◎记者 汪友若 5月7日，中国人民银行、金融监管总局、中国证监会联合推出一揽子金融政策，从货币政策、金融监 管、资本市场建设等多维度发力，贯彻落实中央政治局会议"持续稳定和活跃资本市场"的决策部署。 投行业务中，并购重组市场不断升温，券商在方案设计、交易撮合、融资安排等方面具有专业优势，并 购重组财务顾问业务面临发展机遇。 资管产品方面，盘活存量资产、支持基础设施建设等政策导向，将推动REITs市场和资产证券化业务持 续发展，为券商带来新的业务增长点。 展望未来，徐朝晖认为，政策还有望从四方面发力，进一步巩固和提升市场动能。一是通过政策引导和 市场机制，鼓励上市公司聚焦主业，提升核心竞争力；二是支持上市公司加大研发投入，推动科技创新 和产业升级；三是支持优质企业通过并购重组做优做强，支持上市公司通过市场化方式进行产业整合和 价值提升；四是引导上市公司完善公司治理结构，提高决策透明度和科学性，鼓励上市公司通过现金分 红、股份回购等方式积极回报投资者。 "平衡'稳定'与'活跃'是一个动态的过程，政策既要为市场划出清晰的底线和红线，保障其稳定运行，又 要为市场留出足够的空间和弹性，激发其内在活力。通过多方面、系统性 ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Organon & Co. securities during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - The class period for the Organon securities lawsuit is from October 31, 2024, to April 30, 2025, inclusive [1]. - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - A lead plaintiff must file a motion with the court by July 22, 2025, to represent other class members [2]. Group 2: Legal Representation - Investors are encouraged to select qualified legal counsel with a proven track record in securities class actions [3]. - Rosen Law Firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [3]. - The firm has consistently ranked among the top firms for securities class action settlements since 2013, recovering hundreds of millions for investors [3]. Group 3: Case Allegations - The lawsuit alleges that Organon's management made misleading statements about the company's priorities, particularly regarding capital allocation and dividend payments [4]. - It is claimed that the company concealed the importance of its debt reduction strategy, which led to a 70% decrease in the regular quarterly dividend following the acquisition of Dermavant [4]. - The lawsuit asserts that investors suffered damages when the true information about the company's financial priorities became public [4].

过去一年，泡泡玛特的"女明星"LABUBU日程繁忙，全球飞、赶通告，在泰国被旅游部长接机，在伦敦 哈罗德百货粉丝们为她排起长龙。而最近，她的名字更成为全球社交话题的热门词。 同样的故事还属于几个中国神话传说中的人物。今年春天，动画电影《哪吒之魔童闹海》震惊影史，舞 着混天绫、挥着火尖枪、踩着风火轮的哪吒风靡海内外。去年夏天，游戏《黑神话：悟空》上线一个月 狂揽千万份销量，让中国的美猴王孙悟空成功在全球掀起一阵"西游热"。 《哪吒》系列影片的出品方光线传媒董事长王长田表示："中国影片出海是必然的选择和趋势。目前， 中国产品和服务已在全球逐渐打开市场，国外观众有想要了解中国文化的需求，这为中国电影出海带来 了机会。" 在海外发行中，英语版坚持保留了中国文化、传统神话的内核和精髓。对于一些特定的中国文化词语， 不再追求英语的对应，而是保留了原汁原味，如"Tianzun"（天尊）、"Wuliangxianweng"（无量仙翁） 等。"我们期待海外观众观影后，能潜移默化地接受中华传统文化中的一些概念。"应旭珺说。 讲好中国故事，不仅是中国电影在做。近年来，伴随中国游戏产业的发展，数字游戏正在成为演绎中国 故事的又一新兴 ...

