Core Viewpoint - Industrial and Commercial Bank of China (ICBC) shows strong bullish signals despite short-term volatility risks, with technical indicators suggesting a potential upward trend in stock price [1][3]. Technical Analysis - Multiple moving averages indicate a strong buy signal, with MA10 at 5.76, MA30 at 5.59, and MA60 at 5.52, while the current price of 5.88 is above these averages, confirming a clear upward trend [3]. - The RSI index is at 69, indicating an overbought condition, while some indicators like the Williams and Stochastic Oscillators signal sell opportunities. However, ADX and psychological indicators remain neutral, and momentum indicators suggest buying [3]. - Key support and resistance levels are crucial for understanding ICBC's price movements, with immediate support at 5.68 and secondary support at 5.48. The first resistance level is at 5.99, and a breakthrough could lead to a challenge at 6.28 [3]. Product Performance - Recent performance of ICBC-related derivatives has been strong, with products like JPMorgan's bull certificates and call options seeing significant gains of 12% and 9% respectively, while the underlying stock rose by 1.03% [5]. Derivative Products - Various options are available for investors, including JPMorgan's call option with a leverage of 9.5 times and an exercise price of 6.67, suitable for aggressive investors [7]. - For more defensive strategies, the Barclays call option offers a leverage of 10.4 times with an exercise price of 6.61, while UBS's bull certificates are recommended for short-term rebounds with a recovery price of 5 [7][8]. - Investors looking to hedge against potential downturns can consider UBS's and JPMorgan's bear certificates, with recovery prices around 6.2-6.3, but should be cautious of the resistance at 6.2 [7].

Market Overview - The Hang Seng Index is facing resistance at 24,000 points, influenced by a series of financial policies introduced in May to stabilize the market, including interest rate cuts and structural monetary policy tools [2] - Recent US-China trade talks have led to a temporary easing of trade tensions, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - However, renewed accusations from US President Trump regarding China's compliance with agreements have cast uncertainty over future negotiations [2] Macro Focus - The new round of US-China trade negotiations is centered around rare earth issues, with the Chinese Ministry of Commerce approving a certain number of rare earth export applications [4][9] - The People's Bank of China has increased its gold reserves for seven consecutive months, although the pace of increase has slowed [4][9] - The US non-farm payrolls for May showed an increase of 139,000, the lowest since February, with a revised downward adjustment of 95,000 for the previous two months [4][9] - The US Federal Reserve is expected to maintain a cautious approach towards interest rate adjustments, with two rate cuts anticipated this year [4] Sector Focus - The pharmaceutical sector is viewed positively due to ongoing cooperation between Chinese and US pharmaceutical companies amidst manageable geopolitical risks [8] - Gold mining stocks are also favored as central banks continue to increase their gold holdings in response to geopolitical uncertainties [8] - The electricity sector is expected to benefit from increased demand during the summer, while coal prices continue to decline [8] Company News - BYD (1211) anticipates strong overseas sales this year, emphasizing the importance of international markets and high-end strategies [10] - Geely (0175) has decided against building new factories due to global automotive overcapacity [10] - Horizon Robotics (9660) has been included in the FTSE Global Index for Chinese large-cap stocks, effective June 20 [10] - GAC Group reported a 25% decline in May vehicle sales, with a 29% drop in new energy vehicle sales [10] - Zhihu (2390) reported a net profit of 6.94 million RMB in the first quarter, focusing on high-value users and reducing marketing expenses [10] - Landsea Green Group (2570) announced a placement of shares at a discount of approximately 28% to raise funds for hydrogen fuel cell development [10]

Group 1 - The report details the changes in the registered capital of Zhengzhou Bank Co., Ltd. as of May 31, 2025, indicating no increase or decrease in the number of shares [1] - The total registered capital at the end of the month is RMB 9,092,091,358, with 2,020,458,000 shares listed on the Hong Kong Stock Exchange and 7,071,633,358 shares listed on the Shenzhen Stock Exchange [1] - The number of issued shares remains unchanged for both H-shares and shares listed on the Shenzhen Stock Exchange, with totals of 2,020,458,000 and 7,071,633,358 respectively [1] Group 2 - The report confirms that all securities issuance and stock transfers have been authorized by the board of directors and comply with applicable listing rules and regulations [2] - It states that all necessary conditions for listing have been fulfilled, and all required documentation has been properly filed with the relevant authorities [2] - The report emphasizes that all securities are identical in terms of rights and obligations, ensuring equal treatment for all shareholders [3]

