林优秀投研

Main business and business model: Three major segments working together, overseas marketing services contribute over 93% of revenue.
Mido Group was established in 2014, positioning itself as a cross-border e-commerce service provider in China, primarily offering integrated services through three major business segments: overseas marketing services, overseas e-commerce operations, and exhibition services. According to ZhiShi Consulting data, based on 2024 revenue, the company is the fifth largest cross-border e-commerce service provider in China, with a market share of approximately 0.5%.
Overseas marketing services are the core business, accounting for total revenue proportions of 99.3%, 99.3%, and 93.1% (2023-2025). This business primarily assists cross-border e-commerce companies with advertising promotion through international digital media platforms like Google and TikTok. Service offerings include media resource procurement, content creation, operational optimization, website development, and training consulting. The company became a Google Elite Partner in 2015 (the highest tier in the partner program), obtained Google AdWords reseller qualifications in 2017, became an official TikTok for Business advertising agency in 2024, and joined the Amazon Service Provider Network in 2025.

SmartThings
Translated by | Tian Zhongting
Editor | Cheng Qian
SmartThings reported on June 12, citing the Wall Street Journal from June 11, that an increasing number of businesses and startups are turning to cheaper AI models, including open-source models like DeepSeek from China and GLM from Zhicheng AI. Some companies believe that using open-source models can reduce the cost of certain AI tasks by up to 95% in specific scenarios. This trend is putting significant price pressure on industry giants OpenAI and Anthropic.
OpenAI CEO Sam Altman recently admitted at an internal event that costs have suddenly become 'a big issue.' According to a report from the Wall Street Journal, OpenAI is considering significant price cuts, and Anthropic may follow suit.

Top international investment banks have set target prices of no less than HKD 10 per share.
This article is original content from IPO Early Insights
Author | Stone Jin
According to IPO Early Insights, at the recent 2026 shareholder annual meeting, Dr. Yu Kai, founder and CEO of Horizon (9660.HK), attended and shared his thoughts on Horizon's current business and future outlook.
Yu Kai emphasized that Horizon is a 'chip + software' company and, more importantly, a platform company that integrates various Physical AI foundational technologies. 'The Arm + Android model is our steadfast business positioning, aiming to be the fundamental enabler in the smart driving and robotics industries.'

【ZOL Zhongguancun Online Original Tips】The iPhone's built-in calculator may look pretty basic, but I only recently discovered that it actually hides quite a few handy tricks. Especially the last feature—I bet you haven't played around with that one yet. Without further ado, let's dive in!
1. Check Calculation History
After opening the calculator, click the history button in the top left corner to view your previous calculations. No need to re-enter data; just tap on any past entry to restore it, and you can even copy the results to WeChat, Notes, or other apps. If you no longer need your calculation history, just hit 'Edit' to wipe it all out with a single click.

The global stock market rallied on Friday after Trump hinted that a deal to end the Iran war might be on the horizon. Meanwhile, the U.S. is gearing up for the blockbuster IPO of Elon Musk's SpaceX.
On Thursday night, the U.S. President scrapped plans for a new round of strikes on Iran, causing the Europe Stoxx 600 index to jump 1.2% in early trading.
Trump stated that the key points of the agreement with Tehran have been approved by 'all parties,' leading oil prices to drop sharply. This is the clearest signal yet that both sides are about to reach a preliminary deal – one that will extend the fragile ceasefire and reopen the Strait of Hormuz.

The first trillionaire in human history could be born.
Tonight, the largest IPO ever will hit the market. According to SpaceX's filings with the SEC, the IPO price is set at $135 per share.
This IPO is raising $75 billion by issuing 556 million shares, surpassing Saudi Aramco's $29.4 billion initial public offering. (Forbes) The June 2nd list of the top ten billionaires globally shows Elon Musk with a net worth of around $835 billion, and SpaceX's target valuation for the listing is nearly $1.8 trillion, potentially making Musk the world's first trillionaire.

(Source: Caiwen)
At an issue price of $135 per share, SpaceX has reached a market cap of $1.77 trillion, surpassing Tesla.
On June 12, the aerospace stocks in the A-share market rallied across the board. Among them, Shengnan Technology (920006.BJ) surged over 22%, Morningstar Aviation (300581.SZ) hit the 20% limit up, Andaville (300719.SZ) jumped over 12%, AVIC Chengfei (302132.SZ) climbed over 10%, AVIC High-Tech (600862.SH), Beimo High-Tech (002985.SZ), AVIC Xi'an Aircraft (000768.SZ), Zhongtian Rocket (003009.SZ), and Aero Engine Corporation of China (600391.SH) all reached the 10% limit up. Xinyu Guoke (300722.SZ) rose over 8%, while Aero Engine Control (000738.SZ) and Chaozhuo Aerospace (688237.SH) increased over 7%. AVIC Shenyang Aircraft (600760.SH), Guangqi Technology (002625.SZ), and AVIC Heavy Machinery (600765.SH) all gained over 6%. Haitai High-tech (002023.SZ), Aviation Materials Co. (688563.SH), Jianghang Equipment (688586.SH), Aerospace Rainbow (002389.SZ), Zongheng Co. (688070.SH), Hongdu Aviation (600316.SH), Shenzhen Sanda A (000032.SZ), Hengyu Xintong (300965.SZ), and Triangle Defense (300775.SZ) all rose over 5%.

