Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a projected P/E ratio of 11 times over the next 12 months, following a reduction in tariffs between the US and China [2] - The market sentiment remains cautious due to limited progress in US-China trade talks and a lack of significant economic stimulus from mainland China [2] Macro Focus - The Caixin China Services PMI fell to 50.6 in June, below expectations, indicating a slowdown in service sector expansion [3][8] - Retail sales of new energy vehicles in China increased by 25% year-on-year in June, with a penetration rate of 52.7% [8] - The Ministry of Commerce plans to strengthen guidance on second-hand vehicle exports, aiming to support the development of the second-hand car market [8] - The Macau gaming sector saw a 19% year-on-year increase in June gaming revenue, exceeding expectations [6] Company News - Alibaba issued over 12 billion HKD in zero-coupon convertible bonds for Alibaba Health [3] - Geely Auto is entering the Italian market, while XPeng's G7 model starts at 195,800 RMB [3] - HSBC Holdings sold its UK insurance business for approximately 260 million GBP [3] Industry Insights - The biotechnology sector is expected to benefit from new measures supporting the high-quality development of innovative drugs [6] - The textile industry anticipates improved orders as Nike's performance is expected to stabilize [6] - The solar industry is facing challenges due to low-price competition, prompting the Ministry of Industry and Information Technology to call for comprehensive governance [9] IPO Market - KPMG estimates that the total amount raised from new IPOs in Hong Kong could reach up to 250 billion HKD this year, with over 200 applications currently being processed [9]