(1) Stock Market News

- US Market

The US market closed with the Dow Jones falling by 35 points or 0.09% to 38,712 points; the S&P 500's gain narrowed to 0.85%, reaching 5,421 points; the Nasdaq rose by 1.53% to 17,608 points, with both the Nasdaq and S&P 500 hitting new historical highs. The Golden Dragon Index, reflecting the performance of Chinese concept stocks, fell by 0.13%.

- Hong Kong Market

The Hong Kong stock market fell for the third consecutive day, with the Hang Seng Index breaking through the 18,000 mark. The Hang Seng closed 238 points lower at 17,937 points, reaching a half-month low. The market's total turnover for the day decreased to over 115.1 billion yuan. The Technology Index fell by more than 1%, closing at 3,691 points.

- Mainland China Market

The Shanghai Composite Index closed at 3,037 points, up by 9 points or 0.31%, with a turnover of 312.059 billion yuan. The Shenzhen Component Index closed at 9,269 points, up by 7 points or 0.08%, with a turnover of 379.854 billion yuan. The SSE 300 Index was at 3,544 points, up by 1 point or 0.04%; the ChiNext Index was at 1,779 points, down by 7 points or 0.44%.

(2) Economic News

- The US Consumer Price Index (CPI) for May remained flat month-on-month, expected to rise by 0.1%, with the previous figure being an increase of 0.3%; it rose by 3.3% year-on-year, both the expectation and the previous figure were an increase of 3.4%. During the period, the core CPI rose by 0.2% month-on-month, expected to rise by 0.3%; it rose by 3.4% year-on-year, expected to rise by 3.5%, with the previous figure being an increase of 3.6%.

- DBS Bank (Hong Kong)'s Economic Research Department economist, Xie Jiaxi, said that after the cooling measures in the Hong Kong property market were withdrawn, mainland investors have started to pay attention to the Hong Kong property market. However, interest rates are still at a relatively high level, with the cost of mortgage payments exceeding rental returns, limiting the willingness of local first-time homebuyers. He believes that the property market will be stable in the second half of the year, with an expected fluctuation of 5% in housing prices for the whole year, and hopes for an improvement in the Hong Kong property market next year.

- Hang Seng Indexes Company said that if the Southbound Trading continues to record net inflows in June, it will represent the 12th consecutive month of net purchases of Hong Kong stocks by Northbound funds. As of June 11th, the Northbound funds have recorded a net inflow of 321.3 billion yuan so far this year, equivalent to 101% of the net inflow for the whole of last year, and the net inflow of the Shanghai-Shenzhen Stock Connect has nearly doubled compared to 2023.

- After the Federal Reserve's interest rate meeting, it continues to remain on hold, with the dot plot chart predicting only one interest rate cut this year, two less than the three expected at the March meeting; Chairman Powell said at a press conference after the meeting that inflation has substantially eased, but it is still too high, and the inflation data so far this year is not enough to give the Federal Reserve confidence to cut interest rates.

(3) Company News

- Meituan spent about 500 million Hong Kong dollars on June 12, 2024, to repurchase 43.953 million shares, with a repurchase price of 112.5-116.6 Hong Kong dollars per share.

- Tencent Holdings has been repurchasing for the 18th consecutive day, spending about 1 billion Hong Kong dollars on June 12 to repurchase 2.7 million shares.

- On the 12th, CITIC Bank's stock price fell by 0.85%, closing at 4.67 yuan, with a transaction amount of 149 million yuan, a turnover rate of 0.21%, a fluctuation of 2.12%, and a volume ratio of 1.33. The main capital of CITIC Bank (super large orders + large orders) saw a net outflow of 3.97 million yuan, a net outflow for three consecutive days, with the main net outflow of the previous trading day being 9.12 million yuan, a decrease of 56.47% today.

(4) Company Performance Announcements

- China Resources Land (01109) announced that in the first five months of this year, the cumulative contract sales amount was about 92.7 billion yuan (RMB, the same below), a year-on-year decrease of 35.3%; the total contract sales area was about 3.981 million square meters, a decrease of 29.8%. In May alone, the group's total contract sales amount was about 20.7 billion yuan, a year-on-year decrease of 33.9%; the total contract sales area was about 884,000 square meters, a decrease of 15%.

- Zhihu (02390) announced that as of the end of March this year, the first quarter net loss attributable to shareholders was reduced to 165 million yuan (RMB, the same below), with a basic loss per share of 0.59 yuan; the net loss attributable to shareholders in the same period of 2023 was 181 million yuan. According to non-GAAP standards, the adjusted net loss increased to 136 million yuan, while the adjusted net loss in the same period of 2023 was 120 million yuan.