Market Overview - The three major A-share indices collectively rose today, with the Shanghai Composite Index up by 0.59%, the Shenzhen Component Index up by 0.83%, and the ChiNext Index up by 1.35%. The North Star 50 Index increased by 0.52%. The total market turnover was 15,172 billion, a decrease of 584 billion from the previous day. Over 4,000 stocks in the market rose [1]. Sector Performance - The military, gaming, brain-computer interface, photolithography, and photovoltaic sectors saw the largest gains, while the banking, securities, automotive, and dairy sectors lagged behind. The military sector experienced a significant surge, with stocks like Hengyu Xintong, Chenxi Aviation, and Guorui Technology hitting the daily limit. Brain-computer interface stocks continued to strengthen, with companies like Xiangyu Medical and Jihua Group also reaching the limit. The photovoltaic sector saw a rally in the afternoon, with Guangxin Materials hitting the daily limit. The gaming sector exploded today, with stocks such as Kaiying Network and Giant Network also reaching the limit. The banking sector continued to adjust, with stocks like Qilu Bank and Zhengzhou Bank declining. The securities sector also saw some adjustments, with Guosheng Jinkong dropping over 6% [2]. Limit-Up Stocks - The strongest stocks included: - 5 consecutive limit-ups: Hongye Futures, Dadongnan - 4 consecutive limit-ups: Haoshanghao - 3 consecutive limit-ups: Feiyada, Zhongguang Fanglei, Shidai Wanheng, Chengbang Co., Ltd. - 2 consecutive limit-ups: Zhongjing Electronics, Hengyu Xintong, Hopu Co., Ltd., Weike Technology, Inner Mongolia First Machinery, Jihua Group, and Aohong Electronics [3][4]. Hot Sectors - The military sector ranked first, with 24 stocks hitting the limit and 11 stocks on consecutive limit-ups, the highest being 9 days and 7 limit-ups. Representative limit-up stocks include Dadongnan and Zhongguang Fanglei [5]. - The new energy vehicle sector ranked second, with 21 stocks hitting the limit and 9 stocks on consecutive limit-ups, the highest being 9 days and 7 limit-ups. Representative limit-up stocks include Dadongnan and Zhongguang Fanglei [6]. - The specialized and innovative sector ranked third, with 18 stocks hitting the limit and 2 stocks on consecutive limit-ups, the highest being 3 days and 3 limit-ups. Representative limit-up stocks include Zhongguang Fanglei and Jihua Group [7]. Sector Insights - **Military Equipment**: The military sector is expected to see a profit bottoming out in Q4 2024, marking the only quarter in the last decade with negative net profit. However, signs of marginal recovery are evident in Q1 2025, with both gross and net profit margins expected to rebound, and total prepayments increasing by 9.35% year-on-year, indicating a recovery in downstream orders and potential upward performance [10]. - **Gaming**: The gaming sector saw a record high in the number of approvals for new game licenses, with 158 games approved in June, including 147 domestic and 11 imported games, reflecting regulatory support for the industry's healthy development [11]. - **Brain-Computer Interface**: Neuralink, a company under Elon Musk, reported that 7 subjects, including spinal cord injury patients, are using their devices for an average of 50 hours per week, with peaks exceeding 100 hours. Future developments may allow users to control robotic systems through Neuralink [13].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of cross-border investment and financing foreign exchange management, which includes nine specific policies aimed at enhancing the convenience of cross-border investment and financing, optimizing capital project income and payment processes, and promoting a better business environment for high-quality economic development [1][2][3]. Group 1: Cross-Border Investment Management Reform - The notice cancels the basic information registration for foreign direct investment (FDI) pre-expense, allowing foreign investors to directly open pre-expense accounts at banks and remit relevant funds without prior registration [1]. - This cancellation is expected to reduce the "footing costs" for foreign investors and improve capital efficiency, facilitating faster investment implementation [1]. Group 2: Cross-Border Financing Management Optimization - The notice eliminates the registration requirement for foreign investment enterprises' domestic reinvestment, which had already been piloted in 19 provinces and cities, and will now be implemented nationwide [2]. - The macro-prudential management of cross-border financing by the People's Bank of China and SAFE limits corporate borrowing from foreign debts to a certain proportion of their net assets, which can hinder financing for high-tech and specialized small and medium-sized enterprises [2]. - Currently, 17 provinces and cities allow eligible high-tech and specialized small and medium-sized enterprises to independently borrow foreign debts up to the equivalent of $1 million, while other regions can borrow up to $500,000 [2]. Group 3: Increased Foreign Debt Quotas - The notice raises the foreign debt convenience quota for eligible high-tech, specialized, and innovative small and medium-sized enterprises nationwide to $1 million, with a special quota of $2 million for enterprises selected through an "innovation points system" [3]. - This policy is expected to help enterprises reduce financing costs, increase research and development investment, and promote technological advancement [3].

