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Top Headlines
Breaking news! Iran's attack on a Singapore-flagged vessel in the Strait of Hormuz is once again sparking fears of oil panic trading?
Two senior U.S. officials revealed that Iran's Revolutionary Guards attacked a Singapore-flagged cargo ship in the Strait of Hormuz on Thursday, testing the agreement signed last week between the U.S. and Iran aimed at ending conflict and reopening this vital waterway. According to the UK Maritime Trade Operations (UKMTO), the attack caused damage to the ship's bridge but no casualties. The incident occurred near the coast of Oman, hours after Iran's paramilitary naval force issued a warning against vessels using unauthorized routes.
40 A-share companies have issued risk warnings! They responded to multiple hot topics including memory storage and MLCCs.
Several A-share companies addressed various hot topics, including memory storage, MLCCs (Multi-Layer Ceramic Capacitors), supercapacitors, AI servers, and liquid-cooled servers, while cautioning investors about the risks of speculative trading around hot concepts and urging rational decision-making.
Two A-share companies specifically highlighted risks in the memory storage sector. GigaDevice announced that investors should fully consider the inherent cyclical volatility of the memory industry, which may impact the company's future operating performance, and invest prudently and rationally.
The memory chip sector where GigaDevice operates is currently in an upward cycle phase, but historically, the memory industry has exhibited significant cyclical fluctuations.
Giantec Semiconductor stated in an announcement that investors should closely monitor cyclical changes in the memory chip industry and the risk factor that current memory chip prices are already at historically high levels. The memory chip industry where Giantec Semiconductor operates is characterized by strong cyclicality, and memory chip prices are subject to significant volatility influenced by macroeconomic conditions, downstream demand from consumer electronics and data centers, and industry supply-demand dynamics.
Are concerns about an AI bubble being dispelled? Micron Technology surged another 15%, boosting U.S. chip stocks.
Benefiting from a surge in memory chip demand driven by the AI industry boom, memory giant Micron Technology reported better-than-expected Q3 earnings, with its stock price soaring 15% on Thursday. The stock's intraday gains were even higher at one point, with its market capitalization briefly surpassing that of Meta Platforms and Tesla, ranking among the highest-valued U.S. companies.
Other stocks in the memory sector also strengthened: SanDisk rose nearly 22% on Thursday, Western Digital gained nearly 5%, and Seagate Technology advanced 3.23%.
Micron disclosed on Wednesday that its revenue for the fiscal third quarter reached $41.46 billion; last year's figure for the same period was only $9.3 billion, representing a more than fourfold increase in revenue scale. Consensus estimates from the London Stock Exchange Group showed the market had previously anticipated revenue of around $36 billion, meaning the company's actual revenue significantly exceeded expectations.
12 filings in a single day! IPO acceptance enters a peak period, with several companies making a second attempt.
As the first half of the year draws to a close, the IPO market is experiencing a concentrated wave of application acceptances. On June 24th, the three major exchanges collectively accepted the listing applications of 12 companies, including Hangzhou Langxun Technology Co., Ltd., with the Shenzhen Stock Exchange accepting the most at 6. As of that day, the three exchanges had cumulatively accepted 66 new IPO applications within the month, already exceeding the total of 44 accepted in the previous five months combined.
The ChiNext Board and the Beijing Stock Exchange are the most sought-after destinations. Among these 60+ companies, 25 are targeting the ChiNext Board and 23 are aiming for the Beijing Stock Exchange, together accounting for over 70%. In terms of fundraising scale, nearly half (around 30) of the companies accepted this month have fundraising targets exceeding 1 billion yuan. Some Beijing Stock Exchange applicants reported net profits exceeding 500 million yuan last year, far surpassing the listing standards for that board.
Typically, IPO filings exhibit a "calendar effect," with June being a "peak season" for submissions. An investment banking source noted, "Looking at the first half of the year, generally fewer applications are accepted during the Lunar New Year month. Materials are submitted intensively in late June to lock in the validity period of financial data."
The "15th Five-Year Plan" for the construction of a new energy system has been released, calling for forward-looking deployment of future energy technologies and appropriately advanced research into cutting-edge, disruptive technologies.
