Core Viewpoint - The People's Bank of China Shanghai Headquarters has drafted the "Implementation Measures for the Upgrade of Free Trade Accounts in the Shanghai Free Trade Zone" to support the construction of Shanghai as an international financial and trade center, aiming for a higher level of institutional opening in the free trade zone and promoting high-quality economic development in Shanghai [1][4]. Summary by Sections Implementation Measures - The measures aim to upgrade the functions of free trade accounts for qualified enterprises registered in the Shanghai Free Trade Zone, aligning with the requirements of the new development paradigm [4]. - Qualified enterprises must meet specific criteria, including being established for over one year, having audited net assets of at least 200 million RMB, and an annual revenue of at least 1 billion RMB [4]. Account Management - Banks can open upgraded free trade accounts for eligible enterprises, and each enterprise can only have one upgraded account at a single bank [5]. - Enterprises with upgraded accounts are generally not allowed to retain their original free trade accounts [6]. Fund Management - The inflow and outflow of funds in upgraded accounts must align with the business scope of the enterprises and cannot engage in prohibited activities [7]. - Upgraded accounts can directly handle fund transactions with overseas accounts without the need for prior registration with foreign exchange management authorities [7]. Regulatory Framework - The People's Bank of China Shanghai Headquarters will monitor the fund flows and ensure compliance with regulations, including anti-money laundering and anti-terrorism financing measures [10][12]. - A collaborative mechanism will be established between the People's Bank and relevant government departments to evaluate the business activities of pilot enterprises and manage risks [10]. Implementation Timeline - The public can provide feedback on the draft until July 18, 2025, and the regulations will take effect on a date to be determined in 2025 [2][13].

牙买加体系后，通过"石油美元""芯片美元""数字美元"等外在形态与内部机制，美元霸权进入历史 新阶段，不断在国际货币体系中占据着主导地位。但是，国际主导货币具有全球公共品的属性，由一国 主权货币来承担，与生俱来就存在一些内在的不稳定问题。当前，美元霸权正经历结构性衰退，美国为 维系霸权采取了强化石油美元、金融制裁、债务货币化及数字美元布局等手段，但是这些措施反而加速 了国际货币体系的多元化转型。 面对变局，中国需要把握历史机遇，通过建立"金砖+"大宗商品人民币定价联盟、打造数字货币桥 与多边储备池、构建"一带一路"人民币债券生态系统等十大创新性举措，以技术突破和制度设计减少美 元依赖，为构建更加公平、稳定的国际金融秩序贡献力量。 一、美元霸权现状评估：数据驱动的多维度分析 美元作为全球主导货币的地位正面临着前所未有的挑战。通过系统分析与重点关注2022—2025年最 新数据，从外汇储备占比、汇率波动、贸易结算份额、债务水平、政策外溢效应及"去美元化"进程等六 个具体维度，采用定量与定性相结合的方法同时结合事件分析，全面考察美元霸权现状，结果显示美元 虽仍保持主要储备货币地位，但其份额已降至历史低点且汇率波动剧 ...

伊朗与以色列之间的紧张局势持续升温。 霍尔木兹海峡是海湾地区石油输往世界各地的唯一海上通道，全球约三分之一的海运原油贸易都要途经 霍尔木兹海峡。 上周末美国空袭伊朗核设施后，促使伊朗再次威胁关闭霍尔木兹海峡。不断升级的紧张局势以及航线可 能面临的风险，将导致运输和保险成本上升，并限制地区的石油运输。 美国动武 伊朗与以色列之间的紧张局势持续升温。6月22日，美国战机对伊朗三处关键核设施（伊斯法罕、纳坦 兹和福尔多）进行轰炸，引发广泛关注。 袭击之后，美国国防部长赫格塞思与美军参谋长联席会议主席凯恩于当地时间6月22日联合召开新闻发 布会，正式通报本次军事行动的细节。 凯恩称，此次行动名为"午夜之锤"。据介绍，本次空袭共动用包括B-2隐形战略轰炸机在内的125架飞 机，美军共发射75枚精确制导弹药，其中包括14枚重型GBU-57巨型钻地炸弹。与此同时，波斯湾的一 艘海军潜艇发射了24枚"战斧"导弹，B-2轰炸机则被部署于太平洋上空充当"诱饵"的角色。此次的袭击 为美国单方面轰炸，尚未动用以色列的战机。 同日，国际原子能机构总干事格罗西通报了伊朗核设施的受损情况：纳坦兹此前遭到严重破坏，又再次 遭到美国钻地弹的袭 ...

