Group 1 - The People's Bank of China will have a total of 960.3 billion yuan in reverse repos maturing next week, with specific maturities of 242 billion, 197.3 billion, 156.3 billion, 203.5 billion, and 161.2 billion yuan from Monday to Friday [1] - A total of 47 companies will have their lock-up shares released next week, amounting to 5.221 billion shares with a total market value of 57.188 billion yuan based on the closing price on June 20 [2] - The highest release value on June 23 will involve 19 companies with a combined market value of 29.28 billion yuan, accounting for 51.2% of the total release for the week [2] Group 2 - Nvidia will hold its shareholder meeting on June 25, focusing on expanding its influence in the global AI infrastructure sector [7] - Apple CEO Tim Cook announced the premiere of the original film "F1" on June 27 during the WWDC 2025 [8] - Xiaomi's founder Lei Jun announced the upcoming release of the Xiaomi YU7 and the Xiaomi Pad 7S Pro, both set for the end of June [8] Group 3 - The 2025 World Economic Forum's Summer Davos Forum will take place from June 24 to 26 in Tianjin, focusing on "Entrepreneurship in the New Era" with over 1,700 representatives from more than 90 countries [6] - The Asian Infrastructure Investment Bank's 10th Annual Meeting will be held in Beijing from June 24 to 26, with discussions on sustainable infrastructure and economic development [8] - The 2025 China-Eurasia Commodity Trade Expo will be held from June 26 to 30 in Urumqi, with over 2,000 enterprises from 50 countries confirmed to participate [9]

Technical Analysis - The Shanghai Composite Index fell below 3400 points, closing around 3360 points, with trading volume shrinking to around 1 trillion [3] - The support level is strong at 3340-3360 points, which corresponds to the lower boundary of a previous consolidation range and the 60-day moving average [3] - The ChiNext Index nearly breached 2000 points, indicating a growing demand for a rebound due to overselling [3] News Impact - The Middle East conflict, particularly between Iran and Israel, has led to rising oil prices, with Brent crude oil experiencing significant increases, potentially exceeding $100 according to Goldman Sachs [4] - This situation presents a dual impact on A-shares: sectors like oil, gas, and gold may benefit, while export-reliant sectors such as electronics and home appliances could face challenges [4] - Domestic policies are supportive, with the launch of cross-border payment services and various financial opening measures announced by the central bank, which could benefit banks and digital currency sectors [4] Policy Environment - The central bank injected 1.4 trillion in liquidity but did not adjust the Loan Prime Rate (LPR), indicating a focus on targeted support rather than broad stimulus [5] - Policy easing in the real estate sector, such as the removal of purchase restrictions in Guangzhou, may provide some stimulus to building materials and home furnishings, but expectations for a significant sector rally should be tempered [5] - Key sectors like semiconductors and AI computing are receiving clear policy support, presenting opportunities during market pullbacks [5] Capital Flow - Northbound capital saw a net outflow of over 20 billion, while domestic institutional investors withdrew more than 60 billion, indicating a cautious market sentiment [6] - Despite the outflows, sectors such as semiconductors and pharmaceuticals attracted investment, with banks and utilities serving as safe havens [6] - The valuation advantage of A-shares remains, suggesting that capital may return once geopolitical tensions ease [6] Strategy for Next Week - A cautious approach is recommended, maintaining a position of around 50% to allow for flexibility [7] - Key focus areas include cross-border payment initiatives, oversold technology sectors, and defensive assets like oil and gold [7] - Monitoring trading volume and sector performance will be crucial for potential adjustments in positions [7]

