Group 1: Company Performance - China Everbright Holdings experienced a surge of 10%, while Everbright Securities rose over 6% on June 4 [3] - The overall A-share market showed a rebound, with the Shanghai Composite Index increasing by 0.42%, the Shenzhen Component Index by 0.87%, and the ChiNext Index by 1.11% [11] Group 2: Market Trends - The stablecoin market is gaining momentum, highlighted by Circle's announcement to expand its IPO size, targeting a valuation of up to $7.2 billion [3] - Circle plans to issue 32 million shares at a price range of $27 to $28, aiming to raise up to $896 million, exceeding its previous plan of 24 million shares at $24 to $26 [3] - The interest in cryptocurrency enterprises is strong, with predictions of the stablecoin market potentially growing to between $500 billion and $750 billion in the coming years [6] Group 3: Financial Performance - Circle's primary revenue source, interest income from U.S. Treasury securities backing its USDC stablecoin, grew by 55.1% to $557.9 million for the quarter ending March 31 [4]

Market Overview - The market experienced a rebound on June 4, with the ChiNext Index leading the gains, closing with a rise of 1.11%. The Shanghai Composite Index increased by 0.42%, and the Shenzhen Component Index rose by 0.87% [1] - Over 3,900 stocks in the market saw an increase, with total trading volume reaching 1.15 trillion yuan, an increase of 11.6 billion yuan compared to the previous trading day [1] Sector Performance - Key sectors that performed well included beauty care, beer concepts, and solid-state batteries, while sectors such as airports, unmanned vehicles, and military electronics faced declines [1] - The financial sector, particularly brokerage firms, showed significant movement, reinforcing the overall index performance [1] Investment Sentiment - Market sentiment improved due to the strength of several large sectors, including consumer goods and the computing power industry [1] - Analysts suggest that the market may maintain a range-bound trend until July, with a focus on sector rotation due to low trading volumes [3] Broker Activity - Everbright Securities led the movement in the brokerage sector, with a notable increase of 6.43%, marking the second-largest single-day gain since October 8 of the previous year [8] - The brokerage sector's recent activity is attributed to signals of refinancing and upcoming financial policy announcements expected to positively impact the market [6] ETF Performance - Several ETFs related to securities and brokerage firms showed leading gains, reflecting the positive sentiment in the sector [5] - The communication, rare earth, and battery-themed ETFs also recorded significant increases, indicating a shift in investment focus towards sectors with lower resistance to upward movement [12] Future Outlook - Analysts remain cautious but optimistic, noting that external risks may have peaked, and domestic policies are expected to continue supporting economic recovery [9] - The focus on consumer demand, domestic substitution, and underweight fund allocations are seen as key investment themes moving forward [9]

Group 1 - The electronic sector saw a net inflow of over 31 billion yuan, indicating strong investor interest [1][2] - Non-bank financials and communication sectors also experienced significant net inflows of 16.35 billion yuan and 12.76 billion yuan respectively [2] - The pharmaceutical, chemical pharmaceutical, and defense sectors faced substantial net outflows, with pharmaceuticals leading at -18.11 billion yuan [2] Group 2 - Top individual stocks with net inflows included Huadian Co. with 5.41 billion yuan, followed by Dongfang Wealth and Everbright Securities [3] - Stocks with the highest net outflows included Qianhong Pharmaceutical at -4.83 billion yuan, and Zhangqu Technology at -4.12 billion yuan [4] - The net inflow rate for Huadian Co. was 16.11%, indicating strong buying interest [3]

Core Viewpoint - The securities sector is experiencing significant upward movement, with notable increases in stock prices for major firms, indicating a potential market recovery and investment opportunities [1][2][7]. Group 1: Stock Performance - China Everbright Securities has seen its stock price rise over 8.3% in A-shares, with trading volumes exceeding 10 billion yuan recently [2]. - The Hong Kong stock market has also shown positive trends, with China Everbright Holdings increasing by over 15% [1]. - Various ETFs related to the securities sector have reported gains, with the Hong Kong Securities ETF rising by 2.24% and other securities ETFs showing similar upward trends [3][5]. Group 2: Industry Outlook - The upcoming Lujiazui Forum in June 2025 is expected to bring significant financial policy announcements, which could benefit the securities industry [7]. - The securities industry is projected to see a revenue increase of 11.15% and a net profit increase of 21.35% in 2024, with a strong performance expected in Q1 2025 [7]. - The overall revenue for listed securities firms is anticipated to grow by 24.60% year-on-year, with net profit increasing by 83.48% [7]. Group 3: Investment Strategies - Analysts suggest that the recent decline in valuation levels for the securities sector presents a good opportunity for reallocation into this sector [8]. - The focus on wealth management and the ability of leading firms to quickly capitalize on market activity are highlighted as key factors for future performance [8]. - The ongoing capital market reforms and the introduction of long-term funds are expected to enhance the profitability and valuation of the securities sector [9][10].

