【Morning Briefing】Before the market opens today, "one central bank, one regulatory bureau, and one commission" will make significant announcements

Macro News

1. On May 6, the State Council Information Office announced that it would hold a press conference at 9 a.m. today. Officials from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission will introduce the "package of financial policies to support market stability and expectations" and answer questions from journalists.

2. From May 4 to 7, the 58th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) was held in Milan, Italy. Lan Fo'an, Minister of Finance and China's Governor to the ADB, attended and delivered a speech, and also held a series of bilateral talks. Lan pointed out that China is both a beneficiary and contributor to economic globalization, with its contribution to global economic growth maintaining at around 30% in recent years. In the first quarter of this year, China's GDP increased by 5.4% YoY, achieving a good start. China will adopt more proactive macro policies and is confident in achieving the growth target of around 5% for 2025.

3. On May 6, Foreign Ministry spokesperson Lin Jian hosted a regular press conference. Lin stated that over the past few years, exchanges between China and EU legislative bodies have encountered some setbacks due to well-known reasons. Under the current circumstances, both sides agree that strengthening dialogue and cooperation between China and the EU is of great importance. After mutual consultations, China and the European Parliament have decided to simultaneously and comprehensively lift restrictions on mutual exchanges.

5. According to Indian media reports, India has cut off water flowing to Pakistan from the Baglihar Dam on the Chenab River, claiming that it will not allow "a single drop" of water from the Indus River to flow to Pakistan. The Chenab River has dried up sharply.

Industry News

1. Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated that the demand for the Hong Kong dollar continues to rise, primarily driven by stock-related demand, and that no abnormal activities have been observed in the Hong Kong dollar.

2. The Shenzhen Stock Exchange recently revised the "Guidelines for the Evaluation of Members' Client Trading Behavior Management at the Shenzhen Stock Exchange." It is understood that this revision adds references to higher-level rules, improves the content of member evaluations, and includes two new evaluation aspects: "members' management of algorithmic trading" and "members' management of margin trading and securities lending." Additionally, the original evaluation of "members' collaborative self-regulatory supervision" has been expanded to include key monitoring of securities management and enhanced risk warnings for client trading.

3. The Ministry of Industry and Information Technology and the Standardization Administration of China recently jointly issued the "Guidelines for the Construction of the National Intelligent Manufacturing Standard System (2024 Edition)." This guideline further focuses on the integrated application of new technologies such as artificial intelligence in the manufacturing industry, adding standardization content in five areas, including intelligent equipment, industrial software, and new models of intelligent manufacturing.

4. It is reported that Apple AI is expected to launch some of its features for the first time in mainland China with the iOS 18.6 system, with technical support provided by Alibaba and Baidu. Specifically, Baidu's ERNIE Bot large model will serve as the core cloud-based intelligent engine for the Chinese version of Apple AI, while Alibaba will be responsible for providing a review mechanism to ensure local compliance of AI-generated content.

5. The Food Safety Office of the State Council and five other departments jointly issued the "Comprehensive Governance Plan for the Abuse of Food Additives". The Plan calls for comprehensive strengthening of source governance in areas such as the production of edible agricultural products, and the import inspection of food and food additives. It also emphasizes the need to strengthen supervision over the production and sales of food additives, as well as their use in food production, processing, and catering services. The Plan aims to crack down on illegal activities where chemical products are passed off as food additives, and to carry out comprehensive governance of the abuse of food additives throughout the entire process from farm to table.

6. Reporters have learned that Pony.ai's Robotaxi fleet will be integrated into the Uber platform in the second half of this year. The cooperation will first be implemented in the Middle East and gradually expanded to the global market. On the same day, WeRide announced an expanded strategic partnership with Uber, planning to add 15 new international cities over the next five years to deploy autonomous driving Robotaxi services, covering international markets in Europe, the Middle East, and other regions.

Corporate News

1. CATL announced that it has repurchased 6.641 million shares, using a total of 1.551 billion yuan in funds.

2. Shinhint Group announced that the repeated changes and uncertainties in US tariff policies will adversely affect the company's hair products and textile and apparel export businesses.

