1 、 商务部回应有关美国总统拟带企业团访华报道称，没有可以提供的信息，但中方的态度是一贯的且明确的。 希望美方与中方相向而行，在两国元首 的战略引领下，本着相互尊重、和平共处、合作共赢的原则，不断增进共识，减少误解，加强合作，共同推动中美经贸关系健康、稳定、可持续发展。 2 、 美国商务部已通知全球三大芯片设计软件供应商 —— 新思科技、楷登电子和西门子，此前要求其在华业务必须申请政府许可的规定现已撤销。 西门 子称已全面恢复中国客户对其软件和技术的访问权限，新思科技与楷登电子称正在逐步重启相关服务。 3 、 美国国会众议院以 218 票赞成、 214 票反对的表决结果通过了总统特朗普推动的 " 大而美 " 税收与支出法案。 该法案因造成联邦援助削减、长期债 务增加和为富人及大企业减税等而备受争议。白宫说，特朗普定于 7 月 4 日即美国 " 独立日 " 当天签署该法案，使其生效。该法案将美国联邦政府的法定 债务上限提高 5 万亿美元，国会预算办公室（ CBO ）估计，这可能会让政府预算赤字未来十年内增加 3.4 万亿美元。 1 、 国务院发文复制推广上海自贸区 77 条试点措施，涵盖服务贸易、货物贸易、数 ...

Core Viewpoint - The Chinese M&A market in the first half of 2025 shows a significant trend of "decreased volume but increased value," with a total of 3,531 disclosed M&A events, a year-on-year decrease of 3.92%, while the transaction scale reached approximately 798.3 billion RMB, an increase of about 1.86% [1]. Group 1: Market Overview - In the first half of 2025, the Chinese M&A market disclosed 3,531 events, a decrease of 3.92% year-on-year, with a total transaction scale of approximately 798.3 billion RMB, an increase of 1.86% year-on-year [3]. - The top three regions for M&A activity were Shanghai (154.8 billion RMB, down 35.36%), Tianjin (143.9 billion RMB, up 76.95%), and Guangdong (132.0 billion RMB, down 41.56%) [6]. - The leading industries for M&A transactions were technology hardware and equipment (161.8 billion RMB, up 256.04%), materials (88.8 billion RMB, up 63.97%), and public utilities (74.0 billion RMB, up 196.55%) [9]. Group 2: M&A Transaction Types - Agreement acquisitions accounted for the largest share of M&A events, totaling 318.8 billion RMB, representing 37.96% of the overall scale; external absorption mergers followed with 145.5 billion RMB (17.33%); and capital increase M&A events totaled 104.4 billion RMB (12.43%) [11]. - Strategic cooperation M&A events totaled 185.2 billion RMB, making up 23.18% of the total transaction scale, while horizontal integration and privatization accounted for 113.6 billion RMB (14.22%) and 55.3 billion RMB (6.92%), respectively [13]. Group 3: M&A Scale Distribution - Transactions between 1 billion and 10 billion RMB accounted for the highest proportion of total transaction amounts at 36.06%, while transactions exceeding 10 billion RMB accounted for 34.46% [14]. - The top three M&A transactions by scale included: 1. Haiguang Information's acquisition of 100% of Zhongke Shuguang's shares for 115.967 billion RMB [18][20] 2. New Hope's subsidiary acquiring 65.89% of New Hope Energy for 55.297 billion RMB [19][20] 3. Xiangcai's merger with Dazhihui for 17.213 billion RMB [22][27]. Group 4: Financial Advisor Rankings - The top financial advisors by transaction scale based on the first announcement date in the first half of 2025 were: 1. CITIC Securities with 198.198 billion RMB [30] 2. CICC with 118.977 billion RMB [30] 3. China Post Securities with 115.967 billion RMB [30]. Group 5: Legal and Accounting Firms - The leading law firm by transaction scale was Guofeng Law Firm with 56.577 billion RMB [37]. - The top accounting firm was Zhongxi CPA with 57.248 billion RMB [40].

// 债市综述 // 1. 公开市场操作 央行公告称， 7 月 3 日以固定利率、数量招标方式开展了 572 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 572 亿元，中标量 572 亿元。 Wind 数据 显示，当日 5093 亿元逆回购到期，据此计算，单日净回笼 4521 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 资金面更显宽松，存款类机构隔夜质押式回购利率下行超 4 个 bp ，目前位于 1.31% 位置，七天质押式回购利率下行超 3 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 （IMM） 海外方面，最新美国隔夜融资担保利率为 4.44% 。 （*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最新成交在 1.61% 附近，较上日略有下行。 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约跌 0.02% 10 年期主力合约持平 ...

