Open Market Operations - The central bank conducted a reverse repurchase operation of 291.1 billion yuan for 7-day terms on May 30, with a fixed interest rate of 1.40%, resulting in a net injection of 148.6 billion yuan for the day after accounting for 142.5 billion yuan in reverse repos maturing [1][2]. Liquidity Conditions - Liquidity remains ample, with overnight weighted rates for deposit institutions below 1.5%. Non-bank institutions saw overnight borrowing rates initially rise above 1.8% but later settle around 1.6%. Shibor rates showed mixed performance, with overnight rates up 6.0 basis points to 1.471%, while 7-day rates rose 1.5 basis points to 1.617% [3][4]. Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.70% [7]. Government Bond Futures - The closing prices for government bond futures showed increases: 30-year contracts rose by 0.56%, 10-year by 0.21%, 5-year by 0.14%, and 2-year by 0.04% [11]. Key Financial Events - The 2025 Lujiazui Forum is scheduled for June 18-19, where major financial policies will be announced by leaders from various financial regulatory bodies [12]. - The Ministry of Housing, Ministry of Finance, and the People's Bank of China reported that over 1.3 trillion yuan in housing provident fund loans were issued last year, with total contributions reaching 36,317.83 billion yuan [12]. Global Macro Developments - The U.S. overnight financing rate is currently at 4.33% [4]. - The Federal Reserve's Daly indicated the possibility of two interest rate cuts within the year, while the Bank of Japan faces record losses on government bonds [16].

Group 1 - The article discusses the recent drone attacks on a military base in Siberia, marking a significant escalation in the conflict between Russia and Ukraine [1] - The U.S. Trade Representative's office has extended the exemption period for certain tariffs on China related to technology transfer and intellectual property until August 31, 2025 [2] - President Trump announced an increase in import tariffs on steel from 25% to 50%, effective June 4, 2025, which has drawn criticism from the EU and Canada [3] Group 2 - China's manufacturing PMI for May is reported at 49.5%, an increase of 0.5 percentage points from the previous month, indicating improved manufacturing sentiment [4] - Various regions in China are implementing measures to prevent the illegal outflow of strategic minerals, with specific actions taken by provinces like Guizhou and Hunan [5] - The Chinese automotive industry is experiencing a new round of price wars, prompting the Ministry of Industry and Information Technology to enhance regulatory measures to maintain fair competition [6][9] Group 3 - OPEC+ has decided to increase production by 411,000 barrels per day starting in July, marking the third consecutive month of production increases [11] - Hong Kong has officially enacted the Stablecoin Ordinance, establishing a licensing framework for issuers of fiat-backed stablecoins, aimed at promoting financial innovation while ensuring stability [12] - Major adjustments to multiple A-share indices will take effect on June 16, 2025, with significant changes in sample stocks for indices like the CSI 300 and CSI 500 [13] Group 4 - Huawei has made significant advancements in AI, launching a new model with 718 billion parameters, showcasing its capabilities in large-scale model training [14] - CATL will be included in the MSCI China Standard and Large Cap Index starting June 2, 2025, reflecting its growing significance in the market [15]

1、 美国贸易代表办公室宣布，延长对中国在技术转让、知识产权和创新方面的行为、政策及做法的301调查中的豁免期限。 豁免期限原定于5月31 日到期，现已延长至8月31日。中方此前多次向美方就301关税问题提出严正交涉。 世贸组织早已裁决301关税违反世贸组织规则， 不仅严重破坏国 际贸易秩序和全球产业链供应链安全稳定， 也没有解决自身的贸易逆差和产业竞争力问题，还推高了美国进口商品价格，成本最终由美国企业和消 费者承担。 2、 特朗普政府官员在法律争端中为关税辩护，坚称关税"不会消失"。 美国商务部长卢特尼克表示，请放心，关税不会消失。 白宫国家经济委员会主任 哈塞特亦表示， 他 "非常有信心" 最高法院的法官会支持特朗普的关税政策， 如果关税被阻止，也会有其他替代方案来确保美国重新实现公平贸易，但未 具体说明这一路径将如何实施。 3、 特斯拉CEO马斯克表示，虽然他一直是特朗普的坚定盟友，但并不总是支持政府的政策。 他表示，不想公开反对政府，但也不想为政府的所有行为 负责。 他对共和党提出的、目前国会正在辩论的数万亿美元税收和支出方案感到沮丧，该立法预计将使美国债务增加数万亿美元。 4、 5月车市进一步回暖 ...

