Group 1: Market Overview - The Hang Seng Index is expected to break through 24,000 points due to continuous capital inflow, with a recent increase of 496 points or 2.1% [3] - The Hang Seng Index closed at 23,654, up 141 points or 0.6%, with a total market turnover exceeding 2,126.87 million [3] - Major stocks such as Tencent and Meituan saw increases of 1.4% and 3% respectively, while AIA and Ping An experienced declines of 1.4% [3] Group 2: Bond Market Developments - The Hong Kong government successfully priced approximately 27 billion in green and infrastructure bonds, attracting global investors with a total subscription amount of about 237 billion, which is approximately 3.3 times the issuance amount [6][7] - The issuance includes various currencies, with notable yields such as 3.85% for a 30-year infrastructure bond and 2.6% for a 20-year green bond [6] - The issuance aims to support sustainable projects and infrastructure development, reflecting strong investor confidence in Hong Kong's fiscal stability [7][11] Group 3: Corporate News - Contemporary Amperex Technology Co., Ltd. (CATL) has partnered with APM Terminals to accelerate the electrification of container handling equipment, marking a significant step towards decarbonizing the port industry [10] - The collaboration will focus on battery lifecycle management and aims to reduce greenhouse gas emissions at ports [10] - Aoyuan Group reported a 44% year-on-year decline in pre-sale amounts for May, totaling approximately 930 million, with a cumulative drop of 48.29% for the first five months of the year [12]

FICC日报 | 2025-06-05 美国5月ADP数据不及预期，关注非农数据验证 市场分析 商品后续关注基本面的传导，长期关注滞胀配置。从2018年的关税复盘来看，加征关税事件呈现先交易需求下行， 后交易通胀上升，对于黑色、有色等工业品需要警惕来自美股调整的情绪冲击。而农产品需求相对稳定，关税带 来的价格上行波动概率更大。能源方面，6月初的产量会议上，欧佩克再次决定7月份当月增加41.1万桶/日的配额， 在4月至7月四个月期间将配额增加近135万桶/日，然而实际产量却远不及预期，不管是产量与船期数据，均显示截 止6月初欧佩克没有丝毫的增产迹象，短期能源围绕增产事实博弈，中期基本面供给偏宽松看待。俄罗斯国家杜马 国际事务委员会主席斯卢茨基表示，俄乌第三轮谈判极有可能于6月底在伊斯坦布尔举行。黄金继续关注低位的机 会。 关注经济事实验证。4月国内数据好坏参半，4月出口整体略超预期，但转口支撑的特征明显，叠加中美关税缓和， 短期出口有支撑；但4月投资数据有所走弱，尤其是地产边际压力再增；4月财政收入和支出同步回升，收入主要 受到土地出让金的支撑；同时消费也略有承压。面对关税下的外需压力和内部的稳增长诉求，关注财 ...

流动性日报 | 2025-06-05 市场流动性概况 2025-06-04，股指板块成交3510.02亿元，较上一交易日变动-9.91%；持仓金额9276.20亿元，较上一交易日变动 -2.07%；成交持仓比为37.50%。 国债板块成交2781.34亿元，较上一交易日变动+6.39%；持仓金额7695.74亿元，较上一交易日变动+0.74%；成交持 仓比为37.09%。 基本金属板块成交2682.67亿元，较上一交易日变动+42.56%；持仓金额3756.33亿元，较上一交易日变动+1.84%； 成交持仓比为107.90%。 贵金属板块成交3696.17亿元，较上一交易日变动+31.43%；持仓金额4487.30亿元，较上一交易日变动+0.96%；成 交持仓比为76.15%。 能源化工板块成交4606.13亿元，较上一交易日变动+38.32%；持仓金额3633.41亿元，较上一交易日变动-0.86%； 成交持仓比为106.47%。 农产品板块成交2923.50亿元，较上一交易日变动+3.86%；持仓金额5173.02亿元，较上一交易日变动-0.59%；成交 持仓比为47.31%。 黑色建材板块成交2788. ...

