Market Overview - The Hong Kong stock market started June on a negative note, with the Hang Seng Index dropping to 23,157.97 points, down 0.57% or 131.8 points, with a total turnover of HKD 145.245 billion [1] - The Hang Seng Tech Index fell over 3% at one point but later narrowed its losses, closing down 0.7% at 5,134.11 points [1] - The market has shown signs of recovery after the "reciprocal tariffs" impact, with a significant decline in risk premiums being a key driver [1] Blue Chip Performance - Sands China (01928) led blue-chip gains, rising 4.28% to HKD 16.08, contributing 2.69 points to the Hang Seng Index [2] - Macau's gaming revenue for May reached MOP 21.193 billion, a 5% year-on-year increase, with total revenue for the first five months at MOP 97.707 billion, up 1.7% [2][5] - Other notable blue-chip movements included Chow Tai Fook (01929) up 3.22% and Galaxy Entertainment (00027) up 1.8%, while CSPC Pharmaceutical (01093) fell 4.81% [2] Sector Highlights Stablecoin Sector - The stablecoin sector surged following the enactment of the Stablecoin Ordinance in Hong Kong, with LianLian Digital (02598) rising 64.27% and Yike (09923) up 39.87% [3][4] - The ordinance aims to enhance the regulatory framework for digital asset activities in Hong Kong, with compliant stablecoins expected to launch by the end of the year [4] Gaming Sector - The gaming sector saw most stocks rise, with Sands China and Wynn Macau (01128) also posting gains [5] - Citigroup forecasts a 5% year-on-year increase in gaming revenue for June, estimating daily revenue at approximately MOP 6.17 billion [5] Gold Sector - Gold stocks performed well, with Tongguan Gold (00340) up 18.23% and other gold-related stocks also seeing gains due to rising gold prices amid geopolitical tensions [6] - Spot gold prices reached USD 3,350 per ounce, reflecting a nearly 2% increase [6] Real Estate Sector - The real estate sector faced challenges, with major developers like Agile Group (03383) and R&F Properties (02777) experiencing significant declines [7] - The top 100 real estate companies in China reported a 10.8% year-on-year drop in sales for the first five months of 2025 [7] Automotive Sector - The automotive sector is under pressure due to a new wave of price wars, with companies like GAC Group (02238) and Li Auto (02015) seeing declines [8] - The Ministry of Industry and Information Technology has expressed opposition to "cutthroat" competition in the automotive industry [8] Notable Stock Movements - Mixue Group (02097) reached a new high, closing up 7.54% at HKD 584.5, with an upgraded target price reflecting strong sales growth [9] - Alibaba Pictures (01060) rose 7.41% after announcing a name change to Damai Entertainment, indicating a strategic shift towards live events [10] - Leap Motor (09863) reported a 148% year-on-year increase in May deliveries, prompting an upgrade in sales forecasts [11] - CSPC Pharmaceutical (02005) fell 5.46% after reporting a significant drop in revenue and profit for Q1 2025 [12]

大 类 资 产 配 置 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 02 日 "特朗普服软"交易兴起 - 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 涂锦文 A0230123070009 tujw@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com ——全球资产配置每周聚焦 (20250523-20250530) 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 证 券 研 究 报 告 相关研究 ⚫ 全球资产价格回顾：本周（20250523–20250530）。本周美国政坛持续震动。5 月 28 日，马斯克宣布 离开特朗普政府，政府效率部的"马斯克"改革暂时告一段落。此外，特朗普 23 日表示 ...

【环球网财经综合报道】根士丹利中国首席策略师王滢周五发表最新市场观点指出，在美元趋势性走弱与人民币 稳步升值的背景下，当前估值处于低位、全球投资者配置普遍不足的中资股票，正迎来显著的资金流入机遇。她 尤其强调，离岸中资股市场（如港股）表现潜力更优，人民币升值对其支撑作用更为直接有力。 王滢分析认为，人民币汇率走强对离岸中资股市场形成双重利好。"一方面，人民币升值直接提升以港币或美元计 价、但主要资产和盈利来源在内地的离岸上市公司资产价值与盈利预期；另一方面，汇率因素能更有效地吸引国 际资本流入离岸市场，因其交易结算更为便利。"她表示，相较之下，在岸A股市场虽亦受益，但传导机制相对间 接。 在众多中资板块中，王滢特别点明看好科技股的长线前景。"中国科技企业展现出的强大创新能力令人印象深 刻，"她强调，"尽管行业曾经历周期性调整，但其在人工智能、云计算、半导体及先进制造等关键领域的持续突 破，奠定了相当亮丽的长期增长基础。结合当前估值水平，科技板块提供了具有吸引力的风险回报比。" 王滢指出，历经前期调整，无论是恒生指数还是MSCI中国指数，其估值均处于历史低位区间，显著低于全球主要 市场平均水平。与此同时，全球机 ...

