Zhitong Hong Kong Stock Early Knowledge | The total trading volume of southbound funds this year has reached HKD 11.52 trillion, surpassing last year's total. The Lujiazui Forum kicks off today

【Today's Headlines】

Lujiazui Forum Kicks Off Today, Opening Window for New Financial Policies

With the convening of the 2025 Lujiazui Forum, the market is eagerly anticipating new policy signals. Zhou Xiaoqian, Executive Deputy Director of the Shanghai Municipal Financial Office, revealed at the forum's press conference that central financial management departments will announce several major financial policies during the forum; Li Kexin, Deputy Director of the General Office of the People's Bank of China, stated that efforts are being accelerated to promote relevant policy reserves supporting the construction of Shanghai as an international financial center, "and some policies are being expedited." During this period, Shanghai and Hong Kong will sign the "Action Plan for Coordinated Development of Shanghai-Hong Kong International Financial Centers."

【Market Outlook】

International Oil Prices Rise Significantly

Overnight, the Dow Jones Industrial Average fell by 299.29 points, a decrease of 0.70%, closing at 42,215.80 points; the Nasdaq dropped by 180.12 points, down 0.91%, closing at 19,521.09 points; the S&P 500 index fell by 50.39 points, a decline of 0.84%, closing at 5,982.72 points. Tesla (TSLA.US) fell by 3.88%. Major tech stocks declined, with Tesla dropping nearly 4% and Apple falling over 1%.

The Nasdaq China Golden Dragon Index fell by 1.77%. The Hang Seng Index ADR declined, closing at 23,771.19 points, down 209.11 points or 0.87% compared to the Hong Kong close.

International oil prices rose significantly on the 17th. As of the close of that day, the price of light crude oil futures for July delivery on the New York Mercantile Exchange rose by $3.07, closing at $74.84 per barrel, an increase of 4.28%; the price of Brent crude oil futures for August delivery rose by $3.22, closing at $76.45 per barrel, an increase of 4.40%.

【Hot Topics Ahead】

U.S. Senate Passes Landmark Stablecoin Bill

On Tuesday local time, the U.S. Senate passed a landmark cryptocurrency legislation aimed at promoting growth in the industry. This marks a historic lobbying victory for digital asset companies in the Senate's first comprehensive regulatory reform vote on cryptocurrencies. The bill was passed with 68 votes in favor and 30 against, with 18 Democrats joining the majority of Republicans to support its submission to the House of Representatives. The bill, led by Republican Senator Bill Hagerty from Tennessee, will establish a U.S. regulatory framework for stablecoins pegged to the value of the dollar for the first time. Prior to this vote, Republican supporters of the bill engaged in months of intense negotiations with a group of Democratic senators who are friendly towards cryptocurrencies. Republicans needed to secure the support of these Democrats to reach the 60 votes required for the bill's passage.

Southbound Funds' Total Trading Volume Reaches HKD 11.52 Trillion This Year, Surpassing Last Year's Total

According to Wind statistics, as of June 17, the total trading volume of the Shanghai Stock Connect reached HKD 7.13 trillion, while the Shenzhen Stock Connect reached HKD 4.39 trillion, bringing the total trading volume of southbound funds to HKD 11.52 trillion, surpassing last year's total of HKD 11.23 trillion. Looking at the net buying amounts, the net buying amount for the Shanghai Stock Connect this year is HKD 493.1 billion, and for the Shenzhen Stock Connect, it is HKD 193.9 billion, both significantly exceeding the levels of the same period last year World Gold Council: Nearly 43% of central banks plan to increase gold reserves in the next year

According to the "2025 Global Central Bank Gold Reserve Survey" released by the World Gold Council on June 17, over 90% of surveyed central banks believe that global central banks will continue to increase their gold holdings in the next 12 months. This percentage marks the highest record since the survey was first conducted in 2019 and has increased by 17 percentage points compared to the 2024 survey results. The survey also found that nearly 43% of central banks plan to increase their gold reserves in the coming year. It was noted that even with gold prices reaching new highs and global central banks having net purchased gold for 15 consecutive years, central banks still favor gold.

Coal inventory at major ports in the Bohai Rim at 28.68 million tons, down 13.5% from previous peak

Data from the National Bureau of Statistics shows that the cumulative coal production from January to May was 198.537 million tons, with a year-on-year growth rate of 6.0%, a decrease of 0.6 percentage points compared to the growth rate from January to April. June is Safety Production Month, and combined with strict environmental inspections in major production areas and pressure on sales, there are signs of further contraction in production. CCTD monitoring data indicates that as of mid-June, the capacity utilization rate of sample coal mines in Shanxi, Shaanxi, and Inner Mongolia was 80.7%, lower than the average level in May and down 1.5 percentage points from the same period last year. On the port side, although market prices remain relatively stable, sellers still face significant difficulties in actual shipments, compounded by the impact of shipping inversions, leading to a continued suppression of spot coal volumes. According to CCTD monitoring, the coal inventory at major ports in the Bohai Rim is currently 28.68 million tons, down 4.48 million tons from the previous peak, a decrease of 13.5%.

