财信证券晨会纪要

Group 1: Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index reaching a new high for the year, closing at 3171.15 points, up 0.54% [6][3] - The overall market sentiment is optimistic due to the continuous recovery of the macro economy and the implementation of new real estate policies [6][3] - The total market capitalization of the Shanghai Composite Index is 5922.78 billion, with a price-to-earnings (PE) ratio of 11.81 and a price-to-book (PB) ratio of 1.19 [6][3] Group 2: Economic Indicators - The People's Bank of China maintained the Loan Prime Rate (LPR) at 3.45% for the one-year term and 3.95% for the five-year term as of May 20 [11] - National public budget revenue from January to April decreased by 2.7% year-on-year, amounting to 809.26 billion [13] - Fixed asset investment in Hunan province grew by 1.7% year-on-year from January to April, with significant growth in major projects [23][29] Group 3: Industry Dynamics - The National Press and Publication Administration approved 96 game licenses in May, indicating a normalization in the issuance of game licenses [19] - The domestic cosmetics brand Florasis is set to enter the French market through a partnership with DFS, showcasing a blend of Eastern beauty philosophy and Western luxury retail [19][25] - Lifan Pharmaceutical's application for the registration of Loxoprofen Sodium oral solution has been accepted, marking a significant step in expanding its product line [20][26] Group 4: Company Developments - Lifan Pharmaceutical's Loxoprofen Sodium oral solution is a non-steroidal anti-inflammatory drug with strong analgesic properties, targeting various pain and inflammation conditions [20][26] - Five New Tunnel Equipment announced a 2024 employee stock ownership plan, which will be executed at a price of 13.30 yuan per share [21][22] - The company plans to unlock shares in four phases based on performance metrics, with a total of 239,967 shares involved [22]