitability in the second half of this year, with the latest model, YU7, having a development budget of 3.5 billion yuan [5] - Xiaomi aims to sell 200 million smartphones globally annually, having already entered the top two in the domestic market [5] Group 4 - SF Express has expanded its unmanned vehicle service network to cover 38 major cities in China, with an operational scale of 200 vehicles and over 10,000 active routes in May [7] - The Ministry of Industry and Information Technology and four other departments have launched a campaign to promote the use of new energy vehicles in rural areas [8]

Group 1 - Hantse Aitai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor [1] - The company aims to raise capital for its operations and expansion in the biopharmaceutical sector [1] Group 2 - Xiaomi's founder Lei Jun stated that the new Xiaomi YU7 car will not be priced at 235,900 yuan as rumored, and the automotive business is expected to achieve profitability in the second half of this year [5] - The total budget for the intelligent driving research and development of YU7 is set at 3.5 billion yuan, indicating a significant investment in the automotive sector [5] Group 3 - Neuralink, a brain-computer interface company founded by Elon Musk, has completed a $650 million Series E funding round with participation from major investors [18] - The funding will support the company's ongoing development and innovation in brain-machine interface technology [18] Group 4 - Toyota Group announced plans to privatize Toyota Automatic Loom Works through a series of transactions involving its subsidiaries, aiming to accelerate its transformation into a mobility company [19] - The investment for this privatization effort includes approximately 180 billion yen from Toyota Real Estate and 70 billion yen from Toyota Motor for purchasing non-voting preferred shares [19] Group 5 - Spotify has been fined 58 million Swedish Krona for data protection violations, as determined by the Stockholm Court of Appeal [20] - The fine is a result of Spotify's failure to comply with the EU's General Data Protection Regulation regarding the handling of data subject rights [20]

Group 1: New Energy Vehicle Promotion - The Ministry of Industry and Information Technology, along with other government bodies, launched the 2025 New Energy Vehicle (NEV) promotion campaign, featuring 124 models aimed at rural areas [2] - The campaign emphasizes "green, low-carbon, intelligent, and safe" transportation, targeting counties with high market potential for NEVs [2] - The initiative includes a combination of online and offline activities, with a focus on enhancing charging infrastructure and promoting a comprehensive service network for vehicle purchase and maintenance [2] Group 2: Model Participation and Market Expansion - This year's campaign includes 25 more models compared to 2024, notably adding Tesla's Model Y and Model 3, expanding the range of participating vehicles [3] - BYD has 11 models in the campaign, while other brands like Deep Blue, Aion, NIO, and Leap Motor have 5, 5, 4, and 2 models respectively [3] Group 3: Financial and Investment Developments - China Pacific Insurance announced a 500 billion yuan fund focused on mergers and acquisitions, with a target of 300 billion yuan for the new fund aimed at supporting Shanghai's industrial development [5] - NIO reported a revenue of 12.03 billion yuan in Q1, a year-on-year increase of over 21%, with a projected revenue of 19.51 to 20.07 billion yuan for Q2 [7] - Silyus reported May NEV sales of 39,982 units, a year-on-year increase of 17.15%, but a cumulative decline of 19.64% for the year [8] Group 4: Market Trends and Consumer Behavior - JD's 7Fresh plans to open 18 new stores in the Beijing-Tianjin region, indicating a rapid expansion in the instant retail sector [9] - The domestic tourism during the Dragon Boat Festival saw 119 million trips, a year-on-year increase of 5.7%, with total spending reaching 42.73 billion yuan [22]

Macro Insights - The Caixin China Manufacturing PMI fell to 48.3 in May, marking the first contraction since October of the previous year, with production and new orders both dropping to their lowest levels since December 2022 and October 2022 respectively [3] - The OECD has revised down its global GDP growth forecast for 2025 to 2.9%, previously at 3.1%, and also lowered the 2026 forecast from 3.0% to 2.9% [4] Bond Market Insights - In May, the issuance of ETFs experienced a decline for the fourth consecutive month, with only 11.068 billion units issued, the lowest in five months, while bond funds dominated the market with a 55.07% share [6] Corporate Alerts - Longshan City Investment announced that its chairman is under investigation for serious violations of discipline and law [7] - The Shaanxi Xixian New Area Development Group has 70.399 billion yuan in restricted assets, accounting for 88.87% of its net assets, with overdue financing amounts reaching 443 million yuan [8] - Shenzhen Longguang Holdings announced that its restructuring and grace period proposals were not approved, with total debts of 27.8532 billion yuan as of April 30, 2025 [9] - The Qinhan New City project has generated only 8.1 million yuan in revenue against an expected 260.2 million yuan due to macroeconomic slowdown [10] - Wenzhou Public Utilities Group reported an increase in borrowings of 3.824 billion yuan, representing 29.52% of its net assets as of the end of the previous year [11] Stock Market Insights - The Shenzhen Component Index and ChiNext Index will undergo sample adjustments, effective June 16, with multiple stocks being added [13] - NIO reported a Q1 2025 adjusted net loss of 6.279 billion yuan, compared to a net loss of 4.903 billion yuan in the same period last year [15] Industry Alerts - The Ministry of Commerce responded to the EU's proposed restrictions on Chinese companies participating in public procurement for medical devices, condemning it as a discriminatory measure [36] - The National Federation of Industry and Commerce's automotive dealers' association called for a resistance against "involutionary" competition, particularly price wars [37] - The domestic refined oil prices have increased for the fourth time this year, with gasoline and diesel prices rising by 65 yuan and 60 yuan per ton respectively [39] - The China Coal Transportation and Marketing Association reported weak coal consumption since April, with high inventory levels and declining prices [40]

