Here is a summary of the key market-moving news this evening.
Key Policy Blueprint Unveiled for New Energy System
On June 25th, China's National Development and Reform Commission and the National Energy Administration jointly issued the "15th Five-Year Plan" for the construction of a new energy system. The plan outlines targets including raising the share of new energy power generation to 30% by 2030. It calls for the steady, large-scale development of onshore wind and solar power, the advancement of offshore wind projects into deeper waters, and the scaling up of concentrated solar power and marine energy. The plan also emphasizes accelerating the development of smart grids and intelligent dispatch systems to enhance new energy integration. Significant focus is placed on advancing new types of energy storage, particularly long-duration storage, encouraging multiple technological pathways, and expanding applications in areas like power source coordination, grid stability, microgrids, and virtual power plants. Furthermore, it aims to accelerate the development of the hydrogen and green fuel industries, targeting renewable hydrogen production of 2 million tons by 2030. The plan also proposes forward-looking research into future energy technologies, including controlled nuclear fusion, space-based solar power, high-temperature superconducting power transmission, wireless power transfer, and polar/deep-sea energy.
US PCE Data Meets Expectations, Fuels Fed Rate Hike Concerns
Data released on Thursday indicated a resurgence in US consumer demand amidst persistent inflationary pressures. The Bureau of Economic Analysis reported that inflation-adjusted consumer spending rose 0.3% month-over-month in May 2026, rebounding from stagnation in April and demonstrating continued household resilience. This was accompanied by a noticeable acceleration in price increases. The Personal Consumption Expenditures (PCE) price index rose 4.1% year-over-year in May, the highest level since April 2023, while the core PCE index, excluding food and energy, increased by 3.4%. This combination suggests consumer spending has not cooled significantly despite ongoing price pressures. The Federal Reserve held interest rates steady in the 3.50%-3.75% range last week, but updated quarterly projections showed policymakers, increasingly concerned about inflation, anticipate a rate hike this year. Financial markets are pricing in a potential rate hike as early as September, with the possibility of another to follow.
Shanghai Exchange Sets Timetable for First-Half Earnings Reports
On June 25th, the Shanghai Stock Exchange released the scheduled disclosure dates for listed companies' 2026 first-half reports. Zhongchuan Special Gas will be the first to report on July 18th. Additionally, Haitong Development is scheduled to report on July 21st. Longruan Technology and Shentong Technology will report on July 23rd, while Bomaike and Yingshi Network are set for July 25th. Notably, Zhongchuan Special Gas is currently suspended from trading, with its last price at 389.99 yuan per share. It hit a record high of 399.5 yuan on the 22nd, giving it a market capitalization of approximately 206.5 billion yuan. Its year-to-date gain stands at 865.92%. The company announced that its shares will resume trading on the morning of June 26th, 2026. Following self-inspection and verification with its controlling shareholder, the company stated there are no major undisclosed matters as of June 25th.
Chemical Fiber Giant Forecasts Over 20-Fold Profit Surge
Hengyi Petrochemical disclosed its 2026 first-half earnings forecast on June 25th, expecting net profit attributable to shareholders of 5.5 to 6 billion yuan, representing a staggering year-over-year increase of 2326.31% to 2546.88%. The company is a global leader in the integrated "refining-chemicals-fibers" industrial chain. Market analysis suggests that with the A-share first-half reporting season approaching in July, and as geopolitical risks recede and Federal Reserve policy becomes clearer, macro uncertainties will diminish, allowing the market to refocus on earnings fundamentals. Industry insiders point out that core growth sectors for the 2026 interim reports are concentrated in the AI hardware supply chain, upstream cyclical commodities, and export-advantaged midstream manufacturing. Multiple sub-sectors are experiencing both volume and price increases, coupled with strong export demand, which is expected to continue driving profit growth in related areas.
