GMT EIGHT - OPPORTUNITIES IN CHINA

US Stock Market Move | Popular Chinese concept stocks collectively strengthen, HeSai (HSAI.US) rises more than 11%.

On Tuesday, the Nasdaq Golden Dragon Index rose nearly 3% in early trading, with popular Chinese concept stocks showing collective strength.

A-share evening hot spot | Nvidia pulls out the big guns again! Based on CPO technology, silicon photonics switches are fully mass-produced.

Based on CPO technology! NVIDIA's Spectrum-X silicon photonics switch is now in full production.

Revenue is expected to increase by another 80%! Data center interconnect chip supplier Credo (CRDO.US) receives collective buy recommendation from institutions, with a target price of up to $300.

Data center interconnect chip supplier Credo Technology delivered a performance that far exceeded market expectations.

US Stock Market Move | The launch of the cloud control platform has expanded Cisco Systems, Inc.'s (CSCO.US) increase to 5%.

On Tuesday, Cisco (CSCO.US) rose by 5%, hitting a new high and surpassing a market value of $500 billion for the first time.

US Stock Market Move | Victoria's Secret (VSXY.US) soared over 40% in early trading as its full-year performance expectations were raised across the board.

On Tuesday, Victoria's Secret (VSXY.US) surged over 40% at the opening, hitting a new high for the year, and is now trading at $75.31.

In April, the number of job vacancies in the United States increased significantly to the highest level in nearly two years, supporting the hawkish expectations of the Federal Reserve on the resilience of the labor market.

Despite the increase in energy costs brought about by the US-Iran war, the American labor market still shows strong resilience in business operations.

US Stock Market Move | Significant increase in full-year performance guidance, Hewlett Packard Enterprise Co. technology (HPE.US) surges over 25% at opening.

On Tuesday, Hui and Technology (HPE.US) soared over 25% at the opening, hitting a new all-time high and accumulating a 147% increase year-to-date.

US Stock Market Move | Bitcoin falls below the $70,000 mark, and the concept stocks generally drop. Strategy (MSTR.US) fell by more than 8%.

Bitcoin falls below the $70,000 mark.

US Stock Market Move | UP Fintech Holding Ltd. Sponsored ADR Class A (TIGR.US) dropped more than 5% and will temporarily suspend new account opening and expanding positions for domestic customers.

On Tuesday, Tiger Securities (TIGR.US) opened down more than 5%, and Futu Holdings (FUTU.US) dropped more than 2%.

"At the end of AI is electricity" narrative main axis turns to fuel cells! NIMBY helps Bloom Energy (BE.US) swallow the "power supply bonus" of data centers.

American fuel cell leader Bloom Energy CEO KR Sridhar sees the NIMBY resistance faced by data center construction as a significant business opportunity.

Stocks have been rising for two straight months! Wall Street is not buying into this "reluctant bull market" in the US.

Although the S&P 500 index has achieved its strongest nine consecutive gains in 75 years amid the AI boom and expectations of geopolitical easing, analyst ratings have not blindly followed suit with upgrades.

US Stock Market Move | Marvell Technology, Inc. (MRVL.US) opened with a sharp increase of over 20%. Huang Renxun is optimistic that it will be the next trillion-dollar company.

On Tuesday, Marvell Technology (MRVL.US) opened with a surge of over 20%, reaching a new all-time high and achieving a year-to-date increase of 211%.

The embodied intelligence track remains hot! SoftBank plans to increase its stake in Siasun Robot & Automation.

The German industrial robotics startup company Qiling Robotics is in talks to raise about $800 million in new funds, with investors including SoftBank Group.

Only a "cabbage price" underwriting fee for a fundraising of 75 billion? SpaceX is rumored to be seeking to reduce IPO underwriting fees, 23 securities firms still expected to receive 5 billion in commissions.

According to reports, Elon Musk's SpaceX is negotiating with Wall Street underwriters to try to lower its initial public offering (IPO) underwriting fees - but even so, these underwriters are still expected to make a total of about $500 million in this record-breaking listing.

Nasdaq China Golden Dragon Index rose by over 1%, Zhongjin Medical rose by 17.62%, Hesai Technology rose by 6.50%, Li Xiang Automobile rose by 6.95%, Zhiwen Group rose by 3.59%, and Alibaba rose by 5.26%.

U.S. stock market opening: The three main stock indices all fell in unison.

The Dow fell by 0.41%, the S&P 500 fell by 0.18%, and the Nasdaq fell by 0.23%. Atlassian dropped by 7.63%, Cai Jie dropped by 6.34%, Strategy dropped by 5.46%, Carvana Co. dropped by 5.07%, and The Trade Desk dropped by 4.57%, while Workday dropped by 4.47%. As for the "Seven Sisters": Nvidia rose by 0.86%, Tesla rose by 0.82%, Apple rose by 0.40%, Meta Platforms rose by 0.34%, Amazon fell by 1.33%, Microsoft fell by 2.68%, and Google fell by 2.72%.

