Core Insights - The article provides an overview of the financing events in the primary market, highlighting a total of 125 financing events this week, with a total amount of approximately 3.966 billion yuan, which is an increase of 138 million yuan compared to the previous week [4][5]. Financing Overview - This week, there were 65 disclosed financing events, a decrease of 15 from the previous week. The distribution of financing amounts remained relatively stable, with 19 events exceeding 100 million yuan [5][12]. - The financing events involved 13 industries, with the top five being Information Technology, Equipment Manufacturing, Electronics, Healthcare, and Consumer Goods & Services, accounting for 69.60% of total events [12][14]. Notable Financing Events - Noteworthy financing events include: 1. Chengrui Electric Technology completed a B+ round financing of several hundred million yuan, led by Yinshi Capital [7]. 2. Digua Robot raised 100 million USD in an A round financing, with participation from multiple investment institutions [8]. 3. Hongxing Zhixin secured 143 million yuan in A round financing, focusing on integrated circuit chip manufacturing [8]. 4. Haobo Pharmaceutical raised 50 million USD in B+ round financing for clinical development of RNA drugs [8]. Industry Distribution - The top five industries by financing amount this week were Equipment Manufacturing, Healthcare, Electronics, Materials, and Information Technology, totaling 3.364 billion yuan, which is 84.83% of the total financing amount [14][18]. Regional Distribution - The regions with the highest number of financing events were Guangdong, Jiangsu, Shanghai, Zhejiang, and Beijing, accounting for 70.40% of total events. In terms of financing amount, these regions accounted for 88.49% of the total [18][20]. Financing Rounds - The most active financing rounds this week were Angel and A rounds, totaling 81 events, with early-stage financing (A round and earlier) accounting for 65.60% of the total [23][25]. Investment Institutions - A total of 145 investment institutions participated in financing this week, with notable activity from Yuanhe Holdings and Sequoia China [26]. Exit Situation - There were 35 public exit cases this week, an increase of 2 from the previous week, with the equipment manufacturing sector leading in exit cases [31][32].

Group 1 - The article highlights the importance of enhancing education quality and optimizing higher education structures in China, driven by technological development and national strategic needs [2] - China's manufacturing PMI for May is reported at 49.5%, indicating a slight improvement, while the non-manufacturing PMI is at 50.3%, showing a minor decline [2] - Hong Kong has officially enacted the "Stablecoin Regulation," establishing a licensing system for stablecoin issuers, which aims to promote financial innovation while maintaining stability [2] Group 2 - The U.S. plans to increase tariffs on imported steel from 25% to 50%, effective June 4, prompting the EU to consider expanding countermeasures [3] - The Ministry of Transport in China emphasizes the need for comprehensive reforms in the transportation sector to enhance high-quality development [4] - The sales revenue of private enterprises in China increased by 3.6% year-on-year in the first four months, outpacing the national average [4] Group 3 - Hong Kong's IPO market raised over 56 billion HKD in May, the highest monthly amount since March 2021, with a total of 77.4 billion HKD raised so far this year [5] - The innovative drug sector is experiencing significant interest, with multiple companies receiving attention from institutional investors [5] Group 4 - The price war among new energy vehicle companies is intensifying, with calls for fair competition and regulatory oversight to ensure market stability [6] - A report by Mary Meeker highlights unprecedented growth in AI development and adoption, with significant implications for the industry [6] - The AI unicorn Builder has been exposed for fraudulent practices, raising concerns about the integrity of AI investments [7] Group 5 - The top 100 real estate companies in China saw a 10.8% year-on-year decline in sales in the first five months, with a 17.3% drop in May alone [7] - Jiangsu province has introduced measures to support home purchases for families with multiple children, aiming to stabilize the real estate market [8] Group 6 - The U.S. Federal Court has blocked the Trump administration's plans for large-scale federal employee layoffs, impacting government restructuring efforts [12] - The EU is set to propose a greenhouse gas reduction target of 90% by 2040 compared to 1990 levels, allowing flexibility for member states [13] Group 7 - Adani Energy Solutions in India plans to raise approximately 5.02 billion USD through a qualified institutional placement [14] - The People's Bank of China has not conducted treasury bond operations for five consecutive months, with expectations to resume in July or August [15] Group 8 - OPEC+ has agreed to increase oil production by 411,000 barrels per day in July, marking the third consecutive month of production increases [16] - Malaysia's palm oil exports in May increased by 17.9% month-on-month, indicating a positive trend in the commodity market [17]

