Group 1 - The article emphasizes the systemic and practical aspects of the current economic landscape, highlighting the shift in global trade dynamics due to the weakening of direct economic ties between China and the U.S. and the strengthening of China's relationships with emerging markets [1][2] - China's trade connections with emerging markets are becoming increasingly robust, while its trade ties with major U.S. allies have declined, indicating a strategic pivot in China's economic diplomacy [2] - The article suggests that the current "strategic stalemate" between China and the U.S. is a foundational expectation, with an optimistic outlook for China's strategic opportunities beginning to take root among investors [2] Group 2 - The A-share market is seen as having the potential to develop into a bull market due to increasing household asset allocation towards equities, driven by a decline in risk-free interest rates and an upcoming peak in deposit reallocations in 2025 [3][4] - Improvements in corporate governance and shareholder returns are expected to elevate the return baseline for A-shares, while the encouragement of mergers and acquisitions aligns with a turning point in the primary market [4][5] - A significant supply clearing cycle is anticipated, which could lead to a long-term increase in profitability for Chinese enterprises, particularly in high-value sectors [5][6] Group 3 - The current market conditions are not yet signaling the start of a bull market, with various factors influencing demand and supply dynamics, including uncertainties in domestic fiscal policies and real estate [6][7] - The technology sector is undergoing a mid-term adjustment, with breakthroughs in foundational technologies necessary for significant advancements in AI applications [7] - New consumption trends are emerging as a separate industrial trend, but the broader economic transition towards consumption-driven growth is expected to be gradual [7][8] Group 4 - A forecast for A-share profitability in 2025 indicates a likely decline in demand in the latter half of the year, with a projected net profit growth rate of 4.6% for the entire A-share market [8] - The asset management industry is not yet prepared for a bull market, as the accumulation of a profitable effect is necessary for public funds to re-enter the market [9][10] - The potential bull market is expected to be driven by structural trends in new economic industries, with significant catalysts needed for a broader market rally [10][12] Group 5 - The article discusses the conditions necessary for a bull market to emerge, emphasizing the importance of breaking out of the current trading range and the historical context of market behavior following bear markets [11][12] - The potential for a "Chinese-style slow bull" market is highlighted, with expectations for a longer duration of market optimism despite weaker elasticity in fundamental improvements [12][13] - Key sectors such as AI, embodied intelligence, and defense are identified as having the potential to drive structural bull trends, with a focus on high-value opportunities in the technology space [13][14] Group 6 - The Hong Kong stock market is positioned to lead the market rally, serving as a critical link in China's financial external circulation and benefiting from the convergence of domestic and foreign capital [15]

Economic Overview - The UK economy experienced volatility in early 2025, with the FTSE 100 gaining approximately 7.4% from January but then falling about 13% by early April, before rebounding with a gain of around 15% [1] - The British economy's growth in the first quarter of 2025 exceeded expectations, primarily driven by the services sector [1] Trade Agreements and Economic Outlook - Recent trade agreements with India, the United States, and the EU are expected to positively impact the UK's growth outlook [2] - Rising uncertainty over U.S. tariff policies and fears of an economic slowdown have led investors to focus more on alternative markets like the UK [2] AI Sector Development - Nvidia CEO Jensen Huang praised the UK economy, describing it as being in a "goldilocks situation" [3] - Huang announced plans to increase investment in the UK's AI industry, highlighting the country's ambition to become a global leader in AI [4] - Prime Minister Keir Starmer introduced a strategy to enhance the UK's AI sector, including easing regulations for data centers and increasing computing capacity twentyfold by 2030 [5] - Huang's comments are seen as a significant endorsement of the UK's AI ecosystem, which could attract more startups [6] Government Spending and Economic Resilience - The UK economy has shown resilience amid global uncertainty, with a proposed $2.7 trillion spending plan from British finance minister Rachel Reeves further igniting investor interest [7] - Projections from the IMF indicate that the UK's growth is expected to slightly outpace the Eurozone, although it will lag behind the United States and Canada [8] Investment Opportunities - Investors can consider increasing their exposure to the UK through ETFs such as iShares MSCI United Kingdom ETF (EWU), Franklin FTSE United Kingdom ETF (FLGB), First Trust United Kingdom AlphaDEX Fund (FKU), and iShares MSCI United Kingdom Small-Cap ETF (EWUS) [9] - EWU is noted for its liquidity with an average trading volume of about 1.38 million shares and an asset base of $3.09 billion, making it suitable for active trading strategies [10] - EWUS has shown strong performance, gaining 8.55% over the past month and 14.62% over the past three months [11]

