Group 1: Economic Indicators and Policies - The National Bureau of Statistics will release the PMI data for May on May 31 [1] - President Trump threatens to impose a 50% tariff on EU imports starting June 1, citing difficulties in trade negotiations [1] - The U.S. government has revoked Harvard University's international student enrollment eligibility, affecting approximately 6,800 international students [2] Group 2: Market Developments - Hong Kong Stock Exchange plans to increase position limits for Hang Seng Index futures and options products starting July 2, pending regulatory approval [2] - MSCI announced that CATL's H-shares will be included in the MSCI Global Standard Index and MSCI China All Shares Index starting June 2 [2] - The Central Cyberspace Affairs Commission has initiated a campaign to address malicious online activities targeting enterprises [2] Group 3: Industry Insights - The childcare industry in China faces a significant talent gap, with a projected market size of CNY 162.13 billion by 2025 and CNY 232.31 billion by 2030, growing at an annual rate of approximately 7.5% [4] - The data industry in China is expected to reach CNY 7.5 trillion by 2030, with efforts underway to build a national data infrastructure by 2029 [5] Group 4: Company News - BYD has launched a limited-time promotion offering subsidies of up to CNY 53,000 on 22 models of its smart driving vehicles [7] - Xiaomi is preparing to showcase the YU7 vehicle, with display units expected to arrive at stores soon [8] - Huawei will hold a launch event for the Honor S800 on May 30 [9] Group 5: Stock Market Developments - A total of 46 companies will have their restricted shares released this week, amounting to 524 million shares with a total market value of CNY 16.574 billion [11] - The peak of share unlocks is on May 30, with seven companies releasing shares worth a combined CNY 6.463 billion [11][12]

上周，日本国债拍卖结果不理想，长债收益率飙升，间接导致美债抛售引发市场恐慌，压制全球股市表现。本周，美债竞拍日程密集，最关键的是本周三 40年期日债竞拍，全球市场屏息以待！ 日本央行行长植田和男将于5月27日发表讲话，市场会密切关注他是否会释放进一步加息或调整国债购买政策的信号。 // 密切关注日本！ // 具体而言，定于本周竞拍的美债偏向于中短期，预计需求不会像上周的拍卖的长债那样惨淡。不过，日本财务省还将拍卖5000亿日元40年期日债，并在周 五发行2.6万亿日元的2年期日债。 日债收益率飙升，是美债市场面临的最大的压力之一。Wind数据显示，40年期日债收益率已飙升自2007年11以来最高水平。 | W | | 日本:国债利率:40年 ⑦ | | | | --- | --- | --- | --- | --- | | 3.3360 | 环比 | 1.09% | 同比 | 44.98% | | 2025-05-22 | 前値 | 3.3000 | 预期 | | | 最近日期:2025-05-23 | | | | 频率:日 | | 年初至今 近1年 | | 近3年 | 近5年 | 実部 | | 叠加 | | ...

// 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 1. 公开市场操作 央行公告称，5月23日以固定利率、数量招标方式开展了1425亿元7天期逆回购操作，操作利率1.40%，投标量1425亿元，中标量1425亿 元。Wind数据显示，当日1065亿元逆回购到期，据此计算，单日净投放360亿元。当周央行公开市场全口径净投放1.2万亿元。 Wind数据显示，本周央行公开市场将有9460亿元逆回购到期，其中周一至周五分别到期1350亿元、3570亿元、1570亿元、1545亿元、 1425亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期开始走款，存款类机构隔夜和七天质押式回购利率双双上行，前者上行近9个bp，后者上行2个bp。交易员称，MLF大幅超量续做，也 可能是部分替代了买断式逆回购操作，因此减少了对流动性助力。 海外方面，最新美国隔夜融资担保利率为4.26%。 （IMM） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在1.7%附近，较上日上行超1个bp。 （*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涨跌不一。 | ...

