一、事件：陆家嘴论坛 2025陆家嘴论坛将于6月18日至19日在上海举办。 论坛是由上海市人民政府和中国人民银行、国家金融监督管理总局、中国证监会共同主办的高层次经济金融论坛。 自2008年首届论坛起，陆家嘴论坛已经成为国家金融管理部门释放重要信号、对外发声的平台，多项重要高水平对外开放举措和政 策在论坛期间推出，成为金融市场以及资本市场的政策风向标。 2024年论坛期间，证监会推出了进一步深化科创板改革的"科创板八条"。2023年论坛则是发布了《上海国际再保险中心建设实施细 则》。 一般来说，大金融往往在论坛期受到关注。中信证券指出，从基本面来看，当前金融子行业呈现三个共性：一是，宏观与产业政策 为各行业创造了良好的发展环境；二是，低利率环境对行业影响犹在；三是，供给侧改革中一流金融机构的核心竞争力逐渐形成。 其中银行得益于宏观政策指向降行业系统性风险的方向，有助投资者对银行净资产的重新定价，预计这是2025 年行业估值上行的内 在动力。 证券方面，当前，证券行业估值已回调至合理位置，有望在基本面、政策面和流动性利好的支持以及行业并购重组题材的刺激下， 持续展现自身弹性。 保险方面，分红险转型是保险公司商业 ...

①美联储会议纪要：维持利率稳定担忧关税与通胀 凌晨公布的美联储会议纪要显示，美联储官员在5月会议上担心关税可能加剧通胀，并给利率政策带来 难题。官员们对财政和贸易政策走向持续存在担忧，最终决定维持利率稳定。会议纪要称，经济前景的 不确定性增加，在政府政策调整的净经济效应更清晰之前，应保持谨慎。尽管如此，经济增长和劳动力 市场仍稳健，消费者继续支出。美联储维持基准联邦基金利率在4.25%-4.5%的目标区间内。官员们表 示，在考虑再次降息之前，将等待更多明确信息。会议还讨论了美联储的五年政策框架。会议纪要指 出，需要一种"能适应各种经济环境"的政策。官员们还表示，他们无意改变通胀目标。 国鸣投资秦毅：美国经济活动稳健扩张，但存在就业活动下行和通胀上升风险，美国失业率在4月上升 至4.7%，核心PCE升到3.5%。在利率调整前，需要更明确的通胀和经济活动前景数据支持。明晚将发布 4月PCE数据。 法国里昂商学院管理实践教授李徽徽：美联储在五月会议纪要中维持高利率看似稳健，实则在积聚系统 性风险。一方面，高位的实际利率已严重抑制私人和企业信贷与投资；另一方面，就业市场已出现转弱 前置信号。更关键的是，当前高利率正掣 ...

Core Viewpoint - The event aims to explore the development trends and investment opportunities in the biopharmaceutical industry, facilitating deep communication between the industry and capital markets, and breaking down information barriers [1][3]. Group 1: Event Overview - The 13th session of the Lujiazui Financial Salon will be held on May 30 in Shanghai, focusing on "Capital Driving the Leap of the Biopharmaceutical Industry" [3]. - The event invites prominent guests from the scientific, industrial, and capital sectors to discuss the biopharmaceutical industry's development trends and investment opportunities [1][3]. Group 2: Key Speakers - Yuan Quanhong, founder and CEO of Hankan Capital, has over 20 years of experience in the pharmaceutical field and has led investment decisions for over 40 projects, many of which have become industry leaders [3]. - Ma Dawei, an academician of the Chinese Academy of Sciences, has long engaged in basic research and innovative drug development in the biopharmaceutical field, receiving multiple prestigious awards [6]. - Xu Yaochang, founder and CEO of Heyu Pharmaceutical, has over 25 years of experience in new drug research and management, leading numerous innovative drug projects across various disease areas [11]. - Bai Jiajie, investment director at Taibao Private Equity Fund Management Co., has 18 years of experience in capital markets, leading over $15 billion in overseas IPOs and significant cross-border mergers and acquisitions [14]. - Yang Ying, head of strategy and business development for Sanofi Greater China, has 20 years of experience in the pharmaceutical industry, covering various fields including strategic planning and drug development [17]. Group 3: Discussion Topics - The dialogue will focus on collaborative development between the biopharmaceutical industry and capital, discussing topics such as technological breakthroughs, enterprise growth paths, capital demands, and the integration of industry and academia [20]. - The event aims to provide practical suggestions for the deep integration of industry and capital through cross-disciplinary discussions [20]. Group 4: Event Support and Goals - The Lujiazui Financial Salon is guided by the Shanghai Municipal Financial Office and the People's Government of Pudong New District, with media support from various financial news outlets [21]. - The series of events serves as a regular communication platform, aiming to continuously contribute to financial reform and support the high-quality development of the Pudong economy [21].