Core Insights - Micropolis Holding Company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, with the SEC on May 8, 2025 [1] - The report includes audited annual financial statements and is accessible on the SEC's website and the company's investor relations website [1] - The company specializes in unmanned ground vehicles, AI systems, and smart infrastructure for various applications [3] Company Overview - Micropolis is based in the UAE and focuses on the design, development, and manufacturing of unmanned ground vehicles (UGVs) and AI-driven security solutions [3] - The company's capabilities are vertically integrated, covering mechatronics, embedded systems, AI software, and high-level autonomy [3] Shareholder Information - The company will provide a hard copy of its 2024 annual report, including complete audited financial statements, free of charge to shareholders upon written request [2]

Core Insights - The Thiel Fellowship has shifted its focus towards AI-driven paradigm shifts, supporting young entrepreneurs in the AI sector [3][4] - The 2025 cohort showcases a diverse range of projects, primarily centered around AI infrastructure, financial technology, and biocomputation [7][9] Group 1: Thiel Fellow Overview - The 2025 Thiel Fellows are characterized as "Builders" focusing on foundational AI infrastructure, human-computer interaction, and financial systems [7] - Key themes include AI infrastructure, new financial infrastructure, and programmable life systems [7][9] Group 2: Notable Projects - **Canopy Labs** aims to create indistinguishable virtual humans for various applications, emphasizing real-time interaction and open-source development [13][14] - **Intempus** focuses on enhancing human-robot interaction by adding emotional expression capabilities to robots, improving collaboration efficiency [23][24] - **Phase Labs** is developing a platform for organ regeneration through bioelectric signaling and system modeling, targeting a multi-trillion dollar market [31][32] - **Orbit** is pioneering non-invasive brain-computer interfaces to enhance VR experiences and medical applications, addressing motion sickness and mental health [38][39] - **AUG Therapeutics** aims to accelerate the development of rare disease drugs through asset acquisition and formulation optimization, addressing unmet medical needs [45][46] Group 3: Market Potential and Trends - The AI infrastructure projects are positioned as foundational elements for future human interaction, with a focus on emotional intelligence and real-world applications [12][20] - The financial technology projects, such as Ivy, are addressing the fragmentation in cross-border payments, aiming to establish a new standard for A2A payments [62][63] - The biotech initiatives, particularly in regenerative medicine, are tapping into a largely unexplored market, with significant potential for innovation and commercialization [36][50] Group 4: Founders and Team Dynamics - The founders of these projects are predominantly young, with interdisciplinary backgrounds that combine technology, biology, and engineering [10][11] - Many founders have prior project experience and a strong sensitivity to long-term structural problems, aiming to redefine the future of AI and technology [10][11]

Core Insights - The AI video generation platform "PixVerse" by Aishi Technology made its domestic debut at the 2025 Visual and Learning Young Scholars Symposium (VALSE), marking a significant step in its global expansion [1] - PixVerse has achieved a remarkable milestone as the world's first AI video generation platform with over 60 million users, showcasing its technological leadership and the trend of democratizing AI video technology in the industry [1] User Engagement and Market Performance - PixVerse has gained phenomenal success in the global market with innovative video templates like "Transformation Effects" and "Embrace Effects," which have gone viral on TikTok, becoming a "follower growth tool" for online influencers [3] - As of May 2025, PixVerse's mobile app ranked fourth in the U.S. iOS overall chart, surpassing major applications like WhatsApp and TikTok; by April 2025, its monthly active users exceeded 16 million [3] Business Model and Industry Impact - As the largest AI video generation platform globally, PixVerse has leveraged its user growth experience to build a comprehensive commercialization ecosystem, providing customized solutions for e-commerce, digital marketing, and short film production through its open API platform [5] - The platform has established deep collaborations with several leading industry players, significantly lowering the production barriers and costs for video content [5] - Aishi Technology's founder and CEO, Wang Changhu, emphasized the ultimate goal of enabling everyone to become a director of their own lives, indicating a commitment to the widespread application of generative AI in video content production with the official launch of PixVerse in the domestic market [5]

（文章来源：每日经济新闻） 5月底以来，受益于英伟达业绩、外围扰动缓和等积极因素，AI方向快速反弹，5月28日-6月9日，创业 板人工智能ETF（159381）区间涨幅近10%。快速修复后，部分资金获利止盈，引发板块短期回调。长 期来看，AI仍旧是当前高景气度的方向，华泰证券表示，展望全球AI发展趋势，1）模型端新架构正逐 步探索，预训练ScalingLaw有望呈现新起点；2）算力端训练与推理共同推动算力需求持续上行，有望 开启新TAM，同时算力硬件设计进入新范式；3）应用端商业模式变革带来新范式，Agent在细分领域 率先落地带来新TAM。持续看好AI产业投资主线，看好全球AI应用进入业绩收获期。 资料显示，创业板人工智能ETF华夏（159381），跟踪创业板人工智能指数，选取创业板上市的AI主业 公司，日内涨跌幅限制为±20%。目前年管理费率为0.15%，托管费率为0.05%，场内综合费率在可比基 金中最低。行业分布上，光模块CPO概念股权重超26.6%。成分股包含新易盛、中际旭创、天孚通信、 北京君正、全志科技、光环新网、网宿科技、深信服等行业龙头公司。 6月10日，A股TMT科技板块整体回调，计算机、 ...

