固 定 收 益 周四美国国债大涨，PPI 数据不及 预期，强劲的 30 年期国债标售，和 中东地区的地缘紧张局势，推动美 国国债上涨。亚洲债券市场呈现双 向交投，卖盘压力至债券利差走宽 2-3 个基点。 环球市场动态 全 球 贸 易 形 势 日 趋 复 杂 股 票 A 股周四小幅震荡，酒类板块低迷； 港股受全球市场情绪影响表现不 佳，医药板块继续获抱团；欧洲股 市表现疲软，中东局势升温令市场 担忧；美股小幅收高，PPI 数据低 于预期得到市场积极反映，金龙中 国指数下跌。 外 汇 / 商 品 以色列袭击伊朗，其官员证实袭击 目标是伊朗核设施，中东紧张局势 升温，今早亚洲时段原油期货曾大 涨超 8%、现货金涨超 1%、美元指 数微涨。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 13 日 123 ▪ 在全球贸易形势日趋复杂的背景下，出口企业商业模式在贸易规则制约下不断调整，理解贸易制度成为投资判 断的重要前提。从权力划分来看，美国贸易政策体系涵盖立法、执行与监督三个环节，总统在贸易政策上拥有 较大的裁量权。从执行体系来看， ...

Core Viewpoint - The company, Shenzhen Yingjixin Technology Co., Ltd., is undergoing a differentiated dividend distribution for the year 2024, which involves a share buyback plan and specific cash dividend proposals [1][2][6]. Group 1: Share Buyback Plan - The company has approved a share buyback plan using its own funds, with a maximum buyback price set at 24.00 RMB per share, and the total buyback amount not less than 1.5 million RMB and not exceeding 2 million RMB [1][2]. - The total buyback fund has been increased to a range of 50 million RMB to 100 million RMB, with a maximum buyback price of 27.00 RMB per share [2]. Group 2: Dividend Distribution - The company plans to distribute a cash dividend of 0.90 RMB per 10 shares (including tax) to all shareholders, without capital reserve conversion to share capital or issuing bonus shares [3][6]. - The total number of shares eligible for the dividend distribution is calculated to be 425,350,498 shares, resulting in a total cash dividend payout of approximately 38.28 million RMB (including tax) [3][6]. Group 3: Impact on Share Price - The reference price for ex-dividend is calculated based on the last closing price before the dividend distribution, which is 17.5700 RMB per share [5]. - The impact of the ex-dividend reference price is minimal, with an absolute value of less than 1% [6].

当地时间6月11日， 美国劳工统计局公布的数据显示，美国5月CPI数据略低于预期。数据显示，美国5月CPI同比增长 2.4%，低于预期的2.5%。美国5月核心CPI（扣除波动较大的食品和能源）上涨2.8%，保持在2021年3月以来的最低水 平，并低于预期的2.9%。 数据公布后， 美国总统特朗普在社交平台发文称："CPI数据刚刚公布，数据非常好！美联储应该降息整整1%（100个 基点）。这样到期债务的利息支付就会少很多。这非常重要！" 5月CPI数据公布后，交易员加大了对美联储9月开始降息的押注，9月降息的可能性升至75%，基本预计今年将降息两 次。受此影响，美股三大指数集体高开。 当地时间11日，美股高开低走，三大指数集体收跌。纳指跌0.5%，标普500指数跌0.27%，道指微跌1个点。 大型科技 股多数下跌，英特尔跌超6%，创2个月以来最大单日跌幅，亚马逊跌超2%，苹果跌1.92%，总市值跌破3万亿美元， Meta跌超1%，英伟达、谷歌小幅下跌，奈飞涨超1%，特斯拉、微软小幅上涨。 美联储上一次降息是在去年12月，近期官员们对关税可能带来的长期价格影响表示担忧。 美联储将在一周后公布最新 利率决议，目前市 ...