据了解，《稳定币条例》实施后，任何人在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳定币，必须向香港金融管理专员申领牌 照。相关人士须符合储备资产管理及赎回等方面的规定，包括妥善分隔客户资产、维持健全的稳定机制，以及须在合理条件下按面额处理稳定币持有人的 赎回要求。相关人士亦须符合一系列打击洗钱及恐怖分子资金筹集、风险管理、披露规定及审计和适当人选等要求。 香港金融管理局总裁余伟文表示："条例建立了一个风险为本、务实和灵活的监管制度。我们相信稳健和适切的监管环境可以缔造有利条件，支持香港稳 定币以至数码资产生态圈的健康、负责任和可持续发展。" 香港特别行政区政府于5月30日在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例。 此前，香港立法会已经在5月21日正式通过该条例草案，用以在香港设立"法币稳定币" (挂钩法定货币的稳定币)发行人的发牌制度。该法例旨在推动金融 创新的同时保持金融稳定，并标志着香港在数字资产领域迈出了重要的一步。 稳定币法案的进展一览： // 《稳定币条例》主要内容 // （Wind综合证券时报、每日经济新闻） Wind金融终端输入命令 // 有何影响？ // ...

Group 1 - The 2025 Lujiazui Forum will be held from June 18 to 19, with major financial policies to be announced by central financial management departments [2] - BYD's brand and public relations manager responded to concerns about the automotive sector, asserting that Chinese automakers have better financial health than foreign counterparts [2] - The U.S. Federal Circuit Court temporarily reinstated tariffs from the Trump administration, with plans for a "Tariff B Plan" that could impose broad tariffs globally [3] Group 2 - U.S. Treasury Secretary stated that U.S.-China trade negotiations are somewhat stalled, while China firmly opposes U.S. technology restrictions [3] - The Ministry of Human Resources and Social Security in China is promoting a skills-oriented salary distribution system for state-owned enterprises [3] - In April, China's international balance of payments showed a trade surplus of $46.2 billion, with exports of $326.5 billion and imports of $280.3 billion [3] Group 3 - The Shanghai Stock Exchange announced sample adjustments for indices, including the addition of several companies to the CSI 300 and CSI 500 indices [5] - Ping An Asset Management has been approved to establish a private fund with an initial scale of 30 billion yuan, focusing on quality listed companies [5] - The Hong Kong Stock Exchange's "Tech Company Direct Line" initiative has received a positive market response, leading to ongoing discussions on listing system optimization [6] Group 4 - The China Securities Regulatory Commission approved the IPO registration of Tianfulong on the Shanghai Stock Exchange [7] - BOE's founder is set to launch an IPO for his new company, which focuses on RISC-V architecture chips [7] - Shenzhen-led robotics company has submitted an application for listing, being recognized as a leader in visual perception technology [7] Group 5 - The People's Bank of China conducted a 7-day reverse repurchase operation, injecting liquidity into the market [22] - In April, the bond market issued a total of 78,010 billion yuan in various bonds, with government bonds accounting for 14,683 billion yuan [22] - The U.S. Treasury yields mostly fell, with the 2-year yield down 3.7 basis points to 3.898% [23] Group 6 - International gold futures fell by 0.92% to $3,313.10 per ounce, influenced by market uncertainties [24] - Oil prices weakened, with WTI crude oil down 0.25% to $60.79 per barrel amid OPEC+ production discussions [24] - The London base metals market saw most prices decline, with LME tin down 3.22% to $30,230 per ton [25]

5 月 30 日晚间，央行发布公告称， 2025 年 5 月以固定数量、利率招标、多重价位中标方式开展了 7000 亿元买断式逆回购操作，其中， 3 个月（ 91 天）操作量 4000 亿元， 6 个月（ 182 天）操作量 3000 亿 元。 在业内人士看来，买断式逆回购缩量续作，并非央行收紧流动性的信号，或意在对冲到期压力，避免流 动性过度投放。 // 缩量续作 // 根据央行公告，从 2024 年 10 月至 2025 年 5 月期间，央行共开展 8 次买断式逆回购操作，规模分别为 5000 亿元、 8000 亿元、 14000 亿元、 17000 亿元、 14000 亿元、 8000 亿元、 12000 亿元、 7000 亿 元。 为维护银行体系流动性合理充裕，进一步丰富央行货币政策工具箱，自 2024 年 10 月，央行决定启用公 开市场买断式逆回购操作工具。 操作对象为公开市场业务一级交易商，原则上每月开展一次操作，期限不超过 1 年。公开市场买断式逆 回购采用固定数量、利率招标、多重价位中标，回购标的包括国债、地方政府债券、金融债券、公司信 用类债券等。 目前看，我国货币政策工具箱中工具较为丰富 ...