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Core Viewpoints - The recent LPR reduction and deposit rate cuts are part of a broader monetary easing policy, with limited impact on bank interest margins expected in the short term [3][21][22] - The small-cap stocks are likely to continue outperforming due to a lack of systemic risk in the capital market and improving risk appetite [6][25] - The aerospace sector is expected to benefit from increased military spending and China's growing share in the global arms trade [13] Interest Rate and Monetary Policy - The LPR was lowered for the first time this year, with the 1-year rate dropping to 3% and the 5-year rate to 3.5%, both down by 10 basis points [3] - Major banks have also reduced deposit rates, with cuts ranging from 5 to 25 basis points, indicating a shift in the monetary policy landscape [3][21] - The impact of these rate cuts on bank net interest margins is expected to be limited, as the trend of deposit rates falling faster than loan rates continues [3][21] Equity Market Insights - Citic Securities highlights that uncertainty surrounding Trump’s policies remains a key factor in asset allocation, with a focus on potential shifts towards domestic policies [5] - The Hong Kong stock market is currently lacking catalysts for upward movement, with external uncertainties and insufficient internal momentum [7] - The small-cap stock trend is expected to persist, supported by a favorable liquidity environment and ongoing economic transformation [6] Industry Research - The aerospace and defense sector is poised for growth due to rising global military expenditures and China's technological advancements in military equipment [13] - The U.S. nuclear energy sector has seen a surge following policy changes, which may influence the domestic nuclear power industry positively [14] - A balanced investment approach is recommended, with optimism for AI and high-end manufacturing sectors amid ongoing uncertainties in U.S.-China trade relations [15] Macro and Fixed Income - The recent deposit rate cuts are not expected to significantly disrupt the funding landscape before 2024, with limited effects on market liquidity anticipated [21] - Short-term interest rate bonds are seen as having strong investment value due to the downward pressure on rates from deposit rate cuts [22] - Gold is viewed as a strategic asset in light of ongoing uncertainties in U.S. policies and potential dollar weakness, suggesting a diversified approach to asset allocation [23]

图片 一周摘要 图片 市场概况： 上周 （5月19日至5月23日）A 股市场回调显著，低估值蓝筹防御性优势显现， 上证 50、沪深 300 微跌 0.18%；中证 500、中证 1000 分别下跌 1.10%、1.29%，中小 盘股受流动性波动影响更大。全周上证、深证、创业板指分别跌 0.57%、0.46%、0.88%， 仅中证红利微涨 0.15%，高股息策略成资金 "避风港"。 行业板块： 上周 Wind一级平均跌幅0.28%。板块方面，Wind百大概念指数上涨比例49%， 医药生物、综合、有色金属相对表现良好，分别上涨1.78%、1.41%、1.26%，家用电器、 煤炭、轻工制造等小幅上行，而通信、机械设备、计算机则明显走弱，分别下跌2.31%、 2.48%、3.02%。 基金发行： 上周合计发行26只，其中股票型基金发行19只，混合型基金发行2只，债券型基 金发行5只，总发行份额158.20亿份。 基金表现 ： 上周 万得全基指数下跌0.02%。其中，万得普通股票型基金指数上涨0.13%， 万得偏股混合型基金指数上涨0.07%，万得债券型基金指数上涨0.06%。 图片 一周市场 图片 01 全球大类资产 ...

Core Viewpoint - The article provides an overview of the financing events in the primary market, highlighting the increase in both the number of financing events and the total financing amount compared to the previous week, indicating a growing interest in investment opportunities across various sectors [4][12]. Financing Overview - As of May 23, 2025, there were 130 financing events reported, an increase of 42 events from the previous week, with a total financing amount of approximately 3.828 billion RMB, up by 749 million RMB [4]. - Among these events, 19 had financing amounts of 100 million RMB or more, which is an increase of 3 events from the previous week [4]. - There were 33 public exit cases this week, remaining stable compared to last week [4]. Financing Amount Distribution - A total of 80 financing events disclosed their amounts, with the distribution as follows: - 8 events under 5 million RMB (up by 4) - 39 events between 5 million and 10 million RMB (up by 10) - 11 events between 10 million and 50 million RMB (down by 2) - 19 events between 50 million and 100 million RMB (up by 7) - 3 events between 100 million and 500 million RMB (down by 2) - No events above 500 million RMB [5]. Notable Investment Events - **Satellite Operations**: Penghu Wuyu completed nearly 100 million RMB in Series A financing, led by Wuxi Liangxi Kechuang Industry Mother Fund and Wuxi Liangxi Aerospace Investment Fund, to expand its global operations in satellite IoT [7]. - **Organoids**: Chuangxin International raised nearly 100 million RMB in Series B financing, led by Yueke Fund and Donghai Investment, to accelerate the development of organoid technology [7]. - **Resource Recovery**: Zhongwu Industry Operations secured 500 million RMB in Series A financing to enhance its procurement network and improve supply chain efficiency [8]. - **AI Chips**: Blue Core Computing raised over 100 million RMB in equity financing, with participation from multiple investment institutions, focusing on high-performance chip design [8]. Industry Distribution - The financing events spanned 14 industries, with the top five being: - Healthcare: 28 events - Electronics: 25 events - Information Technology: 19 events - Equipment Manufacturing: 14 events - Consumer Goods and Services: 14 events - These five industries accounted for 76.15% of all financing events [12]. Financing Amount by Industry - The top five industries by financing amount were: - Healthcare: 32.07 million RMB (83.76% of total) - Information Technology: Significant contributions from Whale and other major events - Consumer Goods and Services - Electronics - Equipment Manufacturing - The healthcare sector led with a high number of large financing events [14]. Regional Distribution - The top five regions for financing events were: - Jiangsu: 29 events - Guangdong: 22 events - Zhejiang: 22 events - Beijing: 16 events - Shanghai: 9 events - These regions accounted for 75.38% of all financing events [17]. - In terms of financing amount, Zhejiang led with 829.59 million RMB, influenced by significant events [17]. Financing Rounds - The most active financing rounds were Angel and Series A, totaling 74 events, with Series B ranking third at 23 events [22]. - Series A financing accounted for 37.16% of the total financing amount, followed by strategic financing at 16.09% [22]. Investment Institutions - A total of 129 investment institutions participated in financing activities, with notable activity from Beijing Guoguan and Shenzhen Capital Group [25]. Exit Situation - There were 33 public exit cases, with the healthcare sector leading in the number of exits, followed by materials and electronics [30][31].

