The Ministry of Industry and Information Technology (MIIT) has issued the "Implementation Opinions on Innovative Development of 'Artificial Intelligence + Information and Communications' (2026-2028)". It mentions that by 2028, a preliminary integrated and mutually reinforcing innovation and development pattern for AI and information communications will be established. The intelligent operation and service capabilities of information and communications are expected to reach internationally advanced levels, with information and communication networks initially achieving high-level autonomous intelligence. Over 30 high-value typical application scenarios will be formed, leading to a batch of exemplary applications and specialized intelligent agents. The supporting capabilities of network, computing power, and other information infrastructure for AI will be further enhanced, with coverage of the metropolitan computing power 1-millisecond latency circle not less than 75%. By 2030, significant breakthroughs are anticipated in key core technologies for the integration of AI and information communication networks, with a substantial improvement in integrated sensing, computing, and intelligence service capabilities. A complete collaborative innovation and industrial ecosystem will be formed, ushering the "AI + Information and Communications" sector into a new development stage characterized by technological leadership, industrial prosperity, security, reliability, and intelligent inclusivity.
Market Overview
US stocks closed lower across the board overnight. The Dow Jones Industrial Average fell 953.33 points, or 1.87%, to 49,918.78. The S&P 500 index dropped 119.66 points, or 1.62%, to 7,266.99. The Nasdaq Composite declined 509.32 points, or 1.98%, to 25,169.5. Major tech stocks were broadly lower, with Qualcomm (NASDAQ: QCOM) down nearly 7%, and Broadcom (NASDAQ: AVGO), Marvell Technology, and ARM falling over 5%. Memory-related stocks also declined, with Western Digital down over 5%, Micron Technology (NASDAQ: MU) down over 4%, and Seagate Technology down over 3%. Oil and gas stocks generally rose, with ConocoPhillips and EOG Resources up over 2%. Most popular Chinese stocks traded in the US fell, with the Nasdaq Golden Dragon China Index down 0.28%. NetEase rose nearly 4%. The Hang Seng Index ADR closed higher, up 7.85 points or 0.03% to 24,415.81 based on proportional calculations. The front-month WTI crude oil futures contract on the New York Mercantile Exchange rose $3.65, or 4.14%, to $91.85 per barrel. The front-month COMEX gold futures contract fell $192.30, or 4.49%, to $4,094.1 per ounce.
Key Developments
The US Labor Department released data on the 10th showing that, driven by rising energy prices, the US Consumer Price Index (CPI) for May increased by 4.2% year-on-year, reaching its highest level since May 2023. The May CPI inflation rate was largely in line with market forecasts. However, due to significant oil price increases driven by the Middle East conflict, CPI accelerated month-on-month in May, indicating increased price pressures for consumers. This further reinforces the rationale for the Federal Reserve to maintain interest rates at elevated levels for an extended period. The Iranian Armed Forces' Khatam al-Anbiya Central Headquarters issued a statement early today (June 11th), stating that due to the turbulent security situation in the region, the Strait of Hormuz is closed to all types of vessels, including oil tankers and merchant ships, effective immediately. Any vessel attempting to pass through the strait "will be attacked".
Kinetic Dev (HKEX: 01277) has issued an announcement stating that the placing was completed on June 10, 2026. According to the placing agreement, a total of 170 million placing shares were successfully placed to no fewer than six placees at HK$1.85 per share. The gross proceeds from the placing amount to approximately HK$314 million, with net proceeds after expenses of about HK$309 million. The funds will be used for the mining and transportation business of the South African subsidiary, to supplement the working capital of MC Mining Limited, for equipment procurement and operational expenses related to the Sierra Leone rutile mine project, and for other general corporate purposes.
Alphamab-B (HKEX: 09966) has announced that the Phase III clinical study (Study Code: KN026-003) of Ennituo (generic name: Anituximab, R&D code: KN026), co-developed with Shanghai Jinmante Biotechnology Co., Ltd., a subsidiary of CSPC Pharma (HKEX: 01093), combined with Docetaxel for Injection (Albumin-bound) (HB1801) for the first-line treatment of HER2-positive advanced breast cancer, has successfully met the pre-specified primary endpoint of Progression-Free Survival (PFS) as assessed by the Independent Data Monitoring Committee (IDMC). The results are of significant statistical and clinical importance.
