Core Viewpoint - The report from Galaxy Securities predicts a fluctuating upward trend in the A-share market for June, suggesting a mixed strategy for investment focusing on three main lines: consumption, technology, and dividends [1] Investment Strategy - Galaxy Securities recommends a balanced investment approach, emphasizing the importance of growth sectors such as technology, which are expected to benefit from policy support and industrial development [1] - The report highlights the consumer sector, which is anticipated to gain from domestic consumption policies and the expected appreciation of the Renminbi [1] - Banks are noted for their earnings certainty, low valuations, and high dividends, making them valuable during market fluctuations [1] Sector Focus - The report suggests focusing on value stocks within the technology and consumer sectors for investment opportunities in June [1]

Economic Overview - The GDP weekly high-frequency prosperity index as of May 31 is 5.7%, remaining stable compared to the previous week's revised value of 5.7%, indicating relative economic stability[1] - The service and industrial high-frequency indicators are generally stable compared to last week[1] Production Insights - The industrial weekly prosperity index is at 8.1%, showing stability, while the service sector index is at 4.0%, also stable[12] - The average daily output of key iron enterprises has slightly decreased, indicating a potential slowdown in industrial production[13] Demand Analysis - Consumer demand continues to strengthen, with the consumption high-frequency index rising to 5.2%, up from 4.7% the previous week[12] - Fixed asset investment remains weak, with rebar apparent demand at 248.9 million tons, showing little change[12] - Export container throughput increased to 656,400 TEUs, up from 633,400 TEUs, indicating a positive trend in exports[12] Real Estate Trends - New housing sales in 30 major cities decreased to 188.76 million square meters, down 7% week-on-week and 20% year-on-year[48] - The cumulative transaction area for new homes in 2025 is 3,767 million square meters, with a year-on-year increase of 0.73%[48] Price Movements - The agricultural wholesale price index remains under pressure, with the pork price decreasing by 0.3% week-on-week[61] - The production material market prices have decreased by 0.6% compared to the previous week, indicating a mixed price trend in consumer goods[61]

一季度，抚顺市经济运行"成绩单"十分抢眼：地区生产总值同比增长7.3%，位列全省第一，创10年 来最好位次；规上工业增加值同比增长12.1%，位列全省第一；固定资产投资同比增长23%，位列全省 第二。好势头从何而来，下一步如何巩固？5月30日，省政府新闻办组织召开"振兴新突破决胜勇争 先"主题系列新闻发布会，抚顺市政府相关负责人介绍全市奋力打好打赢决胜之年决胜之战的工作部署 及相关进展情况。 新闻发布会上，抚顺市政府相关负责人介绍下一步七个方面重点工作，即全力抓好经济运行、持续 扩大有效投资、加力推动产业升级、不断深化改革开放、大力加强创新驱动、强力推动冰雪经济、统筹 做好发展和安全。第一产业方面，将加快实施黑土区侵蚀沟治理经验总结推广，高质量推进高标准农田 建设，粮食产量突破18亿斤。第二产业方面，进一步稳油稳钢稳煤，强化骨干企业监控运行，提升排产 时序，确保全年原油加工量770万吨，新钢市场直供率达到55%以上，抚矿和特钢产值双双过百亿元。 第三产业方面，扎实推进提振消费专项行动，全面落实以旧换新加力扩围政策。项目建设方面，抚顺市 推动新建项目6月底前开工率达80%、9月底全部开工。 年初以来，抚顺市全面 ...

