Core Viewpoint - H-shares are outperforming A-shares, with the Hang Seng Index leading in the global capital market since April 2024, experiencing four rounds of technical bull markets, while the pharmaceutical sector leads the market, and technology and discretionary consumption lag behind [1][4]. Group 1: AH Premium Index - The AH premium index fell over 10%, reaching a five-year low of 127.84 points on June 11, down from over 160 points in February 2024 [2]. - The decline in the AH premium index indicates a narrowing discount of H-shares compared to A-shares, attributed to the better performance of H-shares [2]. - The index measures the price differences of A-shares and H-shares of the same companies, reflecting the relative premium or discount [2]. Group 2: IPO Market Performance - The Hong Kong IPO market has seen explosive growth, with 31 new companies listed as of June 10, reclaiming the top position in global IPO fundraising [3]. - The resilience of the Hong Kong market is notable, even in the face of unexpected challenges such as "reciprocal tariffs" [3]. Group 3: Market Dynamics and Investment Trends - The Hang Seng Index has risen over 21% since the low on April 9, entering a technical bull market, with significant sector performance divergence [4]. - The pharmaceutical sector has shown the highest ETF growth at 42.69%, while technology and discretionary consumption sectors lagged behind [4]. - Southbound capital has seen a net inflow of 674.18 billion HKD this year, indicating strong foreign interest in Hong Kong stocks [4]. Group 4: Sector Adjustments and Future Outlook - The recent adjustment in the technology sector is seen as both coincidental and inevitable, with AI-related stocks experiencing a temporary cooling off after a strong previous performance [5]. - The Hong Kong market is becoming a key platform for global capital, with an influx of leading companies and a favorable valuation environment attracting foreign investment [5].

Group 1 - The Southern CSI Hong Kong Stock Connect Technology ETF has been officially approved, closely tracking the CSI Hong Kong Stock Connect Technology Index [1] - The ETF consists of 50 large-cap technology stocks within the Hong Kong Stock Connect, focusing on companies with high R&D investment and revenue growth, covering sectors such as internet, semiconductors, biotechnology, and new energy [1] - The top ten weighted stocks in the index as of June 11, 2025, include Xiaomi Group-W, BYD Company, Alibaba-W, Tencent Holdings, Meituan-W, BeiGene, SMIC, Kuaishou-W, Li Auto-W, and Xpeng Motors-W, collectively accounting for 70.8% of the index [1][2] Group 2 - According to Jianyin International Securities, the Hong Kong stock market has shown increased resilience this year, with a transition from bear to bull market, characterized by a rising bottom and improved trading volume [4] - The investment logic is shifting from valuation recovery to a revaluation based on new productive forces and high-quality development, enhancing risk-return profiles and investability [4] - Future outlook suggests that with the acceleration of AI commercialization and breakthroughs in humanoid robot mass production, the long-term investment value in the technology sector will become more prominent [4]

Economic Indicators - The US core inflation rate for May has been below expectations for the fourth consecutive month, indicating that businesses are largely absorbing higher tariff costs without passing them on to consumers[8] - The US May tariff revenue reached a record high of $23 billion, a year-on-year increase of $17 billion, representing a 270% growth[13] - The US budget deficit for May was $316 billion, a 17% decrease compared to the previous year[13] Market Performance - The Shanghai Composite Index rose by 0.52% to 3402.32 points, while the Shenzhen Component increased by 0.83% and the ChiNext Index gained 1.21%[1] - The Hang Seng Index closed up 0.84% at 24366.94 points, with the Hang Seng Tech Index rising by 1.09% and the Hang Seng China Enterprises Index increasing by 1.12%[1] Trade Relations - President Trump announced that China will "take the lead" in supplying rare earths and magnets as part of a framework agreement reached during US-China negotiations[8] - The framework agreement includes maintaining current tariff levels, which are lower than before Trump's presidency, and allowing Chinese students to enroll in US universities[8] Monetary Policy - Following the inflation data, the market is pricing in an over 80% probability of a Federal Reserve rate cut in September[8] - Trump has called for a 100 basis point rate cut from the Federal Reserve, arguing it would significantly reduce interest payments on maturing debt[8]