当地时间6月21日，美国总统特朗普在其社交媒体上发文称，美国已完成对伊朗福尔多、纳坦兹和伊斯法罕三处核设施的袭击。伊朗证实三处核设施遭 袭。据报道，美军此次使用B-2隐形轰炸机投放了6枚GBU-57巨型钻地弹对伊朗福尔多核设施进行袭击；此外美军使用了30枚"战斧"巡航导弹对纳坦兹及伊 斯法罕的核设施进行袭击。特朗普称，伊朗关键的铀浓缩核设施已被彻底摧毁。他还声称，如果伊朗不能实现和平，美国将会继续攻击，伊朗面临的是和 平或悲剧。 受此影响，北京时间22日下午开盘，以色列股市集体拉升，以色列股市基准TA-125指数开盘涨1.52%，创下历史新高，TA-35股票指数开盘上涨1.41%。中 东其他市场的股指亦表现抢眼：沙特阿拉伯TASI指数一度涨近1%，卡特尔多哈指数一度涨超1%。此外，周末开盘的虚拟币亦整体大幅杀跌。 01 A股重磅新规，明日实施！ 6月23日（周一），上交所发布的指定交易业务指南将正式实施。新规明确，对于投资者的撤销指定交易（从一家指定交易的券商解绑，方便换另一家新 的指定交易券商）申请，券商要在当日办结，不得故意拖延或拒绝。 点评： 券商人士表示，此举影响很大。有的券商为了留住客户，对投资者的 ...

夏季达沃斯论坛等多个重要会议将举行；逾9600亿元逆回购到期；英伟达举行年度股东大会；逾570亿元市值限售股解禁。 6月24日至26日，世界经济论坛第十六届新领军者年会，即"夏季达沃斯论坛"将在天津举办。本届论坛以"新时代企业家精神"为主 题，预计将吸引来自90多个国家和地区的1700多名代表参会，参会代表深入探讨应对全球挑战的开创性解决方案。具体来看，年会 议程将围绕五个主题展开，包括"解读全球经济""中国展望""剧变中的产业""投资人类与地球""新能源与材料"。 6月27日，由中国中小商业企业协会主办的第三届世界中小企业大会将于在北京开幕，本届大会以"绿色韧性与数字共生：重构全球 供应链的中小企业力量"为主题，通过系列活动进一步加强国际经贸往来与技术合作，推动中小企业将自身发展与全球议题深度融 合。 此外，2025中国AI算力大会将于6月26日正式举行，2025深圳国际消费电子展览会将于6月25日至27日举办。 逾9600亿元逆回购到期 Wind数据显示，下周央行公开市场将有9603亿元逆回购到期，其中下周一至下周五分别到期2420亿元、1973亿元、1563亿元、2035 亿元、1612亿元。此外，下周 ...

Group 1 - *ST Jingan will be delisted, with 49 stocks unlocking a market value of 58.72 billion next week. The company has multiple violations and will enter the delisting period on June 30. As of the end of Q1, it had 78,800 shareholders. Among the 49 stocks, Tiedian Heavy Industry and Longxin Zhongke have the largest unlocking scale, with 7 stocks having an unlocking ratio exceeding 50%, and 9 stocks reporting losses in Q1* [2] - Major cities are experiencing accelerated declines in housing prices, with the National Bureau of Statistics indicating that May saw a collective drop in second-hand housing prices in first-tier cities. Only 3 out of 70 major cities saw slight increases in second-hand housing prices, suggesting a challenging outlook for the housing market recovery [2] - The Cross-Border Payment System will launch on June 22, enhancing financial cooperation between mainland China and Hong Kong. This system allows for direct interconnection between the monetary authorities of both regions, providing online and rapid bilateral currency and RMB remittance services [2] Group 2 - The "618" shopping festival concluded with significant growth in both e-commerce and instant retail sales. The event lasted from May 13 to June 20, with double-digit growth reported. Major e-commerce platforms are shifting towards rational competition and simplifying rules, while instant retail is becoming a focal point, expected to exceed 2 trillion by 2030 [3] - The Hong Kong Stock Exchange celebrated its 25th anniversary, showcasing significant growth in various metrics, including new stock fundraising, which leads globally. The exchange continues to reform and expand its interconnectivity mechanisms to attract more listings [3] - The China Securities Regulatory Commission has intensified its crackdown on insider trading, issuing 11 administrative penalty decisions with a total fine of approximately 60 million. This includes penalties for 9 individuals involved in the same case, highlighting the regulatory focus on maintaining market integrity [3] Group 3 - Insurance funds have conducted over 8,900 research visits to A-shares this year, focusing on "hard technology" and innovative pharmaceuticals, aligning with national industrial policies. Companies like Huichuan Technology are receiving increased attention due to the rapid approval and recovery of profitability in the innovative drug sector [4] Group 4 - Federal Reserve Governor Christopher Waller indicated the possibility of interest rate cuts as early as July, suggesting that tariffs are unlikely to significantly raise inflation. This comes after the Fed maintained key interest rates steady for four consecutive meetings, with market participants closely monitoring geopolitical developments in the Middle East [5] - JD.com announced a zero-commission entry into the hotel and tourism market during the 618 shopping festival, aiming to compete directly with Meituan and Ctrip. This move addresses high commission pain points in the travel industry but presents challenges in resource allocation and system capacity [5]