Investment Rating - The report assigns a rating of "Buy" to Hansoh Pharmaceutical (3692 HK) with a target price of HKD 29.30 [6][8]. Core Insights - Hansoh Pharmaceutical has successfully entered into an overseas licensing agreement with Regeneron, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.93 billion, along with royalties on sales [6][8]. - The report highlights the strong performance of the new consumption stocks, particularly the significant price increases of companies like Blok (325 HK) and the mixed performance of Gu Ming (1364 HK) and Mixue Group (2097 HK) after being included in the Hong Kong Stock Connect [3][4]. - The healthcare sector, particularly the biotech companies, has shown robust growth, with the Hang Seng Healthcare Index rising by 4.8%, outperforming the Hang Seng Index [4]. Summary by Sections Macro Dynamics - The new housing transaction volume in major cities has seen a year-on-year decline of 18.1%, indicating a weakening real estate market [2]. Industry Dynamics - The new consumption sector has been positively impacted by the inclusion in the Hong Kong Stock Connect, with notable stock price increases [3]. - The AI sector is gaining traction, with Fourth Paradigm (682 HK) seeing a 9.7% increase due to positive quarterly results and new AI solutions for the healthcare industry [3]. Healthcare Sector - The healthcare index has outperformed the broader market, with significant gains from companies like Innovent Biologics (1801 HK) and others, driven by new drug approvals and clinical trial successes [4]. - The report emphasizes the potential of Hansoh Pharmaceutical's new drug HS-20094, which has completed several Phase II clinical trials and is recognized for its quality by Regeneron [6][8]. Energy Sector - The report suggests a cautious approach towards the new energy sector, with mixed performances observed in solar stocks and a positive outlook for coal-fired power generation due to low coal prices [10][11]. - The nuclear energy sector is expected to benefit from increased demand for uranium, driven by U.S. initiatives to boost domestic nuclear energy production [13][15].

Group 1: Climate-Friendly Financial Institutions - Five banks have been selected as "Climate-Friendly Financial Institutions" for 2024, including Sichuan Bank, Bank of China Shenzhen Branch, Agricultural Bank of China Shenzhen Branch, Postal Savings Bank of China Beijing Branch, and China Everbright Bank Beijing Branch [1] - The selection was organized by the Climate Investment and Financing Professional Committee of the China Environmental Science Society, following the "Evaluation Guidelines for Climate-Friendly Financial Institutions" [1] - The aim of the evaluation is to stimulate financial institutions' responsiveness to climate change and guide social capital towards climate-related fields, supporting the "dual carbon" goals [1] Group 2: Environmental Protection Initiatives - The "2025 Together Walk, Together Move - Protecting One Kilometer of River" large-scale environmental public welfare activity was launched in Beijing, focusing on enhancing water environment protection awareness [2] - The initiative involves collaboration among various stakeholders, including the China Environmental Protection Federation and FedEx, to promote ecological protection actions across 15 cities [2] - A three-party collaborative model for water management was proposed, emphasizing the integration of social institutions, corporate resources, and public participation [2] Group 3: Sustainable Action Plans - The "Earth Guardian" sustainable action plan was launched by the Ministry of Ecology and Environment's Publicity and Education Center in collaboration with Morning Glory, introducing co-branded cultural products [3] - The first products include pens made from recycled materials and carbon-neutral notebooks, aiming to integrate green low-carbon concepts into daily life [3] - Future collaborations will focus on developing more ecological cultural products and sustainable education activities [3] Group 4: Climate Transition Report - MSCI's "Transition Finance Tracking Report" indicates that only 12% of global listed companies align with the 1.5°C temperature control pathway, while 61% are expected to exceed a 2°C increase [4] - The report highlights that climate transition funds have a carbon intensity five times higher than those aligned with the Paris Agreement [4] Group 5: Investment Trends in High-Emission Sectors - Private climate funds are leading investments in high-emission utility sectors, with 40% of their investments directed towards this area, compared to only 8% for public climate funds [5] - In Q1 2025, 89% of carbon credits entering the market were from projects aimed at reducing CO2e emissions [5] Group 6: Green Industry Development in Beijing - Beijing's urban sub-center aims to become a benchmark for green economic development, promoting ten green industries [6] - Key industries include carbon services, ESG services, green finance, and future energy sectors, with a focus on sustainable growth and innovation [6] - By 2027, the sub-center aims for a 20% annual growth in effective green technology patents and the establishment of over 300 green enterprises [7] Group 7: Carbon Emission Disclosure by Securities Firms - 22 securities firms have collectively reported their ESG disclosures, with most expanding their carbon emission statistics [9] - Over half of these firms achieved year-on-year emission reductions, and nine firms disclosed their Scope 3 carbon emissions [9] - More than ten firms have reported on developing diverse carbon financial products [9] Group 8: Market Penalties for Misconduct - The controlling shareholder of Jialinjie received market entry bans due to fraudulent activities related to bond issuance and information disclosure violations [10][11] - The regulatory actions highlight the importance of compliance and transparency in the financial sector [10][11]