2025年上半年，美国关税政策的不确定性加剧了全球经济增长的不稳定，欧美主要经济体制造业PMI持续收缩，美元指数走弱，而中国制造业PMI企稳回 升，为全球制造业注入了一定活力。上半年 Wind商品指数领涨大类资产，不过 商品市场走势明显分化，贵金属及部分有色金属品种表现强劲，化工及黑 色金属则受需求拖累走势疲软。 | 2025年上半年大类资产走势 | | | | | | --- | --- | --- | --- | --- | | (单位:%) | | | | | | 2025H1 | 2024 2 2023 | | 2022 | | | 13.81 Wind商品指数 | 8.15 -2.50 | 2.81 1.20 | | 20.62 | | 5.83 万得全A | -8.01 - - - 5.19 | -18.66 | 9.17 | 25.62 | | 5.50 14.48 标普500 | | 24.23 - -19.44 | 26.89 | 16.26 | | 1.99 -1.05 中证基金指数 | | -4.65 -10.31 4.40 | | 21.44 | | 美元指数 -10.79 4.40 ...

1 、 证监会党委召开扩大会议强调，要持续优化股债融资、并购重组等资本市场机制安排，促进要素向最有潜力的领域高效集聚。牢记 我国资本市场中小投资者众多的最大市情，不断完善投资者保护制度体系。 深入推进以"两创板"改革为抓手的新一轮全面深化资本市场 改革。全力抓好资本市场自主开放重点举措落地。始终把维护市场稳定作为监管工作首要任务，推动健全常态化稳市机制安排，平稳有 序防控债券违约、私募基金等领域风险。 1 、 周三 A 股震荡走低，科技股全线回调，资源股逆势上涨，海洋经济题材引爆市场。 截至收盘，上证指数跌 0.09% 报 3454.79 点，深证成指跌 0.61% ，创业板指跌 1.13% ，市场成交额 1.41 万亿元。 2 、央行近日发文明确， 客户单笔或者日累计金额人民币 10 万元以上（含 10 万元）现金交易的，贵金属和宝石交易从业机构应当履 行反洗钱义务进行上报 ，但刷卡消费不受影响。多位专家对此表示，该消息与百姓日常买金关系不大。 3 、 美国 6 月 ADP 就业人数意外减少 3.3 万人，自 2023 年 3 月以来首次负增长 ，预期为增长 9.8 万人， 5 月份数据在向下修正后 仅增加 ...

Group 1: Open Market Operations - The central bank conducted a 7-day reverse repurchase operation on July 2, with a fixed rate and a total amount of 98.5 billion yuan, at an interest rate of 1.40% [1] - On the same day, 365.3 billion yuan of reverse repos matured, resulting in a net withdrawal of 266.8 billion yuan [1] Group 2: Funding Conditions - The funding environment has become more relaxed at the beginning of the month, with the overnight pledged repo rate slightly declining to 1.36%, and the 7-day pledged repo rate decreasing by 4 basis points [3] - The latest overnight financing rate in the U.S. is reported at 4.45% [3] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.61%, showing little change from the previous day [6] Group 4: Government Bond Futures - The closing prices for government bond futures showed increases: the 30-year main contract rose by 0.40%, the 10-year by 0.14%, the 5-year by 0.07%, and the 2-year by 0.03% [10] Group 5: Policy Developments - A joint plan was issued by the Shanghai branch of the People's Bank of China and ten other departments to enhance financial services for the elderly economy, aiming to increase financial supply and diversify funding sources [11] - Hunan Province has introduced measures to optimize the business environment, including a debt repayment reform to clear inter-company debts by 2027 [11] Group 6: Global Macro Insights - A report from the Dutch bank indicates that the rise in bond term premiums is a global phenomenon, with significant increases noted in both the U.S. and Germany due to fiscal policy concerns and economic stimulus plans [13] Group 7: Bond Market Events - The Ministry of Finance has allocated a new government debt limit of 125.9 billion yuan for Shaanxi Province for 2025 [15] - Sichuan Province is actively seeking central budget investments and long-term special bonds to support key investment areas [15] - Citic Securities has received approval to issue up to 20 billion yuan in perpetual subordinated bonds to professional investors [15]

