Economic Growth Indicators - The Guosen High-Frequency Macro Diffusion Index A remains negative, while Index B continues to decline, indicating weak economic growth momentum[1] - The standardized Index B decreased by 0.43, underperforming historical averages, suggesting a weak domestic economic growth rate[1] - Investment and real estate sectors show signs of decline, while consumer sector stability is maintained[12] Price Trends - Food prices have slightly increased, while non-food prices have slightly decreased; May CPI is expected to decline to -0.4% year-on-year[2] - The PPI is projected to decrease by approximately 0.3% month-on-month, with a year-on-year drop to -3.2%[2] Asset Price Predictions - Current domestic interest rates are low, and the Shanghai Composite Index is high; predictions indicate a rise in the ten-year government bond yield and a decline in the Shanghai Composite Index for the week of June 13, 2025[1][18] - The predicted ten-year government bond yield for the week of June 13, 2025, is 2.21%, while the Shanghai Composite Index is expected to be 3,094.40[19]

Market Performance - Global airline ETFs rose by 2.92%, while regional banks increased by 2.51% and bank ETFs by 2.21% [1] - Energy sector ETFs and biotechnology index ETFs saw gains between 1.88% and 1.24%, while technology sector ETFs rose by 0.94% [1] - Semiconductor ETFs had the lowest performance with a rise of only 0.57% [1] ETF Details - Global airline ETF (current price: $23.25) increased by $0.66 (+2.92%) with a trading volume of 1.9537 million shares and a total market value of $732.75 million, down 8.28% year-to-date [2] - Regional bank ETF (current price: $58.02) rose by $1.42 (+2.51%) with a trading volume of 10.0493 million shares and a total market value of $4.842 billion, down 3.22% year-to-date [2] - Bank sector ETF (current price: $54.11) increased by $1.17 (+2.21%) with a trading volume of 1.3129 million shares and a total market value of $4.188 billion, down 1.76% year-to-date [2] - Energy sector ETF (current price: $83.41) rose by $1.54 (+1.88%) with a trading volume of 14.2433 million shares and a total market value of $20.888 billion, down 1.87% year-to-date [2] - Biotechnology index ETF (current price: $126.96) increased by $1.90 (+1.52%) with a trading volume of 797,100 shares and a total market value of $10.081 billion, down 3.89% year-to-date [2] Sector Performance - The energy sector index rose by 1.98% to $632.77, while communication services increased by 1.88% to $363.86 [3] - Consumer discretionary sector saw a rise of 1.64% to $1,706.39, and financials increased by 1.22% to $851.38 [3] - Technology sector rose by 0.78% to $4,660.28, while utilities increased by 0.42% to $410.14 [3]

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core Viewpoints - **Stock Index**: The A-share market showed a mixed performance with most indices closing higher. The TMT sector recovered while the consumer sector declined. The internal policy drive is the main theme for the stock index in 2025. Various policy measures are expected to help companies repair their balance sheets, promote stable economic development, and gradually increase stock market valuations. The overall view is that the stock index will be in a volatile state [1]. - **Treasury Bonds**: Treasury bond futures showed different trends, with some contracts rising and others falling. The central bank's operations affected the bond market, and after macro - disturbances, the bond market followed changes in the capital market and economic fundamentals. The bond market is expected to remain in a sideways volatile pattern in the short term [2]. 3. Summary by Directory 3.1 Research Views - **Stock Index**: On June 5, 2025, most A-share market indices closed higher. The Wind All - A index rose 0.42% with a trading volume of 1.32 trillion yuan. The CSI 1000 index rose 0.72%, the CSI 500 index rose 0.54%, the SSE 50 index rose 0.05%, and the SSE 300 index rose 0.23%. The TMT sector recovered while the consumer sector declined. April economic data showed a slight decline compared to March but remained resilient. Social retail sales increased by 5.1% year - on - year, supported by the "trade - in" policy. Social credit demand was weak in April, with a cumulative new RMB loan of 10.06 trillion yuan, a year - on - year increase of 2.86%, and M2 growth of 8% year - on - year. The Sino - US joint statement and domestic policies such as RRR and interest rate cuts, and measures to encourage long - term funds to enter the market are expected to boost the stock market [1]. - **Treasury Bonds**: On June 5, 2025, the 30 - year Treasury bond futures main contract fell 0.16%, the 10 - year main contract fell 0.01%, the 5 - year main contract rose 0.02%, and the 2 - year main contract rose 0.04%. The central bank conducted 1265 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 1395 billion yuan. The capital market was generally loose. The central bank's upcoming 10000 - billion - yuan outright reverse repurchase operation led to a slight decline in Treasury bond yields. After adjustments, the bond market is in a sideways volatile pattern [2]. 3.2 Daily Price Changes - **Stock Index Futures**: On June 5, 2025, compared with June 4, IH rose 0.01%, IF rose 0.25%, IC rose 0.61%, and IM rose 0.79% [3]. - **Stock Indices**: The SSE 50 index rose 0.05%, the SSE 300 index rose 0.23%, the CSI 500 index rose 0.54%, and the CSI 1000 index rose 0.72% [3]. - **Treasury Bond Futures**: TS rose 0.03%, TF remained unchanged, T fell 0.04%, and TL remained unchanged [3]. - **Treasury Bond Yields**: The yields of 2 - year, 5 - year, 10 - year, and 30 - year Treasury bonds changed by - 1.45bp, - 0.46bp, 0.59bp, and 0.7bp respectively [3]. 3.3 Market News - The central bank announced that on June 6, 2025, it will conduct a 10000 - billion - yuan outright reverse repurchase operation with a 3 - month term using a fixed - quantity, interest - rate tender, and multiple - price winning method [5]. 3.4 Chart Analysis - **Stock Index Futures**: The report presents the trends of IH, IF, IM, IC main contracts, and the corresponding basis trends [7][8][11]. - **Treasury Bond Futures**: It shows the trends of Treasury bond futures main contracts, Treasury bond yields, basis, inter - period spreads, cross - variety spreads, and capital interest rates [14][16][18]. - **Exchange Rates**: Charts display the trends of the US dollar against the RMB, the euro against the RMB, forward exchange rates, the US dollar index, and cross - currency exchange rates [21][22][25].

