CHOW TAI FOOK(HK:01929) Guodu Securities Hongkong·2025-06-17 02:33Market Overview - The Hang Seng Index closed up 168 points, surpassing the 24,000 mark, after initially opening lower and experiencing a drop of 173 points during the day [3][4] - The total market turnover was 229.24 billion, with a net inflow of 5.74 billion from northbound trading [3] Macroeconomic Indicators - In May, the number of visitors to Hong Kong increased by 20% year-on-year, reaching 4.08 million, with mainland visitors accounting for approximately 3.12 million, a 19% increase [7] - The total income of local residents in Hong Kong rose by 6.2% year-on-year in the first quarter, amounting to 879.4 billion, while the GDP for the same period was estimated at 799.7 billion, reflecting a 4.3% increase [8] Company News - China Southern Airlines reported an 8.4% year-on-year increase in passenger turnover for May, with domestic and international segments showing growth [12] - China Shenhua's coal sales fell by 10.7% year-on-year in May, totaling 32.5 million tons, attributed to weak demand [13] - Chow Tai Fook plans to issue 8.8 billion convertible bonds, with net proceeds aimed at business development and market expansion [14] - Cable TV is expanding into the micro-drama market, partnering with Saros TV to enhance its content offerings [15] Industry Developments - China Commercial Aircraft Corporation signed a memorandum of understanding with Safran and Crane for the C929 long-range aircraft project, showcasing models at the Paris Air Show [9] - The National Bureau of Statistics emphasized the need to enhance consumer confidence and spending, noting that while the market is gradually improving, internal consumption dynamics require further strengthening [10]