Key Insights - The report highlights the significant performance of high-volatility strategies, with a cumulative increase of over 27% year-to-date, indicating strong market recovery and strategy effectiveness [2][4] - The report emphasizes the strategic transformation of Huaxi Biological, a leading global hyaluronic acid supplier, which is expected to benefit from domestic consumption upgrades and the growing demand for life health products [7][10] - The mechanical industry shows a mixed performance, with a decline in domestic excavator sales but a positive export growth, suggesting a resilient long-term outlook supported by government initiatives [12][15][16] - The beverage sector, particularly beer companies, is exploring diversification into non-alcoholic beverages, which is seen as a crucial growth strategy for future revenue streams [18][22] Group 1: High-Volatility Strategies - The report details the performance of various strategies, with low-price enhancement, improved dual-low, and high-price high-elasticity strategies yielding returns of 1.5%, 2.7%, and 4.7% respectively during the last period [2][3] - Year-to-date performance for these strategies shows returns of 4.5%, 16.6%, and 27.3%, outperforming the benchmark [2][3] Group 2: Huaxi Biological - Huaxi Biological is positioned as a global leader in bioactive materials, focusing on synthetic biology technology and a comprehensive industry chain [7][10] - The company is expanding its product matrix to include various bioactive materials, enhancing its market presence in medical and nutritional products [8][9] Group 3: Mechanical Industry - In May, domestic excavator sales decreased by 1.48%, while exports grew by 5.4%, indicating a shift in market dynamics [12][14] - The report notes that the overall export of engineering machinery remains stable, with significant growth in exports to Africa and South America [14][16] Group 4: Beverage Sector - Domestic beer companies are actively expanding into beverage markets, with notable initiatives from brands like Yanjing and Qingdao Beer [18][19] - The report suggests that while beverage business contributions are currently low, they represent a vital growth avenue for beer companies in the long term [22]

Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations of new financial policies from mainland China to stabilize the market, including reserve requirement ratio cuts and interest rate reductions [2] - The recent US-China trade negotiations have led to a temporary reduction in tariffs, with US tariffs on Chinese imports dropping from 145% to 30%, and Chinese tariffs on US goods decreasing from 125% to 10% for a 90-day period [2][3] - The Hang Seng Index's valuation has returned to reasonable levels, requiring significant positive developments in trade agreements and corporate earnings improvements to maintain upward momentum [2] Sector Focus - The report highlights a positive outlook for sectors such as financial stocks, automotive parts, and gold mining stocks, driven by recent developments in trade agreements and geopolitical factors [7][8] - The automotive sector in mainland China saw a year-on-year sales increase of 11.2% in May, with new energy vehicle sales rising by 36.9% [9] Company News - Horizon Robotics plans to raise approximately HKD 47 billion through a share placement at a discount of nearly 7% [10] - Kintor Pharmaceutical is preparing for an IPO in Hong Kong, aiming to raise around USD 100 million [10] - Pop Mart has expanded its production capacity but still faces supply shortages due to high demand for its products [11] - JD Logistics is expanding its operations in Saudi Arabia, having recruited over a thousand staff for its logistics services [10] - Alibaba is focusing on re-establishing its leadership in the technology sector, emphasizing AI and cloud infrastructure as key strategic pillars [10] Economic Indicators - The US Consumer Price Index (CPI) for May showed a year-on-year increase of 2.4%, with core CPI rising by 0.1% month-on-month, indicating that tariffs have not yet significantly impacted overall inflation levels [8] - The Federal Reserve is expected to maintain interest rates, with projections indicating two rate cuts totaling 0.5% for the year [4][8]

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.59% at 24,223.12 points, the Hang Seng Tech Index down 1.13% at 5,389.56 points, and the National Enterprises Index down 0.78% at 8,796.99 points [1] - Major tech stocks generally declined, with Alibaba down 2.28%, JD Group down 1.79%, and Xiaomi down 1.11%. However, Netease rose by 1.05% [1] Company News - XPeng Motors reported that its delivery volume has exceeded 30,000 units for seven consecutive months as of 2025 [2] - Morgan Stanley upgraded the rating of Wei Long Delicious to "Overweight" [3] - Junshi Biosciences received a clinical trial application acceptance notice from the National Medical Products Administration for JT118, aimed at preventing monkeypox virus infection [3] - Vanke Enterprise sold 30.1 million A-shares, raising a total of RMB 198 million [4] - Horizon Robotics plans to issue 681 million shares, aiming to raise approximately HKD 4.674 billion, at a discount of about 6.85% from the previous closing price [4] Institutional Insights - Guotai Junan noted that the narrative of asset revaluation in China has gained traction this year, with the Hong Kong stock market showing a volatile upward trend, although valuations remain relatively low. Future trade environments may disrupt the market, but domestic policy efforts could drive fundamental recovery [5] - CITIC Securities reported that Hong Kong stocks saw a 3.4% year-on-year revenue increase and an 8.5% profit increase in 2024, indicating a significant improvement compared to 2023. The performance of technology and finance sectors was particularly strong, while the real estate and some consumer-related companies still showed weak performance [6]

