ETF Industry News - Major indices collectively rose, with several communication sector ETFs leading the gains. The Communication ETF (515880.SH) increased by 2.08%, 5G50ETF (159811.SZ) rose by 1.87%, and Communication Equipment ETF (159583.SZ) gained 1.79% [1] - The construction materials sector saw declines, with the Construction Materials ETF (516750.SH) down by 1.30% and another Construction Materials ETF (159745.SZ) down by 1.25% [1] Communication Industry Insights - A recent report from Western Securities highlighted that AMD and NVIDIA mentioned that agent-based AI is expected to drive exponential growth in inference workloads. Collaboration with leading AI companies and cloud providers is anticipated [2] - The report emphasizes that computing power remains a major bottleneck for AI innovation, and self-developed ASIC chips from large companies are becoming an important supplement to computing power supply [2] - Key areas to focus on include overseas computing chain growth, domestic computing demand, and the importance of self-controllable technology in the industry [2] Dividend Asset Allocation - Dividend-themed funds are gaining traction as core investment targets due to their stable cash flow and defensive attributes. Several dividend-themed ETFs have recently reached record high shares [3] - As of June 17, the E Fund CSI Dividend Low Volatility ETF reached 1.576 billion shares, up 85% year-to-date, while the Southern S&P China A-share Large Cap Dividend Low Volatility 50 ETF reached 6.564 billion shares, a 75% increase [4] Sci-Tech Board ETF Developments - Following the implementation of the "Sci-Tech Board Eight Measures," the number and scale of Sci-Tech Board ETFs have both seen significant growth, with a total of 88 ETFs and a combined scale exceeding 250 billion yuan [5] Market Overview - The A-share market saw all major indices rise, with the Shanghai Composite Index up 0.04% to 3388.81 points, the Shenzhen Component Index up 0.24% to 10175.59 points, and the ChiNext Index up 0.23% to 2054.73 points [6][7] - The electronic, communication, and defense industries performed well, with daily increases of 1.5%, 1.39%, and 0.95%, respectively [9] ETF Market Performance - Stock-style ETFs showed the best performance today, with an average increase of 0.27%, while cross-border ETFs had the worst performance with an average decrease of 0.57% [12] - The top-performing stock ETFs included 5G Communication ETF (515050.SH) with a 2.37% increase, 5GETF (159994.SZ) with a 2.22% increase, and Communication ETF (515880.SH) with a 2.08% increase [14][15] Trading Volume Insights - The top three stock ETFs by trading volume were A500 ETF (159351.SZ) with 2.862 billion yuan, A500 ETF Fund (512050.SH) with 2.770 billion yuan, and Sci-Tech 50 ETF (588000.SH) with 2.175 billion yuan [17][19]

Core Viewpoint - The company has approved a profit distribution plan for the year 2024, which includes a cash dividend distribution of 157,794,288.00 yuan to shareholders, with no stock dividends or capital increases from reserves [1][2]. Profit Distribution Plan - The profit distribution plan was approved at the shareholders' meeting held on May 16, 2025, and will be based on the total share capital as of December 31, 2024 [1]. - The cash dividend will be distributed at a rate of 1.125000 yuan for every 10 shares held, with specific tax treatments for different types of shareholders [2]. - The dividend distribution date is set for June 26, 2025, with the record date for shareholders being June 25, 2025 [2][3]. Dividend Payment Method - Dividends will be directly credited to the shareholders' accounts through their securities companies or other custodial institutions on the payment date [3]. Consultation Information - For inquiries regarding the profit distribution, shareholders can contact the company's board office located in Chengdu, Sichuan Province [4].

