Group 1: Military Technology and Exports - The price of acrylonitrile and lithium hexafluorophosphate has slightly decreased, indicating a potential pause in short-term inventory replenishment in the new energy chemical sector [3] - The use of Chinese-made J-10C fighter jets by Pakistan to shoot down an Indian Rafale jet enhances the international influence of China's military products, positively impacting market sentiment in the defense sector [3] Group 2: Synthetic Protein Market - The synthetic protein market in China is projected to exceed 15 billion yuan by 2025 and reach 68 billion yuan by 2030, with a compound annual growth rate of 37.2%, transitioning from laboratory innovation to commercialization driven by policy and cost breakthroughs [4] - Three main technological paths—microbial protein, cell-cultured meat, and fermented protein—are clearly defined, shifting synthetic protein from a niche choice for vegetarians to a structural supply reconstruction under food safety and carbon neutrality contexts [4] - Technological advancements have significantly reduced the cost of microbial protein and cell-cultured meat, with microbial protein costs dropping from 800 yuan/kg to 48 yuan/kg, and cell-cultured meat costs decreasing by 92% since 2020, indicating a sustainable growth foundation for the industry [4] - The next five years are critical for the synthetic protein industry, characterized by a "technology route elimination race and business model competition," necessitating investors to develop a comprehensive understanding of the industry's evolution to secure long-term returns [4] Group 3: Digital Economy and ETFs - In the first four months of 2025, China's total exports reached 8.39 trillion yuan, reflecting a year-on-year growth of 7.5%, indicating strong overall export performance [5] - Digital economy ETFs are focused on state-owned enterprise digital transformation, presenting long-term investment potential as a core allocation tool in the new infrastructure and data element combination [5] Group 4: Technology Innovation Bonds - The People's Bank of China and the China Securities Regulatory Commission have jointly issued a document to support equity investment institutions in raising funds through technology innovation bonds, expanding their use to private equity fund investments [6] - The issuance of technology innovation bonds has exceeded 16 billion yuan, demonstrating high market participation and strong funding demand [6]