Group 1 - The domestic equity market has established a policy bottom, but short-term economic resilience expectations are limited due to external demand uncertainties, leading to a structural rotation in the market with a temporary preference for dividend stocks [1] - In June, the market is expected to maintain a range-bound structure, influenced by external shocks and policy support for economic recovery, with a focus on dividend assets and new consumption sectors, as well as low-position opportunities in technology growth [1] - The consumption sector is expected to benefit from a shift in policy focus from supply-side to demand-side, with strong expectations for consumption policies and stable performance in essential consumer industries during the earnings season [1] Group 2 - The pharmaceutical industry is currently undervalued, with an anticipated surge in innovative drugs due to a significant policy shift in centralized procurement, which may open up valuation ceilings and improve performance expectations for domestic innovative drugs [2] - Dividend assets are likely to benefit from a stable fundamental environment and low interest rates, with strong policy support expected to accelerate long-term capital inflows into high-yield assets [2] - The geopolitical uncertainties and potential risks from the "America First" policy have increased the allocation value of defensive assets, suggesting continued interest in defense, food security, security, and gold assets [2]

Core Viewpoint - The significant increase in Hong Kong IPOs this year is attributed to a combination of policy support, improved market conditions, and strategic moves by companies [1][2][3] Group 1: IPO Market Overview - As of May 28, 2023, 27 companies have successfully listed on the Hong Kong stock exchange, raising over 77 billion HKD, nearing the total for the entire previous year [1] - Notable IPOs include the successful fundraising of 177 billion HKD by Mixue Group and over 35 billion HKD by CATL, making it the second-largest IPO globally after Saudi Aramco [1] - There are currently 157 companies waiting to go public, with 18 projects seeking to raise over 5 billion HKD [1] Group 2: Policy and Market Environment - Policy support is fundamental to the IPO surge, with the Hong Kong Stock Exchange optimizing listing rules and introducing a "special line" for tech companies to submit applications confidentially [2] - The China Securities Regulatory Commission has implemented measures to facilitate mainland companies listing in Hong Kong, reducing the review time from 100 days to 60 days [2] - The introduction of the FINI settlement platform has improved the efficiency of new stock issuances [2] Group 3: Market Liquidity and Investment Trends - Since the fourth quarter of last year, the Hong Kong market has shown strong performance, with net inflows from southbound funds exceeding 600 billion HKD [2] - The average daily trading volume in Hong Kong has surpassed 240 billion HKD this year, nearly doubling from the previous year [2] - Hong Kong has become a hub for scarce technology and consumer stocks, with over 80% of the MSCI index comprising Hong Kong stocks, indicating a sustained trend of foreign capital inflow [2] Group 4: Internationalization of Chinese Enterprises - The internationalization of high-quality Chinese enterprises is accelerating, with Hong Kong serving as a key platform for global financing [3] - Companies are seeking offshore funding through Hong Kong to support overseas expansion, brand acquisitions, and supply chain development [3] - The improved IPO environment is leading to a structural upgrade in the supply of quality assets in Hong Kong, attracting long-term capital [3]

"印度已正式超过日本，成为世界第四大经济体。" 最近，这件事儿让印度人颇感自豪。 《印度时报》《印度快报》等印媒纷纷援引印度政府最高公共政策智库"印度转型国家研究所"（NITI Aayog）的这一单方面说法进行报道。 国际货币基金组织（IMF）2024年曾预言，印度GDP有望在2025年超越日本，然后在2027年超越德国。 2025年5月，IMF又在《世界经济展望》中做出了类似预测。 但比较两国的经济表现，也许印度高兴得有点早了。 美国消费者新闻与商业频道（CNBC）就提醒称，尽管截至2024年，印度的名义国内生产总值（GDP） 已非常接近日本，实现超越有望在2025年发生，但根据IMF目前的估计，印度仍略微落后。 从司尔亚司数据信息有限公司（CEIC）的报告来看，印度国内消费市场庞大，占印度GDP的60%左 右，且呈逐年增长趋势。而日本国内消费占GDP的比重同样很高，约为55%-60%。 此消彼长之下，IMF预测印度GDP将超过日本，也就不是什么新鲜事了。 也许印度可以在这场竞争中战胜日本，但印度消费市场的发展也存在肉眼可见的问题。 根据路透社报道，就目前而言，印度市场的消费格局主要由富裕阶层推动，呈现严重 ...

