Group 1 - The article discusses Trump's announcement of new tariffs on various trade partners, indicating that the U.S. will impose these tariffs unilaterally rather than through agreements with all partners [2] - The U.S. Treasury Secretary and Commerce Secretary will inform businesses about the costs associated with trading with the U.S. [2] - Ongoing trade negotiations are taking place between the U.S. and several economies, including Japan, South Korea, India, and the EU [4] Group 2 - The EU has adopted a tougher stance in trade negotiations, seeking a tariff reduction agreement that exceeds the terms of the U.S.-UK deal, which includes a 10% base tariff [4] - India has shifted its position, with Trump stating that India proposed to eliminate all tariffs on U.S. goods [4] - India has also filed a formal complaint with the WTO regarding U.S. tariffs on Indian steel and aluminum products [4] Group 3 - Following the reduction of tariffs between China and the U.S., container shipping bookings from China to the U.S. surged nearly 300% [6] - Shipping rates for May have increased significantly, with some rates rising by up to $2,200 per container, and further increases are expected in June [6] - Walmart announced plans to raise product prices due to the impact of U.S. government tariff policies, with a reported net profit of $4.49 billion for the first fiscal quarter, a decrease of over 12% year-on-year [6]

根据中国证监会统一部署，上海证券交易所近日修订发布了《上海证券交易所上市公司重大资产重组审 核规则》（以下简称《重组审核规则》）及配套业务指南，这是落实新"国九条"、"并购六条"的又一重 要举措。 新修订的《重组审核规则》，新设简易审核程序，对符合条件的上市公司发股类重组，大幅简化审核流 程，缩短审核时限，提高重组效率。相较于征求意见稿，放宽"小额快速"审核程序、简易审核程序的适 用范围，鼓励符合条件的上市公司选择适用效率更高的审核程序。同时进一步完善了重组股份对价分期 支付等相关事项的披露和审核要求。本次配套修订了《上海证券交易所发行上市审核业务指南第4号 ——常见问题的信息披露和核查要求自查表》中的《第五号 上市公司重大资产重组》，新增收购未盈 利资产、跨行业并购、吸收合并、分期支付等披露和核查要求，支持科技创新和新质生产力发展；增加 多种评估方法作为定价依据的披露和核查要求，进一步提升监管包容度；完善重组上市板块定位和上市 标准的披露和核查具体要求，明确标的资产亏损、评估增值率较高、商誉及减值风险等自查要求，在提 高制度适应性的同时，把好注入资产质量关。 下一步，上交所将以本次规则修订为契机，做好改革的 ...

Group 1 - The Ministry of Commerce urges the US to stop the 232 tariff measures, stating that such actions are unilateral and protectionist, harming the interests of other countries and disrupting the multilateral trade system [3] - The Ministry of Commerce responds to the US's export control measures against Huawei's Ascend chips, indicating that these actions severely damage the legitimate rights of Chinese companies and threaten the stability of the global semiconductor supply chain [3] - The Ministry of Commerce addresses the issue of rare earth export controls, stating that there is no further information available at this time, but will provide updates as necessary [4] Group 2 - The Supreme Court and the China Securities Regulatory Commission (CSRC) emphasize the need to combat false information and protect market order, stating that those who harm others' rights through false narratives will face legal consequences [9] - The CSRC announces new regulations requiring that funds raised by listed companies must be used specifically for their main business and not for permanent working capital or repaying bank loans [12] - The CSRC will strictly regulate changes in the use of raised funds and ensure that controlling shareholders do not occupy these funds, with penalties for unauthorized changes [13] Group 3 - The China Chemical Corporation's subsidiary is involved in a lawsuit regarding false statements related to securities, with claims for damages amounting to 5.147 billion yuan [14] - China Minmetals Corporation reports a 24.9% year-on-year decrease in new contract amounts for the first four months of 2025, with overseas contracts also declining by 7.7% [15] - The real estate industry is experiencing a contraction, with the top 30 real estate companies reporting a slight revenue decline of 0.083% year-on-year, with only 11 companies showing growth [27]

