Two major national plans have been announced, focusing on the development of a new energy system by 2030 and a new round of rural new energy vehicle promotion.

Key Developments

The National Development and Reform Commission and the National Energy Administration have jointly released the "15th Five-Year Plan" for the construction of a new energy system. The plan outlines ambitious goals, including accelerating the development of the hydrogen and green fuels industry. It aims for a coordinated development across the entire hydrogen supply chain—production, storage, transportation, and utilization—with a target to achieve 2 million tons of renewable energy-based hydrogen production by 2030. The plan also emphasizes enhancing the purification and efficient use of industrial by-product hydrogen and promoting the application of hydrogen, ammonia, and alcohols in power generation, transportation, chemical metallurgy, and large-scale energy storage.

Furthermore, the plan calls for breakthroughs and equipment R&D in various advanced technologies, including small and fourth-generation nuclear reactors, ultra-high-head large-capacity Pelton hydro turbines, deep-sea offshore wind power, advanced photovoltaics, concentrated solar power, next-generation coal power, heavy-duty gas turbines, flexible DC transmission, smart microgrids, unconventional oil and gas, intelligent unmanned coal mining, and the graded utilization of oil-rich coal. It also highlights theoretical research and technological innovation in areas like controlled nuclear fusion, space-based solar power, high-temperature superconducting transmission, wireless energy transfer, and polar/deep-sea energy.

Concurrently, five ministries, including the Ministry of Industry and Information Technology and the Ministry of Commerce, have jointly launched the 2026 New Energy Vehicle Rural Promotion Campaign. This initiative is designed to synergize with existing policies like automobile trade-ins and county-level charging infrastructure upgrades, aiming to drive the cumulative sales of over 23 million relevant vehicles and significantly boost new energy vehicle consumption in rural areas.

Market Overview

Overnight, the three major U.S. stock indices closed mixed. The Dow Jones Industrial Average rose 0.14% to 51,920.62 points, while the Nasdaq Composite fell 0.46% to 25,358.60 points, and the S&P 500 dipped slightly by 0.01% to 7,357.49 points. Notable movers included Micron Technology (MU.US), which surged 15.7%, and Apple (AAPL.US), which dropped 6.1%, bringing its market capitalization close to falling below $4 trillion. The Nasdaq Golden Dragon China Index declined by 2.7%. The Hang Seng Index ADRs edged up 0.17%. In commodities, WTI crude oil for the front-month contract rose 1.61% to $71.47 per barrel, while COMEX gold increased 0.82% to $4,041.6 per ounce.

Corporate Highlights

Henlius (02696) announced that the European Commission has approved a new indication for its self-developed Serplulimab injection (HETRONIFLY® in the EU). The approval covers its use in combination with chemotherapy for the first-line treatment of adults with unresectable, locally advanced or metastatic squamous non-small cell lung cancer.

Leads Biolabs-B (09887) reported that its joint venture with Aditum Bio, Oblenio Bio, has successfully completed an oversubscribed $62 million Series B financing round. The funds will accelerate the clinical development of LBL-051, a CD19/BCMA/CD3 trispecific T-cell engager antibody for severe autoimmune diseases.

CStone Pharma-B (02616) has entered into an exclusive commercialization partnership with Arrotex for Sugemalimab in Australia and New Zealand. CStone will receive an upfront payment and potential milestone payments, supply the drug, and earn royalties. Arrotex gains exclusive rights to commercialize Sugemalimab for all approved and potential future indications in the region.

Sensetime-W (00020) announced that its in-development multimodal large model, SenseNova-U1 Pro, is expected to commence invitation-based testing in July. This model is positioned as an industry-first multimodal agent base with a native "understanding-generation-action" unified core.

Bosideng (03998) reported its annual results for the period ended March 31. Revenue increased by 5.6% to approximately 273.5 billion yuan, while profit attributable to equity shareholders rose 13.7% to about 39.94 billion yuan. The company proposed a final dividend of 25.0 HK cents per share.

Migao Group (09879) released its annual results, showing revenue of 6.175 billion yuan, up 24.35% year-on-year, and profit attributable to owners of 373 million yuan, an increase of 21.47%. A final dividend of 0.083 yuan per share was proposed.

IPO Watch

Several new listings saw significant activity in their grey market (pre-listing) trading sessions. Xinqi Micro Equipment (09630) surged nearly 76%, Lingyi iTech (ZHUHAI) (01688) rose over 21%, Sg Micro (03661) gained over 30%, and Zhongke Wenge (01956) jumped more than 94%. KETOP Parking (02272) soared 203%. Conversely, MERDEKA GOLD-DRS (06228) dipped nearly 3%.

Stock in Focus

Biren Technology (06082) recently announced the completion of its integration into the Microsoft DeepSpeed ecosystem. Its self-developed BIRENSUPA™ software stack has been fully adapted as a natively supported accelerator backend for DeepSpeed, a key distributed training framework. Analysts note that the company, a leading domestic provider of general-purpose intelligent computing solutions, is expected to see significant revenue growth from its intelligent computing solutions in the coming years, driven by the launch and mass production of its new chip series and super-node solutions.