[Morning Post] Major Conference Held! Mentioning Comprehensive Rectification of "Cut-throat Competition"; China Chengtong Holds Financial and Fund Work Conference

Macro News

1. The plenary session of the Expert Advisory Group of the Anti-Monopoly and Anti-Unfair Competition Commission of the State Council was held in Beijing. The meeting emphasized the need to closely align with the Commission's work plans, focusing on key tasks such as accelerating the construction of a unified national market, comprehensively addressing "cut-throat competition", and strengthening competition regulation and enforcement. The Group was urged to take proactive measures and fulfill its responsibilities as an expert advisory body, contributing wisdom and strength to enhancing fair competition governance capabilities and maintaining a fair and competitive market order.

2. China Chengtong held its 2025 Financial and Fund Work Conference to promote the Group's financial and fund businesses in serving national strategies with a higher perspective and to usher in a new phase of high-quality development. Xi Zhengping, Secretary of the Party Committee and Chairman of the Group, pointed out that as a state-owned capital operating company, the Group has fully played its role as a "national team" in safeguarding capital market stability and supporting national strategic tasks such as scientific and technological innovation.

3. The 2025 Lujiazui Forum will be held in Shanghai from June 18 to 19, 2025. It is a high-level economic and financial forum jointly hosted by the Shanghai Municipal People's Government, the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission.

Industry News

1. Li Yunze, Secretary of the Party Committee and Director of the National Financial Regulatory Administration, emphasized during a special exchange event and concluding speech the need to accelerate the digital and intelligent transformation of regulation, steadily promote the application of artificial intelligence in the financial sector, and effectively prevent and respond to the risks and challenges brought about by the development of artificial intelligence.

2. The Ministry of Industry and Information Technology, the National Development and Reform Commission (NDRC), and the National Data Administration jointly issued the "Implementation Plan for the Digital Transformation of the Electronic Information Manufacturing Industry". The plan proposes that by 2027, the new information infrastructure for the digital transformation and intelligent upgrading of the electronic information manufacturing industry will be basically completed, with the CNC rate of key processes in electronic information manufacturing enterprises above designated size exceeding 85%. It also proposes strengthening the construction of new information infrastructure and accelerating the large-scale application of advanced computing, 5G-A, gigabit optical networks, industrial internet, and artificial intelligence in the electronic information manufacturing industry.

3. Zhang Yuzhuo, Director of the State-owned Assets Supervision and Administration Commission of the State Council, conducted a survey at China General Technology (Group) Holding Co., Ltd. on May 27, emphasizing the need to effectively strengthen and optimize the machine tool industry, seize the upward cycle of machine tool replacement and upgrading, strengthen mutually beneficial cooperation with universities, research institutes, and upstream and downstream enterprises in the industry chain, and accelerate intelligent transformation and digital transformation using artificial intelligence technology.

4. Data released by the European Automobile Manufacturers' Association on the 27th showed that the number of new vehicles registered in Europe in April by US EV manufacturer Tesla was 5,475 units, a decrease of 52.6% YoY. Data shows that Tesla's new vehicle registrations dropped by approximately 46% in the first four months of this year.

5. In response to the controversy surrounding the internship program of Industrial Bank's Private Banking Department, the bank expressed deep regret for the misunderstandings caused by incomplete promotional statements. Given the disputes, the program has been suspended after careful evaluation.

6. The Shanghai Municipal Development and Reform Commission, along with other departments, issued the "Three-Year Action Plan for Accelerating the Development of Rehabilitation Assistive Devices Industry in Shanghai (2025-2027)." It proposes supporting integrated application research of technologies such as artificial intelligence, smart sensing, information communication, and brain-computer interfaces in the field of rehabilitation assistive devices. By 2027, the plan aims to implement 10 key industrial technology (product) R&D projects and support over 5 elderly care technology products.

