Core Viewpoint - The public fallout between President Trump and Tesla CEO Elon Musk has led to a significant decline in Tesla's stock price, highlighting the impact of political tensions on the company [1][4]. Group 1: Political Conflict - Musk criticized a spending bill supported by Republicans and endorsed by Trump, claiming it contained unnecessary expenditures [1]. - Trump retaliated by threatening to revoke federal subsidies and contracts worth billions for Musk and his companies, particularly SpaceX [1]. - Musk's response included a threat to retire the Dragon spacecraft used for transporting astronauts, which could undermine U.S. space capabilities [1]. Group 2: Allegations and Reactions - Musk expressed support for a post suggesting Trump's impeachment and hinted at Trump's involvement in the Epstein case, which shocked public opinion [2]. - Trump expressed disappointment in Musk, stating he had previously helped him and had removed Musk from his advisory role due to Musk's behavior [2][3]. - Musk dismissed Trump's claims as "obvious lies," indicating a significant shift from his previous support for Trump [3]. Group 3: Market Impact - Tesla's stock price fell by 14.26% in a single day, marking one of the largest declines of the year, influenced by the negative sentiment surrounding Musk's political involvement [4]. - Despite other factors affecting the stock, the political conflict has exacerbated market reactions to Tesla [4].

美国众议院议长约翰逊：确信特斯拉(TSLA.O)担心的电动车强制规定将会取消。 ...

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - Green electricity direct connection is expected to boost demand, and offshore wind projects are progressing steadily [1] - The report highlights the stable development of offshore wind projects, with significant tenders and construction activities in various regions [18][19] - The energy storage sector is seeing policy support, with the introduction of market-driven pricing for renewable energy [20][22] - Hydrogen energy applications are accelerating, with new projects and government support for hydrogen production and storage [28][30] - The power grid equipment sector is advancing with new high-voltage equipment tenders and integrated energy solutions [32][33] Summary by Sections 1.1 Photovoltaics - June production is declining, and the price trend remains sticky, with a slight decrease in silicon material and N-type battery prices [11][12] - The report suggests a cautious outlook for the second quarter of 2025, with potential downward pressure on prices due to weak domestic demand [13][14] - Investment focus on companies with stable earnings and high certainty in the BC technology trend, including Longi Green Energy and Aiko Solar [17] 1.2 Wind Power - Offshore wind projects are entering a positive phase, with significant tenders announced for various projects [18][19] - The report emphasizes the importance of monitoring the progress of these projects and their impact on the industry [18] 1.3 Energy Storage - The introduction of a market-driven pricing mechanism for renewable energy in Inner Mongolia is a significant development [20][22] - The report notes the completion of a large-scale battery storage system in Bulgaria, marking a milestone in the EU [23] 1.4 Hydrogen Energy - The establishment of a hydrogen drone industrial park in Jiangxi is highlighted, with a total investment of approximately 480 million yuan [29] - The report discusses the international collaboration on hydrogen pipelines between the UK and Germany, enhancing energy security [28] 1.5 Power Grid Equipment - The State Grid has announced a new batch of high-voltage equipment candidates, with a total bid amount of 519 million yuan [32] - The report discusses the integration of source-network-load-storage systems in Henan province, promoting local consumption of renewable energy [32] 1.6 Humanoid Robots - The entry of major companies like Honor into the humanoid robotics sector is noted, indicating a growing market potential [34][35] - The report suggests that the humanoid robot industry is expected to enter a production phase in 2025, with significant investment opportunities [38] 1.7 Lithium Batteries - CATL's solid-state battery technology is projected to achieve small-scale production by 2027, representing a significant advancement in battery technology [39] - The report highlights the ongoing developments in lithium battery materials and the shift towards more cost-effective solutions [40][41]

Group 1 - Lucid has signed a multi-year supply agreement with Graphite One for graphite materials [1] - This agreement strengthens Lucid's supply chain for raw materials and resources in the U.S. [1]

