Core Viewpoint - The article highlights promotional membership offers and educational courses related to investment banking and corporate finance, emphasizing significant discounts and a variety of learning opportunities for professionals in the field [2][4][6]. Membership Offers - Various membership options are available at discounted prices, including: - Annual Card: ¥4099, now ¥2799 - Semi-Annual Card: ¥2599, now ¥1799 - Honor Card: ¥1499, now ¥999 - Monthly Card: ¥699, now ¥599 [1]. Educational Courses - A range of courses is offered for free or at reduced prices, covering essential topics in investment banking and corporate finance, such as: - Mergers and Acquisitions Practicalities - Corporate Compliance Practices - Private Equity Fund Practices - AI Applications in Investment Banking [4][7][8]. - Specific courses include: - Mergers and Acquisitions with 140 case studies (4.9 hours) at ¥199.5 - Corporate Governance Compliance Issues (1.5 hours) at ¥84.5 - Financial Valuation Modeling from beginner to advanced (7.4 hours) at ¥149.5 [7][8]. Promotional Period - The promotional period for membership and courses runs from June 19 to June 26, with special pricing for two-year memberships at ¥3299 [2][8].

Group 1 - The report highlights that during the May Day holiday, the Hong Kong dollar appreciated against the US dollar, reaching the strong-side convertibility guarantee level for the first time since October 28, 2020, prompting intervention by the Hong Kong Monetary Authority [4][9][11] - The report indicates that historical data shows that when the Hong Kong dollar touches the strong-side convertibility guarantee, A/H shares tend to perform well [4][11] - The report notes that the recent strength of the Hong Kong dollar and the renminbi reflects an increased preference for renminbi assets, which may positively impact the A-share market as market expectations and risk appetite improve [9][11] Group 2 - The report states that the US non-farm payroll data exceeded expectations, leading to a delay in market expectations for the first interest rate cut to July [4][5] - The report suggests that in May, the market may exhibit a pattern of "weight index recovery and active technology growth," with a return to a focus on technology and small-cap styles [4][5] - The report indicates that the overall market sentiment has weakened, with a decrease in trading activity across various style indices and major industry turnover rates [38][44] Group 3 - The report mentions that the financing balance has decreased, with net selling of financing funds amounting to 157.6 billion yuan, and ETF net outflows of 143.8 billion yuan [29][33] - The report highlights that the net inflow of funds was primarily seen in the steel and automotive sectors, while significant outflows were noted in electronics, pharmaceuticals, and non-bank financials [48][49] - The report indicates that the IPO financing amount was 5.3 billion yuan, with a planned fundraising scale of 27.6 billion yuan for upcoming IPOs [33][34] Group 4 - The report notes that the market's risk premium has decreased, and the trading activity of financing funds has weakened, with the proportion of financing transactions in A-share trading declining [38][40] - The report indicates that the VIX index has fallen, reflecting an improvement in overseas market risk appetite [40][41] - The report highlights that the overall market sentiment has shifted, with a notable decline in the turnover rates of various style indices and major industries [44][48] Group 5 - The report states that the recent monetary policy actions included a net injection of 735.8 billion yuan through reverse repos, with upcoming reverse repos totaling 16,178 billion yuan maturing [17][18] - The report indicates that the short-term bond yields have risen while long-term yields have decreased, leading to a narrowing of the yield spread [17][18] - The report mentions that the issuance of interbank certificates of deposit has decreased, with mixed changes in issuance rates [18][22]

Group 1 - The report highlights that individual investors and central Huijin contributed the main incremental growth in ETF holdings, with individual investors' share slightly decreasing to 41.2% and institutional investors' share increasing to 58.2% as of Q4 2024 [4][9]. - Individual investors are accelerating their market entry through fund-of-funds (FOFs), with the scale of ETF FOFs growing rapidly to 490 billion, reflecting high enthusiasm among individual investors [4][9]. - Individual investors hold a higher proportion of industry, style, and thematic ETFs, while large-scale index ETFs like the CSI 300 are primarily held by institutional investors [4][9]. Group 2 - The report indicates that the liquidity in the secondary market is tight, with a net outflow of 147.9 billion in financing funds, while ETFs saw a net inflow of 20.4 billion [4][31]. - The report notes that the net inflow of stocks in the ETF category was highest for the technology sector, while the pharmaceutical sector experienced significant redemptions [55][56]. - The report identifies that sectors such as non-ferrous metals, basic chemicals, and banks received substantial net inflows from various funds, indicating a preference for these industries [50][51].