Core Viewpoint - The public fund issuance market is operating steadily, with a total of 17 new public funds expected to start fundraising this week, primarily driven by equity and index funds [1] Fund Type Summary - A total of 7 equity funds are expected to start fundraising this week, accounting for 41.18% of the total, including 6 passive index funds and 1 enhanced index fund [2] - There are 5 mixed funds expected to start fundraising, making up 29.41% of the total, which includes 4 equity mixed funds and 1 bond mixed fund [3] - The total number of equity funds (stock funds + equity mixed funds) launching this week is 11, representing 64.71% of the total [3] - Three bond funds are expected to start fundraising, accounting for 17.65% of the total, including one each of long-term pure bond fund, mixed bond secondary fund, and mixed bond primary fund [3] - One FOF (fund of funds) is expected to launch, marking the fourth consecutive week of FOF fund issuance [3] - The REITs (Real Estate Investment Trusts) market is showing signs of recovery, with 1 REITs fund expected to start fundraising this week, contributing to a total of 3 REITs funds launched this month, breaking the zero issuance record from May [3][4] Market Dynamics - The REITs market is experiencing a notable recovery driven by multiple factors, including increased policy support and a continuous supply of quality assets [4] - The expansion of the special bond usage scope to include corporate accounts payable is providing more quality underlying asset options for the REITs market [4] - The stable performance of the secondary market is also contributing to the recovery of the REITs market, as the stabilization of REITs secondary market prices enhances their investment appeal [4]

6月23日，中银证券发布公告称，董事会近日收到宁敏递交的辞任报告：宁敏因工作调动原因，申 请辞去中银证券董事长、董事及董事会战略与发展委员会主任委员、风险控制委员会委员职务，其辞任 后不在公司担任任何职务。 公开信息显示，宁敏出生于1973年7月，在中国社会科学院取得法学博士学位，并有在中国人民银 行研究局博士后流动站从事金融专业博士后的研究工作经历。 据了解，宁敏下一站将回归中行总行，任行政事业机构部总经理。中国银行总行资产负债管理部总 经理周权将任中银证券董事长。 证券行业是高波动行业，中银证券展现了较强的经营韧性：2017至2021年，全行业连续三年净利润 增速跑赢市场的仅10家，中银证券就是其中之一；又如近三年，净利润增速连续两年跑赢行业10个百分 点的上市券商共8家，中银证券也是其中之一。 长期以来，中银证券在资产管理、投行等业务领域具有竞争优势，资管业务规模稳居行业前列，非 货公募基金管理规模排名券商资管前2。投行参与多个市场标志性、首创性项目，债券主承销规模稳定 在第一梯队。 成功推动公司上市 登陆资本市场、建立长效资本补充机制，是证券公司做优做强的必由之路。正是在宁敏掌舵期间， 中银证券完成了 ...