Core Viewpoint - The North Exchange 50 Index (北证50) has shown strong performance, reaching a new high of 1500 points, with a year-to-date increase of 39% as of June 9. The index's rise has positively impacted the returns of related theme funds, some of which have exceeded 70% this year. Future performance will depend on the continuation of policy support and the realization of listed companies' earnings growth [1][3][9]. Group 1: Index Performance - The North Exchange 50 Index rose by 1.08% to close at 1442.51 points on June 9, with a year-to-date increase of 39% [3]. - The index reached a high of 1500.31 points on May 21, marking its first time above 1500 points, followed by a period of consolidation [3]. - Several constituent stocks of the North Exchange 50 have seen gains exceeding 100% this year, including Jinbo Biological, Parallel Technology, and Minshida [3]. Group 2: Policy Support and Market Dynamics - Recent policies supporting small and micro enterprises have improved the financing environment, contributing to the rise of stocks on the North Exchange [3][4]. - The North Exchange has benefited from a low valuation environment, attracting funds from larger A-share stocks, leading to a new profit-making effect [5]. - The North Exchange has seen a significant increase in the number of listed companies, growing from 81 at inception to 266 as of June 9, with a total market capitalization of 825.08 billion [8]. Group 3: Fund Performance - The performance of North Exchange theme funds has surged, with the top fund achieving a return of 72.29% year-to-date as of June 8 [5]. - A total of 20 North Exchange theme funds and 43 North Exchange 50 index funds have reported positive returns this year [5]. - Several funds have lowered their large subscription limits in response to increased demand, with some limits reduced to as low as 1,000 yuan [6]. Group 4: Future Outlook - Analysts predict that the North Exchange will continue to experience structural growth in both the short and long term, driven by policy support and the performance of technology-driven small and medium enterprises [9]. - The overall market sentiment remains optimistic regarding the potential for further gains in the North Exchange 50 Index, with expectations of continued capital inflow [9].

Core Viewpoint - The Beijing Stock Exchange (BSE) is set to launch a new index, the North Certificate Specialized and Innovative Index, on June 30, 2025, marking the beginning of a "dual index" era for the exchange [1][3]. Group 1: Introduction of the New Index - The North Certificate Specialized and Innovative Index will consist of the 50 largest "specialized and innovative" companies listed on the BSE, reflecting the overall performance of these firms [1][3]. - The index aims to provide diverse investment targets and performance benchmarks for the market [1][2]. Group 2: Rationale Behind the New Index - The introduction of the new index is a response to the unique characteristics of the BSE, which has a high proportion of national-level "specialized and innovative" small giant enterprises [3][4]. - As of January 3, 2025, approximately 58.56% of the BSE's listed companies are classified as "small giants," surpassing the Sci-Tech Innovation Board and significantly higher than the Growth Enterprise Market and Main Board [3][4]. Group 3: Comparison with Existing Index - The North Certificate Specialized and Innovative Index shares similarities with the existing North Certificate 50 Index, including sample selection criteria and adjustment mechanisms [6][8]. - Key differences include the requirement for selected companies to be classified as "specialized and innovative small giants" and the frequency of sample adjustments, with the new index adjusting semi-annually compared to quarterly for the North Certificate 50 [8][9]. Group 4: Market Impact and Future Developments - The dual index era is expected to lead to the development of new public and private investment products, enhancing the investment product structure of the BSE and attracting more investors [13][14]. - The introduction of the new index may not directly influence the launch of ETFs on the BSE, but it is anticipated that the market will eventually see ETF products in the future [14].

Group 1 - The Ministry of Human Resources and Social Security has announced the launch of the second batch of 119 specialized service activities for the spring recruitment of college graduates in 2025 [1] - The activities focus on the needs of various industries, regions, and groups, targeting advanced manufacturing, specialized and innovative enterprises, green economy, and healthcare sectors [1] - A total of 79 online and offline job fairs will be held in key regions such as North China, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area, along with 8 cross-regional recruitment fairs, 21 live job placement activities, and 11 policy briefing and employment guidance sessions [1] Group 2 - College graduates and employers can access information and participate in various specialized service activities through the China National Talent Network and the China Public Recruitment Network [1]