Group 1 - Major industry ETFs in the US stock market mostly rose, with Energy ETFs and Biotechnology Index ETFs increasing over 1%, and Healthcare ETFs rising nearly 1% [1] Group 2 - Energy ETF (XLE) current price is $84.77, up by $1.20 (+1.44%), with a trading volume of 1.824 million shares and a total market value of $21.228 billion, showing a year-to-date change of -0.27% [2] - Biotechnology Index ETF (IBB) current price is $128.88, up by $1.29 (+1.01%), with a trading volume of 122,100 shares and a total market value of $10.233 billion, reflecting a year-to-date change of -2.43% [2] - Healthcare ETF (XLV) current price is $135.14, up by $0.99 (+0.74%), with a trading volume of 304,000 shares and a total market value of $25.860 billion, indicating a year-to-date change of -1.39% [2] - Semiconductor ETF (SMH) current price is $258.06, up by $1.10 (+0.43%), with a trading volume of 166,700 shares and a total market value of $3.051 billion, showing a year-to-date change of +6.56% [2] - Global Technology ETF (IXN) current price is $87.20, up by $0.23 (+0.26%), with a trading volume of 4,806 shares and a total market value of $1.221 billion, reflecting a year-to-date change of +2.89% [2] - Utilities ETF (XLU) current price is $80.86, up by $0.19 (+0.24%), with a trading volume of 531,700 shares and a total market value of $11.739 billion, indicating a year-to-date change of +7.59% [2] - Consumer Staples ETF (XLP) current price is $81.77, up by $0.19 (+0.23%), with a trading volume of 352,400 shares and a total market value of $13.837 billion, reflecting a year-to-date change of +4.57% [2] - Internet Index ETF (FDN) current price is $260.81, up by $0.39 (+0.15%), with a trading volume of 3,871 shares and a total market value of $17.318 billion, indicating a year-to-date change of +7.25% [2] - Consumer Discretionary ETF (XLY) current price is $213.94, down by $0.07 (+0.03%), with a trading volume of 77,139 shares and a total market value of $26.872 billion, showing a year-to-date change of -4.38% [2] - Technology Sector ETF (XLK) current price is $239.56, up by $0.03 (+0.01%), with a trading volume of 161,100 shares and a total market value of $76.193 billion, reflecting a year-to-date change of +3.21% [2] - Banking ETF (KBE) current price is $54.36, unchanged (0.00%), with a trading volume of 28,542 shares and a total market value of $4.208 billion, indicating a year-to-date change of -1.30% [2] - Regional Banking ETF (KRE) current price is $58.30, down by $0.01 (-0.01%), with a trading volume of 295,200 shares and a total market value of $4.866 billion, reflecting a year-to-date change of -2.75% [2] - Financials ETF (XLF) current price is $50.90, down by $0.10 (-0.19%), with a trading volume of 817,600 shares and a total market value of $56.655 billion, indicating a year-to-date change of +5.70% [2] - Global Airlines ETF (JETS) current price is $23.24, down by $0.08 (-0.34%), with a trading volume of 16,867 shares and a total market value of $73.206 million, reflecting a year-to-date change of -8.32% [2]

6月份了，市场里到处是科技回暖的呼声，但真相藏在哪儿呢？别急，我来帮你拨开迷雾。文章最后还有关键彩蛋，保准让你眼前一亮！ 一、科技回暖的迷雾：是希望还是泡沫？ 大家最近都在琢磨科技板块能不能回暖，从市场表现看，科技板块前阵子确实有点蔫儿，成交量都跌到冰点了。 卖方机构们可没闲着，他们使劲儿吆喝：科技要翻身啦！逻辑是啥？就是这成交量冰点，意味着市场情绪触底，反弹在即。 朋友们！今天咱们聊聊一个让股民们心痒痒的话题——科技板块的春天啥时候来？ A股现在有点拧巴，好多人都等着出个王炸级应用再跟风买科技股。 但美股早就用数据说话了——微软3月Token量直接飙到前两个月总和，谷歌4月Token量同比猛涨，就靠这俩数据，微软股价直接刷了新高。 咱国内也没闲着，阿里云日Token量最近也狂涨，说白了，不管中美，应用端都在闷头搞测试、冲用量，这明摆着是科技行业要热闹起来的信号啊！ 但普通股民往往后知后觉——等行情出来再追，黄花菜都凉了，大家一窝蜂跟风，结果总慢半拍。散户在信息链末端，容易错失先机。 二、机构资金的隐形游戏：温水煮青蛙 话说回来，光听机构喊口号可不行。股市里，真正有戏的个股，早被机构盯上了。 他们像老练的猎手 ...