Investment Rating - The report maintains a "Buy" rating for key companies in the media sector, including 吉比特 (G-bits), 恺英网络 (Kying Network), and 姚记科技 (Yaoji Technology) [8][6][4]. Core Insights - The media industry has shown a weekly increase of 2.59%, ranking 7th among various sectors, outperforming the Shanghai Composite Index and the CSI 300 Index [2][11]. - The AI sector continues to evolve, with significant growth in subscription revenues for applications like ChatGPT, which reached an annualized revenue of $1.25 billion, reflecting a 20% month-over-month increase [3][23]. - 吉比特's new game, 《杖剑传说》, has performed exceptionally well, entering the iOS bestseller list at 11th place [4][31]. - The film industry saw a total box office of 460 million yuan during the Dragon Boat Festival, marking a 20.1% year-on-year increase, with the top film, 《碟中谍 8：最终清算》, grossing 191 million yuan [39][41]. Market Performance - The media sector's weekly performance from May 31 to June 7, 2025, showed a 2.59% increase, with the gaming sector leading at 4.12% [11][19]. - Key stocks such as ST 联合 and 湖北广电 saw significant gains, with increases of 21.36% and 20.41%, respectively [19][20]. AI Application Data - In May 2025, ChatGPT's annualized subscription revenue was $1.25 billion, with a month-over-month growth of 20% [23][24]. - Chinese AI applications like 百度网盘 and 夸克 ranked among the top ten globally in terms of monthly active users, with 百度网盘 reaching 153.14 million users [25][28]. Gaming Data - 吉比特's new game, 《杖剑传说》, ranked 11th in the iOS game sales chart as of June 5, 2025 [31][32]. - The top three games in the sales chart were 《王者荣耀》, 《和平精英》, and 《金铲铲之战》 [31]. Film Data - The total box office for the Dragon Boat Festival reached 460 million yuan, with a year-on-year increase of 20.1% [39][40]. - The top films during this period included 《碟中谍 8：最终清算》, which accounted for 41.5% of the total box office [39][41].

Investment Rating - The report indicates a preference for offshore markets (Hong Kong + ADR) over A-shares due to better single stock opportunities and sector composition [10][11]. Core Insights - Investor sentiment towards China has improved, with a higher willingness to allocate to Chinese equities, particularly in Tech and New Consumption sectors [2][3]. - The A-share market has underperformed compared to the Hong Kong market, with the CSI 300 down 1.5% YTD as of June 6, 2025, while the Hang Seng and MSCI China indices are up 19% and 16% respectively [8][10]. - The report highlights that China's investability has improved, with new technologies and business models attracting significant investor interest [4][5]. Summary by Sections Investor Sentiment - Investors are increasingly interested in adding exposure to Chinese equities, acknowledging that their current exposure is low, with a 2.4 percentage point underweight in Chinese equities compared to the MSCI EM benchmark [3]. Market Performance - The divergence in performance between A-shares and offshore markets is attributed to several factors, including the concentration of high-quality companies in the MSCI China index and muted liquidity support for the A-share market [10][11]. Sector Composition - The MSCI China index has a higher concentration of high-ROE companies in sectors like Internet, financials, and IT, while the A-share market is more exposed to sectors constrained by macro conditions [10]. Technological Advancements - China's advancements in technology, particularly in AI and electric vehicles, have shifted investor perceptions, leading to a renewed interest in the potential of Chinese tech companies [5][4]. Economic Outlook - The report anticipates a persistent deflationary environment in China through 2025 and 2026, with limited stimulus expected from Beijing [11][12].