Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations of new financial policies from mainland China to stabilize the market, including reserve requirement ratio cuts and interest rate reductions [2] - The recent US-China trade negotiations have led to a temporary reduction in tariffs, but ongoing tensions remain, particularly with accusations from President Trump regarding China's compliance with agreements [2] - The Hang Seng Index's valuation has returned to reasonable levels, requiring significant positive developments in trade agreements and corporate earnings improvements to maintain upward momentum [2] Macro Focus - The Shanghai Lujiazui Forum is expected to announce a series of policies that could impact the financial sector [4][9] - The People's Bank of China conducted a reverse repurchase operation of 197.3 billion yuan, maintaining a rate of 1.4%, indicating a stable liquidity environment [9] - Foreign investment in domestic stocks has increased, with a net inflow of 33 billion USD in May, reflecting a stable economic outlook in China [9] - Hong Kong's unemployment rate has risen to 3.5%, the highest in two and a half years, with significant increases in the construction, retail, and real estate sectors [9] Company News - Haitan Flavor Industry (3288) has set its IPO price at 36.3 HKD, raising a total of approximately 10.1 billion HKD [11] - Yingtong Holdings (6883) has begun its IPO process, aiming to raise up to 1.1 billion HKD [11] - Chow Tai Fook (6168) has also initiated its IPO, targeting a maximum of 1.1 billion HKD [11] - Pop Mart (9992) has opened its second jewelry store in Beijing, with products selling out quickly, indicating strong consumer demand [11] - JD Group (9618) plans to enter the liquor and travel industry, reflecting diversification efforts [11] - Alibaba's Gaode Map has launched a taxi-hailing service in Macau, enhancing cross-border travel integration [11] - The Hong Kong Stock Exchange (0388) is optimistic about the return of Chinese companies to the Hong Kong market, citing strong liquidity and market capacity [11]