Market-moving positive and negative developments are in focus today.
Macro Developments
1. At a regular press briefing on June 24, Foreign Ministry spokesperson Guo Jiakun addressed reports that Chinese authorities detained two Japanese nationals in Dalian in May related to rare earth exports. Guo stated that the individuals were lawfully detained by competent authorities for violating Chinese law, and the relevant case details have been communicated to Japan.
2. The Ministry of Commerce has decided to enhance the handling of reports concerning violations of export controls on dual-use items for strategic minerals. This move aims to leverage public oversight to combat illegal export activities, in accordance with laws including the Export Control Law and the Foreign Trade Law. Organizations and individuals are encouraged to report suspected violations.
3. The Ministry of Commerce has issued the "Industrial Chain and Supply Chain Security Investigation Work Measures," effective immediately upon publication. This initiative implements State Council regulations to conduct security investigations and safeguard the integrity of China's industrial and supply chains.
4. The People's Bank of China announced a 500 billion yuan Medium-term Lending Facility (MLF) operation for June 25, 2026. The one-year operation, conducted via a fixed-quantity, interest-rate bidding, multi-price auction, aims to maintain ample liquidity in the banking system.
5. U.S. President Donald Trump stated that any form of fee on shipping or maritime activities included in a final U.S.-Iran agreement would be "unacceptable" to him.
Sector Updates
1. The Ministry of Industry and Information Technology, along with four other departments including the State-owned Assets Supervision and Administration Commission, launched a pilot program for industrial 5G standalone private networks. These dedicated networks aim to meet critical needs in sectors like equipment manufacturing, transportation, and energy by ensuring production data stays on-premises and network resources are exclusive, accelerating the integration of "5G+Industrial Internet."
2. At the opening of the "2026 Shanghai World Mobile Congress" on June 24, MIIT's Chief Engineer Zhong Zhihong emphasized advancing new infrastructure, strengthening the planning and construction of next-generation communication and computing power networks, evolving dual-gigabit networks towards dual-ten-gigabit, accelerating a multi-level computing facility system, and actively deploying new network infrastructure like low-altitude information systems and satellite internet to build an integrated space-air-ground information network.
3. Reports indicate that SK Hynix has filed for a U.S. IPO, planning to list on the Nasdaq under the ticker "SKHY." Bank of America Securities, Citigroup, Goldman Sachs, and JPMorgan are acting as underwriters for the offering.
4. Supply chain sources reveal that Apple has finalized key specifications for its foldable iPhone, including the display, casing, and mechanical components, and has entered the mass production preparation phase. Mass production of Apple's first foldable iPhone is scheduled to begin in late July.
5. Shanghai-based Xuanxiang Technology has successfully developed the world's first metasurface chip capable of generating a million-atom optical tweezer array. This breakthrough addresses a core optical bottleneck that has long constrained the scaling of neutral-atom quantum computing, providing a key hardware capability for advancing towards million-qubit, general-purpose, fault-tolerant quantum computing.
6. A Goldman Sachs report notes that Chinese households' allocation to equities remains low relative to its long-term potential. Currently, stocks account for less than 10% of household assets, indicating significant room for further asset reallocation as investment channels broaden. If household confidence stabilizes and capital market returns remain attractive, equities could capture a larger share of new household savings in the future.
7. Under the guidance of the Chinese Academy of Sciences' Innovation Academy for Quantum Information and Quantum Technology, QuantumCTek Co., Ltd. has completed the engineering development of the domestically produced dilution refrigerator ez-Q F1500. The first unit officially rolled off the production line on June 24, laying the groundwork for the subsequent development of a thousand-qubit, error-correctable superconducting quantum computer in China.
Corporate Announcements
1. JCET Group Co., Ltd. announced plans to invest 7.8 billion yuan to build a high-end advanced packaging and testing factory.
2. Zhongchuang Environmental Protection Co., Ltd. announced that Chairman Zhang Hongliang has resigned after being criminally detained by public security authorities on suspicion of criminal offenses.
3. Unitree Robotics' R1 humanoid robot has seen its starting price reduced to 29,900 yuan.
4. Aokang International Co., Ltd. announced a trading halt as it plans a significant asset acquisition.
5. Honghe Technology Co., Ltd. stated on an interactive platform that its Q fabric has passed downstream customer certification and is ready for mass production.
