**Key Pre-Market News**

1. **Samsung's Largest-Ever Strike Looms, US Storage Concepts Rally Broadly! Micron Technology Rises Over 4% to Record High** * **Type:** Industry Sentiment * **Impact:** Neutral Overnight, US storage-related stocks strengthened. Western Digital climbed 9.64%, while Micron Technology advanced 4.5%, setting a new all-time high and accumulating a year-to-date gain of 61.33%. Reports indicate that Samsung is voting on a plan for what could be its largest strike in history. As the world's largest memory chip manufacturer, a strike at Samsung could significantly impact its semiconductor operations and exacerbate global semiconductor supply bottlenecks.

2. **AI Arms Race Spills Over into Cooling Sector! Google Reportedly Shops for Liquid Cooling Equipment in China, Opportunities for Chinese Supply Chain** * **Type:** Industry Sentiment * **Impact:** Positive Informed sources reveal that Alphabet is in discussions with China's Envicool and other Chinese companies, intending to procure liquid cooling equipment for data centers. As heat generated by high-density computing far exceeds the capacity of traditional air-cooling systems, liquid cooling technology has become critical infrastructure for AI data centers. Concurrently, Chinese suppliers are playing an increasingly important role in the global data center construction wave.

3. **15 Hard Tech Funds Approved, Targeting AI and Strategic Emerging Industries, Incremental Capital Awaits Deployment** * **Type:** Industry Sentiment * **Impact:** Positive The China Securities Regulatory Commission recently approved a new batch of 15 hard tech-themed fund products on the same day. The batch primarily consists of 7 passive funds tracking the STAR and ChiNext AI Index, and 8 active funds benchmarked against the China Strategic Emerging Industries Constituent Index. Industry observers note that the subsequent issuance of these products is expected to further attract incremental capital into the hard tech and strategic emerging industry sectors.

4. **Foreign Ministry: US Side Has Clarified, Trump's China Visit Unrelated to Hormuz Strait Navigation Issues** * **Type:** Macro Sentiment * **Impact:** Positive Media reports suggested that Trump stated he would postpone his visit to China if it did not provide assistance regarding navigation security in the Hormuz Strait. When asked for comment, Foreign Ministry spokesperson Lin Jian stated that China noted the US side had publicly clarified the inaccurate media reports, emphasizing that the reports were completely wrong and that the visit is unrelated to Hormuz Strait navigation issues.

**Investment Calendar** IM Motors Super AI Entity Launch Event

**Investment Insight** **Investment Insight:** The key to long-term investment success is risk control, not aggression. Avoiding major mistakes is more important than pursuing great success. — Howard Marks, *The Most Important Thing*

**Institutional Views** 1. **Debon Securities:** The A-share market may continue its structural trends, with rotation between tech growth and traditional cyclical sectors likely being the main theme. 2. **GF Securities:** Once short-term, uncontrollable geopolitical factors subside, the market for Chinese equities may present the year's best buying opportunity. 3. **Oriental Securities:** External conflicts have entered a stalemate phase, crude oil prices are experiencing sharp volatility, and stock indices may maintain a pattern of fluctuating and probing for a bottom in the short term.

**Positive and Negative Outlook** 1. **Frequent Large Energy Storage Orders! Canadian Solar Secures 2.5GWh Order, Narada Power Gains Australian Order** * **Type:** Market Discussion Soochow Securities: US data center energy storage continues to drive growth, with numerous projects in Europe and the Middle East indicating strong demand for large-scale storage. Global energy storage installations are forecast to grow over 60% in 2026, with a compound annual growth rate of 30-50% from 2027-2029. The firm strongly recommends the energy storage sector, favoring leaders in large-scale and residential storage. 2. **US Defense Tech Company Soars 500% on IPO Debut, Wall Street Bets on Drone Future** * **Type:** Market Discussion Yongxing Securities: The trend towards unmanned, intelligent warfare is established, reshaping the fundamental nature of combat. The drone market has vast potential, with China's military drone market size projected to reach $6.11 billion by 2028. It is advised to monitor listed companies related to drones. 3. **Cement Sees New Round of Price Hikes! Cumulative Increases Reach 100 Yuan/Tonne in Some Regions** * **Type:** Market Discussion GF Securities: Cement companies have already undergone substantive capacity elimination. Post-2027, the industry enters a deep emission reduction phase with dual controls on total volume and intensity, expected to force out outdated capacity. Medium to long term, cement industry supply is expected to continuously optimize. It is advised to focus on bottom-tier cement assets.

**Announcement Summary** **Favorable Announcements** 1. Fuyao Glass: 2025 net profit increased 24% year-on-year, proposes a dividend of 1.2 yuan per share. 2. Avary Holding: Wholly-owned subsidiary plans to invest 11 billion yuan in constructing a high-end PCB project production base. 3. Robotech: Subsidiary signs approximately 48 million yuan mass production order for double-sided wafer testing equipment and services.

**Unfavorable Announcements** 1. Injoinic: Faces a planned fine of 4 million yuan due to information disclosure violations. 2. Autobio Diagnostics: Fined 4 million yuan for involvement in information disclosure violations. 3. Fasten: Indicates that if the company's stock price rises further, it may apply to the Shenzhen Stock Exchange for a trading suspension review.

**Overseas Markets** US stocks opened and closed higher on Tuesday, with the three major indices posting gains for two consecutive sessions. Sector performance was mixed among large-cap tech stocks: Nvidia fell 0.69%, while Tesla rose 0.94%. Popular Chinese ADRs were also mixed: Atour Life rose 5.98%, while XPeng fell 4.63%.