Group 1 - The telecom ETF fund (560690.SH) increased by 0.70%, while the associated index, the CSI Telecom (931235.CSI), rose by 0.49% [1] - Major constituent stocks such as NewEase (新易盛) and Zhongji Xuchuang (中际旭创) saw significant gains of 3.83% and 3.33% respectively [1] - Recent policies from Shenzhen and the Ministry of Industry and Information Technology (工信部) are expected to support the telecom and computing infrastructure sectors, benefiting the telecom ETF constituents [1] Group 2 - From May 26 to June 1, the communication index (中信) increased by 1.84%, outperforming the Shanghai Composite Index (-0.03%) and the CSI 300 (-1.08%) [2] - Specific sectors such as satellite navigation, low-altitude economy, and RF antenna saw increases of 3.69%, 3.01%, and 2.57% respectively [2] - The report highlights that key stocks in the telecom ETF, including Zhongji Xuchuang and NewEase, are on the observation list for domestic computing, indicating a shift towards domestic equipment replacement [2]

Group 1 - The Chinese government emphasizes the importance of maintaining arable land and enhancing agricultural technology to ensure stable production of food and essential agricultural products [6][1] - The target for grain production this year is approximately 1.4 trillion jin, with significant measures being implemented to improve yield in major grain-producing regions [6][1] Group 2 - Market access in China has been further relaxed this year, expanding investment opportunities for private enterprises [2] - The logistics sector in China has shown resilience, maintaining steady growth in the first four months of the year [13] - The electronic information manufacturing industry has experienced a year-on-year increase of 11.3% in added value for the first four months [18] Group 3 - During the Dragon Boat Festival holiday, domestic travel increased by 5.7% year-on-year, indicating a boost in consumer spending [3][15] - The postal and express delivery industry handled over 1.5 billion packages during the holiday, marking a 19.4% increase compared to the previous year [16]

Market Overview - On June 3, 2025, the market experienced a decline with a trading volume of 1.16 trillion, approximately 50 billion less than the previous trading day, with most sectors falling, while agriculture, banking, pharmaceuticals, and military industries saw slight increases [1] - The market showed weakness despite a rebound on Thursday, with the approval of a request by the Trump administration to temporarily suspend a previous ruling by the U.S. International Trade Court, negatively impacting market sentiment [1] - Over 80% of stocks and sectors declined, with many industries hitting new lows during this adjustment phase, indicating a lack of sustainable new hotspots despite some emerging trends in sectors like aquaculture [1] Sector Analysis - The robotics sector saw accelerated declines, reflecting the overall weak market sentiment, as it had previously experienced significant gains and high levels of capital participation [1] - The military sector showed signs of stabilization after adjustments, with the upcoming international defense exhibition in June and the accelerated commissioning of new aircraft carriers in China, making it a focus for potential investment [1] Fund Flow - On May 30, 2025, the Shanghai Composite Index saw a net outflow of 12.678 billion, while the Shenzhen Composite Index experienced a net outflow of 4.641 billion [4] - The top three sectors for capital inflow were chemical pharmaceuticals, aquaculture, and medical services, while the sectors with the highest capital outflow were semiconductors, power grid equipment, and general equipment [4] Industry Dynamics - The Ministry of Industry and Information Technology announced plans to achieve standardized interconnectivity of public computing power across the country by 2028, with a comprehensive system of standards and rules expected by 2026 [5][8] - The Ministry of Agriculture and Rural Affairs held a meeting to discuss the development of the aquaculture seed industry during the 14th Five-Year Plan period, emphasizing the need for technological innovation and improved breeding mechanisms [9] - The Ministry of Transport reported that in April, cross-regional personnel flow reached 5.35 billion, a year-on-year increase of 3.4%, indicating a steady recovery in transportation activity [10] Fund Dynamics - In 2025, 14 fund management companies announced changes in their chairpersons, reflecting a trend of leadership changes within the industry [12][13] - The Cheng Tong Science and Technology Investment Fund was established with an initial scale of 10 billion, focusing on investments in "hard technology" sectors such as new materials, advanced manufacturing, and next-generation information technology [14]

Group 1 - The China Securities Big Data Industry Index rose by 0.76% as of June 3, 2025, with leading stocks such as Qi Anxin up by 5.34% and iFlytek up by 4.19% [1] - The Data ETF (516000) increased by 0.34%, with a latest price of 0.89 yuan, and has seen a cumulative increase of 33.64% over the past year, ranking first among comparable funds [1] - The Ministry of Industry and Information Technology issued the "Computing Power Interconnection Action Plan," aiming for standardized interconnection of public computing power by 2028, which will enhance the efficiency of computing centers and activate the market [1] Group 2 - The Computing Power Interconnection is significant for the Data ETF and the associated big data industry, as it enables efficient scheduling and integration of computing power, enhancing storage efficiency and analysis speed [2] - This initiative promotes the implementation of innovative applications in the big data industry, such as intelligent driving and remote healthcare, which require real-time data processing [2] - The Data ETF closely tracks the China Securities Big Data Industry Index, covering various sectors including big data storage and analysis [2]

