智通财经6月10日早间新闻精选 1、中美经贸磋商机制首次会议当地时间6月9日下午在英国伦敦举行。当地时间6月10日，中美经贸磋商 机制首次会议将继续进行。 2、6月9日，国务院以"深化科技成果转化机制改革，推动科技创新和产业创新融合发展"为主题，进行 第十四次专题学习。国务院总理李强在主持学习时强调，要通过多方面协同发力，着力破解科技成果转 化瓶颈，切实提高转化效能，促进创新发展。 3、中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》。其中提出，完善最 低工资标准调整机制，合理提高最低工资标准；完善基本医疗保险药品目录调整机制，制定出台商业健 康保险创新药品目录，更好满足人民群众多层次用药保障需求；推动符合条件的农业转移人口享有同迁 入地户籍人口同等权利。 4、外交部发言人林剑昨日主持例行记者会。有记者提问，中方会否对稀土出口审批开辟更多"绿色通 道"？林剑表示，中国商务部已就中国稀土出口管制措施作出回应，可以查阅。 5、北京市经济和信息化局等五部门印发《北京市时尚产业高质量发展实施方案（2025—2027年）》， 其中提出，支持推出便携式可穿戴设备潮品，开发人工智能个人计算机等新品。鼓 ...

Group 1 - The company, Chutianlong (003040), has issued an announcement regarding abnormal stock trading, with the stock price deviation exceeding 20% over two consecutive trading days [1] - There is a heightened market interest in digital currency, particularly digital renminbi and stablecoins, which the company has been actively exploring [1] - The company is involved in projects related to the implementation of digital currency bridges, smart contract design, and optimization of cross-border settlements, but faces risks related to new technology development and commercial application [1] Group 2 - The company acknowledges that certain projects or products have significant uncertainty regarding their application scenarios and market scale, which may lead to underperformance in commercial applications [1] - The company has issued a reminder to investors to make cautious and rational investment decisions [1]

Group 1 - Kaichun Co., Ltd. adjusted the share repurchase price limit from 26.625 yuan/share to 40 yuan/share, effective from June 10, 2025 [1] - Yipin Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, a Class 3 chemical drug used for sedation during anesthesia [1] - Bohui Innovation obtained a medical device registration certificate for HPV Genotyping Test Kit, used for qualitative detection of HPV DNA [1][2] Group 2 - Lingyi Zhi Zao's application for issuing convertible bonds and cash payment to acquire 66.46% of Jiangsu Kedasiteng Automotive Technology Co., Ltd. has been accepted by the Shenzhen Stock Exchange [3] - Kemin Food reported a 23.06% year-on-year increase in pig sales in May, with a total of 48,300 pigs sold [4][5] - Meian Sen decided to terminate the issuance of shares to specific objects due to market conditions and strategic considerations [6][7] Group 3 - Zhengbang Technology reported a 146.6% year-on-year increase in pig sales revenue in May, totaling 731 million yuan [9] - Yuanda Holdings plans to reduce the registered capital of its subsidiary from 73 million to 24.3 million USD to optimize asset structure [10] - East China Pharmaceutical's subsidiary received FDA approval for clinical trials of HDM1010 tablets for type 2 diabetes [12] Group 4 - Liangxin Co., Ltd. received a government subsidy of 14.1 million yuan, accounting for 4.52% of its audited net profit for 2024 [13] - Erkang Pharmaceutical's Vitamin B6 Injection passed the consistency evaluation for generic drugs [14] - New Industry received a patent certificate for an antibody related to anti-PIC detection, enhancing detection efficiency [16][15] Group 5 - Dongxing Medical signed a 6 million yuan technology development contract with Shanghai Jiao Tong University for collagen preparation processes [16] - Suchang Chai A's subsidiary will absorb and merge another subsidiary, adjusting internal equity structure [17] - Yibin Technology received a project designation notice from a domestic new energy vehicle company, with an estimated total sales of 256 million yuan over five years [18] Group 6 - Mingchen Health received a cash dividend of 20 million yuan from its subsidiary [19] - Hendi Pharmaceutical obtained a drug registration certificate for Ibuprofen Suspension, a common medication for children [19] - Huaren Pharmaceutical's subsidiary received a drug registration certificate for Dexmedetomidine Hydrochloride Injection, classified as a Category B drug under national medical insurance [20] Group 7 - Enwei Pharmaceutical obtained a renewed drug production license for six key products [21] - Xiaoming Co., Ltd. reported a 45.59% year-on-year increase in chicken product sales in May, totaling 23.25 million birds [23][24] - Shan Natural Gas successfully issued a 350 million yuan short-term financing bond with a 1.78% interest rate [25] Group 8 - Xidamen announced plans for board members to reduce their holdings by up to 581,000 shares [26] - Shentong Technology's shareholder plans to reduce holdings by up to 3% of the company's shares [27] - Saintno Bio plans to distribute a cash dividend of 0.14 yuan per share and a capital increase of 0.4 shares per share [28] Group 9 - *ST King Kong's subsidiary received a debt transfer notice from its controlling shareholder, totaling 364 million yuan [29] - Foxit Software's executives plan to reduce their holdings by a total of 55,800 shares [30] - Youyou Green Energy plans to apply for a bank credit line of up to 1.5 billion yuan [31] Group 10 - Guoxing Optoelectronics plans to distribute a cash dividend of 0.5 yuan per 10 shares [32] - Guangxun Technology plans to distribute a cash dividend of 2.6 yuan per 10 shares [33] - Hanrui Cobalt plans to distribute a cash dividend of 1.5 yuan per 10 shares [35] Group 11 - Tigermed plans to distribute a cash dividend of 3 yuan per 10 shares [37] - Shenliang Holdings plans to distribute a cash dividend of 1.5 yuan per 10 shares [38] - Yishitong plans to distribute a cash dividend of 1 yuan per 10 shares [39]

