Market Overview - On June 24, A-shares major indices experienced fluctuations throughout the day, with total trading volume in the Shanghai and Shenzhen markets reaching 1.41 trillion yuan, an increase of 292 billion yuan compared to the previous trading day [1] - The solid-state battery concept stocks saw a significant surge, while sectors such as oil and gas, ports, and precious metals faced substantial declines [1] Key Stocks - Notable stocks in the solid-state battery sector included Nord Shares with a six-day consecutive rise, Xingye Shares with five rises in eight days, and Xiangtan Electric with four consecutive rises [2] - Other strong performers included Zhejiang Dongri in the brain-computer interface sector with five rises in six days, and Zhongjing Electronics in the PCB sector with four rises in five days [2] Stock Performance Data - Nord Shares (600110) closed at 6.24 yuan, up 10.05%, with a trading volume of 2.76 billion yuan and a turnover rate of 26.33% [3] - Zhejiang Dongri (600113) closed at 25.04 yuan, up 10.02%, with a trading volume of 666.1 million yuan and a turnover rate of 6.60% [3] - Zhongjing Electronics (002579) closed at 12.65 yuan, up 10.00%, with a trading volume of 2.976 billion yuan and a turnover rate of 41.52% [3] - Xingye Shares (826609) and Xiangtan Electric (002125) both saw significant gains of 49.99% [3] Trading Dynamics - A total of 72 stocks hit the daily limit up, with 14 stocks experiencing consecutive rises, and 18 stocks failed to maintain their limit up status, resulting in a sealing rate of 80% [4] - The top three net buying stocks on the Dragon and Tiger list were Guoxuan High-Tech, Guangxun Technology, and Ice River Network, with net purchases of 318 million yuan, 300 million yuan, and 201 million yuan respectively [5] Institutional Trading - Guangxun Technology saw a net institutional purchase of 76.19 million yuan, while Guoxuan High-Tech had a net institutional purchase of 63.78 million yuan [8] - The top three net selling stocks by institutions included Neimenggu Yiji, Taishan Petroleum, and Zhongjing Electronics, with net sales of 76.74 million yuan, 61.23 million yuan, and 57.39 million yuan respectively [9] Sector Insights - Guoxuan High-Tech is advancing in solid-state battery production, with its "Jinshi Battery" achieving a cell energy density of 350 Wh/kg and a capacity increase of 150% [10] - Guangxun Technology specializes in high-speed optical modules for cloud computing data centers and is expected to benefit from the growth of domestic internet markets [11] - Ice River Network, focused on online gaming, reported a revenue of 654 million yuan in Q1 2025, marking a year-on-year growth of 16.65% [12]

Market Overview - The A-share market opened lower on June 3 but turned positive, with the Shanghai Composite Index up 0.18%, the Shenzhen Component Index up 0.22%, and the ChiNext Index up 0.64% [1] - The Hong Kong stock market indices also rose, with Li Auto increasing over 5% and other stocks like Horizon Robotics, Tencent Music, and NetEase following suit [1][2] Digital Currency Sector - Digital currency concept stocks surged, with companies like Cuiwei Co., Hengbao Co., Hailian Jinhui, and Yuyin Co. hitting the daily limit, while Sifang Jingchuang rose nearly 13% [3][4] - The Hong Kong government has officially enacted the "Stablecoin Ordinance," which establishes a licensing system for issuers of fiat-backed stablecoins, marking a significant step in the digital asset sector [5] Online Gaming Sector - Online gaming stocks experienced a notable rise, with companies like Zhangqu Technology increasing over 16%, and both Dihun Network and Giant Network hitting the daily limit [6] - In May, 130 domestic online games received approval, breaking the previous record, with a total of 144 licenses issued, indicating a healthy growth trend in the gaming industry [8] - The gaming market is projected to grow by 21.93% year-on-year to 27.351 billion yuan by April 2025, driven by long-term product revenue growth and new seasonal activities [8] Football Concept Stocks - The football concept sector saw a significant rise, with Jinling Sports hitting the daily limit and other stocks like Gongchuang Turf, Kangliyuan, and Shuangxiang Co. also increasing in value [9] - The recent popularity of the Jiangsu Province's first city football league, dubbed "Su Super," has contributed to the surge in football-related stocks [9]

Group 1: Market Overview - The A-share market opened lower on June 3, with the Shanghai Composite Index down 0.22%, Shenzhen Component Index down 0.34%, and ChiNext Index down 0.33%, but all indices later rebounded into positive territory [1] - The FTSE China A50 Index futures opened lower but rose over 0.7% during the trading session [3] - The Hong Kong Hang Seng Index and Hang Seng Tech Index both increased by over 1% [7] Group 2: Sector Performance - Digital currency concept stocks surged, with companies like Cuiwei Co., Hengbao Co., and Yuyin Co. hitting the daily limit, while Xiongdi Technology rose over 10% and Sifang Jingchuang increased over 9%. This surge followed the Hong Kong government's announcement of the "Stablecoin Regulation" becoming law [6] - The innovative drug sector also saw significant gains, with Huahai Pharmaceutical, Wanbangde, and Hainan Haiyao reaching the daily