1.1 股权融资规模趋势 2025年上半年港股一级市场股权融资总金额为2,504亿港元，较去年同期融资金额598亿港元同比大幅上升318.61%。其中，IPO融资规模为1,067亿港元， 较去年同期上升688.56%；配售融资规模增长较为显著，共募集1,386亿港元，较去年同期大幅上升342.69%；供股融资规模为41亿港元，较去年同期上升 161.81%；代价发行融资规模为10亿港元，较去年同期下降92.48%。 1.2 融资方式分布 港股恒生指数 2025年 上半年上涨21%，恒生科技指数涨幅达19%，港股作为亚洲核心枢纽，重新吸引国际资本加速布局中国资产。受二 级市场的影响，港股股权融资市场也迎来了爆发式增长，上半年募资金额较去年同期增长318%。政策方面，港交所于5月正式推出"科企专 线"，允许特专科技及生物科技企业以保密形式提交上市申请，构建全球最完整的硬科技企业上市支持体系。 Wind数据统计显示，2025年上半年港股一级市场股权融资（包含IPO与再融资）金额为2,504亿港元，较去年同期融资金额598亿港元大幅上升318%。新股 IPO市场，2025年上半年共有43家企业在主板成功IPO上市（未 ...

Market Sector - The Sci-Tech 50 Index increased by 1.46% in the first half of 2025, ranking second among various sector indices, outperforming the ChiNext 50, Shenzhen 50, and Shanghai 50 indices [2] - As of the end of the first half of 2025, the total market capitalization of the Sci-Tech Board reached 7.62 trillion yuan, an increase of 0.27 trillion yuan or 3.72% from the end of Q1 2025, surpassing the market capitalization growth of the Shenzhen main board [4] - The total trading volume of the Sci-Tech Board in the first half of 2025 was 12.57 trillion yuan, with an average trading volume of 213.85 million yuan per stock, lower than the average trading volumes of the Shanghai and Shenzhen main boards and ChiNext [7][8] - The average daily turnover rate of the Sci-Tech Board was 2.67% in the first half of 2025, higher than that of the Shanghai main board but lower than that of the Shenzhen main board, ChiNext, and the Beijing Stock Exchange [9] - The price-to-book ratio of the Sci-Tech Board at the end of the first half of 2025 was 4.06 times, higher than that of the ChiNext and Shanghai and Shenzhen main boards [12] - The financing balance of the Sci-Tech Board reached 157.15 billion yuan at the end of the first half of 2025, an increase of 11.85 billion yuan from the beginning of the year [14] - The securities lending balance of the Sci-Tech Board was 0.056 billion yuan at the end of the first half of 2025, an increase of 0.0096 billion yuan from the beginning of the year [16] Individual Stocks - SMIC led with a market capitalization exceeding 400 billion yuan, followed by Haiguang Information, Cambrian-U, and BeiGene-U, with seven companies having market capitalizations exceeding 100 billion yuan [18] - Excluding the significant fluctuations on the first day of new stock listings, Sangfor Technologies had the highest increase at 153.60%, followed by Yifang Bio-U, Aerospace South Lake, and Youfang Technology, with 14 companies also exceeding 100% [19] - SMIC had a financing balance of 7.198 billion yuan, leading the list, followed by Cambrian-U, Haiguang Information, and Zhongwei Company, with 16 companies having financing balances exceeding 1 billion yuan [22] - SMIC also had the highest securities lending balance at 19.7038 million yuan, followed by Haiguang Information, Cambrian-U, and Chip Original Co., with six companies exceeding 10 million yuan [25] Industry Themes - In the first half of 2025, companies listed on the Sci-Tech Board were primarily distributed across three Wind Sci-Tech theme industries, with the new generation information technology industry leading with four companies, followed by high-end equipment manufacturing and biotechnology industries, each with one company [29] - Among the seven companies listed on the Sci-Tech Board in the first half of 2025, six met the first standard for listing, which requires positive net profits for the last two years and a cumulative net profit of no less than 50 million yuan, or a positive net profit for the last year with revenue of no less than 100 million yuan, and an expected market capitalization of no less than 1 billion yuan [31] - The companies listed in the first half of 2025 came from Beijing and Jiangsu (two each), and Hubei, Zhejiang, and Guangdong (one each) [34] - The total IPO financing for Sci-Tech Board companies in the first half of 2025 was 7.901 billion yuan, a year-on-year increase of 29.33%, with three companies raising over 1 billion yuan, three between 500 million to 1 billion yuan, and one below 500 million yuan [37] - Yitang Co. led the IPO financing in the first half of 2025 with 2.497 billion yuan, while Yingshi Innovation and Xingfu Electronics each raised over 1 billion yuan [41]