"Bull market" in bulk commodities is not over yet? UBS: Crude oil, gold, copper, and aluminum all have "fundamental support"!

UBS Group commodity analyst Giovanni Staunovo said that negotiations between the United States and Iran are still the most important driving factor in the commodity market in the near term. Allocating commodities can help investors hedge against inflation and energy supply shocks in the medium term.

Shougang Langze (02553) received 1,421.54 times oversubscription in its Hong Kong public offering, raising approximately HK$486 million in net proceeds from the global offering.

Shougang Langze (02553) announced the results of the distribution. The company globally offered 40 million H shares, with 15% of shares sold publicly in Hong Kong and 85% sold internationally. The offering price per share was HK$14.60, raising approximately HK$486 million. Trading of the H shares is expected to begin on June 3, 2026 (Wednesday) at 9:00 a.m. (Hong Kong time) on the Stock Exchange of Hong Kong.

The dark market rose by 194.52%! Shougang Langze (02553) will be listed starting tomorrow, becoming the world's first ESG stock, opening up valuation space for imagination.

Under the tug-of-war between the bulls and bears, the stock opened in the dark market and immediately attracted crazy capital inflows. The highest price reached during trading was 43 Hong Kong dollars, a significant increase of 194.52% from the IPO price of 14.6 Hong Kong dollars. It ultimately closed at 36 Hong Kong dollars, a 146.58% increase, with a trading volume of 194 million Hong Kong dollars.

Two major cybersecurity giants have announced important performance reports! Software stocks' "last-ditch counterattack trend" face a major test.

The market is shifting from extreme pessimism that "AI intelligent agents will completely disrupt and replace software companies" to a reevaluation that "AI intelligent agents will amplify software demand and reshape the form of growth-oriented software products".

Domestic futures night trading opening

The freight index fell continuously by 4.88% in the European futures market, lithium carbonate fell continuously by 3.91%, palladium rose continuously by 2.43%, urea fell continuously by 2.34%, and platinum rose continuously by 2.21%.

Pre-market surge of 38%! Victoria's Secret (VSXY.US) raises full-year performance guidance, 19% high short ratio may trigger a short squeeze feast.

After Victoria's Secret (VSXY.US) announced profits that exceeded expectations and raised performance outlook, the company's stock price surged in pre-market trading.

AI demand exploding growth! STMicroelectronics NV ADR RegS (STM.US) hits record high before market opening: revenue guidance doubled, expansion may be finalized by the end of the year.

STMicroelectronics (STM.US) drops a double AI bombshell.

Preview of US Stock Market | The three major stock index futures are all falling. Microsoft Corporation (MSFT.US) will hold the Build 2026 Developer Conference. Marvell (MRVL.US) surged before the opening bell.

On June 2nd (Tuesday) before the U.S. stock market opened, futures for the three major U.S. stock indexes all fell.

Xu Zhengyu: Action plan for promoting the development of corporate financial centers in Hong Kong will be announced soon.

Hong Kong has surpassed Switzerland to become the world's largest cross-border wealth management center. Hong Kong's Financial Services and the Treasury Bureau director, Christopher Hui, has published a blog post outlining the future development.

Guizhou Maotai's 2025 annual profit distribution plan: intends to distribute a dividend of 28.02423 yuan per share, with a total cash dividend of 35.033 billion yuan.

On June 2nd, Maotai Group of Guizhou Province released the information of the shareholders' meeting for the year 2025. In the proposal regarding the annual profit distribution plan for 2025 and the mid-term profit distribution arrangement for 2026, it was mentioned that the company intends to use the total share capital registered on the record date for the implementation of equity distribution, excluding the shares held in the repurchase special account, as the basis for implementing the 2025 annual profit distribution. The proposed distribution plan is as follows: for the year 2025, the company plans to distribute cash dividends of 28.02423 yuan per share to all shareholders. As of May 31, 2026, the total share capital of the company is 1.25 billion shares, with no shares held in the repurchase special account. The total share capital excluding the shares held in the repurchase special account is 1.25 billion shares, based on which the total planned cash dividends to be distributed amount to 35.033 billion yuan, which may not be consistent with the amount determined by the board of directors due to rounding off the last digits of the cash dividend per share.

NVIDIA Corporation's Vera CPU is coming, and Intel Corporation (INTC.US) unveils Xeon 6+: Can Agentic AI bring a reevaluation of CPU value?

