Market Overview - US stock indices closed higher, with the S&P 500 and Nasdaq reaching their highest closing levels in over four months. The Dow Jones rose by 1.19%, Nasdaq by 1.43%, and S&P by 1.11% [1] - The VIX index fell by 11.85% to 17.48, indicating reduced market volatility [1] - The US dollar index decreased by 0.42% to 97.97, while the yield on the 10-year Treasury bond dropped by 1.173% to 4.297% [1] Industry & Stocks - Most sectors in the S&P 500 saw gains, with semiconductor and technology sectors leading the way, rising by 3.79% and 1.8% respectively. Energy and consumer staples were the only sectors to decline, down by 1.3% and 0.09% [1] - Chinese concept stocks mostly rose, with notable increases in TSMC (up 4.65%), Alibaba (up 3.47%), and Pinduoduo (up 5.11%) [1] - Major tech stocks also saw gains, with Nvidia rising by 2.59% and Amazon by 2.06%. However, Apple fell by 0.6% and Tesla by 2.35% [2] Company Highlights - FedEx reported fourth-quarter revenue of $22.2 billion, exceeding analyst expectations of $21.75 billion. However, the company did not provide full-year guidance due to global demand uncertainty [12] - Meta Platforms achieved a market share of 50.8% in the AR/VR headset market, leading a strong rebound with a year-on-year growth of 18.1% [13] - UBS raised its valuation for Tesla's Robotaxi business to $350 billion, assuming successful execution and regulation, which is an increase from a previous valuation of $225 billion [16] Regulatory & Economic Insights - The International Bank for Settlements stated that stablecoins fail to meet the three main tests of currency due to lack of central bank support and insufficient protection against illegal use [5] - The Federal Reserve's Chairman Powell indicated that the path for future interest rates could vary significantly based on economic conditions, with no immediate need for rate cuts [10][11]

金十数据6月24日讯，英国工业联合会周二表示，英国制造业本月订单萎缩幅度为1月以来最大，销售价 格预期降温。英国6月CBI工业订单差值从5月份的-30降至-33。而过去3个月的产出指标有所改善，但仍 处于收缩区间。英国工业联合会首席经济学家Ben Jones表示："英国制造业正面临巨大压力，要应对能 源成本高企、劳动力成本上升、普遍存在的技能短缺，以及动荡的全球经济环境。"英国工业联合会还 表示，制造商对价格上涨的净预期降至2月份以来的最低水平。 英国工业联合会：6月份英国工厂的订单降幅更大 ...

Group 1 - The core point of the article indicates that the CBI industrial orders balance in the UK for June is -33, marking the lowest level since January [1]

Group 1 - The core point of the article indicates that the CBI industrial price expectations balance for June in the UK is reported at 19, which is below the expected value of 25 and lower than the previous value of 26 [1]

Core Points - Malaysia's Ministry of Trade has signed an economic partnership agreement with Switzerland, Norway, Iceland, and Liechtenstein [1] - The agreement guarantees that over 90% of Malaysia's export products will be exempt from tariffs in the long term, including all industrial products [1]

Group 1 - The market risk appetite remains challenged due to various uncertainties, with significant net outflows from US equity funds reaching a new high since March [1] - The Federal Reserve maintains its cautious stance, keeping the federal funds rate at 4.25%-4.50% while adjusting economic forecasts, indicating uncertainty in growth and inflation [2][3] - The retail sales data showed a 0.9% month-on-month decline in May, which was below expectations, while core retail sales increased by 0.4%, reflecting steady economic momentum [2] Group 2 - The US stock market experienced a narrow range of movements, with the healthcare sector declining by 2.7% and the energy sector rising by 1.1% due to recovering oil prices [5] - There was a significant outflow of $18.43 billion from US equities, the highest since March, driven by geopolitical factors and uncertainties surrounding US tariffs [6] - Market sentiment has shifted to a wait-and-see approach, with the bullish momentum turning into sideways consolidation, although the probability of a significant market drop remains low unless geopolitical tensions escalate [7]

中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 01 银行 Industry 稳定币对金融体系的潜在影响 >>点击图片查看全文<< 稳定币是一类币值锚定特定资产（通常为法定货币）的加密货币，是连接去中心化金融系统（Defi）和传统金融体系的桥梁，也是去中心化金融系统 （Defi）的重要基础设施。近期美国通过稳定币法案，成为美国首个为稳定币建立监管框架的法案，填补了这一领域的监管空白。时隔仅两天，中国 香港也通过了功能类似的稳定币法案，有助于中国香港参与全球数字金融中心竞争，巩固国际金融中心地位。稳定币是传统金融体系和去中心化金融 体系（Defi）之间的"桥梁"，继欧盟之后，美国和中国香港都推出了针对稳定币的监管框架，成为加密货币融入主流金融体系的重要一步。去中心化 金融迎来发展机遇的同时或将加深与传统金融体系的融合，亦对全球金融体系带来新的挑战与风险，我们尝试分析潜在影响。 图表：加密资产初具货币和金融体系的特征 资料来源：中金公司研究部 >>点击图片跳转报告原文<< 2025.06.15 | 林英奇 周基明等 02 策略 Strategy 缪延亮：货币秩序重构下的资产变局 >>点击图片查看全 ...

