Group 1 - The company plans to transfer its real estate development-related assets and liabilities to China Communications Real Estate Group Co., Ltd. [1] - The independent financial advisor has been appointed to oversee the transaction and ensure compliance with relevant regulations [1][2] - The company has established a strict confidentiality system to protect insider information during the planning phase of the transaction [2] Group 2 - The company has implemented necessary protective measures in accordance with legal requirements and internal management systems [2] - The scope of individuals with access to insider information has been minimized, and confidentiality agreements have been signed with relevant parties [2] - The independent financial advisor confirms that the company has adhered to legal obligations regarding the confidentiality of the transaction [2]

智通财经6月16日电，利弗莫尔证券显示，北京极智嘉科技股份有限公司向港交所提交上市申请书，联 席保荐人为中金公司、摩根士丹利。 ...

Group 1 - The core point of the article is that Banu International Holdings Limited has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and CMB International as joint sponsors [1] Group 2 - The listing application indicates Banu International's intention to enter the public market, which may provide it with additional capital for growth and expansion [1] - The involvement of reputable sponsors like China International Capital Corporation and CMB International suggests a strong backing for the company's listing efforts [1]

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.4% to HKD 3.92, Everbright Securities up 4.46% to HKD 8.66, CICC up 3.88% to HKD 16.6, CITIC Securities up 2.86% to HKD 10.08, and Huatai Securities up 2.56% to HKD 15.24 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee and the State Council allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - This policy is expected to enhance the connectivity between the capital markets of mainland China and Hong Kong, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - Current brokerage valuations are at historical lows, and with market recovery and favorable policies, brokerage businesses such as brokerage, investment banking, and capital intermediary services are likely to benefit, leading to further valuation recovery in the brokerage sector [1] Group 2 - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, where major financial policies are expected to be announced by central financial management departments [2] - It is anticipated that more policies aimed at activating the capital market will be released, focusing on enhancing the quality of listed companies, market activity, and investor returns [2] - The market sentiment is expected to be catalyzed by the policy announcements during the Lujiazui Forum, according to Donghai Securities [2]

智通财经6月16日电，利弗莫尔证券显示，新奥天然气股份有限公司向港交所提交上市申请书，保荐机 构为中金公司。 ...

金十数据6月16日讯，大摩发表技术研究报告，预料中金公司(03908.HK)股价未来30天上升，发生概率 料约60%至70%。评级"增持"。目标价18.8港元。大摩认为在今年余下时间，市场将逐渐计入中金在香 港交易活动和成交量上升所带来的盈利收益，并预期即将举行的陆家嘴论坛将公布更多国内市场改革措 施，应有助于支持龙头A股经纪商。 大摩：料中金公司股价未来30天上升 ...

Core Viewpoint - The report from CICC indicates that despite increased policy uncertainty in the first half of 2025, the global economy is expected to operate smoothly, with major central banks (excluding the Federal Reserve) continuing to lower interest rates [1][2] Economic Outlook - CICC anticipates a convergence of economic momentum between the US and non-US regions, primarily driven by a slowdown in the US economy [2][3] - The resilience of the US private sector balance sheets suggests a low risk of recession, although marginal growth is expected to slow down [2] - Non-US regions benefit from a more accommodative monetary policy environment, with the IMF estimating that the GDP output gap in these regions remains negative [2][4] Regional Analysis - CICC expresses a relatively optimistic view on the European market for the second half of the year, supported by the convergence of economic growth momentum between Europe and the US [3][4] - Emerging markets are expected to see marginal improvements, but overall absolute performance may be limited, necessitating regional selection [4][3] - Japan is viewed cautiously in the short term, but structural opportunities are anticipated as the country moves out of deflation [4][3] Sector Preferences - CICC's sector preferences for the second half of the year, ranked from most to least favored, are: Technology (Communication, Software, Advertising > Electronics > Content), Industrial (Power Equipment > Automation), and Financials [1][2] - CICC maintains a cautious stance on consumer-related sectors and bulk raw materials [1][2]

Group 1 - The Lujiazui Forum will be held on June 18, 2025, where significant financial policies are expected to be announced by central financial management departments [1] - The forum has become a platform for the national financial management departments to release important signals and policies since its inception in 2008, influencing the financial and capital markets [1] - Donghai Securities predicts that with the introduction of more active capital market policies, the quality of listed companies, market activity, and investor returns will improve, further advancing the construction of Shanghai as an international financial center [1] Group 2 - Securities firms are expected to benefit directly from the new "National Nine Articles" guiding the top-level design for cultivating first-class investment institutions [1] - The new "National Ten Articles" focuses on high-quality development under a strong regulatory and risk prevention framework for the insurance sector, optimizing product design and enhancing channel value [1] - Financial technology is set to accelerate with the introduction of revolutionary stablecoins, presenting layout opportunities for the financial IT sector as major financial policies are anticipated [1] Group 3 - The recent issuance of opinions by the Central Office and State Office allows enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [2] - Shenzhen is reportedly developing listing rules to facilitate a trial for red-chip companies to have secondary listings, providing a more efficient channel for tech companies [2] - The dual listing path will likely lead to more technology companies listed in Hong Kong returning to the Shenzhen Stock Exchange, which is expected to boost the investment banking business of leading securities firms [2]

