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].

Core Insights - The transformation of China from a global manufacturing base to an integrated innovation hub is highlighted, with increasing foreign investment focusing on research and development [1][6] - The "14th Five-Year Plan" aims to attract and utilize foreign investment more effectively, with specific quantitative targets set for high-tech industries [2][4] - Despite fluctuations in foreign investment, China has maintained a high level of foreign capital inflow, with significant growth in specific sectors [3][6] Group 1: Foreign Investment Trends - The actual foreign investment in China reached approximately 600 billion USD from 2021 to 2024, with a target of 700 billion USD by 2025 [2] - In 2021, the actual foreign investment was 1,149.36 billion CNY, showing a year-on-year growth of 14.9%, while in 2023, it decreased by 8% to 1,133.91 billion CNY [3] - The number of newly established foreign-invested enterprises in China increased by 39.7% in 2023, indicating continued interest despite global uncertainties [4][6] Group 2: Sector-Specific Developments - High-tech manufacturing accounted for 11.7% of actual foreign investment in 2024, with significant growth in medical equipment and computer manufacturing sectors [6] - Notable foreign investments include Roche's 2.04 billion CNY investment in Shanghai and Siemens' ongoing development of a core component R&D base in Shenzhen [6] - Schneider Electric emphasizes the importance of aligning with Chinese market logic, indicating a shift towards localized R&D and production [7] Group 3: Policy and Strategic Initiatives - The Chinese government is actively promoting the opening of service sectors, with 155 pilot tasks identified to enhance foreign investment [8][9] - The Ministry of Commerce plans to further relax foreign investment market access in various sectors, including cloud computing and biotechnology [9][10] - The "14th Five-Year Plan" outlines a vision for China to become a major destination for foreign investment, enhancing its competitive advantages in the next decade [10][11]

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]

光大证券认为，固态电池设备投资额4-5亿/GWh，显著高于传统液态锂电设备投资额，且设备要求全面 提升；在材料端，固态电池叠加AI PCB概念，使得锂电铜箔公司龙头大涨。当前，电池厂商积极推进 半固态产线以及全固态实验、中试线使得固态电池板块资本开支提升，叠加政策支持，固态电池材料端 也将迎来一定催化。 科创新能源ETF紧密跟踪上证科创板新能源指数，上证科创板新能源指数从科创板市场中选取50只市值 较大的光伏、风电以及新能源车等领域的上市公司证券作为指数样本，以反映科创板市场代表性新能源 产业上市公司证券的整体表现。 数据显示，截至2025年5月30日，上证科创板新能源指数(000692)前十大权重股分别为晶科能源 (688223)、天合光能(688599)、阿特斯(688472)、大全能源(688303)、天奈科技(688116)、孚能科技 (688567)、容百科技(688005)、厦钨新能(688778)、派能科技(688063)、固德威(688390)，前十大权重股 合计占比51.28%。 科创新能源ETF（588830），场外联接基金（A类023075，C类023076，I类024157） 截至20 ...

东方证券指出，国内Robotaxi布局提速，特斯拉试点有望进一步加快Robotaxi商业化进程。2025年国内 Robotaxi企业规模化投放加速，小马智行将于2025年底将Robotaxi车队规模扩大至千台，文远知行计划 与Uber合作在5年内新增15座国际城市Robotaxi服务，萝卜快跑计划在迪拜部署超过1000台全无人驾驶 汽车积极布局Robotaxi领域；国内出行企业亦积极布局Robotaxi领域，上汽享道出行宣布将与Momenta 合作打造主驾无人Robotaxi车队，哈啰、蚂蚁集团、宁德时代共同成立"上海造父智能科技有限公司"， 推进L4级自动驾驶技术研发和商业化落地。若特斯拉Robotaxi进展顺利，预计其将起到示范效应，促进 国内企业进一步加快Robotaxi商业化进程。 银河证券表示，乘用车板块内需与出口叠加向好，全年乘用车销量预计+6.7%。30万以下销量占比有望 继续提升，"高阶智驾平权"推动竞争格局继续集中。零部件板块方面，产业链整合趋势加速，芯片及解 决方案开发与低碳制造技术是当下聚焦重点，关注智驾增量部件。主机厂、零部件厂有望受益于新兴产 业的快速发展。此外，预计2027年固态电 ...

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].

以下文章来源于信息量有点大 ，作者信大校长 信息量有点大 . 聚焦外部视角，一天一篇外资研报 高盛近日发表的《中国民营企业回归系列报告 》 中定义了高盛眼中的Prominent 10（民营10巨头），并 表示这10大中国民营企业正在崛起，在市值、竞争力等方面正实现向上突破，对标美国Mag 7的市场地 位： 一、Prominent 10：中国股市的 "核心资产" 矩阵 高盛定义的中国 Prominent 10涵盖科技、消费、制造等核心领域，合计市值 1.6 万亿美元，占 MSCI 中国 指数权重 42%，日均交易额 110 亿美元。其中腾讯（市值 6010 亿美元 / 日均交易额 18 亿美元）、阿里 巴巴（2890 亿美元 / 16.08 亿美元）、比亚迪（1210 亿美元 / 5.88 亿美元）等龙头，2025-2027 年盈利复 合增长率预计达 13%，当前市盈率 16 倍，fPEG（未来市盈率相对盈利增长率）1.1 倍，兼具成长与估值 优势。 二、与美国 Mag 7 的对标：规模差距与成长韧性 （一）市值与估值对比 规模差距 ：Mag 7 总市值 19.2 万亿美元（如微软 3.6 万亿、英伟达 3.5 ...

Group 1 - The company has a strong focus on the battery box casing business, achieving steady growth in recent years, with a clear control structure and experienced management team [1] - The global market for battery box casings reached a scale of over 10 billion since 2021 and continues to grow, with the company establishing a deep partnership with major client BYD [1] - The company is positioned as a specialized manufacturer, leveraging its professional advantages to enhance its business strength and profitability compared to peers [1] Group 2 - Future revenue structure is expected to optimize comprehensively, with ongoing expansion of projects and active customer development, particularly in the commercial vehicle sector benefiting from electrification [2] - The company aims to become a platform-type manufacturer for aluminum structural components, with projected revenues of 2.78 billion, 3.42 billion, and 4.03 billion for 2025-2027, and corresponding net profits of 300 million, 380 million, and 480 million [2] - The company plans to acquire Honglian Electronics, which is anticipated to open new growth points [2]

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 ...