Global markets remain highly sensitive to fluctuations in the US stock market, which has once again rebounded after a recent dip. However, the initial shockwaves were real. Today, Japan's Nikkei 225 index fell over 1%, South Korea's KOSPI plunged more than 5%, and Hong Kong's Hang Seng Index dropped 1.15%. Many wonder why the US market consistently proves so resilient, bouncing back from every decline. The reasons are multifaceted. Beyond market fundamentals, a key factor is the concentration of capital—both American and global—in the equity markets. Persistent inflows from long-term funds like pensions, mutual funds, and hedge funds, coupled with the fact that even figures like Donald Trump are active traders, make the stock market a vital lifeline. It's improbable for participants to undermine the very system they rely on. Barring a financial crisis, capital will continue to circulate within it. This is the underlying reality, with various parties acting to safeguard the market. Yet, this dynamic has a clear downside: the excessive development of the virtual economy can crowd out the real economy as capital flocks to stocks.
Trump appears to have methods to prop things up. According to Al Jazeera, the US and Iran have reached a provisional four-stage agreement framework: (1) stabilizing the ceasefire and security situation in the Strait of Hormuz; (2) mine clearance and resumption of navigation in the strait; (3) a limited reduction of sanctions (the US unfreezing $12 billion in Iranian assets); and (4) discussions on uranium enrichment. When core interests are at stake, the previously declared priority of addressing enrichment has been relegated to the last stage. This likely aligns with the prediction of a temporary agreement to hastily conclude matters.
The hardest-hit sector today was AI technology. The trigger was Broadcom (AVGO), which reported second-quarter revenue that missed expectations and provided a forecast for AI chip sales that fell short of market predictions. This sparked concerns about an AI bubble, sending its shares plummeting over 12%, the largest drop in nearly 16 months. This triggered a chain reaction, with Micron falling nearly 8%, and Samsung and SK Hynix both dropping over 7%. In Hong Kong, Victory Giant Technology (H.K.) Ltd. (ASX: 02476) fell over 11%, while GigaDevice (ASX: 03986) and Montage Technology (ASX: 06809) both declined more than 8%. The decline in tech stocks was somewhat inevitable; after significant gains, profit-taking is always a risk. As mentioned yesterday, South Korea has already begun cooling measures.
With AI facing headwinds, capital sought other avenues. Yesterday's sector focus highlighted NVIDIA's official announcement of its重磅 product, the NVIDIA Cosmos 3, at the GTC 2026 Taipei event, signaling the accelerated arrival of the era of scalable physical AI. Mentioned company 51WORLD (ASX: 06651), as a key Chinese partner of NVIDIA in the intelligent driving simulation field, stands to benefit directly from its 51SIM platform's capabilities in physical simulation, scene reconstruction, and data closed-loop, rising over 3% today. Also highlighted was MINIEYE (ASX: 02431), which announced on May 29th a 25 million yuan acquisition of a 50% stake in ZTO's Xi'an Tongtu, deepening ties with a leading domestic logistics giant. With ZTO handling over 100 million daily parcels and deploying unmanned delivery in 268 cities nationwide, this opens up a massive trillion-yuan end-point unmanned logistics application scenario, addressing the previous pain point of lacking real-world deployment. It is expected that ZTO will subsequently make bulk purchases of unmanned vehicles from its invested company, potentially turning its L4 business from a loss-making investment into a revenue driver and realizing a second growth curve. MINIEYE is one of the few domestic manufacturers mass-producing true mapless solutions, sharing a technical lineage with FSD. Combined with the海量 vehicle operation data, route efficiency data, and cost data accumulated by ZTO through long-term operations—data coveted by all autonomous driving companies as "fuel"—the stock surged nearly 11% today.
Jensen Huang, in his first interview upon arriving in South Korea, stated that the country not only possesses an advanced manufacturing and semiconductor industrial base but also holds unique advantages for developing a robotics industry. He pointed out that as AI, robotics, and advanced manufacturing continue to converge, robotics is poised to become South Korea's next explosive growth sector.
