上海再迎金融大礼包，以旧换新“国补”将持续全年丨一周热点回顾

Group 1: Shanghai International Financial Center Policies - The People's Bank of China announced eight innovative policies to enhance Shanghai's financial center, including establishing a trading report database and a digital RMB international operation center [1][2] - The National Financial Regulatory Administration and Shanghai government released an action plan to support the financial center, focusing on innovation in technology finance and cross-border finance [1][2] - The China Securities Regulatory Commission introduced a "1+6" policy package to deepen the reform of the Sci-Tech Innovation Board, including a pre-review mechanism for IPOs of quality tech companies [1][2] Group 2: Economic Indicators and Consumer Trends - In May, the retail sales of consumer goods increased by 6.4% year-on-year, significantly higher than the previous month, driven by policies and promotional events [3][4] - Fixed asset investment grew by 3.7% year-on-year in the first five months, showing a slight decline compared to earlier months [3][5] - The government plans to enhance consumer spending through various measures, including the "Consumption Promotion Action Plan" [3][4] Group 3: Fiscal Revenue and Expenditure - From January to May, the general public budget revenue decreased by 0.3% year-on-year, with tax revenue down by 1.6% [5] - Public budget expenditure increased by 4.2% year-on-year, indicating a significant expansion compared to revenue growth [5] - Social security and education expenditures grew faster than the average, reflecting a focus on supporting livelihoods [5] Group 4: Consumer Subsidy Policies - The "old-for-new" consumption subsidy policy will continue throughout the year, with a total of 300 billion yuan allocated for implementation [6] - The rapid use of subsidy funds has led to temporary pauses in some regions, but the policy remains in effect [6] - The government aims to ensure a smooth and balanced distribution of subsidy funds to maintain consumer demand [6] Group 5: U.S. Monetary Policy and Economic Outlook - The Federal Reserve maintained the federal funds rate at 4.25% to 4.50%, marking the fourth consecutive meeting without a rate change [7][8] - Economic indicators suggest steady expansion, but inflation remains a concern, leading to uncertainty in future monetary policy adjustments [7][8] - The Fed's decisions are influenced by external factors, including trade policies and geopolitical tensions [7][8] Group 6: Oil Price Surge Due to Geopolitical Tensions - International crude oil prices surged nearly 11% in a week, reaching a four-month high amid escalating tensions in the Middle East [9] - Concerns over potential disruptions in oil supply, particularly in the Strait of Hormuz, have heightened market anxiety [9] - Analysts warn that if Iran blocks the Strait, oil prices could exceed $120 per barrel [9] Group 7: U.S. Stablecoin Legislation - The U.S. Senate passed the "Stablecoin Innovation Act," which aims to establish a regulatory framework for stablecoins [10] - The stablecoin market is currently valued at approximately $247 billion, with potential growth to $2 trillion by 2028 if the legislation is enacted [10] - This legislation is seen as a significant step towards enhancing consumer protection and legitimizing the cryptocurrency industry [10] Group 8: Market Impact of Labubu Product Restock - Labubu products saw a significant restock, leading to a drop in secondary market prices from 1100-1500 yuan to 600-900 yuan [11][12] - The stock price of Pop Mart fell over 5% following the restock announcement, despite a 100% increase from March to mid-June [11][12] - The company aims to stabilize market prices and enhance the value of its IP by addressing issues related to scalping and counterfeiting [11][12]