Group 1: AI Industry Performance - The CSI Artificial Intelligence Theme Index (930713) increased by 0.46% as of June 3, 2025, with notable gains from stocks such as Lanke Technology (688008) up 7.31% and Fudan Microelectronics (688385) up 5.11% [1] - The AI Artificial Intelligence ETF (512930) saw a peak increase of nearly 1% during trading, currently up 0.39%, with a latest price of 1.29 yuan [1] - Over the past year, the AI Artificial Intelligence ETF has accumulated a total increase of 24.62% as of May 30, 2025 [1] - The latest scale of the AI Artificial Intelligence ETF reached 1.909 billion yuan, with a significant increase of 4 million shares in the past two weeks [1][2] Group 2: Consumer Electronics Industry Performance - The CSI Consumer Electronics Theme Index (931494) rose by 0.17% as of June 3, 2025, with Lanke Technology (688008) increasing by 7.25% and Shengbang Technology (300661) by 4.67% [5] - The Consumer Electronics ETF (561600) is currently priced at 0.76 yuan, reflecting a 20.67% increase over the past year as of May 30, 2025 [5] - The latest scale of the Consumer Electronics ETF has grown by 571.22 million yuan over the past three months, ranking it in the top fifth among comparable funds [5] Group 3: Online Consumption Industry Performance - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) increased by 0.95% as of June 3, 2025, with stocks like Zhangqu Technology (300315) up 13.74% and Giant Network (002558) up 9.97% [8] - The Online Consumption ETF (159793) is currently priced at 0.88 yuan, with a 2.58% increase over the past six months as of May 30, 2025 [8] Group 4: Market Trends and Developments - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and resource-sharing platform for computing power by 2026 [10] - The CSI Hong Kong-Shanghai Online Consumption Theme Index includes 50 stocks related to online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of these sectors [10][11]

·多家国际投行上调中国经济增速预期 ·坚持多劳者多得、体现技高者多得三部门：加大国企技能人才薪酬分配激励 ·破除"内卷式"竞争剑指无序"价格战" 中国汽车工业协会呼吁行业健康发展 ·特朗普称将把美国进口钢材关税从目前的25%上调至50% ·美国务院要求对哈佛大学相关签证申请人进行额外审查 ·欧元区货币供应量增长加速 4月广义货币供应量年增长率上升至3.9% ·高盛、摩根大通等多家国际投行近日表示，随着中国宏观政策落地显效，中美经贸会谈取得实质性进展，决定上调对2025年中国经济增速预测。其中，高 盛上调0.6个百分点，摩根大通上调0.7个百分点，摩根士丹利上调0.3个百分点，野村上调0.5个百分点。（新华社） ·日前，人力资源社会保障部、财政部、国务院国资委联合印发《关于加大国有企业技能人才薪酬分配激励的通知》。《通知》强调，优化技能岗位薪酬分 配，坚持多劳者多得，实行岗位薪酬与岗位价值、技能等级双挂钩办法，合理确定技能岗位的起点薪酬，提出按照一般不低于相应职级管理岗位的薪酬标准 科学确定技能岗位薪级档次。强调设立技能人才专项津贴，实行与技能等级挂钩的能级津贴制度，明确相应的津贴标准，体现技高者多得。（新华财 ...

Market Overview - US stock indices closed mixed, with the Dow Jones up 0.13% and a monthly increase of 3.94%, while the Nasdaq fell 0.32% with a monthly increase of 9.56% [2] - Major tech stocks mostly declined, with Tesla and Intel down over 3%, and Nvidia, AMD, and Advanced Micro Devices down over 2% [2] - Chinese concept stocks generally fell, with the Nasdaq Golden Dragon China Index down 2.69% [2] - Spot gold decreased by 0.86% to $3288.58 per ounce, and WTI crude oil fell by 0.25% to $60.79 per barrel [2] Economic Policies and Regulations - The Ministry of Foreign Affairs stated that China's export control measures align with international practices and are non-discriminatory, opposing US actions that politicize economic issues [3] - The National Development and Reform Commission announced a significant reduction in credit service fees, expected to save users approximately 1.1 billion yuan annually [3] - The People's Bank of China reported that the balance of RMB loans reached 265.41 trillion yuan at the end of Q1 2025, with a year-on-year growth of 7.4% [4] Industry Developments - The Ministry of Industry and Information Technology released an action plan aiming for standardized national public computing power interconnectivity by 2028 [5] - The Housing and Urban-Rural Development Ministry reported that over 1.3 trillion yuan in housing provident fund loans were issued in 2024, with a steady operation of the housing fund system [6] Corporate News - BYD's PR manager refuted claims comparing the company to Evergrande, asserting that Chinese automakers have better financial health than foreign counterparts [13] - Huawei launched a new model with a parameter scale of 718 billion, showcasing advancements in AI computing [14] - The chairman of Midea Group expressed confidence in competing with Xiaomi in the home appliance sector, highlighting the industry's competitive nature [21] - Luckin Coffee clarified that recent price reductions were promotional and not indicative of a price drop [22] Legal and Compliance Issues - Yonghui Supermarket and its chairman were restricted from high consumption due to a legal dispute [16] - *ST Tianyu announced that its actual controller is under criminal investigation for fund misappropriation, although it does not significantly impact operations [26]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has issued the "Computing Power Interconnection Action Plan," aiming to achieve standardized interconnection of public computing power across the country by 2028, forming a computing power internet with intelligent perception and real-time discovery [1][2]. Group 1: Definition and Importance of Computing Power Interconnection - Computing power interconnection aims to break the limitations of different models lacking integration, allowing various chips to execute any model, thus enhancing the potential of computing resources [2][3]. - The action plan emphasizes the need for a standardized interconnection system to improve the efficiency and service level of public computing resources, promoting high-quality development in computing power [2][3]. Group 2: Infrastructure and Technical Requirements - The action plan outlines the necessity to focus on high-performance transmission protocols and network transmission technology research, supporting efficient data entry and lossless interconnection of computing power [2][3]. - Key technologies such as computing power identification and new computing power identification gateways are to be developed to enhance diverse computing power perception capabilities [2][3]. Group 3: Market Advantages and Economic Impact - China's vast market provides diverse demands for computing power, facilitating flexible scheduling of computing resources and enhancing overall market efficiency [5][6]. - The interconnection will allow for compatibility between different manufacturers' chips, enabling the reuse of existing computing centers, thus reducing costs and increasing efficiency [4][6]. Group 4: Data Privacy and Cleaning - The action plan addresses the importance of data privacy in the interconnection process, highlighting data cleaning as a crucial step to protect personal information while allowing valuable data analysis [7]. - Data cleaning involves removing specific personal details while retaining general characteristics for analysis, ensuring privacy protection and enabling the extraction of meaningful trends [7].

