Group 1: Brain-Computer Interface (BCI) Sector - The BCI sector is experiencing a surge due to supportive policies, with Hubei Medical Insurance Bureau setting service pricing and the National Medical Products Administration working on industry standards, pushing the sector into a "fast lane" [3] - Companies like Tencent have secured motion control patents, and Beijing Brain Science Institute has completed three human implant trials, indicating that technology is moving towards practical application [3] - Focus should be on companies with medical device licenses and R&D investment exceeding 20%, as they represent the "hardcore players" worth monitoring [3] Group 2: Digital Currency Sector - Companies like Lakala and Sifang Jingchuang have seen significant stock price increases, with Lakala's cross-border transaction volume up 85% year-on-year, covering over 100 countries [3] - Sifang Jingchuang is involved in multiple central bank digital currency interconnectivity projects, indicating a deepening phase of digital currency applications [3] - Caution is advised regarding companies that are merely riding the digital currency wave without solid fundamentals, as they may be "hollow" [3] Group 3: Solid-State Battery Sector - Companies such as Winbond Technology and Keli Yuan have seen stock price increases, driven by rising demand for high-energy-density batteries in low-altitude economies [4] - Collaboration between CATL and Fengfei Aviation on aviation-grade solid-state batteries has received aviation certification, with mass production expected by 2026 [4] - The Ministry of Industry and Information Technology has prioritized the development of solid-state battery standards, suggesting a long-term growth trajectory for this sector [4] Group 4: Weight Loss Drug Sector - The weight loss drug sector has faced challenges, with companies like Kexing Pharmaceutical seeing stock declines over 10%, primarily due to disappointing clinical trial results from overseas competitors [4] - Novo Nordisk's next-generation weight loss drug trial results were below expectations, leading to a significant market cap loss of nearly €90 billion, impacting domestic suppliers like Jinkai Biotechnology [4] - Despite current setbacks, the demand for obesity treatment remains, and companies with core technologies in CDMO may find opportunities post-emotional market correction [4] Group 5: IP Economy Sector - The IP economy sector has seen declines, with stocks like Hars and Baixinglong dropping over 5%, attributed to industry adjustments [5] - Nanjing Xinbai's attempt to leverage national trend IPs has not translated into increased foot traffic, which fell by 14.8% [5] - The market's expectations for the IP economy have shifted, necessitating tangible performance rather than mere concepts, highlighting the importance of companies that can convert IP into cash flow [5] Group 6: Market Indices - The recent adjustment in the Shanghai Composite Index is viewed positively, providing an opportunity to observe capital movements [6] - The North Stock 50 index rose by 34.57%, indicating that funds are seeking structural opportunities [6] - Long-term investment opportunities are evident in sectors like BCI, digital currency, and solid-state batteries, but investors should focus on companies with clinical progress, leading positions in cross-border payments, and technological advancements [6]

Core Viewpoint - The article emphasizes the importance of real-time information analysis in the investment landscape, particularly focusing on the digital currency and cross-border payment sectors, highlighting the role of digital RMB in enhancing payment systems and market presence [1] Group 1: Digital Currency and Cross-Border Payment - The company is actively involved in building the digital RMB CIPS system, which is crucial for facilitating cross-border payments [1] - The digital RMB hardware wallet has been successfully implemented, indicating progress in the adoption of digital currency [1] - The company holds a significant global market share in payment devices, with over 80% of its sales coming from overseas markets [1] Group 2: Partnerships and Collaborations - The company collaborates with various small and micro-financial enterprises, including notable partners like Ant Bank and JD Technology, to enhance its service offerings [1]

