华泰证券指出，上周市场在关键点位附近多空分歧增加，认为：1)大势上，"上有顶，下有底"或仍是基 准情形，关注6月中旬陆家嘴论坛、FOMC会议对市场的后续指引；2)风格上，近期微盘股成交额占比 接近2023年11月水位，虽拥挤并不意味回调，但目前参与小盘行情的赔率偏低；3)成交额尚未放量下， 行业轮动速度或仍偏快，创新药、新消费等主题轮动演绎或相对充分，板块上可关注成交额占比回落且 具备产业催化的低位科技方向。配置侧，把握赔率思维，关注科技中拥挤度相对低位的AI算力芯片、 存储芯片、光纤光缆及智能驾驶等，中期关注以A50、消费、金融为代表的核心资产。 ...

热点聚焦 融通基金vs神农投资创新药泡沫论战 6月4日，融通基金万民远唱空创新药言论引起热议。他表示，数据大部分都是3-5年后的事，现在A股炒的大部分都是一二 期甚至临床前的，大部分都是纯炒。他认为，这波创新药的泡沫远比上轮cxo的泡沫大，cxo好歹出了业绩，创新药很多永 远都不会有业绩。 对此知名网红私募"陈营长极品投资"持有反对意见。他认为，创新药这波是历史性反转。一批极品公司会创造世界领先的 创新药，救更多的人并带来巨大财富。当然有浑水摸鱼的，都注册制了，结构牛市没事儿老盯着垃圾股干嘛。和泡沫顶峰 时候的头部CXO比，现在极品创新药公司还是地板价。他在社交平台上高呼：2024年5月19日中国科技股股迎来春天，涨 了将近1年；而2025年创新药，就是2005年房地产。 华泰、国泰海通等多家券商召开中期策略会 看好A股港股及科技主线 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， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年5月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: HTSC（於中華人民共和國註冊成立，中文公司名稱為华泰证券股份有限公司及在香港以HTSC名義開展業務）(「本公司」) 呈交日期: 2025年6月5日 I. 法定/註冊股本變動 備註： 第 1 頁 共 11 頁 v 1.1.1 FF301 FF301 本公司乃於中華人民共和國註冊成立的股份有限公司，中文公司名稱為华泰证券股份有限公司，在香港以HTSC名義開展業務。因此，「法定/註冊股本」之概念不適用於本公司。在上述第I部顯示 「法定/註冊股本」的資料是指本公司的「已發行股本」。 | 1. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601688 | 說明 | | 於上海證券交易所 （「上交所」）上市之A股 | | | | | | | | 法定/註冊 ...

Core Viewpoint - The overall chemical price spread remains weak due to weak demand and new capacity additions, but a recovery point for chemical cyclical products is expected in the second half of 2025 with demand recovery and significant slowdown in capital expenditure alongside supply-side adjustments [1] Group 1 - Weak demand and new capacity additions are contributing to the overall weakness in the chemical price spread [1] - A recovery in the chemical cyclical products is anticipated in the second half of 2025 due to demand recovery and a significant reduction in capital expenditure [1] - Supply-side adjustments are expected to play a role in the recovery of the chemical sector [1] Group 2 - Short-term oil prices are facing pressure from demand concerns and weakening supply coordination [1] - Cost reduction and demand improvement may support the continued recovery of downstream sectors [1]

银华基金管理股份有限公司关于增加华泰证券股份有限公司为旗下部分基金流动性服务商的公告 为促进银华中证港股通高股息投资交易型开放式指数证券投资基金（以下简称"港股高股息ETF"）、银 华国证港股通创新药交易型开放式指数证券投资基金（以下简称"港股创新药ETF"）的市场流动性和平 稳运行，根据《深圳证券交易所证券投资基金业务指引第2号一一流动性服务》等有关规定，自2025年6 月5日起，本公司新增华泰证券股份有限公司为港股高股息ETF（代码：159302）、港股创新药ETF （代码：159567）流动性服务商。 特此公告。 银华基金管理股份有限公司关于增加招商证券股份有限公司为旗下部分基金流动性服务商的公告 为促进银华中证港股通高股息投资交易型开放式指数证券投资基金（以下简称"港股高股息ETF"）、银 华中证港股通消费主题交易型开放式指数证券投资基金（以下简称"港股消费ETF"）、银华国证港股通 创新药交易型开放式指数证券投资基金（以下简称"港股创新药ETF"）、银华国证自由现金流交易型开 放式指数证券投资基金（以下简称"现金流ETF基金"）的市场流动性和平稳运行，根据《深圳证券交易 所证券投资基金业务指引第2号 ...

