Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation on June 5, with a fixed rate of 1.40%, totaling 126.5 billion yuan, matching the bidding amount [1] - On the same day, 266 billion yuan of reverse repos matured, resulting in a net withdrawal of 139.5 billion yuan [1] Group 2: Funding Conditions - The funding environment remains loose, with slight declines in overnight and 7-day pledged repo rates [3] - The latest overnight financing rate in the U.S. is reported at 4.32% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.70%, showing a slight decrease from the previous day [8] Group 4: Bond Market - The closing prices for government bond futures indicate a decline in the 30-year contract by 0.16% and a slight increase in the 5-year and 2-year contracts by 0.02% and 0.04% respectively [12] Group 5: Economic Indicators - The Caixin Services PMI for May in China is reported at 51.1, an increase of 0.4 percentage points from April, indicating an acceleration in service sector expansion [13] - The meeting in Guangzhou emphasized the acceleration of major projects and the optimization of industrial layout to enhance economic growth [13] Group 6: Bond Issuance - The Shanghai Stock Exchange has initiated the first batch of securities company bond renewals, with quality central and state-owned enterprises preparing to follow suit [17] - Chongqing Bank plans to issue 3 billion yuan in technology innovation bonds [17] - Jiuan Medical intends to register and issue medium-term notes and short-term financing bonds totaling no more than 4 billion yuan [18]

Macro Insights - The People's Bank of China will conduct a 10 billion yuan buyout reverse repurchase operation with a term of 3 months to maintain ample liquidity in the banking system [4] - The Ministry of Commerce responded to the "involution" competition in the automotive industry, stating that it will strengthen comprehensive rectification and compliance guidance [31] Company and Industry Alerts - The China Securities Regulatory Commission is working on a comprehensive policy document to enhance the protection of small and medium investors in the capital market [12] - The China Weapon Equipment Group is undergoing a split, with its automotive business becoming an independent central enterprise [13] - The price of Feitian Moutai has dropped below 2000 yuan per bottle in some regions, with retail prices around 2100 yuan [14] - The National Medical Products Administration announced a reward system for internal whistleblowers reporting quality and safety violations in pharmaceuticals and medical devices [32] Legal and Financial Issues - Guizhou Hongcai Investment Group is involved in two major lawsuits with a total execution amount exceeding 600 million yuan [6] - Zhangzhou Economic Development Group was ordered to pay 297.8 million yuan plus interest due to a construction contract dispute [7] - Sichuan Liangshan Development Group must pay 21.1151 million yuan plus interest following a final judgment in a construction contract dispute [8] - Huai'an Hongxin State-owned Assets Investment Management Company is facing an arbitration ruling for failing to pay construction fees, with a total amount of approximately 261 million yuan [10] International Developments - The U.S. announced visa restrictions for international students at Harvard University due to non-compliance with federal information requests [20] - Alaska Airlines plans to reduce flight numbers due to increased tariffs affecting new aircraft purchases [21] - The U.S. has raised steel and aluminum tariffs from 25% to 50%, which may lead to significant price increases for various goods [22]

欧洲央行于北京时间6月5日晚间公布利率决议，下调三大关键利率25个基点。 多家机构认为， 随着欧元区通胀率回落至2%目标下方且经济复苏乏力，本次降息符合预期。 欧元区 5 月调和 CPI 同比增速降至 1.9% ，为 2024 年 9 月以来首次低于央行 2% 的目标。核心通胀率连 续五个月下行回落至 2.3% ，创 2022 年 1 月以来新低。 欧央行在2024年6月开始第一次降息，当前已经将存款便利利率从4%降至2%。 此前，高盛、摩根大通、摩根士丹利、野村和 Berenberg 等机构均表示，欧央行此次会将存 款利率下调 25 个基点至 2% 。 // 欧央行可能加大货币宽松力度 // 欧洲央行管委Simkus此前表示，对于欧洲央行的利率，没有一个核心设想。欧洲央行6月降息是必要 的，6月之后有可能再次降息。不清楚6月后的降息是在7月还是9月。 高盛预计，欧洲央行将在9月再降息25个基点，使2025年最终利率降至1.5%。 桑坦德银行的 Antonio Villarroya同样 认为，欧洲央行可能会在 9 月再次降息 25 个基点， 如果"对等关税"暂缓期结束后，美国启动加征额外关税，欧洲央行可能会加 ...