Core Viewpoint - The Shanghai Lingang New Area is positioned as a key breakthrough for exploring offshore financial development in China, focusing on three-dimensional innovations in offshore trade financial services [1][7]. Group 1: Innovations in Offshore Trade Financial Services - Establishment of dedicated offshore trade accounts (FTT accounts) allows for cross-border fund transfers in seconds, aiming for a threefold increase in fund turnover rate by 2025 compared to traditional accounts [1]. - Implementation of digital RMB for cross-border settlements, with a target to cover 80% of offshore trade scenarios by 2026 [1]. - Simplification of business processes through blockchain technology, reducing the number of required paper documents from 20 to 3, significantly decreasing verification time from multiple days to seconds [1]. Group 2: National-Level Authenticity Verification Platform - Integration of data from six major systems, including foreign exchange, customs, and taxation, to create a national-level offshore trade authenticity verification blockchain platform, improving verification accuracy from 82% to 99% [2]. - The platform includes a risk heat map for automatic triggering of enhanced due diligence on high-risk transactions, ensuring full traceability of cross-border funds [2]. Group 3: Tax and Service Ecosystem - Upgraded tax incentives for offshore trade enterprises, including exemptions from income tax and VAT for offshore RMB settlement businesses [2]. - Introduction of a comprehensive financial service package, providing financing based on accounts receivable and establishing a service center for offshore trade enterprises [2]. Group 4: Offshore Bond and Multi-Currency Strategy - Legislative measures to establish a regulatory framework for offshore bonds by the end of 2025, enhancing the offshore attributes of these instruments [3]. - Expansion of available currencies in FTT accounts to 19 and signing currency swap agreements with countries like Vietnam and Egypt [3]. - Development of a digital RMB offshore bond lifecycle management platform by 2026, reducing settlement cycles and costs significantly [3]. Group 5: Pricing and Global Capital Attraction - Collaboration with Hong Kong and Singapore to create a RMB offshore bond yield curve, aiming to become a core pricing benchmark by 2030 [4]. - Implementation of tax exemptions for foreign investors in offshore bonds, with plans to introduce RMB offshore bond futures and options by 2026 [4]. Group 6: Institutional and Corporate Engagement - Integration of various account types into a new FT account, with a target increase in non-resident account penetration from 5.9% to 45% by 2026 [5]. - Incentives for state-owned enterprises to use RMB for at least 50% of payments in Belt and Road projects, along with export tax rebates for RMB settlements [5]. Group 7: Infrastructure and Regional Service Enhancement - Development of a global RMB offshore clearing center in Lingang by 2027, with a daily clearing volume target of 50 trillion yuan [6]. - Upgrading CIPS to a platform for both settlement and asset custody, with a goal of 50 trillion yuan in offshore bond custody by 2025 [6]. - Establishing a three-tier service structure to enhance offshore financial services across the Yangtze River Delta region [6]. Group 8: Long-term Vision - The strategy aims to establish Shanghai as a global offshore asset allocation center centered around RMB by 2030, enhancing its status in international financial governance [7].

Economic Overview - Jiangsu, Zhejiang, and Anhui provinces have reported stable economic performance in recent months [1] - Fixed asset investment in Zhejiang increased by 1.9% year-on-year from January to May, with project investment growing by 12.1% [3] - Infrastructure investment in Zhejiang rose by 14.2%, accounting for 26.4% of total investment, an increase of 2.9 percentage points year-on-year [3] - Anhui's fixed asset investment grew by 0.2% year-on-year, with infrastructure investment increasing by 12.4% [3] - Jiangsu's fixed asset investment decreased by 1.4% year-on-year, but infrastructure investment grew by 8.7% [3] Trade Performance - Zhejiang ranked first in the country for export contributions, with total goods import and export reaching 2.24 trillion yuan, a 6.5% increase [4] - Anhui's total import and export value was 374.79 billion yuan, growing by 15.4% [4] - Jiangsu's total goods trade value was 2.33 trillion yuan, a 5.3% increase year-on-year [4] Consumer Spending - All three provinces maintained a retail sales growth rate of over 5% in the first five months [5] - Jiangsu's retail sales totaled 1.98839 trillion yuan, growing by 5.6% [5] - Zhejiang's retail sales reached 1.55 trillion yuan, with a growth of 5.3% [5] - Anhui's retail sales increased by 5.5% [5] Industrial Growth - Jiangsu's industrial added value grew by 7.7% year-on-year, with equipment manufacturing accounting for 54.6% of the total [7] - High-tech manufacturing and digital product manufacturing in Jiangsu saw increases of 9.8% and 9.7%, respectively [7] - Zhejiang's industrial added value grew by 7.6%, with significant contributions from petroleum processing and automotive sectors [8] - Anhui's industrial added value increased by 8.4%, with high-tech manufacturing growing by 29.3% [9]

