> **来源：[研报客](https://pc.yanbaoke.cn)** # Market Summary ## Core Market Indicators ### Hang Seng Index (HSI) - **Latest Close (5 Jun):** 31,093 (up 95 points) - **Market Turnover (5 Jun):** HK$106 billion - **Stock Advances (5 Jun):** 814 - **Stock Declines (5 Jun):** 802 - **HSI Turnover (5 Jun):** HK$43.11 billion - **HSCEI Close (5 Jun):** 12,259 (up 9 points) - **HSCEI Turnover (5 Jun):** HK$36.01 billion ### HSI Technical Indicators - **14-day RSI:** 55.6 (rebounded) - **MACD:** Positive territory, line turned upward - **Support Levels:** - Initial: 50-day SMA - Next: 30,000 - **Resistance Levels:** - First: 31,593 - Second: 32,000 ### HSCEI Technical Indicators - **14-day RSI:** 53.3 - **Support Levels:** - First: 12,109 - **Resistance Levels:** - First: 12,225 ## HSI Futures - **Jun Futures Close (5 Jun):** 31,063 - **Jun Futures Volume (5 Jun):** 164,490 - **Jun Futures Open Interests (5 Jun):** 123,090 - **Jul Futures Close (5 Jun):** 30,871 - **Jul Futures Volume (5 Jun):** 608 - **Jul Futures Open Interests (5 Jun):** 1,526 ## HSCEI Futures - **Jun Futures Close (5 Jun):** 12,198 - **Jun Futures Volume (5 Jun):** 57,229 - **Jun Futures Open Interests (5 Jun):** 225,842 - **Jul Futures Close (5 Jun):** 12,023 - **Jul Futures Volume (5 Jun):** 540 - **Jul Futures Open Interests (5 Jun):** 8,053 ## Stock Connect Statistics - **SH Connect Balance (5 Jun):** 50.69 billion RMB - **SZ Connect Balance (5 Jun):** 49.33 billion RMB - **Combined Southbound Balance (5 Jun):** 82.72 billion RMB - **Top 10 Most Actively Traded Stocks (Southbound):** - Tencent (700): Buy 545.3 million, Sell 263.0 million, Turnover 808.3 million - China Overseas (688): Buy 325.0 million, Sell 3.3 million, Turnover 328.3 million - CCB (939): Buy 1.7 million, Sell 316.9 million, Turnover 318.7 million - 3SBIO (1530): Buy 259.4 million, Sell 51.1 million, Turnover 310.4 million - Country Garden (2007): Buy 250.6 million, Sell 32.7 million, Turnover 283.3 million - ICBC (1398): Buy 2.3 million, Sell 262.8 million, Turnover 265.1 million - Ping An (2318): Buy 193.6 million, Sell 46.9 million, Turnover 240.5 million - China Life (2628): Buy 189.3 million, Sell 5.9 million, Turnover 195.3 million - HKEX (388): Buy 17.0 million, Sell 176.5 million, Turnover 193.5 million - MINTH GROUP (425): Buy 98.6 million, Sell 59.7 million, Turnover 158.3 million ## Key Stocks Analysis ### China Education Group (839) - **Closed Price (5 Jun):** HK$15.00 - **Expected P/E:** 33.5 (20-30% higher than peers) - **52 Week High:** HK$15.40 - **52 Week Low:** HK$6.24 - **14-day RSI:** 76.7 - **Analysis:** - Strong organic growth and policy support (e.g., birth control relaxation) - Potential for share placement due to cornerstone investors' lock-up period ending mid-June - Increased valuation may lead to short-term profit-taking pressure - Recommend accumulation when price corrects to HK$23–24 ### Wharf REIC (1997) - **Closed Price (5 Jun):** HK$62.60 - **Expected P/E:** 20.7 - **Dividend Yield:** 3.1% - **52 Week High:** HK$65.15 - **52 Week Low:** HK$45.60 - **14-day RSI:** 61.5 - **Analysis:** - Largest retail landlord in Hong Kong, focused on luxury goods - High exposure to high-end discretionary spending - Strong performance in retail sales, outperforming