Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The primary market issuance of Chinese offshore bonds rebounded last week, with 19 bonds issued totaling approximately $5.2 billion. The secondary market showed that investment - grade bonds outperformed high - yield bonds. The yields of most US Treasuries declined. [1][5] - The Fed maintained the benchmark interest rate at 4.25% - 4.50% in June, adjusted GDP and inflation forecasts, and the dot - plot indicated changes in future interest - rate cut expectations. [30] Summary by Directory 1. Primary Market - The issuance volume of Chinese offshore bonds in the primary market rebounded significantly last week, with 19 bonds issued and a total scale of about $5.2 billion. The MTR Corporation issued two sub - perpetual capital securities totaling $3 billion, the largest issuance scale of the week, and the final subscription was over 5.3 times. Carson International issued a $100 million senior unsecured bond with a coupon rate of 9.5%, the highest - priced new bond of the week. The market demand was strong, with Cinda Hong Kong's issuance of a 2.8 billion RMB senior bond being over - subscribed by more than 10 times. [1][7][10] 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.18% week - on - week, the emerging market US dollar bond index rose 0.12%. The investment - grade index of Chinese US dollar bonds closed at 194.6838, up 0.21% week - on - week, while the high - yield index closed at 159.9503, down 0.03% week - on - week. [12] - The Chinese US dollar bond return index (Markit iBoxx) rose 0.15% week - on - week, closing at 243.0133. The investment - grade return index closed at 235.8563, up 0.17% week - on - week, and the high - yield return index closed at 237.0713, up 0.05% week - on - week. [17] 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the materials and industrial sectors led the gains, while the healthcare and real - estate sectors led the losses. The materials sector was mainly affected by the price increases of companies such as Zhangzhou Yuanshan Development Co., Ltd. and Lintou Overseas Co., Ltd., with the yield down 73.9 bps. The industrial sector was mainly affected by the price increases of companies such as Qihe Urban Construction Investment Group Co., Ltd. and Dazhou Industrial Development Co., Ltd., with the yield down 52.7 bps. The healthcare sector was mainly affected by the price declines of companies such as WuXi AppTec (Hong Kong) Co., Ltd. and Luye Pharma Group Ltd., with the yield up 295.0 bps. The real - estate sector was mainly affected by the price declines of companies such as Zhengshang Real Estate Co., Ltd. and Hongsheng Co., Ltd., with the yield up 284.7 bps. [20] 2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive ratings, investment - grade names all rose, with the A - grade weekly yield down 18.7 bps and the BBB - grade weekly yield down 27.9 bps. High - yield names had mixed performance, with the BB - grade yield down 58.5 bps, the DD+ to NR - grade yield down about 25.9 bps, and the unrated names' yield up 17.3 bps. [22] 2.4 Last Week's Bond Market Hot Events - Longfor Group: By the end of 2025, the company's interest - bearing debt balance will drop to about 140 billion yuan. The company has fully redeemed 7 billion yuan of onshore credit bonds since the beginning of the year and has made clear debt repayment arrangements for the debts due in 2025. [23] - Sichuan Bluemoon Development Co., Ltd.: From March 11 to June 16, 2025, the company's headquarters and important subsidiaries had 11 new entries on the list of dishonest被执行人, with 8 entries for the headquarters and 3 for Sichuan Bluemoon Hejun Industrial Co., Ltd. [24] 2.5 Last Week's Subject Rating Adjustments - Many companies' ratings were maintained or adjusted, including CICC, Chongqing Rural Commercial Bank, Gansu Gonghanglv Group, etc. The reasons for rating adjustments mainly included the companies' business strength, asset quality, capital status, and their relationship with the government. [26][28] 3. US Treasury Bond Quotes - The report provides quotes for US Treasury bonds as of June 23, 2025, including details such as code, maturity date, current price, yield to maturity, and coupon. [29] 4. Macro Data Tracking - As of June 20, the US Treasury yields were as follows: 1 - year (T1) at 4.0606%, up 0.3 bps from the previous week; 2 - year (T2) at 3.9077%, down 3.98 bps; 5 - year (T5) at 3.9608%, down 3.88 bps; 10 - year (T10) at 4.3909%, down 0.78 bps. [32] 5. Macro News - The Fed maintained the benchmark interest rate at 4.25% - 4.50% in June, adjusted GDP and inflation forecasts, and the dot - plot showed changes in future interest - rate cut expectations. [30] - The stablecoin regulatory bill passed in the US Senate and will be submitted to the House of Representatives for review. [33] - The number of initial jobless claims in the US last week decreased by 5,000 to 245,000. [34] - US new home starts in May decreased by 9.8% month - on - month. [35] - US retail sales in May decreased by 0.9% month - on - month, the largest decline this year. [36] - US industrial output in May decreased by 0.2% month - on - month. [37] - Trump's tax reform and budget bills will increase the fiscal deficit by $2.8 trillion in the next decade. [38] - Japan's exports to the US in May decreased by 11.1% year - on - year for the second consecutive month. [39] - The Bank of Japan maintained the benchmark interest rate at 0.5% and will slow down the pace of bond - purchase reduction from fiscal year 2026. [41] - The Bank of England maintained the interest rate at 4.25% with a more divided vote. [42] - The Swiss National Bank cut interest rates by 25 bps to 0%. [43] - The Central Bank of Norway cut interest rates by 25 bps to 4.25%. [44] - Asia remained the most favored destination for global foreign investment in 2024. [45] - The Japanese government may consider raising the departure tax. [46] - China's economic operation in May was generally stable, with some indicators continuing to improve. [47] - The year - on - year decline in housing prices in Chinese cities continued to narrow in May. [49] - The share of the RMB in global payment currencies was 2.89% in May, down from 3.50% in April. [50]