3. Huafon Test announced that a shareholder intends to transfer 2.9% of its shares through an inquiry-based transfer.

4. NationalChip Technology announced the successful internal testing of a new anti-quantum cryptographic chip product.

5. Dison announced that its controlling shareholder reduced its stake in the company by 575,300 shares on May 6.

6. Changchuan Technology announced its intention to jointly invest with a professional investment institution to establish Hangzhou Changyue Technology Co., Ltd., a joint venture primarily engaged in the localisation of high-end packaging and testing equipment.

7. Seres released its production and sales report for April 2025, showing a 12.99% YoY increase in NEV sales in April.

8. Huayi Group announced its intention to acquire a 60% stake in 3F for 4.091 billion yuan in cash, expanding its business in the field of fluorine-containing fine chemicals.

9. Insigma Technology announced its subscription of 33 million yuan to participate in the investment of an equity investment fund, which focuses on investments in areas such as artificial intelligence, robotics, and embodied intelligence.

10. ST Xinchao announced that it was placed under investigation by the China Securities Regulatory Commission for failing to disclose its periodic report (2024 annual report) within the specified time limit.

11. *ST Hengli announced that it was under investigation by the China Securities Regulatory Commission (CSRC) for failing to disclose periodic reports within the prescribed time limit.

12. Zitian Technology announced that it was under investigation by the CSRC for failing to disclose periodic reports within the prescribed time limit.

13. *ST Jingang announced that its shares may be delisted due to the share price falling below 1 yuan.

14. Kangxi Communication announced the termination of the planning for a major asset restructuring, which will be changed to a strategic investment.

15. Xiangshan Share announced that shareholders Zhao Yukun and Chen Bo intend to reduce their holdings by no more than 6% of the company's shares.

16. Tongyu Heavy Industry announced that the actual controller will change from the State-owned Assets Supervision and Administration Commission of Zhuhai Municipality to the State-owned Assets Supervision and Administration Commission of Shandong Province, and its shares will resume trading.

17. Tianmao Group announced that it was under investigation by the CSRC for suspected failure to disclose periodic reports on schedule.

18. Kinlita announced that it was under investigation by the CSRC for failing to disclose its 2024 annual report within the statutory time limit.

Global Markets

1. The three major U.S. stock indices closed collectively lower, with the Dow Jones Industrial Average down 0.95%, the Nasdaq down 0.87%, and the S&P 500 down 0.77%. Most large-cap tech stocks declined, with Meta falling over 2%, and Tesla and Intel each dropping over 1%. Pharmaceutical stocks led the declines, with SRPT falling over 26% and Eli Lilly falling over 5%. Palantir fell over 12%, marking its worst single-day performance in a year. Nuclear power concept stock CEG rose over 10%, marking its largest single-day gain since February 21. Most popular Chinese ADRs rose, with the Nasdaq Golden Dragon China Index closing up 0.42%. WeRide rose over 31%, and Pony.ai rose over 47%. The three major European stock indices closed with mixed results, with the German DAX Index down 0.41%.

2. International crude oil futures closed up over 3%, with WTI crude oil futures for June rising 3.43% and Brent crude oil futures for July rising 3.19%.

3. COMEX gold futures closed up 3.53%, hitting a new daily high of $3,440 per ounce; COMEX silver futures rose 2.96%, closing at $33.435 per ounce.

Investment Opportunities Reference

1. Another new product is set to launch, with institutions saying this niche sector is expected to become a smart collaborative and computing terminal in the future.

Industry media reported that, according to exclusive information from an insider, Zijing Unknown and Star Creation Vision (the parent company of Baodao Optical) signed a strategic cooperation agreement and launched a co-branded product—the NSVExBleeqUp AI sports photography glasses, which will enter mass production and be launched in June. After the launch, the product will be available in Baodao Optical's offline stores under Star Creation Vision. Zijing Unknown is an AR glasses brand invested in by Alibaba.

Cinda Securities analyzed that smart glasses products are evolving from the stage of basic hardware stacking to the direction of intelligent assistance and intelligent assistants, and are expected to become smart collaborative and computing terminals in the future.With overseas tech giants such as Meta, Apple, and Amazon, as well as numerous domestic participants like Xiaomi, Huawei, ByteDance, and the "Four Dragons" of AR (PICO, Rokid, XREAL, and INMO) continuously iterating new products; models such as GPT, Llama, Grok, Deepseek, Doubao, and Tongyi Qianwen undergoing continuous updates and upgrades; and waveguide technology continuing to innovate in materials, processes, and technical pathways, the uptake of AI glasses may occur more rapidly than we anticipated. Wellsenn predicts that global sales of AI glasses are expected to reach 5.5 million units in 2025, up 135% YoY.

