东兴证券晨报-20250620

Economic News - The Ministry of Commerce will accelerate the review of export license applications related to rare earths, emphasizing the importance of maintaining global supply chain stability [2] - The Ministry of Commerce highlighted the significance of China-EU trade relations, aiming for healthy and stable development of bilateral trade and investment cooperation [2] - The Lujiazui Forum in Shanghai discussed the core role of capital markets in the modern economic and financial system, with international attendees expressing confidence in China's capital market [2] - JD.com is testing a compliant stablecoin in Hong Kong, aiming for a launch in Q4 2025, focusing on traditional cross-border trade markets [2] - The Financial Regulatory Bureau issued guidelines to prevent "involution" competition in dividend insurance levels among insurance companies [2] Company News - Taiji Co., Ltd. will have Changjiang Industrial Group as its indirect controlling shareholder, with stock resuming trading on June 20, 2025 [6] - Guosen Securities' acquisition of 96.08% of Wanhua Securities has been approved by the Shenzhen Stock Exchange's M&A Review Committee [6] - Shengnuo Bio expects a net profit increase of 253.54%-332.10% year-on-year for the first half of 2025 [6] - Kanda New Materials plans to acquire at least 51% of Zhongke Huami's equity in cash [7] Industry Insights - In Q1 2025, China's smart glasses market shipped 494,000 units, a year-on-year increase of 116.1%, with audio and audio-capturing glasses seeing a 197.4% increase [5] - The coal industry saw a decrease in domestic coal prices, while offshore prices for Australian and European coal increased [8] - The real estate market showed a narrowing decline in new home sales, with second-hand home transactions improving [19] - The insurance sector is expected to face slower growth in 2025 compared to 2024, but long-term value and high dividend investment logic remain strong [21]