E-commerce Industry - In May 2025, adjusted year-on-year growth for physical e-commerce was 8.2%, compared to 6.1% in April and 5.7% in Q1 [1] - The growth was driven by the expansion of national subsidies and the extended duration of the 618 shopping festival, with significant increases in telecommunications equipment and home appliances [1] - The demand for furniture continued to recover as the home decoration season began, maintaining a rapid growth rate [1] - The growth trend in the industry is expected to continue into Q2 2025, with Alibaba's CMR projected to maintain double-digit growth and JD's home appliance category expected to grow rapidly [1][2] Automotive Industry - The 2025 Hong Kong International Auto and Supply Chain Expo showcased multiple flying cars and right-hand drive models, indicating a global upgrade of the automotive supply chain [4] - The introduction of a regulatory sandbox in Hong Kong is promoting the development of the low-altitude economy [4] - In 2024, automotive exports accounted for 3.3% of China's total exports, with a shift towards smart and electric vehicle supply chains [4] - Key automotive and supply chain companies are accelerating their listings in Hong Kong, enhancing their global presence and supporting the upgrade of China's supply chain [7] Banking Industry - In May 2025, new RMB loans amounted to 620 billion, lower than market expectations, with a year-on-year decrease of 330 billion, primarily from corporate medium to long-term loans [8] - New social financing in May reached 2.29 trillion, exceeding market expectations and showing a year-on-year increase of 227.1 billion, mainly driven by government and corporate bonds [8] - M1 growth showed a rebound on a low base, while M2 growth and social financing growth remained stable [8] Market Indices - The Hang Seng Index closed at 24,061, with a year-to-date increase of 16.76% [3] - The Hang Seng Index's technical indicators show a 50-day moving average of 23,358.72 and a 200-day moving average of 21,925.05 [5]