Core Insights - The report highlights a significant rebound in prices for black commodities, as well as the new energy and photovoltaic industry chains, driven by expectations of "anti-involution" policies [1][2][21] - Key price increases are observed in steel, coal, glass, and certain metals, with many currently at historical lows, indicating potential for recovery [2][21] - The report recommends focusing on sectors with high or improving sentiment, including coke, steel, building materials, non-ferrous metals, batteries, silicon materials, semiconductors, telecommunications, and securities [1][2][21] Industry Overview Upstream Resources - Recent price increases in steel, coal, and glass are attributed to "anti-involution" policies, with coke and coal futures rising by 13.1% and 22.7% respectively [13][21] - Steel prices have also seen a rise, with rebar prices increasing by 4.2% and steel billet prices by 6.1% [13][21] New Energy and Photovoltaics - The new energy and photovoltaic sectors have experienced rapid price increases, with DMC and lithium carbonate prices rising by 13.5% and 8.5% respectively [16][21] - The photovoltaic industry composite price index has increased by 16.2%, with silicon wafers and polysilicon prices rising by 39.4% and 19.5% respectively [16][21] Metals - Industrial metals such as copper, aluminum, zinc, and tin have generally increased in price, driven by robust downstream demand and supply constraints [14][21] - Precious metals have shown strong performance, with COMEX gold and silver prices rising by 3.4% and 4.4% respectively [14][21] Agricultural Products - Seasonal demand has led to a significant increase in egg prices, which rose by 14.8% [18][21] - High temperatures have impacted supply, resulting in increases in soybean and soybean oil prices by 2.3% and 2.1% respectively [18][21]

Core Viewpoint - Zhejiang Lijichuang Technology Co., Ltd. (Lijichuang) has officially begun its IPO journey on the Hong Kong Stock Exchange, positioning itself as a leading memory chip design company and AI storage solution provider in China [2] Group 1: Company Overview - Lijichuang is recognized for its strong technical foundation, international R&D layout, comprehensive product matrix, and deep partnerships within the industry chain, enabling it to achieve large-scale commercialization of its products and solutions [2] - The company aims to develop high-bandwidth, low-power, and highly reliable storage solutions, catering to various market demands across multiple sectors including consumer electronics, network communications, automotive electronics, energy, and industrial control systems [3] Group 2: Financial Performance - Lijichuang's total storage capacity sold increased from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, reflecting a compound annual growth rate (CAGR) of 57.4% [4] - Revenue rose from RMB 609.9 million in 2022 to RMB 646.4 million in 2024, despite the company experiencing annual losses of RMB 139.0 million, RMB 244.3 million, and RMB 108.9 million over the same period [4] - The adjusted net losses (non-IFRS) for 2022, 2023, and 2024 were RMB 136.7 million, RMB 93.2 million, and RMB 52.8 million respectively, indicating a significant increase in net loss in 2023 primarily due to substantial share-based payment expenses [4] Group 3: Customer and Supplier Relationships - Lijichuang's revenue from its top five customers amounted to approximately RMB 390.2 million, RMB 387.6 million, and RMB 336.1 million for the three years ending December 31, 2024, representing about 64.0%, 66.8%, and 52.0% of total revenue respectively [5] - The company sources from its top five suppliers, with procurement amounts of approximately RMB 672.8 million, RMB 475.9 million, and RMB 451.1 million for the same period, accounting for about 97.0%, 88.6%, and 76.2% of total procurement [5]

Core Viewpoint - Zhejiang Liqi Storage Technology Co., Ltd. (Liqi Storage) has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Liqi Storage is a leading memory chip design company and AI computing solution provider in China, with projected sales of over 100 million memory chips and revenue of 646 million RMB in 2024 [4]. - The company has experienced significant growth in product sales, with total storage capacity sold increasing from approximately 13.8 million GB in 2022 to about 34.2 million GB in 2024, representing a compound annual growth rate (CAGR) of 57.4% [4]. Market Position - According to Frost & Sullivan, Liqi Storage ranks fourth among domestic companies in the global niche DRAM market based on revenue in 2024 [4]. - The company is recognized as a pioneer in the AI computing industry in China, possessing core technology in WoW3D heterogeneous integration and striving to be one of the first domestic companies to achieve mass production of high-bandwidth memory products [4]. Product Strategy - Liqi Storage focuses on developing high-bandwidth, low-power, and highly reliable storage solutions, offering a comprehensive range of DRAM memory types for various applications, including consumer electronics, network communications, automotive electronics, energy, and industrial control systems [5]. - The company has established long-term partnerships with global foundries and two of the top ten memory module manufacturers, ensuring a stable supply chain [5]. Financial Performance - For the fiscal years 2022, 2023, and 2024, Liqi Storage reported revenues of approximately 610 million RMB, 580 million RMB, and 646 million RMB, respectively, with net losses of about 139 million RMB, 244 million RMB, and 109 million RMB during the same periods [6][8].