On Monday, June 1, the main highlights from today's financial newspapers are as follows:
China Securities Journal State-Owned Enterprise Reform Accelerates as New Round Kicks Off A new three-year action plan for deepening the reform of state-owned assets and enterprises has been officially issued. Central enterprises are accelerating internal dissemination and study, with numerous regions across the country convening specialized meetings to detail implementation measures, marking the full-scale launch of a new round of SOE reform.
Tongye Technology Halts Major Cross-Border Asset Restructuring, Shares Down Over 40% The cross-border venture of rail transit listed company Tongye Technology into the semiconductor sector has been terminated. The company announced the termination of a major asset restructuring plan to acquire a 91.69% stake in Beijing Silingke Semiconductor Technology Co., Ltd. via cash.
AmoyDx Plans Control Change, Trading Halted from June 1 AmoyDx announced on the evening of May 31 that its controlling shareholder, Qianzhan Investment (Hong Kong) Co., Ltd., is planning matters related to a change of corporate control, which may lead to a change in the controlling shareholder and actual controller. To protect investor interests and avoid significant impact on the stock price, trading of the company's shares will be halted from the market open on June 1, with the suspension expected not to exceed two trading days.
Two High-Flying Stocks Issue Urgent Clarifications Regarding Nvidia, Shares Have Doubled On May 31, Fenghua Advanced Technology released an announcement regarding abnormal stock trading fluctuations. The company stated it had noted recent media reports labeling it as "the only domestic enterprise to have passed Nvidia's full series of MLCC certification." Upon verification, this information was found to be untrue. As of the announcement date, Nvidia has not conducted any product certification for the company.
Shanghai Securities News Central and Local Governments Deploy New Round of SOE Reform; Strategic Reorganization and Emerging Industry Layout to Be Key Themes Sources indicate that the action plan for further deepening the reform of state-owned assets and enterprises over the next three years has recently been issued, entering the implementation and deployment phase. Since May, multiple provinces including Henan, Hubei, and Shandong, along with nearly 20 prefecture-level cities, have held meetings on SOE reform. Central enterprises like China Electric Equipment Group have also initiated internal learning and plan formulation.
A-Shares to Continue High-Level Volatility in June; Technology Sector May See Internal Focus The A-share market experienced high-level volatility last week, with a notable rotation from high to low valuations: funds took profits in the previously leading AI sector, while sectors like baijiu and real estate, which had been adjusting since the beginning of the year, saw a recovery. Brokerage strategy reports suggest recent market divergence is a digestion of the previous extreme structural trends rather than a reversal of fundamental trends. Overall, the sentiment and positioning games of high-risk-preference funds have largely played out, and indices may continue to consolidate at high levels in June. In terms of style, the medium-term industrial trend of the technology sector remains unchanged. Subsequently, the technology theme may further focus on areas with realized profitability, but a comprehensive shift from growth to value is unlikely.
Southbound Funds Aggressively Buy Hong Kong Tech Stocks, Doubling Holdings in Multiple Targets Southbound funds have continued to increase their positions in Hong Kong's technology sector this year. Data shows stocks like iFLYTEK, Lens Technology, and Joyson Electronics have seen Southbound fund holdings increase by over 100%. Related ETFs tracking the Hang Seng Tech Index have also attracted capital inflows, with some products receiving net inflows exceeding ten billion yuan. Institutions believe that supported by factors such as stabilizing fundamentals, improving liquidity, and valuation discounts, the allocation value of Hong Kong tech assets is gradually becoming apparent.
Innovative Drug R&D Accelerates; Major Product Localization Imminent; Taienkang Builds Long-Term Growth Engine with "Dual-Drive" Strategy On May 31, Taienkang announced that its controlled subsidiary, Bochuangyuan, completed enrollment for the Phase IIa clinical trial of its self-developed Class 1 innovative drug CKBA Cream for rosacea, obtaining positive preliminary data. The company plans to initiate the Phase IIb clinical trial ahead of schedule, further accelerating its innovative drug R&D process.
