Group 1 - The Hong Kong stock market showed a recovery in consumer sectors such as automotive, blind boxes, cultural tourism, and short videos, with significant gains in stocks like Zhongsheng Holdings, Pop Mart, and Samsonite, which rose over 3% [1] - The Hong Kong Consumer ETF (159735) has seen an average daily trading volume exceeding 53 million HKD over the past five trading days, indicating high market interest [1] - The government plans to implement the third batch of subsidies for the "trade-in" policy for consumer goods in July, emphasizing the importance of this policy in boosting consumption, which is a primary task for the government this year [1] Group 2 - Huajin Securities highlighted that the issuance of guidelines for financial support to boost and expand consumption provides strong backing for the investment value of the consumer sector [2] - The policy emphasizes the role of credit support as a main channel, enhancing structural monetary policy tools, increasing bond market financing support, and promoting equity financing to lower financing thresholds and costs for quality consumer enterprises [2]

Core Viewpoint - The report from Western Securities indicates that China's overall automobile export growth is expected to slow down, with a projected 6% year-on-year increase from January to April 2025, while the export of new energy vehicles (NEVs) is anticipated to maintain a high growth rate of 53%, accounting for 33% of total exports, positioning NEVs as a new growth driver [1] Group 1: Export Growth Trends - The overall automobile export growth rate for January to April 2025 is projected at 6%, a slowdown compared to previous years, primarily due to a decline in traditional vehicle exports [1] - NEV exports are expected to continue growing rapidly, with a projected export volume of 640,000 units in the first four months of 2025, representing a 53% year-on-year increase [1] - The export volume of pure electric vehicles is expected to reach 430,000 units, a 28% increase year-on-year, while plug-in hybrid vehicle exports are projected at 210,000 units, showing a significant 155% increase [1] Group 2: Market Opportunities - The Middle East, North Africa, and South America are identified as regions with high growth potential for passenger vehicles, with both market space and growth rates expected to expand [2] - Global NEV penetration rates are currently low, indicating significant room for growth, particularly in Europe where the sales base is large and the penetration ceiling is high [2] Group 3: Competitive Advantages of Domestic Brands - Major Chinese automakers are expected to maintain a high export growth rate in 2024, surpassing the industry average, with significant growth in the export of NEVs, especially plug-in hybrids [3] - Chinese electric vehicles exhibit a clear price-performance advantage compared to models from Europe and the US, as well as local electric vehicle prices in Brazil, Thailand, and Mexico [3] - Over 80% of electric vehicles imported by multiple countries from China in 2024, showing a notable increase compared to 2023 [3]