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 7.79 per share, indicating a potential upside of 13.9% from the current price of HKD 6.84 [5][13]. Core Insights - The company's performance in FY25 is expected to decline due to the weak economic environment in Hong Kong and mainland China, with revenue projected to decrease by 1.4% to HKD 8,568.3 million and net profit expected to drop by 29.57% to HKD 232.74 million [2][8]. - The company has maintained positive growth in the past three years, with revenue growth rates of 11.82%, 6.86%, and 8.32% from FY22 to FY24, and significant increases in net profit during the same period [8][9]. - The company is adopting a cautious approach to store expansion, with a net increase of only 1 store in Hong Kong and 14 stores in mainland China for FY25, focusing on smaller store formats to reduce rental costs [3][9]. - To stimulate consumer demand, the company is actively adjusting its business model by introducing cost-effective menu items and enhancing its membership program, "Club 100," which has attracted 2 million members in Hong Kong and 6.6 million in mainland China [4][10]. Financial Summary - For FY25, the company is expected to report revenues of HKD 8,568 million, a decrease of 1.42% year-on-year, with a gross margin of 10.42% and a net profit margin of 2.72% [6][20]. - The projected earnings per share (EPS) for FY26, FY27, and FY28 are HKD 0.41, HKD 0.46, and HKD 0.58, respectively, with a corresponding price-to-earnings (P/E) ratio of 19 times for FY26 [5][13].

Market Overview - The liquidity in the U.S. stock, corporate bond, and municipal bond markets has significantly deteriorated[4] - The 2-year U.S. Treasury yield decreased by 3.60 basis points to 3.899%[4] - The 5-year U.S. Treasury yield fell by 3.69 basis points to 3.956%[4] - The 10-year U.S. Treasury yield dropped by 1.59 basis points to 4.373%[4] Economic Data - The Baltic Dry Index closed at 1689.00, down 3.54%[5] - The Nasdaq Index closed at 19447.41, down 0.51%[5] - The Dow Jones Industrial Average closed at 42206.82, up 0.08%[5] - The S&P 500 closed at 5967.84, down 0.22%[5] - The Hang Seng Index closed at 23530.48, up 1.26%[5] - The Shanghai Composite Index closed at 3359.90, down 0.07%[5]

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 ...