市场概况： 上周（5月26日至5月30日）A 股市场呈现结构性分化格局，低估值蓝筹与中小盘股表现迥 异。上证指数、深证及创业板指均有不同程度下跌，而万得微盘指数逆势上涨 2.65%，反映出权重股在 流动性边际收紧预期下的承压状态；与之形成鲜明对比的是，中证 500、中证 1000 等中小盘指数分别 上涨 0.32% 和 0.62%，市场结构性机会明显。 权益方面，美股三大指数集体上涨，科技巨头业绩超预期支撑风险偏好。欧洲市场德国DAX、法国 CAC表现较好。亚洲市场分化相对显著，新兴市场中越南、印度、巴西等涨跌互现。CBOE波动率指数 （VIX）下跌超10%，市场恐慌情绪降温。 商品方面，各品种承压明显。能源与工业金属领跌，贵金属随美元走强而回调，COMEX黄金仍收报于 3300美元/盎司上方。农产品方面，仅生猪期货上涨，BDI 干散货因中国进口需求而有所波动。 图 一周摘要 图 行业板块： 上周Wind一级平均涨幅0.17%，Wind百大概念指数上涨比例67%。板块方面，环保、医药 生物、国防军工相对表现良好，分别上涨3.42%、2.21%、2.13%，计算机、传媒、交通运输、通信等小 幅上行，而有色金属、 ...

Trade and Policy Updates - The U.S. has extended the tariff exemptions on certain products related to the Section 301 investigation into China's practices regarding technology transfer, intellectual property, and innovation, now set to expire on August 31, 2025, instead of May 31, 2025 [1] Aviation Industry - Starting from June 5, 2025, domestic airlines will adjust the fuel surcharge for passenger transport, with routes under 800 kilometers exempt from the surcharge, while those over 800 kilometers will incur a fee of 10 yuan per passenger per segment [2] Artificial Intelligence Sector - The 2025 Global Artificial Intelligence Technology Conference (GAITC 2025) will be held in Hangzhou on June 7-8, focusing on themes of "crossing, integration, mutual growth, and win-win" [4] - CITIC Securities reports that the process of re-evaluating the value of China's technology industry is ongoing, recommending investors to pay attention to the expansion of the AI ecosystem and the investment opportunities arising from its application in various sectors [4] Nuclear Energy Sector - The Second Tianfu Nuclear Fusion Forum will take place in Chengdu on June 5-6, highlighting the growing global focus on energy security and the increasing demand for electricity [5] - Zhongtai Securities emphasizes the advantages of controlled nuclear fusion over fission, including a more abundant fuel supply, higher energy density, and greater safety [5] - Key projects in China include CFETR, BEST, and HL-3, with ongoing construction of hybrid reactors like "Spark One" and Z-ZFR [5] Stock Market and Share Unlocking - This week, 38 companies will have their locked shares released, totaling 2.276 billion shares with a market value of 26.666 billion yuan, a significant increase of 122.18% compared to the previous week [7] - The largest unlock is from Chip导科技, with a value of 4.259 billion yuan, accounting for 15.97% of the total unlock this week [7][8] New Stock Listings - Only one new stock, Haiyang Technology, is available for subscription this week, with an IPO price of 11.50 yuan and a subscription limit of 14,500 shares [10] Market Outlook - Galaxy Securities suggests that the A-share market may continue to experience fluctuations, with a focus on external tariff changes and domestic policy implementation [14] - The report highlights three main investment themes: high-margin assets, technology sector opportunities, and consumer sectors boosted by policy support [14] - Xingzheng Strategy indicates that the market may see a shift towards technology growth stocks in June, as historical trends suggest a favorable performance for this sector during this period [15]

端午小长假第二天，6月1日，多家车企公布了5月份销量或交付量数据，不少家同比出现翻倍大增长。行业竞争激烈，近日工信部、中汽协纷纷发声，或 为产业带来一些变化。 // 5月多家新能源车销量大增 // 6月1日，多家车企发布5月销售或交付量数据，Wind统计显示，目前公布的品牌中，5月比亚迪新能源车销量遥遥领先为38.25万辆，同比增长15.27%。紧 随其后吉利5月销量达23.52万辆，同比增长46%。其中，新能源车型销量为13.8万辆，同比增长135%。而5月销量大幅增长超过100%的也不少，有小鹏、 阿维塔、零跑和岚图四大品牌。 // 行业热搜不断 // 6月1日，雷军发布微博称，2025年5月小米su7交付量超28000台。我们正在全力为小米yu7大规模量产做准备，预计7月份量产。 此前，据《证券时报》报道，在2025未来汽车先行者大会上，余承东称："大家看到，从其他行业来的这个公司只做一款车就卖爆了。虽然它的产品可能 不是那么好，但卖得很爆，无论它的质量，甚至它的智驾能力都很……就因为他有强大的品牌能力、流量能力"。外界解读为余承东所指为小米。 // 官方纷纷发声 // 行业激烈的竞争下，近日工信部、中 ...

