Core Viewpoint - The article discusses the performance and outlook of the IPO market in Hong Kong and A-shares, highlighting significant growth in new listings and financing amounts in 2025 compared to the previous year [2][4]. Hong Kong IPO Market - In the first half of 2025, Hong Kong's IPO market is expected to see 40 new listings, raising HKD 1,021 billion, which represents a 33% increase in the number of new listings and a 673% increase in financing compared to the same period last year [2]. - The strong performance is attributed to the encouragement of mainland leading companies to list in Hong Kong, improved approval processes for new listings, and enhanced market liquidity [2]. - Approximately 75% of the financing in the first half of 2025 will come from four large A+H new listings and one H-share listing [2]. - The healthcare and pharmaceutical sectors have dominated the number of new economy listings, while the manufacturing sector leads in financing amounts [3]. A-share Market - As of June 30, 2025, there will be 50 new A-share listings raising CNY 371 billion, marking a 14% increase in both the number of new listings and total financing compared to the first half of 2024 [4]. - The Shanghai Stock Exchange will see 19 new listings raising CNY 202 billion, while the Shenzhen Stock Exchange will have 26 new listings raising CNY 150 billion, and the Beijing Stock Exchange will have 5 new listings raising CNY 19 billion [4]. - The ChiNext board is the most active in terms of the number of new listings, while the Shanghai main board leads in financing amounts [4]. Future Outlook - There are over 170 IPO applications currently being processed in Hong Kong, with more than five companies potentially raising at least USD 1 billion each [4]. - Deloitte projects that the Hong Kong IPO market will see 80 new listings raising HKD 2,000 billion in total for the year 2025, with significant contributions expected from the TMT and consumer sectors [4]. - The sentiment towards Hong Kong's IPO market remains cautiously optimistic, contingent on the absence of major geopolitical or macroeconomic disruptions [5].

Core Viewpoint - Deloitte's report indicates a cautious recovery in the A-share market for the second half of 2025, driven by regulatory support and an increase in new listings, particularly in high-tech sectors [1][2]. Group 1: A-Share Market Performance - In the first half of 2025, the A-share market saw 50 new listings raising 37.1 billion yuan, a 14% increase in both the number of new stocks and total financing compared to the same period in 2024 [2]. - The Shanghai Stock Exchange recorded 19 new listings raising 20.2 billion yuan, while the Shenzhen Stock Exchange had 26 new listings raising 15 billion yuan [2]. - The introduction of the "1+6" policy and the third set of standards for the ChiNext board is expected to enhance market activity, particularly for high-tech companies [1]. Group 2: Hong Kong Market Outlook - The Hong Kong market is projected to end the first half of 2025 with 40 new listings raising 10.21 billion HKD, marking a 33% increase in new listings and a 673% increase in total financing compared to the same period in 2024 [2]. - Nearly three-quarters of the financing in Hong Kong's first half of 2025 came from four large A+H listings and one H-share listing [2]. - Deloitte anticipates that the Hong Kong market will regain its position as the top destination for new stock financing globally, with over 170 listing applications currently in process, including several expected to raise at least 1 billion USD each [3].

Group 1 - A-shares experienced a significant decline today, attributed to multiple factors including the Federal Reserve's decision to maintain interest rates and geopolitical tensions in the Middle East [1][2][8] - The Federal Reserve's meeting resulted in no interest rate cuts, with Chairman Powell citing uncertainties in inflation and trade tensions as reasons for the decision, leading to a rebound in the US dollar and a drop in US stocks [1][2] - The Middle East situation remains tense, with recent attacks affecting securities trading centers, contributing to market volatility [2] Group 2 - A-shares saw a substantial increase in trading volume, reaching 1.28 trillion, with a net outflow of 73.9 billion, marking one of the worst trading days since June [3][5] - The majority of sectors, except for oil and gas, faced declines, indicating a broad market downturn [5] - Despite the downturn, there are no immediate signs of a major risk event, suggesting that while the market is volatile, it is not in a state of crisis [5][8] Group 3 - Technical analysis indicates that the market has formed a top structure since June 10, and the current decline was anticipated [11] - Many indices, including the CSI 1000, are showing signs of potential bottom structures, although overcoming the larger top structures may be challenging [11]