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 4 日以固定利率、数量招标方式开展了 2149 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 2149 亿元，中标量 2149 亿 元。 Wind 数据显示，当日 2155 亿元逆回购到期，据此计算，单日净回笼 6 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 跨月后中国 债市 资金面持续宽松，存款类机构隔夜质押式回购利率微幅下行，七天质押式回购利率则上行 0.5 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.35% 。 （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最新成交在 1.71% 附近，较上日基本持平。 （*数据来源：Wind-同业存单-发行结果） 30 年期主力合约涨 0.10% 10 年期主力合约涨 0.09% 5 年期主力合约涨 0.07% 2 年期主力合约涨 0.04% （*数据来源：Wind-国债期货） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城 ...

// 今日关注 // 1 、美国 5 月 ADP 就业数据不及预期，特朗普再度喊话鲍威尔降息 2 、香港证监会正考虑为专业投资者引入虚拟资产衍生品交易 3 、中证报头版：央行精准调控，年中时点流动性料合理充裕 4 、乘联分会初步数据：特斯拉 5 月份中国产汽车销量同比下降 15% 5 、澳门将今年博彩毛收入预测下调 5% // 宏观预警 // 1 、降准和重启购债？中证报头版：央行精准调控，年中时点流动性料合理充裕 中证报头版文章称，随着年中时点临近，市场对流动性的关注度攀升，这是因为在月末叠加跨季 等因素影响下，年中流动性供求矛盾往往较为突出。文章指出，在必要时，不排除人民银行将进 一步采取降准等措施的可能，进一步释放长期流动性，确保年中乃至下半年流动性维持合理充裕 水平，为经济持续回升向好创造适宜的货币金融环境。另一方面，人民银行国债买卖操作有望适 时重启。 2025 年第一季度中国货币政策执行报告提出，人民银行将继续从宏观审慎的角度观 察、评估债市运行情况，关注国债收益率的变化，视市场供求状况择机恢复操作。 // 中国债券预警 // 1 、中证鹏元：关注潍坊滨海投资发展有限公司被列为被执行人事项 中证鹏 ...

据华夏时报报道， 6 月 4 日，财政部与住建部联合公示了 2025 年度中央财政支持实施城市更新行动的评选结果，北京、天津、唐山、包头、大连、哈尔 滨、苏州、温州、芜湖、厦门、济南、郑州、宜昌、长沙、广州、海口、宜宾、兰州、西宁、乌鲁木齐等 20 个城市成功入选。 此次政策的出台， 标志着城市更新行动进入新阶段，同时也将对楼市和股市产生积极影响。 目前多部委集体发力城市更新行动。 住建部继续深入推进城镇老旧小区改造。财政部在加大资金投入的同时，持续发力落实好税费优惠政策。国家发改委将在6月底前下达2025年城市更新专 项中央预算内投资计划。金融监管总局已制定专门的城市更新项目贷款管理办法。自然资源部将出台更多实用有效的用地政策。 // 楼市影响 // （图片来自海洛） // 风险与机遇并存 // 核心城市价值有望提升，老旧城区将因改造释放潜力。中金公司在研报中表示， 城市更新将推动房地产从"增量扩张"向"存量优化"转型，有助于提升城 市整体居住质量，还能带动经济增长 。 中指研究院政策研究总监陈文静表示， 城市更新行动将重塑中国房地产市场的价值逻辑 。她认为， 入选城市普遍呈现"强中心 + 强区域 " 特征 ...

以下文章来源于RimeData 来觅数据 ，作者来觅研究院 硬科技赛道因其高技术壁垒与广泛的应用前景，成为培育独角兽企业的肥沃土壤。私募股权基 金加大对硬科技赛道的投资力度，为创新型企业注入资金，推动技术突破与产业升级，有望培 育出更多独角兽企业，助力中国经济的高质量发展。 RimeData 来觅数据 . 全面的一级市场数据平台 导读：2025年3月，国务院办公厅印发了《关于做好金融"五篇大文章"的指导意见》，提出了 金融"五篇大文章"发展的总体要求，明确了金融"五篇大文章"重点领域和主要着力点。金融"五 篇大文章"的"1+N"政策体系逐步构建将对金融行业创新发展带来重大而深远的影响，私募股 权投资行业作为资本市场的关键一环，也将迎来新的战略机遇。本文将挖掘金融"五篇大文 章"背后潜藏的几大投资方向，为创投基金与产业资本作参考。 硬科技投资：创新驱动下的独角兽培育摇篮 中央金融工作会议等重要会议强调金融服务实体经济的重要性，金融 "五篇大文章" 中的科技 金融政策积极响应这一要求。科技金融作为开篇及核心篇章，目标是加强对国家重大科技任务 和科技型中小企业的金融支持，着力 "投早、投小、投长期、投硬科技"，推进 ...

