Core Viewpoint - The Hong Kong government aims to establish the city as an international center for gold trading, storage, clearing, and risk management, leveraging its status as a global financial hub and its unique advantages of connecting with both the mainland and the world [1][2]. Group 1: Government Initiatives - The Financial Secretary of Hong Kong, Xu Zhengyu, announced that the government has made substantial progress in various measures to develop the gold market [2]. - The Hong Kong International Airport has completed the first phase of expansion for its precious metals storage facility, reaching a capacity of 200 tons, with plans to expand to 1,000 tons [2]. - A memorandum of cooperation has been signed with the Shenzhen local financial management bureau to build a deeply integrated regional gold ecosystem, laying the foundation for processing trade cooperation between Hong Kong and Shenzhen [2]. Group 2: Infrastructure and Development - The Hong Kong Gold Central Clearing System, managed by a government-owned company, is scheduled to begin trial operations by 2026 [2]. - The Chief Executive of Hong Kong announced in the 2025 policy address the acceptance of recommendations from the "Gold Market Development Working Group," which will be implemented by the Financial Secretary's office [2]. - A preparatory group will be established to support the formation of a gold industry organization, which will discuss details such as composition, membership qualifications, and financial arrangements [2]. Group 3: Industry Collaboration - The upcoming preparatory group is expected to enhance collaboration with the industry, facilitating communication with the government and regulatory bodies [2]. - The industry organization will play a crucial role in business development, domestic and international promotion, international cooperation, and talent cultivation, contributing to the long-term development of Hong Kong's gold market [2].

Core Viewpoint - The company, 超颖电子, has indicated that its products from the Thailand factory are primarily used in AI servers, automotive electronics, and storage sectors. The production rate at the Thailand facility has not yet reached full capacity [1]. Group 1 - The Thailand factory's products are focused on applications in AI servers, automotive electronics, and storage [1]. - The current production rate at the Thailand facility is not fully utilized [1].

Market Sentiment - The current market sentiment score is 86, indicating an "overheated" market condition [6][10][22] - Historical trends show that when sentiment is below or close to 30, the market tends to find support, while above 90, it faces resistance [10] Hot Themes Tracking - **Storage Theme**: Major manufacturers are phasing out DDR4, with a reported 53% price increase in May, the highest since 2017. Related stocks include Jiangbolong (301308) and Zhaoyi Innovation (603586) [7] - **Energy Metals Theme**: The Democratic Republic of Congo has extended a temporary ban on cobalt exports due to high inventory levels. Related stocks include Huayou Cobalt (603799) and Tianqi Lithium (002466) [7] - **Stablecoin Theme**: The People's Bank of China discussed the transformation of monetary policy and the rise of digital currencies at the Lujiazui Forum. Related stocks include Sifang Jingchuang (300468) and Jingbeifang (002987) [7] Capital Flow Analysis - The top ten stocks with the highest net inflow include Chengfei Integration (69,333.71 million), Dongxin Peace (54,023.33 million), and Rongfa Nuclear Power (51,283.10 million) [11] - The top ten stocks with the highest net outflow include Hengbao Co. (-77,375.44 million), Dongfang Fortune (-56,211.82 million), and BYD (-53,577.85 million) [13] - The top ten industries with the highest net inflow include Defense Industry (172,656 million) and Media (121,159 million) [17] - The top ten industries with the highest net outflow include Social Services (-21,650 million) and Environmental Protection (-27,401 million) [18]

Core Insights - The report indicates that the current market sentiment score is 85, categorizing it as "overheated," suggesting a strong upward trend in the market supported by recent improvements in sentiment and policy [6][10]. - Key themes identified include storage, energy metals, and stablecoins, with specific companies highlighted for potential investment opportunities [7]. Market Sentiment - The market sentiment temperature indicator shows a score of 85, indicating an "overheated" market, which typically suggests caution for investors as high sentiment can lead to market corrections [10][21]. - Historical sentiment trends indicate that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may present resistance [10]. Hot Themes Tracking - **Storage Theme**: Major manufacturers are phasing out DDR4 production, leading to a significant price increase of 53% in May, the highest since 2017. Relevant companies include Jiangbolong (301308) and Zhaoyi Innovation (603586) [7]. - **Energy Metals Theme**: The Democratic Republic of Congo has extended a temporary ban on cobalt exports due to high inventory levels, impacting companies like Huayou Cobalt (603799) and Tianqi Lithium (002466) [7]. - **Stablecoin Theme**: The People's Bank of China discussed the transformation of monetary policy and the rise of digital currencies at the Lujiazui Forum, highlighting companies such as Sifang Jingchuang (300468) and Jingbeifang (002987) as relevant players [7]. Capital Flow Analysis - The report lists the top ten stocks with significant net inflows, with Dongfang Caifu (300059) leading at approximately 1.31 billion, followed by Dongxin Heping (002017) and Guoxuan High-Tech (002074) [11]. - Conversely, the top ten stocks with net outflows include Sifang Jingchuang (300468) with a net outflow of approximately -879.77 million, indicating investor caution towards these stocks [13]. Industry Insights - The report highlights the top industries by net inflow, with the electric equipment sector leading at approximately 250.86 million, followed by the automotive and non-bank financial sectors [17]. - The report also notes industries with significant net outflows, including defense and military, indicating potential investor concerns in these sectors [22].

--鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：55 分（中性） 2025 年 06 月 19 日 双融日报 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 | 1、《双融日报》2025-06-18 | | --- | | 2、《双融日报》2025-06-17 | | 3、《双融日报》2025-06-16 | ▌ 华鑫市场情绪温度指标：（中性） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 55 分，市场情绪处于"中性"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：储存、机器人、稳定币 1、储存主题：据《科创板日报》报道，继韩系两大存储 原厂先后放出 DDR4 停产时间，美光确定已向客户发出信件通 知 DDR4 将停产，预计未来 2~3 个季度陆续停止出货。Trend Force 数据显示，5 月 DDR4 单月涨幅 53%，创 2017 年以来最 大涨幅。相关标的：江波龙（ 301308 ）、兆易创新 （603586） 2、机器人主 ...