Investment Rating - The investment rating for the company is "Outperform" [1][5] Core Views - The Hong Kong Special Administrative Region has officially passed the "Stablecoin Ordinance," establishing a licensing system for the issuance of legal tender stablecoins, which is expected to enhance the regulatory framework for virtual asset activities and maintain financial stability [2][3] - The stablecoin market is projected to grow rapidly, with an expected market size of $2 trillion by 2028. As of June 3, 2025, the global stablecoin market size is approximately $227.3 billion, with major players like Tether and Circle holding significant market shares [3] - The company is deeply engaged in the digital finance sector, providing digital RMB system solutions based on its proprietary microservices technology platform, Toplink, which positions it to benefit from the growth of the stablecoin market [6][9] Summary by Sections Regulatory Developments - The "Stablecoin Ordinance" has been officially enacted, which aims to regulate the issuance of stablecoins in Hong Kong and ensure financial stability [2][3] Market Outlook - The stablecoin market is expected to reach $2 trillion by 2028, indicating a robust growth trajectory. The current market size is around $227.3 billion, with Tether and Circle being the dominant players [3] Company Positioning - The company is focused on the digital finance sector, offering comprehensive solutions for digital RMB system construction and ecosystem development, which includes various operational and regulatory scenarios [6][9] - The company is also involved in infrastructure projects in Hong Kong and has established a joint venture in Saudi Arabia to expand its international presence [7]

6月6日，继北证50指数，北交所官方发布北证专精特新指数。对此，北研君认为主要把握三个重点 （1）了解新指数的编制情况；（2）专精特新指数最新成分股和北证50指数有哪些异同；（3）复盘北 证50指数，新指数的出现会对市场造成哪些影响，对交易有什么实质性指导意义。三点中尤其是第三 点，最为重要，下面北研君为大家逐一解答： 1、北证专精特新指数的编制情况？ 对比北证50指数和北证专精特新指数，大部分内容是相同的，主要区别体现在（1）选样方面北证专精 特新指数选样条件为样本空间内的证券按照过去六个月的日均成交金额由高到低排名， 剔除排名后30% 的证券 ，北证50则是剔除排名后20%的证券；（2）选样方面专精特新指数新增限制条件为 必须在专精 特新"小巨人"企业中进行筛选 ，即选取其中专精特新"小巨人"作为待选样本，这条规则使的一些非专精 特新企业无法纳入该指数，北证50指数则无此约束，目前北交所已上市的266家公司中国家级专精特 新"小巨人"为141家，如果算上省级的专精特新数量为192家，占比达72.18%。（3）样本股调整方面北 证专精特新指数为 每半年调整一次，每次调整数量一般不超过20% ，而北证50指数 ...

Core Viewpoint - The merger between Haiguang Information and Zhongke Shuguang is expected to create a "carrier-level" giant in the domestic computing power industry, attracting significant market attention [1] Group 1: Shareholder Transition - After the merger, original small investors of Zhongke Shuguang will become shareholders of Haiguang Information [2] - Investors who meet the suitability requirements for the Sci-Tech Innovation Board but have not yet opened trading permissions can do so by following standard procedures [2] - Investors who do not meet the suitability requirements can hold or sell their Haiguang Information shares but must meet the requirements to buy additional shares [3] Group 2: Trading Permissions for Delisted Stocks - Similar to the merger case, original shareholders of A-share companies that delist and enter the "old three boards" must also consider trading permissions [4] - In 2024, the number of A-share delistings reached 52, a record high, indicating a stricter policy for problematic listed companies [5] - Original shareholders can trade their holdings in delisted companies but must open "delisted board" trading permissions to buy other stocks in that category [5]