The essence of this competition is no longer a simple confrontation between CPU and GPU, but a redistribution of control power in the AI era.

Hong Kong Property: The number of residential registrations in Hong Kong in May stabilized at 7,500, reaching a second-highest level in over 2 years.

According to data from the Hong Kong Property Research Department compiled from the Land Registry, a total of 7,526 residential properties (including first-hand private homes, second-hand private homes, and second-hand public housing) were registered in May. Although this is a slight decrease of about 2.6% compared to the 7,729 properties registered in April, it marks the second consecutive month that registrations have remained stable above the 7,000 mark, reaching the second highest level in over 2 years. This reflects that the registration volume of residential properties in May is still at a relatively high level.

Several private banks have removed 3-year and 5-year fixed-term deposits from shelves.

Zhongguancun Bank recently announced that it will temporarily remove personal and corporate fixed-term deposits with a maturity of 3 years from May 30th. It has been found that currently, several private banks' apps have temporarily stopped selling 5-year and 3-year fixed-term deposit products. Specifically, Jilin Yilin Bank, Weihai Lanhai Bank, Hunan Sanxiang Bank, Zhejiang Wangshang Bank, Shanghai Huarui Bank, Jiangsu Sushang Bank, and Beijing Zhongguancun Bank apps are temporarily unable to purchase 5-year fixed-term deposit products, with Yilin Bank and Lanhai Bank showing the products as "sold out", while other bank apps do not display relevant products. In addition, Yilin Bank and Lanhai Bank apps are temporarily unable to purchase 2-year fixed-term deposit products, with the products showing as "sold out". Lanhai Bank and Huarui Bank apps are unable to purchase 1-year fixed-term deposit products, with Lanhai Bank showing the product as "sold out" and Huarui Bank's page not displaying relevant products. Industry insiders believe that the withdrawal of high-interest rate deposit products by private banks is related to the continuing decline in net interest margins, and the withdrawal of medium and long-term deposits can control the overall interest payment rate.

Selected announcements of A shares | Tcl Corporation (000100.SZ) plans to repurchase shares worth 1.1-1.2 billion yuan. Vanfund Urban Investment & Development will be delisted on June 3.

TCL Technology announced that it plans to use its own funds and self-raised funds to repurchase some of the company's issued shares through centralized bidding.

Joining hands with NVIDIA Corporation to "reinvent the PC"! The Microsoft Corporation (MSFT.US) Build conference kicks off today: Windows side AI shines, high-end PC market shaken.

Microsoft will hold the Build 2026 Developer Conference at the Masonic Temple in San Francisco, USA on June 2nd and 3rd.

Tesla, Inc. (TSLA.US) European sales rebound continued, with higher registration numbers in multiple countries in May.

In May, Tesla's registration data in most European countries, including France, Scandinavia, and western Portugal, showed a significant year-on-year increase. Only in Italy did registrations weaken for the month, but cumulative sales for the year still registered double-digit growth.

HBM dominant SK Hynix predicts that the shortage of storage supply will continue until 2030, and plans to double its production capacity within five years.

SK Hynix will double its wafer manufacturing capacity to alleviate the shortage of storage chips.

Yushu Technology's Sci-Tech Innovation Board IPO registration submitted, humanoid Siasun Robot & Automation's shipment volume ranks first worldwide.

On June 2nd, Yushu Technology Co., Ltd. applied for the change in status of its IPO review on the Shanghai Stock Exchange's Science and Technology Innovation Board to "registration submitted".

In May, the A-share market opened 2.7653 million new trading accounts.

Data from the Shanghai Stock Exchange shows that in May 2026, there were 2.7653 million new A-share accounts opened, and the cumulative total for the year up to May 2026 was 17.2967 million.

The Hong Kong Securities and Futures Commission urges licensed institutions to guard against AI-driven emerging online threats.

On June 2nd, the Hong Kong Securities and Futures Commission issued a circular requiring licensed institutions to enhance their cybersecurity measures to address emerging threats driven by cutting-edge artificial intelligence models.

Shandong Province: Implementing the Retail Industry Innovation Enhancement and High-quality Development of Rural E-commerce Project.

The People's Government of Shandong Province has issued the "Implementation Plan for Promoting the Capacity Expansion and Quality Improvement of the Service Industry", which proposes increasing the supply of high-quality residential services. Strengthen the community convenience service system, innovate the community integrated service model. Implement the electronic version of the "home service certificate", expand home services such as organizing and storing, and health care, and create 30 "trendy new household service experience centers". Implement retail industry innovation and upgrading, rural e-commerce high-quality development projects, cultivate new formats such as instant delivery and unmanned delivery. By 2030, more than 1500 convenient living circles will be built.