Core Viewpoint - The U.S. stock market is likely facing a downward trend due to the convergence of three economic cycles, indicating a prolonged period of market retraction ahead [1] Group 1: Economic Cycles - The S&P 500 index is currently in a downward phase of the 42-month cycle (Kitchin cycle) and the 100-month cycle (Juglar cycle), while the 200-month cycle (Kuznets cycle) is at its bottom [1] - Since 2022, the correlation characteristics of global assets have changed, inflation issues have become persistent, and U.S. debt constraints are gradually becoming apparent, suggesting a high probability of entering a Kondratiev down phase [1] Group 2: Market Outlook - The market rebound is nearing its end, and it is estimated that there will be a longer period of retraction in the future [1] - Historical instances of multi-cycle downturns often lead to liquidity crises, highlighting the importance of seeking safe-haven assets during such crises as a key focus for asset allocation in the second half of the year [1]

Core Viewpoint - The Hong Kong stock market has strategic allocation value from a medium to long-term perspective, with expectations for relative performance improvement [1] Group 1: Market Responsibilities - The Hong Kong stock market plays three important roles: facilitating companies' overseas expansion, enabling capital repatriation, and promoting the internationalization of the Renminbi [1] Group 2: Market Drivers - The main driving factor for the Hong Kong stock market in the second half of the year is expected to be profit growth, with high volatility anticipated in the third quarter [1] Group 3: Investment Recommendations - High dividend sectors and essential consumer goods are recommended as core holdings, while opportunities for increasing allocations include technology (especially hard tech, internet, and AI), consumption (potential recovery in internet consumption, pharmaceuticals, and mass consumer goods like personal care, dairy, and agriculture), and large financials (local Hong Kong stocks and Chinese stocks) [1]

Group 1 - Chinese brokerage stocks collectively strengthened, with Everbright Securities (06178.HK) rising over 5% [1] - Hongye Futures (03678.HK) increased by more than 3% [1] - Guangfa Securities (01776.HK), CICC (03908.HK), and Huatai Securities (06886.HK) saw nearly 2% gains [1]

Core Viewpoint - The Hong Kong real estate market is at a critical stage of bottoming out and recovering, driven by the global de-dollarization process and multiple favorable factors [1][3]. Group 1: Market Trends - The report indicates that the residential market's transaction volume and price are expected to stabilize first, while commercial assets may benefit from improved consumption and rental recovery [1]. - Historical analysis shows that the stock market often leads the real estate market, with private residential transaction volume typically lagging behind stock market turning points by 5 to 7 months, and price changes lagging by 8 to 11 months [3]. - Since September 2024, the Hang Seng Index has increased by 33%, which may significantly drive the current real estate recovery [3]. Group 2: Market Forecast - In 2024, under comprehensive policy easing, private residential transaction volume and value in Hong Kong are projected to grow by 25% and 18% year-on-year, reaching a three-year high [3]. - Despite challenges such as high interest rates and a prolonged inventory clearance period exceeding 20 months, the rapid decline in HIBOR since early May has eased liquidity constraints, laying a foundation for market recovery [3][4]. Group 3: Positive Factors - Several positive factors are expected to support market improvement: - The appreciation of the Renminbi against the Hong Kong dollar is likely to enhance asset revaluation and attract mainland capital into real estate [4]. - Increased activity in the Hong Kong stock market is expected to boost local consumption and housing demand [4]. - An improved interest rate environment, characterized by a negative correlation between HIBOR and housing prices, is anticipated to enhance the attractiveness of real estate investments [4]. - Population inflow due to immigration policies is expected to support potential housing demand [4]. - There remains policy space for further optimization in areas such as mortgages and taxes [4]. Group 4: Long-term Outlook - The Hong Kong real estate market is expected to gradually stabilize by the second half of 2025, with projected year-on-year growth rates for private residential transaction volume of 3% and 5% in 2025 and 2026, respectively, and a potential price increase of 3% in 2026 [4].

Core Viewpoint - The report from Huatai Securities suggests that the consumption recovery theme is expected to persist throughout the year, with recommendations for stock selection in the consumer goods sector based on three main lines [1] Group 1: Stock Selection Strategies - Main Line 1: Emphasize the value reassessment of large-cap leading companies [1] - Main Line 2: Focus on "new consumption" leaders in food and beverage driven by category expansion and channel transformation [1] - Main Line 3: Pay attention to companies with profit certainty resulting from cost reduction and efficiency improvements [1]