美股盘初，主要行业ETF普跌，生物科技指数ETF跌超2%，半导体ETF、区域银行ETF均跌超1%。 | 生物科技指 ... | 121.00 | -3.25 (-2.61%) 38.12万股 | | | --- | --- | --- | --- | | us IBB | | | | | 半导体ETF - ... | 240.59 | -3.49 (-1.43%) | 38.11万股 | | us SMH | | | | | 能源业ETF --- | 81.42 | -0.84 (-1.02%) | 103.08万股 | | us XLE | | | | | 区域银行ET ... | 56.73 | -0.56 (-0.99%) | 27.65万股 | | us KRE | | | | | 全球航空业E ... | 22.56 | -0.18 (-0.79%) | 76653股 | | us JETS | | | | | 医疗业ETF - ... | 131.42 | -0.94 (-0.71%) | 50.44万股 | | us XLV | | | | | 黄金ETF-SP ... | 303.79 | - ...

Core Viewpoint - The announcement details the termination of the concerted action agreement among shareholders of Tuojing Technology, indicating that this change does not affect the actual shareholding structure or control of the company [1][6]. Group 1: Termination of Concerted Action Agreement - The termination of the concerted action agreement does not involve any increase or decrease in the actual shareholding of the shareholders, as it is merely a dissolution of the agreement [1]. - After the termination, the company will still not have a controlling shareholder or actual controller, maintaining its operational independence [1][6]. - The termination of the concerted action agreement does not violate any public commitments made by the shareholders [1]. Group 2: Shareholding Structure - Following the termination, the eight natural shareholders will calculate their holdings separately, while the eleven employee shareholding platforms will continue to consolidate their holdings, totaling 25,149,516 shares, which represents 8.9907% of the company's total share capital [6][7]. - Before the termination, the combined holdings of the natural shareholders and employee platforms amounted to 31,625,068 shares, accounting for 11.3056% of the total share capital [6][7]. - The actual number of shares held by the shareholders remains unchanged post-termination, ensuring that no single shareholder or their concerted action partners can exert control over the company [7][8].

"因为在这个游戏里几乎没有赢家。主要受害者可能是美国经济——无论是企业还是消费者，都在承受 更高的关税负担。而这显然不是美国政府希望看到的结果。" 在美国国际贸易法院（CIT）判决特朗普关税违法之后，欧盟方面表示，欧盟贸易专员马洛什·谢夫乔维 奇（Maroš Šefcovic）与美国同行的最新一轮会谈仍将如期举行，时间和地点为下周在巴黎举行的经合 组织（OECD）部长级会议期间。 德意志银行全球首席投资策略师德克·斯特芬（Dirk Steffen）在接受第一财经专访时表示，对于美欧达 成贸易协议持乐观态度。他认为，美欧贸易冲突最终将以"务实的方式"得到解决，双方企业能够保持销 售、贸易，并促进经济增长。 针对特朗普关税带来的剧烈市场波动，斯特芬称，已将重点转向对冲策略，黄金和优质债券仍是对冲风 险的核心资产，投资者应在复杂环境中保持理性。此外，他还建议，重点关注美国科技企业盈利和德国 财政刺激计划中的相关机会。 对美欧达成贸易协议乐观 第一财经：欧洲市场目前如何定价"特朗普关税"？有无资本外流迹象？ 德克·斯特芬：目前还不到"资本外流"的程度，但我们确实看到债券投资者对久期风险要求更高的溢 价，也即所谓的"期 ...

每经记者｜可杨 每经编辑｜张海妮 丨 2025年5月30日 星期五 丨 NO.1 宇树科技从有限公司变更为股份公司 5月29日，宇树科技向合作伙伴发布通知称，因公司发展需要，杭州宇树科技有限公司即日起名称变更 为"杭州宇树科技股份有限公司"。原公司所有业务由"新公司"继续经营，原公司签订的所有合同继续有 效。 点评：宇树科技从有限责任公司到股份有限公司的转身，是企业自身发展壮大的必然选择，也是科技行 业创新发展的生动缩影。在新的股份制架构下，期待宇树科技凭借更强大的资本实力、更灵活的运营机 制与更高效的治理结构，在科技领域开启新的征程。 大模型明星企业DeepSeek深夜"上新"。5月29日凌晨，DeepSeek开源了R1最新0528版本。DeepSeek目前 没有对该版本进行任何说明，只是"悄悄"地开放了模型。著名代码测试平台Live CodeBench显示，其性 能可以媲美OpenAI最新的o3模型的高版本。也有网友对新版R1的风格进行了测试，结果几乎和OpenAI 的o3差不多。 点评：开源是推动技术进步和生态发展的重要方式。DeepSeek R1新版本的开源，为开发者提供了更多 选择和创新机会，有助于 ...

