牛市！

Group 1 - The article highlights a significant mismatch in the goals of the US and China during trade negotiations, with the US seeking tactical agreements for political gain, while China aims for a comprehensive framework covering trade, technology, and geopolitical stability [1] - Morgan Stanley's weekly strategy meeting indicates that the current trade negotiations may only provide tactical relief rather than a structural consensus [1] - High-frequency data from May shows a decline in China's export growth, with a year-on-year increase of only 4.8%, which is below expectations [2][7] Group 2 - Goldman Sachs predicts a 7% year-on-year increase in May exports based on shipping data, but the actual figure fell short of expectations [2] - The Producer Price Index (PPI) in China decreased by 3.3% in May, marking the lowest level since August 2023, while the Consumer Price Index (CPI) fell by 0.1% for the fourth consecutive month [15] - The article notes a divergence in price trends, with some service and high-tech product prices rising, indicating a potential release of new economic momentum [18] Group 3 - The Hong Kong stock market has entered a technical bull market, with the Hang Seng Index rising 21% from its April low [19] - Analysts from Guotai Junan Securities expect further upward movement in Hong Kong stocks, driven by domestic policy support and reduced external disturbances [22] - The A-share market showed positive performance, with major indices rising and significant trading volume, particularly in the pharmaceutical sector [24][34] Group 4 - The pharmaceutical sector has seen substantial inflows, with the industry experiencing the largest net inflow of funds [34] - The article discusses the potential for Chinese innovative drugs to achieve commercialization globally between 2025 and 2030, with significant projected sales and market value increases [28][29] - The report emphasizes the importance of clinical trial success rates in estimating future sales potential for authorized projects [28]