Macro Insights - The 2025 Lujiazui Forum will announce several major financial policies, with key speeches from the Governor of the People's Bank of China and the Deputy Governor [3] Bond Market Alerts - Jilin Credit Financing Guarantee Investment Group disclosed three major litigation cases involving financial loan contract disputes, indicating that the company is operating normally and its financial status is good [5] - Zhaoyang Urban Construction Investment Co., Ltd. is listed as an executor in two cases due to loan contract disputes, with liabilities totaling 65 million yuan [6][14] - China Huayang Economic and Trade Group failed to pay due on bonds, leading to substantial default, with the bankruptcy administrator announcing criminal charges against the issuer [8] - Gansu Energy Chemical's coal mine experienced a flooding accident, resulting in three fatalities, raising concerns about safety management and profitability due to falling coal prices [9] - Xi'an New District's project revenue significantly underperformed expectations, with actual income of 8.1 million yuan against a forecast of 260.2 million yuan, although it has not adversely affected the company's debt repayment ability [10] Stock Market Alerts - The China Securities Index Company announced regular adjustments to the CSI 300 and other indices, with several companies being added to the indices [16] - BYD's management refuted claims that it is akin to "Evergrande in the auto industry," asserting that mainstream Chinese automakers have better asset-liability situations compared to foreign counterparts [19] - ST Dongshi is under investigation by the China Securities Regulatory Commission for suspected information disclosure violations [20] - ST Tianyu's actual controller is under investigation for fund misappropriation, but it is not expected to significantly impact the company's operations [21] - ST Jinglan is also under investigation for information disclosure violations, with no major impact on daily operations anticipated [22] - ST Yazhen warned of potential stock price volatility after a significant increase of 93.14% in its stock price [23] Industry Alerts - Major pig farming companies have received notifications to suspend the expansion of breeding sows and control the weight of pigs for sale, indicating regulatory tightening in the industry [41] - The Ministry of Industry and Information Technology reported a 10.8% year-on-year decline in profits for internet enterprises from January to April, despite a 1.5% increase in internet business revenue [42]

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on May 29, with a fixed rate of 1.40% and a total amount of 266 billion yuan, resulting in a net injection of 111.5 billion yuan for the day after accounting for maturing reverse repos [2]. Group 2: Funding Conditions - The funding environment remains loose, with a slight decrease in overnight pledged repo rates and a rise of over 2 basis points in 7-day pledged repo rates [4]. - The latest overnight financing rate in the U.S. is reported at 4.31% [6]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market is around 1.72%, showing little change from the previous day [7]. Group 4: Major Interbank Bond Yield Rates - The yield rates for various government bonds are as follows: - 1Y: 1.4750% - 2Y: 1.4850% - 3Y: 1.5100% - 5Y: 1.5525% - 7Y: 1.6400% - 10Y: 1.6875% [9]. Group 5: Recent City Investment Bonds - The trends and data regarding the yield spreads of AAA-rated city investment bonds across different maturities were discussed [10]. Group 6: Government Bond Futures - The closing prices for government bond futures indicate a decline: - 30-year main contract down 0.65% - 10-year main contract down 0.26% - 5-year main contract down 0.15% - 2-year main contract down 0.06% [13]. Group 7: Key News Insights - The Ministry of Commerce spokesperson indicated ongoing communications between China and the U.S. regarding trade concerns, particularly around semiconductor export controls [14]. - The National Bureau of Statistics is working on guidelines for data element applications to enhance digital infrastructure [14]. Group 8: Global Macro Developments - The International Trade Court in Manhattan has blocked Trump's "liberation day" tariffs, ruling that he overstepped his authority [16]. Group 9: Bond Market Events - The Ministry of Finance plans to issue 71 billion yuan in long-term special government bonds [19]. - The issuance of Sci-Tech bonds has exceeded 300 billion yuan in 20 days, with significant contributions from banking institutions [19].

Core Viewpoint - The article emphasizes the establishment and enhancement of a market-oriented resource and environmental element allocation system, aiming for a more active and efficient trading market by 2027, particularly focusing on carbon emissions, water rights, and pollution rights [34]. Group 1: Market Mechanisms and Regulations - By 2027, the trading systems for carbon emissions rights, water rights, and pollution rights will be fundamentally improved, enhancing the market's ability to allocate resources efficiently and effectively [3]. - The article outlines the need to optimize the allocation and transfer systems for resource and environmental elements, including carbon emissions rights and water rights, to promote market liquidity [34]. - It highlights the importance of integrating various trading systems, such as carbon emissions trading and pollution permits, to facilitate smoother transactions and better resource management [9][35]. Group 2: Financial Support and Green Finance - The article discusses the establishment of a financial support system to encourage the development of green financial products, such as green credit and insurance, which will support the trading of carbon emissions rights and water rights [38][26]. - It suggests that the value of carbon assets will become more prominent, leading to the potential introduction of carbon financial products like carbon futures and carbon pledge loans, which could enhance market liquidity [38]. Group 3: Industry Impacts - The renewable energy sector, particularly wind, solar, and energy storage companies, is expected to benefit from the integration of carbon markets and green electricity trading [40]. - The demand for water-saving technologies, such as efficient irrigation and water recycling, is anticipated to experience significant growth due to the new policies [41]. - The environmental monitoring industry is likely to see a surge in demand for carbon emission accounting and pollution monitoring services, presenting opportunities for third-party service providers [42].