Core Viewpoint - The recent "624" rally is reminiscent of last year's "924" event, with Hong Kong's tech index outperforming the Hang Seng Tech index significantly since April 2023 [1][4]. Performance Comparison - Since the "924" rally, the Hong Kong tech index has increased by 49.75%, outperforming the Hang Seng Tech index by nearly 6 percentage points; since the low on April 8, 2023, it has risen by 21.54% [3][4]. - The Hang Seng Tech index has shown a growth of 20.37% since April 8, 2023, and 43.26% since September 24, 2022 [4]. Sector Analysis - The Hong Kong tech index benefits from a larger number of constituent stocks (50) compared to the Hang Seng Tech index (30), which contributes to its superior performance [4]. - The strong performance of innovative pharmaceuticals within the Hong Kong tech index, which accounts for 8.5% of the index, has also contributed to its outperformance [4]. Investment Recommendations - For investors looking to invest in Hong Kong stocks, the Hong Kong tech index should be prioritized over the Hang Seng Tech index [5]. - The Hong Kong Tech 50 ETF (159750) has gained 0.69% recently and is a popular choice among investors, offering T+0 trading convenience [5][6]. ETF Performance - The Hong Kong Tech 50 ETF has increased by 50.15% since the "924" rally and 12.78% since April 8, 2023, with multiple recent highs [6][8]. - The Hong Kong Dividend Low Volatility ETF (520550) has also performed well, with a 17.69% increase since the "924" rally and 19.86% since April 8, 2023, achieving 35 new historical highs this year [6][8].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints - The credit spreads of the entire industry have recently declined slightly, but there are risks such as unexpected economic policies and global geopolitical conflicts [3]. - Upstream: International oil prices dropped significantly yesterday, and egg prices have recently rebounded [3]. - Midstream: The operating rates of polyester, PTA, and urea in the chemical industry have seasonally declined, while the PX operating rate has remained stable [3]. - Downstream: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low, and the number of domestic flights has periodically decreased [3]. 3. Summary by Relevant Catalogs 3.1 Market Pricing - The credit spreads of the entire industry have recently declined slightly [3]. 3.2 Upstream - **Energy**: International oil prices dropped significantly compared to the previous day [3]. - **Agriculture**: Egg prices have recently rebounded [3]. 3.3 Midstream - **Chemical Industry**: The operating rates of polyester, PTA, and urea have seasonally declined, while the PX operating rate has remained stable [3]. 3.4 Downstream - **Real Estate**: The sales of commercial housing in first - and second - tier cities have seasonally declined and are at a near - three - year low [3]. - **Service Industry**: The number of domestic flights has periodically decreased [3]. 3.5 Industry Credit Spreads - The credit spreads of various industries have generally declined. For example, the credit spreads of the agriculture, forestry, animal husbandry, and fishery industry decreased from 56.87BP last week to 56.12BP this week; the chemical industry decreased from 50.48BP to 47.16BP [47]. 3.6 Key Industry Price Indicators - **Agriculture**: The spot price of eggs increased by 4.46% year - on - year to 5.9 yuan/kg on June 24, while the spot price of corn was 2345.7 yuan/ton, up 0.43% year - on - year [48]. - **Energy**: The spot price of WTI crude oil was 68.5 dollars/barrel on June 24, down 4.54% year - on - year; the spot price of Brent crude oil was 71.5 dollars/barrel, down 2.39% year - on - year [48]. - **Chemical Industry**: The spot price of PTA was 5114.0 yuan/ton on June 24, up 1.37% year - on - year; the spot price of urea was 1804.0 yuan/ton, down 0.88% year - on - year [48]. - **Real Estate**: The cement price index nationwide was 137.8 on June 24, down 1.95% year - on - year; the building materials composite index was 111.0, down 0.75% year - on - year [48].

Group 1 - The Hong Kong stock market indices opened high on June 24, with the Hang Seng Index surpassing the 24,200 points level, driven by active trading in the smart driving concept stocks, particularly in the new energy vehicle sector [1] - Major ETFs saw significant gains, with the Hang Seng Tech Index ETF (513180) rising over 2%, and the Hong Kong Stock Connect Automotive ETF (159323) increasing by more than 3%, led by stocks such as Li Auto, Xiaomi Auto, and BYD [1] - Xiaomi's founder and CEO Lei Jun announced the official launch of the Xiaomi Auto YU7 on June 26, with interactions from various automotive company founders wishing for its success [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) focuses heavily on the Hong Kong passenger vehicle sector, featuring a leading proportion of new energy vehicle manufacturers compared to similar indices [2] - As of June 23, the top four weighted stocks in the index are BYD (15.09%), Xpeng Motors (14.81%), Li Auto (14.03%), and Geely (10.53%), collectively accounting for 54.46% of the index [2] - The index includes companies like Zhixing Technology and Horizon Robotics, indicating a higher concentration of smart driving elements compared to A-share automotive indices, aligning with industry development trends [2]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index (000692) has seen a strong increase of 4.18%, with constituent stocks such as Liyuanheng (688499) rising by 20.01%, Huasheng Lithium Battery (688353) by 15.20%, and Zhenhua New Materials (688707) by 12.99% [1] - The Sci-Tech Innovation New Energy ETF (588830) increased by 4.04%, with the latest price reported at 1.08 yuan, indicating active market trading with a turnover rate of 17.07% and a transaction volume of 77.3467 million yuan [1] - Solid-state battery core equipment deliveries by companies like Winbond Technology, Xian Dao Intelligent, and Xingyun Co. have significantly catalyzed the sector [1] Group 2 - The Sci-Tech Innovation New Energy ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board New Energy Index, which selects 50 large-cap stocks from the photovoltaic, wind power, and new energy vehicle sectors to reflect the overall performance of representative new energy companies [2] - As of May 30, 2025, the top ten weighted stocks in the index include JinkoSolar (688223), Trina Solar (688599), and Canadian Solar (688472), collectively accounting for 51.28% of the index [2]

