5月9日晚间，一系列利好政策信息密集公布。 1.国务院常务会议强调， 因地制宜发展新质生产力，稳步推动共同富裕 ； 2.央行报告表示， 中国政府债务扩张仍有可持续性，这对于加强民生保障、完善收入分配、推动经济转型和动态平衡都有重要 意义 ； // 央行：政府债务扩张仍有可持续性 // 3. 央行设立5000亿服务消费与养老再贷款 ，支持发展服务消费重点领域和养老产业； 4.证监会印发2025年度立法工作计划强调， 强化对资本市场相关行为的监管 ； 5.证监会、财政部就《证券结算风险基金管理办法（修订草案征求意见稿）》公开征求意见， 风险基金交纳比例拟差异化下调 6. 深圳 市地方金融管理局联合深圳证监局发布《深圳市关于发挥资本市场作用 建设产业金融中心行动方案（2025—2026 年）》明确， 要打造高质量资本市场。 // 国常会：稳步推动共同富裕 // 据央视报道，国务院常务会议5月9日召开，会议强调，要深入谋划"十五五"时期经济社会发展重点工作， 加快构建新发展格局，促进经济持续向好，因 地制宜发展新质生产力，稳步推动共同富裕 。 会议听取推动自贸试验区建设提质增效工作汇报。会议指出，要支持自贸试验区对标 ...

1、央行：启动2025年度系统重要性金融机构评估工作 2、工信部：大力推动重点产业提质升级，积极按照中央部署综合整治"内卷式"竞争 3、美银：投资者"买预期、卖事实"，美股此轮反弹可能已经结束 4、国家出口管制工作协调机制：部署开展打击战略矿产走私出口专项行动 5、硅业分会：工业硅供需基本面未出现明显好转，价格持续下跌 // 今日关注 // 6、中芯国际和华虹公司近期未有股东发布减持A股相关公告 // 宏观预警 // 1、工信部：大力推动重点产业提质升级，积极按照中央部署综合整治"内卷式"竞争 工信部副部长辛国斌在北京主持召开部分省份工业经济运行座谈会。会议强调，要保持战略定力，统筹 用好"两新""两重"政策，持续培育壮大新质生产力，大力推动重点产业提质升级，积极按照中央部署综 合整治"内卷式"竞争，全力为企业发展营造良好环境。 要坚持底线思维，落实好稳经济稳就业等政 策，加大对受关税影响较大企业帮扶力度，积极服务企业"走出去"，加强经济运行分析研判，强化政策 研究储备，推动经济实现质的有效提升和量的合理增长。 // 中国债券预警 // 1、19蓝光MTN001、20蓝光MTN001和20蓝光CP001：触发 ...

Core Viewpoint - The long-term trend of the economy remains positive despite external shocks and challenges [2] Group 1: Economic Performance - In Q1, GDP grew by 5.4% year-on-year, indicating improved social confidence and progress in high-quality development [2] - The central bank implemented a moderately loose monetary policy, maintaining ample liquidity and reducing social financing costs [2] - As of the end of March, the social financing scale and broad money supply (M2) grew by 8.4% and 7.0% year-on-year, respectively, with the RMB loan balance reaching 265.4 trillion yuan [2] Group 2: Monetary Policy Direction - The central bank will continue to implement a moderately loose monetary policy, ensuring liquidity remains abundant [3][4] - The focus will be on balancing short-term and long-term goals, stabilizing growth while preventing risks, and enhancing policy coordination [4] - The central bank aims to promote reasonable price recovery and improve the transmission mechanism of monetary policy [4] Group 3: Consumer Support Initiatives - The central bank plans to introduce a comprehensive financial policy package to boost consumption, which is crucial for expanding domestic demand and stabilizing growth [5][6] - Specific measures include maintaining a favorable financial environment for consumption, enhancing financial services in key sectors, and optimizing consumer credit products [6] Group 4: Price Trends - The report indicates that price levels are expected to recover from low levels, with Q1 core CPI rising by 0.3% and a narrowing decline in PPI [7][8] - Policies aimed at expanding domestic demand are expected to support a moderate recovery in prices [8]