Market Overview - The three major A-share indices experienced collective adjustments, with the Shanghai Composite Index down by 0.19%, the Shenzhen Component Index flat, and the ChiNext Index down by 0.14% [1] - The total market turnover for the half-day session was 790.2 billion yuan, a decrease of 15.3 billion yuan compared to the previous day [1] - Over 3,000 stocks in the market were in the red [1] Sector Performance - The brain-computer interface, oil and gas, digital currency, and solid-state battery sectors saw the highest gains [2] - The brain-computer interface concept led the gains, with stocks like Aipeng Medical, Nanjing Panda, Innovation Medical, and Rongtai Health hitting the daily limit [2] - The digital currency sector remained active, with stocks such as Chuangshi Technology and Hengbao shares also hitting the daily limit, while Lakala and Sifang Jingchuang rose over 10% [2] - The solid-state battery sector also performed well, with Yinghe Technology and Keli Yuan reaching the daily limit [2] - The weight loss drug sector led the declines, with Kexing Pharmaceutical dropping over 10% [2] - The IP economy concept stocks collectively adjusted, with several stocks like Hars and Bai Xinglong falling over 5% [2] Notable Stocks and Trends - The top gainers included companies like Xiexin Energy Technology and Zhun Oil, which achieved three consecutive limit-ups [4] - Companies such as Beida Pharmaceutical and Hengbao shares recorded two consecutive limit-ups [5] - The e-commerce sector had nine stocks hitting the daily limit, with Shandong Molong and Zhujiang Piano being notable representatives [6] - The robotics concept saw seven stocks hitting the daily limit, with Gaole shares and Rongtai Health being key players [7] - The Huawei concept also had six stocks hitting the daily limit, including Xiexin Energy Technology and Hengbao shares [8] Innovation Drug Sector - The National Medical Products Administration plans to clarify the category of drugs that will be included in the 30-day review and approval channel for clinical trials of innovative drugs, aiming to support the development of innovative drugs based on clinical value [9] Digital Currency Sector - Circle's stock in the US saw a significant increase, rising nearly 21% and reaching a historical high, with a cumulative increase of over 420% since its listing [10] Brain-Computer Interface Sector - The first brain-computer interface outpatient clinic in Central China has been established, providing technical evaluation and treatment consultation for patients, which may be included in clinical trial queues for cutting-edge treatments [11] - The brain-computer interface industry is expected to grow rapidly, with McKinsey predicting a market size of $40 billion in the medical field by 2030 and potentially exceeding $145 billion by 2040 [12]

Market Overview - The three major stock indices experienced fluctuations and rose, with the North China 50 Index increasing by nearly 2% [1] - As of the close, the Shanghai Composite Index rose by 0.35% to 3388.73 points, the Shenzhen Component Index increased by 0.41% to 10163.55 points, and the ChiNext Index rose by 0.66% to 2057.32 points [1] - The total trading volume in the Shanghai, Shenzhen, and North markets was 12,438 billion yuan, a decrease of approximately 2,600 billion yuan compared to the previous day [1] Sector Performance - Strong performance was observed in sectors such as media, real estate, oil, brokerage, banking, and insurance [1] - Coal, chemical, and liquor sectors also saw upward movement, while digital currency, information technology innovation, and AI application concepts were active [1] Investment Insights - Dongxing Securities indicated that under current volume conditions, the likelihood of a style switch in the market is low, with small and mid-cap growth styles expected to continue [1] - There may be a small cycle adjustment in the short term due to high congestion in small-cap stocks, but the possibility of a large cycle adjustment is low [1] - The A-share market is expected to enter a slow bull phase, with large-cap companies likely to follow small-cap companies into an upward trend [1] Focus Areas - The market continues to favor mainstream hotspots such as innovative drugs and new consumption, while also looking for opportunities in undervalued high-dividend stocks [1] - In the context of continuously declining interest rates, high-dividend stocks are considered a scarce resource with long-term allocation value [1] Oil and Gas Sector - The outbreak of the Israel-Palestine conflict on June 13 led to a 7% increase in Brent crude oil prices, with prices stabilizing between $70 and $75 per barrel as of June 16 [2] - The conflict may alter the global oil supply landscape, suggesting a systematic upward shift in oil price levels [2] - Dongwu Securities noted that the current extraction costs in major U.S. shale oil regions are between $40 and $50 per barrel, indicating that rising oil prices will enhance shale oil extraction willingness [2] Pharmaceutical Sector - The State Council's meeting on June 13 focused on optimizing drug and consumable procurement policies, aiming to enhance the innovation capabilities of pharmaceutical companies [3][4] - Policies are expected to encourage the development of innovative drugs and medical devices, potentially benefiting leading companies in the sector [4] - The optimization of procurement policies is anticipated to restore market sentiment and catalyze the pharmaceutical sector's growth in the second half of the year [4] Regulatory Developments - The National Medical Products Administration announced a 30-day review and approval process for clinical trial applications of innovative drugs, aimed at enhancing the efficiency of clinical research [5] - This initiative supports the development of key national research products and encourages international collaboration in clinical trials [5]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-06-17 股市缺乏主线，债市曲线⾛陡 股指期货：地缘冲击淡化，等待陆家嘴论坛政策。 股指期权：波动快速触底，买权为主。 国债期货：债市曲线⾛陡。 股指期货方面，地缘冲击淡化，等待陆家嘴论坛政策。周一继续缺少 主线方向。地缘事件的影响相对淡化，伊朗主要领导层被定向击杀，妥协 只是时间问题，预期差有限，黄金、原油价格均高位回落。市场关注转向 本周的陆家嘴论坛，传涉及数字货币、科技与产业与金融良性循环等， 催化稳定币等主题概念活跃，资金提前布局，TMT板块领涨。然而经济弱 现实仍未改变，PPI同比负增扩大，国补外的社零增速平缓，关注陆家嘴 论坛是否有改善产业利润分配的实质性政策表态。另外，港股隐忧继续提 示资金拥挤风险，恒生AH溢价指数创五年来新低，部分公司出现H股溢 价，而近年AH溢价低位多对应于沪深300高位，存在港股连累A股的可能 性，操作偏向防御。 股指期权方面，波动快速触底，买权为主。昨日，波动率骤降，50ET F期权加权水平来到13.2%，而当月平值在12%左右，而中证1000股指期权 来到近250个交易日最小 ...