Market Performance - The CSI All Share Index continued its steady upward trend post-holiday, with trading volume remaining stable compared to the previous two trading days[1] - The ChiNext Index and the STAR 50 Index both rose by over 1%, with notable gains in sectors such as consumer electronics, communications, and computer equipment[1] - The Shanghai Composite Index increased by 0.23%, the Shenzhen Component Index rose by 0.58%, and the ChiNext Index gained 1.17% on June 5[2] Sector Analysis - The technology sector showed significant recovery, with valuations having notably declined, indicating potential investment value[1] - Consumer sectors, including beauty, food and beverage, and pharmaceuticals, experienced marked adjustments after previous highs, with current trends favoring individual stock breakthroughs[1] - Main capital inflows were observed in communication equipment, IT services, and consumer electronics, while outflows were noted in chemical pharmaceuticals, logistics, and city commercial banks[3] Regulatory Developments - The Financial Regulatory Authority announced plans to enhance financial support for technological innovation, including the development of technology insurance policies[4] - The China Securities Regulatory Commission is working on a comprehensive policy document aimed at strengthening the protection of small and medium investors in the capital market[5][6] Economic Indicators - The Caixin China Services PMI rose to 51.1 in May, indicating an acceleration in the expansion of the services sector, up by 0.4 percentage points from April[7] - By the end of 2024, there were 53,057 accredited inspection and testing institutions in China, generating revenue of 487.6 billion yuan, a year-on-year increase of 4.41%[8][9] Investment Trends - A total of 23 new funds were established on June 4, raising over 12 billion yuan, marking the second-highest single-day fund establishment this year[12] - Over 1,000 funds have reduced their management fees to 0.15% or lower, with a significant number of low-fee funds emerging in the market[14]

Core Insights - Lenovo Group reported FY25 Q4 revenue of $17 billion, a 23% year-over-year increase, with significant growth across various business segments [1] - The company forecasts revenue for FY2026-FY2028 to be $75.1 billion, $79.7 billion, and $83.7 billion respectively, adjusting the target price to HKD 14.7 while maintaining a "Buy" rating [1] Business Segment Analysis - The IDG segment continues to lead with revenue of $11.8 billion, a 13% increase, holding a market share of 23.7%, outperforming the second competitor by 3.6 percentage points [2] - The ISG segment turned profitable with revenue of $4.1 billion, a 63% increase, driven by traditional and AI computing [2] - The SSG segment achieved a record operating profit of $1.8 billion, a 15% year-over-year increase, benefiting from digital workplace solutions and hybrid cloud services [2] - AI PC penetration reached 16% of total notebook shipments in China, with the company planning to enhance its AI ecosystem to boost competitiveness in personal products [2] - Cloud infrastructure revenue exceeded $10 billion, showing a 92% year-over-year growth, while enterprise infrastructure revenue reached a historical high with a 20% increase [2]

Group 1 - The core viewpoint of the article highlights the strategic restructuring plans of Haiguang Information and Zhongke Shuguang, which has attracted market attention towards the Xinchuang-themed ETFs [1] - From May 26 to June 4, a total of 1.406 billion yuan net inflow was recorded in seven Xinchuang-themed ETFs, with a net inflow of 156 million yuan on the previous day [1] - Haiguang Information and Zhongke Shuguang's A-share stocks have been suspended since May 26, with an expected resumption of trading no later than June 9, indicating a suspension period of no more than 10 trading days [1]

Summary of China Great Wall's Conference Call Company Overview - **Company**: China Great Wall - **Industry**: IT Power Supply and Information Technology Innovation (信创) Key Points Financial Performance - In 2024, China Great Wall experienced significant losses due to the impact of value-added tax and losses in the information technology innovation (信创) business, despite strong performance in the power supply segment, which generated approximately 5 billion yuan in revenue and over 400 million yuan in profit [2][4] - The first quarter of 2025 showed a recovery in the信创 business, particularly in the government sector, with a notable increase in orders [5] Business Segments - The IT power supply and consumer power supply segments continued to grow, with a combined revenue of about 5 billion yuan in 2024 [2][4] - The military system equipment segment faced challenges due to decreased client demand and the impact of pricing and value-added tax, leading to increased losses [4][22] Market Dynamics - The government sector's payment issues have been resolved through central government funding, ensuring financial stability for planned tasks from 2023 to 2027 [7] - The信创 market is expected to show improvement starting in the second quarter of 2025, with an increase in server bidding volumes anticipated [8] Competitive Landscape - In the server power supply industry, AI servers are experiencing high demand, with China Great Wall holding over 50% market share, potentially reaching 60% [11] - The company is producing servers based on Huawei's Kunpeng and developing AI server products based on Feiteng CPUs, AMD, and domestic GPUs [12] Strategic Adjustments - The company is focusing on high-margin businesses and internal cost reductions to improve gross margins, while also enhancing research and development efficiency [3][20] - A significant workforce reduction of approximately 1,200 employees occurred in 2024, with further adjustments planned for 2025 [21] Future Outlook - The military market is expected to gradually recover over the next few years, supported by the implementation of the 14th Five-Year Plan [6][22] - The overall market demand for信创 and power supply businesses is anticipated to remain strong due to domestic substitution and new applications driven by AI [22] Additional Insights - Huawei's Harmony OS PCs are expected to dominate the government market with a projected 50% market share, while Feiteng is estimated to hold around 30% [13][14] - The ongoing state-owned enterprise reform is expected to enhance focus on core business and improve development quality, although specific measures are yet to be defined [15][16] Conclusion - China Great Wall is navigating through a challenging financial landscape with strategic adjustments aimed at enhancing profitability and market position, particularly in the power supply and信创 sectors, while also preparing for a recovery in military-related business. The company is well-positioned to leverage its technological advantages and market share in the growing AI server segment.