Group 1 - Major financial concept stocks experienced significant upward movement, with Everbright Securities (601788) rising over 8% [1] - Other companies that followed this trend include Jinlong Co., Ltd. (000712), Caida Securities (600906), CICC (601995), Yinjijie (300085), and Ruida Futures (002961) [1] - The influx of "smart money" has been revealed, indicating a shift in capital flow towards these financial stocks [1]

Group 1 - The core viewpoint of the report is that Everbright Securities initiates coverage on Youjia Innovation (02431) with an "Overweight" rating, driven by the ongoing advancement in automotive intelligence and increasing demand for smart cockpit products [1] - The company is expected to see revenue growth from 1.01 billion RMB in 2025 to 2.01 billion RMB in 2027, with year-on-year growth rates of 54%, 47%, and 36% respectively [1] - Youjia Innovation ranks fourth among emerging technology companies in China based on revenue from Level 10 to L2+ solutions, indicating a strong market position [1] Group 2 - Youjia Innovation develops a range of automated smart driving solutions based on its fully self-developed software and hardware technology, with its business covering smart driving, smart cockpit, and vehicle-road collaboration [2] - The revenue breakdown for 2024 is projected to be 484 million RMB for smart driving solutions, 104 million RMB for smart cockpit solutions, and 63 million RMB for vehicle-road collaboration, with smart driving solutions accounting for 73.9% of total revenue [2] - The revenue from smart cockpit solutions is expected to grow significantly, with a year-on-year increase of 12.1 percentage points [2]