Core Viewpoint - The Hong Kong stock market is experiencing structural highlights with five key sectors—medical, technology, consumer, dividend, and finance—showing strong performance, forming a "five flowers" pattern. The narrowing of the AH premium index indicates a significant reduction in the discount of H-shares relative to A-shares, driven by substantial inflows of southbound capital [1][3]. Group 1: Market Performance - As of June 17, southbound capital has net purchased over 690 billion HKD in Hong Kong stocks this year, exceeding 85% of last year's total [1]. - The top-performing ETFs are related to the "five flowers" sectors, with some showing gains of over 40% [1]. - Actively managed funds focusing on innovative drugs and new consumption sectors have reported returns exceeding 60% [1]. Group 2: Sector Analysis - The five key sectors are driven by different factors: - Performance-driven "Davis double hit" in technology and consumer sectors benefiting from AI [2]. - Valuation-driven "Davis double hit" in the medical sector due to improved performance and policy optimization [2]. - Valuation recovery in dividend and finance sectors influenced by A-share mapping and long-term capital seeking stable returns [2]. Group 3: Future Outlook - Experts believe the narrowing of the AH premium is primarily a result of value return, with no significant overheating risk in the Hong Kong market [3]. - The overall valuation of Hong Kong stocks remains low on a global scale, making it a continuous area of interest [3]. - The ongoing optimization of the Shanghai-Hong Kong Stock Connect mechanism may further narrow the price gap between AH shares, particularly for high-dividend, low-valuation blue-chip stocks [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The weekly economic index rebounded. The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The production sub - index of WEI decreased, while the demand sub - index and the supply - demand gap increased [1]. - Production declined. The 4 - week moving average year - on - year of rebar production and the daily coal consumption of major coastal power plants decreased, and the blast furnace operating rate dropped slightly, while the operating rate of automobile semi - steel tires increased [1]. - High - frequency infrastructure indicators declined. The cement shipping rate and cement mill operating rate decreased, while the asphalt plant operating rate increased [1]. - The decline in commercial housing sales narrowed. The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities improved, but the 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities decreased [2]. - Consumption rebounded. The year - on - year daily retail sales of passenger cars increased significantly, and the 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen also increased, while the 4 - week moving average year - on - year of movie box office and domestic flight execution numbers decreased [2]. - Exports rebounded. South Korea's export year - on - year in early June increased, and the 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) and the Baltic Dry Index (BDI) also improved [2]. - Pork prices declined. The 4 - week moving average year - on - year of the average wholesale price of pork decreased, while the 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices and the average wholesale price of 28 key monitored vegetables increased [3]. - Industrial product prices declined. The 4 - week moving average year - on - year of the Nanhua Composite Index and Brent crude oil spot price increased slightly, while the 4 - week moving average year - on - year of rebar price, Qinhuangdao Port thermal coal closing price, and cement price index decreased [3]. 3. Summaries According to Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 5.3%, up 0.2 percentage points from the previous value. The WEI production sub - index was 4.3%, down 0.1 percentage points from the previous value; the WEI demand sub - index was 5.9%, up 0.1 percentage points from the previous value; the supply - demand gap was 1.6%, up 0.1 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 6.1%, down 1.9 percentage points from the previous value. The blast furnace operating rate was 83.4%, down 0.1 percentage points from the previous value. The operating rate of automobile semi - steel tires was 78.0%, up 4.1 percentage points from the previous value. The 4 - week moving average year - on - year of the daily coal consumption of major coastal power plants was - 2.1%, down 1.8 percentage points from the previous value [1]. 3.3 Infrastructure - The cement shipping rate was 41.3%, down 0.1 percentage points from the previous value. The cement mill operating rate was 39.8%, down 0.2 percentage points from the previous value. The asphalt plant operating rate was 31.5%, up 0.2 percentage points from the previous value [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the sales area of commercial housing in 30 large and medium - sized cities was - 4.7%, up 3.3 percentage points from the previous value. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 10.2%, down 11.5 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year daily retail sales of passenger cars was 19.0%, up 13.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 21.2%, down 3.8 percentage points from the previous value. The 4 - week moving average year - on - year of domestic flight execution numbers was 2.2%, down 0.6 percentage points from the previous value. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.4%, up 1.3 percentage points from the previous value [2]. 3.6 Exports - South Korea's export year - on - year in early June was 5.4%, up 5.3 percentage points from late May. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 35.1%, up 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was - 18.3%, up 7.0 percentage points from the previous value [2]. 3.7 CPI - The 4 - week moving average year - on - year of the 200 - index of agricultural product wholesale prices was - 1.6%, up 0.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was - 9.6%, down 4.8 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 3.6%, up 2.5 percentage points from the previous value [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 11.6%, up 0.2 percentage points from the previous value. The 4 - week moving average year - on - year of Brent crude oil spot price was - 16.4%, up 1.9 percentage points from the previous value. The 4 - week moving average year - on - year of rebar price was - 14.7%, down 0.1 percentage points from the previous value. The 4 - week moving average year - on - year of Qinhuangdao Port thermal coal closing price was - 30.3%, down 0.5 percentage points from the previous value. The 4 - week moving average year - on - year of the cement price index was 1.5%, down 3.2 percentage points from the previous value [3].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In the second half of 2025, external demand drag will gradually emerge, and the macro - economy is expected to face mild downward pressure due to the high base in Q4 of last year. The "supply stronger than demand" pattern will continue, and the pressure on both supply and demand will increase marginally. [3] - Policy will continue the tone of stabilizing growth, confidence, and assets. Active fiscal and monetary tools will be implemented to boost domestic demand, stabilize the real estate market, and promote industrial transformation and upgrading. [3] - In the second half of the year, RMB asset allocation will enter a rhythm where the bond market fluctuates at a high level, the stock market captures structural opportunities, and commodities fluctuate at the bottom waiting for a driver. [4] 3. Summary by Directory 2025 H2 Domestic Macroeconomic: New Balance of Supply and Demand - **Total**: The annual GDP growth rate is expected to remain stable, with a quarterly rhythm of high in the first half and low in the second half. The full - year GDP growth rate is predicted to be 4.74%. [6] - **Structure**: The "supply stronger than demand" pattern will continue. Supply - side indicators are expected to slow down slightly, and demand - side indicators may continue to hover at a relatively low level. [8][9] - **Export**: Although exports showed resilience in Jan - May 2025, the "front - loading of demand" caused by "rush - export" will lead to a decline in external demand later. [11] - **Manufacturing Investment**: The peak of the Juglar cycle has passed, and the growth rate of manufacturing investment is expected to be 8.3%, lower than the previous high - growth state. [16] - **Real Estate Chain Data**: China is in the middle - late stage of the downward Kuznets cycle. Real estate data is hovering at a low level, but policy support may reduce its impact on the economy. [23] - **Consumption**: Consumption growth is driven by policies, but the endogenous repair momentum is still weak. The total retail sales of consumer goods are expected to grow by 4.8%. [29] Policy: Stabilize Growth and Focus on Precise Regulation - **Monetary Policy**: It will maintain a moderately loose tone. The next round of easing is more likely to occur from September to Q4, with structural policies being the main focus before that. The 7 - day reverse repurchase rate is expected to have a 10BP cut. [34][36] - **Fiscal Policy**: It is divided into in - budget and off - budget policies. In - budget policies are expected to increase the fiscal deficit in the second half of the year. The actual fiscal expenditure in Jan - Apr increased by 7.2% year - on - year. [39][42] Tactics of Asset Allocation under Macroeconomic Contradictions - **Macroeconomic Contradictions**: The economy showed a good start in Q1 but returned to normal in Q2. Real - economy profit recovery and domestic consumption repair need stronger policy support. [46] - **Asset Performance**: Commodities are in a bottom - oscillating market without a clear upward driver. Bonds will fluctuate at a high level, and the stock market will present a dumbbell - shaped structural market. [60][63]