Group 1 - The core index, the CSI Hong Kong-Shenzhen IoT Theme Index, has shown a decline of 0.01% to 4146.62 points with a trading volume of 58.01 billion yuan [1] - Over the past month, the index has decreased by 2.24%, and over the last three months, it has fallen by 11.73%, while year-to-date it has increased by 2.30% [1] - The index comprises companies involved in IoT-related information collection, transmission, and computing, reflecting the overall performance of IoT-related listed companies in the mainland and Hong Kong markets [1] Group 2 - The top ten weighted companies in the index include Luxshare Precision (5.52%), Midea Group (5.19%), Xiaomi Group-W (5.14%), Tencent Holdings (5.03%), Meituan-W (4.47%), Li Auto-W (4.38%), Xpeng Motors-W (4.13%), China Telecom (4.02%), Huichuan Technology (3.82%), and Zhongji Xuchuang (3.77%) [1] - The market share of the index's holdings is distributed as follows: Shenzhen Stock Exchange 41.44%, Hong Kong Stock Exchange 32.67%, and Shanghai Stock Exchange 25.90% [1] Group 3 - The industry composition of the index's holdings shows that Information Technology accounts for 45.69%, Communication Services 25.15%, Consumer Discretionary 21.19%, Industrials 5.61%, and Healthcare 2.35% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the SHS IoT index include Tianhong CSI Hong Kong-Shenzhen IoT Theme Connection A, Tianhong CSI Hong Kong-Shenzhen IoT Theme Connection C, and Tianhong CSI Hong Kong-Shenzhen IoT Theme ETF [2]

Core Viewpoint - The strategist team led by Jill Carey Hall indicates that U.S. bank clients have adopted a defensive stance towards U.S. stocks for the first time in six weeks, with net inflows into defensive sectors and outflows from cyclical sectors [1] Summary by Category - **Client Behavior** - Clients overall are net buyers, with a total net inflow of $800 million [1] - **Sector Performance** - Inflows were observed in technology, energy, healthcare, and consumer staples stocks [1] - The largest outflows were from consumer discretionary stocks, followed by industrials and utilities [1]

Market Overview - A-shares and Hong Kong stocks exhibited a narrow fluctuation pattern, with major indices showing muted performance [1] - A-share market saw the Shanghai Composite Index slightly down by 0.19% to 3382.14 points, while the Shenzhen Component remained flat and the ChiNext Index fell by 0.14% [1] - Hong Kong's Hang Seng Index dipped by 0.13% to 24028.83 points, with the Hang Seng Tech Index and the China Enterprises Index also experiencing slight declines [1] Industry Performance - A-shares displayed a clear rotation in technology themes, driven by a significant overnight surge of over 283% in brain-computer interface concepts in the US market [2] - The stablecoin concept remained active due to expectations of major policy announcements in Hong Kong, while the solid-state battery sector gained traction ahead of an industry forum [2] - In contrast, the healthcare sector in Hong Kong faced pressure, with some pharmaceutical companies experiencing volatility due to new drug development progress [2] - The durable goods and consumer services sectors also showed weakness, while the industrial sector saw strength, particularly among leading optical technology firms [2] Driving Factors - The structural market dynamics in A-shares are influenced by three main factors: external market sentiment, policy and event catalysts, and capital rotation strategies [2] - The healthcare sector's adjustments in Hong Kong are linked to individual company events and market sentiment fluctuations, while the industrial sector benefits from domestic growth-supporting policies [2] Future Outlook - The macro environment and policy direction remain critical, with steady growth in industrial output and consumption providing fundamental support for the market [3] - The People's Bank of China has conducted two reverse repurchase operations this month, injecting a net of 200 billion yuan into the market, indicating a generally ample liquidity environment [3] - Short-term market trends may continue to exhibit oscillatory dynamics, with high-position themes in A-shares facing increased volatility and the healthcare sector in Hong Kong under valuation pressure [3] - Key areas for mid-term investment focus include AI computing power, solid-state batteries, and commercial aerospace, as these sectors are viewed as priorities for institutional investment [3] - The evolution of core market contradictions, such as the timing of Federal Reserve policy shifts and developments in the domestic real estate market, will significantly influence mid-term market direction [3]