Group 1 - The core viewpoint is that the Hang Seng Index is expected to trend upward in the second half of the year, driven by new stimulus policies from mainland China, with a target price of 25,000 points and reduced overall volatility [1] - The widening interest rate differential between China and the US has historically pressured Hong Kong stocks, but this trend has reversed in recent years, with the recent increase in the differential coinciding with a rise in Hong Kong stocks [1] - The current valuation of the Hang Seng Index is considered reasonable, with an average dividend yield of 3.9% and a price-to-earnings ratio of 10.6 times, both near historical averages [1] Group 2 - There has been a significant inflow of mainland funds into Hong Kong stocks, with over HKD 575.5 billion net inflow as of May 9 this year, driven by the higher dividend yield of Hong Kong stocks compared to declining long-term bond yields in mainland China [1] - The inflow of international funds into Hong Kong stocks has primarily come from Southeast Asia and some European and American funds, with expectations of further inflows if US-China relations improve and the Chinese economy remains stable [2] - Key sectors to watch in the second half include domestic consumption, innovative technology, new energy vehicles, and traditional thermal power, as more stimulus policies targeting daily consumer spending are anticipated [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The maintenance season for PX, PTA, and MEG is coming to an end, and demand negative feedback is gradually emerging [2][152]. - For PX, as of May 30, the Asian PX operating load was 72%, a month - on - month increase of 4.1 percentage points; the Chinese PX operating load was 82.1%, a month - on - month increase of 8.9 percentage points. There are still some device maintenance plans from June to July, especially concentrated in July, with tight supply - demand. The cost side is expected to continue to be under pressure, but the PX fundamentals are expected to be favorable, supporting price and PXN profit repair [152]. - For PTA, as of May 30, the PTA operating load was 76.4%, a month - on - month decrease of 1.3 percentage points. In June, more PTA devices will restart, and there are still maintenance plans for some devices. There is an expectation of increased supply. The polyester operating load may show a slight downward trend in June. With increased supply and stable demand, the TA price faces upward pressure [152]. - For MEG, as of May 29, the overall operating load of ethylene glycol in mainland China was 59.83% (a month - on - month decrease of 8.6%), and the operating load of synthetic gas - based ethylene glycol was 57.19% (a month - on - month decrease of 5.02%). The cost of coal - based production has decreased, and the subsequent production is expected to increase. With increased supply and stable demand, the EG price may show a weak and volatile trend [152]. 3. Summaries According to the Directory 3.1 PX&PTA&MEG Price: Following Crude Oil Price Fluctuations - **Futures Prices**: From April 30 to May 30, 2025, PTA futures closing price increased by 266 yuan/ton (6.0%), MEG increased by 194 yuan/ton (4.7%), and PX increased by 406 yuan/ton (6.5%) [6]. - **PTA Basis and Spread**: The PTA basis and spread showed certain changes from April to May 2025, with the basis expanding significantly [15]. - **MEG Basis and Spread**: Similar to PTA, the MEG basis and spread also changed, and the basis expanded [12][15]. - **TA - EG Spread**: From April 30 to May 30, 2025, the TA - EG spread increased by 72 yuan/ton (25.8%) [18]. - **TA - PX Processing Spread**: From April 30 to May 30, 2025, the TA - PX * 0.656 spread remained unchanged [22]. - **Domestic and Overseas Ethylene Glycol Spread**: From April 30 to May 29, 2025, the price difference between domestic and overseas ethylene glycol changed, with the European - Chinese spread decreasing by 34.1% [25]. - **PX - Related Spreads**: The spreads between PX and crude oil, MX, and naphtha all changed from April to May 2025 [28]. 3.2 PX&PTA&MEG Supply Situation: Focus on Device Maintenance Implementation - **PX**: As of May 30, Asian and Chinese PX operating loads increased. There are still maintenance plans from June to August, especially in July, with a concentrated supply loss of 24.8 million tons [33][37][152]. - **PTA**: As of May 30, the PTA operating load decreased. In June, more devices will restart, and there are still some maintenance plans. New device production is expected to increase supply [35][152]. - **MEG**: As of May 29, the overall MEG operating load in mainland China decreased. There are maintenance and restart plans for domestic and overseas devices in different months [53][55][56][57]. 3.3 PX&PTA&MEG Import and Export Situation: High Global Trade Concerns - **PX**: In April 2025, China's PX imports decreased. The decrease was due to device maintenance, reduced downstream demand, and tariff concerns [63]. - **PTA**: In April 2025, China's PTA exports increased. The main export destinations include Turkey, Egypt, etc. [65]. - **MEG**: In April 2025, China's MEG imports decreased month - on - month but increased year - on - year. The main import sources are Saudi Arabia, Canada, etc. [68]. - **Polyester Products**: In April 2025, China's polyester product exports reached a record high for the same period. Different polyester products showed different export trends [71]. 3.4 PX&PTA&MEG Inventory Situation: Rising Downstream Raw Material Inventory - **PTA**: PTA polyester factories' raw material inventory increased, and the number of warehouse receipts decreased [91]. - **MEG**: As of May 26, the MEG port inventory in the East China main port area was about 68.7 million tons, showing a de - stocking trend [94]. 3.5 Polyester Demand Situation: Terminal Demand Underperforms Expectations - **Domestic Polyester Data**: In May 2025, compared with April, the polyester load decreased slightly, while the load of some related equipment increased. The inventory days and cash flow of some products changed [97]. - **Terminal Demand**: Terminal demand support is insufficient, and the inventory of polyester yarns has increased. The digestion of the weaving industry is weak, but the daily trading volume of the Light Textile City is expected to recover [98][101][103]. - **Textile and Garment Exports**: In April 2025, China's textile and garment exports increased year - on - year, with different trends for textiles and clothing [112]. - **Domestic Garment Retail**: In April 2025, the retail sales of domestic clothing - related products increased year - on - year but decreased month - on - month [115]. 3.6 PX&PTA&MEG Position Situation - **PTA Futures Position**: On May 30, 2025, the PTA futures total position increased compared with April [126]. - **MEG Futures Position**: On May 30, 2025, the MEG futures total position increased compared with April [126]. - **PX Futures Position**: On May 30, 2025, the PX futures total position increased compared with April [126].

致：香港交易及結算所有限公司 公司名稱: 光大證券股份有限公司 呈交日期: 2025年6月3日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601788 | 說明 | | A股(上海證券交易所) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,906,698,839 | RMB | | 1 | RMB | | 3,906,698,839 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 3,906,698,839 | RMB | | | 1 RMB | | 3,906,698,8 ...

Group 1 - The financial sector showed strength on June 3, with the securities company index rising by 1.01%, driven by significant gains in stocks such as Guotai Junan, which increased over 4% [1] - The Securities ETF (159841) rose by 0.85% with a trading volume exceeding 100 million yuan, marking 10 consecutive days of net inflow, accumulating over 150 million yuan [2] - The latest scale of the Securities ETF reached 6.069 billion yuan, making it the largest among similar products in the Shenzhen market [2] Group 2 - Huatai Securities noted that the concentration in the securities industry is accelerating due to reforms in the capital market and restructuring of the competitive landscape, with the industry's revenue and net profit CR10 expected to reach 74% and 63% respectively by 2024, an increase of 22 and 11 percentage points since 2010 [2] - The asset concentration in the industry is also increasing, with leading brokerages expanding their balance sheets more rapidly and maintaining higher leverage [2] - Wengang Securities indicated that the introduction of long-term funds and improved market stability are positively impacting brokerage and proprietary trading businesses, with the brokerage sector's PB at 1.25X, positioned at the 22.41% percentile over the past decade [3]