Group 1 - The stock of Green Technology (301322.SZ) closed at 29.85 yuan, with a decline of 9.90%, currently in a broken state [1] - Green Technology was listed on the ChiNext board on March 6, 2023, with an initial offering price of 131.11 yuan per share, issuing 17,490,000 shares, accounting for 25.01% of the total share capital post-issuance [1] - The stock reached its highest point at 149.50 yuan on March 9, 2023, just four trading days after its listing, followed by a downward trend [1] Group 2 - The total funds raised from the initial public offering amounted to 229,311.39 million yuan, with a net amount of 210,121.43 million yuan after deducting issuance costs, exceeding the original plan by 169,626.47 million yuan [1] - The company planned to use the raised funds for projects including the expansion of electric vehicle production, research and development center construction, information technology projects, and working capital [1] - The total issuance costs (excluding VAT) were 19,189.96 million yuan, with underwriting and sponsorship fees amounting to 16,251.80 million yuan [1] Group 3 - The profit distribution plan for 2022 approved by the board included a cash dividend of 9.00 yuan per 10 shares (tax included) and a capital reserve transfer of 5 shares for every 10 shares [2] - The equity distribution for 2023 will involve a cash dividend of 10 yuan per 10 shares (tax included) and a capital reserve transfer of 4 shares for every 10 shares, with the registration date set for May 28, 2024 [2]

Core Viewpoint - Greenway Technology (301322.SZ), an electric vehicle company with a market value of less than 5 billion, plans to acquire a stake in semiconductor company Damo Semiconductor to diversify its business amid declining performance [1][3]. Group 1: Acquisition Details - On June 2, Greenway Technology signed a letter of intent to acquire at least 51% of Damo Semiconductor for cash, aiming to gain control and enter the semiconductor equipment industry [1][3]. - Damo Semiconductor has previously attempted to sell itself, with a failed acquisition by Tianli Lithium Energy in April 2023 [1][10]. - The acquisition is still in the planning stage, and the details regarding the asset's condition, pricing, and performance remain unclear [3]. Group 2: Financial Performance - Greenway Technology's revenue and net profit have been declining, with a 26.48% drop in revenue to 1.08 billion and a 15.64% decrease in net profit to 263 million in the first quarter of 2023 [4][5]. - The company reported a total revenue of 831 million in 2022, down 23.15% year-on-year, and a net profit of 142 million, a decrease of 45.98% [4]. - The decline in sales of golf carts, which accounted for 87.82% of total revenue in 2023, is a significant factor in the revenue drop [3][4]. Group 3: Market Context - The semiconductor equipment manufacturing sector is capital and labor-intensive, with median employee counts exceeding 1,300 and average total assets over 10 billion among listed companies [8]. - Damo Semiconductor's asset scale, employee count, and revenue are significantly lower than those of established semiconductor companies, raising questions about the potential success of Greenway Technology's acquisition [8][9]. - Damo Semiconductor's products primarily focus on front-end measurement and repair equipment, with clients including major semiconductor firms, but it has not secured any financing since its establishment in 2017 [7][9].

Investment Rating - The report maintains a "Recommendation" rating for the electric vehicle industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [18]. Core Insights - In May 2025, new energy vehicle deliveries from various manufacturers totaled 311,797 units, representing a year-on-year increase of 53% and a month-on-month increase of 41%. Zeekr led the sales with 46,538 units, showing a year-on-year increase of 150% and a month-on-month increase of 239% [5]. - Cumulative deliveries of new energy vehicles from domestic manufacturers reached 1,143,627 units by May 2025, reflecting a year-on-year increase of 327% [5]. - The report highlights that battery components are the most valuable parts of electric vehicles, suggesting a focus on upstream supply chains due to stable delivery growth from new energy vehicle manufacturers [5]. Summary by Sections Industry Basic Data - The electric vehicle industry comprises 300 listed companies with a total market capitalization of 48,588.68 billion and a circulating market capitalization of 42,362.62 billion [2]. Relative Index Performance - The absolute performance of the industry over the past month is 2.5%, with a 6-month performance of -8.5% and a 12-month performance of 3.3%. The relative performance shows a 0.6% increase over the past month, a -6.5% decrease over 6 months, and a -3.5% decrease over 12 months [3]. Delivery Performance - The report details the delivery performance of various new energy vehicle manufacturers in May 2025, with significant year-on-year growth for brands like Xiaopeng (230%), Li Auto (17%), and others, indicating a robust market demand [5].