The National Development and Reform Commission and the National Energy Administration publicly released the "15th Five-Year Plan for the Construction of a New Energy System" on June 25th. The plan proposes that a clean, low-carbon, safe, and efficient new energy system will be preliminarily established by 2030. Total energy production capacity should reach 5.8 billion tons of standard coal, with the complementary, mutually supportive, and resilient capabilities of the power system comprehensively enhanced, and energy imports diversified and controllable. Coal and oil consumption should peak, with the proportion of non-fossil energy consumption reaching 25%. The installed capacity share of wind and solar power should exceed 50%, becoming the mainstay of power capacity, and the share of non-fossil energy power generation should reach 50%, becoming the main source of electricity.
Experts interviewed stated that the main targets proposed in the plan cover multiple dimensions including total energy production capacity, the proportion of non-fossil energy consumption, transformation of the power structure, technological innovation, and market mechanisms, effectively balancing security, economic factors, and low-carbon goals, and can strongly support China's "15th Five-Year Plan" economic and social development objectives and carbon peaking targets.
AI regulation intensifies: Report says Trump administration requires OpenAI to release GPT-5.6 in phases.
According to media reports, Sam Altman stated in an internal employee meeting that the U.S. government has requested that before a wide release of GPT-5.6, it first be launched to a limited group of trusted partners. Altman emphasized that employees must comply even if the company has objections. This move comes less than two weeks after Anthropic's advanced AI model was forced offline under government pressure.
The Trump administration is extending its desire to control frontier AI models from Anthropic to OpenAI, marking a further escalation in the U.S. government's intervention in top-tier artificial intelligence systems.
Informed sources revealed that OpenAI CEO Sam Altman told employees in an internal meeting this Wednesday that the U.S. government has requested the company to first release GPT-5.6 to a limited group of trusted partners before a broader rollout.
Can't hold out any longer! Apple officially announces price hikes, affecting a wide range of products.
Apple Inc. announced price increases for Mac, iPad, and home devices on June 25th to cope with cost pressures from unprecedented shortages of memory chips and storage caused by the expansion of AI data centers. Specific price increases: the starting price for the MacBook Neo rises from $599 to $699, the MacBook Air from $1,099 to $1,299, the entry-level 14-inch MacBook Pro from $1,699 to $1,999, the 11-inch iPad Pro from $999 to $1,199, and the iPad Air from $599 to $749. These price adjustments are global, with iPhone prices remaining unchanged for now.
An Apple spokesperson stated, "The rapid expansion of AI data centers has caused an extraordinary surge in demand for memory and storage," adding that the company has "never seen component prices rise so fast and so much," and that it had previously tried its best to absorb cost increases for consumers, "but now the time has come when we have to start raising prices."
Foreign capital adjustments: Morgan Stanley and Goldman Sachs A-share holdings increase revealed.
Since the second quarter, dozens of A-share listed companies have successively disclosed share buybacks or major restructuring matters, revealing partial portfolio adjustments by several QFIIs (Qualified Foreign Institutional Investors). For example, both Morgan Stanley and Goldman Sachs International (proprietary funds) increased their holdings in several A-share companies in Q2, covering stocks in areas like AI computing power, high-end manufacturing, and power grid equipment; while the Abu Dhabi Investment Authority slightly reduced its holdings in the "panel duo."
Simultaneously, there are divergences in stock selection among various QFIIs, reflecting differentiated investment strategies.
It's worth noting that the year-to-date stock performance of A-share companies that recently received QFII buying has been mixed. Among them, small and mid-cap stocks like Xingsen Technology and Jinlihua Electric have performed relatively well. Particularly, Xingsen Technology has seen its year-to-date gain exceed 100%. However, some other stocks have shown declines.
Exceeding expectations! Key content from TSMC's latest closed-door meeting emerges.
As the global foundry leader, TSMC's advanced process capacity remains in short supply. At this closed-door meeting, TSMC indicated that its N2 (2-nanometer semiconductor manufacturing process) entered mass production in Q4 2025. Regarding innovations in the 2nm family, N2P is on schedule for mass production in the second half of 2026; A16 with Super Power Rail is expected to be production-ready in the second half of 2026; N2X and N2U are planned for mass production in 2027 and 2028, respectively.
For the next-generation transistor architecture beyond 2nm, TSMC continues to innovate. TSMC stated that transistor architecture has evolved from planar structures to FinFET and is now further advancing towards nanosheet structures. After nanosheets, vertically stacked nFET and pFET, known as Complementary Field-Effect Transistor (CFET) technology, is expected to become a future candidate for scaling.
