Group 1: Consumer Goods and Market Trends - The sales volume of consumer goods through the old-for-new program has exceeded 1 trillion yuan as of June 1, indicating a strong recovery in consumption [1] - As of May 31, the old-for-new program has driven a total sales volume of 1.1 trillion yuan across five major categories, with approximately 175 million subsidies issued to consumers [1] - The automotive sector has seen 4.12 million subsidy applications, while 49.86 million consumers purchased 77.62 million units of 12 major categories of home appliances [1] Group 2: Stock Market Analysis - The A-share market is experiencing rapid shifts in hotspots, with technology sectors leading the gains, although uncertainties remain due to ongoing overseas tariff issues [2] - The average price-to-earnings ratios for the Shanghai Composite Index and the ChiNext Index are at 13.69 times and 35.8 times, respectively, indicating a suitable environment for medium to long-term investments [3] - The market is expected to continue a pattern of oscillation and rotation of hotspots, with a focus on technology and consumer sectors [4] Group 3: Stablecoin Industry Developments - Circle, the issuer of the USDC stablecoin, plans to go public on the NYSE, aiming to raise up to $624 million with a total valuation of $6.7 billion [5] - The global stablecoin market is projected to reach nearly $240 billion by April 2025, with USDT and USDC dominating the market with a combined share of nearly 90% [5] - Stablecoins are increasingly being utilized in various payment and transaction scenarios, with a total transfer volume expected to reach $27.6 trillion in 2024, surpassing traditional payment giants [6] Group 4: Industrial Software and Investment Opportunities - The inclusion of industrial software in the "two new" policy is expected to stimulate investment and development in the sector, with a projected market size of 333.2 billion yuan by 2024 [8][9] - The government aims to update approximately 200,000 sets of industrial software and 80,000 sets of operating systems by 2027, focusing on key industries such as petrochemicals and aerospace [8] - Companies like Saiyi Information and Dingjie Zhizhi are recommended for investment due to their involvement in the industrial software sector [9] Group 5: Solid-State Battery Market Insights - Solid-state batteries are anticipated to play a crucial role in the global energy market, with expected shipments reaching 614.1 GWh by 2030 [10][11] - The market for solid-state batteries is driven by demand from electric vehicles, low-altitude economy, and robotics, with significant advantages over traditional lithium-ion batteries [10] - Investment opportunities in the solid-state battery sector include companies such as Sanxiang New Materials and Shanghai Xiba [12]

Core Viewpoint - The China Internet Finance Association has released group standards for online banking, which were developed in collaboration with major banks, indicating their technological strength and paving the way for accelerated digital transformation across the banking industry [1][2][7] Group Standards and Digital Transformation - The association published three group standards, including "Basic Requirements for Online Banking Services," which were drafted by major banks such as ICBC, Postal Savings Bank, and Minsheng Bank. These standards are expected to significantly promote the construction of online channels and digital transformation in the banking sector [2][3] - Major banks have demonstrated their financial technology capabilities, further leading the digital transformation. The standards were developed in response to the "Leader" system proposed by the State Administration for Market Regulation and other departments, reflecting the leading position of major banks in the industry. In 2021, ICBC and Postal Savings Bank invested CNY 26 billion and CNY 10 billion in financial technology, accounting for 2.76% and 3.15% of their revenues, respectively [2][3] Inter-Bank Cooperation and Digitalization - The group standards provide a framework for online banking services, including detailed requirements for mobile and desktop product design, which will help smaller banks, especially rural commercial banks and credit cooperatives, to adopt mature and stable design experiences from major banks. Recent regulatory emphasis on developing independent research capabilities in the banking sector further supports this collaboration [3] Market Rates and Liquidity - The monetary market remains loose, with low interest rates. As of last Friday, the average rates for DR007 and DR001 were 1.57% and 1.39%, respectively, indicating a highly ample liquidity environment. However, the demand for funds in the real economy has not significantly improved [4] - The issuance rate for one-year interbank certificates of deposit from joint-stock banks was 2.39%, reflecting a slight rebound but still at a low level, suggesting that the demand for funds in the real economy remains weak [4] Sector Performance - The banking sector showed strong performance during the week, although it lagged behind the overall market. The China Banking Index fell by 2.95%, while the CSI 300 Index rose by 3.65%. In Hong Kong, the Hang Seng H-Share Financial Index increased by 0.48%, also underperforming the Hang Seng Index, which rose by 3.43% [5] - Notable individual stock performances included Chengdu Bank (up 12.14%), Ningbo Bank (up 7.42%), Nanjing Bank (up 6.69%), and Xian Bank (up 6.45%) in A-shares, while in Hong Kong, Postal Savings Bank (up 2.77%) and Zhejiang Commercial Bank (up 1.69%) led the gains [5] Trading Activity - Market trading activity has shown significant recovery, with the average daily trading volume of A-share banking stocks reaching CNY 20 billion, a 47.5% increase from the previous week. In Hong Kong, the average daily trading volume for banking stocks was HKD 6.7 billion, a 13% decrease from the previous week [6] - Northbound funds slightly adjusted their holdings in the banking sector, with an average holding of 3.04%, up 0.04 percentage points, while southbound funds held an average of 8.56%, down 0.04 percentage points. The overall premium level of A/H shares in the banking sector increased slightly, with an average premium rate of 37.16% [6]

