Market volatility increased as expected towards the month's end. Technology stocks continued their advance, stimulated by positive developments from Huawei, but excessive crowding triggered selling pressure, leading the Hong Kong stock market to fall below its annual moving average last week. The next round of talks between the United States and Iran is reportedly scheduled for June 5. Once the final agreement negotiations commence, both sides will dispatch their lead delegations. The market is likely to remain cautious until a concrete agreement is reached. The U.S. May non-farm payrolls report is set for release on June 5. Market expectations are for job additions to slow to around 115,000 to 130,000, with the unemployment rate projected to hold steady at 4.2%. Wage growth is expected to remain a key indicator for measuring inflation persistence. Given the current circumstances, maintaining the status quo without a rate hike would be considered favorable. Consumer stocks saw a sudden rally last week, but it is challenging for them to replace the dominant position of technology stocks.
According to the China Securities Regulatory Commission website, MINIMAX-WP (00100) officially commenced its IPO tutoring process on May 29, 2026, and Zhipu (02513) has already engaged tutoring institutions. Reports indicate SoftBank plans to build Europe's largest computing power cluster in France, with a total investment of 75 billion euros. This development further catalyzes interest in large language models and computing power. Power loads in multiple regions have repeatedly hit record highs, with annual computing power electricity consumption potentially increasing by over 100 billion kilowatt-hours. Green power direct connections are opening a "second channel" for consumption absorption. The power sector, as a foundational element for AI, is expected to continue its strong performance.
Unitree Technology's STAR Market IPO review is scheduled for June 1. Tesla has commenced construction on a million-square-foot "Optimus-dedicated factory" in Texas, with a planned annual capacity of 10 million units. According to reports, the U.S. "Future Soldier" system has been deployed in the Russia-Ukraine conflict, and the U.S. military plans to build a 50,000-strong humanoid robot army. For investment in the robotics direction, it is advisable to focus on stocks with overlapping concepts. The State Council issued the "15th Five-Year Plan for Urban Renewal," continuing to promote the renovation of old urban residential areas. Real estate stocks of central and state-owned enterprises stand to benefit more.
The initial wave of spot sales during the 618 shopping festival showed positive momentum. Coupled with trade-in subsidies, consumption trends are becoming more rational and quality-focused. Categories such as AI hardware, home appliances, and alcoholic beverages are selling well, with a significant increase in young users. From January to April this year, Yiwu's toy exports reached 8.27 billion yuan, a year-on-year increase of 11.6%. At the Yiwu Global Digital Trade Center, AI smart toys, with their interactivity, fun, and educational value, have attracted many consumers. Meta plans to launch an AI pendant, expand its AI glasses product line, and develop "work wearables" as part of its ambitious new hardware roadmap. This should be considered alongside consumer data trends.
This Week's Featured Stock: MINIMAX-WP (00100) MINIMAX-WP is a global AI large model company with independent R&D capabilities in full-modal models and service capabilities for both B2B and B2C users. The company's core technological foundation lies in language, video, speech, and music models. It has launched products like MiniMax Agent, Conch AI, Talkie/Starfield, and provides open platform services for enterprises and developers. Its core competitive advantages include a full-modal technology layout and algorithm innovation capability, scalable AI infrastructure, and a flat, efficient organizational structure. According to Frost & Sullivan, in 2024, MINIMAX-WP ranked tenth globally in market share among large model technology companies and fourth globally among pure large model technology firms. By the end of 2025, MINIMAX-WP had served over 236 million users across more than 200 countries and regions, along with 214,000 enterprise clients and developers from over 100 countries and regions.
