China Merchants Securities: Focus on the dual themes of technology recovery and interim results after short-term shocks.
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China Galaxy Securities: Structural Breakthrough Focuses on Science and Technology Innovation Manufacturing; Main Theme Shifts to Three Major Directions: Semiconductors, AI, and Aerospace.
According to a research report released by China Galaxy Securities, the main theme within the technology and manufacturing sector has clearly shifted from "AI + New Energy" in May to "Semiconductors + AI + Aerospace" in June. Thematic rotation has slowed compared to May, and the market's main focus is more concentrated. Considering macroeconomic, style, and industry signals, the current market presents a pattern of "macroeconomic pressure + clear structural themes." While the overall environment constrains risk appetite, funds have reached a high degree of consensus on manufacturing upgrades, energy security, and AI industry trends, continuously flowing into the science and technology innovation, semiconductor, aerospace, and manufacturing sectors, making them the areas with the strongest relative return potential in the market. In terms of style, the growth sector continues to dominate, which corroborates the structural strength of the science and technology innovation and manufacturing themes, together forming the core allocation logic at this stage. (Cailian Press)
The 2026 China Internet Conference will be held, focusing on core topics such as the industrialization of AI, the interconnection and interoperability of computing power, and the marketization of data elements.
Mars Finance reports that the 25th China Internet Conference will be held from July 8th to 10th. This year's conference will likely focus on core topics such as the industrialization of AI, computing power interconnection, and the marketization of data elements. The Ministry of Industry and Information Technology previously released the "Computing Power Interconnection Action Plan," aiming to establish a computing power interconnection standard system by 2026, with the "Millisecond-Level Computing" special action in urban areas being promoted simultaneously. (Cailian Press)
Galaxy Securities: We recommend focusing on leading computing power leasing companies.
According to Mars Finance, Galaxy Securities points out that with the explosive growth in demand for AI inference computing power, the token factory business model is accelerating. Compared with traditional computing power leasing, token factories place greater emphasis on binding with downstream large-scale model inference needs. Pricing is gradually shifting from "computing power resources and duration" to "token output and unit cost." Upstream computing infrastructure can participate more in the value distribution of downstream model manufacturers, strengthening the bargaining power of the upstream computing infrastructure segment and sharing the dividends of the token economy era. Galaxy Securities believes that computing power leasing companies are currently exploring the "token factory" cooperation model with large model manufacturers, which will gradually evolve from the underlying "selling resources" model of computing power leasing to a "selling output" model. Computing power leasing companies will provide MaaS services and share the dividends of the token boom by adopting a token revenue-sharing profit model. This is expected to improve the profit margin of computing power leasing companies, and the valuation center is expected to further increase. It is recommended to pay attention to leading computing power leasing companies.
Citrini Analyst: China's CXMT tests pilot production line for bonding DRAM; South Korean media claims its technology and development speed may be ahead of its South Korean rivals.
According to a Odaily by Citrini analyst Jukan on the X platform, South Korean media reports that China's CXMT is currently testing a bonded DRAM pilot production line in Hefei, aiming to achieve high-performance DRAM without using EUV lithography. Bonded DRAM is a technology that manufactures the memory cell array and peripheral circuitry on separate wafers and then bonds them together. This method can produce ultra-high-density DRAM using only multi-patterned deep ultraviolet (DUV) lithography, without requiring EUV equipment. Samsung Electronics is developing its own bonded DRAM under Project B1b, and SK hynix is also advancing similar technology. South Korean media warns that assessments suggest CXMT may currently be ahead of its South Korean competitors in terms of both the technology itself and the speed of its development.
The China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) held the 10th China-Singapore Securities and Futures Regulatory Roundtable.
Odaily Odaily reports that the China Securities Regulatory Commission (CSRC) and the Monetary Authority of Singapore (MAS) successfully held the 10th China-Singapore Securities and Futures Regulatory Roundtable in Singapore. CSRC Vice Chairman Liu Haoling and MAS Deputy Governor Ho Heng Sin attended the meeting and delivered speeches. Both sides reviewed the practical achievements in capital market cooperation between the two countries in recent years, including strengthening China-Singapore index cooperation, deepening China-Singapore ETF connectivity, and enhancing securities regulatory cooperation. Both sides engaged in extensive and in-depth exchanges on the latest developments in their respective market reforms and development, capital market operations and regulatory enforcement in the context of cutting-edge technologies, and cross-border business development and regulation in the securities and futures industry. More than 40 people, including Lim Duanli, Assistant Governor of the Monetary Authority of Singapore (MAS), officials from the China Securities Regulatory Commission (CSRC) and the MAS, and representatives from both stock exchanges, participated in the meeting both in person and online. (Jinshi)
China Securities Regulatory Commission: Establish a shelf registration system for refinancing and private placements.
Odaily Odaily reports that the China Securities Regulatory Commission (CSRC) is soliciting public opinions on improving rules for listed companies' refinancing. The draft proposes establishing a shelf registration system for private placements. Listed companies with high levels of information disclosure compliance applying for competitive private placements can adopt a one-time registration, multiple issuance approach to better adapt to the characteristics of a two-sided market, facilitate listed companies in quickly seizing market opportunities for financing, guide them towards rational and orderly financing, and reduce the market disruption caused by large-scale one-time financing. (Jinshi)