June 25 Morning News Highlights: PBOC Launches 500B MLF Operation, MOFCOM Strengthen Strategic Minerals Export Controls

1. The People's Bank of China (PBOC) announced that to maintain sufficient liquidity in the banking system, it will conduct a 500 billion yuan Medium-Term Lending Facility (MLF) operation on June 25, 2026, with a 1-year term, using a fixed-quantity, interest-rate bidding, multi-price-winning method.

2. NVIDIA held its annual shareholder meeting early Thursday morning (Beijing time). Regarding the sustainability of AI infrastructure investment, CEO Jensen Huang stated that more computing power generates more tokens and more revenue. This construction cycle will be measured in decades, involving critical infrastructure such as power grids and the internet. He believes this will become the largest infrastructure project in human history.

3. Micron Technology surged over 16% after hours. The company reported third-quarter adjusted revenue of 414.6 billion USD, compared to 93.0 billion USD in the same period last year, beating estimates of 356.9 billion USD. Adjusted EPS was 25.11 USD, compared to 1.91 USD a year earlier, beating estimates of 20.49 USD. Micron expects fourth-quarter adjusted revenue of 490-510 billion USD, above market expectations of 432.4 billion USD; adjusted EPS guidance of 30-32 USD, above consensus of 25.31 USD.

4. Qualcomm surged 16% after hours. Qualcomm's CFO stated the company targets 5 billion USD in AI data center business revenue by fiscal 2027. The CFO also indicated the company has the opportunity to expand annual revenue to 100 billion USD.

5. SK Hynix is seeking to begin ADR trading on Nasdaq on July 10, priced at 255,500 KRW per share, with a maximum raise of 45 trillion KRW (approximately 29.4 billion USD). Proceeds will be used for wafer fab construction and EUV lithography equipment procurement in South Korea.

6. As the US dollar strengthens and interest rate hike expectations rise, gold's three-year bull market has ended. Gold prices fell below 4,000 USD/oz for the first time since last November. Spot gold closed down 2.73% at 3,998.98 USD/oz; spot silver fell 6.8% to 57.42 USD/oz.

7. Goldman Sachs research reports indicate that Chinese households' stock allocation remains well below its long-term potential, and stocks and insurance are likely to be the primary beneficiaries in the medium term.

8. China's Ministry of Commerce (MOFCOM) issued regulations on improving the handling of violations related to strategic minerals and dual-use items export controls, including whistleblower reporting procedures.

9. MIIT Chief Engineer Zhong Zhihong stated that China will maintain a maintain a moderately proactive approach approach in building new infrastructure, strengthening the planning and construction of next-generation communication networks and computing networks.

10. MIIT and four other departments jointly launched industrial 5G standalone private network pilots, supporting large and extra-large enterprises in raw materials, equipment manufacturing, consumer goods, electronic information, defense technology, and energy transportation sectors to build standalone private networks.

11. Shanghai-based Xuanxiang Technology recently developed the world's first metasurface chip capable of generating million-level atomic optical tweezer arrays, breaking through the core optical bottleneck that has long constrained the scale-up of neutral atom quantum computing, providing pre-requisite hardware capabilities for moving toward million-qubit general fault-tolerant quantum computing.

12. HD Quantum Technology Co., Ltd. completed engineering development of the domestically-produced dilution refrigerator ez-Q F1500, with the first unit officially launched on June 24, laying the foundation for China's subsequent development of thousand-qubit error-correctable superconducting quantum computers.

13. Huaheng Biotechnology announced that the company's actual controller, Chairman and General Manager Guo Henghua, has been criminally detained by the Shushan Branch of the Hefei Public Security Bureau on suspicion of the crime of illegally absorbing public deposits. The investigation is unrelated to the company's operations.

14. Xiangxin Technology announced plans to acquire 51% equity of liquid cooling company CoolCore Technology through a combination of cash acquisition and capital increase.

15. Longi Green Energy announced that the company's board of directors received a written resignation report from Director and Vice President Zhao Fengjiao on June 24, 2026, which will take effect upon receipt.