政策与大类资产配置周观察：做强国内大循环

Group 1: Domestic Policy Developments - The fourth ministerial meeting of the China-Latin America and Caribbean Community Forum was successfully held on May 13, 2025, with over 100 cooperation projects agreed upon for 2025-2027 [10][11] - The State Council held a meeting on strengthening the domestic circulation, emphasizing the importance of domestic demand and stability in economic growth [12][13] - The People's Bank of China and seven other departments released policies to accelerate the construction of a technology finance system to support high-level technological self-reliance [25][26] Group 2: Market Analysis - A-shares rebounded due to the impact of reduced tariffs from the US-China trade negotiations, with the ChiNext and CSI 300 indices rising by 1.38% and 1.12% respectively [4][26] - The China Securities Regulatory Commission modified the regulations on major asset restructuring for listed companies, introducing a phased payment mechanism for share acquisitions [27][28] - Insurance capital's equity investment ratio has increased, with significant participation in long-term investment reforms, indicating a trend towards more stable and substantial investments in the A-share market [29][31] Group 3: International Policy Developments - The US and China agreed to significantly reduce bilateral tariffs during the high-level economic talks held in Geneva on May 10-11, 2025, marking a constructive step in trade relations [16][17] - The tenth high-level economic and financial dialogue between China and France was held, focusing on enhancing bilateral cooperation and addressing global economic uncertainties [21][22] - The second meeting of the China-Europe Financial Working Group took place, discussing macroeconomic stability and regulatory cooperation [24][25]