Core Viewpoint - The recent US-China Geneva trade talks have exceeded market expectations, alleviating concerns about China's exports and economic growth, and marking the beginning of a longer market cycle [3]. Group 1: Market Analysis - The underlying logic for being bullish on the Chinese market since the announcement of "reciprocal tariffs" is based on China's strong competitiveness in manufacturing, which remains evident despite tariff challenges [3]. - China's manufacturing global competitiveness is rooted in a complete industrial chain and efficient supply capabilities, with flexible responses such as transshipment trade and price adjustment strategies potentially mitigating the actual impact of tariffs [3]. - A quantitative analysis conducted during the market downturn on April 7 indicated that the market was oversold, a viewpoint that has been validated by subsequent market performance [3]. Group 2: A-Share Market Drivers - Valuation-wise, A-shares are at low levels compared to major global markets and their historical averages, with the CSI 300 PB at 1.31 times, significantly lower than the S&P 500's 5 times [4]. - From an economic fundamentals and corporate earnings perspective, the Chinese economy is showing signs of recovery, with corporate earnings rebounding and positive revenue and profit data from listed companies [4]. - On the risk appetite and sentiment front, government policies aimed at stabilizing capital markets are promoting a shift in A-shares towards shareholder returns and addressing issues that harm minority shareholders [4]. - The internationalization of A-shares presents significant growth potential, with foreign ownership still having considerable room for increase [4].

中国设篇 中国结算投资者教育基地 edu.chinaclear.cn 曾易以投资原始股为 开展非法集资 ○ 内容来源:中国证监会 2019年4月，福建某进出口贸易有限公司涉嫌 以销售原始股为名开展非法集资活动，福州市鼓楼区 公安机关以非法吸收公众存款罪对该司立案侦查。 经查， 2019年2月至4月，福建某进出口贸易有限 公司法人代表人李某伙同程某等人，未经中国证监会 等部门批准,预谋由北京某某联合能源科技有限公司 负责吸引客户、推广非洲Z国首都电力公司的原始股。 该进出口公司以钻石购销方式收取客户投资款，投资 者将投资款兑换成DC币后，再向非洲证券交易所购买 Z国首都电力原始股。上述单位和个人，通过组织路 演宣传、电视和网络媒体报道等方式向社会公开销售 所谓原始股，允诺股票上市后会获得高额收益回报， 吸引各地集资人参与投资，其中大部分资金打入了该 进出口公司的对公账户和被告人李某的个人账户。金 融监管部门发现该线索后，联合公安机关等多部门及 时查处该案，抓获相关犯罪嫌疑人，冻结涉案账户11 个，资金余额合计3.86亿元。 2022年7月，福州市中级人民法院对该案作出 终审裁定，被告人李某、吴某等4人犯非法吸收 ...

向上滑动阅览 本文转载自： 深交所投教 免责声明 本文系转载自 深交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 ...

Core Viewpoint - The article emphasizes a strong certainty of recovery in the domestic economic cycle, driven by increased fiscal spending and investment in infrastructure, particularly in water conservancy and rural construction [2][3]. Fiscal Policy and Investment - The government has implemented a series of fiscal policies to expand the issuance of special bonds, alleviating local government debt burdens and supporting infrastructure projects [3]. - In 2024, local government special bond issuance is expected to accelerate significantly, with an estimated increase to 2.2 times the amount issued in the first half of the year [3]. - Fixed asset investment in the first quarter of 2025 is projected to grow by 3.7% year-on-year, compared to a decline of 2.3% in the previous year, supporting downstream construction-related investments [3]. Policy Developments - In October 2023, the central government announced an additional issuance of 1 trillion yuan in national bonds, increasing the fiscal deficit to approximately 4.88 trillion yuan, with a deficit rate expected to rise to around 3.8% [4]. - The 2024 government work report proposes a fiscal deficit rate of 3% with a deficit scale of 4.06 trillion yuan, reflecting a proactive fiscal policy stance [4]. - By 2025, the fiscal deficit rate is expected to reach around 4%, the highest in recent years, signaling a strong push to stimulate the economy [4]. Downstream Demand and Industry Trends - The correlation between excavator sales and real estate investment has weakened, with real estate's share in excavator demand decreasing since 2020 [5][6]. - The primary drivers for the current increase in excavator sales are investments in water conservancy and rural construction, with water conservancy fixed asset investment expected to grow by 41.7% year-on-year in 2024 [7]. - Small excavators are increasingly replacing manual labor in rural water conservancy projects, with sales of mini and small excavators growing by 7% and 25% respectively [9]. Equipment Replacement Cycle - The demand for equipment replacement is anticipated to provide sustained support for the engineering machinery cycle, with excavators sold between 2016 and 2020 entering their replacement phase from 2024 to 2026 [10]. - Policies encouraging the replacement of outdated machinery are in place, with the Ministry of Housing and Urban-Rural Development mandating the elimination of equipment older than 10 years [12]. - The second-hand excavator market is thriving, with significant exports helping to alleviate domestic oversupply, particularly for mid-to-large excavators that peaked in sales between 2020 and 2022 [15].