Micron Soars Post-Earnings, Wall Street Rushes to Raise Targets
On June 25th, US memory chip stocks surged across the board. At the time of writing, Micron Technology shares were up over 19%, with the company's market capitalization surpassing that of Meta Platforms, Inc. and Tesla Motors for the first time. Micron Technology's release of far better-than-expected guidance further reinforced the bullish narrative around the AI trade. Following the earnings report, Wall Street firms quickly raised their price targets. Bank of America Securities lifted its target from $1,500 to $1,550, maintaining a "Buy" rating. Baird significantly raised its target from $500 to $1,280. DA Davidson increased its target to $2,000 (the highest on Wall Street), keeping a "Buy" rating. Goldman Sachs also raised its target from $900 to $1,100, maintaining a "Neutral" rating.
Apple Shares Plunge Over 5% After Announcing Major Price Increases
On June 25th, Apple shares fell sharply, dropping over 5% to $278.16, hitting a more than one-month low. The decline followed the company's announcement of price hikes for Mac, iPad, and home device products. The increases, some as high as 20% for certain Mac and iPad models, are intended to offset cost pressures from an unprecedented shortage of memory chips and storage components, which the company attributes to the rapid expansion of AI data centers. 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 had "never seen component prices rise so fast and so much." The spokesperson noted that Apple had previously absorbed these cost increases for consumers but "has now reached a point where it must begin to raise prices."
Market Regulator Holds Forum on Fair Competition
On June 25th, China's State Administration for Market Regulation convened its second enterprise fair competition symposium of 2026. Representatives from seven companies in manufacturing, artificial intelligence, pharmaceuticals, and construction participated, discussing topics related to "removing various bottlenecks and obstacles to maintain fair market competition." Deputy Director Meng Yang presided over the meeting. After listening to the companies' suggestions, Meng responded to relevant issues and outlined the regulator's policy measures and key work in strengthening anti-monopoly enforcement and fair competition governance. He emphasized that the administration will thoroughly implement the decisions of the central authorities, adopt a problem-solving approach, address both symptoms and root causes, advance law enforcement and supervision with higher standards and more concrete measures, resolutely eliminate obstacles to a unified market and fair competition, strive to improve the business environment, stimulate corporate innovation, and promote the development of a strong domestic market.
Commerce Ministry Comments on Latest US-China Trade Talks
At a regular press conference on June 25th, Ministry of Commerce spokesperson He Yadong stated that, in accordance with the consensus reached in US-China economic and trade consultations, both sides have agreed to establish a trade council. Under this council, they will discuss cooperation including reciprocal tariff reductions. The economic and trade teams from both sides will conduct further consultations on this matter. He Yadong noted that trade cooperation between China and the US in aircraft and agricultural products is mutually beneficial. The teams will maintain communication and encourage and guide their respective enterprises to strengthen connections and expand trade cooperation in related fields.
GigaDevice Attributes Performance Boost to Supply Shortage-Driven Price Hikes
On June 25th, GigaDevice issued an announcement regarding significant stock price fluctuations, noting that its share price had deviated by over 20% in two consecutive trading days on June 24th and 25th, with a cumulative turnover rate of 16.56%. The company's rolling P/E ratio is above the industry average. GigaDevice stated that the memory chip industry is currently in an upcycle, and a significant supply shortage has led to substantial price increases, thereby boosting the company's operating performance. However, it cautioned that the memory industry has historically shown significant cyclical volatility, and supply and demand will eventually rebalance. Notably, the memory sector is becoming another high-priced stock hub following optical communications. Currently, four leading stocks have share prices above 700 yuan, and the sector's total market capitalization has increased by 2.1 trillion yuan year-to-date. The combined market cap of 13 memory stocks priced above 100 yuan has grown from approximately 717.7 billion yuan at the start of the year to 2.47 trillion yuan, an increase of about 1.75 trillion yuan. Among them, GigaDevice's market cap has increased by 400.9 billion yuan this year, while Jiangbolong, Baiwei Storage, Demingli, and Ranke Technology have each seen market cap gains exceeding 100 billion yuan.
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