据证券时报.数据宝统计，下周将有49股解禁，按照最新收盘价计算，合计解禁市值共587.2亿元。铁建 重工下周将有38.56亿股上市流通，主要为首发原股东限售股份，解禁市值达152.29亿元。龙芯中科的解 禁规模次之，下周将有1.21亿股上市流通，解禁股主要为首发原股东限售股份，解禁市值达146.55亿 元。相比之下，瑞纳智能（301129）、梓橦宫、中国汽研（601965）的解禁压力较小，解禁市值均不足 千万元。从解禁比例来看，亨迪药业（301211）、拓山重工（001226）、铁建重工、国缆检测 （301289）等7股的解禁比例超50%。亨迪药业和拓山重工的解禁比例均达75%。(证券时报) ...

下周将有49只股解禁，按照最新收盘价计算，合计解禁市值587.2亿元。铁建重工下周将有38.56亿股上 市流通，解禁市值达152.29亿元，居首。龙芯中科的解禁规模次之，下周将有1.21亿股上市流通，解禁 市值达146.55亿元。解禁比例来看，亨迪药业（301211）、拓山重工（001226）、铁建重工、国缆检测 （301289）、善水科技（301190）、润贝航科（001316）、凯旺科技（301182）7股的解禁比例超 50%，其中，亨迪药业和拓山重工的解禁比例均达75%。(人民财讯) ...

Core Viewpoint - The domestic CPU manufacturer Zhaoxin Integrated Circuit Co., Ltd. is planning to go public on the Sci-Tech Innovation Board, following other companies like Haiguang Information and Loongson Technology [1][3]. Company Overview - Zhaoxin Integrated is one of the six major domestic CPU manufacturers, with a cumulative loss of 2.354 billion yuan over the past three years. The company aims to raise 4.169 billion yuan through its IPO [3]. - The projected operating revenues for Zhaoxin Integrated from 2022 to 2024 are 340 million yuan, 555 million yuan, and 889 million yuan, respectively. The net profits attributable to shareholders for the same period are projected to be -727 million yuan, -676 million yuan, and -951 million yuan, indicating ongoing losses [3]. - The company is primarily focused on R&D investments to maintain technological advancement, which has led to significant financial losses. It is currently in a rapid development phase and faces risks related to sales expansion and market demand [3]. Shareholding Structure - Shanghai Lianhe Investment Co., Ltd., wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission, holds 50.07% of Zhaoxin Integrated, making it the controlling shareholder. Via a partnership agreement, VIA Technologies holds 7.89% of the shares [3][4]. Competitive Landscape - Zhaoxin Integrated operates within a competitive environment dominated by global giants Intel and AMD, which maintain a duopoly in the x86 architecture processor market. Domestically, it faces competition from other CPU manufacturers like Huawei HiSilicon, Haiguang Information, and Loongson Technology [5][6]. - The company’s gross margin is projected to be 15.4% in 2024, significantly lower than the industry average of 50.49% and below Loongson Technology's 31.03% [5][6]. Financial Performance Comparison - In 2024, Haiguang Information is expected to generate revenues of 9.162 billion yuan with a net profit of 1.931 billion yuan, while Loongson Technology is projected to have revenues of 504 million yuan and a net loss of 625 million yuan. Zhaoxin Integrated's revenues are expected to be 889 million yuan with a net loss of 951 million yuan, indicating weaker performance compared to its competitors [6].