科技企业纷纷涌向港股市场。Wind资讯数据显示，截至5月29日，有5家企业聆讯通过，另有155家企业 状态为"正在处理中"。其中，不少企业的拟募资规模大于10亿美元。这些企业中，既有A股上市公司寻 求"A+H"二次上市，也有A股龙头拟分拆子公司赴港上市，以及未上市的独角兽企业和新兴科技公司， 它们覆盖了消费、新能源、生物医药、智能机器人、自动驾驶等多个细分领域。截至5月29日，年内27 家企业登陆香港市场，实际募资总额达771.23亿港元。（证券日报） ...

Economic Overview - The U.S. economy experienced a contraction at the beginning of the year, with the first quarter GDP annualized rate revised to -0.2%, slightly better than the initial estimate of -0.3% [1] - Consumer spending, a key driver of economic growth, increased by only 1.2%, down from the initial estimate of 1.8%, marking the lowest growth rate in nearly two years [1][2] - Net exports negatively impacted GDP by nearly 5 percentage points, slightly worse than initial predictions [1] Consumer Spending and Business Investment - The downward revision in consumer spending was primarily due to weakened demand for automobiles and reduced spending on services, including healthcare and insurance [4] - Business investment showed stronger performance, increasing by 10.3%, up from a prior estimate of 9.8% [2] Trade and Tariff Impact - A surge in imports, driven by businesses trying to stock up before tariffs imposed by the Trump administration, contributed to the economic slowdown [2] - The White House has since rescinded or delayed some punitive tariffs, which has alleviated some economic concerns, although tariff rates remain higher than pre-Trump levels [2] Future Economic Outlook - Economists expect a rebound in GDP for the second quarter due to reduced tariffs and the accumulation of imported goods into larger inventories, which may stimulate economic growth [3] - The overall demand in the economy was weaker than initially anticipated, with final sales to domestic private buyers growing by only 2.5%, the lowest level in nearly two years [3]

港股市场今日表现亮眼，香港证券ETF(513090)涨超2%，成交额22.27亿元，较昨日此时放量269.17%， 近1月份额减少1.77亿份，该基金支持T+0交易。 截至发文，其他相关ETF表现如下：港股消费ETF(159735)涨幅为0.62%，港股创新药ETF(159567)涨幅 为2.01%，港股汽车ETF(520600)涨幅为2.04%，港股科技50ETF(513980)涨幅为1.17%。 ...

Market Overview - The Hong Kong stock market experienced a collective pullback on May 28, with the Hang Seng Index down by 0.53%, the Hang Seng Tech Index down by 0.15%, and the Hang Seng China Enterprises Index down by 0.31% [1] - Despite the overall decline, the energy sector showed resilience, with companies like Yanzhou Coal Mining and China Shenhua Energy seeing gains of 2.31% and 1.2% respectively [1] Sector Performance - The consumer sector showed a clear "high cut low" trend, with brands like Pop Mart and Mixue experiencing significant pullbacks after reaching new highs, dropping 7.12% and 5.53% respectively [2] - The technology sector also faced mixed results, with Kuaishou's net profit exceeding expectations, leading to a 5.95% increase in its stock price, while other tech giants like Meituan and Tencent saw declines [2] Capital Flows - Southbound capital saw a net inflow of 291.12 billion yuan in May, with a significant portion directed towards defensive sectors, particularly the financial sector, which attracted 223.9 billion yuan [4] - The trend indicates a structural change in capital flows, with individual investors dominating the southbound capital, making the market more sensitive to changes in sentiment [4] Valuation and Market Sentiment - Analysts suggest that the current valuation of the Hong Kong stock market is at a historical average level, with potential for recovery in both valuation and earnings, particularly in sectors benefiting from domestic demand policies [6] - The market is expected to experience a rebound in the third quarter, supported by improved liquidity and the return of quality companies to the Hong Kong market [6] Future Outlook - The ongoing listing of quality companies and the influx of capital are expected to enhance the asset quality and liquidity of the Hong Kong market [6] - Analysts predict that the combination of domestic growth policies and the resurgence of the AI industry will reshape the valuation of the technology sector, leading to a dual recovery in valuation and earnings for the Hong Kong market [6]