信达国际港股晨报快-20250619

Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations for 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, but ongoing tensions may affect future agreements [2] - The Hang Seng Index's valuation has returned to reasonable levels, requiring significant positive developments in trade agreements and corporate earnings to maintain upward momentum [2] Sector Outlook - Gold mining stocks are favored due to ongoing geopolitical tensions and central banks continuing to increase their gold holdings [3] Macro Focus - Chinese Premier Li Qiang emphasized the importance of innovation-driven development and expanding effective demand during his recent research trip [4] - The People's Bank of China announced eight significant financial policies aimed at enhancing the financial market and supporting offshore trade [8] - The China Securities Regulatory Commission introduced further reforms to enhance the inclusivity and adaptability of the capital market, particularly focusing on the Sci-Tech Innovation Board [8][9] Company News - JD Group reported better-than-expected growth in its food delivery business, with plans to launch six innovative projects [4] - Several companies, including AI startup Xiyu Technology, are planning to list in Hong Kong [4] International Market Outlook - The US Federal Reserve maintained interest rates, with expectations of two rate cuts later in the year, reflecting a cautious approach to inflation risks [4] - The ongoing geopolitical tensions, particularly regarding Iran, may impact market stability, while OPEC+ is expected to limit upward pressure on oil prices [4][6]