每经记者｜曾子建 每经编辑｜肖芮冬 上周末，蜜雪集团被多家外资投行"下调评级"，引发市场高度关注。然而6月9日早盘，蜜雪集团大涨超 9%，带领其他新消费龙头集体大涨。除了蜜雪集团外，古茗一度涨超7%，布鲁可更是盘中大涨18%。 有分析人士指出，今日蜜雪集团、古茗和布鲁可三家公司正式纳入沪股通下的港股通标的名单，这意味 着南向资金今日起可以买入这些港股新消费股，短期利好因素比蜜雪集团被下调评级更加明显。但从中 期来看，过高的估值以及多家公司即将迎来限售股解禁，或将成为悬在股价上方的"利剑"。 蜜雪集团多空分歧已现 今年3月，蜜雪集团在港交所上市，立刻成为市场最牛新股之一。蜜雪集团招股价202.5港元/股，上周 三盘中触及618.5港元/股，较招股价涨幅高达205%。随着股价不断上涨，蜜雪集团估值也在飙升，最高 PE超过46倍，随之而来的是多空分歧。 就在上周，美林和瑞银相继发布报告，下调蜜雪集团投资评级。其中，美林将蜜雪集团评级下调至"跑 输大市"，瑞银则将其评级从"中性"下调至"卖出"。 下调评级的理由主要来自两方面。 真正的考验即将到来 实际上，不管是外资投行下调评级，还是纳入港股通标的证券名单，这些都是摆 ...

Group 1 - China's CPI and PPI data for May 2025 will be released on June 9 [1] - China has implemented a visa exemption policy for citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, effective from June 9, 2025, to June 8, 2026, allowing stays of up to 30 days without a visa [2] - A total of 4.19 billion shares worth 17.922 billion yuan will be unlocked today from 13 companies, with significant unlocks from Zeyu Intelligent, Yueneng Technology, and Huahai Qingke [3] - Three companies have disclosed stock repurchase progress, with two companies completing repurchases exceeding 10 million yuan [4] - Upcoming data releases include the U.S. wholesale inventory month-on-month rate and Singapore's May foreign exchange reserves [5]

01 中美经贸磋商机制首次会议，将举行！ 6月7日，外交部发言人宣布：应英国政府邀请，中共中央政治局委员、国务院副总理何立峰将于6月8日至13日访问英国。其间，将与美方举行中美经贸磋商机制首 次会议。 02 事关稀土出口管制！商务部深夜发声 据商务部网站6月7日晚间消息，商务部新闻发言人就中重稀土出口管制措施答记者问。有记者提问：近日，许多国家对中国稀土出口管制措施表达关注，请问中方 将采取哪些措施回应各方关切？ 对此，商务部新闻发言人表示，稀土相关物项具有军民两用属性，对其实施出口管制符合国际通行做法。中国依法对稀土相关物项实施出口管制，目的是更好维护 国家安全和利益，履行防扩散等国际义务，体现了坚持维护世界和平与地区稳定的一贯立场。 商务部新闻发言人称，我们也注意到，随着机器人、新能源汽车等行业发展，各国对中重稀土在民用领域的需求量正持续增长。中国作为负责任的大国，充分考虑 各国在民用领域的合理需求与关切，依法依规对稀土相关物项出口许可申请进行审查，已依法批准一定数量的合规申请，并将持续加强合规申请的审批工作。中方 愿就此进一步加强与相关国家的出口管制沟通对话，促进便利合规贸易。 03 中央汇金，大动作！ ...

Core Viewpoint - The upcoming week will see a decrease in the number of A-share companies facing lock-up stock releases, but the total market value of the released stocks will be higher, with no stock exceeding a market value of 10 billion yuan [1][2]. Group 1: Lock-up Stock Release Overview - A total of 54 stocks will face lock-up stock releases next week, with a combined release quantity of 2.399 billion shares, amounting to a total market value of 27.882 billion yuan based on the closing price on May 30 [1][2]. - The two stocks with the highest release market value are Chipway Technology (688230.SH) and Huqiang Technology (688151.SH), each exceeding 4 billion yuan [2][4]. Group 2: Specific Stock Details - Chipway Technology will release 88.2 million shares on June 3, representing 75% of its total share capital, with a release market value of 4.259 billion yuan [5][6]. - Huqiang Technology will release 242.35 million shares on June 6, accounting for 70.35% of its total share capital, with a release market value of 4.081 billion yuan [5][9]. - *ST Chengchang (001270.SZ) will also see a significant release of 102.11 million shares, with a market value of 3.554 billion yuan [5][4]. Group 3: Market Performance and Trends - Chipway Technology's stock price was 48.29 yuan per share as of May 30, reflecting a 0.99% increase since the beginning of the month, but a 26.30% decrease compared to its issue price [6][8]. - Huqiang Technology's stock price was 16.84 yuan per share, showing a 2.67% increase since the beginning of the month, but a 50.92% decline compared to its issue price [9][10]. - Four stocks will see their circulating shares increase by over 100%, with Chipway Technology's circulating shares expanding by 300% [13][10].