Recently, TSMC demonstrated the world's smallest functional 6T SRAM memory cell, which reduces the footprint by approximately 30% compared to traditional nanosheet designs using similar design rules.
Is the interim report season approaching? Several companies forecast significant profit growth, with an 8x gainer taking the lead.
The Shanghai Stock Exchange website shows that CSSC Special Gas will disclose its interim report on July 18th, becoming the first company on the Shanghai market to release its 2026 interim report.
Recently, several companies have issued announcements forecasting significant profit growth, including leading enterprises in petrochemicals, technology, and lithium batteries. Analysts believe that as the interim report disclosure window approaches, market focus will gradually shift from thematic trading to earnings verification, with the growth sector remaining the main investment theme.
On the evening of June 25th, Hengyi Petrochemical announced that it expects net profit attributable to shareholders for the first half of 2026 to be between 5.5 billion and 6 billion yuan, a year-on-year increase of 2326.31% to 2546.88%; net profit after deducting non-recurring gains and losses is expected to be between 5.47 billion and 5.97 billion yuan, an increase of 3560.47% to 3895.07%. Regarding the reasons for profit growth, Hengyi Petrochemical stated that as the only leading domestic chemical fiber enterprise with an overseas refinery layout, it fully benefits from the long-term tight supply-demand dynamics for refined oil products in Southeast Asia, while profits for chemical products like PX and benzene remain high. Additionally, the PTA and downstream polyester industry chain where the company operates is steadily recovering, with steady growth in downstream product demand. As a leading enterprise in PTA, polyester filament, and polyester bottle chips, the company has achieved significant improvement in per-ton product profit and turned profitable across the board, providing support for medium-to-long-term earnings growth.
Supply and demand dynamics for "computing power metals" face changes; a hoarding wave in the U.S. market may be imminent.
As the June 30th deadline for the U.S. "Section 232 Tariff" investigation report approaches, the global market for AI computing power-related metals is set for a new round of volatility. International investment banks like Goldman Sachs analyze that if the U.S. implements a new round of tariff policies targeting copper, U.S. buyers may initiate large-scale hoarding. Current U.S. COMEX copper inventories have exceeded 650,000 tons, hitting a record high. Meanwhile, in the international market, the supply tightness for minor metals deeply embedded in the AI computing power industry chain, such as tungsten, tin, tantalum, and indium, may further intensify.
Featured Companies
Samsung is reportedly set to announce a 1,000 trillion won investment plan in South Korea next week.
The Samsung Group will announce a plan on next Monday (June 29th) to invest 1,000 trillion won (approximately $647.53 billion) in South Korea over the next 10 years, which may include an investment of 300 trillion won to build a chip factory in the southwest of the country. According to reports, Samsung Chairman Lee Jae-yong will announce the news at a meeting hosted by South Korean President Lee Jae-myung at the Blue House.
The report stated that executives from several companies, including Samsung Electronics and its rival SK Hynix, will attend the meeting to announce investment plans for regions outside Seoul and nearby cities.
These chipmakers' production facilities are concentrated around the Seoul area and now face pressure to increase investment in other parts of South Korea.
Latest! Two more diaper brands reported to contain formamide; one suspected to be self-submitted for testing by the brand.
Two diaper test reports circulating online show that the Babycare Camellia brand diaper and the Mu Zhi Angel diaper were found to contain formamide at 414 mg/kg and 384 mg/kg, respectively (where "not detected" means less than 20 mg/kg), both testing positive for formamide.
The testing agency was Lianxin Testing (Jiangsu) Co., Ltd. Public information shows the laboratory has CMA accreditation. The test reports indicate the method used was GC-MS. The reports note that the test data and results are for reference only and do not serve as socially impartial data.
Up over 388% in 38 days! With a P/E ratio nearing 600x, CSSC Special Gas's trading halt review concludes, resuming trading today.
After a staggering surge of 388.77% in just 38 trading days, the trading halt review for CSSC Special Gas has finally concluded.
According to the announcement, CSSC Special Gas will officially resume trading starting from the market open on June 26th. This rally, triggered by a "supply gap" for the semiconductor raw material tungsten hexafluoride and expectations for domestic substitution, is now facing rational scrutiny. The results of the trading halt review show that CSSC Special Gas does not have any undisclosed material information.