limit, and companies like Guanhao Biological and Qianhong Pharmaceutical showing notable increases [6] - The online gaming sector strengthened, with companies like Giant Network and Boyuan Media hitting the daily limit, and companies like Zhangqu Technology and Perfect World rising over 5% [9] Group 3: Index Adjustments - The Shenzhen Stock Exchange announced a periodic adjustment of sample stocks for the Shenzhen Component Index, ChiNext Index, and Shenzhen 100 Index, effective June 16, 2025 [10] - A detailed list of stocks being added and removed from these indices was provided, indicating changes in market composition [11][13][15][16] Group 4: Hong Kong Stock Connect Adjustments - The Shenzhen Stock Exchange released an announcement regarding adjustments to the Hong Kong Stock Connect eligible securities list, effective June 3, 2025, including the addition of companies like Fuzhikang Group and Junda Co. [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The future demand for fixed - income assets may exceed supply, potentially leading to an asset shortage and driving interest rates down. The 10 - year treasury bond yield could reach 1.4% - 1.5% this year [23]. - Fundamental factors are difficult to break the narrow - range fluctuation pattern of the bond market. A decline in deposit rates is short - term positive for non - bank allocation demand. It is recommended to focus on 3 - and 5 - year credit bonds and Tier 2 capital bonds [23]. - Adding 10% - 20% financial bonds to a credit or treasury bond portfolio can optimize the portfolio by reducing volatility and drawdown with little impact on returns [23]. - The Chinese government's macro - economic control policies have led to an improvement in economic indicators, and Moody's decision to maintain China's sovereign credit rating is a positive reflection of China's economic prospects [2][11]. - The appreciation of the RMB is beneficial to the Chinese stock market, and Goldman Sachs is overweight on Chinese stocks due to the potential exchange - rate resilience of the RMB [11][28]. 3. Summary by Directory 3.1 Macro Data - In Q1 2025, GDP grew by 5.4% year - on - year, the same as the previous quarter and higher than the same period last year [1]. - In April 2025, the manufacturing PMI was 49%, down from 50.5% in the previous month and 50.4% in the same period last year [1]. - In April 2025, the non - manufacturing PMI was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1]. - In April 2025, the year - on - year growth rates of M0, M1, and M2 were 12%, 1.5%, and 8% respectively, with M0 and M2 increasing compared to the previous month and M1 decreasing [1]. - In April 2025, the CPI was - 0.1% year - on - year, the same as the previous month but lower than the same period last year; the PPI was - 2.7% year - on - year, lower than the previous month and the same period last year [1]. 3.2 Commodity Investment 3.2.1 Comprehensive - The Chinese government aims to improve the modern enterprise system, including salary systems and corporate governance of listed companies [2][10]. - OPEC + may increase production by 411,000 barrels per day in July to target the US shale oil market [2]. - As of May 26, 70.05 million mu of summer wheat had been harvested, and over 17 million sets of agricultural machinery will be used for the "Three Summers" operations [3]. 3.2.2 Main Varieties - Cast aluminum alloy futures will be listed on June 10, with a trading margin of 9% (8% for hedging) and a daily price limit of ±7% (doubled on the first day) [4]. - In April, Hong Kong's total gold exports to the Chinese mainland were 58.61 tons, up from 21.071 tons previously [4]. - On May 26, the global thermal coal price hit a four - and - a - half - year low due to oversupply and high inventories [6]. - Russia's Deputy Prime Minister said that OPEC + has not discussed a July production increase [7]. - Iraq's oil exports in April were 100.95 million barrels [8]. - Iran set the price of Iranian light crude oil for Asia in June at Oman/Dubai crude oil price plus $1.80 per barrel [8]. - Malaysia's palm oil exports from May 1 - 25 increased by 11.6% month - on - month [9]. 3.3 Financial News - On May 26, the central bank conducted 382 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 247 billion yuan [9]. - Third - round, fourth - batch central environmental protection inspections have been launched in 5 provinces and 3 state - owned enterprises [11]. - On May 26, the on - shore and off - shore RMB exchange rates against the US dollar rose, breaking through the 7.17 mark [11]. - This year, nearly 3,000 idle land parcels with a total area of over 133 million square meters are planned to be repurchased using special bonds [12]. - From January to April, the proportion of residential sales of over 120 square meters increased in 20 out of 30 representative cities [12]. - Credit bond ETFs are expected to be included in the repurchase collateral pool [12]. - As of April 30, the on - time disclosure ratios of 2024 annual reports and 2025 Q1 reports of debt - financing tool issuers and credit enhancement institutions were 99.80% and 99.65% respectively [13]. - Mitsubishi UFJ Bank (China) will adjust RMB deposit rates from June 3 [13]. - Inner Mongolia Rural Commercial Bank was established through a new merger and will open on May 27 [13]. - Hubei aims to transform the real - estate industry and ensure its stable operation [14]. - Guizhou will carry out special rectification and actions to solve problems faced by enterprises [14]. - The four major Japanese life insurance companies had a bond portfolio floating loss of about $60 billion last fiscal year [15]. - Multiple factors may trigger a "bond vigilante" action [15]. - There are significant events in the bond market, such as debt restructuring and bond suspension [16]. 