7. According to the latest public fund market data released by the Asset Management Association of China, China's total public fund scale reached 33.12 trillion yuan by the end of April 2025. This marks the first time China's public fund scale has exceeded 33 trillion yuan and the seventh record high since early 2024.

8. Liu Peifeng, spokesperson and office director of the State Tobacco Monopoly Administration, stated that e-cigarette regulation has entered a critical phase, facing more complex and severe challenges. The administration remains committed to improving the regulatory system, enforcing strict supervision, and advancing regulatory legalization, industrial standardization, and team professionalism.

Company News

1. You-A Co., Ltd. announced plans to acquire 100% equity of Shenzhen Sunyantong for 1.58 billion yuan, entering the power semiconductor sector.

2. Kuaishou Technology reported Q1 revenue of 32.61 billion yuan, up 10.9% YoY, with adjusted net profit of 4.58 billion yuan, up 4.4% YoY.

3. China Merchants Energy Shipping announced the termination of its subsidiary's spin-off and restructuring for listing.

4. Wufangzhai announced gifting zongzi gift boxes to shareholders and soliciting feedback.

5. Zhongcheng Co., Ltd. announced plans to acquire 100% equity of Zhongji Jiangsu, with stock trading resuming.

6. Xiaomi Group reported Q1 revenue of 111.293 billion yuan, a record high with 47.4% YoY growth, and adjusted net profit of 10.7 billion yuan, also a record high with 64.5% YoY growth.

7. Kuaijishan announced no significant volatility in production costs or sales.

8. Pinduoduo reported Q1 revenue of 95.67 billion yuan, up 10% YoY, with adjusted net profit of 16.92 billion yuan, down 45% YoY.

9. *ST Dongyuan announced that after resuming trading on May 29, it would remove the delisting risk warning and other risk warnings, and the stock's short name would be changed to "Orient Landscape".

10. Leshan Electric Power announced that its shareholder, Tianjin Bohai, reduced its shareholding in the company by 6.9 million shares from May 6 to May 27.

11. *ST Dongjing announced that its shareholders were planning changes to the company's control rights, and the stock was suspended from trading.

12. Xiechuang Data announced that it planned to purchase servers worth no more than 4 billion yuan to provide computing power rental services.

13. Luoping Zinc & Electricity announced that its controlling shareholder was planning changes to the company's control rights, and the stock was suspended from trading.

Global Markets

1. The three major U.S. stock indices closed higher collectively, with the Dow Jones Industrial Average rising 1.78%, the Nasdaq Composite Index rising 2.47%, and the S&P 500 Index rising 2.05%. Large-cap technology stocks generally rose, with Tesla surging nearly 7%. The Nasdaq Golden Dragon China Index fell 0.28%, and most popular Chinese ADRs declined.

2. WTI crude oil futures closed down 1.04% at $60.89 per barrel; Brent crude oil futures closed down 1% at $64.09 per barrel.

3. COMEX gold futures closed down 1.96% at $3,299.7 per ounce, and COMEX silver futures closed down 0.67% at $33.385 per ounce.

Investment Opportunities Reference

1. China Academy of Information and Communications Technology, Huawei, and Others Release Standard for Software Development Agents

According to media reports, the China Academy of Information and Communications Technology (CAICT), Industrial and Commercial Bank of China, Beijing Xingyun Digital Technology Co., Ltd., and Beijing Baidu Netcom Science & Technology Co., Ltd., along with over 20 top-tier enterprises including Agricultural Bank of China, Postal Savings Bank of China, iFLYTEK, Tencent, Alibaba, and Huawei, jointly compiled and released the "Technical and Application Requirements for Software Engineering Agents - Part 1: Development Agents" (standard number AIIA/T 0219-2025). This standard outlines the capability construction and application requirements for development agents across two major dimensions: technical capabilities and service capabilities.

A report released by Research and Markets predicts that the market size of AI agents will grow from $5.1 billion in 2024 to $47.1 billion in 2030 (an increase of approximately $42 billion over five years), with a compound annual growth rate (CAGR) of 44.8% from 2024 to 2030. Kaiyuan Securities expressed continued optimism about the rise of the AI agent industry in 2025, with policy catalysts accelerating the implementation of major industry players.