Market Overview - A total of 53 stocks hit the daily limit up in the A-share market, with a limit-up rate of 66.25% after excluding 11 ST stocks [1] Financial Technology Sector - Yuyin Co. had the highest limit-up order volume with 879,300 hands and a total order amount of approximately 5.57 billion yuan [2] - Other notable stocks include Nanwang Energy, ST United, and Hailian Jinhui, with limit-up order volumes of 385,700 hands, 373,300 hands, and 360,000 hands respectively [2] - Yuyin Co. has established itself as a provider of intelligent comprehensive service solutions in the financial technology field, gaining high recognition in the market [2] Pharmaceutical Sector - Several pharmaceutical stocks, including Huason Pharmaceutical and Ruizhi Pharmaceutical, also hit the limit-up [3] - Huason Pharmaceutical received approval from the Singapore Health Sciences Authority for its traditional Chinese medicine product, Pain-Diarrhea Ning Granules, allowing it to be sold in Singapore [3] - Ruizhi Pharmaceutical has developed an ADC one-stop R&D platform with over 15 years of experience, assisting partners in early-stage R&D projects [3] Livestock Sector - Juxing Agriculture reported a significant increase in pig sales, reaching 328,600 heads in April, a year-on-year growth of 115.46% [5] - Xiangjia Co. sold 4.4367 million live poultry in April, generating sales revenue of 80.7027 million yuan, with month-on-month changes of 17.46% and 12.62% respectively [6] Sports Industry - Gongchuang Turf and Jinling Sports are among the stocks that hit the limit-up in the sports industry [7] - Gongchuang Turf is recognized as a preferred supplier of artificial turf by FIFA and other international sports organizations [7] - Jinling Sports is actively exploring growth points in the sports consumption service sector, aiming to enhance the quality of sports consumption services [7] Institutional Investment - Sifang Jingchuang received over 1.5 billion yuan in net purchases from institutions [8] - The top three net purchases on the leaderboard included Sifang Jingchuang, Yunnai Power, and Xue Ren Co., with net purchases of 2.37 billion yuan, 1.68 billion yuan, and 1.57 billion yuan respectively [9] - Institutional net purchases for Sifang Jingchuang reached 1.52 billion yuan, while the deep stock connect saw a net purchase of 1.9 billion yuan for the same stock [9]

Core Viewpoint - Hand Return Group officially listed on the Hong Kong Stock Exchange, marking the third company nurtured by the Futian Jin Ke Dual Park, showcasing the success of the digital finance industry in Futian District [1][2]. Group 1: Industry Development - Since 2019, Futian District has developed the Bay Area International Financial Technology City and the International Financial Technology Ecological Park, creating a 60,000 square meter industrial space and achieving a "dual park linkage" development model [2]. - In just five years, the district has successfully nurtured listed companies such as Wealth Trend (listed on the Sci-Tech Innovation Board, stock code: 688318), Lingxiong Technology (listed on the Hong Kong Stock Exchange, stock code: 2436.HK), and Hand Return Group (listed on the Hong Kong Stock Exchange, stock code: 2621.HK) [2]. - As of 2024, the total valuation of companies in the Futian Jin Ke Dual Park is close to 70 billion yuan, with listed companies valued at 34.403 billion yuan and unlisted companies at 29.943 billion yuan [2]. Group 2: Company Innovation - Hand Return Group is recognized as a benchmark enterprise in the Futian Jin Ke Dual Park, driving transformation in the insurance intermediary industry through technological innovation [5]. - The company has developed a technology empowerment system that covers the entire business process from customer acquisition to claims [5]. - AI technology is utilized to enhance business quality, reducing effective complaint rates to below 1% and shortening the dual recording time for insurance policies to 10-15 minutes with a pass rate of 99.6%, significantly improving customer experience [5]. Group 3: Support Services - The Futian Jin Ke Dual Park provides comprehensive "four connections" precision services to support enterprise growth, including market connection, capital connection, policy connection, and talent connection [6]. - The successful listing of Hand Return Group exemplifies the collaborative innovation between government, enterprises, and parks, highlighting the core capabilities in resource integration and ecological construction within the Futian Jin Ke Dual Park [6].