Market Overview - The U.S. 2-year Treasury yield increased by 1.89 basis points to 3.964%[3] - The U.S. 5-year Treasury yield rose by 2.63 basis points to 4.030%[3] - The U.S. 10-year Treasury yield climbed by 4.16 basis points to 4.446%[3] Economic Indicators - The Baltic Dry Index closed at 1968.00, up by 3.36%[5] - The Nasdaq Index closed at 19701.21, increasing by 1.52%[5] - The Dow Jones Industrial Average closed at 42515.09, rising by 0.75%[5] - The S&P 500 Index finished at 6033.11, up by 0.94%[5] - The Hang Seng Index closed at 24060.99, up by 0.70%[5] - The Shanghai Composite Index closed at 3388.73, increasing by 0.35%[5] Commodity Prices - ICE Brent crude oil price decreased by 2.33% to $72.50[5] - London gold price fell by 1.45% to $3383.62[5] - The U.S. Dollar Index was at 98.15, with a slight increase of 0.01%[5]

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. ...

Investment Rating - The report suggests a cautious subscription for the company [2][3]. Core Viewpoints - The company is the largest manufacturer of refrigeration and air conditioning control components globally, with a market share of approximately 45.5% in the global refrigeration and air conditioning control components market as of 2024 [2]. - In the automotive thermal management system components market, the company ranks fifth globally with a market share of about 4.1% as of 2024 [2]. - The global market size for automotive thermal management system components is projected to grow from RMB 169.5 billion in 2020 to RMB 279.8 billion in 2024, representing a compound annual growth rate (CAGR) of 13.3% [2]. - Revenue from thermal management system components for new energy vehicles is expected to increase from RMB 16.4 billion in 2020 to RMB 116.2 billion in 2024, with a CAGR of 63.1% [2]. - By 2029, the global market size for automotive thermal management system components is anticipated to reach RMB 528.9 billion, with a CAGR of 13.6% from 2024 to 2029 [2]. - Revenue from thermal management system components for new energy vehicles is projected to reach RMB 377.1 billion from 2024 to 2029, with a CAGR of 26.6% [2]. Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 21.348 billion, RMB 24.558 billion, and RMB 27.947 billion, respectively, with a CAGR of 14.8% [3]. - Net profit for the same years is expected to be RMB 2.608 billion, RMB 2.934 billion, and RMB 3.112 billion, with a CAGR of 9.3% [3]. - In Q1 2025, the company reported revenue of RMB 7.669 billion (up 19.1%) and net profit of RMB 0.903 billion (up 39.5%), indicating a strong growth trend [3]. - The company's listing valuation is approximately 26.7 times PE based on the mid-offer price for 2024, which is relatively high within the industry [3].

Economic Data - The US May core PPI increased by 3% year-on-year and 0.1% month-on-month, both below expectations[4] - Initial jobless claims in the US last week were 248,000, exceeding expectations[4] - The US Department of Commerce announced tariffs on various steel household appliances starting June 23[4] - May maritime imports in the US saw a significant decline[4] Market Performance - The 2-year US Treasury yield fell by 5 basis points to 3.897%[4] - The 5-year US Treasury yield decreased by 5.6 basis points to 3.961%[4] - The 10-year US Treasury yield dropped by 6.11 basis points to 4.359%[4] - The Baltic Dry Index closed at 1738.00, up 3.45%[5] - The Nasdaq Index closed at 19662.48, up 0.24%[5] - The Dow Jones Industrial Average closed at 42967.62, up 0.24%[5] - The S&P 500 closed at 6045.26, up 0.38%[5] - The Hang Seng Index closed at 24035.38, down 1.36%[5]