2. Arm Officially Certifies: Xuanjie O1 Chip Independently Developed by Xiaomi

Recently, Arm's official website republished a press release, revising the previous description of "CustomSilicon" to confirm that the Xuanjie O1 chip was independently developed by Xiaomi. In a press release, Arm stated that Xiaomi's newly self-developed chip adopts the Arm architecture, marking a milestone in the 15-year collaboration between the two parties.

The Xuanjie O1 chip is crafted by Xiaomi's Xuanjie chip team, utilizing the latest Armv9.2 Cortex CPU cluster IP, Immortalis GPU IP, and CoreLink system interconnect IP, fully supporting the advanced 3nm process technology. The electronic team of Xiangcai Securities believes that as the first 3nm chip in China, Xuanjie, following Apple's A18 series, Qualcomm's Snapdragon 8 Elite, and MediaTek's Dimensity 9400 series, is the fourth 3nm process chip to enter mass production, signifying a significant advancement in domestic chip design capabilities. Xuanjie is expected to drive the reshaping of the global smartphone SOC landscape and exert a "catfish" effect, promoting innovation and progress in domestic semiconductor industry chain technologies.

3. ByteDance-affiliated VC leads investment in a Suzhou robotics company

Recently, Lexiang Intelligence announced the completion of a 100 million yuan Angel+ round of financing, led by Jinqiu Fund, with continued over-subscription investments from existing shareholders Matrix Partners China, Oasis Capital, and Monolith, as well as follow-on investment from Lighthouse Capital, which served as the exclusive financial advisor. Jinqiu Fund is an affiliated fund of ByteDance, with its core team mostly originating from ByteDance's investment system. This round of financing will primarily be used for team building and the mass production development of product platforms, achieving full self-development of core parts. This is the second round of financing completed by Lexiang Technology within three months, with the total amount of the Angel round financing reaching nearly 300 million yuan. Upon securing the new round of financing, Lexiang Technology officially announced its product direction to the public - a small, general-purpose embodied intelligent robot for home use.

Embodied intelligent robots are standing at the critical point of technology and commercialization. Their development not only embodies the integration of AI technologies but also serves as the core driving force for the global manufacturing upgrade and social governance transformation. Leveraging policy dividends, market potential, and technological breakthroughs, China is expected to dominate the global embodied intelligent industry landscape by 2030. According to the "2025 Humanoid Robot and Embodied Intelligence Industry Research Report," the global embodied intelligent market size is projected to reach 232.63 billion yuan by 2030, with a compound annual growth rate (CAGR) as high as 64.18%. China has become the core growth engine of the global embodied intelligent market. By 2030, China's embodied intelligent market size is expected to reach 103.752 billion yuan, accounting for 44.6% of the global market.

4. The commercialization process of solid-state batteries is expected to continue accelerating

Institutions point out that the commercialization process of solid-state batteries is expected to continue accelerating in 2025. Leveraging core advantages such as high energy density, superior safety, and wide temperature range adaptability, solid-state batteries not only have the potential to gradually replace existing liquid lithium batteries in applications such as new energy vehicles and energy storage but also hold promise for exploring emerging markets such as low-altitude aviation, robotics, and data centers.

Industrial Securities pointed out that recently, the China Society of Automotive Engineers (SAE-China) issued the group standard "Determination Method for All-Solid-State Batteries," which, for the first time, clarified the definition of all-solid-state batteries, addressing issues such as vague industry definitions and the lack of testing methods. The release of industry standards for all-solid-state batteries marks a new stage of standardized development for solid-state batteries, which will have a profound impact on technological R&D, industrial ecosystems, and market order. In the next two years, the solid-state battery industry will enter a crucial stage of establishing a competitive landscape for materials, and it is recommended to focus on investment opportunities arising from changes in the industry landscape.