Before-market report on A-shares | Domestic storage giant Changjiang Storage initiates listing guidance, Google Developer Conference in full swing.

Pre-market news 1. Domestic storage giants sprinting towards IPO! Yangtze Memory Technologies racing for IPO registration, storage industry booming Type: Company Sentiment impact: Positive Domestic storage giants are both speeding up their IPOs! On May 19, Yangtze Memory Technologies completed IPO guidance registration, and previous Yangxin Technology updated its prospectus, with a 1688% net profit increase in the first quarter igniting the market. Benchmarking against South Korea's Samsung, Yangtze Memory Technologies is the only domestic 3D NAND storage chip manufacturer, with the company's first-quarter revenue exceeding 20 billion RMB, doubling year-on-year, and its chip production exceeding 10% of the global market, approaching the global third place. 2. Google Developer Conference in full force: AI search, code generation, video models, AI glasses all launched Type: Company Sentiment impact: Positive Google announced a comprehensive upgrade to its search box at the developer conference, in order to better handle longer and more complex queries from users, launching new AI programming tools and the Gemini 3.5 Flash model, calling it the strongest programming model to date. In addition, Google showcased its new generation of smart glasses, with an embedded Gemini AI assistant, compatible with Android and iOS phones, expected to be launched later this fall. 3. Russian President Putin arrives in Beijing to start visit to China, China and Russia will exchange views on bilateral relations Type: Macro Sentiment impact: Positive Russian President Putin arrived in Beijing on the evening of the 19th, starting his state visit to China. During the visit, the leaders of China and Russia will exchange views on bilateral relations, cooperation in various fields, and international regional issues of common concern. Taking this opportunity, both sides will continue to promote the development of China-Russia relations to a deeper and higher level, injecting more stability and positive energy into the world. 4. Foreign Ministry: Presidents of China and the United States agree to conduct government-to-government dialogue on artificial intelligence Type: Industry Sentiment impact: Positive Foreign Ministry spokesperson Guo Jiajun stated that as two major countries in artificial intelligence, China and the United States should work together to promote the development and governance of artificial intelligence, and to better serve human civilization progress and international social welfare. During President Trump's visit to China, the two leaders had constructive discussions on artificial intelligence issues and agreed to conduct government-to-government dialogue on artificial intelligence. Investment Calendar Latest LPR data released Investment tips The more people check their investment returns, the less they are willing to take risks. The reason is that the more frequently you check, the more losses you see. ["Error" Behavior] by Richard Thaler Institutional Views 1. Founder: The market may be brewing a rebound on the daily line level, focusing on AI applications, humanoid robots, and other directions in allocation. 2. Huaxi: Overseas inflation exceeding expectations will suppress US bonds against risk assets, and A-shares are undergoing a benign consolidation for the short term. 3. GF SEC: The trading sentiment in the dual innovation sector has entered an overheated zone, and the short-term volatility caused by this does not need to be excessively worried about. Bullish and Bearish Outlook 1. Leju Intelligent Circuits Technology's IPO application accepted, the first to use the fourth set of listing standards on the ChiNext board Type: Market Discussion China Securities Co., Ltd.: The core of the humanoid robot sector has evolved from thematic investment to the expectation of vector production in various scenes such as industry, commerce, and home is the current focus of the capital market. Pay attention to the inflection point of volume in vertical applications. 2. National Bureau of Statistics issues key points for digital economy development, accelerating the construction of a national integrated computing power network Type: Policy Focus China Securities Co., Ltd.: The current AI computing power mainline is far from entering a stage of comprehensive bubble. The market will not simply withdraw due to overvalued, but will spread prosperity based on the continued validation of industry trends, with the threefold logic of price hikes due to shortage, exploration of new demand, and capacity squeeze. 3. 50-year Strongest Bull Market! Citi: Aluminum prices will reach above $4000 within 3 months, expected to exceed $5000 next year Type: Market Discussion Open Source Securities: On the supply side, domestic supply ceiling restrictions limit capacity, overseas power restrictions limit new capacity, coupled with Middle East production disruptions, and limited release of aluminum electrolysis supply. On the demand side, aluminum consumption still has resilience, and the short-term shortage of aluminum electrolysis is difficult to make up for. Announcement Update Positive Announcements 1. OKE Precision Cutting Tools: Intends to acquire a 26.32% stake in Yongxin Precision Machinery to expand business into the high-end PCB drilling field 2. Jiangsu Allfavor Intelligent Circuits Technology: Small batch supplies of 800G optical module-related PCB have been realized, conducting sample verification with several customers 3. Dongguan Tarry Electronics: Intends to acquire 70% equity of Dongguan Yunhong, a company specializing in fan and liquid cooling. Negative Announcements 1. Kente Catalysts Inc.: Shareholders Yida Zhuanshu and Yida Chengguo intend to collectively reduce their shareholding by not more than 3% 2. Suzhou Shijing Environmental Technology: Investigated by the CSRC for suspected violations of laws and regulations on information disclosure 3. Hubei Sinophorus Electronic Materials: Fund two phase intends to reduce its shareholding by not more than 2% Overseas Markets The surge in US bond yields has put pressure on the market, with the three major indexes collectively falling, and the S&P and Nasdaq falling for the third consecutive day. On the market, the Philadelphia Semiconductor Index rose slightly by 0.03%, with three optical communication concept stocks leading the gains; storage stocks were mixed, with SanDisk up 3.77%, Micron Technology up 2.52%, and Seagate Technology down 1.01%. This article is reposted from "Tencent Stock Selection". GMTEight Editor: Xu Wenqiang.