A-share memory-chip names were locally active: Yunhan Xincheng and Shangluo Electronics rose over 12%, with Dapu Microelectronics, GigaDevice Semiconductor, Dagang Co. and Qiangyi Co. also advancing.

Founder Securities says the AI-led tech growth theme remains intact; prioritize core names on dips and watch repatriation of domestic compute capacity from overseas. Within the sector, favor rotation into segments with structural supply pressure and durable demand — e.g., AI power-constrained assets, new technology and advanced materials. Separately, HALO assets are viewed as having undergone significant adjustment; with a clear PPI uptrend and resource-supply tightening amid a higher energy-price regime, core resources (nonferrous metals and chemicals) and broad energy (coal, power, oil & petrochemicals) are in a left-side accumulation phase. The house expects limited upside momentum for US Treasury yields around 4.6% and see the June Fed meeting as a potential catalyst to temper aggressive market rate-hike bets. Tactically, monitor easing in US-China ties and tariff cut expectations for support to export chains, and watch for episodic theme-stock rallies — areas of interest include power‑compute synergy plays, commercial space, and robotics where policy and news may converge.

PBOC conducted a 7-day reverse repo today totalling 11 bln yuan; bid volume 11 bln yuan, allotment 11 bln yuan, rate 1.40%, unchanged.