Group 1: Consumer Confidence and Economic Indicators - The US Consumer Confidence Index improved in May, with the current conditions index rising to 135.9 and the expectations index soaring to 72.8, marking a rebound after five consecutive months of decline [2] - The decline in core capital goods orders by 1.3% in April represents the largest drop since October, driven by a decrease in durable goods orders, particularly commercial aircraft [2][3] - The S&P CoreLogic Case-Shiller National Home Price Index showed a year-over-year increase of 3.4% in March, down from 4% in February, indicating a slowdown in home price growth due to increased housing inventory and limited buyer demand [2] Group 2: Japanese Economic Outlook - The Bank of Japan's Governor, Kazuo Ueda, warned of potential inflation risks from rising food prices, suggesting a possible signal for further interest rate hikes [4][5] - Japan's debt-to-GDP ratio stands at 260%, raising concerns about fiscal stability as the government considers adjusting its bond issuance strategy [4] - Despite recent challenges in the bond market, Japan's economic fundamentals remain strong, with rising inflation indicating economic overheating and increased tourist activity [5] Group 3: Precious Metals Market - Platinum prices surged to a new high of $1,104.8 per ounce, reflecting a more than 10% increase over the week, driven by geopolitical factors and strong demand from the automotive industry [6][7] - The World Platinum Investment Council forecasts a supply shortage of 1 million ounces by 2025, highlighting the industrial demand for platinum, particularly in emissions control [6][7] Group 4: Microsoft and AI Developments - Microsoft unveiled its comprehensive strategy for AI at the Build 2025 developer conference, launching over 10 AI tools and 50 product updates, aiming to establish a leading position in the AI ecosystem [8] - Deutsche Bank maintained a "Buy" rating on Microsoft, projecting a target price of $475, citing the company's extensive product coverage and user base as key advantages in monetizing AI [8][9] Group 5: Institutional Investment Trends - The California Public Employees' Retirement System reduced its stake in Apple by 5.1 million shares, signaling a potential decline in institutional confidence in the company amid tariff-related challenges [10] - The fund increased its holdings in Meta, AMD, and McDonald's, which are less affected by tariffs and have a higher degree of localized manufacturing and service provision [10][11]

Core Insights - On May 27, three real estate projects in Shanghai experienced rapid sales, indicating strong demand in the market [1] - The BUND98 project in Yangpu sold all 223 units on the first day, with an average selling price of 126,400 RMB per square meter [1] - The Junyun Jinmao Mansion in Putuo sold 1.45 billion RMB worth of units within 36 minutes of its launch, showcasing the high demand for properties in prime locations [1] Market Trends - There is a concentrated demand for improved housing in high-quality, core areas such as Xuhui, Huangpu, and Lujiazui [1] - Not all projects in the main urban areas are experiencing the same level of sales success, indicating a selective market [1]

①小摩调查："抛售美国"情绪日益高涨 更多人看好欧洲股市！ 周一美国和英国股市休市，欧股因特朗普延长欧盟关税期限提振市场情绪而收涨。随着穆迪下调美国主 权信用评级以及新的支出法案对联邦赤字的影响不明，国际投资者对美国资产的担忧加剧。摩根大通全 球市场会议调查显示，36%的投资者预计欧洲股市今年将表现最好，而仅17%投资者看好美国股市。分 析认为，美国股市的高估值、人工智能前景不明以及贸易政策的不确定性动摇了投资者对"美国例外 论"的信心。与此同时，欧洲市场因斯托克欧洲600指数今年以来上涨7%而吸引投资者。尽管如此，华 尔街大佬们仍建议投资者不要抛售美国资产。摩根士丹利预测美国主导地位将保持到2026年，高盛则认 为美国大型股将继续跑赢大盘。不过，市场不确定性仍存，包括经济衰退风险、贸易谈判进展和地缘政 治等因素。 星展银行邓志坚：欧盟对美国出口额约占总出口额的14%，约占GDP的3.5%，即使被加征更多关税，对 欧盟的影响有限。特朗普此前威胁对欧盟加征关税，可能未必真是为了增加财政收入，而是希望欧洲企 业投资于美国，同时欧盟能购买更多的美国国债。欧盟第一季度实际GDP环比增长0.3%，同比增长 1.4%，另 ...