（图片来自海洛） 以下为此次发布会的核心信息： 据中国网报道，5月8日下午，商务部召开例行新闻发布会，就中美经贸高层会谈、国际消费季及离境退税政策、 广交会等相关情况做了介绍。 本次发布会凸显中国外贸在复杂环境下的韧性，通过广交会、消费季等平台激活内外需，以政策优化（如展位费减免、离境退税）助企纾困。 中方在关 税问题上立场坚定，反对单边主义，同时积极推动多边合作（如CPTPP），展现扩大开放的决心 。 第 137 届广交会成功举办，参展企业数量、到会境外采购商人数等多项指标刷新历史纪录。 一是外贸新动能加速释放，企业现场展示产品超 455 万件，其中新产品 102 万件、绿色低碳产品 88 万件、智能产品 32 万件，首次设立的服务机器人专区 火爆； 二是境外采购商到会人数创新高，截至5月4日，共有来自219个国家和地区的 超过28万名境外采购商到会，比去年春交会增长17.3%； 三是贸易洽谈活跃成交持续增长，本届广交会 出口意向成交254.4亿美元，同比增长3% ，共建"一带一路"国家成交占比超六成，传统市场成交保持稳 定。 // 关于 中美贸易谈判 // 中方坚决反对美国滥施关税的立场是一贯的。美方想要 ...

Monetary Policy - The central bank conducted a 7-day reverse repurchase operation on May 8, with a fixed rate and a total amount of 158.6 billion yuan, at an interest rate of 1.40%, resulting in a net injection of 158.6 billion yuan for the day [1]. Market Liquidity - Overnight and 7-day pledged repo rates for deposit-taking institutions have decreased, with the former dropping over 13 basis points and the latter nearly 7 basis points [3]. - The latest overnight financing rate in the U.S. stands at 4.32% [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit in the secondary market is around 1.67%, showing a significant decline compared to the previous day [7]. Bond Market - The yields on major interbank bonds have shown a downward trend, with the 1-year government bond yield at 1.4150%, down by 3 basis points, and the 10-year yield at 1.6280%, down by 0.80% [9]. - The closing prices for government bond futures indicate an increase, with the 30-year main contract rising by 0.26% [12]. Corporate Bonds - Guotai Haitong plans to issue no more than 2 billion yuan in sci-tech bonds [15]. - Greentown Real Estate Group has spent a total of 2.06 billion yuan purchasing its own bonds over the past six months [15]. - Zhaojin Group successfully issued 1 billion yuan in technology innovation convertible bonds [15].

2、天津食品集团：取消发行"25天津食品GN001(专项乡村振兴)" 天津食品集团有限公司公告称，因市场价格波动，决定取消发行"25天津食品GN001(专项乡村振兴)"， 发行规模为5亿元，期限5年。调整后的发行安排另行公告。 5、苹果抗辩法官裁决，力阻应用商店支付规则变革 // 中国债券预警 // 1、神马实业：取消发行"25神马实业MTN001（科创票据）" 神马实业股份有限公司公告称，现由于近期市场波动较大，公司融资安排变更，拟取消发行"25神马实 业MTN001（科创票据）"，调整后的发行安排另行公告。 // 今日关注 // 1、中芯国际预计Q2收入现两年来首次环比下降 2、消费贷利率不得低于3%刚满月，部分银行绕道现金分期重新"卷" 3、欧盟公布950亿欧元美国商品报复清单 4、受美关税政策拖累，丰田称新财年净利润将大幅萎缩 3、华业资本：控股股东所持部分股份将被拍卖 北京华业资本控股股份有限公司公告称，深圳市中级法院将于5月29日至30日在淘宝网司法拍卖网络平 台上公开拍卖公司控股股东华业发展（深圳）有限公司持有的"华业3"股票6300万股和9700万股。 4、正荣地产控股：新增失信被执行人、限制 ...