Dada Group, a subsidiary of JD.com, completes privatization and will voluntarily delist

Dada Group announced that the privatization transaction has been completed. Dada Group stated that it has completed the merger with JDSunflowerMergerSubLimited according to the previously announced merger agreement and plan signed on April 1, 2025. The merged subsidiary is a wholly-owned subsidiary of JDSunflowerInvestmentLimited, which is fully owned by JD.com, Inc. As a result of the merger, the company has become a wholly-owned subsidiary of the parent company and will cease to trade as a listed company.

Kingsoft Cloud (03896) completes the issuance of a total of 69.375 million shares, net raising approximately HKD 404 million

According to Zhitong Finance APP, Kingsoft Cloud (03896) announced that the conditions for the subscription matter have been met and the subscription matter was completed on June 17, 2025. According to the subscription agreement, a total of 69.375 million subscription shares have been issued at a subscription price of HKD 5.83 per share to Kingsoft Software (the subscriber). The subscription shares account for approximately (i) 1.68% of the total number of shares issued by the company immediately before the completion of the subscription matter; and (ii) approximately 1.65% of the total number of shares issued by the company after the subscription matter is expanded.

Rongchang Biologics (09995): Taitasip received orphan drug designation from the EU

According to Zhitong Finance APP, Rongchang Biologics (09995) announced that its product Taitasip (trade name: Tai Ai®, research code: RC18) has recently received orphan drug designation (Orphan Drug Designation, ODD) from the European Commission (EC) Used for the treatment of myasthenia gravis.

Tencent Yuanbao Launches AI Programming Mode

On June 17, Tencent Yuanbao released an update, launching the AI programming mode. Users can select the DeepSeek model on the desktop version and turn off deep thinking, then input “@AI programming” to generate code in a dual-column interface, with the left side for dialogue and the right side for real-time display and preview running, significantly improving programming efficiency. This feature is now available in version 2.25 of the Yuanbao desktop version.

HaploCare (09989): Enoxaparin Sodium Injection Receives New Manufacturer Approval from EMA

According to Zhitong Finance APP, HaploCare (09989) announced that the group has received a notification from the European Medicines Agency (“EMA”) regarding the approval of a new manufacturer for Inhixa (one of the group's leading drugs, enoxaparin sodium injection).

Alibaba Open Sources Qianwen 3 Quantitative Model Fully Compatible with Apple MLX Framework

On June 17, Alibaba's Tongyi team open-sourced the new Qianwen 3 quantitative model, completing deep adaptation of the entire series of models based on Apple's hardware MLX framework. The MLX framework is a machine learning framework optimized for Apple chips and has received significant attention in the AI open-source community. This time, Qianwen 3 launched 32 official MLX quantitative models at once, including different precisions such as 4bit, 6bit, 8bit, and BF16, to meet developers' needs for deploying large models on various Apple hardware such as MacStudio, Macbook, and iPhone.

Bitmain (00897) Issues Earnings Surprise, Expects Annual Shareholder Profit Not Exceeding HKD 15 Million

According to Zhitong Finance APP, Bitmain (00897) announced that for the fiscal year ending March 31, 2024, the loss attributable to the parent company is approximately HKD 15.4 million, and the group expects to achieve a profit attributable to the parent company not exceeding HKD 15 million for the fiscal year ending March 31, 2025.

Haitian Flavoring (03288): H-share Issuance Price Set at HKD 36.3 per Share

Haitian Flavoring announced that the final price for the H-share issuance has been set at HKD 36.3 per share, excluding related fees, as of June 16, 2025. The overall coordinator's right to adjust the sale volume has been fully exercised, with an additional issuance and allocation of 15.7942 million H-shares, accounting for approximately 6% of the total number of H-shares initially proposed for global sale. The H-shares are expected to be listed and start trading on the main board of the Hong Kong Stock Exchange on June 19, 2025.

[Stock Highlights]

Yadea Holdings (01585) Issues Earnings Surprise, Expects First Half Net Profit to Increase to No Less Than RMB 1.6 Billion

According to Zhitong Finance APP, Yadea Holdings (01585) announced that the group expects to achieve a net profit of no less than RMB 1.6 billion for the six months ending June 30, 2025, compared to a net profit of RMB 1.03 billion for the same period in 2024. The expected increase in net profit is mainly due to increased sales of electric two-wheelers and optimized product structure