Group 1 - Xiaomi's factory currently has a monthly production capacity of 20,000 to 30,000 vehicles, with a high level of automation in its operations [2] - Cao Cao Chuxing has initiated its IPO process, planning to raise HKD 1.853 billion by offering 44.1786 million shares at a price of HKD 41.94 per share, with an estimated valuation of approximately HKD 22.823 billion [2] - The IPO has attracted six cornerstone investors, including Mercedes-Benz and other notable firms [2] Group 2 - 360 Group has launched the "Nano AI Super Search Intelligent Agent," which includes 80 large-scale models capable of intent analysis and multi-modal generation, enhancing information retrieval for businesses and individuals [3] - The intelligent agent can automatically generate short video content and conduct cross-platform data analysis, marking a significant milestone in AI development [3] Group 3 - Alibaba has upgraded its Tongyi Qianwen model to be compatible with Apple's MLX architecture, potentially paving the way for Apple Intelligence to enter the Chinese market [4] - The iOS 18.6 developer beta has been released, which may serve as a platform for Apple Intelligence's launch in China, potentially boosting iPhone sales [4] Group 4 - Lakala is planning to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange to advance its international development strategy and enhance its competitiveness in the global market [5] - The company aims to accelerate the application of digital currency in cross-border scenarios, although specific details are yet to be determined [5]

1. 香港财政司司长陈茂波今日启程赴上海访问，将出席2025陆家嘴论坛，并见证与上海市签署《沪港国 际金融中心协同发展行动方案》。 金十数据整理：每日港股市场要闻速递（6月17日 周二） 1. 中国稀土(00769.HK)完成发行4亿股代价股份收购钨条资产。 重要新闻： 14. 花样年控股(01777.HK)：本公司宣布，重组支持协议的最后截止日期进一步延长至2025年6月20日。 个股新闻： 2. 据港交所文件：富卫集团有限公司通过港交所上市聆讯。 3. 阿里巴巴(09988.HK)发布升级版Qwen3：全系适配苹果MLX架构。 4. 中煤能源(01898.HK)：5月商品煤销量2179万吨，同比减少4.9%。 5. 宁德时代(03750.HK)：稳定价格期结束，超额配股权获悉数行使。 6. 先声药业（02096.HK）与NextCure就部分药品海外销售达成合作。 7. 中国神华(01088.HK)前5个月商品煤产量为1.38亿吨，同比减少1.7%。 8. 周大福(01929.HK)：建议以每股17.32港元的价格发行88亿港元可转换债券。 9. 拉卡拉：筹划在香港联合交易所有限公司上市，加快数字货币在跨 ...