Group 1 - Sichuan is actively promoting investment cooperation and project implementation through various initiatives, including investment cooperation conferences and the launch of industrial investment funds [1] - Deyang held an investment cooperation conference that attracted over 50 investment institutions and announced financing needs exceeding 3 billion yuan, focusing on strategic emerging industries such as high-end equipment and biotechnology [2] - Deyang's investment needs include 600 million yuan from Bohai New Energy and over 100 million yuan from other local enterprises, highlighting the vitality of Deyang's industrial development [2] Group 2 - Guangyuan is implementing a comprehensive investment promotion strategy for the green home furnishing industry, with over 10 investment promotion activities conducted in various provinces [3] - The city has identified over 80 key enterprises for investment and is leveraging the influence of leading companies to attract upstream and downstream businesses [3] - Guangyuan aims to introduce more than 20 quality enterprises through high-standard industry conferences and professional investment agencies [4] Group 3 - Leshan has launched a 60 billion yuan industrial investment fund group, inviting global fund management companies and industry investors to collaborate [5] - The fund group consists of a 4.5 billion yuan guiding fund and additional specialized funds, covering various industrial clusters including photovoltaic and green chemicals [6] - Leshan plans to establish a collaborative funding mechanism involving local governments and social capital to enhance investment effectiveness [7]

Group 1 - The China market is seen as highly attractive for investment due to its openness, vitality, innovation, and growth potential [1][2] - Global trade is expected to become more open in the next decade, particularly between Europe and China, with a call for increased mutual investment [1] - China is recognized for its advanced technologies in electric vehicles, clean energy, and artificial intelligence, making it essential for global companies to engage with the Chinese market [1] Group 2 - Panasonic views the Chinese market as having a large scale, robust supply chain, and rich talent pool, leading to new development opportunities [2] - Since 2020, Panasonic has established 19 new business bases in China, indicating a strong commitment to the market [2] - Future cooperation between Japan and China in areas such as health care, new energy, industrial automation, and high-end materials is anticipated to be extensive [2]

中国北京建国门外大街 1 号国贸写字楼 2 座 12 -15 层 100004 电话 Tel: +86 10 6563 7181 传真 Fax: +86 10 6569 3838 电邮 Email: beijing@tongshang.com 网址 Web: www.tongshang.com 北京市通商律师事务所 关于华熙生物科技股份有限公司 致：华熙生物科技股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共 和国证券法》(以下简称"《证券法》")、 《上市公司股东会规则》(以下简称"《股 东会规则》")等法律、法规及规范性文件和《华熙生物科技股份有限公司章程》 (以下简称"《公司章程》")的规定，北京市通商律师事务所(以下简称"通商" 或"本所")接受华熙生物科技股份有限公司(以下简称"公司")委托，指派本所 律师出席了公司于 2025 年 6 月 11 日召开的 2024 年年度股东大会(以下简称"本 次股东大会")，并就本次股东大会的相关事项出具本法律意见书。 本法律意见书仅供公司本次股东大会之目的使用，本所律师同意将本法律意 见书随公司本次股东大会其他信息披露资料一并 ...

Core Viewpoint - Cloudbreak Pharma Inc. has submitted its fourth listing application to the Hong Kong Stock Exchange, with previous applications submitted in November 2023, May 2024, and December 2024 [1]. Company Overview - Cloudbreak Pharma is a clinical-stage ophthalmic biotechnology company focused on developing various therapies for eye diseases. The company was established in the U.S. in September 2015 and registered in the Cayman Islands in November 2020 [4]. - The company has two core products, CBT-001 and CBT-009, both of which are self-developed. CBT-001 is aimed at treating pterygium, and CBT-009 targets myopia in adolescents aged 5 to 19 [4][5]. Product Pipeline - Cloudbreak Pharma has established an innovative pipeline consisting of four clinical-stage candidates and four preclinical candidates, all of which are self-developed. The pipeline covers major diseases affecting both the anterior and posterior segments of the eye [5]. - The clinical-stage candidates include CBT-001 and CBT-009, while the preclinical candidates include CBT-007, CBT-199, CBT-145, and CBT-011, targeting various eye conditions [6][7]. Market Potential - The global ophthalmic drug market has grown from $33.7 billion in 2019 to $39.6 billion in 2023, with a compound annual growth rate (CAGR) of 4.1%. It is projected to reach $53 billion by 2028 and $70.3 billion by 2033, with respective CAGRs of 6.0% and 5.8% during the specified periods [7]. Financial Performance - Cloudbreak Pharma reported losses of approximately $67 million, $129 million, and $99 million for the fiscal years 2022, 2023, and 2024, respectively. The projected revenue for 2024 is around $10 million [8].