Macro Insights - The National Development and Reform Commission, Ministry of Public Security, and National Data Bureau announced the implementation of special credit reports to replace the proof of no illegal records, with a deadline for full implementation by September 2025 [3] Bond Market Alerts - A batch of convertible bonds will be redeemed early due to triggering redemption clauses, potentially causing significant losses for investors who fail to act in time, with losses exceeding 25% for some bonds [5] - Fujian Fusheng Group reported new financial loan contract disputes and major execution information, including disputes involving amounts of 58.13 million and 1.4759 billion [6] - Rongqiao Group is involved in multiple major lawsuits and enforcement actions, with a principal amount of 372.1 million involved in a financial loan dispute [7] Stock Market Alerts - Three additional A-share companies received notices of termination of listing, including *ST Zhongcheng, which was under investigation for information disclosure violations [9][10] - Haohai Biological announced that one of its actual controllers is under investigation for insider trading, although it will not impact the company's daily operations [10] - Poly Developments reported a 25.44% year-on-year decrease in contract amount for April, totaling 24.622 billion [10] Financial Industry Alerts - The China Securities Regulatory Commission released a plan to reform public fund management fees to link them with performance, aiming to shift the focus from scale to returns [24] - The Shanghai Securities Regulatory Bureau issued a notice for private fund managers to conduct self-assessments by June 15 [25][26] Industry Alerts - The State Administration for Market Regulation launched a campaign to combat the production and sale of counterfeit meat products, focusing on popular platforms and influencers [28] - Guangdong Province introduced measures to correct unreasonable business practices in online sales and live streaming, targeting price fraud and promoting quality [29] - Five departments, including the National Energy Administration, issued a notice to strengthen safety management in electrochemical energy storage [30] - The MLCC market faces increased uncertainty for the second half of the year due to a cautious market sentiment, with a reported 20% to 25% decrease in orders for educational laptops [31] - Pandora warned that potential high tariffs proposed by the Trump administration could lead to a price increase across the jewelry industry [32]

// 债市综述 // 1. 公开市场操作 央行 5 月 7 日以固定利率、数量招标方式开展了 1955 亿元 7 天期逆回购操作，操作利率 1.50% ，投标量 1955 亿元，中标量 1955 亿元。 Wind 数据显示，当日 5308 亿元逆回购到期，据此计算，单日净回笼 3353 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 存款类机构隔夜和七天质押式回购利率双降，均下行超 4 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.33% 。 （IMM） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.71% 附近，较上日明显下行。 （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国債 | 1.4475 -1.50 ...

Core Viewpoint - The medical device sector is experiencing a significant recovery in investment and procurement activities, driven by supportive government policies and a release of pent-up demand for equipment updates starting from Q4 2024 [2][6][19]. Group 1: Industry Overview - The medical device market is set for a surge in equipment updates in the second half of 2024, with various provinces beginning to collect and update equipment [2][6]. - The demand for medical equipment updates is gradually being released, with hospitals and local governments announcing procurement projects since Q4 2024, leading to a noticeable increase in procurement scales [6][7]. - In Q1 2025, the total procurement scale for medical devices reached 545 billion yuan, a 53.09% increase quarter-on-quarter and a 16.45% increase year-on-year [7]. Group 2: Investment Dynamics - In Q1 2025, there were 87 financing cases in the medical device sector, a 27.40% increase quarter-on-quarter and a 4.49% increase year-on-year, with disclosed financing amounts totaling 8.202 billion yuan, marking a 129.62% increase quarter-on-quarter and a 96.93% increase year-on-year [19][21]. - The medical equipment sector attracted the most investor interest, with 58 financing cases totaling 6.054 billion yuan, particularly in treatment and medical imaging devices [19][20]. - The preference for mid-to-late stage financing has increased, with the share of early-stage financing cases dropping from 64.38% in Q4 2024 to 50.57% in Q1 2025, indicating a shift in investor sentiment towards larger, more established opportunities [20][27]. Group 3: Policy Support - Continuous government support for medical device procurement and updates is evident, with policies aimed at promoting large-scale equipment updates and enhancing the quality of healthcare resources at the grassroots level [6][9]. - Recent policies include the acceleration of clinical approvals for urgently needed medical devices, including high-end medical equipment and innovative medical devices [11][12]. - The government has emphasized the need for balanced distribution of medical resources and the enhancement of healthcare infrastructure, as outlined in the 2025 government work report [6][11]. Group 4: Key Investment Events - Notable financing events in Q1 2025 include significant rounds for companies like Fourier Intelligence (800 million yuan) and Pamu Medical (approximately 100 million USD) [16][33]. - The investment landscape shows a growing interest in rehabilitation devices and brain-computer interface technologies, reflecting the sector's innovative potential [19][44]. Group 5: Industry Trends - Brain-computer interface (BCI) technology is gaining traction, with a projected market size of 40 billion USD by 2030 and 145 billion USD by 2040, attracting significant investment and research [36][43]. - Clinical trials for BCI technologies are on the rise, with numerous trials registered globally, particularly in the treatment of neurological disorders [37][41]. - Domestic companies like Borui Kang are emerging as leaders in the BCI space, supported by favorable policies and advancements in technology [50][51].