Core Viewpoint - Zhongyi Technology (301208) focuses on IT infrastructure and has engaged in the construction of IT infrastructure for digital currency systems, providing operational maintenance services for related infrastructure [1] Company Overview - The company specializes in IT infrastructure layer services [1] - Currently, the company has not involved itself in stablecoin-related businesses [1] Partnerships and Collaborations - There are no collaborations with Ant Financial and Tencent Payment regarding stablecoins and digital currencies [1]

Market Performance - The market experienced a rebound with the ChiNext leading the gains, closing at 2057.32, up by 0.66% [2][4] - The Shanghai Composite Index closed at 3388.73, up by 0.35%, while the Shenzhen Component Index closed at 10163.55, up by 0.41% [2][4] - The total trading volume in the Shanghai and Shenzhen markets was 1.22 trillion yuan, a decrease of 252.2 billion yuan compared to the previous trading day [7] Sector Performance - The top-performing sectors included Media (up 2.70%), Communication (up 2.11%), and Computer (up 1.99%) [3][4] - The sectors with the weakest performance were Agriculture, Forestry, Animal Husbandry, and Fishery (down 0.76%) and Beauty and Personal Care (down 0.49%) [3][4] - Concept indices that performed well included Digital Currency (up 4.72%) and Ant Financial Concept (up 4.40%) [3][4] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, a year-on-year increase of 6.4% [6] - The industrial added value for large-scale enterprises grew by 5.8% year-on-year in May, with a month-on-month increase of 0.61% [6] - The average sales price of new residential properties in first-tier cities decreased by 0.2% month-on-month in May [6] Future Outlook - The market is expected to maintain a range-bound trend in the short term, but overall is in a healthy operating condition [7] - Mid-term prospects remain positive due to economic resilience and supportive policy measures, indicating potential upward movement in the market [7] - Recommended sectors for attention include Finance, Non-ferrous Metals, Consumer Goods, and TMT (Technology, Media, and Telecommunications) [7]

Company News - Midea Group plans to repurchase shares worth between 5 billion to 10 billion yuan [10] - CITIC Securities announced the issuance of technology innovation bonds not exceeding 6 billion yuan, receiving administrative approval from the People's Bank of China [11] - Yunlu Co., Ltd. announced that its chairman and general manager has been detained [12] - *ST Jiuyou received a decision for stock delisting [12] - Jiangbolong announced a memorandum of cooperation with SanDisk [13] - Wuzhou Xinchun plans to raise no more than 1 billion yuan through a private placement for the development of intelligent robots and key components for automotive intelligent driving [14] - Feitian Chengxin plans to reduce its holdings by no more than 4 million shares [15] - Zhongman Petroleum noted that geopolitical conflicts in the Middle East have led to a short-term rise in international oil prices [16] - Lakala is planning to list on the Hong Kong Stock Exchange to accelerate the application of digital currency in cross-border scenarios [16] - Three squirrels announced the termination of the acquisition of Hunan Ailing Technology's controlling stake [17] - Jinchengzi announced that revenue from 3D printing equipment products will account for less than 2% of the company's total revenue in 2024 [17] - Shanshui Technology plans to invest 6 billion yuan in a new chemical materials project [18] - Xinxunda plans to sell all shares of Huali Technology at an opportune time [19] - *ST Yazhen announced the completion of stock trading suspension review and resumption of trading [19] - Dianguang Media stated on the interactive platform that its subsidiary is selling products related to Pop Mart [19] - Yiwei Lithium Energy plans to extend the reduction of its holdings in Simor International by 3.5% [20] Industry News - A new round of insurance product interest rate adjustments has begun, with the new products from Tongfang Global Life Insurance lowering the preset interest rate from the current market cap of 2% to 1.5% [6] - The Ministry of Finance announced that Dalian and Hubei provinces will implement a tax refund policy for overseas travelers' shopping starting from July 1, 2025 [7] - The Hangzhou Municipal Bureau of Commerce is drafting implementation details for "Enjoy Immediate Purchase and Refund" to create an international consumption city, offering subsidies for new tax refund outlets [7] - The National Medical Products Administration is soliciting opinions on optimizing the review and approval of clinical trials for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [6] - The liquid cooling technology is becoming a necessary option for new data centers due to increasing power density and energy consumption challenges [28] - The 3D printing industry in China is experiencing rapid growth, with production and export volumes significantly increasing [25] - Major companies like Walmart and Amazon are exploring the issuance of their own stablecoins, indicating a growing trend in the financial market [29]