Core Viewpoint - The U.S. Trade Representative's Office has extended tariff exemptions on certain products related to China's practices in technology transfer, intellectual property, and innovation until August 31, 2025, based on public feedback and ongoing assessments [1][3]. Group 1: Tariff Exemptions - The extension of exemptions includes 164 items previously extended in May 2024 and an additional 14 items added in September 2024, now further extended by three months [3]. - The decision was influenced by public comments received regarding the December 29, 2023 announcement and ongoing evaluations during the four-year review process [3]. Group 2: Background on Section 301 Tariffs - Section 301 tariffs stem from the U.S. Trade Act of 1974, allowing the U.S. Trade Representative to investigate foreign trade practices deemed "unreasonable or discriminatory" and impose retaliatory measures such as increased tariffs [5]. - During the Trump administration, four rounds of Section 301 tariffs were imposed on China, with the first three rounds seeing a 25% increase and the fourth round a 7.5% increase, leading to an average weighted tariff rate of 19.3% in early 2020 [5]. - By the end of 2024, the average weighted tariff rate is projected to decrease to 10.7%, despite ongoing trade tensions and unresolved issues regarding these tariffs [5].

Core Insights - Wind continues to provide high-quality online courses globally, with a focus on financial education and data processing [1][2][3] Course Offerings - Upcoming courses in June 2025 include topics such as AI in asset allocation, risk management, and corporate ESG strategies [2][5] - Specific courses include "Alice Smart Data Extraction" on June 5, "AI Empowerment in Practice" on June 12, and "How can enterprises win the favor of capital by leveraging ESG ratings?" on June 26 [2][3] Regional Economic Features - Special topics on regional economic data analysis will be offered, including an analysis of the Indian market and economic data in Hindi on June 4, and a multidimensional analysis of economic data in Korean on June 25 [3][5] Highlights from Previous Month - A recap of May's highlights is available, showcasing the key themes and insights from the previous month's courses [4] Engagement and Participation - Participants are encouraged to scan a QR code to register for courses and access live broadcasts and replays, emphasizing the interactive nature of the training [1][6][7]

Core Insights - Wind is providing high-quality online courses for global users, with regular live sessions scheduled for June 2025 [1] Group 1: June Course Preview - The upcoming courses include topics such as AI-enabled customer acquisition and risk management, scheduled for June 5, 12, 19, and 26 [2] - Regional economic analysis sessions will be held in various languages, including Hindi, Japanese, and Korean, focusing on the application of Wind's financial terminal [2] Group 2: May Highlights - Previous sessions included discussions on credit bonds in a low-interest environment and the integration of AI with Wind's data for global asset allocation [3] - The training series aims to provide insights into global financial market trends and enhance data processing experiences [3] Group 3: Course Schedule - A detailed weekly schedule outlines the specific topics and languages for each session, emphasizing the diverse offerings available to participants [4][5] - The courses are designed to help participants leverage Wind's tools and insights for better decision-making in finance [5]

Domestic Investment News - Public funds frequently purchase newly issued funds, demonstrating market confidence with real capital. This trend reflects fund companies' confidence in their research capabilities and product performance, especially in a volatile equity market [2][3] - The market-oriented pension system is being developed with a dual approach to create a new industry ecosystem. By 2029, a robust pension service network is expected to be established, supported by a 500 billion yuan loan from the People's Bank of China to enhance credit support for service consumption and pensions [2][3] - The scale of public funds in China has surpassed 33 trillion yuan for the first time, reaching 33.12 trillion yuan as of the end of April, marking a growth of 898.5 billion yuan from the end of March [3] International Investment News - The U.S. Court of Appeals has temporarily suspended a ruling that blocked Trump's global tariff imposition, pending further consideration [5] - U.S. stock funds faced significant outflows due to concerns over rising debt and interest rates, with investors withdrawing 11 billion dollars in the week ending May 21, reversing a previous inflow of 13.6 billion dollars [5] - The UK government plans to merge multiple pension schemes into a "super fund" by 2030, targeting an asset scale of at least 25 billion pounds (34 billion dollars) to increase investment in the economy [5] Market Overview - Major stock indices in China experienced declines, with the Shanghai Composite Index down 0.47% to 3347.49 points, and the Shenzhen Component Index down 0.85% [7] - The overall fund market showed weak performance, with most fund indices recording negative returns during the week [10] Fund Market - A total of 26 new funds were issued this week, including 18 equity funds, 6 bond funds, and 2 mixed funds [12] - The fund market indices showed a slight decline, with the total index down 0.14% for the week [11] Banking Wealth Management Market - The number of newly issued bank wealth management products reached 617, with a total establishment scale of approximately 1136.62 billion yuan, a decrease of 5.84% from the previous week [17]