息，20万元起存、2年期的大额存单利率大概率将下调30个基点， 从2.4%下调至2.1%； 3年期定期存款（新客户专享）利率大概率将下调40个基 点， 从2.6%下调至2.2%。 3、 今年上半年，已有多个省份提出要严加管理专项债资金使用的管理，要求发行新增专项债项目要有公开的招标公告、中标通知书、施工合同以 及国有土地使用证等。 财政部监管局也将其作为管理重点。中央财经大学中财-安融地方财政投资研究所执行所长温来成表示，若是严格管理专项 债资金，应该加强上级转移支付资金的及时到位，防止"三保"出现问题。 1、交通运输部部长刘伟在京会见土耳其交通和基础设施部部长阿卜杜拉卡迪尔·乌拉尔奥卢，双方就共同关心的问题深入交换意见。 刘伟 指出，中方愿同土方一道，尽快成立交通运输联合工作组，进一步深化国际道路运输、绿色航运走廊等方面务实合作， 推动两国交通运输 合作再上新台阶。 2、第二十五届中国国际投资贸易洽谈会组委会第一次工作会在福建省福州市召开。 投洽会由商务部主办，是以投资为主题的国家级平台， 也是"投资中国"标志性展会。 第二十五届投洽会将于9月8—11日在厦门举办，英国将担任主宾国，江苏省将担任主宾省。 1 ...

4. 理财规模突破 31 万亿元， " 存款搬家 " 效应显现 。 截至 5 月 20 日，理财总规模达到约 31.3 万亿元，较年初增长约 1.6 万亿元。短期限产品成为规模增长的主力，显示出 " 存款替 代 " 效应正在加速。这一趋势反映了投资者在低利率环境下寻求更高收益的需求，同时也对银 行的存款业务构成挑战 。 // 国际投资要闻 // 我国最新一期 LPR 出炉， 1 年期降至 3% ， 5 年期以上降至 3.5% 债基发行再度升温，基金经理调研路演忙不停 公募降费积极效应显现，低费率基金数量超过千只 理财规模突破 31 万亿元， " 存款搬家 " 效应显现 高盛：对冲基金一季度增持中概股 美国遭股债汇"三杀"，减税法案引发市场动荡" 1. 高盛：对冲基金一季度削减美股科技七巨头仓位，增持中概股 。 高盛策略师表示，对冲基 金在第一季度削减了美股"科技七巨头"，同时增持了中概股。美国对冲基金持有的最受欢迎的 中概股包括阿里巴巴、拼多多、百度和京东 。 2. 美国遭股债汇"三杀"，减税法案引发市场动荡 。 由于投资者对大规模减税法案感到不安， 美国遭股债汇"三杀"。 5 月 21 日，美国三大股指全线 ...

Group 1 - The People's Bank of China and the State Administration of Foreign Exchange plan to improve the management of funds raised by domestic companies for overseas listings, emphasizing that funds from overseas listings should generally be returned to the domestic market [2] - The Chinese government is encouraging foreign financial institutions, including Citigroup and Carlyle Group, to invest in China's capital market and deepen cooperation [3][4] - The actual use of foreign capital in China decreased by 10.9% year-on-year in the first four months of this year, with significant increases in investments from Japan, Switzerland, and the UK [4] Group 2 - The Hong Kong stock market saw a mixed performance, with the Hang Seng Index closing up 0.24% while the Hang Seng Tech Index fell 0.09% [6] - Major brokerages are optimistic about the A-share market's performance in the second half of the year, with technology and domestic consumption sectors being core investment directions [6] - Miniso reported a total revenue of 4.43 billion yuan in the first quarter, a year-on-year increase of 19%, with overseas revenue growing by 30% [7] Group 3 - The China Securities Regulatory Commission approved the IPO registration of Shandong Electric Power on the Shenzhen Stock Exchange [9] - The China Securities Regulatory Commission has agreed to the registration of aluminum alloy futures and options on the Shanghai Futures Exchange [24] - The first batch of 26 new floating rate funds has been registered with the CSRC and is expected to be offered to investors soon [10]