Group 1: Trade Growth - Azerbaijan's foreign trade has shown resilience, achieving a growth of 24.1% year-on-year, with a total trade volume of $16.92 billion from January to April 2025 [1] - Oil and gas exports have rebounded, with oil exports reaching 8.2 million tons valued at $4.56 billion, a 4.5% increase, and natural gas exports at 8.16 billion cubic meters valued at $3.07 billion, an 11.1% increase [1] - Trade with EU countries has increased to $7.19 billion, with exports to the EU exceeding $6.23 billion, marking a 38% year-on-year growth [1] Group 2: Non-Oil and Gas Sector - Azerbaijan is actively promoting the "Made in Azerbaijan" brand through international promotional events and support for local agriculture and SMEs [2] - Non-oil exports have seen significant growth, with urea exports at $6.35 million (up 92.4%) and gold exports at $9.45 million (doubling year-on-year) [2] - From January to May 2025, non-oil product exports grew nearly 12%, with notable increases in agricultural products, including sugar (30.1%), fruits and vegetables (19.1%), cotton (14.5%), and black metals and their products (11.3%) [2]

Market Overview - The Hang Seng Index closed down 0.61% at 24,325.40 points, ending a four-day rally, while the Hang Seng Tech Index fell 0.26% and the Hang Seng China Enterprises Index dropped 0.63% [1] - Total market turnover was HKD 261.7 billion, with net inflow from southbound funds amounting to HKD 5.286 billion [1] Stock Performance - Pharmaceutical stocks led the decline, with Rongchang Bio dropping nearly 12%. Brokerage stocks experienced mixed results, with Guotai Junan International down over 4% and Shengli Securities seeing a gain of less than 45% [2] - Notable gainers included tourism stocks, with Hong Kong Travel rising over 85% and trading over HKD 7.5 billion. Oil and gas stocks also saw gains, with Shandong Molong increasing nearly 20% [2] - New stocks showed mixed performance, with Zhou Shifu and Shengbeila rising over 25% and 33% respectively, while Yingtong Holdings fell over 16% [2] Blue Chip Stocks - Major blue-chip stocks that declined included Geely Automobile down 4.88%, China Shenhua down 4.25%, and New Oriental down 3.27% [4] - Other notable declines included BYD down 3.23% and Alibaba down 2.86% [5] Sector Performance - The healthcare sector index fell 1.63%, energy sector index dropped 1.41%, and consumer discretionary sector index decreased 1.3%. In contrast, the materials sector index rose 2.86% [7] - Concept sectors mostly declined, with the domestic retail index down 4.31% and the Chinese brokerage index down 4.24%. However, the security monitoring index rose 9.82% [7] Digital Asset Policy - The Hong Kong government released the "Hong Kong Digital Asset Development Policy Declaration 2.0," aiming to position Hong Kong as a global innovation center for digital assets [8] - The declaration emphasizes a framework for building a trustworthy and sustainable digital asset ecosystem, integrating with the real economy [10][11] - The government plans to consult on licensing mechanisms for digital asset service providers and custodians [13] Market Reactions - The announcement of the digital asset policy has been positively received, with OSL Group and HashKey Group expressing support for the framework, indicating a shift towards institutionalization and globalization of digital assets in Hong Kong [14][15]

Core Viewpoint - The recent surge in the A-share market is driven by the strong performance of the brokerage sector, particularly following a significant announcement from Guotai Junan International regarding its approval to provide virtual asset trading services, marking a pivotal moment for the brokerage industry and the broader financial sector [7][11]. Group 1: Market Performance - The A-share market experienced volatility, with the three major indices initially rising but ultimately closing lower due to reduced trading volume and insufficient capital support [1]. - The brokerage sector saw a decline, while bank stocks surged, with several banks reaching historical highs [1]. - Guotai Junan International's stock price soared by 19.8% in response to its new virtual asset trading license, reflecting strong market optimism towards traditional finance's entry into the virtual asset space [10]. Group 2: Mid-Year Earnings Season - The mid-year earnings season is beginning, with market attention shifting towards companies' performance reports, particularly those showing strong growth [12][17]. - Shenghong Technology's stock price increased significantly, with a 16% rise on June 5, leading to a total market capitalization exceeding 110 billion yuan and a dynamic P/E ratio of 59.42 [13]. - Historical trends indicate that the mid-year earnings season typically starts in June, with the potential for significant market movements based on earnings forecasts [14][20]. Group 3: Investment Opportunities - Companies with dual growth in earnings (both year-on-year and quarter-on-quarter) are prioritized for investment, as they are more likely to attract market speculation [23][24]. - Shenghong Technology is highlighted as a prime example of a dual-growth company, with expected net profits for the first half of 2025 exceeding 2.111 billion yuan, representing a year-on-year increase of over 360% [25]. - The focus is on sectors with low competition and strong earnings expectations, such as the North American AI hardware supply chain, storage chips, and wind power equipment [30][32]. Group 4: Short-term Catalysts - Two key short-term catalysts are identified: the AI glasses supply chain and advancements in battery technology, particularly solid-state batteries [36][37].