Group 1 - The sports industry is a significant component of Japan's economy and is viewed as a golden opportunity during economic downturns [3][4] - The article discusses the evolution of Japan's modern sports market and the changing trends in sports popularity [3][4] - The development of sports in Japan has been influenced by economic decline, aging population, and declining birth rates, leading to a focus on school sports and a shift towards mass participation in sports [5] Group 2 - The historical timeline of Japan's sports market includes several key phases: - Pre-1945: Focus on competitive sports - 1945-1960s: Transition towards mass sports participation - 1960s-1980s: Emphasis on competitive sports selection - 1990s onwards: Shift towards public sports driven by societal changes [5]

Group 1 - The article highlights the significance of May 15, 2025, as the 16th National Public Security Organs' Day for Combating and Preventing Economic Crimes, emphasizing the importance of public awareness regarding money laundering risks [1] - The People's Bank of China Shanghai Headquarters, in collaboration with the Shanghai Economic Crime Investigation Team and China Merchants Bank Shanghai Branch, produced an anti-money laundering promotional short film to educate citizens [1]

向上滑动阅览 本文系转载自 深交所投教公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 本文转载自： 深交所投教 免责声明 ...

Core Viewpoint - The article discusses the rapid rise of Chinese new tea brands in the Southeast Asian market, highlighting their innovative products and business models, while also addressing the challenges they face in global supply chain construction and achieving long-term profitability in overseas markets [1]. Group 1: Market Trends - Chinese new tea brands are accelerating their listings, attracting significant attention in the capital market [1]. - These brands have quickly gained popularity among local consumers in Southeast Asia [1]. Group 2: Challenges and Strategies - The article raises questions about how brands can tackle challenges related to global supply chain construction [1]. - It also explores strategies for achieving long-term stable profitability in overseas markets [1]. - The potential for expansion into mature markets in Europe and America is discussed [1].

n 1 M @ + Hotel High Hill $173 育 安女女 M (M THE 日) Hotel Prime 1 $254 all ★★★★ - 图 M L - ■■ - 耐用消费品行业｜积极布局AI+市场 我们从旅游需求、在线化率、竞争格局及议价权来对国内在线旅游平台（OTA）行业进行投资机会 的剖析和研判，具体发现可以总结为： 我们认为，旅游需求增长潜力大，国内旅游将重新进入常态化发展阶段， 但若伴随出行补贴等政策 落地，有望持续释放休闲出游需求，我们预计2025年旅游收入增速将继续高于GDP增速。当前出入 境游受限于航班供给仍处于修复阶段，随着相关政策频繁落地，我们预计2025年出入境游有望迎来 突破。OTA行业卡位旅游产业链中游，具有明显的双边规模效应特点，我们认为其是较有可能受益 于出行及旅游大盘增长的板块。近年来OTA行业增速持续高于旅游大盘，反映的是在疫情后出游决 策和比价需求的消费习惯养成下，国内旅游在线化率仍持续渗透。 我们认为后续下沉市场和住宿业务是在线旅游渗透率提升的主要驱动力。 我国在线旅游预订渗透率 较外卖、网购等其他线上业态差距较大，且相较国内交通和门票预订业务，住宿业 ...

Core Viewpoint - The article emphasizes the importance of identifying certainty in industries and assets amidst rising geopolitical uncertainties and the reallocation of global capital due to the ongoing "America First" policy [3]. Group 1: Event Overview - Nomura Orient International Securities will hold a mid-term strategy conference on June 10 at the Ritz-Carlton Hotel in Shanghai [1]. - The theme of the conference is "Exploring Certainty in Geopolitical Games" [2]. Group 2: Morning Session - The morning session will feature prominent speakers including Gu Zhaoming, Chief Economist of Nomura Research Institute, and Su Bowen, Head of Global Macro Research, who will analyze macroeconomic trends and share insights on market changes [5]. Group 3: Afternoon Sessions - Two parallel industry sub-forums will take place in the afternoon, where Nomura's research team and industry experts will discuss industry trends and future development directions [6]. - The sub-forums aim to help investors identify opportunities in specific sectors through case studies and forward-looking analyses [6]. Group 4: Special Presentation - A special showcase of the Orca I humanoid robot will be held, highlighting its advanced capabilities such as autonomous movement, decision-making, and interaction [8]. - The Orca I robot features high-precision perception modules and has achieved significant technological breakthroughs, including stable natural variable-speed walking in a straight-knee state [8].