3.4 Bond Market - Treasury bond futures mostly rose, and the yields of major inter - bank interest - rate bonds mostly declined. The overnight and 7 - day inter - bank repo rates showed different trends [17]. - In the exchange - traded bond market, some bonds rose while others fell. The Wande real - estate bond 30 index declined slightly, and the Wande high - yield urban investment bond index rose [18]. - The CSI Convertible Bond Index and the Wande Convertible Bond Equal - Weighted Index both declined [18]. - Most money - market interest rates showed an upward trend, while Shibor short - term rates were mixed [18][19]. - The winning yields of some financial bonds issued by policy banks were announced [20]. - European bond yields generally declined [20]. 3.5 Foreign Exchange Market - The on - shore RMB exchange rate against the US dollar rose by 52 points at the 16:30 close, and the central parity rate was raised by 86 points [22]. - The US dollar index declined, and most non - US currencies rose [22]. 3.6 Stock Market - The CSRC will promote the introduction of a supervision and management regulation for listed companies to improve corporate governance [27]. - On Monday, the A - share market had a narrow - range adjustment. The controllable nuclear fusion concept rose, while pharmaceutical and automobile stocks declined [27]. - The Hong Kong Hang Seng Index and related indices declined. Automobile stocks fell, and nuclear - power stocks rose [27]. - Southbound funds had a net sell - off of HK$1.5 billion. Tencent and Alibaba were net sold, while Meituan was net bought [28]. - Central Huijin will better perform its duties in managing state - owned financial capital [28]. - Goldman Sachs is overweight on Chinese stocks due to the potential appreciation of the RMB [28]. - Meituan's Q1 revenue and adjusted net profit exceeded market expectations [28].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - As the long holiday approaches, the futures index maintains a volatile pattern. The total trading volume of futures indices declined on April 28, indicating a decrease in investors' trading enthusiasm. The A - share market closed lower overall, with a decline in trading volume compared to the previous day [1][2][6] 3. Summary by Relevant Content 3.1 Futures Index Data - **Price and Change**: On April 28, the closing prices of the four major futures indices' current - month contracts showed mixed trends. IF fell 0.21%, IH rose 0.08%, IC fell 0.53%, and IM fell 0.95%. The underlying indices such as CSI 300, SSE 50, CSI 500, and CSI 1000 also had different changes, with CSI 300 down 0.14%, SSE 50 up 0.09%, CSI 500 down 0.51%, and CSI 1000 down 1.05% [1] - **Trading Volume and Open Interest**: The total trading volume of IF decreased by 13,541 lots, IH by 7,492 lots, IC by 12,934 lots, and IM by 38,222 lots. The total open interest of IF decreased by 1,592 lots, IH by 3,111 lots, IC by 5,259 lots, and IM by 7,247 lots [2] - **Basis**: The basis of each futures index contract is different. For example, the basis of IF2505 is - 19.42, and that of IH2505 is - 5.83 [1] - **Long and Short Orders**: The changes in long and short orders of each contract vary. For instance, the long orders of IF2505 increased by 618, and the short orders increased by 990 [5] 3.2 Market Driving Factors - **External Market**: The S&P had a narrow five - day gain, NVIDIA fell more than 2%, NXP tumbled after - hours, Chinese concept stocks rebounded, and NIO rose more than 7%. US Treasury yields hit a nearly two - week low, the US dollar index declined, and the yen rebounded more than 1%. Bitcoin and crude oil prices also had significant fluctuations [6] - **Domestic Policy**: China will introduce measures to stabilize employment and the economy and promote high - quality development, covering aspects such as employment support, foreign trade stability, consumption promotion, investment expansion, and a stable development environment [6] 3.3 A - Share Market Performance - **Index Closing**: The Shanghai Composite Index closed down 0.2% at 3,288.41 points, the Shenzhen Component Index fell 0.62%, the ChiNext Index fell 0.65%, and other indices also showed declines. The trading volume of A - shares was 1.08 trillion yuan, down from 1.14 trillion yuan the previous day [6] - **Sector Performance**: Bank stocks strengthened again, with stocks like China Construction Bank and Industrial and Commercial Bank of China hitting record highs. PEEK material concept stocks and online game concept stocks were active, while real estate and consumer sectors performed poorly. More than 4,100 stocks in the market fell [7] - **Fund Flow**: The net outflow of main funds from the Shanghai and Shenzhen stock markets was 31.852 billion yuan. Before the holiday, investors showed strong waiting - and - seeing sentiment [7]