1. Stock Market News

   - U.S. Market

   The U.S. market closed with the Dow Jones Industrial Average rising by 299 points or 0.77% to 39,134 points; the S&P 500 fell by 0.25% to 5,473 points; the Nasdaq dropped by 0.79% to 17,721 points. The Golden Dragon Index, which reflects the performance of Chinese concept stocks, decreased by 1%.

2. Economic News

   - Hong Kong's latest unemployment rate remained stable month-on-month as expected, but the ranks of the unemployed increased by about 2,500. The labor market in Hong Kong remains stable, with unemployment rates across industries generally remaining at a low level. The government's statistical department announced that Hong Kong's unemployment rate from March to May remained at 3%, consistent with the period from February to April, in line with market expectations. During this period, the number of unemployed people increased by about 2,500 to over 116,000, rising for three consecutive periods and reaching a 14-month high, and the underemployment rate slightly increased by 0.1 percentage points to 1.2%.

   - There is no sign of a U.S. interest rate cut so far. Liu Gang, Chief Overseas Strategy Analyst and General Manager of the Research Department of China International Capital Corporation, said that the market has been "front-running" the interest rate cut, limiting the actual extent of the Federal Reserve's interest rate cut. When the Federal Reserve actually cuts interest rates, it will mean that loose trading such as gold and U.S. Treasury bonds will be realized or even ended. Currently, the U.S. stock market is focused on technology leaders, and he frankly stated that the valuation of U.S. technology stocks is high, and it is advisable to absorb them after the market correction. He emphasized that the U.S. stock market still has a fundamental support, and the long-term outlook is not pessimistic, and the view on technology stocks is also optimistic.

   - The Securities and Futures Commission's annual deficit has widened. As of the end of March this year, the Securities and Futures Commission's annual deficit was 298 million yuan, including a one-time reversal of 112 million yuan in provisions related to the purchase of property for lease, compared to a deficit of about 100 million yuan in the previous year. During the period, the revenue was 1.835 billion yuan, a year-on-year decrease of nearly 6%. In addition, due to the decrease in Hong Kong stock transactions in the previous year, the annual fee income fell by 19% year-on-year to 1.39 billion yuan.

   - The Ministry of Commerce of China announced that China's outward non-financial direct investment (ODI) from January to May this year was 60.2 billion U.S. dollars, a year-on-year increase of 16.3%.

3. Company News

   - BYD has entered the automobile insurance industry. BYD Insurance has opened an online car insurance entry, and car owners can now complete the insurance process independently, covering seven provinces including Anhui, Guangdong, Shaanxi, and Hunan. Currently, online insurance only supports insurance for non-commercial private cars with less than 10 seats, and both new and old cars can be insured.

   - CITIC Bank announced that it has submitted a 5 billion U.S. dollar medium-term note listing application to the Hong Kong Stock Exchange and completed the listing on June 20, 2024.

4. Company Performance Announcements

   - Sasa International (00178) more than doubled its earnings last year. As of the end of March, Sasa's net profit was nearly 220 million yuan, a year-on-year increase of more than 2.7 times, with revenue growth of nearly 25% to 4.3 billion yuan, and the gross profit margin rose to 40.8%. In addition, the group resumed dividend payments this year, with a final dividend of 5 cents, a dividend payout ratio of 70%. The revenue in the Hong Kong and Macau region last year increased by 31%, with the revenue contribution ratio rising to 78%, and the mainland business revenue also increased by nearly 10%.

   - Vitasoy International (00345) doubled its net profit for the year and increased dividends. As of the end of March, Vitasoy's net profit for the year was 116 million yuan, a year-on-year increase of 1.5 times, with revenue falling by nearly 2% to about 6.2 billion yuan, and the final dividend was 6.3 cents, 3.5 times more than the previous year. By region, the mainland business revenue fell by 4% to about 3.36 billion yuan, with the revenue contribution ratio falling to 54%, while Hong Kong was the only market with an increase in revenue, with a growth of over 3% last year, and the revenue contribution ratio exceeded 35%. However, due to the production capacity not reaching the standard and logistics issues causing a shortage of goods, the revenue in Australia and New Zealand fell by 9%.