Group 1 - The China Securities Regulatory Commission disclosed the completion report of the IPO guidance work for Visionary Technology Co., Ltd. by Guotai Junan Securities [1] - Guotai Junan signed the guidance agreement with Visionary Technology on October 11, 2024, and conducted two phases of guidance work from October 2024 to June 2025 [1] - Visionary Technology has established a governance structure, accounting foundation, and internal control system suitable for a listed company, and its key personnel are aware of the responsibilities and obligations related to listing and compliance [1] Group 2 - Visionary Technology, founded in October 2016, specializes in the research, design, production, and sales of next-generation semiconductor OLED micro-displays [2] - The company has built a production line focused on 12-inch wafer silicon-based OLED micro-display devices, with a monthly production capacity of 9,000 wafers in the first phase [2] - Visionary Technology has invested over 2 billion yuan, with the first phase investment of 1.28 billion yuan, and the facility can accommodate three production lines with a maximum capacity of 27,000 wafers per month [2]

Core Viewpoint - Hong Kong stocks have significantly outperformed A-shares this year, reflecting the attractiveness of scarce assets in a weak macroeconomic environment, similar to the rise of Hong Kong stocks during the mobile internet wave from 2012 to 2014 [1][3][5] Performance Comparison - Since the beginning of the year, the Hang Seng Index has increased by 19%, outperforming the CSI 300 Index by 21 percentage points. Key sectors such as pharmaceuticals, technology, and consumer goods have shown even greater gains, with pharmaceuticals outperforming A-shares by 29 percentage points [4][10] - The performance of Hong Kong stocks can be divided into two phases: the first quarter saw a surge in technology stocks driven by AI applications, while the consumer sector has shown strong performance since April, with notable stocks reaching historical highs [4][10] Scarcity of Assets - The outperformance of Hong Kong stocks is attributed to the unique advantages of certain assets, particularly in the context of AI applications and new consumption trends. Scarce assets are concentrated in sectors such as internet, new consumption, innovative pharmaceuticals, and dividends [5][10] - In the internet sector, software services and media account for 55% of the total market capitalization in Hong Kong, compared to only 24% in A-shares, highlighting the concentration of major internet players like Tencent and Alibaba in the Hong Kong market [10][11] - The new consumption sector in Hong Kong has over 60% market capitalization in retail and consumer services, while A-shares only account for about 10%. This is driven by the presence of major e-commerce players like Meituan and JD.com in Hong Kong [11] - In the pharmaceutical sector, biotechnology and medical technology account for 40% of the market capitalization in Hong Kong, compared to 24% in A-shares, indicating a higher level of innovation in Hong Kong stocks [12] Future Outlook - The recovery of the fundamental and funding environment is expected to drive further upward movement in Hong Kong stocks. Positive factors are accumulating, including a more proactive policy stance and increased foreign investment in Chinese assets [21][22] - The Hang Seng Technology Index is particularly noteworthy, with a current PE ratio of 20.7, indicating a favorable valuation compared to global standards. This sector is expected to benefit from the ongoing AI-driven industrial transformation [22]

Group 1 - The core stock price of Guotai Junan (601211) closed at 18.5 yuan, up 7.68% from last week's 17.18 yuan, with a market cap of 326.15 billion yuan, ranking 3rd in the securities sector and 34th in the A-share market [1] - The company announced a share repurchase plan with a total expected amount between 1 billion and 2 billion yuan, aimed at maintaining company value and shareholder rights, with the repurchase period from April 10, 2025, to July 9, 2025 [1] - As of May 31, 2025, the company has repurchased 32,488,440 shares, accounting for 0.1843% of the total share capital, with a total expenditure of approximately 556.97 million yuan, at a price range of 16.49 yuan to 17.97 yuan per share [1]

新浪期货 根据交易所数据，截至6月06日收盘主力合约2年期国债期货2509,涨跌+0.02%,成交量3.49万手，持仓数据显示前20席位 呈现净空，差额头寸为16480手。 2年期国债期货期货全合约总计成交3.62万手，比上一日减少1.44万手。全合约前20席位多头持仓8.76万手，比上一日减少300手。 全合约前20席位空头持仓10.41万手，比上一日减少120手。 根据合并数据显示，多头前三席位为中信期货，总持仓20465、平安期货，总持仓9204、国泰君安，总持仓6347；空头前三席位为 中信期货，总持仓37101、广发期货，总持仓13698、国泰君安，总持仓10113； 文章来源:新浪期货 | | | | | 2025年6月6日2年期国债期货主力合约2509持仓数据 | | | | | 臣 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 壇減 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | ਹ | 东证期货 | 11,516 | -5,170 | 中信 ...

新浪期货 根据交易所数据，截至6月06日收盘主力合约沥青2509,涨跌+0.49%,成交量11.78万手，持仓数据显示前20席位呈现净多， 差额头寸为22688手。 沥青期货全合约总计成交26.91万手，比上一日减少2.81万手。全合约前20席位多头持仓29.41万手，比上一日增加8624手。全合约 前20席位空头持仓27.11万手，比上一日增加4588手。 根据合并数据显示，多头前三席位为国泰君安，总持仓40533、中信期货，总持仓32701、东证期货，总持仓17985；空头前三席位 为国泰君安，总持仓36549、中信期货，总持仓22861、银河期货，总持仓16686； 主力合约前20席位中，多头增仓前三名分别是：银河期货、持仓8425、增仓1640，大越期货、持仓3364、增仓1435，冠通期货、 持仓3051、增仓1279；多头减仓前三名分别是：盛达期货、持仓4947、减仓-870，大地期货、持仓12008、减仓-607，国投期货、 持仓2628、减仓-313； 主力合约前20席位中，空头增仓前三名分别是：中泰期货、持仓3060、增仓882，国泰君安、持仓28315、增仓645，银河期货、持 仓8405 ...