1、国务院召开做强国内大循环工作推进会，国务院总理李强在会上强调， 要深刻认识和准确把握当前经济形势，把发展的战略立足点放在做强国内大循 环上， 以国内大循环的内在稳定性和长期成长性对冲国际循环的不确定性，推动我国经济行稳致远，努力实现高质量发展。 2、司法保障资本市场改革发展迎来纲领性文件。最高人民法院、证监会联合发布《关于严格公正执法司法服务保障资本市场高质量发展的指导意见》， 其中提出，依法打击资本违规隐形入股、违法违规"造富"行为；依法打击欺诈发行和持续信息披露造假，坚持"追首恶"、"打帮凶"。 对于编传"小作文"损 害他人权益且构成犯罪的，依法追究刑事责任。 3、我国城市更新顶层设计出台。中办、国办近日印发《关于持续推进城市更新行动的意见》，提出八方面主要任务，其中包括： 推进城镇老旧小区整治 改造，开展完整社区建设，推进老旧街区、老旧厂区、城中村等更新改造， 加强城市基础设施建设改造等。这意味着中国大力实施城市更新按下"加速 键"。 4、商务部回应"美方加严限制中国芯片"表示，中方敦促美方立即纠正错误做法，并将采取坚决措施维护中国企业正当权益。商务部还重申， 长和出售港 口交易各方不得规避审查。 ...

一场深刻的变革已拉开帷幕。 据新华社 5 月 15 日报道， 中共中央办公厅、国务院办公厅 近日 印发《关于持续推进城市更新行动的意见》（以下简称《意见》），其 中提出八项主要任务，包括： 加强既有建筑改造利用，推进城镇老旧小区整治改造，开展完整社区建设，推进老旧街区、老旧厂区、城中 村等更新改造，完善城市功能，加强城市基础设施建设改造， 修复城市生态系统，保护传承城市历史文化。 核心城市价值有望提升，老旧城区将因改造释放潜力 。中金公司在此前的研报中表示， 城市更新将推动房地产从"增量扩张"向"存量优 化"转型 ， 有助于提升城市整体居住质量，还能带动经济增长。 《意见》核心内容梳理如下。 // 主要目标 // （图片来自海洛） 到 2030 年，城市更新行动实施取得重要进展 ，城市更新体制机制不断完善，城市开发建设方式转型初见成效，安全发展基础更加牢固， 服务效能不断提高，人居环境明显改善，经济业态更加丰富，文化遗产有效保护，风貌特色更加彰显，城市成为人民群众高品质生活的空 间。 // 八大核心 任务 // （一）既有建筑改造 实施危房分类处置： D 级危房拆除重建， C 级危房加固改造，国有老旧住房功能 ...

Group 1: Monetary Policy and Market Operations - The central bank conducted a 645 billion yuan reverse repurchase operation with a fixed rate of 1.40% on May 15, resulting in a total net withdrawal of 2,191 billion yuan for the day due to maturing reverse repos and MLF [1][2][3] - Overnight and seven-day pledged repo rates for deposit-taking institutions slightly increased, with the latter rising by less than 1 basis point [2] - The latest overnight financing rate in the U.S. stands at 4.3% [5] Group 2: Interbank and Bond Market - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.67%, showing little change from the previous day [7] - The yield spreads for AAA-rated local government bonds across various maturities have been detailed, indicating specific rates for government bonds and policy bank bonds [11] - The closing prices for government bond futures showed a mixed performance, with the 30-year contract rising by 0.24% and the 5-year contract falling by 0.03% [12] Group 3: Economic Outlook and Trade - The Asia-Pacific Economic Cooperation (APEC) forecasts a GDP growth rate of 2.6% for the Asia-Pacific region in 2025, down from a previous estimate of 3.3% [15] - The volatility in trade policies during April was reported to be nine times the average from 2015 to 2024 [15] Group 4: Bond Market Developments - The Ministry of Science and Technology and other departments are working to enhance the bond market's support for technological innovation, including the establishment of a "technology board" [17] - The first batch of technology innovation bonds in Tianjin has successfully raised funds to support corporate technological advancements [17] - There has been a significant increase in the scale of land acquisition planned through special bonds by local governments since the second quarter [17]