机构评级方面，目前暂无机构对该股做出投资评级建议。 5月30日，截至港股收盘，恒生指数下跌1.2%，报23289.77点。国际商业结算（00147.HK）收报0.053港 元/股，上涨8.16%，成交量145万股，成交额7.43万港元，振幅8.16%。 最近一个月来，国际商业结算累计跌幅10.91%，今年来累计跌幅44.32%，跑输恒生指数17.51%的涨 幅。 财务数据显示，截至2024年9月30日，国际商业结算实现营业总收入9636.71万元，同比增长6.7%；归母 净利润-4306.05万元，同比增长26.4%；毛利率12.89%，资产负债率75.01%。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 行业估值方面，地产行业市盈率（TTM）平均值为4.81倍，行业中值-0.14倍。国际商业结算市盈 率-23.41倍，行业排名第104位；其他百仕达控股（01168.HK）为0.02倍、百仕达控股（02983.HK）为 0.43倍、恒达集团控股（03616.HK）为1.71倍、美联集团（01200.HK）为2.62倍、瑞森生活服务 （01922.HK）为2 ...

Group 1: Investment Opportunities in the Pharmaceutical Sector - The manager Zhou Sicong from Ping An Fund is optimistic about the long-term investment opportunities in the innovative drug sector, driven by both international expansion and domestic medical insurance market improvements [1] - The year 2025 is projected to be a significant milestone for China's innovative drug industry, marking the beginning of revenue growth, performance breakthroughs, and valuation increases [1] - The valuation of innovative drug companies is expected to continue rising due to significant improvements on the payment side [1] Group 2: Fund Company Developments - Multiple fund companies have submitted applications for technology innovation bond index funds, with 12 companies having done so since the beginning of the year [2] - Bosera Fund announced a self-purchase of floating rate funds, investing 10 million yuan in two of its equity funds [3] - Several funds, including the Industrial Bank's North Certificate 50 Index Fund, have announced limits on large purchases, with daily purchase limits set at 50,000 yuan and 200,000 yuan respectively [4] Group 3: Public Fund Industry Growth - The total net asset value of public funds in China has surpassed 33 trillion yuan, reaching a historical high of 33.12 trillion yuan, an increase of 898.5 billion yuan from the end of March [5] - The number of public fund products has also reached a record high of 12,705 [5] - In April, the scale of stock funds increased by over 110 billion yuan, while mixed funds saw a decrease of approximately 1.27 billion yuan [5] Group 4: Risk Level Adjustments by Banks - Several banks have been actively adjusting the risk levels of public fund products they distribute, with Agricultural Bank of China conducting dynamic risk assessments for all its distributed public fund products [6] - Citic Bank has raised the risk ratings for 158 asset management products, affecting 55 fund companies [6] Group 5: ETF Market Performance - A-shares saw collective gains, with the Shanghai Composite Index rising by 0.70%, the Shenzhen Component Index by 1.24%, and the ChiNext Index by 1.37% [7] - The total market turnover reached 1.2134 trillion yuan, an increase of 179.5 billion yuan from the previous day [7] - The financial technology sector and innovative drug sector ETFs experienced significant gains, with several funds rising between 4.29% and 6.41% [8][10]

