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]

Regulatory Actions - The China Securities Regulatory Commission (CSRC) issued three penalties, including a fine of 5 million yuan against the former chairman of Yan'an Bikan for financial fraud [21] - The Financial Regulatory Bureau is drafting new regulations to ensure transparency in asset management products of banks and insurance institutions [28] Market Monitoring - The Shanghai Stock Exchange is closely monitoring stocks with delisting risk and those with significant abnormal fluctuations, including *ST Jinguang and Zhongyida [13][14] - The Shenzhen Stock Exchange is also focusing on stocks with abnormal price movements, continuing to monitor *ST Yushun and others [14] Corporate Debt and Financial Health - China Construction Bank announced that the bondholder meeting for "23 Karamay MTN001" was not valid due to insufficient voting rights [5] - CIFI Group plans to offer a debt restructuring proposal with four options for bondholders, reflecting the company's current operational challenges [6] - Yixing Transportation Energy Group reported new borrowings exceeding 20% of its net assets, indicating financial strain [7] - Pan Hai Holdings announced a delay in the repayment of a $146.045 million private placement note until November 2025 [8] Industry Developments - The coal mining sector is experiencing increased production, with auction prices for coal significantly reduced, indicating supply pressure [33] - The Ministry of Public Security and other departments released a management method for national online identity authentication services, effective July 15, 2025 [34] - The State Council is pushing for a shift in food safety governance towards preventive measures and stricter regulations [35] Real Estate Market - The top 100 real estate companies in China have seen a 13% decrease in total land reserve value compared to the previous year, with 96% of these companies reporting a decline [37]

（1）人机交互与协同：外骨骼通过传感器实时感知人体运动意图，并通过算法预测动作，精准辅助人体运动。 以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 导读： 2025年五一假期期间，泰山、黄山、恩施大峡谷等多个景区为游客提供外骨骼机器人租赁服务，为游客提升旅行体验，受到广泛青 睐，并在社媒平台引发热议。近两年来，随着机器人与人工智能相关技术不断进步，外骨骼机器人的应用场景正不断拓宽，吸引市场关 注。外骨骼机器人有何特点？应用前景如何？赛道投融资情况如何？本文尝试分析和探讨。 01 外骨骼机器人特点 外骨骼机器人是一种结合外骨骼 结构和机器人技术的可穿戴智能设备，通过与人体运动系统的协同工作，增强或恢复人体的运动能力，其本质 是一种人机协作系统，帮助使用者完成更高效、更安全的动作，同时减轻体力负担。外骨骼机器人的主要特点如下： （2）轻量化与舒适性：采用碳纤维、钛合金等轻质材料，降低设备重量，便于携带和穿戴。 （3）智能化与自适应性：通过AI算法，外骨骼可学习用户习惯，动态调整辅助策略，例如智能识别用户是在平地行走还是爬楼梯，切换至不同 动力模式 ...

央行、外汇局联合发布《关于境内企业境外上市资金管理有关问题的通知（征求意见稿）》（以下简称 《征求意见稿》），进一步优化境内企业境外上市资金管理政策。 这一政策的出台，被视为中国资本市场高水平开放的又一重要举措。数据显示，今年以来有 5 家 A 股 公司成功在港交所上市，创近年新高，与此同时，还有数十家公司排队待发。 业内人士表示，随着《征求意见稿》的落地， A 股公司赴港上市的政策障碍进一步减少，预计 2025 年 下半年将迎来更多 "A+H" 案例。 // 政策核心要点 // 根据《征求意见稿》，境外上市募集资金、减持或转让股份等所得可以外币或人民币调回，相关资金均 可使用资本项目结算账户汇出入。以人民币调回的，还可使用境内企业人民币银行结算账户。境外上市 募集资金以外币调回的可自主结汇使用。境外上市募集资金、减持或转让股份所得资金原则上应汇回境 内，股东因增持汇出资金如有剩余或交易未达成时，应及时汇回境内。 政策核心要点如下： 资金调回更灵活： 企业可选择外币或人民币形式调回境外上市募资及减持收益，降低汇率风险。 结算账户选择多样化： 除资本项目结算账户外，人民币资金还可通过境内企业人民币银行结算账户汇 ...

// 欧美全线跳水 // 受特朗普言论影响，欧美股市跌幅扩大，截至发稿，纳指期货、标普 500 指数期货跌超 1% 。英国富时100 指数、德国 DAX 指数、法国 CAC40 指数跌超 1% 。 5月23日，美国总统特朗普 在其社交媒体上表示，建议自2025年 6 月 1 日起对欧盟直接征收 50% 的关税。 资金涌向避险资产，黄金直线暴涨，截至发稿，现货黄金日内涨超1.7%。 | W | | | 伦敦金现 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | SPTAUUSDOZ.IDC | | | | | | | 3350.970 | | 昨结 | 3294.490 | | 开盘 | | 3294.420 | | | +56.480 | +1.71% | 总量(kg) | 0.00 | | 现手 | | | 0 | | 最高价 | 3355.430 | 持 仓 | | 0 | 2 | 當 | 0.000 | | | 最低价 | 3286.765 | 增 仓 | 0 | | 内 | 花 | 0.000 | | ...

