Key factors influencing the stock market positively and negatively are outlined below.

Macroeconomic Developments

The People's Bank of China Governor, Pan Gongsheng, announced at the 2026 Lujiazui Forum that six banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China CITIC Bank, have been authorized to conduct a pilot program for offshore renminbi foreign exchange trading in the Shanghai Free Trade Zone. This move aims to promote two-way opening of the foreign exchange market and integration between onshore and offshore markets. To date, the first five banks listed have announced the commencement of pilot offshore renminbi forex transactions.

A recent report highlighted China's ongoing progress in institutional opening-up, which is creating more opportunities for multinational corporations operating in the country. At the recent Lujiazui Forum, several foreign participants expressed that China's sustained economic growth is significantly boosting the confidence of foreign enterprises deeply invested in the Chinese market, especially against a backdrop of global uncertainty.

The first round of Iran-U.S. negotiations held in Switzerland has concluded. Reports indicate that Iran's nuclear program was not discussed in this initial session. The talks focused on implementing Article 13 of a memorandum of understanding, prioritizing issues related to Lebanon.

A source close to the Iranian negotiation team stated that the Iranian delegation has left the negotiation venue in protest against threatening remarks from former U.S. President Trump.

Sector-Specific News

This week, 49 A-share companies will see restricted shares become eligible for trading, totaling approximately 2.763 billion shares. Based on the latest closing prices, the total market value of these unlocked shares is about 54.908 billion yuan. Notably, several high-performing technology stocks are among those with shares coming out of lock-up, including GigaDevice, Huahai Chengke, Leading Share, Shengyi Electronics, and Shanghai Sinyang Silicon Technology, with respective unlock values of 407 million, 2.177 billion, 1.946 billion, 799 million, and 3.556 billion yuan.

Reports suggest the Shanghai Stock Exchange is planning to enhance its stock option portfolio strategy business by introducing a unilateral close-out function. It has been clarified that while the SSE and SZSE jointly launched the portfolio strategy business in 2019, the unilateral close-out function was explicitly postponed at that time. The SSE is currently conducting technical development for this feature and has released interface specifications for market participants, but the function itself remains unimplemented from a business perspective.

Goldman Sachs has lowered its year-end 2026 gold price forecast by $500 per ounce, citing expectations that the Federal Reserve will not cut interest rates again this year. The bank's analysts have revised their December gold target down to $4,900 per ounce. This suggests gold prices may still rise in the second half of the year, but the anticipated gains are now smaller than previously expected.

Seven government departments, including the Ministry of Industry and Information Technology, have jointly issued the "Action Plan for Promoting Collaborative Development of Large, Medium, and Small Enterprises in the Platform Economy (2026-2028)." The plan mentions regulating cutthroat "involution-style" competition, purifying the ecosystem of industries like live-streaming e-commerce, and cracking down on the online sale of counterfeit and shoddy goods.

A supplier within Apple's supply chain has indicated it recently began small-batch shipments for components destined for the first foldable iPhone. According to the company's received targets, the product is scheduled for a September launch.

WeChat AI has initiated a limited, phased rollout. Some users now see a small eye-shaped icon in the top-left corner of their WeChat main interface, which serves as the entry point for the beta version of the AI assistant "Xiaowei." According to Tencent's customer service, Xiaowei is WeChat's native AI assistant currently undergoing limited internal testing. It supports operating native WeChat functions and launching mini-programs through text or voice dialogue.

Companies including *ST Xingguang, *ST Xinyan, *ST Jinbi, *ST Tianshan, and *ST Xinchao have announced they will have their delisting risk warnings revoked and their shares will resume trading this week. Previously, these five companies had been placed under such warnings for breaching financial delisting criteria.

Corporate Announcements

China Resources New Energy, set to be the largest IPO in Shenzhen Stock Exchange history by scale, opens for subscription today. The maximum subscription requires a matching Shenzhen market capitalization of 6.32 million yuan.

Tongding Interconnection Information Co., Ltd. announced that its largest shareholder and controlling shareholder intends to donate 3.5 million shares, valued at approximately 110 million yuan based on the latest closing price, to the Shanghai Jiao Tong University Education Development Foundation.

Jingquanhua announced that shareholder Yuanzhi Gaoxin plans to reduce its shareholding by up to 3%.

Wus Printed Circuit Co., Ltd. announced plans to absorb and merge its wholly-owned subsidiary Pujiang Storage, aiming for unified planning of capacity expansion work.

Kweichow Moutai Co., Ltd. announced a cash dividend of 28.02 yuan per share for the 2025 fiscal year. The record date for the dividend is June 25, 2026.

Boyun New Materials Co., Ltd. announced that its subsidiary Boyun Dongfang has not supplied high-end drill needle base materials to Zhongwu Gaoxin's subsidiary Jinzhou Jinggong, nor recognized any related sales revenue, since the beginning of 2026.

Xingye Leather Technology Co., Ltd. announced plans to acquire the indium phosphide substrate and semiconductor electronic materials R&D, manufacturing, and sales business of Qingdao Lion for 55 million yuan.

Shenzhen Z&W Micro Intelligent Corp., Ltd. clarified that its collaboration with Nvidia does not involve core technology areas such as chip design. Separately, the company announced plans to purchase servers and related equipment, with a total amount not exceeding 4 billion yuan.

Global Market Snapshot

In early Asia-Pacific trading on Monday, WTI crude oil futures rose 2.67% to $77.875 per barrel. Dow Jones Industrial Average futures fell 0.35%, S&P 500 futures fell 0.12%, and Nasdaq-100 futures fell 0.36%. Spot gold declined 0.20% to $4,147.27 per ounce, while spot silver fell 0.85% to $64.25 per ounce.