4、韩国股市迈入牛市， 李在明赢得总统大选提振改革预期。韩国综合指数周三收涨2.66%，创去年8月1日以来新高， 且较4月低点反弹超过20%，投资 者纷纷涌入可能受益于李在明改革与增长议程的股票。控股公司、金融机构及券商股推动指数走高，市场预期李在明最早将于本月推动实施一项旨在提升 股东回报的关键立法改革。 1、 商务部部长王文涛出席巴黎世贸组织小型部长会议。 他表示，贸易战没有赢家，团结才能共赢，携手方可共进。各方要妥善应对单边关税措施 引发的全球贸易失序，坚持运用世贸组织规则通过平等对话和磋商化解贸易纠纷。 中方已向世贸组织提交《关于当前形势下支持多边贸易体制的声 明》， 愿与各方一道维护国际经贸秩序和全球贸易稳定，为世界经济注入更多确定性。 2、 上海合作组织成员国财长和央行行长会议在北京举行。 与会各方支持采取行动深化区域财金合作，在推进成立上合组织开发银行方面取得实质性进 展， 同意建立上合组织财金智库网络， 并探讨了完善本币结算安排和深化数字普惠金融合作等议题。 3、 财政部公示2025年城市更新行动评审结果， 北京、天津、唐山、包头、大连、哈尔滨、苏州、温州、芜湖、厦门、济南、郑州、宜昌、长沙、 ...

Core Viewpoint - The "Beautiful Act" proposed by President Trump may undermine the recent positive investment trends in the U.S. due to its "retaliatory tax" provisions, which could deter foreign investors from U.S. assets and make European assets more attractive [1]. Group 1: Impact of the "Beautiful Act" - The "Beautiful Act" includes a provision (Clause 899) that allows the U.S. Treasury to impose a maximum tax rate of 20% on foreign investors earning income from U.S. investments [1][5]. - The proportion of European investors in U.S. investments has increased from 15% in 2009 to 45% by the end of Q4 2024, but signs indicate a potential reversal of this trend [1]. - The implementation of Clause 899 could lead to significant tax burdens on foreign entities, potentially reaching a combined tax rate of 50% for withholding and branch profits taxes [5][7]. Group 2: European Market Performance - European investor confidence is rising, with the STOXX 50 index increasing over 10% since early 2025 and the DAX index up more than 21% year-to-date [1]. - The euro has appreciated nearly 10% against the U.S. dollar since the beginning of the year, reflecting a strengthening European market [1]. Group 3: Legislative Status - The "Beautiful Act" was narrowly passed by the House of Representatives with a vote of 215 to 214 and is currently under Senate review, with expectations for completion of the legislative process between June and July [9]. - If passed, the act is projected to generate an additional $116 billion in tax revenue for the U.S. government over the next decade [7].

Macro Insights - The Caixin China Manufacturing PMI fell to 48.3 in May, marking the first contraction since October of the previous year, with production and new orders both dropping to their lowest levels since December 2022 and October 2022 respectively [3] - The OECD has revised down its global GDP growth forecast for 2025 to 2.9%, previously at 3.1%, and also lowered the 2026 forecast from 3.0% to 2.9% [4] Bond Market Insights - In May, the issuance of ETFs experienced a decline for the fourth consecutive month, with only 11.068 billion units issued, the lowest in five months, while bond funds dominated the market with a 55.07% share [6] Corporate Alerts - Longshan City Investment announced that its chairman is under investigation for serious violations of discipline and law [7] - The Shaanxi Xixian New Area Development Group has 70.399 billion yuan in restricted assets, accounting for 88.87% of its net assets, with overdue financing amounts reaching 443 million yuan [8] - Shenzhen Longguang Holdings announced that its restructuring and grace period proposals were not approved, with total debts of 27.8532 billion yuan as of April 30, 2025 [9] - The Qinhan New City project has generated only 8.1 million yuan in revenue against an expected 260.2 million yuan due to macroeconomic slowdown [10] - Wenzhou Public Utilities Group reported an increase in borrowings of 3.824 billion yuan, representing 29.52% of its net assets as of the end of the previous year [11] Stock Market Insights - The Shenzhen Component Index and ChiNext Index will undergo sample adjustments, effective June 16, with multiple stocks being added [13] - NIO reported a Q1 2025 adjusted net loss of 6.279 billion yuan, compared to a net loss of 4.903 billion yuan in the same period last year [15] Industry Alerts - The Ministry of Commerce responded to the EU's proposed restrictions on Chinese companies participating in public procurement for medical devices, condemning it as a discriminatory measure [36] - The National Federation of Industry and Commerce's automotive dealers' association called for a resistance against "involutionary" competition, particularly price wars [37] - The domestic refined oil prices have increased for the fourth time this year, with gasoline and diesel prices rising by 65 yuan and 60 yuan per ton respectively [39] - The China Coal Transportation and Marketing Association reported weak coal consumption since April, with high inventory levels and declining prices [40]