Key Points - The Ministry of Finance and other departments announced a tax credit policy for foreign investors using profits distributed by domestic enterprises for direct investment in China, allowing a 10% credit against taxable income from January 1, 2025, to December 31, 2028 [3] - The Shenzhen Stock Exchange released standards for recognizing "light asset, high R&D investment" companies, which will no longer be subject to the 30% fundraising limit for liquidity [2][3] - The A-share market saw significant growth in the first half of the year, with the North Star 50 Index rising nearly 40%, driven by DeepSeek and military restructuring concepts [2][4] Domestic News - The manufacturing PMI, non-manufacturing business activity index, and composite PMI output index for June were reported at 49.7%, 50.5%, and 50.7%, respectively, indicating a slight recovery in economic activity [3] - The Ministry of Commerce reported that Canada has closed the operations of Hikvision on national security grounds, which China strongly opposes [3] - The Ministry of Commerce proposed to continue anti-dumping measures on imports of stainless steel billets and hot-rolled sheets from the EU, UK, South Korea, and Indonesia starting July 1, 2025, for a period of five years [3] - The National Foreign Exchange Administration issued a total of $30.8 billion in investment quotas to qualified domestic institutional investors (QDII) to support compliant cross-border investment [3] Market Overview - The A-share market closed the first half of the year with the Shanghai Composite Index up 2.76%, the Shenzhen Component Index up 0.49%, and the ChiNext Index up 0.53% [2] - The North Star 50 Index experienced a remarkable increase of 39.45% in the same period [2][4] Company Announcements - CITIC Securities was approved to issue up to 30 billion yuan in perpetual subordinated bonds [8] - Guanhui Energy is transferring a 20.74% stake in Alloy Investment at 7.5 yuan per share [8] - Jindu Technology plans to issue H-shares and list on the Hong Kong Stock Exchange [8]
新华财经早报：7月1日
Xin Hua Cai Jing·2025-06-30 23:42