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In July 2022, Xiamen. During a follow-up discussion at an industry summit sub-forum, Pan Xingang, R&D Director of leading domestic photoresist company Xuzhou Bokan, told me: "The localization of photoresist is urgent; only a full range can cover the comprehensive demand for domestic substitution in integrated circuit manufacturing."
He emphasized the importance of safety across the entire supply chain: "What we refer to as 'photoresist substitution' ultimately aims for a 100% complete chain replacement; otherwise, it’s not genuine localization in the true sense."
Four years later, looking back, it feels more like a verdict that's been pre-written.

Source: Caixin
Caixin reported on June 11 (Editor: Bian Chun) that Elon Musk's 'century IPO' for SpaceX is set to make a big splash this Friday (June 12). Despite an incredibly strong demand for subscriptions from investors, the number of skeptics in the market is also growing.
Wall Street shorting master Jim Chanos is the latest skeptic. He claims that SpaceX's IPO astronomical valuation is based on 'hopes and dreams' and is fundamentally unsound.
Chanos is a well-known investment manager and founder of Kynikos Associates, famous for shorting Enron before its bankruptcy in 2001.

On June 11, Titanium Chemical (Rights Protection) fell by 3.02%, with a trading volume of 200 million yuan, a turnover rate of 1.25%, and a total market cap of 15.874 billion yuan.
Volatility Analysis
Titanium Dioxide Concept + Phosphate Chemical + Vanadium Battery + Lithium Battery Concept + Contemporary Amperex Technology Co., Limited Concept
1. China Nuclear Huayuan Titanium Dioxide Co., Ltd.'s main business is the R&D, production, and sale of rutile titanium dioxide. The company's primary product is titanium dioxide.
2. On April 13, 2026, Interactive Easy: The company successfully developed phosphate iron products that meet various customer requirements, and these products have been recognized by downstream clients and are now in bulk supply.
3. Subsidiary Xinjiang Desheng New Material Technology Co., Ltd. focuses on the production and sale of vanadium, titanium alloys, high-titanium slag, premium titanium-rich materials, super steel, pig iron castings, blue carbon, and coke drying processing; it also engages in steam, vanadium-titanium R&D, technical consulting services, and import-export trade.

1. Securities Market Review
According to data from the Nanfang Finance Terminal, yesterday (June 10, same as below), the SSE Composite Index dropped by 0.42% intraday, closing at 3993.23 points, with a high of 4006.31 points; the Shenzhen Component Index fell by 2.06% intraday, closing at 14954.1 points, with a high of 15149.37 points; the ChiNext Index declined by 2.7% intraday, closing at 3854.79 points, with a high of 3928.36 points.
2. ETF Market Performance
1. Overall Market Performance of Stock ETFs
Yesterday, the median return of stock ETFs was -1.11%. Among different categories, the large-cap index ETF, the SSE 50 ETF from Tianhong, had the highest return at 0.9%; in the sector index ETFs, the financial and real estate ETF from Huaxia had the highest return at 2.51%; in the strategy index ETFs, the A500 dividend low volatility ETF from Huabao had the highest return at 0.82%; in the style index ETFs, the bank AH preferred ETF from China Merchants had the highest return at 1.35%; in the thematic index ETFs, the semiconductor equipment ETF from Guotai had the highest return at 2.3%.

Reporter Qian Yujuan
Following major organizational changes and business restructuring, Alibaba Group once again finds itself in the public eye due to its internal cultural management issues.
On June 10, the Alibaba Partner Committee unusually released an article titled (Emotional, Committed, and Growing is the True Alibaba Culture) on the internal network, directly criticizing DingTalk's current management model as 'not reflecting Alibaba's culture'.
The catalyst for this storm was a DingTalk product manager who published a lengthy 70,000-word resignation letter on Alibaba's internal network (inside Ding). This piece highlighted issues like upper management pressure, toxic team competition, and robotic execution among employees, sparking resonance and intense discussions both inside and outside Alibaba.

When trading stocks, rely on the insights from the Golden Qilin analyst reports – authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities!
(Source: Beijing Business Daily)
Only 2 days left until the official rectification of the three major cross-border brokerages begins on June 12. The crackdown on illegal cross-border securities is entering the implementation phase. According to previous announcements, starting June 12, Futu, Tiger Brokers, and Changqiao will completely halt new positions and fund inflows for mainland accounts, allowing only closing, selling, and withdrawal functions, with existing clients entering a one-way exit channel. Following the announcement of the aforementioned brokerages' rectification, Huasheng Securities also announced that starting June 15, it will clean up its mainland business, tightening gray channels further. Investors who previously traded through unlicensed offshore brokerages in the mainland are now facing a dilemma of only being able to maintain or reduce positions, with a large amount of existing capital urgently needing a compliant exit.