Group 1 - Company Sun Energy plans to repurchase shares worth between 100 million to 200 million yuan for cancellation, with a maximum repurchase price of 6.69 yuan per share [1] - Company Runyang Technology intends to invest up to 300 million yuan in Shanghai Fourier Intelligent Technology Co., with a pre-investment valuation of 8 billion yuan [1] - Company Heng Rui Medicine's subsidiary has received approval for clinical trials of SHR-4712 injection for treating advanced solid tumors [2] Group 2 - Company Lianhuan Pharmaceutical plans to increase capital by 60 million yuan for its wholly-owned subsidiary [2] - Company Hongchang Electronics' subsidiary plans to increase capital by 10 million USD for its other subsidiary [2] - Company Sichuan Meifeng intends to repurchase shares worth between 50 million to 70 million yuan for cancellation, with a maximum repurchase price of 10.07 yuan per share [2] Group 3 - Company Lian Micro plans to liquidate and deregister Jiaxing Kangjing Semiconductor Industry Investment Partnership [4] - Company Jiutian Pharmaceutical has received approval for clinical trials of PDX-04 drug for treating acute gout attacks [5] - Company Pingzhi Information has signed a framework agreement with China Telecom for a GPU computing power project worth approximately 246 million yuan [7] Group 4 - Company Jiu Zhi Tang's subsidiary has initiated Phase II clinical trials for new drug YB211 aimed at treating acute bacterial skin infections [8] - Company Fosun Pharma's subsidiary has received orphan drug designation for HLX22 for gastric cancer treatment in the EU [9] - Company Jianyou Co. plans to repurchase shares worth between 20 million to 40 million yuan for employee stock ownership plans [11] Group 5 - Company Zhi Zheng Co. announced the resignation of its vice president due to personal reasons [13] - Company He Mai Co. signed a cooperation agreement for household photovoltaic systems worth 1 billion yuan [14] - Company Jinan Intelligent's subsidiary won a project bid for electric vehicle charging stations, expected to positively impact performance [16] Group 6 - Company Gaotie Electric plans to distribute a cash dividend of 0.012 yuan per share [18] - Company Guyue Longshan plans to distribute a cash dividend of 0.08 yuan per share [18] - Company Yongmaotai's shareholders plan to reduce their holdings by up to 2.66% of the company's shares [19] Group 7 - Company Tian Cheng Technology's subsidiary received a land idle fee notice for 2.1658 million yuan due to project delays [20] - Company Guangri Co. appointed a new vice president and board secretary to enhance governance [21] - Company Design General Institute won multiple major projects totaling approximately 390 million yuan [22] Group 8 - Company Fuxie Environmental signed a significant contract worth 244 million yuan for a sewage treatment project [23] - Company Lujiazui announced the resignation of its vice chairman due to job transfer [24] - Company Three Squirrels' H-share issuance application has been accepted by the CSRC [24] Group 9 - Company Kanghong Pharmaceutical's subsidiary received approval for clinical trials of KH617 for glioblastoma treatment [25] - Company Xin Zhu Co. announced a suspension of trading to plan an asset acquisition from its controlling shareholder [26] - Company Jianxin Co. announced plans for share reductions by several directors and senior management [28]

二、离任对公司的影响 根据《公司法》《公司章程》及相关规定，蔡嵘先生的辞职不会导致公司董 事会成员低于法定最低人数，不会影响公司董事会正常运行，辞职报告自送达公 司之日起生效。蔡嵘先生已按照相关法律法规做好工作交接。 蔡嵘先生在担任公司副董事长期间恪尽职守、勤勉尽责。公司董事会对蔡 嵘先生在任期间为公司经营和发展做出的积极贡献表示衷心的感谢。 特此公告。 股票代码：A 股：600663 股票简称：陆家嘴 编号：临 2025-021 B 股：900932 陆家 B 股 上海陆家嘴金融贸易区开发股份有限公司 关于副董事长离任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事离任情况 上海陆家嘴金融贸易区开发股份有限公司（以下简称"公司"）于近日收到 公司副董事长蔡嵘先生提交的书面辞职报告。蔡嵘先生因工作调动原因辞去公司 副董事长职务，同时辞去董事会审计委员会委员、提名委员会委员、战略决策委 员会委员职务。辞任后，蔡嵘先生将不再担任公司任何职务。 | | | | | | 是否继续 在上市公 | 是否存 在未履 | | ...

陆家嘴（600663）公告，公司副董事长蔡嵘先生因工作调动，于2025年5月26日辞去副董事长职务，同 时辞去董事会审计委员会委员、提名委员会委员、战略决策委员会委员职务。蔡嵘先生辞职后将不再担 任公司任何职务。根据相关规定，蔡嵘先生的辞职不会导致公司董事会成员低于法定最低人数，不会影 响公司董事会正常运行。 ...

美欧关税谈判期限延长至7月9日，此前特朗普威胁6月1日起对欧盟征收50%关税。 美国4月新建单户型住宅销量折合年率增长11%，达到74.3万套，超出经济学家预期，创下2022年2月以 来的最高水平。这一增长主要得益于建筑商推出的降价和销售激励措施，新房市场表现优于二手房市 场。然而，前三个月数据被下修，且房屋库存仍接近历史高位，削弱了乐观情绪。市场分析认为，这一 增长可能更多是一种统计假象，而非需求的真正回升。Pantheon Macroeconomics首席美国经济学家 Samuel Tombs指出，鉴于当前抵押贷款利率仍徘徊在7%附近，未来几个月销售额仍有可能出现下降趋 势。此外，消费者对财务和就业前景的担忧也抑制了购房需求。 ③特朗普威胁：苹果、三星等在美销售的手机若非美国制造 将被征25%关税 特朗普上周五通过社交媒体表示，如果苹果不在美国生产iPhone，将对其征收至少25%的关税。随后不 久又升级了"关税威胁"，称这条规则也同样适用于三星和其它智能手机制造商。特朗普还表示，如果苹 果、三星在美国建厂，将免征关税。受此消息影响，苹果股价上周五收跌超3%，苹果供应链集体下 跌，博通跌近0.8%，高通跌 ...