Group 1 - The core viewpoint of the articles highlights a surge in technology company listings in the Hong Kong stock market since Q2 2025, reinforcing Hong Kong's position as a global technology capital hub [1] - Multiple technology sectors, including internet, new energy vehicles, and biomedicine, are seeing increased listings, indicating a robust interest from global investors [1] - The Hong Kong Stock Exchange is actively reforming its listing system to provide a "fast-track approval" process for eligible companies, further attracting international attention [1] Group 2 - Short-term pressure on the Hong Kong stock market is anticipated due to tariff expectations, particularly with potential actions from the Trump administration to bypass federal court rulings [1] - Despite short-term challenges, there is a relatively optimistic long-term outlook for the Hong Kong technology sector, supported by strong performance in AI upstream computing power and servers [1] - The Hang Seng Technology Index experienced a single-day increase of 2.46% due to a U.S. International Trade Court ruling, but later retraced gains due to tariff policy concerns, indicating market sensitivity to U.S.-China policies [1] Group 3 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which includes 30 large-cap technology companies with significant R&D investment and good revenue growth [1] - The index aims to reflect the overall performance of listed technology companies within the Hong Kong Stock Connect framework, focusing on high-tech industries such as information technology and telecommunications [1]

Group 1: Central Bank Operations - The People's Bank of China conducted a 7-day reverse repurchase operation of 214.9 billion yuan at a fixed rate of 1.40% on June 4, with the bid and awarded amounts being equal [1] - On the same day, 215.5 billion yuan in reverse repos matured, resulting in a net withdrawal of 600 million yuan, indicating a relatively small scale of operation [1] - This operation reflects the central bank's flexible and precise liquidity management, helping to maintain balance in market liquidity and avoid excessive accumulation or shortage of funds [1] Group 2: European Central Bank Approval - The European Central Bank officially approved Bulgaria's application to adopt the euro, making it the 21st member of the Eurozone, with plans to start using the euro on January 1, 2026 [2] - The European Commission highlighted that joining the Eurozone will benefit Bulgaria by stabilizing prices, reducing transaction costs, protecting savings, increasing investment, and promoting trade [2] - To successfully integrate into the Eurozone, Bulgaria needs to implement strong policies to enhance economic competitiveness and resilience [2] Group 3: Trust Industry Growth - The China Trust Industry Association reported that the total trust assets reached 29.56 trillion yuan by the end of 2024, an increase of 5.64 trillion yuan from the end of 2023, representing a year-on-year growth of 23.58% [3] - This growth is attributed to the trust industry's transition towards a more diversified and professional asset service model, moving away from traditional non-standard financing [3] - The significant change in asset scale reflects the industry's proactive adjustment to market demand under the "three classifications" business transformation [3] Group 4: U.S. Economic Pressure - Following disappointing ADP employment data for May, which showed an increase of only 37,000 jobs compared to an expected 110,000, President Trump urged Federal Reserve Chair Powell to lower interest rates [4] - The employment growth rate in May was the lowest since March 2023, putting pressure on the Federal Reserve regarding its monetary policy [4] - Trump argues that not lowering interest rates puts the U.S. at an economic disadvantage, while the Federal Reserve maintains its policy independence based on economic data and analysis [4] Group 5: Corporate Name Change - Recently, the company formerly known as Jiexin Consumer Finance officially changed its name to Tianjin JD Consumer Finance Co., Ltd., indicating a significant corporate restructuring [5] - The registered capital was reduced from 7 billion yuan to 5 billion yuan, and new shareholders were added, including JD's subsidiaries [5] - This name change signifies the completion of the equity restructuring and is expected to enhance JD's customer service capabilities and promote healthy development in the platform economy [5]

资金与银行负债，谁影响谁？ ——2025 年 6 月流动性展望 [Table_ReportTime] 2025 年 6 月 4 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com1 证券研究报告 债券研究 [T专题able_ReportType] 报告 [Table_A 李一爽 uthor 固定收益 ] 首席分析师 执业编号：S1500520050002 联系电话：+8618817583889 邮 箱：liyishuang@cindasc.com 3资金与银行负债，谁影响谁？ 请阅读最后一页免责声明及信息披露 http://www.cindasc.com3 ——2025 年 6 月流动性展望 [Table_ReportDate] 2025 年 6 月 4 日 信达证券股份有限公司 CINDASECURITIESCO.,LTD 北京市西城区宣武门西大街甲 127 号金 隅大厦 B 座 邮编：100031 请阅读最后一页免责声明及信息披露 http://www.cindasc.com2 [➢Table_Summary] 4 月超储率环比下降 0.1pct 至 0.9%，低于我们此前 ...