2. Lenovo Tech World Focuses on Super Agents, Ushering in a Wave of Large-Scale Deployment of AI Agents

Lenovo Tech World is about to be unveiled! The conference features a 12-hour, all-day live broadcast, including a highly informative main forum that unveils the "grand" world of super agents, and four sub-forums with a super-high AI content focus on cutting-edge technologies such as computing power, agents, and embodied intelligence. Immerse yourself in hands-on experiences at the AI-themed exhibition, gain a comprehensive understanding of hybrid AI, and delve into the world of super agents.

As interactive AI products, agents are beginning to rapidly land in the market. First-generation products like Cursor and Glean have already achieved annual recurring revenue (ARR) exceeding 100 million US dollars, demonstrating significant growth potential and introducing new pricing models based on actual delivery outcomes, task completion rates, and other indicators. AI agent products are forming an evolutionary path of infrastructure and application synergy characterized by "upgrades in underlying model capabilities + prosperity of intermediate tools + commercial scenario deployment." In the future, AI agent applications will need to further enhance planning capabilities, possess better memory, and have stronger multimodal understanding capabilities to unlock their monetization potential. According to grandviewresearch's estimates, the global AI agent market size was approximately 5.4 billion US dollars in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 45.8% from 2025 to 2030. Increased demand for automation, advancements in natural language processing (NLP) technology, and the growing need for personalized customer experiences are key factors driving the development of the AI agent industry. Additionally, the widespread adoption of cloud computing enables enterprises to deploy AI agents at lower costs. Cloud computing allows enterprises to scale AI agent applications with lower infrastructure investments, thereby promoting their widespread deployment across various industries.

3. Say Goodbye to Windows for Good! Huawei's HarmonyOS PC Version to Be Released This Month

At Huawei's PuraX launch event in March, Yu Chengdong, Executive Director of Huawei, Chairman of the Terminal BG, and Chairman of the Intelligent Automotive Solution BU, announced that Huawei's terminal products are fully entering the HarmonyOS era, with HarmonyOS PCs to be launched in May this year. It was also reported that after April, all Huawei laptops shipped may adopt the HarmonyOS operating system, replacing the previous Microsoft Windows operating system used in Huawei laptops.

The official launch of HarmonyOS PC is expected to take the lead in opening the door to the government and enterprise market. Unlike the traditional X86 computer architecture, HarmonyOS PC may have the comprehensive capability of self-developed chips and self-developed systems working in tandem. Zheshang Securities believes that the operating system, as a fundamental software, supports the operation of application software. As the world's third-largest mobile operating system and a distributed operating system that supports multiple terminals, HarmonyOS is expected to take the lead in breaking through the market.

4. News suggests WHO plans to officially recommend anti-obesity drugs for the first time to treat adult obesity, with institutions optimistic about the rising penetration of anti-obesity drugs

According to media reports, a draft memorandum indicates that the World Health Organization (WHO) plans to officially recommend the use of anti-obesity drugs for the first time to treat adult obesity. This move marks a significant policy shift for the global health agency in addressing the growing obesity crisis.

Caitong Securities expressed optimism about the rising market penetration of anti-obesity drugs. With the significant price reductions of anti-obesity drugs from Eli Lilly and Novo Nordisk, the market accessibility of GLP-1 drugs has improved notably, making these drugs more affordable for a larger number of patients. This will directly drive the rapid growth in demand for GLP-1 active pharmaceutical ingredients (APIs), especially among self-paying patient groups. Despite recent plans by both Novo Nordisk and Eli Lilly to expand their capacities, due to the enormous clinical demand in the anti-obesity drug market and the rising patient penetration brought about by price reductions from top-tier enterprises, the demand for GLP-1 drug APIs is expected to continue growing. In terms of market size, Founder Securities estimates that the domestic GLP-1 anti-obesity drug market is expected to exceed 37.852 billion yuan by 2030, indicating a broad market prospect.