Group 1 - Greenway Technology plans to acquire at least 51% of Damo Semiconductor to expand into the semiconductor equipment industry, following a failed acquisition attempt by Tianli Lithium Energy [1][2] - Greenway Technology's revenue has been declining, primarily due to weak sales of golf carts, which have significantly impacted overall revenue and profit [1][3] - The company aims to transform its business from electric vehicle manufacturing to the semiconductor sector through this acquisition [2][6] Group 2 - Damo Semiconductor has attempted to sell itself twice, with the most recent acquisition attempt by Tianli Lithium Energy ending in April 2023 [1][8] - As of the first quarter of 2024, Damo Semiconductor reported total assets of 734 million yuan and a net profit of 65.11 million yuan, but has not engaged in any financing since its establishment in 2017 [6][7] - The semiconductor equipment industry is capital and labor-intensive, with Damo Semiconductor's scale significantly smaller compared to its publicly listed peers [7][6]

由于对美国总统特朗普关税政策的担忧再度浮现，美国国债市场6月再度开局不利。美债收益率在整个 收益率曲线上均上涨了4~7个基点，尤其是较长期美债是导致2日美债下跌的主要因素。其中，10年期 美债收益率上涨超过6个基点，达到近4.47%的高位；30年期美债收益率也再度短暂突破5%。这反映出 美国总统可能会进一步采取贸易措施的风险。此前，特朗普宣布将把对钢铁和铝的关税从25%提高到 50%。同时，最新的5月美国ISM制造业数据逊于预期，且仍处于低于50的收缩区间。 北京时间周二（6月3日）亚欧交易时段，白银价格在亚洲交易时段从近七个月高点回落后，面临一些抛 售压力至34.15美元左右。在贸易紧张局势缓解的情况下，由于一些获利回吐，黄金下跌。白银价格在 欧洲时段走低，受到美元略微走强的拖累，因为周一的避险情绪似乎已经缓解。白银t+d收盘上涨2.75% 报8405.0元/千克。特朗普政府要求其贸易伙伴提交他们最好的报价，以便在7月8日之前敲定交易。然 而，在关税和经济不确定性的情况下，白银价格的潜在下行空间可能有限。 【要闻聚焦】 在数据显示美国5月份制造业连续第三个月收缩后，美元小幅走低。反过来，这可能有助于限制以美 ...

Core Viewpoint - The article discusses the planned acquisition of at least 51% of Jiangsu Damo Semiconductor Technology Co., Ltd. by Lvtong Technology, marking a strategic shift from electric vehicle business to the semiconductor sector [1][2]. Group 1: Acquisition Details - Lvtong Technology aims to acquire a controlling stake in Damo Semiconductor to diversify its business and create new profit growth points [1]. - The acquisition is still in the planning stage, and its completion is uncertain [1]. - Damo Semiconductor, established in April 2017, specializes in front-end measurement and repair equipment for integrated circuits and semiconductor wafers [1]. Group 2: Financial Performance - Damo Semiconductor's projected revenues for 2023 and 2024 are 231 million yuan and 270 million yuan, respectively, with net profits of approximately 58.57 million yuan and 65.11 million yuan [2]. - Lvtong Technology has experienced a decline in performance since its listing, with a 23.15% drop in revenue to 831 million yuan and a 45.98% decrease in net profit to 142 million yuan in 2024 [2]. - In Q1 2025, Lvtong Technology's revenue slightly decreased by 0.06%, while net profit fell by 26.16% year-on-year [2].