Group 1: Company Insights - The report recommends buying Leap Motor (9863) with a target price of 63.00 HKD, indicating a potential upside of 14.5% from the current price of 57.70 HKD [7][9] - Leap Motor's Q1 2025 performance met market expectations, with revenue increasing 1.87 times year-on-year to 10.02 billion RMB, and a significant reduction in losses to 130 million RMB, benefiting from economies of scale and strategic partnerships [9] - The company has set a sales target of 550,000 units for FY25E, representing an annual growth of 87%, with 173,000 units delivered in the first five months of 2025, which is 30% of the annual target [9] Group 2: Industry Trends - The Chinese automotive industry is expected to see a reduction in price wars as the China Automobile Association and the Ministry of Industry and Information Technology support fair competition and healthy development [9] - The report highlights the strategic partnerships formed by Leap Motor with Stellantis and China FAW Group, which are seen as catalysts for future growth and stock price appreciation [9] - The report notes that the market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25E, slightly below its historical average [9]

| 認購價/轉換價 RMB | | | 3.62 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股東大會通過日期 (如適用) | 2019年1月4日 | | | | | | | | | | 證券代號(如上市) 601988 | | | 說明 | | A股（于上海證券交易所上市） | | | 本月內因此發行的新股數 | | | 本月内因此自庫存轉讓的 本月底因此可能發行或自 | | | | | | | | | | | 可換股票據的說明 發行貨幣 | | | 上月底已發行總額 | | | 本月內變動 | | 本月底已發行總額 | | | | | | | | | | | (C1) 目 | 庫存股份數 | | 目 (C2) 庫存轉讓的股份數目 | | | | | | | | | | | 被強制轉換的境内優先股 | | | | | | | | | | | 可換股票據類別 優先股 | | | | | | | | | | | 可換股票據的證券代號 | | | | | | | | | | | (如已於香港聯交所上市) ...

Core Viewpoint - China Merchants Bank (03968.HK) maintains a strong technical trend, closing at HKD 49.45 on May 29, 2025, with a slight increase of 0.20%, reinforcing its recent upward channel [1] Technical Analysis - The stock price is currently above key technical support levels, with short-term support between HKD 47.50 and HKD 44.80, and upward resistance at HKD 50.60 and HKD 52.00 [1] - The overall upward probability is at 52%, indicating potential for breaking previous highs, with market sentiment remaining bullish [1] - Moving averages show the stock price is above the 10-day, 30-day, and 60-day averages, which are HKD 49.30, HKD 46.43, and HKD 46.40 respectively, reflecting a standard bullish pattern [1] - Trading volume reached HKD 750 million, indicating strong liquidity and high market participation, which supports steady price increases [1] Technical Indicators - The RSI value is at 66, nearing the overbought zone but not yet overheated, suggesting active buying with room for further upward movement [2] - Other key oscillators like CCI and psychological lines maintain buy ratings, while the stochastic oscillator is in the overbought zone but signals a sell [2] - The MACD remains in positive territory with a buy signal, and the Ichimoku chart shows a clear upward trend, indicating a healthy technical structure [2] - The Bollinger Bands indicate the stock is trading between the upper and middle bands, reflecting a strong consolidation phase with upward breakout potential [2] - The overall technical summary signals a "strong buy" with a strength rating of 17, indicating a very strong upward signal [2] Market Outlook - As a core blue-chip in the financial sector, China Merchants Bank has established a clear and stable upward pattern [3] - A successful breakthrough of the key resistance at HKD 50.60 could lead to rapid advancement towards HKD 52 or higher [3] - As long as the stock does not fall below the critical support level of HKD 47.50, the overall bullish trend will be maintained, making it a potential target for medium-term positioning [3]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is implementing a series of financial policies to stabilize the market, including interest rate cuts and structural monetary policy tools, which are expected to boost investor confidence in the mainland economy [2] Company Performance - Kuaishou (1024) reported a 11% year-on-year revenue increase in Q1, with adjusted profit rising 4%, driven by the commercialization of its AI technology, contributing 150 million RMB in revenue for the quarter [4][10] - Xiaomi (1810) saw a 47.4% year-on-year revenue growth in Q1, with adjusted net profit reaching 10.676 billion RMB, exceeding market expectations [4][10] - Alibaba (9988) is reportedly in talks with investment banks regarding the sale of its stake in ZTO Express (2057) [4][10] - Tencent Music (1698) is acquiring approximately 9% of SM Entertainment for 1.4 billion RMB [4] Economic Indicators - The US Federal Reserve maintained interest rates, citing increased uncertainty in the economic outlook, with expectations of two rate cuts totaling 0.5% this year [4] - China's industrial profits grew by 3% year-on-year in April, marking the fastest growth rate of the year, with total profits reaching 2.117 trillion RMB [8] - The automotive industry in China reported a revenue increase of 7% in the first four months of 2025, but profits declined by 5.1%, indicating rising cost pressures [8][10] Industry Trends - The pharmaceutical sector is benefiting from renewed COVID-19 outbreaks and ongoing cooperation between Chinese and American pharmaceutical companies [7] - New consumption sectors are showing resilience, particularly in low-priced and emotional consumption-related demands [7] - The automotive industry is facing challenges with profitability, as major manufacturers are under pressure to control costs while maintaining quality [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明， 並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 STANDARD CHARTERED PLC 渣打集團有限公司 （於英格蘭及威爾士註冊之有限責任的公眾有限公司） （編號：966425） （股份代號：02888） 管理層中期報告 二〇二五年第一季度業績 目錄 | 表現摘要 | 3 | | --- | --- | | 業績報表 | 5 | | 集團財務總監回顧 | 6 | | 財務回顧 | 8 | | 補充財務資料 | 14 | | 基本及列賬基準業績對賬 | 23 | | 風險回顧 | 26 | | 資本回顧 | 29 | | 財務報表 | 33 | | 其他補充財務資料 | 38 | 除另有指明其他貨幣外，本文件中提述的「元」字或「$」符號概指美元，而「仙」字或「c」符號概指一百分之一美元。 除文義另有所指外，於本文件內，「中國」指中華人民共和國，且僅就本文件而言不包括香港特別行政區（香港）、澳門特別行政區（澳門）及台 灣。「韓國」或「南韓」均指大韓民 ...