Market Sector - In the first half of 2025, the ChiNext 50 Index decreased by 0.43%, outperforming the Shenzhen 50 Index [2] - As of the end of the first half of 2025, the total market capitalization of the ChiNext reached 13.85 trillion yuan, an increase of 6.10% compared to the end of Q1 2025, which is higher than both the Sci-Tech Innovation Board and the main boards of Shanghai and Shenzhen [4] - The total trading volume of the ChiNext in the first half of 2025 was 45.09 trillion yuan, with an average trading volume per stock of 326.25 million yuan, surpassing the Shanghai main board, Sci-Tech Innovation Board, and Beijing Stock Exchange [7][8] - The average daily turnover rate of the ChiNext was 5.45% in the first half of 2025, indicating active trading, which is higher than the main boards of Shanghai and Shenzhen as well as the Sci-Tech Innovation Board [9] - As of the end of the first half of 2025, the price-to-book ratio of the ChiNext was 3.54 times, higher than the main boards of Shanghai and Shenzhen, but lower than the Sci-Tech Innovation Board and Beijing Stock Exchange [13][16] - The financing balance of the ChiNext reached 358.47 billion yuan at the end of the first half of 2025, showing a significant increase of 20.45 billion yuan since the beginning of the year, indicating a large scale of leveraged buying [15] - The margin trading balance of the ChiNext was 1.02 billion yuan at the end of the first half of 2025, an increase of 0.19 billion yuan since the beginning of the year [17] Individual Stocks - CATL ranked first with a market capitalization of 1.16 trillion yuan, followed by companies like Oriental Fortune, Mindray Medical, and AVIC Chengfei, with 13 companies having a market capitalization exceeding 100 billion yuan [19] Industry Distribution - In the first half of 2025, companies listed on the ChiNext were distributed across five Wind primary industries, with the industrial sector leading with 7 companies, followed by information technology and consumer discretionary sectors, each with 4 companies [31] - The majority of the 16 companies listed on the ChiNext in the first half of 2025 adhered to Standard One for listing, which requires positive net profits in the last two years, a cumulative net profit of no less than 100 million yuan, and a net profit of no less than 6 million yuan in the most recent year [34] - Guangdong led the distribution of ChiNext companies with 7 listings, followed by Jiangsu and Zhejiang with 5 and 3 listings, respectively [37] IPO Financing - The total IPO financing for ChiNext companies in the first half of 2025 was 10.588 billion yuan, representing a year-on-year increase of 21.41%. Among these, 2 companies raised over 1 billion yuan, while the remaining 88.89% raised less than 1 billion yuan [40] - Han Shuo Technology led the IPO financing with 1.162 billion yuan, while Hengxin Life, Youyou Green Energy, and Xin Henghui also had financing scales exceeding 500 million yuan [44]

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation of 131 billion yuan at a fixed rate of 1.40%, with a total bid amount of 131 billion yuan, resulting in a net withdrawal of 275.5 billion yuan for the day [1] - After the month-end, the overnight pledged repo rate for deposit institutions significantly decreased by over 14 basis points, returning to 1.36%, while the 7-day pledged repo rate fell by over 37 basis points [3] - The latest one-year interbank certificates of deposit (CD) transaction rate for major banks is at 1.62%, showing a decline compared to the previous day [6] Group 2: Bond Market Performance - The majority of government bond futures closed higher, with the 30-year main contract rising by 0.28%, the 10-year main contract increasing by 0.10%, and the 5-year main contract up by 0.06%, while the 2-year main contract slightly decreased by 0.01% [12] - The Ministry of Finance plans to issue 20 billion yuan of 28-day and 20 billion yuan of 63-day discount treasury bonds on July 2 [16] Group 3: Economic Indicators - The Caixin China Manufacturing Purchasing Managers' Index (PMI) for June recorded 50.4, an increase of 2.1 percentage points from May, indicating a return above the critical point, with new export orders rebounding significantly [13]