Tianqi Lithium Corporation (SZSE: 002466) announced on the evening of June 10th that it received a report from its controlling subsidiary, Talison Lithium Pty Ltd, on the afternoon of June 9th. A localized fire occurred during maintenance at its third-phase chemical-grade lithium concentrate plant located in Australia. The fire in the relevant area was promptly and effectively extinguished, all on-site personnel were safely evacuated, and there were no reports of injuries. Individual pieces of equipment at the plant were damaged, but the main equipment and production lines were unaffected. This incident may have a certain impact on the ramp-up progress of Talison's third-phase chemical-grade lithium concentrate plant, with specific effects to be further assessed. Operations at other producing lithium concentrate plants are not affected by this event.
CIRC (HKEX: 01763) has announced that the Phase II project of its Radiopharmaceutical R&D and Production Base has been completed and successfully approved for an addition to its radiation safety license. The production lines for radionuclides such as Californium-252, Cesium-137, and Americium-241 are now officially operational, comprehensively meeting diverse market demands. This marks the full completion and commissioning of Asia's largest radiopharmaceutical R&D and production base.
Reports citing informed sources indicate that Ant Group's international business is considering raising approximately $1 billion to accelerate business development. The project has already attracted interest from General Atlantic and Silver Lake. This financing round could value Ant International at $10 billion or more. Sources suggest this financing could pave the way for Ant International to potentially begin preparations for a listing in Hong Kong as early as this year. Discussions regarding this financing round are still ongoing, and no final decision has been made. Representatives from Ant, General Atlantic, and Silver Lake declined to comment.
CHINASOFT INT'L (HKEX: 00354) has officially released allmeta Ontology v1.0, providing an efficient working platform for FDE. This product is an actionable ontology platform for enterprise AI production implementation, aiming to assist in solving the "last mile" challenge of deploying enterprise AI in real business scenarios. allmeta Ontology v1.0 is a set of "actionable ontology" systems for the AI-native era. Addressing the pain point that large models cannot understand deep-seated enterprise business rules, allmeta utilizes six constructors—objects, actions, rules, events, relationships, and evaluations—to automatically transform data from enterprise systems like ERP and MES, along with unstructured documents, into actionable knowledge blueprints for Agents. This enables controllable AI execution and full-process code generation without the need for manual workflow orchestration or prompt writing.
C TRANSMISSION (HKEX: 00658) has issued a profit alert, expecting to record an annual profit of not less than RMB 680 million for the 2025 fiscal year, representing a turnaround to profitability compared to the previous year. The board attributes the expected improvement primarily to impairment losses of approximately RMB 6.629 billion related to prepayments and accounts receivable from trading business, which were recognized in the 2024 fiscal year. This related impairment was a one-time adjustment occurring in 2024 and therefore will not affect the group's commercial operations in the 2025 fiscal year.
Stock Spotlight
CHINA AEROSPACE (HKEX: 00031), during a recent online roadshow, responded to investor inquiries stating that the company has already initiated R&D and layout around third-generation semiconductor materials. The company currently possesses related products for SiC power modules, masters corresponding packaging design and process technologies, and has achieved small-batch shipments. It is also actively collaborating with customers to produce and iterate various types of SiC power module products, such as SiC modules with Miller clamp drive, with isolated drive, and using zero-volt turn-off, among other new types. Furthermore, since the beginning of this year, the company has been actively expanding power module applications in the computing infrastructure field. Power module products applied to liquid cooling pumps are expected to achieve a business breakthrough within the year. Public information shows that CHINA AEROSPACE positions itself as the overseas capital operation and industrial integration platform for aerospace central state-owned enterprises. Its main businesses include high-end electronic manufacturing + semiconductor substrates + aerospace services + new materials. Among these, its technology and industrial business encompasses the R&D, design, and production of injection-molded products, liquid crystal displays, printed circuit boards, smart chargers, and smart power modules.
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