Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 5.286 billion on June 26, with notable purchases in SMIC (HKD 896 million), Innovent Biologics (HKD 675 million), and China Construction Bank (HKD 582 million) [1] - Tencent Holdings experienced a net sell-off of HKD 571 million, marking a continuous net sell for 20 days totaling HKD 20.79862 billion [3] - China Construction Bank has seen a net buy for 12 consecutive days, accumulating HKD 8.02139 billion [3] Group 2 - Innovent Biologics plans to place 55 million shares at a price of HKD 78.36 per share, raising approximately HKD 4.265 billion, with 90% allocated for global R&D and 10% for daily operations [4] - Hong Kong Tourism Board reported a 20% year-on-year increase in visitor numbers in May, with mainland visitors rising by 19% [4] - Alibaba Group announced a strategic shift towards a one-stop asset service platform, focusing on AI product upgrades and service system enhancements [4] Group 3 - Xiaomi Group is set to launch its first SUV, the Xiaomi YU7, along with other products, with expectations of significant revenue growth in the coming years [5] - Rongchang Biologics has licensed its proprietary drug to Vor Bio, receiving an upfront payment of USD 125 million and potential milestone payments up to USD 4.105 billion [5]

Group 1 - The National Development and Reform Commission (NDRC) will hold a press conference on June 26 to discuss key work in the business sector [4] - The Shanghai Marine Industry Development Plan (2025-2035) draft aims to build a world-class shipbuilding and marine engineering equipment industry cluster, targeting an industry added value exceeding 45 billion by 2030 [4] - Shenzhen's Commerce Bureau has issued measures to promote high-quality service consumption, including expanding foreign investment in biotechnology and healthcare sectors [4] Group 2 - President Trump expressed hope that China would purchase a significant amount of U.S. crude oil, while the White House clarified that sanctions on Iran remain unchanged [5] - Nvidia's stock rose over 4%, reaching a market capitalization of $3.77 trillion, making it the highest-valued company globally [6] - Xiaomi announced the launch of its next-generation personal smart device, the Xiaomi AI glasses, along with the pricing of the Xiaomi YU7 on June 26 [8] Group 3 - Guotai Junan International's wholly-owned subsidiary has been approved to provide virtual asset trading services [9] - Nord shares have seen a seven-day consecutive rise, with revenue from copper foil business in solid-state batteries accounting for less than 1% of total revenue [10] - Jida Zhengyuan reported normal operating conditions with no significant changes in the internal and external business environment [11] Group 4 - Tianji Technology's subsidiary has obtained patents related to lithium sulfide, and the company is advancing its industrialization [12] - Tianli Technology reported no significant changes in its operating conditions or business environment [13] - Xiangtan Electric's subsidiary is collaborating with solid-state battery companies on research and development, but has not yet generated revenue [14] Group 5 - Hailian Jinhui reported normal operating conditions with no undisclosed significant matters [15] - Funi Co., Ltd. plans to increase its shareholding in the company by 100 million to 200 million [16] - Jianghe Group's subsidiary signed a subcontract for a project in Saudi Arabia worth approximately 2.012 billion [16] Group 6 - The brain-computer interface industry is accelerating, with multiple technological breakthroughs and strong policy and capital support [18] - The global weight loss sector is rapidly developing, with several important directions emerging, such as long-acting formulations and multi-target molecules [19]

Market Overview - A-share market experienced a significant rebound, with the Tonghuashun Micro盘 stock index rising by 2.59% and the North证 50 index increasing by 3.65% [1] - Major overseas stock indices also saw gains, with Germany's DAX and Europe Stoxx 50 indices opening nearly 2% higher, and the UK FTSE 100 index rising by 0.66% [1] - The Shanghai Composite Index closed up 1.15%, surpassing 3400 points, while the Shenzhen Component Index rose by 1.68% and the ChiNext Index increased by 2.30% [1] - The total market turnover reached 14,479 billion, an increase of 3,011 billion from the previous day [1] Solid-State Battery Sector - Solid-state battery concept stocks continued to surge, with stocks like Liyuanheng hitting the daily limit [2] - The solid-state battery industry is experiencing rapid advancements, with multiple companies announcing mass production plans [3] - Key events include the Lithium Sulfide and Sulfide Solid-State Battery Technology Conference on June 24-25 and the Solid-State Battery Conference on July 3 [3] - Ion Storage Systems, a U.S. startup, has begun solid-state battery production, potentially impacting the smartphone and electric vehicle sectors [4] - Forecasts suggest that the solid-state battery industry will reach a critical phase for pilot production between 2025 and 2026, with commercialization expected by 2027 [4] - Solid-state batteries are anticipated to become a mainstream technology due to their high energy density, safety, and fast charging capabilities [4] Xiaomi Automotive Sector - Xiaomi automotive concept stocks saw a rise, with Haitai Technology increasing by over 14% [6] - Xiaomi announced the official launch of its first SUV, the Xiaomi YU7, scheduled for June 26, featuring long-range capabilities and advanced technology [8] - The Xiaomi YU7 will offer a standard range of 835 km and include features such as laser radar and a high-performance driving assistance system [8]

