Hong Kong indices opened Tuesday, June 23: Hang Seng Index (HSI) +31.5 pts (+0.13%) to 23,800.02; Hang Seng Tech +2.04 pts (+0.04%) to 4,551.45; Hang Seng China Enterprises Index (HSCEI) +0.57 pts (+0.01%) to 7,915.31; Hang Seng China Red-chip Index -0.72 pts (-0.02%) to 3,958.84.

卡塔尔能源部长：评估受影响工厂的损失需要一些时间。

CITIC Securities says this edition of the Lujiazui Forum should exert three constructive forces on non-bank finance: capital markets supplying incremental financing, an improved regulatory framework, and liquidity measures to curb risk. Securities firms are the most direct beneficiaries: the STAR Market’s fifth-set standards have been widened to cover AI large models, and combined with derivatives liberalization and cross-border business innovation, investment banking and FICC show clear upside. Insurance reforms to align reporting and banking (reporting-and-banking unification) should compress channel fees and liability costs; cleanup of disorderly competition will accelerate consolidation and reinforce compliance advantages at top insurers. The PBOC has created a liquidity support facility for non-banks, building a multi-layered risk-mitigation mechanism. Direct financing’s share has overtaken bank loans for the first time, providing structural support to brokers’ long-term ROE. Analysts recommend focusing on leading brokerages and insurers with compliance strength. Insurance sector valuations look attractive; current share prices overstate near-term earnings drag from low rates and high base effects, while asset-side recovery could boost Q2 profit growth and trigger price repair.