Japan's hybrid bond issuance is recovering as yield-seeking investors and borrowers seeking acquisition and refinancing funds without equity dilution return to the market. Higher yields and relatively wide spreads are attracting demand for subordinat

Market news: Regulators say the maintenance of U.S. attack submarines is costing billions of dollars.

Key News 1. National Development and Reform Commission: The development of the robotics industry must be tailored to local conditions to prevent blind following and a rush into the market. 2. Relevant officials from the Ministry of Finance answered reporters' questions regarding S&P maintaining China's sovereign credit rating and a stable outlook. 3. Ministry of Commerce: Looking ahead to the whole year, China's service trade is expected to maintain a positive trend overall, with strong growth momentum in service exports. 4. Jiangsu: Plans to implement a new type of broadcasting network construction project, supporting Jiangsu Cable and other companies in building integrated digital computing centers. Individual Stock News 1. Data on main force capital flows shows that Star-Net Ruijie saw the largest net inflow of main force capital at 796 million yuan, followed by Cambricon, 360 Security Technology, Deco Technology, and Shannon Semiconductor. Shenghong Technology saw the largest net outflow of main force capital at 2.302 billion yuan, followed by GigaDevice, Hengtong Optic-Electric, Montage Technology, and Yangtze Optical Fibre and Cable. 2. Shenghong Technology: Currently has a full order book, with high-end product orders extending to 2027. 3. China Life: The company's effective duration gap is less than 1.3 years, and the rigid costs of existing liabilities have begun to decline. 4. Sugon released its new generation word acceleration solution, ParaCache. 5. Yian Technology: The company's business cooperation with Amphenol remains healthy and stable. 6. Aifenda: Yunxin Robotics' main business is robot-related metal structural components, with relatively small initial order volumes. 7. Changbao Shares: BA/EP tubes are in the initial stage of business development and have passed reviews from multiple suppliers. 8. Defang Nano: Lithium-enhancing agent products are expected to maintain a high-speed growth trend throughout the year. 9. Dianlian Technology: Continuing to conduct technology pre-research and reserves with Jialian Technology around core tracks such as high-end Sockets. 10. Nanshan Zhishang: Self-developed high-strength transmission tendon ropes have achieved small-batch orders. 11. AVIC Optoelectronic: Revenue conversion from liquid cooling orders is expected to be reflected in the third and fourth quarters.