Market Overview - The Hong Kong stock market opened higher on June 24, with the Hang Seng Index rising by 0.61%, the Hang Seng Tech Index increasing by 0.96%, and the National Enterprises Index up by 0.60% [1] - Technology stocks saw a broad increase, with Meituan and Alibaba both rising over 1%, while Xiaomi and Baidu also performed positively [1] Market Analysis - Tianfeng Securities noted that the difficulty of sector rotation is increasing, and there are rising pressures from overseas geopolitical conflicts and tightening domestic liquidity, suggesting a cautious approach to future market movements [2] - CICC highlighted that the Hong Kong market significantly outperformed A-shares in the first half of the year, showing resilience, but the rebound has been characterized by "pulse-like surges followed by pullbacks," with only about 35% of stocks outperforming the index [2] - Guosen Securities reported that the Hong Kong stock market's returns have led globally due to strong performance and reasonable valuations, with external factors like a weaker dollar and geopolitical tensions prompting a reevaluation of long-term investment value in Hong Kong stocks [2] Short-term Outlook - In the short term, the market's willingness to recover is weak until geopolitical situations become clearer, and a clear turning point signal is awaited [3] - Guotai Junan believes that despite a lack of upward elasticity at the macro level, profound changes are occurring at the industrial level, with new consumption and AI applications becoming more attractive to the market [3] - Yuanta International indicated that the external environment for Hong Kong stocks is stable, with improved market sentiment and significant valuation increases in certain sectors, suggesting that structural opportunities still exist [3] Regulatory Developments - The Hong Kong Stablecoin Regulation will take effect on August 1, with the Hong Kong Monetary Authority setting high entry standards for stablecoin issuers, expecting to issue only a few licenses initially for specific uses like cross-border trade [4] Company News - Horizon Robotics completed a placement of 681 million shares at a price of HKD 6.93 per share on June 16, 2025 [5] - China Hongqiao expects a 35% year-on-year increase in net profit for the first half of the year, driven by rising sales prices and quantities of aluminum alloy and alumina products [5] - Shenzhen Expressway subscribed to a structural deposit product from a bank for HKD 1 billion [6] - Tencent repurchased 1.001 million shares for HKD 5.01 billion at prices ranging from HKD 495.2 to HKD 504.0 [6] - AIA repurchased 3 million shares for HKD 204 million at prices between HKD 66.65 and HKD 68.65 [6] - HSBC repurchased 476,800 shares for HKD 43.68 million at prices between HKD 91.5 and HKD 91.9 [6]

