Xin Da Guo Ji Kong Gu·2025-06-16 04:22Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations of new financial policies from mainland China to stabilize the market, including reserve requirement ratio cuts and interest rate reductions [2] - The recent US-China trade negotiations have led to a temporary reduction in tariffs, with the US reducing tariffs on Chinese imports from 145% to 30%, and China reducing tariffs on US imports from 125% to 10% for a 90-day period [2] - The Hang Seng Index's valuation has returned to reasonable levels, requiring significant positive developments in trade agreements and corporate earnings improvements to maintain upward momentum [2] Short-term Sector Outlook - Focus on China's fixed asset investment, industrial output, and retail sales for January to May, as well as the performance of specific companies like Café de Coral Group [3] Macro Focus - In May, new loans in mainland China amounted to 620 billion RMB, falling short of expectations, with total new loans for the first five months reaching 10.68 trillion RMB [4][9] - The People's Bank of China reported a year-on-year increase of 7.9% in M2 money supply, while M1 increased by 2.3% [9] - The social financing scale increased by 2.29 trillion RMB in May, with a cumulative increase of 18.63 trillion RMB for the first five months [9] Company News - Strategic research cooperation agreement established between CSPC Pharmaceutical Group and AstraZeneca [4] - WuXi Biologics' major shareholder reduced holdings at a discount, realizing 2.2 billion RMB [4] - Zijin Mining lowered production guidance for the Kakula copper mine, impacting this year's profits [4] International Market Outlook - The US Federal Reserve maintained interest rates, with expectations of two rate cuts totaling 0.5% this year, reflecting increased uncertainty in the economic outlook [4] - OPEC+ is increasing supply, exacerbating supply-demand imbalances and limiting upward pressure on international oil prices [4] Technology Sector - Apple iPhone sales in China rose to first place in May, with a year-on-year global sales growth of 15% during April and May, marking the strongest performance since the pandemic [10]