Group 1 - The CS New Energy Vehicle Index rose over 2% on June 24, with the New Energy Vehicle ETF (516660) increasing by 2.15% and Zhenyu Technology gaining over 7% [1] - Tesla officially launched its Robotaxi pilot service in Austin, Texas, charging a flat fee of $4.2 per ride, marking its first paid autonomous taxi service [1] - Guangzhou's government issued a three-year action plan to promote the development of smart connected new energy vehicles, aiming for significant industry transformation by 2027 [1] Group 2 - Domestic Robotaxi deployment is accelerating, with Tesla's pilot expected to expedite the commercialization process; companies like Pony.ai and WeRide are planning significant expansions in Robotaxi fleets [2] - Major domestic ride-hailing companies are also entering the Robotaxi space, with partnerships aimed at developing autonomous driving technology [2] - If Tesla's Robotaxi progresses well, it is expected to serve as a model, encouraging domestic companies to accelerate their own Robotaxi commercialization efforts [2] Group 3 - The passenger vehicle sector is experiencing positive growth in both domestic demand and exports, with an expected annual sales increase of 6.7% [3] - The market share of vehicles priced below 300,000 is anticipated to rise, driven by "high-level intelligent driving equality" [3] - The integration trend in the auto parts sector is accelerating, with a focus on chip development and low-carbon manufacturing technologies [3]

Core Viewpoint - The A-share market experienced a collective rebound on June 24, with the automotive sector showing strong growth, driven by positive production and sales data from the China Association of Automobile Manufacturers (CAAM) and advancements in autonomous driving technology [1][5]. Group 1: Market Performance - On June 24, major A-share indices rebounded collectively, with significant gains in the automotive sector. The automotive parts ETF (562700) rose by 3.23%, the Hong Kong Stock Connect automotive ETF (159323) increased by 3.01%, the smart car ETF (159888) grew by 2.94%, and the new energy vehicle ETF (515030) saw a rise of 2.16% [1]. - Related concept stocks such as Zhejiang Shibao and Tongda Electric hit the daily limit, while companies like Yutong Optical, Huace Navigation, Top Group, Dalian Technology, and Guangting Information also experienced upward movement [1]. Group 2: Industry Growth - According to CAAM, in the first five months of the year, both production and sales of automobiles achieved over 10% growth, with domestic demand significantly improving due to policy support [1]. - Despite facing challenges from international uncertainties, the export of complete vehicles has shown resilience and maintained stable growth [1]. Group 3: Technological Advancements - CITIC Securities reported that Pony.ai's seventh-generation autonomous driving vehicles, based on GAC Aion, have begun public road testing in Guangzhou and Shenzhen [1]. - Companies like Jiushi, New Stone, and White Rhino are accelerating order volumes, indicating a turning point in costs and technology for the L4 autonomous driving industry this year [1]. - The current market environment is rapidly catching up with industry advancements, as technology iterations, industry patterns, and new business models continue to evolve, suggesting potential upward momentum for the sector [1].