Core Viewpoint - Heptagon Pharmaceuticals has entered into a global strategic collaboration with Otsuka Pharmaceutical to jointly develop and commercialize the BCMAxCD3 bispecific T cell engager HBM7020, with a total collaboration value of up to $670 million [1][2]. Group 1: Collaboration Details - The collaboration includes an upfront payment of $47 million and potential milestone payments, with Heptagon eligible for up to $623 million in additional payments upon achieving specific research and commercial milestones [1]. - This marks Heptagon's second major business development (BD) deal with a multinational corporation (MNC) in 2023, following a $4.6 billion deal with AstraZeneca in March [1]. Group 2: Product Information - HBM7020 is a BCMAxCD3 bispecific antibody developed using Heptagon's fully human HBICE bispecific technology and Harbour Mice platform, designed to effectively activate T cells and target specific cells [2]. - The antibody features two binding sites for BCMA, allowing for precise targeting and reduced risk of cytokine release syndrome (CRS), showcasing strong cytotoxic capabilities with broad applications in immunology and oncology [2]. Group 3: Market Position and Achievements - Heptagon has successfully licensed out its bispecific antibody pipeline to international pharmaceutical companies, with total transaction amounts exceeding $1.6 billion, highlighting its global competitiveness [3]. - In Q1 2023, the number of pharmaceutical transactions in China increased by 34% year-on-year, with Heptagon ranking among the top 10 in both global and Chinese pharmaceutical transactions due to its significant deal amounts [3]. - The company has diversified its collaborations across various mechanisms, including ADCs, single/double/multi-antibodies, cell therapies, mRNA, and AI, indicating a successful transition since 2022 [3].

Group 1 - JD announced a daily order volume exceeding 25 million during the "618" shopping festival, while Alibaba reported over 60 million daily orders for Taobao Flash Purchase in less than two months [1][5] - Retail orders have increased by 179% year-on-year, with an on-time delivery rate of 96% [1] - Meituan's 2023 annual report indicated an average daily order volume of approximately 53 million for its food delivery service [5] Group 2 - The competitive landscape of China's food delivery market is stabilizing, with Meituan and Ele.me holding a combined market share of 98% by 2024, where Meituan leads with 65% and Ele.me follows with 33% [8] - JD officially entered the food delivery market in early 2025, launching initiatives to recruit quality dining merchants and offering substantial subsidies [8] - The battle for market share has intensified among Alibaba, Meituan, and JD, with Alibaba integrating Ele.me and Fliggy into its China e-commerce business group [5][8] Group 3 - The upgraded Taobao Flash Purchase integrates offerings from Ele.me, Hema, and existing retail supplies, providing a unified entry point within the Taobao app [9] - As of May 5, Ele.me reported over 10 million daily orders from Taobao Flash Purchase just six days after its launch [9] - The competition has shifted from traditional food delivery to encompass a broader range of instant retail services, including fresh produce and daily necessities, with a projected market size exceeding 1 trillion yuan by 2025 [9]

近日，上海市国资委联合上海市工商联印发《关于进一步促进我市地方国有企业与民营企业协同发 展的指导意见》，其中提出支持国有控股上市公司引入民营战略投资者作为积极股东参与公司治理。笔 者对此颇为赞同。 国有控股上市公司虽具规范性优势，但长期存在决策链条冗长、市场化反应相对滞后、内部人控制 与潜在行政干预等短板，制约了效率发挥。民营战略投资者往往具有敏锐的市场嗅觉、高效的决策机制 和强烈的价值创造意愿，其以积极股东身份进入，有助于打破国有控股上市公司固有的治理惯性，对内 部人控制、一股独大等弊端予以有效制约，推动决策过程更加市场化、专业化，提升公司战略的前瞻性 与执行力。 四是推动文化融合。成功的混改不仅是资本的联姻，更是治理哲学与商业理念的深度认同。要在国 有控股方的合规严谨与民营股东的市场效率之间寻求最大公约数，在公司内部营造尊重专业判断、强调 价值创造、维护规则底线的治理文化，确保双方在运作层面相互理解与适配。 总之，国有控股上市公司引入民营资本作为战略伙伴，是一项具有深刻意义、极具价值的实践探 索。有关各方应大力推动将民营战略投资者的活力有机嵌入国有控股上市公司的治理体系，锻造出更为 强大的市场竞争力，为中 ...