Core Viewpoint - The Supreme People's Court and the China Securities Regulatory Commission jointly issued guidelines to ensure fair law enforcement and judicial support for the high-quality development of the capital market, outlining 23 specific opinions across five key areas [1][3]. Group 1: Investor Protection - Focus on protecting investors by combating fraudulent issuance and financial information disclosure fraud, and improving the civil compensation system for false statements. Regularly conduct representative litigation for securities disputes to facilitate investors in safeguarding their legal rights and reduce the cost of investor rights protection [2]. Group 2: Market Participant Regulation - Standardize the behavior of market participants to create a healthy market ecosystem. Encourage securities, futures, and fund management institutions to return to their core functions and operate steadily. Improve judicial rules for multi-level capital markets, support industry self-regulatory organizations in fulfilling their duties, and purify the capital market ecosystem to prevent and mitigate risks [2]. Group 3: Judicial and Administrative Coordination - Strengthen judicial and administrative collaboration to create a cohesive development force. Promote a diversified dispute resolution mechanism and deepen the "prevention" approach. Enhance communication and information sharing mechanisms to improve the efficiency of judicial proceedings and administrative regulatory processes [2]. Group 4: Organizational Support - Improve organizational support to enhance judicial and regulatory capabilities. Strengthen the construction of financial trial teams, maintain political leadership, and focus on party conduct and integrity. Optimize the jurisdiction and trial mechanisms for financial cases, and enhance the standardization and rule of law in regulatory enforcement [2]. Group 5: Implementation and Future Steps - The Supreme People's Court and the China Securities Regulatory Commission will work together to implement the guidelines, continuously solidifying the institutional foundation for judicial support in the capital market, optimizing the coordination between judicial and regulatory work, and enhancing the standardization and rule of law in regulatory enforcement to better serve the reform and development of the capital market [3].

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation on May 14, with a fixed rate of 1.40%, totaling 92 billion yuan, matching the bidding amount and resulting in a net withdrawal of 1,035 billion yuan for the day [1] - Overnight and 7-day pledged repo rates for deposit-taking institutions slightly increased, with the overnight rate rising by less than 1 basis point [3] - The latest overnight financing rate in the US stands at 4.28% [3] Group 2: Interbank Rates and Bonds - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.67%, showing a slight increase from the previous day [5] - The yields on major interbank bonds show slight variations, with one-year government bonds at 1.42% and ten-year government bonds at 1.67% [8] - The 30-year main contract for government bonds closed down by 0.23%, while the 10-year and 5-year contracts fell by 0.12% and 0.13%, respectively [11] Group 3: Financial Data and Lending - In the first four months, RMB loans increased by 10.06 trillion yuan, with household loans rising by 518.4 billion yuan and corporate loans increasing by 9.27 trillion yuan [12] - The total social financing scale for the first four months reached 16.34 trillion yuan, an increase of 3.61 trillion yuan year-on-year [12] - The M2 money supply growth rate significantly increased to 8% year-on-year by the end of April, reflecting the central bank's counter-cyclical adjustments [13] Group 4: Global Economic Insights - The Bank of England's monetary policy committee member expressed concerns about rising household inflation expectations and noted the resilience of the UK labor market [15] Group 5: Bond Market Developments - The China Securities Regulatory Commission announced plans to enhance institutional innovation and accelerate the development of a multi-level REITs market [17] - Shaanxi Province successfully issued the first batch of technology innovation bonds in the country [17]