Core Viewpoint - The A-share market remains stable despite tensions in the Middle East, continuing a pattern of slow upward movement amidst trade conflict concerns [1][2]. Market Outlook - The window for tariff events is closing, with a new policy window opening in late June, which may lead to a break in the current consolidation pattern if effective policies are implemented [2]. - The market is currently focused on tariff-related expectations, including U.S. court rulings and potential trade negotiations between China and the U.S. [2]. Hot Sectors - Consumption and healthcare sectors are expected to be key areas of focus, with an emphasis on domestic demand expansion as a priority for 2025 [3]. - The robotics sector is anticipated to grow, with advancements in various types of robots and related technologies [3]. - The semiconductor industry is on a path toward domestic production, with attention on equipment, wafer manufacturing, and IC design [3]. - The military industry is expected to see a rebound in orders by 2025, with signs of recovery in various sub-sectors [3]. - The innovative pharmaceutical sector is entering a growth phase after several years of adjustment, with positive profit growth expected [3]. - The AI sector is poised for new catalysts, particularly with updates from emerging models that are competitive with leading international models [3]. Market Review - The A-share market experienced narrow fluctuations, with previous leaders like innovative pharmaceuticals and banking showing signs of adjustment [4]. - Defensive sectors such as coal, utilities, and oil & gas led the market, indicating a shift in investor preference [4]. - Overall, the market maintained a positive earning effect, with over 2200 stocks rising despite some sectors facing declines [4].