Group 1 - The U.S. Court of Appeals has suspended a ruling that blocked Trump's global tariffs, with considerations for further extensions ongoing [2] - The U.S. Department of Commerce stated that communication between China and the U.S. regarding trade concerns has been maintained at multiple levels since the Geneva trade talks [2][3] - The Chinese Ministry of Foreign Affairs condemned the U.S. decision to revoke student visas for Chinese students, asserting it harms their legitimate rights [2] Group 2 - The Central Committee of the Communist Party of China and the State Council issued opinions to improve the market-oriented allocation system for resource and environmental factors by 2027 [3] - The Chinese Ministry of Commerce emphasized the need to address structural contradictions in certain sectors despite ongoing financial policy measures [3] - The Ministry of Commerce held a meeting to promote the construction of intelligent supply chains, focusing on digital economy and AI opportunities [3] Group 3 - Shanghai Customs reported that the city's foreign trade import and export value reached 1.4 trillion yuan in the first four months of the year, a 1% year-on-year increase [4] - The China Light Industry Federation indicated that revenue for large-scale light industry enterprises reached 7.35 trillion yuan, with a 4.9% year-on-year growth [4] Group 4 - A-shares experienced a strong performance with over 4,400 stocks rising, particularly in sectors like autonomous driving and AI hardware [5] - The Hang Seng Index closed up 1.35%, with significant gains in stablecoin and pharmaceutical stocks [5] Group 5 - Li Auto reported Q1 revenue of 25.9 billion yuan, a 1.1% year-on-year increase, but a 20.5% decline in adjusted net profit [6] - Shanghai Linqingxuan Biotechnology submitted a prospectus for an IPO, potentially becoming the first high-end skincare stock in Hong Kong [6] Group 6 - The U.S. government has effectively cut off certain semiconductor technology exports to China, impacting companies like Synopsys and Cadence [8] - China's fusion device has achieved new records in plasma current and ion temperature, marking significant progress in fusion research [8] Group 7 - The U.S. initial jobless claims rose by 14,000 to 240,000, the highest level since November 2021, indicating labor market challenges [13] - The U.S. first-quarter GDP was revised to a 0.2% contraction, with consumer spending growth significantly downgraded [13] Group 8 - The U.S. Federal Reserve's statement indicated that future monetary policy will depend on upcoming economic data [13] - The U.S. housing market showed signs of weakness, with a 6.3% drop in the pending home sales index, the largest decline since September 2022 [14]

Macro Insights - The U.S. has decided to revoke student visas for Chinese students linked to the government or studying in key fields, which has been criticized by China's Foreign Ministry as a discriminatory act that harms the rights of Chinese students and disrupts cultural exchanges between the two countries [3] - The U.S. economy shrank by 0.2% in the first quarter, marking the first decline in three years, attributed to the impact of the trade war initiated by former President Trump [29] Financial Alerts - Several banks have begun to withdraw 5-year large-denomination certificates of deposit (CDs) as deposit rates are lowered, indicating a shift in banks' strategies to optimize deposit structures under pressure [35] - The average monthly cancellation of private fund managers has reached nearly 100, reflecting a trend of industry consolidation amid stricter regulations [34] Company Alerts - Li Auto reported a first-quarter adjusted net profit of 1.02 billion yuan, a year-on-year decline of 20%, with revenue of 25.93 billion yuan, a slight increase of 1.1% [16] - *ST Jinkang is set to face mandatory delisting due to significant violations, as determined by the China Securities Regulatory Commission [18] - *ST Modern has accumulated unresolved litigation involving 57.44 million yuan, representing 17.09% of its latest audited net assets [19] - Zhongke Xingtu has been suspended from participating in military procurement activities due to violations, which may impact its operations in the short term [20] - The debt restructuring of Country Garden is facing obstacles as key banks have not yet joined the restructuring agreement [14] Industry Alerts - The EU has initiated an anti-dumping investigation into Chinese tires, which has raised concerns from China's Ministry of Commerce about the negative impact of trade protectionism [38] - The domestic fuel surcharge for air travel will be adjusted starting June 5, with routes under 800 kilometers exempt from the surcharge [37] - IDC has significantly lowered its global smartphone shipment growth forecast for 2025 from 2.6% to 0.6%, citing economic uncertainties and reduced consumer spending [41]