Securities Times May Manufacturing PMI Edges Lower, Overall Economic Output Maintains Expansion Data released on May 31 by the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics & Purchasing showed the Manufacturing Purchasing Managers' Index (PMI) for May was 50.0%, down 0.3 percentage points from the previous month. The Non-Manufacturing Business Activity Index and the Composite PMI Output Index were 50.1% and 50.5%, respectively, up 0.7 and 0.4 percentage points from the previous month, indicating continued expansion in China's overall economic output.
Comparing AI Rally Fund Performance to Two Historical Tech Waves Reveals Three Key Features On May 29, the A-share technology sector experienced a significant correction, with previously hot sectors like semiconductors and computing power leading the decline. Whether the market style will shift has become a top concern for investors.
May's Top-Performing Broker-Recommended Stock Doubled; Electronics Sector Most Favored for June Brokerages have recently released their recommended stock portfolios for June. From an industry perspective, the electronics sector is the most favored by institutions, ranking first in the number of recommended stocks; sectors like machinery and equipment, and power equipment also received considerable attention. Among individual stocks, Contemporary Amperex Technology Co. Limited and Semiconductor Manufacturing International Corporation were jointly recommended by multiple brokerages. Regarding June's market outlook, several brokerage strategy teams believe the technology sector remains the medium-term main theme, but short-term momentum may cool. They suggest balancing portfolio allocations, securing some profits, and simultaneously positioning in sectors like dividends and consumption.
Growth Story of an Index: Decoding the ChiNext Through Its Top Ten Holdings Across Five Dimensions On June 1, 2026, the ChiNext Index celebrated its 16th anniversary since its launch. Over sixteen years, the index's journey from inception to growth has not been smooth, enduring multiple market cycles, valuation fluctuations, and structural adjustments, maturing through volatility. This year, the index has trended upward overall, ranking among the top performers among major A-share indices. As of the end of May, the ChiNext Index has gained 303.80% cumulatively since its base date of May 31, 2010, having repeatedly broken through the high of 4037.96 points set in June 2015 during May, setting new records.
Securities Daily Local State-Owned Acquisitions of Second-Hand Homes Hold Deeper Significance Guangzhou recently held a press conference on supporting documents for its "Implementation Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market," mentioning a pilot program by Guangzhou Anju Group to acquire specific second-hand residential properties. This is not an isolated case. According to incomplete statistics from the China Index Academy, since 2024, over 60 cities have explicitly supported corporate acquisitions of second-hand homes in their "replace old with new" housing policies. Entering 2026, Shanghai and Guangzhou have successively clarified standards for second-hand home acquisitions, marking the extension of related policies from third- and fourth-tier cities to core cities, further expanding coverage. Particularly, the involvement of local state-owned capital in the existing housing market is conducive to repairing confidence in the property market.
Where Will Funding for Urban Renewal Come From? The State Council recently issued the "15th Five-Year Plan for Urban Renewal," outlining the goals, key tasks, major projects, and policy measures for urban renewal during the 15th Five-Year Plan period. This is the first national-level special plan in the field of urban renewal, poised to drive investment on the scale of ten trillion yuan, making it highly significant and valuable. So, where will the funding for urban renewal originate?
Six Key Areas Define Development Direction; Unified Guidance for Brokerage Risk Data Management Imminent On May 31, it was learned from brokerages that the Securities Association of China, based on research and practical experience in risk data management, has drafted the "Demonstration Practices for Securities Company Risk Data Management" and is soliciting opinions from major brokerages. The aim is to promote systematic improvement in the industry's risk data management capabilities, solidify the data foundation for comprehensive risk management, and build a "penetrating + panoramic" risk control system driven by high-quality risk data.
Where is Gold Headed After a Rollercoaster May? International gold prices experienced a rollercoaster ride in May. Early in the month, prices rose. Wind data shows the spot price of London gold increased by 2.01% between May 1 and May 12, reaching a high of 4773.58 USD/ounce. Subsequently, prices fell rapidly, declining by 3.74% between May 13 and May 29, repeatedly breaching the 4500 USD/ounce level and hitting a monthly low of 4365.85 USD/ounce intraday on May 28. However, on May 29, international gold prices rebounded, rising 0.94% to close at 4538.16 USD/ounce. Overall, from May 1 to 29, international gold prices fell by 1.80% cumulatively.
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