近日，券商2025年中期策略会拉开序幕。就在6月4日，华泰证券、国泰海通证券两家头部券商同时在上海 举办中期策略会，吸引了大批投资者参加。 此外，包括中信证券、兴业证券、方正证券、野村东方国际证券、申万宏源证券在内，也将在近日召开或即将 召开中期策略会。 从目前出炉的券商下半年策略展望来看，券商普遍看好今年下半年的A股市场，认为中国资产的估值修复仍在 持续演绎，科技主线受到一致青睐。还有不少券商提到，依然看好港股下半年表现，港股科技或更受益于本轮 AI（人工智能）产业叙事。 何康指出，人民币升值与全球去美元化背景下，外资回流预期强化，其偏好或边际影响A股定价逻辑。指数权 重股以及基本面质地优良的公司或将获益，对应金融、消费、医药及各行业龙头。何康认为，下半年A股市场 多条投资主线可概括为：地产周期磨底后，被忽视的消费需求，被忽略的生产力提升，尤其是高科技领域的资 本开支，或将逐渐浮出水面。 国泰海通证券策略首席方奕在2025年中期权益资产投资策略中表示，中国股市"转型牛"的格局越来越清晰。 化解债务、提振需求与稳定资产价格的中国政策"三支箭"，"以投资者为本"的资本市场改革，以及新技术新消 费的商业机会涌现， ...

Group 1 - The core viewpoint of the articles highlights a recovery in the Hong Kong stock market, particularly in the consumer sector, with the Hang Seng Index showing positive movement and the Hong Kong Consumer ETF (159735) gaining 0.12% [1] - The Hong Kong Consumer ETF tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes 50 large-cap, liquid consumer-related stocks within the Stock Connect range, reflecting the overall performance of consumer stocks [1] - The China Logistics and Purchasing Federation reported that the warehouse index for May was 50.5%, a decrease of 0.2 percentage points from the previous month, indicating continued expansion for seven consecutive months, with strong demand in food, agricultural products, home appliances, and daily necessities [1] Group 2 - Zhongyou Securities noted that the process of consumer recovery is gradual and characterized by a spiral upward trend, indicating that the worst phase of consumption has passed [2] - The consumption data for the Dragon Boat Festival this year was deemed average and in line with expectations, suggesting a slow recovery process influenced by various policy measures [2] - The company remains optimistic about long-term investment opportunities in the consumer sector, driven by policies aimed at stabilizing income and short-term benefits from consumption vouchers [2]

与A股类似，港股上市公司定期报告，也主要是季报、年报等。 不同的是，港股对季报披露时间，并没有强制要求。 实际的披露时间，通常也会比A股要晚一些。 另外，港股的财政年度有可能不是自然年度，而是可以自定义的。 文 | 银行螺丝钉 （转载请注明出处） 有朋友问，港股上市公司的定期报告有哪些，在哪里查看呢？ 过去几年，港股哪些指数盈利增长，哪些盈利下降？ 港股上市公司盈利增长恢复了么？盈利波动变化，我们该如何投资？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0527 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 港股上市公司定期报告及披露时间 | | 港股 | AIR | | --- | --- | --- | | 季度报告 | 港股对季度报告无强制要求 A + H股公司需按内地规则披露 | 1个月内披露 | | 中期报告 | 3个月内披露 | 2个月内披露 | | 年度报告 | 4个月内披露 | 4个月内披露 (业绩公告需3个月内发布) | | 财政年度 | 可自定义连续12个月 | 自然年度 | | | | (1月1日-12月31日 ...