Market Overview - The three major indices in the A-share market rose, with the Shanghai Composite Index closing at 3388.81 points, up 0.04% [4] - The Shenzhen Component Index closed at 10175.59 points, up 0.24%, and the ChiNext Index closed at 2054.73 points, up 0.23% [4] - The market turnover was 12.22 trillion yuan, a decrease from the previous trading day [5] Economic Indicators - In the U.S., economic data showed a divergence, with soft data indicating a potential economic downturn, particularly in core retail and industrial output [1] - The upcoming release of initial jobless claims and the Atlanta Fed's GDP forecast will provide further insights into the U.S. economic situation [1] - Domestic economic data for May showed mixed results, with consumption performing well due to policies like trade-in incentives, but overall internal demand remains weak [1] Financial Policies - The People's Bank of China announced eight significant financial policies at the Lujiazui Forum, focusing on structural reforms and opening up, including the establishment of a digital RMB international operation center and offshore trade finance services [2] - These policies are expected to boost market sentiment in the short term and benefit sectors related to financial technology, innovation, and cross-border trade in the long term [2] Legislative Developments - The U.S. Senate passed the GENIUS Act, which mandates that stablecoins pegged to the dollar must hold equivalent short-term government debt as reserves [3] - This regulatory framework is anticipated to enhance the compliance and growth of stablecoins as a new infrastructure for global payments [3]

Core Viewpoint - The U.S. economy is experiencing a consumption shock triggered by tariff policies, with significant declines in retail sales, particularly in the automotive sector, indicating a broader economic warning sign [1][4]. Retail Sales Data - In May, U.S. retail sales fell by 0.9%, significantly below the market expectation of a 0.7% decline, marking the largest drop of the year [3]. - Excluding automotive sales, other retail categories still saw a decrease of 0.3%, with seven out of thirteen categories reporting declines [3]. - The restaurant and bar sector experienced its largest spending drop since early 2023, reflecting a tightening in consumer spending decisions [3]. Economic Impact and Consumer Behavior - Consumers have begun to significantly reduce spending, despite previous anticipatory purchasing due to impending tariffs [4]. - Consumer confidence remains fragile amid rising living costs and high-interest rates, leading to more cautious spending behavior [4]. - The depletion of previously accumulated "excess savings" and a lack of strong stock market performance have further diminished consumer spending power [4]. Federal Reserve's Monetary Policy - The Federal Reserve is likely to maintain a wait-and-see approach in its upcoming meeting, influenced by the uncertainty surrounding tariffs and their impact on inflation expectations [5]. - Recent inflation data has shown improvement, but concerns about tariffs disrupting inflation expectations remain a significant factor in the Fed's decision-making process [5]. Trade Policy and Consumer Sentiment - Following the announcement of tariffs by the Trump administration, consumer spending has been adversely affected, with a significant portion of the population reducing expenditures due to recession fears [6]. - A recent survey indicated that 60% of respondents have cut back on spending, particularly in non-essential services like dining out and entertainment [6].

Core Viewpoint - The U.S. retail sales in May experienced the largest decline of the year, indicating a significant suppressive effect of the new tariff policy on consumer spending, particularly in the automotive sector [1][2]. Economic Data Summary - U.S. retail sales fell by 0.9% month-on-month in May, worse than the market expectation of a 0.6% decline, with the previous value revised down to -0.1% [2]. - Excluding automobiles, sales decreased by 0.3%, also below the expected increase of 0.2% [2]. - Among 13 categories, 7 saw a decline in sales, with building materials and motor vehicles experiencing the largest drops [2]. Consumer Behavior Insights - Consumers are systematically reducing spending after a prior surge driven by tariff-related purchasing [3]. - The restaurant and accommodation sectors, key indicators of service consumption, recorded the second-largest monthly decline of the year, reflecting a tightening in non-essential spending [2][3]. - A media survey indicated that 60% of American households have significantly cut back on discretionary spending due to concerns over economic downturn risks [3]. Sector Performance - In May, sales in home and garden centers dropped by 2.7%, electronics and appliance stores fell by 0.6%, and grocery stores decreased by 0.7% [4]. - Conversely, online retailers saw a sales increase of 0.9%, clothing stores grew by 0.8%, and furniture stores rose by 1.2% [4]. Future Economic Outlook - Historical trends suggest that price increases may be most pronounced in July, with the full impact of tariffs expected to gradually manifest later in the year, potentially suppressing real income growth [4][6]. - Despite the current decline in consumer confidence, stable inflation and low unemployment rates may support sustained consumer growth in the coming months [3].