1、 中办、国办印发《关于健全资源环境要素市场化配置体系的意见》，深化资源环境要素市场化配 置改革。意见提出，到2027年，碳排放权、用水权交易制度基本完善，排污权交易制度建立健全，节 能市场化机制更加健全，资源环境要素交易市场更加活跃、价格形成机制更加健全，推动资源环境要 素畅通流动、高效配置，充分释放市场潜力，对实现相关资源环境目标的支撑作用有效增强。 2、 记者从中国轻工业联合会了解到，1至4月，规模以上轻工企业实现营业收入7.35万亿元，同比增 长4.9%；实现利润4190.6亿元，同比增长3.8%。在系列扩内需、促消费政策支持下，轻工业经济运行 延续稳中有进态势。 3、 财政部拟第三次续发行2025年超长期特别国债（二期）。本次续发行国债为30年期固定利率附息 债。本次续发行国债竞争性招标面值总额710亿元，不进行甲类成员追加投标。本次续发行国债票面利 率与之前发行的同期国债相同，为1.88%。本次续发行国债的起息日、兑付安排与之前发行的同期国 债相同。 今日导读 4、5月28日，深圳市住房和建设局网站发布《深圳市配售型保障性住房管理办法（征求意见稿）》 《深圳市保障性住房规划建设管理办法（修订征求 ...

Group 1 - The competition among brokerage firms in the ETF market is intensifying as ETFs become a crucial tool for wealth management and long-term capital allocation [2] - As of April 2025, the total asset management scale of ETFs in the Shanghai and Shenzhen markets has exceeded 4 trillion yuan, with Shanghai's fund products totaling 846 and an asset management scale of 31,034.1 billion yuan [5] - Major brokerage firms are adopting a "strategy factory" model to enhance collaboration with external institutions, focusing on index products as a foundational component [4][6] Group 2 - Galaxy Securities leads the market with a 24.57% share of the Shanghai ETF holdings, followed by Shenwan Hongyuan with 17.87% [2] - Huatai Securities holds the highest transaction volume in Shanghai ETFs at 10.94%, with Galaxy Securities increasing from 5.16% to 8.52% [3] - In the Shenzhen market, although specific market share percentages are not disclosed, Dongfang Wealth, Dongfang Securities, and Founder Securities rank among the top five in both holdings and transaction volume [4] Group 3 - Brokerage firms are increasingly focusing on multi-asset allocation strategies, with products designed around low-interest rate environments and diversified investment approaches [4][6] - The industry faces challenges such as mismatches between product features and client needs, and insufficient post-investment support services [6] - Several brokerage firms are enhancing their wealth management strategies through financial technology and a focus on client-centered service models [6]

耐心、专注以及真诚地与当地政府部门以及合作伙伴建立牢固 的关系尤为重要，中东不是一个到当地拜访一次就能期待完美 合作关系的市场。如果想要在当地站稳脚跟，则需要考虑更深 层次的问题，即如何为中东经济贡献一份力量，例如引进技术 到当地、雇佣当地人才和提供可持续发展的业务等。 作者：老盈盈 封图：图虫创意 EVIDENT集团创始人兼首席执行官Florian M Spiegl从阿拉伯联合酋长国（下称"阿联酋"）回来 后，正在和合作伙伴Zand Bank着手产品数据接入的工作。5月中旬，这家专注另类资产投资的香 港金融科技公司与阿联酋首家数字化持牌银行Zand Bank在迪拜金融科技峰会上签署了合作备忘 录。 这是Florian M Spiegl跟随香港数码港代表团出访阿联酋的行程之一。此外，他还拜访了迪拜金融 服务管理局、迪拜虚拟资产管理局、阿联酋中央银行等主要监管机构，还与阿联酋的一些私人银 行、财富管理公司和家族办公室建立了联系。 中东正在经历一场深刻的变革，当地的政府部门除了推动再生能源工厂等实体基础设施的建设外， 还在快速建立基于数字货币和区块链系统的数字化基础设施。当地的虚拟资产机构也正在寻求与国 外公司的 ...

Core Viewpoint - Futu Holdings (FUTU.O) saw a pre-market increase of over 5% in its U.S. stock, driven by a significant year-on-year revenue growth of 81.1% in the first quarter [1] Company Summary - Futu Holdings reported a revenue increase of 81.1% year-on-year for the first quarter [1] - The company's stock performance reflects positive market sentiment following the earnings report [1] Industry Summary - The strong revenue growth indicates a robust performance within the online brokerage industry, suggesting increased trading activity and user engagement [1]