6. GCL System Integration Technology Co., Ltd. stated on an interactive platform that its 12-inch silicon-based semiconductor slicing machines are seeing a surge in orders, with bulk orders already secured from leading customers.
7. HEC Pharm Group Co., Ltd. announced that a controlling subsidiary intends to sign a 200 million yuan procurement contract for an IDC services project.
8. Hainan Haiyao Co., Ltd. announced that its innovative anti-hepatic fibrosis drug, Flufenidone Capsules, has completed Phase II clinical trials, with Phase III studies progressing as planned.
9. Xiangxin Technology Co., Ltd. announced plans to acquire a 51% stake in liquid cooling company Coolerchip Technology through a combination of cash purchase and capital increase.
10. China Merchants Energy Shipping Co., Ltd. announced that recent traffic recovery on routes into and out of the Persian Gulf in the Middle East has driven an increase in VLCC tanker freight rates.
11. *ST Zhisheng announced that the delisting risk warning will be lifted starting June 26, with the stock abbreviation changing to "Chuanda Zhisheng."
12. Yunzhong Technology Co., Ltd. announced plans to invest 1.5 billion yuan to build a production project for high-performance multilayer ceramic capacitors (MLCCs).
13. Hongban Technology Co., Ltd. announced plans to invest up to 900 million yuan in an intelligent upgrade project for a high-end HDI precision circuit board production line.
Global Markets
Gold's three-year bull run has paused as the U.S. dollar strengthens and rate hike expectations rise. The price of gold fell below $4,000 per ounce for the first time since last November. Spot gold closed down 2.73% at $3,998.98/oz, while spot silver fell 6.8% to $57.42/oz.
International crude oil prices erased all gains made since the recent Middle East conflict began. August WTI crude fell 3.92% to settle at $70.34/barrel, while August Brent crude dropped 4.33% to settle at $73.74/barrel.
U.S. stock indices closed mixed. The Dow rose 0.36%, the Nasdaq fell 0.43%, and the S&P 500 dipped 0.09%. Chip stocks continued to correct: Western Digital and Seagate Technology fell over 4%, Qualcomm dropped over 3%, SanDisk declined over 2%, ARM and NXP fell over 1%, Micron Technology slipped 0.37%, and Nvidia edged down 0.56%. However, chip stocks broadly strengthened in after-hours trading following Micron Technology's earnings report.
Bitcoin fell below the $60,000 mark again, briefly approaching $59,000, hitting its lowest level since October 2024.
Micron Technology shares surged up to 16% after hours. The company forecast adjusted Q4 revenue of $49.0 billion to $51.0 billion, surpassing market expectations of $43.24 billion. The CEO stated Q4 capital expenditure is expected around $10 billion, with full fiscal 2026 capex around $27 billion. Capex in each quarter of fiscal 2027 is expected to be higher than in Q4 fiscal 2026. Boosted by Micron's strong results, Nasdaq 100 index futures rose over 2% in early trading, with chip stocks like SanDisk and Western Digital gaining over 10% after hours.
Qualcomm shares jumped 16% after hours. The CFO stated the goal is to achieve $5 billion in AI data center business revenue in fiscal 2027 and expressed confidence in the company's opportunity to expand annual revenue to $100 billion.
Investment Opportunities to Consider
1. Diamond-based thermal management products are poised for large-scale commercial adoption as AI demand escalates. With increasing heat flux density from high-power chips, traditional materials are nearing their thermal conductivity limits. Analysts point out that diamond boasts the highest known thermal conductivity in nature, suitable for thermal management in chips, optical communications, and lasers. Diamond-copper composites can enhance heat dissipation by 80% and reduce chip temperature by 5°C. The upgrade in AI cooling needs is driving diamond heat sinks toward mass commercial use.
Diamond, as an ultimate industrial and technological material combining extreme hardness, ultra-high thermal conductivity, and a wide bandgap, serves as a core foundational material for next-generation semiconductors, AI chip cooling, high-end precision manufacturing, optical communication, and quantum technology, highlighting its strategic value. According to Zhongtai Securities, the diamond cooling industry is in its early stages, with domestic and international companies actively advancing related product R&D and customer onboarding. Domestic diamond material firms are expanding production capacity for larger-sized diamond materials to meet anticipated demand from the AI cooling wave and engage with leading global clients. With capacity expansion and R&D investment, the price of pure diamond cooling products is expected to drop significantly over the next 2-3 years, entering the stage of large-scale application.