In response to recent market speculation regarding the capacity, price, and orders for its tungsten hexafluoride product, the company clarified: the company's existing annual capacity for tungsten hexafluoride product is 2,000 tons, and all product specifications are at the 6N grade. The company has never publicly disclosed any information related to the price of its tungsten hexafluoride product.
Sector Focus
Chase brokerage stocks or hold tech stocks? Institutions debate fiercely.
Copper tariffs, a critical timing point approaches! AI computing power metals face another shift.
Pork prices continue to decline; may stabilize and rebound in Q4.
Supportive policies introduced, impacting a trillion-yuan industry! Guangdong supports inclusion of brain-computer interfaces in medical insurance (with related stocks).
Multiple factors converge, brokerage sector shows strong gains again.
Market Strategy
The trend of funds crowding into tech stocks has been evident this year, with the brokerage sector once neglected; the brokerage concept index has fallen about 5% year-to-date. However, the market has seen several rotation episodes recently, with funds flowing towards big finance sectors like brokerages.
Analyzing this, Jia Xiaolong, Director of the Heiqi Capital Research Institute under the Fengde Group, stated that the previous underperformance of brokerage stocks essentially represents an extreme divergence between "strong reality and weak expectations." Why have funds ignored them? Because the market has been immersed in the narrative frenzy of tech stocks.
Liu Youhua, Research Director at Paipaiwang Wealth, pointed out that market funds have been extremely crowded into the tech growth track, with institutions consistently underweighting brokerages. Coupled with widespread market skepticism that high trading volume conditions are unsustainable, even though brokerages reported strong Q1 earnings, sector valuations remain suppressed near an ice-cold level at about the 5th percentile of the 10-year price-to-book ratio. The severe disconnect between performance and valuation has kept the sector in a prolonged consolidation phase.
Jia Xiaolong further analyzed the reasons for the recent surge in brokerage stocks: First, continued policy tailwinds, with the Lujiazui Forum proposing to deepen reforms on the STAR Market, expand the application scope of the fifth set of listing criteria to the AI field, and support REITs pilot programs, opening incremental space for brokerage investment banking and co-investment businesses. Second, a rebalancing in capital flows, with high-flying sectors like new energy cooling off and some profit-taking funds migrating to lower-positioned sectors. Brokerages, due to their valuation discount attribute, became a "safe haven," with securities ETFs seeing significant inflows recently. Third, the market rediscovered the logic that "buying brokerages ≈ buying discounted tech." Under the mandatory co-investment mechanism for the STAR Market, brokerages' co-investment floating profits are substantial, and the spillover effects of the tech bull market have finally transmitted to brokerages.
Liu Youhua believes this is the result of three catalysts resonating: First, the Lujiazui Forum releasing reform dividends, broadening the incremental imagination for investment banking and asset management. Second, the sector itself is deeply undervalued relative to book value, with a strong need for valuation repair. Third, institutional portfolio adjustments at the half-year end, with funds rotating from high-position tech to low-position finance, causing a volume-driven spike.
Today's New Listings
None.
Announcements Summary
Key Corporate Events
CSSC Special Gas: Trading halt review completed; trading to resume on the 26th.
Runyang Technology: Plans private placement to raise up to 236 million yuan for projects including an 8,000-ton supercritical microporous foam material technical upgrade.
GigaDevice: Memory industry cyclical volatility significant; supply and demand will ultimately rebalance.
Cangzhou Mingzhu: Application for private placement of shares accepted by the Shenzhen Stock Exchange.
Jinfang Energy: Successfully bids 153 million yuan for 100% equity of Chengke Intelligent Heating.
Yunnan Copper: Registration application to issue up to 5 billion yuan in corporate bonds to professional investors approved.
Chuangshi Technology: Company's controlling shareholder, actual controller Zhang Gengsheng released from ordered investigation.
Midea Group: Shunde liquid cooling intelligent manufacturing base expected to commence production in August 2027, achieving independent large-scale production of core liquid cooling components.
Tianhao Energy: Planning to acquire 100% equity of Tianhao New Energy; stock trading halted.
Lihexing: Company's self-produced MLCC products are not currently used in AI computing power servers.
Xinde New Materials: As of now, the company directly holds 3.43 million shares of Guangyuan New Materials.
