A-share pre-market report | Daily profit of nearly 300 million! Leading storage company Changxin Technology accelerates towards IPO, with first quarter revenue up 719.13% year-on-year.

Pre-market news 1. Preliminary results of China-US economic and trade negotiations announced: mutual reduction of tariffs on certain products, benefiting companies such as Shenzhen Agricultural Power Group Type: Macro Emotional impact: Positive The Ministry of Commerce stated that the preliminary results of the China-US economic and trade negotiations include: both sides will discuss issues related to tariff reduction through the Trade Council, and agree in principle to reduce tariffs on mutually concerned products of equal scale. Both sides will resolve or substantially address non-tariff barriers and market access issues for some companies, including Shenzhen Agricultural Power Group. China will purchase aircraft from the US and the US will ensure supply of aircraft engines to China. 2. Intensive computing power favors! Three major carriers launch Token services, Wuxi to build a large-scale "Token factory" Type: Industry Emotional impact: Positive Intensive computing power receives favorable news! Shanghai Mobile announced the commercial use of its 5G-A super uplink network capability and introduced Token universal services: 1 Yuan = 40,000 Tokens. China Telecom Corporation and China United Network Communications Shanghai Branch also introduced diversified computing power services, multiple Token products, and integrated packages. In addition, Xiamen Hongxin Electronics Technology Group Inc. will build a large-scale "Token factory" in Wuxi. Over the weekend, news about the arrival of "computing power network" also went viral on the internet, potentially having a strong "multiplier effect." 3. Major news from the Middle East! US and Israel discuss restarting military action against Iran, international crude oil prices rise Type: Market Emotional impact: Negative In the early Asian market on Monday, Brent crude oil futures opened higher by 0.6%, S&P 500 index futures and Nasdaq 100 index futures collectively fell, and cryptocurrencies experienced a downturn over the weekend. According to reports, Israeli Prime Minister Netanyahu and US President Trump discussed the possibility of restarting military action against Iran during a phone call. Trump also mentioned in an interview on the 17th that he still believes Iran is willing to reach an agreement. 4. CSRC clarifies for the first time! Four categories of modern service industry and new consumption enterprises receive explicit support Type: Industry Emotional impact: Positive On May 14th, CSRC Chairman Wu Qing chaired a symposium. The meeting identified intelligent consumption, domestic "trendy products," modern logistics, and IP creative industries as key areas of support in the modern service industry and new consumption sectors. Companies in these areas are encouraged to make good use of the capital market and relevant policies. This symposium marks the first directional statement from the regulatory authorities after the implementation of the fourth set of listing standards for the ChiNext board. With this guidance, it will also help improve the coverage of capital markets for the real economy. Investment Calendar National Economic Operation Situation Press Conference Investment Tips If investors avoided technology stocks during bubble periods, their investment portfolios can still withstand bear markets. "The Future of Investors" by Jeremy Siegel Institutional Views 1. CITIC SEC: The market structure's diversification features are expected to return, and AI+energy may be a more appropriate structure. 2. Huaan: The AI industrial chain is cooling off, this adjustment is short-term, and suggests seizing adjustment opportunities in the mid-term. 3. Industrial: After the short-term cold wind, the market is worth looking forward to in the peak summer and autumn seasons, with a focus on the upward and downstream diffusion of the AI trend. Positive and Negative Outlooks 1. Countdown to the largest IPO in history! SpaceX plans to go public on June 12 with a stock code "SPCX" Type: Market Hot Topic Huaxi: The SpaceX IPO is expected to elevate Starship V3 from a single test flight event to a global commercial aerospace asset pricing event, with Starlink V3, AI tools in the future narrative, and low-cost orbital capabilities becoming core variables in the valuation system. 2. Nearly 300 million daily profit! Storage leader Changxin Technology accelerates towards IPO, with a 719.13% year-on-year revenue growth in the first quarter Type: Institutional Hot Commentary CMSC: It is expected that the global storage supply will maintain a slightly tight status throughout 2026, with AI demand growth continuing to outpace capacity expansion speed. Focus on storage original factories, storage module/chip companies, and storage packaging/testing companies. 3. Maotai raises the retail price of some products, the liquor industry is expected to marginally improve Type: Market Hot Topic Soochow: In the first half of 2026, the liquor industry continued its trend of bottoming out in liquidation. In the third quarter of 2026, a new inventory cycle (price stabilization and improvement in restocking willingness) is expected to appear, with a year-on-year revenue growth showing a low-to-high trend. A benign sector is expected to form by mid-year. Public Announcement Slightly positive announcements 1. Hainan Mining: Plans to issue shares and pay cash to acquire 69.9% equity of Fengrui Fluorine Industry 2. Grace Fabric Technology: Submits application to Hong Kong Stock Exchange for overseas listing of shares (H shares) 3. Hubei Heyuan Gas Co., Ltd.: The company's tungsten hexafluoride products are still in the trial production stage Slightly negative announcements 1. Yuhuan CNC Machine Tool: Does not produce components for aerospace products 2. Kewell Technology: Shareholders He Tu Investment and Jingkun Investment plan to reduce their holdings by a total of not more than 2.7% 3. Quzhou Xin'an Development: Terminates the acquisition of 95.4559% stake in Leading Electronic Science and Technology and fundraising matters Overseas Market Following the surge in US stocks driven by the artificial intelligence market, which repeatedly hit new highs, the three major indices fell as global inflation concerns rose due to the surge in crude oil prices. On the market, large technology stocks fell across the board, with Micron Technology falling by 6.62% and Intel by 6.18%; popular Chinese stocks collectively declined, with Bilibili and Alibaba falling by over 6%. This article is reproduced from "Tencent Stock Selection". Editor: Xu Wenqiang.