the market - 73.6% of revenue from Harbour City and 19.3% from Times Square - Recommend accumulation during consolidation ### Genscript Bio (1548) - **Closed Price (5 Jun):** HK$27.05 - **14-day RSI:** 53.3 - **Share Placement:** - Top management proposed to place 90 million shares (4.91% of enlarged issued share capital) - Placing price: HK$26.5 (8% discount to closing price of HK$28.8) - Estimated net proceeds: HK$2.37 billion - **Purpose of Funds:** - Expand CAR-T R&D and production facilities - Global team building and commercialization - Build GMP manufacturing facilities - Working capital - **Analysis:** - CAR-T therapy is in clinical trial phase - Financial performance still relies on traditional business - Expected P/E ratio is 138x - Recommend accumulation when price corrects ## Top 10 Most Actively Traded Stocks - **Tencent (700):** +1.21%, Turnover 10,829 million - **Ping An (2318):** +1.02%, Turnover 5,190.8 million - **3SBIO (1530):** -5.56%, Turnover 4,294.6 million - **Genscript Bio (1548):** -6.08%, Turnover 3,695.3 million - **CCB (939):** 0.00%, Turnover 2,017.3 million - **ICBC (1398):** 0.00%, Turnover 1,443.9 million - **China Life (2628):** +0.89%, Turnover 1,409.6 million - **Sinopec Corp (386):** -2.57%, Turnover 1,408.0 million - **Galaxy Entertainment (27):** -2.47%, Turnover 1,387.7 million - **AIA (1299):** +0.14%, Turnover 1,301.2 million ## Ten Short Sell Stocks - **Tencent (00700.HK):** Short Sell 734M, Turnover 10.83B, Short Sell Ratio 6.78% - **Ping An (02318.HK):** Short Sell 389M, Turnover 5.19B, Short Sell Ratio 7.49% - **HSCEI ETF (02828.HK):** Short Sell 258M, Turnover 1.55B, Short Sell Ratio 16.61% - **CCB (00939.HK):** Short Sell 186M, Turnover 2.02B, Short Sell Ratio 9.24% - **CSOP A50 ETF (02822.HK):** Short Sell 179M, Turnover 412M, Short Sell Ratio 43.33% - **Sinopec Corp (00386.HK):** Short Sell 153M, Turnover 1.40B, Short Sell Ratio 10.84% - **Genscript Bio (01548.HK):** Short Sell 150M, Turnover 3.69B, Short Sell Ratio 4.06% - **Tracker Fund (02800.HK):** Short Sell 115M, Turnover 529M, Short Sell Ratio 21.73% - **Conch Cement (00914.HK):** Short Sell 105M, Turnover 616M, Short Sell Ratio 17.04% - **Galaxy Entertainment (00027.HK):** Short Sell 75.7M, Turnover 1.38B, Short Sell Ratio 5.46% ## Economic Calendar Highlights - **Mon:** - US: Apr. Factory Orders (-0.4%), Apr. Durable Goods Orders - **Tue:** - Euro Zone: Apr. Retail Sales YoY - Hong Kong: Want Want China (151) Results - **Wed:** - US: Apr. Trade Balance (51.5B) - Hong Kong: Link REIT (823) Annual Results - **Thur:** - US: Apr. Initial Jobless Claim (Till Jun 2), Apr. Continuing Jobless Claim (Till May 26) - Euro Zone: Q1 GDP SA YoY - China: May. Foreign Reserve (USD) 3124.85B - Hong Kong: Chow Tai Fook (1929) Annual Results - **Fri:** - Canada: G7 Summit (Till Jun 9) - China: May. Trade Balance (USD) 28.78B, May. Exports YoY (USD) 12.9%, May. Imports YoY (USD) 21.5% - **Sat:** - China: May. CPI YoY (1.8%), May. PPI YoY (3.4%) ## Disclaimer - KGI Asia Ltd. is an SFC licensed entity - Analysts have no financial interest in the stocks discussed - Information is for informational purposes only and may not be reproduced without consent - No liability is accepted for any loss arising from the use of this report