Group 1: Core Argument - The World Gold Council has proposed that the Basel Committee on Banking Supervision (BCBS) recognize gold as a High-Quality Liquid Asset (HQLA) due to its strong liquidity and orderly market conditions, especially in light of recent market volatility caused by U.S. trade policy uncertainties [2][3][7]. Group 2: Market Dynamics - Major asset management firms on Wall Street are increasingly avoiding long-term U.S. Treasury bonds due to concerns over the growing U.S. budget deficit and debt burden, leading them to favor shorter-term bonds instead [3][6]. - The average daily trading volume of gold in the London Bullion Market Association (LBMA) has been higher than that of 7-10 year and 20-year U.S. Treasuries, indicating gold's strong liquidity [7]. Group 3: Regulatory Considerations - There are significant uncertainties regarding whether BCBS will classify gold as HQLA, as some Western central banks fear it could negatively impact the demand for sovereign bonds from the U.S. and Europe [4][9]. - The implementation of Basel III regulations has been delayed in the EU and the UK, which may further postpone any decision on gold's HQLA status [10]. Group 4: Investment Sentiment - Despite uncertainties about gold's HQLA status, global investment institutions continue to show strong interest in gold, driven by geopolitical tensions and inflation concerns [11][14]. - The recent increase in gold prices has been attributed to rising geopolitical risks and inflationary pressures, with some hedge funds adjusting their strategies to capitalize on potential price increases [12][14]. Group 5: Future Outlook - Analysts suggest that if gold is recognized as HQLA, it could significantly alter liquidity asset allocation strategies among global asset managers, potentially reducing demand for U.S. Treasuries [9][14]. - The ongoing geopolitical uncertainties and economic conditions are expected to sustain or increase the demand for gold as a safe-haven asset in the coming months [8][15].

丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 跨月资金利率平稳——流动性和机构行为周 报告要点 [Table_Summary] 2025 年 5 月 26 日-5 月 30 日，央行公开市场净投放资金，跨月资金利率整体平稳。2025 年 5 月 26 日-6 月 1 日，政府债净融资规模提升；同业存单小幅净融资，同业存单到期收益率多数 上升；银行间债券市场杠杆率小幅提升。2025 年 6 月 2 日-6 月 8 日政府债预计净融资-448 亿 元。 分析师及联系人 [Table_Author] 赵增辉 马月 SAC：S0490524080003 SAC：S0490125010043 SFC：BVN394 请阅读最后评级说明和重要声明 央行净投放资金，维护跨月资金面。2025 年 5 月 26 日-5 月 30 日，央行逆回购投放 16026 亿 元、回笼 9460 亿元，净投放 6566 亿元。2025 年 6 月 3 日-6 月 6 日公开市场逆回购将到期 16026 亿元。2025 年 5 月央行开展了 7000 亿元买断式逆回购，其中 3 个月期为 4000 亿元、 6 个月期为 3 ...

流动性日报 | 2025-06-04 市场流动性概况 2025-06-03，股指板块成交3896.03亿元，较上一交易日变动-13.08%；持仓金额9472.14亿元，较上一交易日变动 +2.43%；成交持仓比为40.94%。 国债板块成交2614.20亿元，较上一交易日变动-11.33%；持仓金额7639.08亿元，较上一交易日变动+0.57%；成交 持仓比为34.27%。 基本金属板块成交1881.72亿元，较上一交易日变动-23.13%；持仓金额3688.34亿元，较上一交易日变动+1.80%； 成交持仓比为69.92%。 2025年期货市场研究报告 第1页 请仔细阅读本报告最后一页的免责声明 流动性日报 贵金属板块成交2812.28亿元，较上一交易日变动-32.97%；持仓金额4444.54亿元，较上一交易日变动+4.58%；成 交持仓比为74.52%。 能源化工板块成交3330.09亿元，较上一交易日变动-33.67%；持仓金额3665.12亿元，较上一交易日变动+0.21%； 成交持仓比为75.00%。 农产品板块成交2814.90亿元，较上一交易日变动-4.38%；持仓金额5203.62亿元，较 ...

文字早评 2025/06/04 星期三 宏观金融类 股指 前一交易日沪指+0.43%，创指+0.48%，科创 50+0.48%，北证 50+1.03%，上证 50+0.32%，沪深 300+0.31%， 中证 500+0.42%，中证 1000+0.72%，中证 2000+0.82%，万得微盘+1.26%。两市合计成交 11414 亿，较上 一日+22 亿。 宏观消息面： 1、商务部等五部门组织开展 2025 年新能源汽车下乡活动。 2、中国 5 月财新制造业 PMI 降至 48.3，新订单显著收缩。 3、OECD 今年第二次下调全球经济预测，称特朗普关税风暴下美国首当其冲。 资金面：融资额-83.49 亿；隔夜 Shibor 利率+6.10bp 至 1.4710%，流动性较为宽松；3 年期企业债 AA- 级别利率-1.53bp 至 3.0261%，十年期国债利率+0.15bp 至 1.6777%，信用利差-1.68bp 至 135bp；美国 10 年期利率+5.00bp 至 4.46%，中美利差-4.85bp 至-278bp。 市盈率：沪深 300:12.50，中证 500:28.78，中证 1000:39 ...