8 新浪期货 根据交易所数据，截至6月06日收盘主力合约30年期国债期货2509,涨跌+0.35%,成交量7.03万手，持仓数据显示前20席位 呈现净空，差额头寸为4496手。 30年期国债期货期货全合约总计成交7.43万手，比上一日新增3509手。全合约前20席位多头持仓9.35万手，比上一日增加2048手。 全合约前20席位空头持仓10.11万手，比上一日增加3465手。 根据合并数据显示，多头前三席位为中信期货，总持仓22092、国泰君安，总持仓13410、东证期货，总持仓11796；空头前三席位 为东证期货，总持仓12911、中信期货，总持仓12309、银河期货，总持仓11153； 主力合约前20席位中，多头增仓前三名分别是：东证期货、持仓11096、增仓1300，中信期货、持仓19576、增仓718，国泰君安、 持仓10501、增仓462；多头减仓前三名分别是：宏源期货、持仓1565、减仓-529，平安期货、持仓4951、减仓-339，国金期货、 持仓2525、减仓-317； 主力合约前20席位中，空头增仓前三名分别是：国金期货、持仓4114、增仓1198，宝城期货、持仓4523、增仓852，申银万 ...

文章来源:新浪期货 新浪期货 根据交易所数据，截至6月06日收盘主力合约菜粕2509,涨跌+2.11%,成交量55.62万手，持仓数据显示前20席位呈现净空， 差额头寸为14666手。 菜粕期货全合约总计成交68.13万手，比上一日新增22.43万手。全合约前20席位多头持仓57.16万手，比上一日减少4233手。全合 约前20席位空头持仓59.52万手，比上一日减少9143手。 根据合并数据显示，多头前三席位为中信期货，总持仓73681、一德期货，总持仓54333、国泰君安，总持仓38515；空头前三席位 为中信期货，总持仓77340、国泰君安，总持仓50763、华泰期货，总持仓43211； 主力合约前20席位中，多头增仓前三名分别是：乾坤期货、持仓17123、增仓5922，国泰君安、持仓25562、增仓3382，东证期 货、持仓23936、增仓2317；多头减仓前三名分别是：中粮期货、持仓10891、减仓-3743，浙商期货、持仓9456、减仓-3053，大 地期货、持仓10710、减仓-2726； 主力合约前20席位中，空头增仓前三名分别是：东证期货、持仓30007、增仓5030，中泰期货、持仓7250 ...

| | 名次 会员名称 成交量(双边) | | 増減 | 会员 | 持买单 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | T | 国泰君安 | 100,028 | -27,871 | 国泰君安 | 22,407 | -1,159 | 国泰君安 | 39,022 | -9,765 | | 2 | 中信期货 | 96,189 | 5,243 | 东证期货 | 13,333 | -211 | 永安期货 | 20,596 | 1,426 | | 3 | 东证期货 | 73,471 | 4,995 | 东方财富 | 11,803 | -1,239 | 中信期货 | 18,288 | -3,491 | | ব | 中泰期货 | 49,603 | 9,021 | 中泰期货 | 10,999 | -982 | 东证期货 | 13,639 | -2,814 | | 5 | 徽商期货 | 46,451 | 4,572 | 徽商期货 | 10,385 | -1,536 | 申万期货 | 12,575 | ...

| | 名次 会员名称 成交量(双边) | | 増減 | 会员 | 持买車 | 增减 | 会员 | 持卖单 | 增减 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | ਹ | 海通期货 | 16,875 | 2,050 | 国泰君安 | 3,117 | 111 | 国泰君安 | 3,730 | 374 | | 2 | 国泰君安 | 8,403 | 797 | 中信期货 | 2,528 | 115 | 银河期货 | 2,566 | -49 | | 3 | 中信期货 | 7,091 | -244 | - 德期货 | 1,479 | -23 | 中信期货 | 2,209 | 214 | | 4 | 徽商期货 | 6,645 | 942 | 东证期货 | 1,350 | -304 | 东证期货 | 1,920 | 132 | | 5 | 东证期货 | 5,690 | 482 | 广发期货 | 1,314 | 129 | 华泰期货 | 1,883 | 24 | | 6 | 国投期货 | 5,114 | 288 | 银河期货 | 1,250 ...

新浪期货 根据交易所数据，截至6月06日收盘主力合约玻璃2509,涨跌+3.00%,成交量306.37万手，持仓数据显示前20席位呈现净 空，差额头寸为70196手。 玻璃期货全合约总计成交330.69万手，比上一日新增154.38万手。全合约前20席位多头持仓93.08万手，比上一日减少3299手。全 合约前20席位空头持仓103.24万手，比上一日减少5.21万手。 根据合并数据显示，多头前三席位为国泰君安，总持仓99016、东证期货，总持仓78422、华泰期货，总持仓65378；空头前三席位 为国泰君安，总持仓221624、中信期货，总持仓96957、东证期货，总持仓86471； 主力合约前20席位中，空头增仓前三名分别是：方正中期、持仓30113、增仓12645，中信建投、持仓31435、增仓10301，中财期 货、持仓20478、增仓8559；空头减仓前三名分别是：中信期货、持仓82396、减仓-33151，华泰期货、持仓42160、减仓-22284， 永安期货、持仓37359、减仓-14502。 文章来源:新浪期货 2025年6月6日玻璃主力合约2509持仓数据一览 | | 名次 会员名称 成交量 ...