Group 1 - The main viewpoint indicates that the market is experiencing a net outflow of capital, with a total of 117.607 billion yuan in the last two weeks, while the coal industry is seeing net inflows [2] - The financing and securities lending data shows a current balance of 1.821325 trillion yuan, an increase of 0.66% from the previous period, with the financing balance at 1.808988 trillion yuan and the securities lending balance at 12.337 billion yuan [2] - The market has seen more declining stocks than rising ones in the last two weeks, with the top three sectors in terms of gains being non-ferrous metals, oil and petrochemicals, and telecommunications, while the sectors with the largest declines are food and beverage, household appliances, and commercial building materials [2] Group 2 - The overall strength analysis score for all A-shares is 5.39, indicating a neutral zone, with the CSI 300 score at 5.43, the ChiNext score at 5.60, and the Sci-Tech Innovation Board score at 5.42 [2] - The article notes that due to escalating geopolitical conflicts, global risk appetite is declining, leading to a drop in the Shanghai Composite Index below the 5-day moving average, with market focus shifting towards defensive sectors [3] - It is suggested that the A-share market is likely to continue a structural trend in the second half of the year, with a need to monitor whether capital returns to previous hot sectors, while mid-to-long-term attention should be given to technology and Hong Kong stock market trends [3]

近年来，中国与乌兹别克斯坦地方合作亮点纷呈，涵盖经贸、基础设施建设、农业、文化、教育、社会 民生等多个领域。目前在乌兹别克斯坦的中资企业数量达3880家，仅2024年新注册中资企业就超过1000 家，显示出地方合作的强劲动力。今年以来，中乌双边投资贸易额持续增长，政府间协议相继落地，机 制与平台建设日趋完善，中乌地方合作潜力有望得到进一步释放。 机制建设完善丰富 在两国地方政府及商界的积极推动下，中乌地方互动、交流、合作机制日趋完善，政府间合作委员会和 上海合作组织公共外交中心等平台发挥着重要作用，政府间代表团互访频繁，各层级地方合作论坛现场 人头攒动。 利好政策相继出台 2023年首届中国—中亚峰会成功举办后，中乌两国政府积极落实峰会关于地区发展达成的共识，利好中 乌地方合作的重大政策先后落地。今年6月1日起，《中华人民共和国政府和乌兹别克斯坦共和国政府关 于互免签证的协定》正式生效。根据协定规定，持有效的中国公务、公务普通及普通护照的人员和乌兹 别克斯坦普通护照的人员，在对方国家入境、出境或过境，单次停留不超过30日、每180日累计停留不 超过90日，可免办签证。互免签证为两国人员往来、旅游、商务和人文交 ...

Summary of Key Points Core Viewpoint - The report highlights significant trends in liquidity, construction, real estate, industrial products, and export chains, indicating a mixed economic outlook with specific sectors showing growth while others face challenges. Group 1: Liquidity - The London gold spot price reached a historical high this week, increasing by 3.74% compared to last week [3] - The BCI small enterprise financing environment index for May 2025 is at 49.09, up by 2.20% month-on-month [3] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [3] Group 2: Infrastructure and Real Estate Chain - The average daily crude steel output of key enterprises in early June 2025 is 2.159 million tons, up by 3.25% month-on-month [4] - Price changes this week include rebar down by 2.23%, cement price index up by 1.86%, rubber up by 2.21%, coke down by 5.65%, coking coal down by 1.05%, and iron ore down by 1.36% [4] - The national blast furnace capacity utilization rate, cement, asphalt, and full steel tire operating rates changed by -0.07 percentage points, +0.90 percentage points, -1.0 percentage points, and -2.23 percentage points respectively [4] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass remained unchanged this week, with flat glass gross profit at -58 yuan/ton and titanium dioxide profit at -762 yuan/ton [5] - The operating rate of flat glass this week is 75.42% [5] Group 4: Industrial Products Chain - Major commodity prices this week include cold-rolled steel up by 0.54%, copper up by 0.10%, and aluminum up by 2.87%, with corresponding gross profit changes of +78.85%, -18.19%, and +24.59% respectively [6] - The national semi-steel tire operating rate is 77.98%, an increase of 4.12 percentage points [6] Group 5: Subcategories - Tungsten concentrate prices remain at the highest level since 2011 [7] - The price of graphite electrodes is 18,000 yuan/ton, unchanged, with a gross profit of 1,357.4 yuan/ton, down by 1.39% [7] - The price of electrolytic aluminum is 20,760 yuan/ton, up by 2.87%, with estimated profit at 3,004 yuan/ton (excluding tax), up by 24.59% [7] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore this week is 4.13 [8] - The price difference between hot-rolled and rebar steel is 130 yuan/ton this week [8] - The price difference between Shanghai cold-rolled and hot-rolled steel is 280 yuan/ton, down by 100 yuan/ton [8] Group 7: Export Chain - The new export orders PMI for China in May 2025 is 47.50%, an increase of 2.8 percentage points [9] - The China Containerized Freight Index (CCFI) this week is 1,243.05 points, up by 7.63% [9] - The U.S. crude steel capacity utilization rate is 79.50%, up by 1.30 percentage points [9] Group 8: Valuation Percentiles - The CSI 300 index decreased by 0.25% this week, with the best-performing cyclical sector being commercial vehicles, up by 7.24% [10] - The PB ratio of the general steel sector relative to the CSI 300 is currently 0.51, with the highest value since 2013 being 0.82 [10]