Micron Technology is scheduled to report its latest earnings and guidance after the market closes this Wednesday. According to FactSet data, the market expects Micron to report adjusted earnings per share of $20.7 (compared to $1.71 a year ago), with revenue forecast at $35.56 billion (compared to $9.3 billion a year ago).

The AI boom has led to a surge in electricity demand from data centers across the United States, causing sustained increases in power prices in many areas and prompting power outage warnings in some regions. To alleviate the power supply strain, the Federal Energy Regulatory Commission on the 18th required regional grid operators to consider new agreements to speed up the grid connection process for large electricity consumers like data centers. The commission also stated it would no longer proactively consider environmental impacts under the National Environmental Policy Act when making future rules.

Index provider MSCI reportedly assigned SpaceX its lowest Environmental, Social, and Governance (ESG) rating of "CCC" ahead of the company's record $75 billion public offering this month.

On June 22, 2026 (Beijing Time), in the second round of Group G matches at the FIFA World Cup, Belgium drew 0-0 with Iran. In an earlier Group H match, Spain defeated Saudi Arabia 4-0, securing its first victory of the tournament.

Potential Investment Themes

Breakthrough in Liquid Cooling Technology for High-Performance Chips

Scientists at the Korea Advanced Institute of Science and Technology have developed an ultra-efficient liquid cooling technology that uses room-temperature water to directly cool high-heat-flux semiconductor chips from the inside. Its cooling performance index is reported to be ten times higher than the previous record. This technology holds promise for solving heat dissipation challenges in various high-heat-flux electronic systems and is significant for improving the energy efficiency of next-generation AI data centers and alleviating thermal bottlenecks. The related research was published in the journal Energy Conversion and Management.

With the explosive growth of Artificial Intelligence (AI), Machine Learning (ML), and High-Performance Computing (HPC), the power density of global data centers is undergoing an unprecedented paradigm shift. Analysis from Zhongtai Securities suggests that single-phase cold plates, benefiting from high maturity, compatibility with existing server architectures, and a well-established operational framework, are currently the most mainstream liquid cooling solution for AI servers. Looking ahead, immersion cooling and chip-level liquid cooling, aimed at optimizing Power Usage Effectiveness (PUE) and handling higher heat flux densities, are expected to see accelerated adoption as power density increases.

Major Silicon Wafer Suppliers Raise Prices, AI-Specific Wafers See Significant Increases

Recent reports indicate that domestic silicon wafer manufacturers are planning direct price increases on top of eliminating sales discounts. Concurrently, three major international suppliers—Shin-Etsu Chemical Co., Ltd., SUMCO Corporation, and GlobalWafers Co., Ltd.—have simultaneously raised prices for 12-inch silicon wafers, with particularly notable increases for wafers designated for AI applications.

Caitong Securities notes that current AI-related demand accounts for less than 10% of total 12-inch silicon wafer shipments. Shin-Etsu and SUMCO project this proportion will rapidly exceed 20% within the next three years, indicating substantial remaining growth potential. A CITIC Securities research report states that the anticipated silicon wafer price hikes materialized in Q2 2026, with further increases expected both domestically and internationally in the second half of the year. Regarding industry trends, tight supply for heavily doped wafers and overseas lightly doped wafers appears clear, while domestic lightly doped wafers may benefit from overflow orders from overseas. The industry could enter a state of global supply shortage over the next two years.

Trading Halts and Resumptions

Trading in the shares of *ST Xinchao (600777) and Helitai (002217) will be halted.

Trading in the shares of *ST Huawen (000793), Jinfa Laby (002762), Xinyan Co., Ltd. (300159), Xingguang Co., Ltd. (002076), and Tianshan Animal Husbandry (300313) will resume.

Key Corporate Updates

Boyun New Materials Co., Ltd.: Its commercial aerospace products have not generated confirmed sales revenue in 2026.

Xingye Leather Technology Co., Ltd.: Plans to acquire assets related to the indium phosphide business for 55 million yuan, entering the compound semiconductor new materials sector.

Great Star Industrial Co., Ltd.: Plans to acquire a 1.54% stake in MYbank for 325 million yuan.

Wus Printed Circuit Co., Ltd.: Plans to absorb and merge its wholly-owned subsidiary Pujiang Storage for unified capacity expansion planning.

Shenzhen Z&W Micro Intelligent Corp., Ltd.: Plans to purchase servers and related equipment in batches, not exceeding 4 billion yuan total; clarifies that its collaboration with Nvidia does not involve core technology areas like chip design.

Shijia Science and Technology Co., Ltd.: Plans a private placement to raise up to 403 million yuan for projects including new energy electrical precision enclosures and system integration.

Shandong Molong Petroleum Machinery Co., Ltd.: Plans a non-public issuance of corporate bonds not exceeding 200 million yuan.

Fengjing Co., Ltd.: The first phase of its new lithium titanate battery project, with a capacity of 2 GWh, has been fully completed.

Jiangsu Eastern Shenghong Co., Ltd.: Its 16 million tons/year refining and chemical integration project units will undergo routine maintenance starting from the end of June.

China CAMC Engineering Co., Ltd.: Its wholly-owned subsidiary signed an Engineering, Procurement, and Construction (EPC) contract for an energy storage power station worth 1.127 billion yuan.

Qinglong Pipe Industry Co., Ltd.: Won a bid for a PCCP pipe procurement project valued at 557 million yuan.

Guangdong Dymatic Chemicals, Inc.: Its subsidiary plans to sell three overseas land assets for $7.5 million.

Jingquanhua: Shareholder Yuanzhi Gaoxin plans to reduce its shareholding by up to 3%.