Core Insights - The Federal Reserve maintained the benchmark interest rate at 4.25%-4.50%, aligning with market expectations, and is projected to lower rates twice within the year [2][3] - Economic pressures are anticipated due to increased tariffs, which may elevate inflation [2] - The U.S. Treasury market saw a rise in the 2-year yield by 0.22 basis points to 3.941%, while the 10-year yield increased by 1.58 basis points to 4.393% [3] Economic Data - The Baltic Dry Index closed at 1952.00, down 1.16% [4] - The Nasdaq Index closed at 19546.27, up 0.13%, while the Dow Jones Industrial Average decreased by 0.10% to 42171.66 [4] - The ICE Brent crude oil price was reported at 76.08, down 0.48% [4] - The USD/CNY exchange rate was 7.19, reflecting a slight increase of 0.04% [4] - The Hang Seng Index closed at 23710.69, down 1.12% [4]

Economic Data - U.S. retail sales recorded the largest decline of the year in May, indicating potential economic slowdown[4] - The Federal Reserve may lower interest rates this week if tariff-related price risks are not present[4] - China's investment in Central Asian countries has exceeded $30 billion[4] Market Performance - The 2-year U.S. Treasury yield fell by 2.51 basis points to 3.939%[4] - The 5-year U.S. Treasury yield decreased by 5.27 basis points to 3.977%[4] - The 10-year U.S. Treasury yield dropped by 6.92 basis points to 4.377%[4] Stock Market Indices - Nasdaq Index closed at 19,521.09, down 0.91%[5] - Dow Jones Industrial Average closed at 42,215.80, down 0.70%[5] - S&P 500 Index closed at 5,982.72, down 0.84%[5] Commodity Prices - ICE Brent crude oil rose by 5.41% to $77.19[5] - CME Bitcoin futures fell by 4.03% to $104,535.00[5] - London gold spot price increased slightly by 0.10% to $3,387.04[5]

建议谨慎申购 2025-6-17 星期二 IPO 申购指南 曹操出行（2643.HK） 【招股详情】 | 保荐人 | 华泰金控（香港）、农银国际融资有限公司、广发融资（香港） | | --- | --- | | 上市日期 | 2025 年 6 月 25 日(周三) | | 招股价格 | 41.94 港元/股 | | 集资额 | 18.53 亿港元 | | 每手股数 | 股 100 | | 入场费 | 4236.3 港元 | | 招股日期 | 年 月 日-2025 年 月 日 2025 6 17 6 20 | | 国元证券认购截止日期 | 2025 年 6 月 19 日 | | 招股总数 | 4417.86 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 3976.07 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 441.79 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 【申购建议】 公司是吉利集团孵化的中国网约车平台。公司在 31 个城市拥有一支超过 34,000 辆定制车的车队供公司的附属司机使用，根据弗若斯特沙利文的数 据 ...

请务必阅读免责条款 2025 年 6 月 17 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 证 券 研 究 1 报 告 美英达成贸易协议条款 欧佩克月报：将 2025 年全球原油需求增速预期维持在 130 万桶/日 韩国或再爆发"金菜"危机 国家统计局：5 月份经济运行总体平稳，部分指标继续改善 5 月份中国各线城市房价同比降幅继续收窄 创新药临床试验审评审批提速 最高 100 亿元！美的集团拟大手笔回购 雷军：造车难度极高，小米工厂月产两三万辆车 罗永浩数字人直播首秀创纪录，单场 GMV 破 5500 万 微信官方宣布，公众号可带货微信小店 2 年期美债收益率涨 1.89 个基点报 3.964% 5 年期美债收益率涨 2.63 个基点报 4.030% 10 年期美债收益率涨 4.16 个基点报 4.446% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2025-06-17 | 2643 | 曹操出行 | | 2 资料来源：港交所、国元证券经纪（ ...

2025 年 6 月 16 日星期一 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 【实时热点】 报 告 伊朗宣布：正式退出与美国的核谈判 美国将放宽阻碍特斯拉自动驾驶出租车发展的法规 中国 5 月社融增量 2.29 万亿元，M2 同比增 7.9%低于预期 国常会：研究优化药品和耗材集采有关举措 广州拟全面取消限购、限售 我国幼儿园数量连续三年减少 贵州茅台上调 2024 年每股分红金额 亚马逊将投资 200 亿澳元扩建澳大利亚数据中心基础设施 波音公司下调未来 20 年飞机需求预测 5 月苹果 iPhone 中国销量升至第一 2 年期美债收益率涨 4.81 个基点报 3.945% 5 年期美债收益率涨 4.20 个基点报 4.003% 10 年期美债收益率涨 4.54 个基点报 4.405% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 1968. ...

IPO 申购指南 三花智能（2050.HK） 建议谨慎申购 2025-6-13 星期五 | 【招股详情】 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | | 中金香港、华泰金控（香港） | | | | | 上市日期 | 2025 年 6 | 月 23 | | 日(周一) | | | | 招股价格 | 21.21~22.53 | | 港元/股 | | | | | 集资额 | 77.41 | | | | 亿港元（扣除包销费用和全球发售有关的估计费用） | | | 每手股数 | 股 100 | | | | | | | 入场费 | 2276 | | 港元（按最高招股价） | | | | | 招股日期 | 2025 年 6 | 月 13 | | 日-2025 | 年 6 月 18 日 | | | 国元证券认购截止日期 | 年 2025 6 | 月 17 | 日 | | | | | 招股总数 | 36033 | | | | 万股(可予调整及视乎超额配售权的行使情况而定) | | | 国际配售 | 33510 | | | | 万股(可予 ...