6月5日，港股主要指数早盘活跃，恒生科技指数一度涨超1.5%，A股同赛道规模最大的恒生科技指数 ETF（513180）开盘后跟随指数上涨，持仓股中，阅文集团、快手、美团、商汤、阿里巴巴等涨幅居 前。消费板块反复冲高，相关热门ETF中，港股消费ETF（513230）现涨1.23%，成交额超3600万元， 盘中交投活跃。持仓股方面，阅文集团涨超6%，快手-W跟涨近5%，美团、百威亚太均涨超3%。 2）港股科技：恒生科技指数ETF（513180），软硬科技兼备，囊括相对A股更为稀缺的科技龙头。 硬科技与新消费共振，聚焦港股新CP（支持T+0）： 1）港股消费：港股消费ETF（513230），打包电商+新消费，覆盖相对A股更为稀缺的新消费赛道； 业内人士分析认为，新消费赛道的快速崛起，存在两大核心驱动力：一是消费主体的代际更替，主力消 费群体从70后、80后转向Z世代，他们的消费行为呈现出显著的"悦己"特征，更愿为情绪价值、个性化 体验买单；二是消费理念的转型升级，从盲目追求"品牌溢价"转向"质价比"优先，这种转变也直接推动 了国货品牌的崛起。 太平洋证券表示，大众品消费渠道及消费习惯发生改变，渠道上折扣店、零食量贩 ...

Core Viewpoint - The Hong Kong stock market has become increasingly vibrant, with significant gains in the Hang Seng Index and a surge in new listings, driven by a shift in global macroeconomic narratives favoring Chinese assets over U.S. assets [3][11]. Group 1: Market Performance - As of early 2025, the Hang Seng Index has risen by 17.65%, leading global stock markets [3]. - Notable stocks such as Moutai Group, Pop Mart, and Lao Pu Gold have seen dramatic price increases, contributing to a phenomenon in the capital market [3]. - The IPO of CATL raised approximately HKD 353 million, marking the largest IPO globally for the year [3]. Group 2: Investor Sentiment - Individual investors are actively participating in the Hong Kong market, with reports of substantial profits from new stock listings, such as a 25.20% increase on the first day of Heng Rui Pharmaceutical's listing [3][11]. - Investors like Yang Guang have shown confidence in specific stocks like Xiaomi, which has seen its price increase nearly 300% from HKD 15 to nearly HKD 60 per share [6][7]. Group 3: Investment Strategies - Investors are adopting diverse strategies, with some focusing on high-dividend stocks to secure stable income, while others are betting on growth stocks in the tech sector [9][10]. - The trend of investing in high-dividend stocks is particularly appealing due to their perceived stability compared to high-growth, high-volatility tech stocks [10]. Group 4: Market Dynamics - The Hong Kong stock market has undergone significant reforms since 2018, improving liquidity and valuation, which has made it more attractive for retail investors [12][13]. - The average daily trading volume in the first four months of 2025 surged by 144% year-on-year to HKD 25.04 billion, with southbound funds accounting for about 25% of the trading volume [13].

Group 1 - The Hong Kong consumer sector showed positive performance in early trading, with new consumption "three sisters" continuing to rise, including Pop Mart up over 1%, and Lao Pu Gold up 0.6% [1] - The CSI Hong Kong Stock Connect Consumer Theme Index (931454) rose by 1.21%, with notable increases in stocks such as Yu Wen Group up 7.00%, Kuaishou-W up 6.07%, and Budweiser APAC up 3.80% [1] - The Hong Kong Consumer ETF (513590) increased by 1.18%, marking a three-day consecutive rise, with the latest price at 0.95 HKD [2] Group 2 - Tmall reported that during the first phase of the 618 shopping festival, the total transaction amount for home appliances, digital products, and other categories participating in national subsidies increased by 283% compared to last year's Double 11 [2] - JD.com indicated that over 500 million consumers placed orders during its shopping season, with nearly 80,000 brands seeing their transaction amounts double year-on-year [2] - Yu Wen Group announced plans to acquire a 26.67% stake in the animation production company Yihua Kaitian for 325 million RMB, increasing its total stake to approximately 31.48% [2] Group 3 - As of May 30, 2025, the top ten weighted stocks in the CSI Hong Kong Stock Connect Consumer Theme Index (931454) accounted for 76.06% of the index, including Alibaba-W, Tencent Holdings, Xiaomi Group-W, and Meituan-W [3]

Group 1 - The A-shares main indices opened slightly higher on June 5, with active performances in concepts such as virtual power plants, rare earths, EDA, and travel [1] - The A500 ETF fund (512050) rose by 0.11%, with its holding stock Wantai Biological Pharmacy opening at the daily limit, and other stocks like Shanghai Jahwa, Proya, and Xinwei Communication also rising [1] - The China Securities Index Co., Ltd. announced a periodic adjustment of sample stocks for several indices, including the CSI 300, CSI 500, and CSI 1000, effective after the market closes on June 13 [1] Group 2 - The CSI 500 index will replace 21 sample stocks, with new additions including Hunan Gold, Baile Tianheng, China National Pharmaceutical Group, and Hengxuan Technology, while stocks like Shengxin Lithium Energy, Jiuzhou Pharmaceutical, Golden Dragon Fish, and Shanshan Co. will be removed [1] - After the adjustment, the proportion of emerging industries in the CSI 500 index will be approximately 46.5%, further enhancing its representation of new productive forces [1] - Northeast Securities forecasts that June will see increased returns and win rates, with large-cap growth styles outperforming [2]