Northbound funds | Northbound trading net purchases amounted to 2.23 billion, Tencent (00700) achieved its largest single-day increase in nearly four years. Northbound trading sold more than 2.1 billion Hong Kong dollars at highs.

On June 2nd, the Hong Kong stock market saw a net purchase of 2.223 billion Hong Kong dollars by northbound investors. Of this, the Shanghai-Hong Kong Stock Connect saw a net purchase of 2.018 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect saw a net purchase of 0.206 billion Hong Kong dollars.

The next "trillion-dollar technology king" is it? Huang Renxun personally promoted Marvell (MRVL.US) "standing in the light" to strengthen the AI interconnection theme again.

Huang Renxun emphasized that the strategic investment of $2 billion in Meiwei Technology and their cooperation is not a one-way dependency, but rather a mutual complementarity in the ecosystem. Under the NVLink Fusion framework, Meiwei can provide customized optical interconnects and ASIC solutions for hyperscalers, while NVIDIA, through its widespread deployment of GPUs and system-level platforms, ensures that data center infrastructure can find a balance between versatility and high performance.

NVIDIA Corporation ignites AI computing power revolution, Arm CEO reveals: In-house chip business may achieve $15 billion goal ahead of schedule.

Arm's self-developed chips are in high demand, and the company's revenue target of 15 billion US dollars is expected to be achieved ahead of schedule.

Southbound funds had a net purchase of 2.223 billion yuan today. In terms of the Shanghai-Hong Kong Stock Connect, Kangfang Life Science and Semiconductor Manufacturing International Corporation were net buyers of 695 million Hong Kong dollars and 611 million Hong Kong dollars respectively; Tencent Holdings had the highest net selling amount of 3.337 billion Hong Kong dollars. As for the Shenzhen-Hong Kong Stock Connect, Tencent Holdings and China National Offshore Oil Corporation were net buyers of 1.228 billion Hong Kong dollars and 383 million Hong Kong dollars respectively; Meituan-W had the highest net selling amount of 560 million Hong Kong dollars.

Different from previous super cycles! HSBC warns: bulk commodities are caught in a "super squeeze." Continued closure of the Hormuz Strait could trigger a "tipping point."

The smell of gunpowder in the Hormuz Strait continues to disrupt the pricing logic of the global commodity market.

Bollore's 5.7 billion asset deals implicated in money laundering; Morgan Stanley (MS.US) and other institutions sued

The African Asset Recovery Alliance (RAF) has applied to the Paris court to request documents from institutions such as Morgan Stanley (MS.US) to investigate their roles in the 5.7 billion euro sale of African logistics business by the Bolore Group.

$2.5 million sell-off breaks billion-dollar faith: The myth of "HODL" strategy is shattered, and Bitcoin falls below the 70,000 mark for the first time in two months!

Due to concerns about the US-Iran war and the rare selling of Bitcoin by Strategy, the fragile market sentiment has been suppressed, and the token has fallen below $70,000 for the first time in nearly two months.

Brent crude fell 2% during the day and is now trading at $93.03 per barrel.

Wen Yuan Zhi Xing's Robotaxi enters the 12th city globally, joining hands with Uber to launch the first Robotaxi service in Spain.

Wenyuan Zhixing's robotaxi enters the 12th city globally, joining hands with Uber to launch the first robotaxi service in Spain.

In the first quarter of 2026, the throughput of goods at Hong Kong port increased by 2.2% year-on-year to reach 42 million tonnes.

On June 2nd, the Hong Kong government census department released the statistical figures for the first quarter of 2026 regarding ships, port cargoes, and containers.

In April, the total sales value of the retail industry in Hong Kong is provisionally estimated to be 31.4 billion Hong Kong dollars, an increase of 8.6% year-on-year.

On June 2nd, the Census and Statistics Department of the Hong Kong Special Administrative Region Government announced the latest retail sales figures.

Storage super-cycle bottoming out, Korean won poised for appreciation, "Storage chip duopoly" continues to play the mad bull market symphony in South Korea.

If global risk sentiment improves and foreign investors return to Korean assets, the exchange rate between the Korean won and the US dollar is expected to strengthen to around 1400 won by the end of the year. The appreciation of the Korean won is a significant positive catalyst for the valuation expansion of Korea's leading storage chip giants.

Hong Kong stocks closed: The Hang Seng Index rose 2.499%, and the Hang Seng Technology Index rose 4.750%.

Tencent Holdings rose 10.917%, Meituan-W rose 9.137%, NIO-SW rose 8.734%, JD Group-SW rose 6.850%, BYD Company rose 6.612%, Alibaba-W rose 6.352%, and Xiaopeng Group-W rose 6.121%.

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