Company Recommendations - Leap Motor (9863) is recommended for purchase with a current price of 54.85 HKD and a short-term target price of 60.00 HKD, indicating a potential upside of 13.6% [2][9] - The company has seen a strong response to the launch of its SUV B10, with over 20,000 orders in the first month, which is expected to positively impact its Q2 2025 performance [9] - Leap Motor has formed strategic partnerships with international automotive group Stellantis and domestic giant FAW Group, enhancing its market position and potential for future growth [2][9] Financial Performance - Leap Motor's Q4 2024 results met market expectations, with revenue and net profit turning positive for the first time at 80 million RMB, achieving a gross margin of 13.3%, the highest since its inception [9] - The company has raised its sales guidance for 2025 from 500,000 to 500,000-600,000 units, projecting an annual growth of 87% based on a midpoint estimate of 550,000 units [9] - The first quarter of 2025 saw a year-on-year increase in deliveries by 1.6 times to 87,552 units, representing 16% of the updated annual sales guidance [9] Market Outlook - The market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25, slightly below its historical average [9] - The company is expected to benefit from economies of scale and improved profitability as new vehicle sales continue to rise [9] Macro Environment - The Hang Seng Index is facing initial resistance at 23,000 points, influenced by recent announcements from the U.S. regarding tariffs and economic stimulus measures [2][5] - The Chinese government is expected to increase efforts to stabilize the economy, which may positively impact domestic demand and market sentiment [2][5]

Core Insights - The report highlights a positive outlook for the Hong Kong stock market, with the Hang Seng Index facing initial resistance at 23,000 points due to potential economic stimulus measures from the Chinese government and a possible reduction in tariffs by the U.S. [2][10] - The report notes that various sectors, including oil and banking, are expected to perform well in the upcoming quarters, with specific companies like CNOOC and China Construction Bank showing promising quarterly results [3][11] Market Overview - The Hang Seng Index closed at 21,972, reflecting a year-to-date increase of 9.53%, while the Hang Seng Tech Index rose by 11.66% [4] - The report indicates that Hong Kong's exports surged by 18.5% in March, exceeding market expectations, while imports increased by 16.6% [11] Company-Specific Insights - Renrui Talent (6919) is gradually recovering from the impact of a major client's reduction in service orders, with expectations for a rebound in operating profit for 2023-24 [6][9] - Sinopec (0386) reported a 25% decline in net profit for the first quarter, attributed to a challenging external environment, but is focusing on integrated operations and regional optimization [12] - Shandong Gold (1787) achieved a net profit of 1.026 billion RMB in the first quarter, marking a 46.6% increase year-on-year, driven by rising gold prices [12] Industry Trends - The report discusses the increasing importance of flexible employment services in China, with a notable shift in revenue sources for companies like Renrui Talent, which is expanding its client base beyond the internet sector [9] - The Chinese government is expected to implement policies aimed at stabilizing employment and promoting consumption, which could positively impact various sectors [10]