Changrong股份: Operating revenue and net profit of controlling subsidiary Honghua Imaging account for a small proportion of the company's overall figures.
AVIC Optoelectronics: Has engaged in deep cooperation with multiple leading customers in fields like silicon photonics modules, Elsfp, NPO, CPO, and possesses batch delivery capabilities.
ST Intercontinental: Company Vice President Zhang Ke undergoing disciplinary review and supervision investigation.
Aihua Group: Supercapacitor products are currently not a main business and have no sales revenue.
Torch Electron: As of the end of 2025, revenue from self-produced MLCC business accounted for a small proportion of main business revenue.
Guoli Electronics: The company has substantive business layouts and continuous investment in fields like controlled nuclear fusion and fourth-generation semiconductors, not merely "riding the hype."
Zhenxin Technology: The company is not involved in PCB manufacturing.
Hesheng Silicon: The project for an annual output of 3200 tons of optical fiber preforms recently passed filing approval.
C Zhenbao: Has established business cooperation relationships with renowned international manufacturers like Micron Semiconductor but has not yet achieved scaled sales.
*ST Shuaidian: Planning to acquire 100% equity of Huijia Technology; expected to constitute a major asset restructuring.
Qingfangcheng: Vice President Gao Xiaochen placed under investigation and subjected to detention measures.
Chuanhuan Technology wins an order for 200,000 meters of liquid cooling pipelines from ZJ customer.
Feilong股份: Currently, business revenue from the liquid cooling field accounts for a low proportion.
Jiaocheng Ultrasonic: Plans to acquire 40% equity in Jiaocheng Semiconductor to achieve full ownership.
Yunzhong Technology: Company stock to be halted for verification starting from market open on June 26th.
Taiwan Semiconductor Manufacturing Co., Ltd.: Company's semiconductor business currently does not involve HBM products.
Yunlu股份: In response to the investigating authority's anti-dumping investigation, the company has established a dedicated task force to fully address it.
Benchuan Intelligent: Expects mass production to begin after the dedicated plant for the CIPB project becomes operational in Q1 next year.
Han's Laser: Plans to invest up to 2.52 billion yuan in constructing an optical fiber and preform project.
Financial Performance Updates
Hengyi Petrochemical: First-half net profit expected to increase 2326.31%—2546.88% year-on-year.
Bairun股份: First-half net profit attributable to shareholders expected to increase 19.51%—25.94% year-on-year.
Shareholding Changes
Zhiou Technology: Plans to repurchase 50-100 million yuan worth of company shares.
Xinzhu股份: Some directors, senior executives, and other management personnel plan to increase holdings by 2.2-4.4 million yuan.
Zhongxin股份: Chairman proposes company repurchase of 30-50 million yuan worth of shares.
Muyuan股份: Some directors and senior executives plan to repurchase 400-500 million yuan worth of company shares.
Anhui Heli: Controlling shareholder plans to increase holdings by 100-200 million yuan.
Haier Biomedical: Controlling shareholder proposes company repurchase of 50-100 million yuan worth of shares.
Yutong Optical: Chairman and others plan to collectively reduce holdings by no more than approximately 1.08% of company shares.
Calight: Shareholders plan to collectively reduce holdings by no more than 4.1264 million shares.
Boshuo Technology: Controlling shareholder and others plan to collectively reduce holdings by no more than 4.9% of company shares.
Xinte Electric: Controlling shareholder, actual controller, and persons acting in concert plan to collectively reduce holdings by no more than 3% of company shares.
Shenyu股份: Some directors and senior executives plan to collectively reduce holdings by no more than 0.31% of company shares.
Jie'an Hi-Tech: Shareholder plans to reduce holdings by no more than 2 million company shares.
Yutong Optical: Chairman and others plan to collectively reduce holdings by no more than approximately 1.08% of company shares.
Major Contract Signings
Yongtai Technology: Wholly-owned subsidiary signs electrolyte raw material cooperation agreement with Contemporary Amperex Technology Co., Limited.
Jingce Electronic: Controlling subsidiary signs 135 million yuan sales contract.
Hangzhou Kelin: Signs 216 million yuan procurement contract.
Lanjan Intelligent: Signs 135 million yuan project contract.
ST Weihai: Consortium it participates in wins 882 million yuan project.