The company's primary revenue comes from native AI products and its open platform and other AI-based enterprise services. In 2025, native AI product revenue accounted for 67.2%, while the open platform and other services made up 32.8%. As the company's models continue to iterate and improve in intelligence, and with deeper applications in programming, office work, and multimodal fields, its revenue is expected to maintain rapid growth. Since the beginning of this year, with the explosion of Claw-like Agent applications, the average daily token consumption of the company's M2 series text models in February 2026 had grown to over six times the level of December 2025, with token consumption from programming packages increasing more than tenfold. Strategically, the company is actively transitioning from a large model company to a platform-type company for the AI era. It possesses independent R&D capabilities in the full-modal model field, with its various modal models ranking in the global first tier, demonstrating strong commercial potential and a high revenue ceiling.
Industry Observation On May 23, SpaceX's Starship V3 completed its maiden flight (12th test). The rocket, standing 124 meters tall with over 1,500 tons of thrust, successfully deployed 20 Starlink simulation satellites, verifying reusability and orbital insertion capabilities, laying the foundation for scaled network deployment. On May 30, Falcon 9 launched another 24 Starlink V2 Mini satellites. In 2026, cumulative launches reached 64, deploying 1,337 Starlink satellites, with 212 deployed in May alone. Booster reuse reached 22 times. SpaceX plans to list on Nasdaq on June 12 with a valuation of $1.8 trillion, raising $75 billion, potentially becoming the largest IPO in history. Additionally, Elon Musk explicitly denied reports that SpaceX had lowered its IPO valuation target to at least $1.8 trillion.
On May 31 at 02:07, the Xichang Satellite Launch Center successfully launched a satellite internet technology test satellite using a Long March 2D rocket. The orbital insertion was successful, with the core mission verifying mobile phone broadband direct satellite connection and integrated space-ground networks, breaking foreign technological monopolies. Previously, on May 12, the eighth batch of 18 "Qianfan Constellation" satellites and on May 17, the ninth batch of networking satellites were launched successively, marking the entry of low-orbit broadband constellations into a batch networking period. The Long March series has achieved 646 cumulative launches. Domestic constellation plans exceed 10,000 satellites, with a dense launch window from 2026 to 2028. The market size is expected to surpass one trillion yuan, and the industry chain is approaching a peak in order fulfillment.
In May, the U.S. commercial space sector generally showed a trending market. Rocket Lab (RKLB) gained 73% for the month, and Momentus (MNTS) surged 263%, with a single-day jump of 109% on May 26, indicating significant investment enthusiasm in the space sector. After the domestic commercial space sector peaked in early May, the Satellite ETF has fallen 17%, and China Satellite has declined 32%, reaching annual lows. Sector sentiment has entered a freezing point. The investment value in the domestic commercial space sector is becoming prominent. For Hong Kong stocks, it is recommended to focus on Junda Co., Ltd. (02865), which has built a complete industry chain of "space energy + satellite manufacturing + satellite operation" and serves as a core leading unit for Shanghai's "Star Pivot Plan."
Market Data Perspective Hong Kong Exchanges and Clearing data shows the total number of open contracts for Hang Seng Index Futures (June) is 124,248, with a net open interest of 44,196. The Hang Seng Index Futures settlement date is June 29, 2026. With the Hang Seng Index at the 25,182 point level, the concentration zone for bull and bear certificates deviates from the central axis. Hong Kong stocks follow the movements of A-shares and U.S. stocks. Global markets are facing substantial new share supply. With the World Cup approaching in June, new variables could emerge at any time, leading to a cautious market sentiment. The outlook for the Hang Seng Index this week is bearish.
Concluding Remarks Externally, with the Federal Reserve and Bank of Japan policy meetings approaching in mid-June, coupled with geopolitical tensions and oil price volatility, market risk aversion is expected to rise. The consumer sector has recently begun a counter-trend rebound, becoming a new option for capital seeking safety. Traditional heavyweight stocks like Tencent, after significant previous declines, have entered historically low valuation ranges. The safety margin of the "anchor of Hong Kong stocks" is becoming prominent, potentially playing a role in stabilizing the index. At this stage, diversified allocation is particularly important. It is advisable to maintain a balance between AI, undervalued internet stocks, and consumer sectors, avoiding overexposure to any single track.
Comments