美股盘初，主要行业ETF涨跌不一，半导体ETF涨超2%，区域银行业ETF涨近1%，金融业ETF跌近 1%。 | 行业类 V | 当前价 ◆ | 涨跌幅 ÷ | 成交量 ÷ | | 总市值 = 年初至今 = | | | --- | --- | --- | --- | --- | --- | --- | | 半导体ETF --- | 258.50 | ↓ +5.77 (+2.28%) | 205.80万股 | 30.56亿 | +6.74% | = | | us SMH | | | | | | | | 区域银行ET ... | 58.56 | +0.55 (+0.94%) | 183.49万股 | 48.87 亿 | -2.31% | [] … | | us KRE | | | | | | | | 科技行业ET ... | 240.49 | ↓ +2.13 (+0.89%) | 119.49万股 | 764.89 亿 | +3.61% | [] *** | | us XLK | | | | | | | | 银行业ETF - ... | 54.56 | ↓ +0.45 (+0.83%) | 28.90万股 | 42 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，一度摸到4.9星。 到收盘涨幅略有回落，还在5星，距离4.9星很接近。 大中小盘股都上涨。 沪深300微涨，中小盘股上涨较多。 医药科技领涨。 A股港股医药股上涨较多。 港股整体上涨。 港股科技股、医药股领涨。 不过上周上涨后，港股科技、医药等指数已经回到了正常估值。 遇到成长风格强势的时候，价值风格相对低迷一些，略微下跌。 1. 今年一季度，有一个比较好的现象，是A股和港股的财报数据，出现了一些改善。 其中，A股港股代表性指数，盈利一季度都出现了同比增长。 A股沪深300，盈利同比增长大约4-5%上下。 港股恒生指数，盈利同比增长大约16%上下。 2. 其实到去年5.9星的时候，A股和港股估值位置差不多，都接近历史最低估值水平。 之后9月份的第一波大涨，A股和港股上涨时间比较接近，涨幅也差距不大。 去年底的时候，A股港股也都在4.9-5星上下的位置。 出现差距是在今年春节后，港股比A股多上涨了大约20%。 A股还在5星上下波动，港股已经回到4点几星，后面再上涨一些，港股可能就回到3点几星了。 恒生指数基金，加上分红，目前距离2021年上次牛市的高位， ...

Core Viewpoint - The legal opinion letter from Beijing Zhonglun (Shenzhen) Law Firm confirms that Shenzhen Guangfeng Technology Co., Ltd.'s differentiated dividend distribution plan for the fiscal year 2024 complies with relevant laws and regulations, ensuring no harm to the interests of the company and its shareholders [11]. Group 1: Differentiated Dividend Distribution - The differentiated dividend distribution is based on the company's total share capital minus the shares held in the repurchase account, with a proposed cash dividend of 0.25 RMB per 10 shares, totaling approximately 11.42 million RMB [8][9]. - The actual number of shares participating in the profit distribution is 455,692,656 shares after accounting for repurchased shares, leading to an adjustment in the cash dividend per share from 0.025 RMB to approximately 0.02486 RMB [8][9]. - The company will not conduct capital reserve transfers or issue bonus shares in this dividend distribution [8]. Group 2: Share Repurchase Plans - The company has implemented multiple share repurchase plans, with the first plan in 2022 allowing for a repurchase of shares at a price not exceeding 27 RMB per share, with a total repurchase amount between 10 million and 20 million RMB [5]. - The second repurchase plan in 2024 also set a maximum repurchase price of 27 RMB per share, with a total amount not exceeding 60 million RMB [5]. - The third plan in 2024 allowed for a repurchase at a maximum price of 22 RMB per share, with a total amount between 20 million and 30 million RMB [6]. Group 3: Legal Compliance and Verification - The law firm conducted a thorough review of the documents and facts provided by the company, confirming their completeness and accuracy [3][4]. - The legal opinion emphasizes that the differentiated dividend distribution adheres to the Company Law, Securities Law, and relevant regulatory guidelines, ensuring the protection of shareholder interests [11].