// 债市综述 // 1. 公开市场操作 央行 5 月 22 日以固定利率、数量招标方式开展了 1545 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1545 亿元，中标量 1545 亿元。 Wind 数据显示，当日 645 亿元逆回购到期，据此计 算，单日净投放 900 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 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 1.69% 附近，较上日变化不大。 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | ЗУ | | SY | | 7Y | | 10Y | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 国際 | 1.4450 0.25 | 54 | 1.4750 0.25 | 63 | 1.4910 -0.30 | 108 | 1.5340 0.00 | 217 | 1.6125 0.00 | 424 ...

Core Insights - As of the end of 2024, the number of private securities investment funds reached 87,833, with 6,386 new funds registered in 2024. The total assets under management amounted to 5.21 trillion yuan, with 8,000 active private fund managers and 88 managers overseeing over 10 billion yuan [1]. Group 1: Private Fund Development - The private fund industry is experiencing robust growth, as evidenced by the significant number of new registrations and the total assets under management [1]. - The eighth "Wind Strongest Private Fund" selection results were announced, featuring 16 categories based on various strategies and performance metrics [1]. Group 2: Award Winners - Notable private fund managers recognized for their innovative strategies include Nanjing Beiyang Private Fund Management Co., Ltd., and Shanghai Qincheng Private Fund Management Partnership [4][5]. - The selection process for the "Wind Strongest Private Fund" involved criteria such as the requirement for managers to have a minimum of 1 billion yuan in self-managed assets and to provide complete and accurate information [13][14]. Group 3: Strategy Categories - Various strategy categories were highlighted, including quantitative stock selection, market-neutral strategies, and macro strategies, with specific firms excelling in each category [6][7][8][9][11]. - The rankings were based on the performance of products over the past three years, considering factors like long-term performance, asset management scale, and operational status [14]. Group 4: User Engagement - Users can access the "Wind Private Fund Database" to view the award-winning institutions for 2024 and generate shareable content [12]. - The platform provides comprehensive data coverage on private funds, including net asset values and performance metrics [15].

Group 1 - The Ministry of Commerce of China responded to the U.S. export controls on artificial intelligence chips, stating that the U.S. is abusing export controls to suppress China, which violates international law and harms Chinese enterprises' legitimate rights [3] - The Central Cyberspace Administration of China is guiding platforms like Douyin and Xiaohongshu to optimize their algorithm recommendations to address issues such as the promotion of vulgar content and the exacerbation of information silos [22] - The National Development and Reform Commission (NDRC) is conducting research on the photovoltaic industry in Henan and Jiangsu provinces to understand the development and operational conditions of the industry [21] Group 2 - The China Tourism Association highlighted a paradox in the tourism market, where despite an active market with over 3,000 more scenic spots than in 2019, the average income per scenic spot has decreased by 40%, indicating an oversupply of homogeneous products [24] - The company Gome Electrical Appliances announced new major enforcement cases and was listed as a dishonest executor, which negatively impacts its debt repayment capacity [7] - The company融信（福建）投资集团有限公司 reported new enforcement cases with a total amount of approximately 16.331 billion yuan, indicating significant financial distress [9]

1、 央行今日将开展5000亿元MLF操作，期限为1年期。 由于本月有1250亿元MLF到期， 这意味着5月央行MLF净投放将达到3750亿元，为连续三个月加 量续作。 东方金诚首席宏观分析师王青判断，综合当月降准及央行各类中期流动性管理工具操作，5月中长期流动性将处于大额净投放状态。这将为后期 新投放信贷、新增社融提供重要支撑，接下来将出现一个宽信用过程，存量社融和M2增速有望持续走高。 4、司法部副部长胡卫列介绍规范涉企行政执法专项行动表示，截至5月21日，工作平台共汇集各地区各部门问题线索6232条，督促办理5246条， 整治的 问题涉案金额3.35亿元，为企业挽回损失9881.35万元。 1、证监会发行监管司司长严伯进表示，证监会将持续优化科技企业境内上市的环境，会实施更加灵活精准的新股发行逆周期调节机制， 把握好新股发行 的节奏。 继续发挥好创新试点的相关制度，支持优质红筹科技企业回归境内上市。 2、 美国总统特朗普的减税法案在众议院以微弱优势通过，将交由参议院审议。 该法案计划在未来十年内减税逾4万亿美元，并削减至少1.5万亿美元支 出。该法案将把美国债务上限提高4万亿美元，低于参议院所希望的5万 ...

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 RimeData 来觅数据 . 全面的一级市场数据平台 | 技术路径 | 原理 | 优缺点 | 代表 | | --- | --- | --- | --- | | 磁约束核聚变 | 利用强磁场将高温等离子体约束在环形真空优势在于物理基础成熟、稳态运行潜力大, ITER 国际热核实验 | | | | 室内，避免其与容器壁接触,是目前被认为但挑战在于装置规模庞大目等离子体不稳定堆、中国聚变工程试 | | | | | 最有可能实现可控核聚变发电的途径。 | | 性（如托卡马克中的破裂）需主动控制 | 验堆(CFETR) | | 悟性约束的优点是物理过程快(脉冲级别), | | 通过激光或粒子束瞬间加热并压缩燃料靶 不需要长时间稳定等离子体。缺点是能量利 | 美国国家点火装置 | | 惯性约束核聚变 丸,利用燃料自身的惯性来实现高温高压条用效率低(目前激光能量耦合效率仅约1%, | | | | | 件,使靶丸内部的燃料达到聚变条件。 | | 远低干商用所需的 10%~20%) ,目車复频 | (NIF) | | 率和靶丸制造供应是巨大工程挑战。 | | | | ...