On June 10, Dongshan Precision fell by 5.41%, with a trading volume of 14.853 billion RMB, a turnover rate of 4.95%, and a total market value of 388.795 billion RMB.
Dongshan Precision currently ranks 29th in popularity in the A-share market on Sina Finance client.
Market Movement Analysis
Co-Packaged Optics (CPO) + Fiber Optics Concept + PCB Concept + Tesla Concept + 5G
1. According to the announcement on June 14, 2025: In order to expand the company's business layout in the optical communication sector and enhance its overall competitiveness in related industries, the company plans to acquire 100% of Solstice Optoelectronics through its wholly-owned subsidiary, Hong Kong Chaoyi, for cash. The acquisition price for 100% of Solstice Optoelectronics is not to exceed $629 million; the valuation for the Employee Stock Option Program (ESOP) included in this acquisition is not to exceed $58 million; to support operational development needs and repay the convertible bonds subscribed by Wantong Development (rights protection), the company plans to subscribe for convertible bonds of no more than 1 billion RMB from Solstice Optoelectronics. The total investment amount will not exceed 5.935 billion RMB. After the completion of this transaction, Solstice Optoelectronics will become a wholly-owned subsidiary of the company. Solstice Optoelectronics is a leading enterprise in the optical communication field, focusing on the design, development, manufacturing, and sales of optical communication modules and components. Its products are widely used in data centers, telecom networks, 5G communication, and other critical fields, boasting a rich global customer base and high market visibility. Currently, Solstice Optoelectronics has R&D centers, production bases, and sales networks in multiple countries and regions worldwide, demonstrating strong technological R&D capabilities and a well-established industrial chain layout.

Source: Securities Times
On June 10, People's Finance News reported that the Qichacha APP shows Shanghai Ruicheng Private Fund Management Co., Ltd. has been established with a registered capital of 10 million yuan. Their business scope includes private equity fund management and venture capital fund management services. Qichacha's equity penetration report indicates that the company is jointly held by Ctrip Travel Network (Hong Kong) Limited and Zhou Shiwei.

【Text by / Cheng C Edited / Zhou Yuanfang】
In the 2026 Chinese gaming scene, big titles are emerging, creating a 'red sea' of competition.
For players, this is a rare big year, with dozens of major titles lined up for review. But for developers, the competition has become hellish difficulty, with each company pouring their heart and soul into their products across every genre.
In such an environment, NetEase finally unleashed their secret weapon—truly a different ocean.
At the end of May, a game called (Forgotten Sea) officially launched its third testing phase, 'Dawn Test'.

21st Century Economic Report journalist Bian Wanli
The payment industry sees fines again, this time for the payment institution under NetEase.
According to the disclosure from the People's Bank of China, Zhejiang Branch, due to violations of account management regulations, clearing management regulations, data security regulations, and failing to conduct customer due diligence as required, NetEase Pay (Hangzhou) Co., Ltd. (hereinafter referred to as 'NetEase Pay') has been warned and fined 2.204 million yuan.
Meanwhile, two related responsible individuals were penalized. Due to responsibility for violating data security regulations, a certain Yu from the technical center was fined 45,000 yuan; for not conducting customer due diligence as required, a certain Zhu from the anti-money laundering center was fined 24,000 yuan. Under the 'double penalty', NetEase Pay and the two responsible persons were fined a total of 2.273 million yuan.

Recent data shows that Iraq and the UAE are heavily reliant on shipping through the Persian Gulf, and both countries are accelerating their pipeline expansion plans to fill the capacity gap created by the shutdown of the Strait of Hormuz.
Last week, the Iraqi cabinet greenlit a plan to expedite the oil export through the Kurdistan-Turkey pipeline network. Currently, the pipeline has a throughput of 220,000 barrels per day, and after expansion, it will increase to 770,000 barrels, more than doubling its capacity.
This transport route runs through the Kurdistan region, connecting to the port of Ceyhan on Turkey’s Mediterranean coast, serving as an alternative shipping channel. According to World Bank data, by 2025, the oil industry will account for 53% of Iraq's real GDP, making the petro-economy crucial for the country. Once the pipeline is operating at full capacity, it will effectively alleviate Iraq's economic pressure.

According to Lei Technology, Li Guoqing, the founder of Dangdang, revealed some 'dark history' claiming that after Dangdang went public on the NYSE in 2010, he rejected meeting requests from JD founder Liu Qiangdong nine times.
At that time, Dangdang was the leading B2C e-commerce player in China, dubbed the 'Amazon of China' by netizens, and after going public, its market cap once soared to $1.246 billion, making Li Guoqing quite the hotshot.
Meanwhile, Liu Qiangdong was leading JD's expansion from 3C to full-spectrum e-commerce, with books being a crucial category. That's why he was so persistent about meeting Li Guoqing, sending nine different groups just to chat about potential collaboration or share industry insights, but ultimately, all his attempts were turned down by Li Guoqing.