环球市场动态

Economic Overview - The economic data from mainland China in May shows strong production but weak domestic demand, influenced by debt repayment affecting investment and falling housing prices impacting residents' wealth perception [2] - Industrial production recovery is slowing, while service sector recovery has accelerated due to holiday effects; the real estate and food industries are dragging down industrial value-added growth [2] - Consumption data fell short of market expectations, with notable performance in home appliances and cosmetics due to trade-in programs and pre-promotion for "6·18"; however, the decline in restaurant consumption growth is a significant drag on overall consumption [2] Stock Market Dynamics - The A-share and Hong Kong stock markets showed mixed performance following the release of May economic data, with the Hang Seng Index slightly down [3][49] - The performance of the stock market is heavily influenced by consumption, real estate, and exports, suggesting a need to monitor high-frequency data trends [2] Sector Performance - The report highlights that the technology sector in the U.S. saw significant gains, improving market risk appetite, while the energy sector also experienced price increases, with NY crude oil surpassing $80 per barrel for the first time in a month [40][46] - In the Hong Kong market, the jewelry company Chow Tai Fook (1929 HK) is focusing on brand transformation and maintaining a steady growth trajectory, with same-store sales in mainland China expected to increase by 1.8% in FY2024 [9] Investment Opportunities - The report suggests that companies in the low-altitude economy sector, such as Haige Communication and Weichai Power, may benefit from the upcoming standards for vertical take-off and landing sites, which are expected to drive industry growth [61] - Broadcom (AVGO US) has raised its AI revenue guidance for FY2024, indicating strong demand for AI semiconductors, which could present investment opportunities in the tech sector [33] Fixed Income Market - The fixed income market saw a decline in U.S. Treasury yields due to profit-taking and a decrease in risk aversion, with over $20 billion in corporate bonds issued, adding downward pressure [24][45] - The performance of Chinese dollar bonds was relatively quiet, with the real estate sector showing mixed results [24]