Group 1: Automotive Industry - The Ministry of Industry and Information Technology supports the initiative from the China Automobile Industry Association to maintain fair competition and promote healthy development in the automotive industry, emphasizing the need to address "involution" competition [1] - The Ministry plans to enhance regulatory measures to optimize industry structure, strengthen product consistency checks, and collaborate with relevant departments to enforce anti-unfair competition laws [1] Group 2: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, indicating an improvement in manufacturing sentiment [2] - Large enterprises have a PMI of 50.7%, up 1.5 percentage points, while medium-sized enterprises have a PMI of 47.5%, down 1.3 percentage points, and small enterprises have a PMI of 49.3%, up 0.6 percentage points [2] Group 3: Real Estate and Land Development - Guangzhou has listed 9 land parcels for sale, covering an area of 186,100 square meters with a total starting price of approximately 8.283 billion yuan [4] Group 4: Electric Vehicle Infrastructure - BYD announced a collaboration with Xiaojuchongdian and Xin Electric to build 15,000 megawatt fast-charging stations [5] Group 5: International Trade and Economic Policy - California Governor Gavin Newsom criticized the federal government's tariff policies, stating they disproportionately impact small and medium-sized enterprises in the U.S. [7] - The U.S. Commerce Department reported a significant reduction in the trade deficit for April, dropping to $87.6 billion from a record high of $162.3 billion in March, indicating a decrease of 46% [7]

经济观察网讯5月30日重点关注的财经要闻与资本市场大事 1、中国贸促会将召开5月例行新闻发布会 5月30日上午10时，中国贸促会将召开5月例行新闻发布会。中国贸促会新闻发言人赵萍将发布2025年3 月全球经贸摩擦指数、2025年4月全国贸促系统商事认证数据、《日本营商环境报告2024》和《韩国营 商环境报告2024》、2025年全球贸易投资促进峰会成果、大阪世博会活动预告等。 2、国家卫生健康委就共促儿童健康成长有关情况举行发布会 5月30日下午3时，国家卫生健康委将召开新闻发布会，介绍共促儿童健康成长有关情况，并回答媒体提 问。 3、4.88亿元市值限售股今日解禁 今日看点 5月30日，21家公司共发布23个股票回购相关进展。其中，2家公司首次披露股票回购预案，1家公司回 购方案获股东大会通过，5家公司披露股票回购实施进展，13家公司回购方案已实施完毕。 从首次披露回购预案来看，嘉化能源、海南矿业分别拟回购不超6.0亿元、275.26万元。从股东大会通过 回购预案来看，国泰海通拟回购不超433.69万元。从回购实施进展来看，天山铝业、中国核电、奥海科 技回购金额最高，分别回购7022.12万元、3698.0 ...

Group 1 - The Private Economy Promotion Law will take effect on May 20, 2025, marking the first foundational law specifically for the development of the private economy in China, establishing the legal status of the private economy [1] - The law incorporates the principle of "two unwavering" for the first time, emphasizing the government's commitment to supporting the private sector [1] Group 2 - On May 20, the State Council Information Office will hold a press conference regarding the "Opinions on Continuing to Promote Urban Renewal Actions," with officials from various ministries providing insights [2] - The Ministry of Transport will also hold a press conference to discuss the establishment of an international standardization organization for port and terminal standards [3] Group 3 - The Loan Prime Rate (LPR) for one-year and five-year terms will be announced on May 20, which is crucial for understanding the lending environment [4] Group 4 - On May 20, a total of 11 companies will have their restricted shares unlocked, amounting to 156 million shares with a total market value of 2.277 billion yuan, with significant contributions from companies like Lianxiang Co., Haige Communication, and Mingtai Aluminum [5] - Four companies will have over 10 million shares unlocked, with Lianxiang Co. leading at 61.125 million shares [5] Group 5 - 40 companies have disclosed their stock repurchase progress, with 7 companies announcing new repurchase plans, and 20 companies having their plans approved by shareholders [6] - The highest proposed repurchase amounts come from Zhaoxun Media, Hexing Packaging, and Hengda New Materials, with plans of up to 200 million yuan, 100 million yuan, and 50 million yuan respectively [6]