Group 1 - The legislative work for the healthy development of artificial intelligence is progressing, with a multi-level legal framework being established in China [3] - The Ministry of Commerce emphasizes the importance of comprehensive control over the export of strategic minerals to ensure national security and development interests [30] - The Ministry of Foreign Affairs states that China's countermeasures against the U.S. tariffs on fentanyl remain effective [4] Group 2 - Zhongceng Pengyuan has placed the credit ratings of Shengxun Co. and its convertible bonds under observation, maintaining a rating of A+ [6] - Zhangzhou Economic Development Group is undergoing a retrial application due to a construction contract dispute, with a bank deposit of 24.736 million yuan frozen [7] - Zhengwei Group and Wang Wenyin are subject to enforcement actions involving over 1.09 billion yuan due to financial loan disputes [8] Group 3 - Xiamen Road and Bridge Construction Group's deputy secretary is under investigation for serious job-related violations [9] - Zhongceng Pengyuan is monitoring Guangdong Shen-Shan Investment Holding Group due to potential loss of control over a significant subsidiary [10] - Xiamen Asset Management has increased the claim amount in a contract dispute with Suzhou Jintang Group to 10.27 million yuan, accounting for 5.52% of the company's net assets [11] Group 4 - China Rare Earth is actively cooperating with China Rare Earth Group to resolve industry competition issues [14] - Qibin Group has terminated the issuance of shares to acquire a stake in its subsidiary due to changes in market conditions [15] - Zhongyida has experienced a significant deviation from its fundamentals, indicating a potential for market overheating and high speculation risks [16] Group 5 - The European Bank for Reconstruction and Development has lowered its economic growth forecast for Europe to 3% for 2025 [21] - Burberry plans to cut 1,700 jobs as part of a cost-saving initiative [22] - Ford is recalling over 273,000 vehicles in the U.S. due to brake failure issues [23] Group 6 - China Clearing has initiated a review of abnormal accounts for the first quarter of 2025 to prevent illegal use of securities accounts [27] - Several cross-border ETFs have issued premium risk alerts, indicating potential risks in secondary market trading [27] - The consumer finance trust sector is facing challenges due to regulatory pressures and high complaint volumes [28] Group 7 - The silicon industry reports a slight decline in industrial silicon prices, with stable supply and demand dynamics [31] - The U.S. has made an initial anti-subsidy ruling on erythritol imports from China, imposing varying tax rates on specific companies [33] - Real estate executives have seen a dramatic salary reduction, with a 19.56% decrease in total compensation compared to the previous year [34]

2、商务部新闻发言人表示，为落实中美经贸高层会谈共识， 自5月14日起，暂停28家美国实体列入出口管制管控名单90天，暂停17家美国实体不可靠实 体清单措施90天。 对于开展加强战略矿产出口全链条管控工作，商务部新闻发言人表示，对于铤而走险、顶风作案的，发现一起，查处一起。 3、 美国调整对华加征关税，于美东时间5月14日凌晨0时01分，撤销对中国商品加征的共计91%的关税，调整实施34%的对等关税措施 ，其中24%的关税 暂停加征90天，保留剩余10%的关税。同时，美方还将对中国小额包裹的国际邮件从价税率由120%下调至54%，撤销原定于6月1日起将从量税由每件100 美元调增为200美元的措施。 4、央行发布数据显示， 4月末，我国社会融资规模存量同比增长8.7%，M2余额同比增长8%，较上月增速加快 。今年前四个月，人民币贷款增加10.06万 亿元，社会融资规模增量16.34万亿元。4月，企业新发放贷款平均利率约3.2%，比上月低约4个基点，保持历史低位水平。据《金融时报》，今年以来， 存款向理财搬家现象明显减少，对M2增速形成上拉效应。业内人士对此表示，长期看，M2增速宜作为观测性指标。 // 国内宏 ...