Group 1 - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to achieve standardized interconnection of public computing power nationwide by 2028, gradually forming a computing power internet with intelligent perception, real-time discovery, and on-demand access [1] - Ping An has been approved to establish a private equity fund in Qianhai, Shenzhen, with an initial fund size of 30 billion yuan, focusing on high-quality listed companies that align with policy guidance and insurance capital allocation needs [1] - China Communications Construction Company plans to repurchase its A-shares with an amount between 500 million to 1 billion yuan [1] Group 2 - The central bank conducted a reverse repurchase operation of 700 billion yuan in May using a fixed quantity, interest rate bidding, and multiple price level bidding methods [1] - Aerospace Chuangxin has been suspended from participating in military material engineering service procurement activities due to violations [1] - Zhongke Shuguang is planning a major asset restructuring and continues to be suspended from trading [1] - Shannon Chip Innovation's controlling shareholder has terminated the agreement to transfer company shares [1] - Debang Co., Ltd. has not yet practically applied unmanned logistics vehicles despite four consecutive trading limit increases [1]

Group 1 - As of the end of Q1 2025, the balance of RMB loans in financial institutions reached 265.41 trillion yuan, a year-on-year increase of 7.4%, with an increase of 9.78 trillion yuan in Q1 [2] - The balance of RMB real estate loans was 53.54 trillion yuan, with a year-on-year growth of 0.04%, and an increase of 619.7 billion yuan in Q1 [2] - The National Development and Reform Commission announced a reduction in credit service fees starting July 1, 2025, lowering the fee for querying corporate credit reports from 20 yuan to 9 yuan [2] Group 2 - By the end of 2024, China's foreign securities investment assets (excluding reserve assets) totaled 1,417.3 billion USD, with equity investments at 859.8 billion USD and bond investments at 557.5 billion USD [3] - The main holders of foreign securities assets were non-bank financial institutions (795.5 billion USD), banks (422.1 billion USD), and non-financial sectors (199.8 billion USD) [3] - In 2024, the national housing provident fund saw a total contribution of 36,317.83 billion yuan, with 8,127.04 million people withdrawing 27,654.84 billion yuan [3] Group 3 - The Shanghai Stock Exchange announced an optimization plan for the Shanghai 380 Index, set to be implemented on June 16, 2025, along with the launch of the Shanghai 580 Index [4] - The adjustments to various indices, including the CSI 300 and CSI 500, will take effect after the market closes on June 13, 2025, with several companies being added to these indices [5] Group 4 - The Ministry of Industry and Information Technology released an action plan for computing power interconnectivity, aiming to establish a comprehensive standard and rules system by 2026 [6] - In the first four months of 2025, China's software and information technology service industry reported a revenue of 42,582 billion yuan, a year-on-year increase of 10.8% [6] Group 5 - In April 2025, the domestic smartphone market shipped 25.038 million units, a year-on-year increase of 4.0%, with 5G smartphones accounting for 79.4% of total shipments [7] - The Shanghai Stock Exchange took regulatory measures against 166 cases of abnormal trading behavior from May 26 to May 30, 2025 [7] Group 6 - China Communications Construction Company plans to repurchase shares worth between 500 million to 1 billion yuan [9] - Jinbo Co., Ltd. received a notification from a well-known domestic hydrogen fuel cell system manufacturer [9] - National Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [9]