Another引爆点 may be related to an online post. A popular overseas financial influencer on X, using the handle "Serenity," posted that Leader Harmonious Drive Systems Co., Ltd. (688017.SH) is their most favored Chinese listed target when investing in the humanoid robotics sector. Given the博主's substantial following, the stock price was directly driven to a 20% daily limit-up, igniting enthusiasm for robotics.
Industry developments also provided stimulus. Recently, industrial robotics company Canbot再次 submitted a listing application to the Hong Kong Stock Exchange. Ranked first among Chinese welding robot manufacturers by 2025 revenue, Canbot reported rapid revenue growth for 2025 but also faced the issue of increased revenue without corresponding profit growth. Many robotics companies listed in Hong Kong have seen their shares battered due to weak performance, prompting capital to favor companies with solid earnings and core competitiveness. For instance, ESTUN (ASX: 02715), with its performance inflection point confirmed—Q1 net profit skyrocketing 674%—validated a盈利 reversal. As a domestic core component supplier for Tesla's Optimus, having entered its humanoid joint module supply chain, with order backlog exceeding 300 billion, production scheduled through mid-2028, overseas orders up 60% year-on-year, and European and Southeast Asian capacity落地， its humanoid joint business is gradually scaling up, leading to a surge of over 9% today. Another core component maker for dexterous hands, Shenzhen Zhaowei Machinery & Electronics Co., Ltd. (02692), also rose over 5%.
The Ministry of Industry and Information Technology issued a notice to organize a 6G innovation development pilot action involving协同 between the ministry and provincial authorities. The plan proposes that by 2029, this pilot action will be implemented to support the commercial落地 of 6G. The major 6G cycle is即将开启. The first完整 standard version for global 6G is required to be finalized by March 2029, with commercial deployment planned for 2030. Equipment manufacturers are expected to begin large-scale pre-research from 2027-2028. Yesterday's mentioned stock ZTE Corporation (00763) received another催化. Additionally, the concept of "Doubao phones" gained traction. ByteDance possesses AI applications, a content ecosystem, user scenarios, and high-frequency entry points like Douyin, Jianying, and Jinri Toutiao. ZTE has hardware,通信，终端， and systems engineering capabilities. One understands applications, the other understands hardware, potentially presenting a new opportunity for ZTE, which rose over 4% again today.
With the US temporary import tariffs set to expire on July 24th, foreign traders are提前备货、抢关出口, leading to fully booked US route shipping slots and frequent container rollovers. Coupled with the提前启动 of the traditional Q3 stocking season in Europe and America, and持续高增 exports to Southeast Asia, the Middle East, and Latin America, shipping giants Maersk, MSC, and CMA CGM have密集涨价 in June: MSC's late-June Europe route报价抬至 $6000 per FEU, Maersk at $4700, with peak season surcharges of $500-$2000 per container added across all routes. The Europe route container shipping futures contract EC2607 has连续大涨 over 60% in seven weeks, with a single-day最高涨超 11%, approaching 4000 points in early June to hit a阶段性新高. COSCO SHIPPING Holdings Co., Ltd. (01919) and Orient Overseas (International) Ltd (00316) both rose over 6%.
Some consumer stocks showed activity. With the World Cup approaching,家电类 stock JS Global Lifestyle Company Ltd. (01691) saw盘中异动, rising over 5%, along with Haier Smart Home Co., Ltd. (06690). While beer stocks might have been expected to move ahead of the World Cup, they remained quiet. However,白酒 did see some action. Zhenjiu LiDu Group Ltd. (06979): Fundamentals are improving. Its product "Da Zhen · Zhenjiu" has become a phenomenon in the industry, achieving全渠道回款突破 10 billion yuan within 300 days of launch—a rare achievement for a new次高端白酒 product in recent years. It is预计 to contribute over 300 million in新增利润 in the first half. Its独创 model of "Wan Shang Alliance" + dealer equity分红 +股权收益权 binding differs from the traditional白酒压货 model: besides profits from selling酒, dealers can receive月度分红 +远期股权收益. Investing in a company also heavily depends on its leader. Chairman Wu Xiangdong's live-streaming带货 IP has gained出圈 popularity, with a single直播 attracting 1.52 million viewers, enabling low-cost招商 and大幅优化费控, directly enhancing the company's brand溢价. The stock rose over 6% today.