Group 1 - The US has accused China of violating the Geneva consensus, while China's Ministry of Foreign Affairs has firmly opposed these accusations and emphasized the need for mutual respect and factual accuracy in bilateral relations [2][4] - The US President has announced an increase in tariffs on imported steel and aluminum from 25% to 50%, effective June 4, 2025 [2] - South Korea's presidential election results show Lee Jae-myung from the Democratic Party winning with a vote share of 49.42%, marking a significant political shift [2] Group 2 - Japan's 10-year government bond auction saw a significant increase in demand, with the bid-to-cover ratio rising from 2.54 to 3.66, indicating strong market interest [3] - China's Caixin Manufacturing PMI for May recorded 48.3, a decline of 2.1 percentage points from April, marking the first drop below the critical point since October 2024 [4][11] Group 3 - The Chinese Ministry of Commerce has initiated the "Service Consumption Season" for 2025, focusing on integrating various sectors to stimulate service consumption [5] - The second "Belt and Road" Science and Technology Exchange Conference is scheduled for June 10-12 in Chengdu, aiming to enhance international cooperation in technology [5] Group 4 - The Shenzhen Stock Exchange has announced a periodic adjustment of index samples, with changes effective from June 16, including the addition of several companies to various indices [6] - The Hong Kong stock market has seen 28 IPOs in 2025, raising a total of 776.8 billion HKD, with expectations for around 80 new listings by year-end [7] Group 5 - NIO reported Q1 2025 revenue of 12.035 billion CNY, up from 9.909 billion CNY year-on-year, with a projected delivery guidance of 72,000 to 75,000 vehicles for Q2 [8] - The Chinese trust industry managed assets worth 29.56 trillion CNY by the end of 2024, reflecting a growth of 23.58% year-on-year [14] Group 6 - The US stock market indices closed higher, with the Dow Jones up 0.51% and the S&P 500 up 0.58%, driven by strong performance in technology stocks [22] - The issuance of bonds by listed companies in China has exceeded 2.41 trillion CNY in 2025, showing an 11.79% year-on-year increase [25]

Group 1: Stock Performance - TSMC closed at $197.61, with a +1.42% change from the previous day, outperforming the S&P 500's daily gain of 0.58% [1] - Over the past month, TSMC shares gained 10.45%, surpassing the Computer and Technology sector's gain of 7.05% and the S&P 500's gain of 4.61% [1] Group 2: Earnings Expectations - TSMC is expected to report EPS of $2.29, reflecting a 54.73% increase from the prior-year quarter, with projected net sales of $29.66 billion, up 42.47% from the year-ago period [2] - For the full year, earnings are projected at $9.19 per share and revenue at $115.46 billion, indicating changes of +30.54% and +28.17% from the preceding year [3] Group 3: Analyst Estimates and Rankings - Recent adjustments in analyst estimates for TSMC are crucial as they reflect short-term business trends, with a 2.09% rise in the Zacks Consensus EPS estimate over the past month [3][5] - TSMC currently holds a Zacks Rank of 3 (Hold), with the Zacks Rank system showing an average annual return of +25% for 1 ranked stocks since 1988 [5] Group 4: Valuation Metrics - TSMC has a Forward P/E ratio of 21.2, which is in line with the industry average [6] - The company also has a PEG ratio of 1.02, matching the average PEG ratio of the Semiconductor - Circuit Foundry industry [7] Group 5: Industry Context - The Semiconductor - Circuit Foundry industry is part of the Computer and Technology sector and holds a Zacks Industry Rank of 91, placing it in the top 37% of all industries [8]