2. AI computing power demand is fueling a high-growth cycle for para-aramid, the "king of fibers." Reports indicate that para-aramid is a synthetic fiber known for its high strength, high modulus, and heat resistance. It weighs only one-fifth of steel but is 5 to 6 times stronger than high-quality steel. Currently, the fiber optic cable sector is the largest downstream application for para-aramid, accounting for 40% to 60% of sales volume. A China Post Securities research analysis suggests that from 2026 to 2028, driven by demand from AI Data Centers (AIDC), para-aramid demand is expected to grow by 4,000 to 12,000 tons.
According to Jufeng Financial Research Institute, global data center fiber usage reached 69.6 million core kilometers in 2025 and is projected to exceed 100 million core kilometers in 2026, a 150% year-on-year increase. Additionally, CRU data indicates the share of AIDC fiber optic cable demand in global total demand is expected to surge from 5% in 2024 to 30% by 2027, with data centers replacing telecom operators as the core growth driver for the fiber market. As a core material for protecting fiber integrity and enabling lightweighting, para-aramid is poised to benefit significantly from the rising penetration of AIDC fiber optics.
Trading Halts and Resumptions
Trading Halts
002253 *ST Zhisheng
603001 Aokang International
002289 *ST Yusun
Trading Resumptions
603721 Zhongguang Tianze
600228 Fanli Technology
Key Announcements Summary
Major Investments
JCET Group: Plans to invest 7.8 billion yuan in a high-end advanced packaging and testing factory.
Yunzhong Technology: Plans to invest 1.5 billion yuan in an MLCC production project.
Hongban Technology: Plans to invest up to 900 million yuan in an intelligent upgrade for a high-end HDI circuit board line.
Shengbang Security: Plans to invest 249 million yuan in an "Intelligent Communication Security R&D and Manufacturing Base Project."
Shunfa Hengneng: Plans to invest approximately 205 million yuan in an energy storage project in Xinxiang, Henan.
Senior Technology Material: Plans to contribute 151 million yuan to establish an industry fund focused on key projects across the new energy storage industry chain.
Market Focus
Shiming Technology: Its electronic-grade hydrocarbon resin products for M9 grade or higher are currently only in the R&D and reserve stage.
Two-day limit-up stock Deer Future: Graphene-related business revenue accounted for only 0.07% of total revenue in 2025.
Two-day limit-up stock Shengyang Co., Ltd.: The company's liquid-cooled energy storage system products have not yet generated revenue.
Cambridge Technology: The company's current production and operations are normal, with no major issues affecting abnormal stock price fluctuations.
Ping'an Electrician: The quartz fabric developed by the company is still in the sample verification stage.
China Merchants Energy Shipping: Recent traffic recovery on Middle East routes into/out of the Persian Gulf has driven VLCC freight rates higher.
Share Buybacks and Increases
Jingxin Pharmaceutical: Chairman proposes a 100-200 million yuan share buyback.
Alpha Group: Plans an 80-130 million yuan share buyback.
Nanhua Futures: Plans to repurchase H-shares not exceeding 130 million HKD.
ChaCha Food: Chairman plans to increase holdings by 30-60 million yuan.
Shanghai Yizhong: Chairman proposes a 30-50 million yuan share buyback.
Supply and Marketing Daji: Controlling shareholder's concert party plans to increase holdings by 30-50 million yuan.
ST Hailong: Shareholder Jiurong Puxin plans to increase holdings by 20-40 million yuan.
Weixing New Building Materials: Chairman increased holdings by 1 million shares on June 24.
Shenhua Holdings: Several directors and senior executives collectively increased holdings by 240,000 shares.
Share Reductions
Shenkeda: Actual controller, concert parties, and shareholders holding over 5% plan to collectively reduce holdings by up to 3%.
TKD Crystal: Controlling shareholder plans to reduce holdings by up to 2.799%.
Motic: Shareholders plan to collectively reduce holdings by 1.95%.
Tonghuashun: Actual controller and concert parties plan to collectively reduce holdings by up to 1.1%.
Equity Changes
Zhongguang Tianze: Controlling shareholder to change to Chengfa Cultural Tourism; stock resumes trading on the 25th.
Aerospace Electromechanical: Plans to transfer an 81.76% stake in Lianyungang New Energy.
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