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**Stock Market News:**

- **US Market:** The US market closed with the Dow Jones falling 120 points or 0.31% to 38,747 points; the S&P 500 turned positive, rising 0.27% to 5,375 points; the Nasdaq reversed to rise 0.88%, closing at 17,343 points. The Golden Dragon Index, reflecting the performance of Chinese concept stocks, fell by 1.59%.

- **Hong Kong Market:** The Hang Seng Index closed down 190 points at 18,176 points, marking two consecutive trading days of decline. The total transaction volume for the day increased to over 139.8 billion yuan. The Technology Index fell 17 points, closing at 3,755 points.

- **Mainland China Market:** The Shanghai Composite Index closed at 3,028 points, down 23 points or 0.76%, with a transaction volume of 332.683 billion yuan. The Shenzhen Component Index closed at 9,262 points, up 6 points or 0.07%, with a transaction volume of 370.232 billion yuan. The SSE 300 Index reported at 3,542 points, down 31 points or 0.87%; the ChiNext Index reported at 1,787 points, up 6 points or 0.35%.

**Economic News:**

- In the first quarter of this year, compared to the same period last year, Hong Kong's accommodation service industry's business revenue index rose by 36.8%, the insurance industry by 17.3%, the transportation industry by 12.5%, and the administrative and support service industry by 10.9%. On the other hand, the business revenue index of the financial industry, excluding banks, fell by 3.6%.

- A presidential decision published in Turkey's Official Gazette shows that the country has decided to impose an additional 40% tariff on cars imported from China, with a minimum additional tariff of $7,000 per car, effective from July 7th.

- The Chief Equity Strategist for Goldman Sachs Asia Pacific stated that he maintains a positive outlook on Asian stock markets but warns of three headwinds for global stock markets in the second half of the year, namely the delay in US interest rate cuts, volatility due to the US elections, and a hardline stance by the US towards China.

**Company News:**

- Sinopec announced a significant breakthrough in deep shale gas exploration in the Sichuan Basin. The Ziyang 2 well, located in Ziyang City, reached a depth of 6,666 meters and tested a daily industrial gas flow of 1.257 million cubic meters, with an unobstructed daily flow of 3.06 million cubic meters, becoming the oldest and highest-producing shale gas well in the Sichuan Basin; the Jinye 3 well, located in Leshan City, reached a depth of 5,850 meters, testing a daily industrial gas flow of 826,000 cubic meters.

- The Hong Kong Exchanges and Clearing Limited (HKEX) will announce in the coming weeks a framework for market operations under adverse weather conditions, applicable to all types of weather and varying degrees of severity. If small brokers and banks are not ready at that time, they may be exempted or given a grace period.

- Meituan (03690.HK) announced in a filing with the HKEX that the board of directors has resolved to repurchase up to 2 billion US dollars of the company's Class B ordinary shares in the open market from time to time.

**Company Performance Announcements:**

- Dongfeng Group's (00489) sales in the previous month fell by 13% year-on-year. Dongfeng's May sales were 147,000 vehicles, of which new energy vehicle sales slightly fell to about 25,000 year-on-year, with overall production falling by 1.4% during the period. Additionally, for the first five months, sales grew by nearly 6% year-on-year to over 810,000 vehicles, of which new energy vehicle sales were nearly 120,000, an increase of 26% year-on-year, with overall production falling by 1.8%.

- Meituan's first-quarter revenue and adjusted net profit exceeded market expectations by 6% and 29%, respectively, with an increase of 28% in instant delivery orders year-on-year, and the operating profit margin of in-store travel and hospitality businesses steadily recovering. We are optimistic about the robustness and agility of the delivery business, the improvement of the competitive landscape in the in-store business, and the potential synergistic effects of organizational structure upgrades. We give a 17 times 2024 P/E valuation to the delivery plus in-store travel and hospitality business, raising the target price to 131 Hong Kong dollars, and maintaining a "buy" rating.