Latest权益披露显示 that on May 29th, BlackRock增持 approximately 21.288 million shares of Kingdee International Software Group Company Limited (00268) on the market at about HK$7.2751 per share. Post-increase, its holding is about 255 million shares, representing a持股比例约 7.2%. Kingdee International announced that on June 4, 2026, it spent approximately HK$7.6681 million to回购 1 million shares. The stock rose over 4% from its底部.
Sector Spotlight
Apple's developer conference, WWDC2026, is scheduled to open in the early hours of June 9th Beijing time. This will be Tim Cook's final WWDC before stepping down, and policy and product落地力度 are expected to exceed previous years. The conference's three core看点 are: the full-scale落地 of Apple Intelligence, iOS27 adaptation for foldable iPhones, VisionOS2.0 + MR hardware iteration, and全系 system-side AI upgrades, which are预计 to generate new催化 for the market. Key stocks to watch: Sunny Optical Technology (Group) Company Limited (02382), Q Technology (Group) Company Limited (01478), AAC Technologies Holdings Inc. (02018), Cowell e Holdings Inc. (01415), and BYD Electronic (International) Company Limited (00285).
Stock Analysis
Haier Smart Home Co., Ltd. (06690): Sustained significant share buybacks highlight undervaluation; high growth in overseas emerging markets. The company announced that on June 3, 2026, it spent approximately RMB 31.6659 million to回购 1.52 million A-shares. For Q1 2026, revenue was RMB 73.687 billion, with归母净利润 of RMB 4.652 billion; combined operating profit from domestic and non-US overseas markets increased over 10% year-on-year. Analysis: The dividend payout ratio was raised to 55% in 2025 (48% in 2024), with a target to increase it to 60% over the next three years. The company's持续大额回购股份 demonstrates confidence in its future prospects and recognition of its intrinsic value. Haier is a domestic benchmark in high-end white goods, with its Casarte brand holding over 40% market share in refrigerators priced above RMB 10,000 and垄断头部 in high-end washing machines. For Jan-May 2026, Casarte's终端出货 saw double-digit growth, accounting for over 45% of domestic factory排产. Haier's mid-range Seeker and high-end麦浪套系 retail sales同比+44% in 2026. High-end products拉高 overall毛利率, countering industry price wars. Haier ranks first globally in smart home sales. It has over 130 million registered global smart home users, with APP月活 exceeding 13 million, and overseas smart users surpassing 20 million. Its场景 brand,三翼鸟, has日活破千万. Integrated home renovation +家电 offers客单价 and毛利率远高于单品家电;套购订单毛利率 is 8-12 percentage points higher than单品类, becoming a核心抓手 for盈利抬升. Overseas emerging markets show high growth, with factories in Southeast Asia, India, Egypt, and the Middle East/Africa operating at full capacity.海外全年产能净增 is预计 at 2-2.5 million units for 2026. Brazil has落地 a full-category high-end smart家电布局, opening增量空间 in Latin America. L4级自主智能家电 have落地, with批量上市 of unmanned household appliances搭载AI之眼 2.0. New smart laundry and kitchen robot products saw终端零售同比+500% in 2026, with AI hardware becoming a second growth curve. Domestically, the company's factories are at full capacity during the旺季, prioritizing high-end orders. High-end Casarte orders priced above RMB 10,000 are饱满, with排产占比 exceeding 45%. Washing machine production is also at高负荷排产, with套购订单持续放量. Air conditioners are the旺季核心, with饱满 domestic orders and factories全线满产. Pre-618 stocking orders have been全部锁定排产. Overseas orders show regional分化, with本土工厂承接增量订单. Egypt's冰箱二期 and India's Pune基地 are满产接单. Egypt is预计 to add 300,000 units of冰箱产能 in Q4 2026,提前锁定 orders for Middle East/Africa秋冬备货. Multiple factories in Southeast Asia, India, and the Middle East are scheduled to陆续投产 between 2026-2027, further提升海外自产比例 to规避 global trade壁垒. The海外收入占比 is有望突破 52%, with emerging markets becoming a second growth引擎.
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