Report Overview - This is the 112th issue of the morning meeting minutes from Zhongyuan Futures Research Institute, released on June 24, 2025, covering macro news, price changes of major varieties, and morning meeting views on main products [2]. 1. Report Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The report analyzes the impact of macro events on the market, such as Iran's missile strike on a US military base leading to a significant drop in international oil prices and a rise in US stocks. It also presents views on various futures products including agricultural products, energy chemicals, industrial metals, and options finance, suggesting corresponding investment strategies based on market conditions [5]. 3. Summary by Category 3.1 Macro News - Iran launched a missile strike on a US military base in Qatar, with no US casualties reported. International oil prices dropped about 9%, and US stocks rose [5]. - The 12th meeting of the Standing Committee of the 14th National Committee of the Chinese People's Political Consultative Conference opened, hearing research reports on topics like improving fertility support policies and promoting AI development [5]. - On Monday, the A - share market fluctuated upwards. Cross - border payment concept stocks soared, and oil and gas, shipping stocks strengthened due to the Middle East situation. Bank stocks rebounded. The Shanghai Composite Index rose 0.65% to 3381.58 points [5]. - Nine ministries including the Ministry of Industry and Information Technology issued a plan for the high - quality development of the gold industry from 2025 - 2027, aiming to increase gold resources by 5% - 10% and gold and silver production by over 5% [5]. - As of the end of May, the total installed power generation capacity in China reached 3.61 billion kilowatts, a year - on - year increase of 18.8%. Solar and wind power generation capacities increased significantly [6]. - Many securities firms are researching stablecoins, and stablecoin concept stocks have been intensively investigated. The stablecoin industry is expected to develop in a compliant manner [6]. - Xiaomi Group will release new products on June 26, with the sales target of its new SUV challenging Tesla Model Y [6]. - Toyota will raise car prices in the US starting from July 1 [6]. - Apple is negotiating with the EU Commission on App Store rules and may make concessions [6]. - International asset management institutions are accelerating their layout in the Chinese market. As of June 23, foreign - funded public funds in China have established 26 new funds this year, with a fundraising scale of 32.401 billion yuan, a significant increase compared to last year [7]. 3.2 Price Changes of Main Varieties 3.2.1 Chemicals - On June 24, 2025, among chemical products, crude oil dropped the most, with a decline of 6.406% to 537.70 yuan, followed by asphalt, methanol, and fuel oil, with declines of 1.164%, 1.398%, and 1.30% respectively. Some products like coking coal, coke, 20 - number rubber, and glass rose slightly [3]. 3.2.2 Agricultural Products - Among agricultural products, soybean meal, rapeseed meal, and other products declined slightly, while white sugar rose 0.192% to 5732.00 yuan, and cotton No. 1 and cotton yarn also had small increases [3]. 3.3 Morning Meeting Views on Main Products 3.3.1 Agricultural Products - Peanut: The spot market is stable but weak. The short - term futures market will likely continue to fluctuate weakly, waiting for new drivers [10]. - Edible Oils: On June 17, the total trading volume of soybean oil and palm oil decreased by 55%. With positive policies for biodiesel in the US and rising crude oil prices, the edible oil market is expected to be strong [10]. - White Sugar: On June 23, the futures price rose 0.46%. The supply pressure is significant, but domestic inventory pressure is limited and the summer consumption peak provides support. It is recommended to go long at low prices near the support level, while being vigilant against the risk of price drops due to imported sugar [10]. - Corn: On June 23, the futures price rose slightly. The market is in a situation of weak supply and demand. It is recommended to trade within the 2390 - 2430 yuan range, paying attention to new wheat listings and deep - processing profit recovery [10]. - Live Pigs: The current price is stable with a slight upward trend. The supply is relatively stable, and the futures market is affected by policy expectations and supply concerns. The main 09 contract is testing the 13800 - 14000 yuan pressure range [10]. - Eggs: The current price is stable, with some areas showing weakness. The futures market is expected to remain weak, and it is recommended to wait for opportunities [10]. 3.3.2 Energy Chemicals - Urea: The price continues to decline. Supply is expected to decrease in July, and the demand support is limited. The short - term futures market may fluctuate weakly [11]. - Caustic Soda: The price is expected to remain low due to lack of fundamental support [11]. - Coking Coal and Coke: The coking coal market is temporarily stable, and the iron - water daily output provides some support. However, the rebound height is expected to be limited [11]. 3.3.3 Industrial Metals - Copper and Aluminum: Copper inventory decreased, and the price is under pressure at the 80,000 - yuan level. Aluminum inventory increased slightly, and the price is expected to continue to fluctuate and consolidate [13]. - Alumina: The supply is relatively loose, and the price is expected to decline slightly in the short term and remain low in the medium term [13]. - Steel Products: The production of rebar increased while demand decreased, and there is a risk of inventory accumulation. The production and demand of hot - rolled coils both increased, and the inventory decreased. The short - term steel price is supported, but the high - temperature and rainy season in the off - season still exerts pressure [13]. - Ferrosilicon and Ferromanganese: The supply increased last week, and the demand is weak. With the impact of overseas situations, the prices of ferrosilicon and ferromanganese have rebounded to some extent [15]. - Lithium Carbonate: The supply pressure is significant, and the demand is weak. It is recommended to short at high prices when the price rebounds to the pressure area [15]. 3.3.4 Options and Finance - Stock Index: The short - term A - share market has stabilized and rebounded. It is recommended to control positions and buy index futures at low prices. Pay attention to low - buying opportunities for IM and IC when the market slumps [15]. - Stock Index Options: On June 23, A - share indexes rose, and most sectors increased. Different index futures and options showed different trends in terms of positions, trading volume, and basis. Trend investors should focus on defense, and volatility investors can buy wide - straddle options to bet on increased volatility [16].