厦门万里石股份有限公司于2025年6月17日发布公告，因2022年股票期权与限制性股票激励计划第三个 解除限售期公司层面业绩考核未达标，公司将回购注销部分限制性股票并减少注册资本。 业绩未达标触发回购注销 2025年4月21日，厦门万里石召开第五届董事会第二十一次会议、第五届监事会第十七次会议，并于6月 10日召开2024年年度股东大会，审议通过了《关于回购注销2022年股票期权与限制性股票激励计划部分 限制性股票的议案》。 债权人相关事项 因回购注销部分限制性股票导致公司注册资本减少，根据相关法律法规及《公司章程》规定，公司债权 人自2025年6月17日公告披露之日起45日内，可凭有效债权文件及相关凭证要求公司清偿债务或者提供 相应的担保。 若债权人未在规定期限内行使上述权利，其债权有效性不受影响。债权人可在2025年6月17日至7月31日 （9:00 - 12:00；14:00 - 17:00，双休日及法定节假日除外），采用现场申报或信函方式，将债权申报材 料送达至福建省厦门市思明区湖滨北路201号宏业大厦8楼万里石公司证券投资部。联系人邓金银，联系 电话0592 - 5065075 。债权申报所需材料包 ...

Investment Rating - The report maintains an "Overweight" rating for the steel and non-ferrous metals sectors [5] Core Insights - The London gold spot price has reached a historical high, indicating strong liquidity in the market [11] - The steel sector is expected to recover to historical average profit levels due to new regulatory conditions and government policies aimed at better aligning supply with demand [4] Summary by Sections Liquidity - The London gold spot price increased by 3.74% week-on-week, reaching 3433 USD/oz [11] - The BCI small and medium enterprise financing environment index for May 2025 is at 49.09, up 2.20% month-on-month [20] - The M1 and M2 growth rate difference in May 2025 is -5.6 percentage points, an increase of 0.9 percentage points from the previous month [20] Infrastructure and Real Estate Chain - The average daily crude steel production of key enterprises in early June increased by 3.25% [23] - The national average capacity utilization rate for blast furnaces is 91%, with a slight decrease of 0.1 percentage points [10] - The rebar price decreased by 2.23% to 3070 RMB/ton [10] Industrial Products Chain - The operating rate of semi-steel tires is at a five-year high, with a week-on-week increase of 4.12 percentage points [2] - The price of electrolytic aluminum is 20760 RMB/ton, up 2.87% week-on-week [10] Sub-sectors - The price of tungsten concentrate remains at a high level since 2011, with the price at 173500 RMB/ton [10] - The profit margin for flat glass is -58 RMB/ton, indicating low profitability in the real estate completion chain [77] Price Relationships - The price difference between hot-rolled and rebar is at a low level, with a current difference of 130 RMB/ton [3] - The price ratio of rebar to iron ore is 4.13, indicating a stable pricing environment [3] Export Chain - The new export orders PMI for China in May 2025 is at 47.50%, an increase of 2.8 percentage points month-on-month [3] - The CCFI composite index for container shipping rates is 1243.05 points, up 7.63% week-on-week [3] Valuation Metrics - The Shanghai Composite Index decreased by 0.25%, while the commercial vehicle sector showed the best performance with a 7.24% increase [4] - The PB ratio for the steel sector relative to the broader market is currently at 0.51, with historical highs reaching 0.82 [4]