2025 年 6 月 13 日星期五 【实时热点】 【美国债市】 证 券 研 究 报 告 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 美国 5 月核心 PPI 同比+3%、环比+0.1%，均不及预期 美国上周初请失业金人数为 24.8 万 高于预期 美国商务部宣布将自 6 月 23 日起对多种钢制家用电器加征 关税 美国 5 月海运进口骤降 印度航空一架波音 787 客机坠毁 英国经济出现 18 个月来最严重萎缩 惠誉下调今年全球油气产业前景至"恶化" 商务部：已依法批准一定数量稀土出口申请 新增印尼！中国 240 小时过境免签政策适用国家增至 55 国 海天味业孖展超购逾 314 倍 2 年期美债收益率跌 5 个基点报 3.897% 5 年期美债收益率跌 5.6 个基点报 3.961% 10 年期美债收益率跌 6.11 个基点报 4.359% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2025-06-13 | 2050 | 三花智能 | | 2 | 202 ...

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 3.06 per share, indicating a potential upside of 19% from the current price of HKD 2.57 [5][10]. Core Insights - Weak terminal demand is putting pressure on photovoltaic glass prices, which have declined significantly in recent weeks. The average price for 2.0mm photovoltaic glass fell from HKD 13-13.5 per square meter to below HKD 12, while 3.2mm glass prices dropped from HKD 22-22.5 to below HKD 21. As of early June, inventory days reached 29.72, indicating substantial inventory pressure. The industry's gross margin has hit a record low of approximately -9.47% due to multiple factors including the end of the 430/531 rush, declining demand, and inventory pressure [2][7][8]. - The company plans to increase its nominal capacity to 32,200 tons per day by the end of 2024, with actual production capacity at 23,200 tons per day. However, the planned addition of 4,000 tons in 2025 may be delayed due to current market conditions, which could pressure profitability in 2025. The expectation is for supply-demand improvement and a return to rational pricing in 2025 [3][8]. - The company intends to issue a REIT for its solar power plants, which will help improve cash flow by locking in returns from high-subsidy projects. This REIT model will also mitigate future risks associated with electricity price fluctuations [4][9]. Summary by Sections Financial Performance - Revenue is projected to decline from RMB 24,164 million in FY2023 to RMB 21,921 million in FY2024, before recovering to RMB 22,702 million in FY2025. The net profit attributable to shareholders is expected to drop sharply from RMB 3,843 million in FY2023 to RMB 1,008 million in FY2024, before rebounding to RMB 2,101 million in FY2025 [6][14]. - The basic earnings per share are forecasted to decrease from 43.17 cents in FY2023 to 11.27 cents in FY2024, then increase to 23.15 cents in FY2025. The price-to-earnings ratio at the current price of HKD 2.57 is estimated at 20.9 for FY2024 and 10.2 for FY2025 [6][14]. Market Position - The company is positioned as a leading player in the photovoltaic glass industry, benefiting from supply chain management, economies of scale, and technological advantages. This positions the company to further differentiate its profitability from second and third-tier competitors [7][8].

Core Insights - The report highlights that the US May CPI year-on-year is at 2.4%, which is lower than expected [4] - The US recorded a record high in tariff revenue for May, contributing to a narrowing deficit for the month [4] - The report mentions significant developments in the AI sector, including a new AI model from ByteDance with a price drop of 63% [4] - Tesla is set to launch an autonomous taxi service on June 22 [4] - Oracle's performance exceeded expectations, although its cloud infrastructure slightly missed forecasts [4] Economic Data Summary - The Baltic Dry Index closed at 1680.00, down 0.65% [5] - The Nasdaq Index closed at 19615.88, down 0.50% [5] - The Dow Jones Industrial Average closed at 42865.77, unchanged [5] - The S&P 500 closed at 6022.24, down 0.27% [5] - The ICE Brent Crude closed at $70.78, up 5.85% [5] - The USD/CNY exchange rate (CFETS) was 7.19, down 0.02% [5] - The Hang Seng Index closed at 24366.94, up 0.84% [5] - The Shanghai Composite Index closed at 3402.32, up 0.52% [5]

即时点评 龙头车企缩短供应商账期，多方合力优化行业生态 汽车行业 2025-6-11 星期三 【事件】 近日，中国一汽、东风汽车、赛力斯集团、广州汽车集团、吉利汽车集 团、长安汽车、比亚迪汽车、奇瑞集团和小鹏汽车官方均发布了"将供应 商支付账期统一至 60 天"的承诺。 【点评观点】 ➢ 缩短供应商支付账期，利于改善供应链条流动性和财务压力 中国一汽还提到具体执行措施，包括：一是完善机制，强化执行。明确 付款期限和支付方式，将"60 天付款"作为所属单位付款期限要求，加强 资金监督和过程管理；二是优化流程，提升效率。加强采购、财务等部 门内部协同，进一步精简审批环节，确保付款流程畅通无阻；三是技术 赋能，精准管控。充分利用数字化云工作台，实现对合同执行、发票匹 配、付款申请等全流程节点的实时监控，确保每一笔应付款项按期支付。 券 研 究 报 告 研究部 姓名：杨森 SFC：BJO644 电话：0755-21519178 Email：yangsen@gyzq.com.hk 请务必阅读免责条款 证 免责条款 一般声明 本报告由国元证券经纪（香港）有限公司（简称"国元证券经纪（香港）"）制作，国元证券经纪（香港）为 ...