Group 1: Automotive Industry Developments - The National Federation of Industry and Commerce's Automotive Dealers Chamber calls for manufacturers to optimize rebate policies and shorten the rebate cash-out period to no more than 30 days, highlighting the importance of clear and simplified rebate standards [1] - BYD responds to rumors regarding solid-state batteries being used in the Seal model, stating that such information is unverified and that the first model and parameters have not been officially reported [2] - BYD is reportedly providing a rebate of 666 yuan per vehicle to its nationwide dealers, similar to a previous rebate offered last year [2] - Zontai Auto indicates that its credit system has not yet recovered, making financing efforts challenging, and it is focusing on revitalizing existing assets for operational funding [3] - Stellantis Group announces Antonio Filosa as the new CEO and appoints a new leadership team [4] Group 2: Product Launches and Orders - Xiaomi's first SUV, the Xiaomi YU7, is set to be launched on June 26, along with several other products including the Xiaomi Flip2 and Xiaomi Pad 7S Pro [1] - Faraday Future announces that it has secured a total of 4,000 pre-orders for its FX Super One MPV product, with a recent agreement for 500 units signed with Telling Inc. [5]

Government Procurement and Regulatory Updates - The Ministry of Finance, Ministry of Public Security, and State Administration for Market Regulation issued a notice on June 23 to conduct a special rectification of four types of illegal activities in government procurement from June this year to January next year, aiming to standardize the market order [4] - The National Medical Products Administration approved measures to support the innovation and development of high-end medical devices [4] Industry Development Plans - The Ministry of Industry and Information Technology and nine other departments released the "Implementation Plan for High-Quality Development of the Gold Industry (2025-2027)", targeting a 5%-10% increase in gold resource volume and over 5% growth in gold and silver production by 2027 [5] Market Regulation and Initiatives - The State Administration for Market Regulation launched two new query functions in the antitrust business system for operators to check unconditional approval cases and simplified case public lists [6] - The Guangzhou Municipal Government issued a three-year action plan to promote the development of the intelligent connected new energy vehicle industry, aiming for significant transformation by 2027 [6] Energy Sector Statistics - The National Energy Administration reported that from January to May, the total installed power generation capacity reached 361 million kilowatts, a year-on-year increase of 18.8%, with solar power capacity growing by 56.9% [6] Market Trends and Stock Performance - The Hong Kong "Stablecoin Regulation" will take effect on August 1, establishing a strict licensing system for stablecoin issuers, leading to active stock performance in related companies [8] - The solid-state battery concept continues to gain traction, with companies like XINWANDA and YIWAI LITHIUM ENERGY making significant advancements [8] - As of June 20, the net subscription amount for innovative drug-themed ETFs reached 3.54 billion yuan, indicating strong interest from public funds [9] Corporate Developments - Xiaomi announced the launch of the YU7 model on June 26, along with other new products [13] - Alibaba's CEO announced the integration of Ele.me and Fliggy into the Alibaba China e-commerce business group [13] - Tesla's Robotaxi pilot program officially launched in Austin, Texas, with initial operations limited to a small fleet [13] - Meituan is expanding its instant retail business to enhance service quality [13] - Sasa International Holdings will close its last 18 offline stores in mainland China by June 30, marking its exit from the market [17] - Zhongtong Airlines was established with a registered capital of 600 million yuan, aiming to expand into air freight [17] - Shanghai Zhaoxin Integrated Circuit Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 4.169 billion yuan [18]