Group 1 - The core viewpoint of the article is that Goldman Sachs identifies a group of ten prominent Chinese private enterprises, termed "Prominent 10," which are emerging as core assets in the Chinese stock market, comparable to the US "Mag 7" in terms of market position and competitiveness [1][4][12] - The Prominent 10 includes major companies across technology, consumer, and manufacturing sectors, collectively valued at $1.6 trillion, representing 42% of the MSCI China Index, with an average daily trading volume of $11 billion [1][4] - The expected compound annual growth rate (CAGR) for the earnings of the Prominent 10 from 2025 to 2027 is projected to be 13%, with a current price-to-earnings (P/E) ratio of 16 times, indicating both growth and valuation advantages [1][4] Group 2 - In comparison to the US Mag 7, the Prominent 10 has a total market capitalization of $1.6 trillion, which is only 8.3% of the Mag 7's $19.2 trillion, yet the Prominent 10 has shown an average return on equity of 17% over the past five years, close to the Mag 7's 39% [4][6] - The Prominent 10's P/E ratio stands at 16 times, significantly lower than the Mag 7's 28.5 times, suggesting a valuation advantage, while their research and capital expenditure as a percentage of revenue is 15%, indicating potential for technological investment [4][6] Group 3 - The Prominent 10 has demonstrated growth in key areas such as new energy (BYD), AIoT (Xiaomi), and local services (Meituan), aligning with China's themes of "self-control" and "consumption upgrade," while the Mag 7 relies more on technological monopolies [6][12] - The Prominent 10's stock prices have increased by 54% since the end of 2022, outperforming the MSCI China Index by 8 percentage points in the current year [12] Group 4 - Goldman Sachs employs a three-tiered screening framework to identify the Prominent 10, focusing on industry concentration, company competitiveness, and institutional ratings, ensuring that only companies with significant market share and high R&D/capital expenditure intensity are included [9][12] - For instance, Tencent holds a 79% profit share in the interactive media sector, while Meituan captures 80% of the local service revenue [9][12] Group 5 - The Prominent 10's market dominance is evidenced by significant metrics: Tencent has over 1.2 billion monthly active users in social networking, a 65% market share in gaming, and a 89% penetration rate in digital payments [12][13] - R&D investment for the Prominent 10 averages 9% over the past five years, with specific companies like Hengrui Medicine at 29% and BYD at 13% for capital expenditure, indicating strong commitment to innovation and capacity expansion [13] Group 6 - The article concludes that the Prominent 10 represents three major investment themes in China's economic transformation: technological breakthroughs (BYD in new energy, Xiaomi in AIoT), consumption upgrades (Anta in high-end sports, Meituan in service consumption), and globalization benefits (Tencent in gaming, Alibaba in Southeast Asian e-commerce) [14]

二 〇 二 四 年 度 2025 年 6 月 22 日 碳酸锂：供增需减，关注仓单注销矛盾 供应：锂辉石精矿价格周下跌 9 美元/吨，跌幅较小，澳洲发运量连续两周处于低位。冶炼端后续盐 湖和非矿新投项目增加，锂盐供应维持增量预期。冶炼端产量和开工率维持增长，本周碳酸锂产量 18462 吨，增幅 1.85%。冶炼端整体开工率 53.64%，环比上周提升 1.18 个百分点。 需求：本周新能源车零售销量为 24.8 万辆，未见明显的销量增长。受国补资金不足的情况影响，市 场担忧后续需求增长乏力。财联社调查表示："中央安排超长期特别国债支持消费品以旧换新的资金总规 模是 3000 亿元，今年 1 月和 4 月已分别下达两批共计 1620 亿元中央资金，支持地方做好一、二季度消 费品以旧换新工作。后续还有 1380 亿元中央资金将在三、四季度分批有序下达，同时地方也将相应配套 和自行安排足够的地方资金。"储能方面，5 月峰值后预计储能需求将呈现为回落状态。本周正极材料库存 小幅增加。 库存：碳酸锂库存总量累增，主要为上游和贸易商累库。碳酸锂库存 13.5 吨，环比上周增长 1352 吨。期货仓单数量减少 4250 吨 ...