每经记者｜黄婉银 每经编辑｜杨夏 随着2025年下半年序幕拉开，多家国际投行最新发布的分析报告聚焦中国经济走向。尽管中国宏观经济仍面临部分挑战，但一致看好中国市场的结构性机 会，人工智能（AI）、新能源汽车、新消费等新兴领域成为机构关注的核心方向。 近期，瑞银全球金融市场部中国主管房东明在与海外投资者频繁的沟通中，就切实感受到无论是量化基金还是做市商，鉴于流动性需求加上各种市场利好 因素，他们对中国资产的关注度有所提升，并希望能更好地参与中国市场。 房东明在接受《每日经济新闻》记者（以下简称NBD）专访时表示，对于海外投资者而言，对中短期中国经济走向如财政刺激规模、房地产活动情况、 居民消费复苏节奏等话题比较关注，人工智能及其相关的行业（包括人形/工业机器人、人工智能眼镜等）仍为国际投资者关注的投资主题之一。 A股和港股均存在上行空间 NBD：瑞银5月份将中国2025年GDP增长预测上调的主要原因有哪些？ 房东明：6月9日，恒生中国企业指数与恒生科技指数均自4月低点上升超过20%，迎来"技术性牛市"。实际上，今年年初至今，在DeepSeek引领中国资产 重估的大背景下，港股市场跑赢全球多数市场。 房东明：我们 ...

Economic Growth Indicators - In May, the total retail sales of consumer goods increased by 6.4% year-on-year, marking a recovery in growth[2] - Industrial added value growth in May fell to 5.8%, while the service sector's growth rose to 6.2%[6] - Fixed asset investment growth in May dropped to 2.9%, indicating weakened economic support[6] Demand and Production Concerns - Export delivery value growth remained below 1% in May, reflecting weak production related to exports[6] - The production-sales ratio fell to 95.9%, the lowest level for the same period since 2001[6] - High growth in consumption carries risks of overextension, with infrastructure investment growth continuing to decline[6] Price and Inflation Trends - The Producer Price Index (PPI) decreased by 3.3% year-on-year in May, the lowest since August 2023[6] - The average price of second-hand homes in 70 cities fell by 0.5% month-on-month, the weakest since November 2024[6] Future Economic Outlook - Q2 GDP growth is expected to stabilize above 5%, better than market expectations of 4.9%[6] - The interaction between policy measures and economic growth will determine market risk appetite moving forward[6]

Core Points - The Zhengzhou Urban Circle aims to enhance its comprehensive strength, core competitiveness, and regional influence, positioning Zhengzhou as a national central city and a key city in Central China [3][4] - The urban circle will focus on building a modern transportation network, a collaborative industrial ecosystem, and a thriving cultural tourism sector, with the goal of becoming a strong engine for high-quality development in Henan [3][4][6] - Zhengzhou Urban Circle has been recognized as one of the 17 "national-level urban circles" in China, with plans for comprehensive development across transportation, industry, public services, energy, ecology, and water resources [4][6] Urban Development Strategy - The strategy includes constructing a modern transportation urban circle with a strong high-speed rail backbone, expanding urban rail coverage, and improving road accessibility to promote functional integration [3][4] - The industrial urban circle will focus on strengthening advanced manufacturing clusters and developing new productive forces tailored to local conditions, creating a tiered and chain-supported industrial structure [3][4] - The cultural urban circle aims to enhance cultural heritage protection and utilization, establishing a modern cultural tourism industry system to make it a pillar industry for the local economy [3][4] Competitive Landscape - Zhengzhou Urban Circle has entered the top 20 in the "2024 China Urban Circle Comprehensive Competitiveness Report," alongside other central urban circles like Wuhan and Hefei, indicating its competitive positioning [4] - Compared to other urban circles in Central China, Zhengzhou faces challenges in integrating into domestic and international dual circulation and must innovate its institutional mechanisms to avoid fragmentation [4][7] Spatial Planning - The urban circle's spatial planning outlines a "one main, one deputy, three axes, and four poles" development pattern, with Zhengzhou and Luoyang as the main engines and a focus on deep integration with surrounding cities [4][6] - The planning emphasizes the importance of collaboration between Zhengzhou and Luoyang, highlighting the need for coordinated development to enhance overall urban circle effectiveness [7]