此外，AMD收涨3.85%，台积电ADR涨2.97%，礼来涨1.61%，巴菲特旗下伯克希尔哈撒韦B类股涨 1.13%。 | 特斯拉 | 362.89 | +23.55 (+6.94%) | 1.17亿股 | 1.17万亿 -10.14% | | ( ) ... | | --- | --- | --- | --- | --- | --- | --- | | us TSLA | 363.00 | +0.11 (+0.03%) 盘后 | | | | | | AMD | 114.56 | +4.25 (+3.85%) | 3684.18万股 | 1857.48亿 | -5.16% | ( ) ... | | us AMD | 114.40 | -0.16 (-0.14%) 盘后 | | | | | | Roundhill宏 ... | 52.92 | +1.78 (+3.48%) | 279.30万股 | 12.27亿 | -2.76% | [] ··· | | us MAGS | 52.69 | -0.23 (-0.43%) 盘后 | | | | | | 英伟达 | 135.50 | +4.21 (+3.21%) ...

Group 1 - The article discusses the dramatic changes in Trump's tariff policy towards China, with tariffs fluctuating from 34% to 125% and then down to 10% after negotiations, indicating a volatile trade environment [1][3] - The market has shown resilience, recovering losses incurred after the initial tariff announcements, suggesting that the impact of tariffs may not be as severe as initially feared [1][3] - The article highlights the necessity for the U.S. to lower tariffs to avoid significant economic and inflationary pressures, as high tariffs are unsustainable for both the U.S. and China [3][5] Group 2 - Tariffs are expected to have a significant impact on U.S. inflation, potentially raising the Consumer Price Index (CPI) by 1 percentage point, although factors like low oil prices and inventory replenishment may delay this effect until late Q3 [25][32] - The article outlines that U.S. inventory levels have increased significantly, with a 20% rise in import amounts and a 2.4% increase in nominal inventory compared to the previous year, indicating a robust supply chain response [10][18] - Different industries will experience varying levels of pressure from tariffs, with textiles, apparel, computers, and electronics facing the most significant challenges due to their high reliance on imports from China [22][23] Group 3 - The article emphasizes that U.S. economic growth can be sustained until the end of the year, supported by consumer spending and investment, but warns that renewed tariffs could lead to stagnation [36][37] - It notes that the Federal Reserve's ability to lower interest rates is constrained by inflationary pressures, which could further suppress private sector credit expansion and investment [8][36] - The potential for tax cuts and further tariff reductions could alleviate some of the economic pressures, but the timing and implementation of these measures remain uncertain [9][57] Group 4 - The financial market's stability is under scrutiny, particularly following a downgrade in the U.S. credit rating by Moody's, which could affect investor confidence and market dynamics [58][59] - The article points out that the upcoming debt ceiling resolution and increased bond supply could lead to liquidity issues in the market, impacting the overall financial landscape [59][61] - Long-term concerns about the U.S. dollar's status as a reserve currency are raised, particularly if tariffs continue to affect trade balances and investor sentiment [65]

美联储的降息前景再添变数。 5月23日，2025年FOMC票委、美国芝加哥联储主席古尔斯比表示，短期内降息的门槛"略高"，但在未来10至 16个月内仍有可能降息。另外，美联储理事沃勒表示，如果特朗普政府的关税政策的影响能够稳定下来，预计 将在2025年下半年降息。但他同时警告称，如果特朗普政府恢复更高关税水平，将严重限制美联储利率政策的 操作空间。 据最新消息，美国总统特朗普当地时间23日在社交媒体上表示，建议自6月1日起对欧盟征收50%的关税。受此 影响，欧美股市全线大跌，纳指、标普500指数盘初均跌超1%，欧洲斯托克50指数、法国CAC40指数均大跌超 2%。 针对美联储持续暂停降息的决定，号称"华尔街一哥"的摩根大通CEO杰米·戴蒙表示，美联储在决定货币政策 之前采取的观望态度是正确的。对冲基金桥水的创始人达利欧也表示，美联储处境艰难，不应当降息。 降息前景存在变数之际，美联储的政策独立性得到了美国最高法院的支持。美国最高法院最新暗示，美联储是 一个"结构独特的准私人实体"，美联储董事会成员将受到特别保护，不会被总统解雇。 "美联储不降息是正确的" 5月22日，摩根大通CEO杰米·戴蒙警告称，由于美国经 ...