Core Viewpoints - The Hong Kong stock market is seen as the main battleground for the current bull market, with a structural advantage in the Hang Seng Technology Index [5] - The A-share market is expected to experience a "steady first, then rise" trend in the second half of the year, driven by supportive fiscal policies [23] Geopolitical Tensions - The conflict between Iran and Israel has escalated, leading to increased risk aversion in financial markets, with a significant spike in international oil prices and gold [3] - The Middle East is crucial for global energy supply, and the ongoing conflict may disrupt logistics and increase prices for metals like zinc and copper, impacting industries such as automotive and electronics [3] Equity Markets - Cathay Securities believes that Hong Kong stocks have outperformed A-shares this year due to the scarcity of attractive assets in a weak macroeconomic environment [5] - Invesco continues to favor defensive positions in light of market uncertainties and potential volatility, with a neutral outlook on U.S. Treasuries [6] - Guohai Franklin Fund expresses optimism for the second half of the year, citing positive macroeconomic factors and a gradual recovery in the economy [8] Industry Research - Fuguo Fund highlights a strong trend of healthcare companies listing in Hong Kong, reshaping the pharmaceutical sector into a hub for biotech innovation and established pharmaceutical leaders [11] - Huashang Fund points out that the military industry is expected to showcase enhanced technological attributes and investment opportunities due to international tensions and upcoming product upgrades [13] - Xibu Lide Fund notes that resource stocks are gaining strength amid geopolitical conflicts, with a focus on gold and energy sectors [14] Macro and Fixed Income - Caitong Fund anticipates a continued oscillating pattern in the bond market due to insufficient demand and external trade uncertainties, with a stable policy environment expected [18] - Wanjia Fund indicates that declining deposit rates will enhance the appeal of dividend-paying assets, which are becoming increasingly attractive in a low-yield environment [19] - Zhongou Fund maintains a relatively optimistic outlook on the bond market, suggesting that the underlying logic for market performance remains unchanged [21] Asset Allocation - CICC's mid-year strategy report suggests that the A-share market will likely see a "steady first, then rise" pattern, with a focus on certainty in investment opportunities [23]

Investment Rating - The report indicates a cautious investment outlook for the financial sector, highlighting a decrease in loan demand and potential liquidity pressures on banks [1][6]. Core Insights - The report emphasizes that the overall loan demand remains insufficient, particularly in medium to long-term corporate and retail loans, which are crucial indicators of real economic demand [1][2][8]. - Social financing growth is primarily driven by government bond issuance rather than credit growth, indicating a shift in leverage dynamics towards government projects that typically have longer return cycles [4][5]. - The phenomenon of financial disintermediation is noted, where funds are moving from traditional banking systems to other channels, increasing liquidity pressure on banks and weakening the transmission effect of monetary policy [7][12]. Summary by Sections Loan Demand and Credit Growth - In May, new loans increased by 620 billion, falling short of market expectations and reflecting a year-on-year decrease in both corporate and retail loans [2][3]. - The decline in short-term loans is attributed to reduced promotional efforts by banks, while medium to long-term loans show slight improvement due to lower mortgage rates [9][8]. Social Financing and Government Bonds - Social financing increased by over 220 billion year-on-year, with government bonds contributing more than 230 billion, indicating a reliance on government debt for financing rather than private sector credit [4][5]. - The structure of social financing is shifting towards government bonds, which typically fund projects that do not yield immediate returns, leading to a lag between financial data and real economic performance [4][5]. Banking Sector and Liquidity - Banks are experiencing significant liability pressure, relying on government-backed projects for stability, while credit demand in sectors like wholesale and manufacturing has not fully recovered [6][1]. - Future liquidity will be influenced by fiscal policies and the progress of large projects, necessitating close monitoring of financial disintermediation trends [6][7]. Financial Disintermediation - Financial disintermediation is occurring gradually, driven by the comparative pricing of financial products rather than strict regulatory constraints, leading to a slow outflow of deposits from banks [12][11]. - The trend is expected to continue, with asset management institutions increasingly focusing on bond allocations as traditional banking faces challenges in retaining deposits [14][15]. Market Indicators: M1 and M2 - M1 growth of 2.3% indicates a recovery, primarily due to increased corporate reserves, while M2 growth remains stable at 7.9% [10][11]. - The changes in M1 and M2 reflect underlying economic conditions, with capital market performance significantly influencing deposit trends in large banks [18][11].