Core Viewpoint - The article discusses the IPO application of Shanghai Zhaoxin Integrated Circuit Co., Ltd. on the Sci-Tech Innovation Board, highlighting its financial struggles and competitive landscape in the CPU industry. Company Overview - Zhaoxin Integrated is one of the six major domestic CPU manufacturers in China, with a cumulative loss of 2.354 billion yuan over the past three years and plans to raise 4.169 billion yuan through the IPO [3][4]. Financial Performance - Projected revenues for Zhaoxin Integrated from 2022 to 2024 are 340 million yuan, 555 million yuan, and 889 million yuan, respectively. The net profits attributable to shareholders are projected to be -727 million yuan, -676 million yuan, and -951 million yuan for the same years [5]. - The company has not yet achieved profitability and has significant cumulative losses due to high R&D costs associated with CPU chip development [5]. Shareholding Structure - Shanghai Lianhe Investment Co., Ltd., wholly owned by the Shanghai State-owned Assets Supervision and Administration Commission, holds 50.07% of Zhaoxin Integrated's shares, making it the controlling shareholder [5]. - VIA Technologies holds 7.89% of Zhaoxin Integrated's shares, with various subsidiaries and related parties being considered as acting in concert [6][7]. Competitive Landscape - The global x86 architecture processor market is dominated by Intel and AMD, creating a duopoly. Domestically, Zhaoxin Integrated faces competition from other CPU manufacturers like Huawei HiSilicon, Hygon Information, and Loongson Technology [10]. - Zhaoxin Integrated's products are compatible with the x86 instruction set, while competitors like Huawei and Feiteng Information use ARM instruction sets, and Loongson Technology employs its own LoongArch instruction set [10]. Market Position and Challenges - Zhaoxin Integrated's projected gross margin for 2024 is 15.4%, significantly lower than the industry average of 50.49% and below Loongson Technology's 31.03% [10]. - In terms of operational performance, Zhaoxin Integrated's projected revenue for 2024 is 889 million yuan, with a net loss of 951 million yuan, indicating a weaker performance compared to Hygon Information, which is expected to generate 9.162 billion yuan in revenue and 1.931 billion yuan in net profit [11].

Core Viewpoint - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has been accepted for an IPO on the Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan [1] Company Overview - Zhaoxin Integrated specializes in the research, design, and sales of high-end general-purpose processors and supporting chips, focusing on x86 architecture CPUs, which are crucial for information security and the information industry in China [3][4] - The company is a leading domestic CPU design firm capable of serving multiple fields including desktop PCs, servers, workstations, and embedded systems, while maintaining compatibility with the x86 instruction set [3] Market Position - The x86 architecture processors dominate the desktop PC and server markets globally, primarily led by Intel and AMD, creating a duopoly [4] - Zhaoxin Integrated, along with other domestic firms like Haiguang Information and Loongson Technology, represents a growing segment of the CPU market, with Zhaoxin's products being compatible with the x86 instruction set [4] Performance and Financials - From 2022 to 2024, Zhaoxin Integrated's revenue is projected to grow from 340 million yuan to 889 million yuan, while net losses are expected to increase from 727 million yuan to 951 million yuan [5] - The company attributes its ongoing losses to significant R&D investments necessary for maintaining technological advancement in CPU development [5] IPO Utilization - The funds raised from the IPO will be allocated to projects including next-generation server processors, desktop processors, advanced process technology, and the establishment of a research and development center [5]