Company Movements - Xiaomi Group's chairman Lei Jun announced the official launch date of Xiaomi's first SUV, the Xiaomi YU7, set for June 26, with sales targets aimed at challenging Tesla's Model Y. Other new products include the Xiaomi Flip2 foldable phone and the Xiaomi Pad 7S Pro [5] - Alibaba Group's CEO Wu Yongming announced the merger of Ele.me and Fliggy into Alibaba's China e-commerce business group, aiming for centralized decision-making and unified operations. Alibaba Cloud introduced a new framework, PAI-TurboX, which can reduce training time by 50% [5] - Meituan's "Meituan Youxuan" is exiting several loss-making cities while retaining operations in Guangdong and Hangzhou. The company is shifting its strategy to explore a "next-day delivery + self-pickup" model and new community retail formats [5] - Changan Automobile announced a name change for its controlling shareholder from "China Changan Automobile Group Co., Ltd." to "Chanzhi Automotive Technology Group Co., Ltd." and has completed the necessary business registration changes [5] - WuXi AppTec announced the completion of a 1 billion yuan share buyback plan, with the actual repurchased shares accounting for 0.5462% of the total share capital [5] Investment News - The IPO acceptance has reached a mini-peak in 2023, with 34 companies accepted for IPOs in June, marking a monthly record for the year. The Beijing Stock Exchange led with 17 companies, while the Shanghai and Shenzhen Stock Exchanges accepted 9 and 8 companies, respectively [4] - International asset management institutions are accelerating their entry into the Chinese market, with nine foreign wholly-owned public funds established in China. As of June 23, 26 new public funds have been established this year, raising a total of 32.401 billion yuan, representing increases of 117.67% in number and 42.5% in scale compared to the same period last year [4] - Insurance capital continues to show strong interest in bank stocks, with Ping An Life recently increasing its holdings in China Merchants Bank's H-shares by 6.2955 million shares, bringing its stake above 15% and triggering a third round of regulatory scrutiny [4]

Core Viewpoint - Xiaomi's founder and CEO Lei Jun officially announced the launch of the Xiaomi YU7, the company's first SUV, scheduled for June 26 [1] Group 1: Product Features - The Xiaomi YU7 will be available in 9 color options, including the newly introduced Dawn Pink, inspired by the dawn light [3][5] - The SUV is designed to be a luxurious high-performance vehicle, focusing on both comfort and driving experience, distinguishing it from ordinary SUVs [10] - The vehicle features a sleek design with hollow water drop headlights, optimized aerodynamics with a drag coefficient of 0.245, and electric retractable door handles [17] Group 2: Performance Specifications - The YU7 is equipped with the Xiaomi Super Motor V6s Plus, delivering a maximum power of 690PS, with a 0-100 km/h acceleration time of 3.23 seconds and a top speed of 253 km/h [19] - The vehicle offers impressive range capabilities, with the standard version achieving a CLTC range of 835 km, while the Pro and Max versions reach 770 km and 760 km respectively [19] Group 3: Technological Advancements - The YU7 incorporates an upgraded four-in-one domain control module and features the third-generation Snapdragon 8 mobile platform, utilizing a 4nm process [23] - It also includes the latest generation of NVIDIA Thor onboard computing platform, providing a maximum computing power of 700 TOPS for driving assistance [23] Group 4: Industry Interaction - Lei Jun received congratulatory messages from leaders of other automotive companies, including Li Xiang from Li Auto and He Xiaopeng from XPeng Motors, highlighting the competitive landscape of the SUV market [11][14]

Group 1 - Southbound funds net bought Hong Kong stocks worth 78.95 billion HKD on June 23, with notable net purchases in Meituan-W (15.15 billion HKD), China Construction Bank (8.43 billion HKD), and SMIC (6.78 billion HKD) [1] - Southbound funds have continuously net sold Tencent for 17 days, totaling 187.3059 billion HKD, and have net sold Alibaba for 4 days, totaling 19.986 billion HKD [3] Group 2 - Meituan announced a comprehensive expansion into instant retail, aiming to enhance product and service quality, which led to a 2.18% increase in its stock price, closing at 131.40 HKD [4] - SMIC faces potential changes in U.S. policy regarding technology exemptions for operations in China, as U.S. officials indicated plans to cancel existing exemptions for major semiconductor companies [4] - China National Offshore Oil Corporation (CNOOC) is expected to benefit from rising oil prices due to geopolitical tensions, with Brent crude oil futures potentially breaking 80 USD per barrel [4] Group 3 - Xiaomi is set to launch its first SUV, the Xiaomi YU7, along with other products including the Xiaomi Flip2 foldable phone and Xiaomi Pad 7S Pro on June 26 [5] - Alibaba's CEO announced the integration of Ele.me and Fliggy into Alibaba's China e-commerce business group, indicating a strategic focus on enhancing resources in the instant retail sector [5]