Core Viewpoint - The article highlights a significant shift in global asset allocation, with a notable inflow into European equities and bonds, while Chinese equities are experiencing outflows, indicating a "seesaw" effect in the market dynamics [1][3][41]. Market Review - The successful outcome of the China-US-Switzerland talks on May 12 has significantly boosted global risk appetite, leading to an increase in global stock indices [10][41]. - The 20-year US Treasury auction on May 22 was poorly received, with the final yield surpassing 5%, raising concerns about US fiscal pressure [1][10]. Global Asset Performance - In May, equity assets generally rose, while US Treasury yields increased and the dollar weakened. The 10-year US Treasury yield rose by 24 basis points [2][13]. - Gold prices increased by 2.1%, and Brent crude oil rose by 1.7% during the same period [2][13]. Global Fund Flows - In May, there was a significant inflow of $215 billion into global money market funds, with developed market equities receiving $305 billion, while emerging market equities saw an outflow of $83 billion [3][20]. - Developed European fixed income and equity funds attracted inflows of $190 billion and $247 billion, respectively, indicating stronger performance compared to the US [3][20]. China Market Dynamics - By the end of May, global equity funds experienced an outflow of $88.5 billion from China, a reversal from the inflow of $198.3 billion in April [4][41]. - The outflow was primarily driven by passive ETFs, which saw a withdrawal of $82.5 billion in May compared to an inflow of $203.9 billion in April [4][41]. - In terms of sector performance, there was a significant inflow into technology, real estate, and materials, while telecommunications, consumer staples, and healthcare saw outflows [4][41]. Country Allocation - Global market funds reduced their allocation to US equities by 1.0 percentage points in April, while increasing allocations to European equities [5][41]. - The allocation to China remains stable at 26.4%, indicating potential for further growth [5][41]. Emerging Markets - Emerging market funds saw a decrease in allocation to Chinese equities, with a drop of 1.6 percentage points compared to March, while the allocation to Indian equities also decreased [5][41]. - In May, emerging market equity funds experienced a net outflow of $45 billion, with China being the primary contributor to this outflow [43][46].

Group 1: Recent Trends in Hong Kong Listings - A surge in mainland companies seeking to list in Hong Kong has been observed, with 8 A-share companies completing IPOs since September last year, raising a total of 981.1 billion HKD [1] - Nearly 50 A-share companies are planning to list in Hong Kong, with over 20 already having submitted materials or received approval [1] - Policy support has been identified as a key factor driving this trend, particularly for technology companies [1][2] Group 2: Regulatory Support and Market Conditions - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level capital market openness and supporting technology companies in utilizing both domestic and international markets [2] - The Hong Kong Stock Exchange has optimized its listing system, lowering barriers and introducing mechanisms like "dual-class shares" to facilitate listings for new economy enterprises [2] - The implementation of new regulations for overseas listings has seen 242 mainland companies complete their registration, with 83 being technology firms [3] Group 3: Benefits of Listing in Hong Kong - Listing in Hong Kong allows companies to access global investors, broaden financing channels, and enhance international visibility and brand value [4] - The presence of more mainland companies in Hong Kong is expected to strengthen Hong Kong's position as an international financial center [5] - Hong Kong serves as a gateway for global investors to enter mainland China, benefiting from a diverse product and client ecosystem [6] Group 4: Banking Sector Support - Financial institutions are playing a crucial role in supporting mainland companies in their Hong Kong listing endeavors, providing comprehensive financial consulting and information services [7] - The introduction of the "18C" listing rules has lowered the entry barriers for technology companies, creating dedicated financing channels [7] - Banks are also offering various financial products post-listing to support companies in their growth and strategic initiatives [8]