港股收盘：恒生指数跌0.61%，恒生科技指数跌0.26%。港股油气股走高，山东墨龙收涨19.68%，国泰 君安国际收跌4.32%。 ...

Group 1: Oil and Gas Market - Japan's largest gas supplier, Tokyo Gas, is negotiating a long-term liquefied natural gas procurement agreement with the United States [1] - Shell is reportedly in preliminary talks to acquire BP [3] - If OPEC deems it necessary, Russia is willing to increase oil production again [3] - Vietnam's Ministry of Industry and Trade states that the country's refinery will produce 7.7 million tons of oil products in the second half of the year [3] - Israel's Ministry of Energy has approved the resumption of operations at a natural gas field [3] - The Turpan to Zhongwei section of the West-to-East Gas Pipeline has been fully completed and put into operation [3] Group 2: Metals and Mining - Goldman Sachs predicts that copper prices could reach a peak of $10,050 per ton this year [2]

Core Viewpoint - The oil and gas sector experienced a partial recovery in the afternoon, with significant gains in specific stocks, particularly Keli Co., which surged over 10% [1] Group 1: Stock Performance - Keli Co. saw a notable increase, rising over 10% in the afternoon trading session [1] - Other companies such as Junyou Co. and Shandong Molong approached their daily limit up [1] - Tongyuan Petroleum, Shouhua Gas, and Beiken Energy also experienced rapid price increases [1]

Group 1 - Hong Kong oil and gas stocks are experiencing a significant rally, with Shandong Molong (00568.HK) rising over 100% [1] - Sinopec Oilfield Service (01033.HK) has increased by more than 7% [1] - Other companies such as Shengli Pipeline (01080.HK) are also seeing gains [1]

智通财经APP获悉，欧洲能源巨头壳牌(Shell Plc) 否认《华尔街日报》关于其正积极洽谈收购总部位于 伦敦的油气领域最大规模竞争对手之一英国石油公司(BP.US) 的相关媒体报道。"这只是进一步的市场猜 测，目前我们并未进行任何谈判。"壳牌的一位发言人表示。 如果正式将英国石油在美国丹佛的页岩子公司 BPX 纳入壳牌的业务版图，某种程度上可弥补壳牌于 2021年将二叠盆地业务出售给康菲石油公司，随后错过二叠纪石油行业大繁荣的遗憾。当时的上游业务 主管萨旺(Wael Sawan)如今已是壳牌首席执行官。 受该报道称英国石油公司正在与壳牌积极进行早期收购磋商影响，周三英国石油股价在纽约盘中交易一 度大涨超10%。此后涨幅大幅收敛，截至周三美股收盘，仅剩约 1.6% 的股价升幅。 多年以来业绩欠佳、再加上激进维权股东埃利奥特投资管理公司(Elliott Investment Management)的介 入，英国石油管理层一直在承受巨大的经营改革与业绩增长压力。今年2月，新任首席执行官穆雷·奥金 克洛斯宣布"战略重置"，但市场反应平淡，分析师和投资者质疑该能源公司能否在缩减清洁能源业务以 及提高油气产量的同时大 ...

Group 1 - The ETF market opened with mixed performance, with the Bank ETF Index Fund (516210) leading gains at 7.83% [1] - The Kweichow Moutai ETF (588210) increased by 1.90%, while the Hong Kong Securities ETF (513090) rose by 1.87% [1] - The Hang Seng Internet Technology ETF (159202) experienced the largest decline, dropping by 9.94%, followed by the CSI 800 ETF (159800) which fell by 2.5% [1] - The S&P Oil & Gas ETF (513350) decreased by 1.58% [1]

地址：北京市朝阳区朝阳门外大街甲6号万通中心D座20层（100020） 总机：010-8535 6666 资讯早间报 制作日期： 2025/06/26 隔夜夜盘市场走势 1. 国际油价窄幅震荡，美油涨 0.9%，报 64.94 美元/桶。美国上周 EIA 原油库 存超预期减少 583.6 万桶。光大期货指出，油价短期或维持区间震荡，需关注 欧佩克+产量政策变化。 2. 国际贵金属期货普遍收涨，COMEX 黄金期货涨 0.37%报 3346.4 美元/盎司， 白银涨 1.35%。美联储拟放宽银行杠杆率要求，同时重申通胀风险，对贵金属 形成双向影响。 3. 伦敦基本金属多数上涨，LME 期锡涨 2.5%，期锌、期镍涨 1%，期铜涨 0.6%。 高盛预计，由于关税导致美国以外市场铜库存减少，以及中国经济活动有韧性， 铜价将在 8 月升至 2025 年高点。 4. 世界钢铁协会发布数据显示，5 月份，全球 70 个纳入统计国家/地区的粗钢 产量为 1.588 亿吨，同比下降 3.8%。中国粗钢产量为 8655 万吨，同比下降 6.9%； 印度粗钢产量为 1350 万吨，同比提高 9.7%。 重要资讯 【宏观资讯】 1 ...