4、100.89亿元市值限售股今日解禁 （原标题：今日看点｜国新办将举行2025年4月份国民经济运行情况新闻发布会；国内油价预计将迎年 内第五降） 经济观察网讯 5月19日重点关注的财经要闻与资本市场大事： 1、国新办将举行2025年4月份国民经济运行情况新闻发布会 5月19日上午10时，国新办将举行新闻发布会，国家统计局新闻发言人、国民经济综合统计司司长付凌 晖介绍2025年4月份国民经济运行情况，并答记者问。 2、4月70城房价数据将公布 5月19日，国家统计局将发布2025年4月份70个大中城市商品住宅销售价格变动情况。 3、国内油价预计将迎年内第五降 国内成品油新一轮调价窗口将于5月19日24时开启。综合机构观点，国内成品油价或将出现年内第五次 下跌。今年以来，国内油价已经历九轮调价窗口，分别为"三涨四跌两搁浅"。涨跌互抵后，国内汽、柴 油价格每吨较去年底分别下调425元、410元。若本轮调整落地，2025年调价格局将变为"三涨五跌两搁 浅"。 5月19日，共有12家公司限售股解禁，合计解禁量为3.51亿股，按最新收盘价计算，合计解禁市值为 100.89亿元。 从解禁量来看，5家公司解禁股数超千万股。 ...

Core Viewpoint - The report outlines the approval and details regarding the lifting of restrictions on shares of Jiangsu Hualan Pharmaceutical New Materials Co., Ltd. prior to its initial public offering (IPO) and the subsequent listing of these shares for trading [1][2]. Summary by Sections 1. Type of Restricted Shares - The company issued 33,666,667 shares during its IPO, with a total share capital of 134,666,667 shares post-IPO. Of these, 103,765,403 shares were subject to restrictions, representing 77.05% of the total. The current release involves 1,756,450 shares, accounting for 1.30% of the total share capital [1][2]. 2. Changes in Share Capital - Following the issuance of restricted shares, the total share capital increased to 135,786,667 shares after the granting of 1,120,000 restricted shares on March 16, 2023. The company also canceled 6,412,625 shares held in a repurchase account, leading to a total of 126,308,942 shares as of the report date [3][4]. 3. Commitments and Compliance - The controlling shareholder, Jiangyin Hualan Electromechanical Technology Co., Ltd., committed to not pledging or transferring shares for 36 months post-IPO. If the stock price falls below the IPO price for 20 consecutive trading days, the lock-up period is extended by 6 months. All commitments have been adhered to without any violations [5][6][9]. 4. Listing and Trading Arrangements - The shares will be available for trading starting May 15, 2025. A total of 37,827,846 shares will be released, which is 29.9487% of the total share capital. The release involves four shareholders, with no shares being pledged or frozen [10][12]. 5. Share Structure Post-Release - After the release of restricted shares, the structure will reflect 38,032,821 restricted shares (30.11%) and 126,103,967 unrestricted shares (99.84%). The total share capital remains at 126,308,942 shares [11][12]. 6. Sponsor's Verification Opinion - The sponsor confirms that all shareholders have complied with their lock-up commitments and that the application for the release of restricted shares meets all regulatory requirements. The information disclosed regarding the release is deemed accurate and complete [13].

Group 1: Important Data Releases - The US April CPI data will be released on Tuesday, followed by the April PPI and retail sales data, as well as the Eurozone and UK Q1 GDP on Thursday. China's April financial data will be released next week at an unspecified time [1] Group 2: Earnings Reports - Key companies reporting earnings next week include JD.com, SoftBank, and Honda on Tuesday; Tencent, Sony, and Porsche on Wednesday; and Alibaba, NetEase, Beike, and Geely on Thursday [1] Group 3: A-Share Market Developments - A total of 28 companies in the A-share market will have their restricted shares unlocked next week, with a total market value of 18.63 billion yuan. The top three companies by unlock value are Guojin Securities, Qiangrui Technology, and Jiangsu Huachen, valued at 4.166 billion yuan, 3.243 billion yuan, and 2.644 billion yuan respectively [1] Group 4: New Stock Listings - Tian Gong Co., Ltd. will be listed on the Beijing Stock Exchange on May 13, focusing on the research, production, and sales of titanium and titanium alloy materials [1] Group 5: Central Bank Operations - The central bank will have 836.1 billion yuan in reverse repos maturing next week, with specific maturities of 0 billion, 405.0 billion, 195.5 billion, 158.6 billion, and 77.0 billion yuan from Monday to Friday. Additionally, 125.0 billion yuan in MLF will mature on Thursday [1]