Core Viewpoint - The rise of artificial intelligence (AI) is increasing cybersecurity threats, making companies like CrowdStrike and SentinelOne attractive investment opportunities due to their AI-powered cybersecurity solutions [1]. Company Comparison - Both CrowdStrike and SentinelOne offer AI-powered protection platforms that analyze digital activity to identify threats, deploying their software to network endpoints such as laptops and smartphones [3]. - Each company enhances its core offerings with additional cybersecurity products, allowing clients to customize their protection suites [4]. Company Size and Market Position - CrowdStrike is significantly larger than SentinelOne, with an annual recurring revenue (ARR) of $4.4 billion compared to SentinelOne's $948 million in fiscal Q1 [5]. - The larger client base of CrowdStrike increases its visibility and reputation in the market, potentially leading to more business opportunities [6]. Growth Rates - SentinelOne is experiencing slightly faster growth, with a 24% year-over-year increase in ARR, while CrowdStrike's ARR grew by 22% year-over-year [7]. - Despite the faster growth rate of SentinelOne, CrowdStrike's larger base makes its growth impressive [8]. Profitability - Neither company is highly profitable, with SentinelOne far from breaking even and CrowdStrike having intermittent profitability [9][10]. - CrowdStrike has previously demonstrated the ability to achieve profitability, suggesting a potential path for SentinelOne to follow [10]. Valuation and Investment Perspective - CrowdStrike's stock is currently five times more expensive than SentinelOne's, raising concerns about its valuation given their similar growth rates [12][14]. - The high valuation of CrowdStrike may indicate an overhyped stock, while SentinelOne appears to be undervalued, making it a more attractive investment option at present [15].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of pure benzene futures and options on the Dalian Commodity Exchange, emphasizing the importance of these products for risk management and the stable operation of the industrial chain [1] - The introduction of pure benzene futures and options is expected to enhance the risk management capabilities of the chemical industry and contribute to the establishment of a transparent and authoritative "China pure benzene price" [2][3] - The total number of futures and options in China's futures market will increase to 150 with the addition of pure benzene and other recently launched products [1][2] Group 2 - The pure benzene market is characterized by a large scale, high standardization, and well-developed infrastructure, making it suitable for standardized futures and options trading [2] - The CSRC is also exploring the launch of other derivative products, such as RMB foreign exchange futures and liquefied natural gas futures and options, to better serve the real economy [2][3] - The futures market has made significant progress in product innovation and enhancing its service capabilities to the real economy, with a more complete commodity system covering various sectors [3] Group 3 - Industry insiders believe that the futures market should continue to deepen product innovation to better support high-quality economic development [4] - There is potential for expanding green commodity-related products, such as carbon emission rights futures and electricity futures, to meet market demands [4][5] - Futures companies are encouraged to engage in the design and cultivation of new products, providing professional services to industry clients and enhancing market liquidity [5]

Group 1 - The core viewpoint of the article highlights a significant increase in the scale of share placements in the Hong Kong stock market, with 252 companies announcing placements totaling HKD 1,476.21 billion, a year-on-year increase of 279.57% [1] - The Hong Kong stock placement mechanism allows companies to issue new shares or sell existing shares to specific investors without needing additional shareholder approval, providing flexibility in fundraising [1] - The surge in share placements is attributed to improved market conditions, leading industry leaders to bolster cash reserves amid global asset rebalancing [1][3] Group 2 - The Hong Kong market has seen a notable improvement in investor confidence, with the Hang Seng Index rising by 17.3% year-to-date, enhancing the attractiveness of Hong Kong assets and creating a favorable environment for refinancing [2] - Leading companies in sectors such as new consumption, artificial intelligence, and biotechnology are seizing the refinancing "window" to strengthen cash flow for significant R&D investments and business expansion [3] - International capital is returning to the Hong Kong market, showing optimism towards the long-term growth potential of core industries like biotechnology and new energy [3] Group 3 - Many companies' placement lists include foreign institutional investors, indicating strong international interest; for instance, 80% of the placement by Kelun-Botai Bio was allocated to international investors [4] - Concerns have been raised about potential "over-extraction" from the market due to high-volume placements, but regulatory constraints limit placements to 20% of share capital, ensuring a balance between short-term financing needs and long-term market trust [4]

Core Insights - The first batch of floating rate funds has been established, with a total scale of 12.6 billion yuan and an average fund size of 969 million yuan, indicating strong investor participation [1][2] - The floating rate fund mechanism links management fees directly to performance, marking a significant shift in the public fund fee structure [4][5] - The rapid fundraising of these funds is attributed to policy benefits, market timing, and product innovation, suggesting a new phase for the public fund industry focused on performance-driven strategies [3][5] Fund Establishment - As of June 21, 13 floating rate funds have been established, with the top three funds being Dongfanghong Core Value Mixed A, Yifangda Growth Progress Mixed A, and Ping An Value Enjoyment Mixed A, collectively accounting for nearly 40% of the total scale [2] - The average number of subscriptions per fund is approximately 11,500, with the highest being 47,301 for Yifangda Growth Progress Mixed A [2] Fee Structure - The floating rate mechanism replaces the traditional fixed management fee model, with fees based on holding period and annualized returns [4] - This structure reduces opportunity costs for investors, as management fees decrease when fund performance is below expectations, while higher fees correspond to better performance, aligning interests between investors and managers [4] Industry Impact - The floating rate mechanism presents both opportunities and challenges for fund managers, compelling them to enhance their research and investment capabilities [5] - The emergence of floating rate funds is expected to accelerate the transition of the public fund industry from a scale-driven model to a performance-driven one [5]

本报记者 毛艺融 张芗逸 屈珂薇 国家统计局最新数据显示，今年1月份至5月份，服务零售额同比增长5.2%，增速比1月份至4月份加快 0.1个百分点，高于同期商品零售额增速0.1个百分点。 同时，随着消费需求扩容升级，品质化、个性化、多样化特点尤为突出，消费者从"满足基本需 求"向"追求生活品质"转变。除餐饮住宿、家政服务、养老托育等基础性消费外，文化娱乐消费、旅游 消费、体育消费等改善型服务消费，正迸发出前所未有的活力。 文化娱乐消费方面，"情绪消费"成为新热点。不少年轻人愿意为一场演唱会或者音乐节，来一场说走就 走的旅行；直播间里，LABUBU等盲盒玩具的稀缺款受到消费者抢购；电商平台上，能够解压的硅 胶"捏捏乐"以及售价0.5元的"爱因斯坦的脑子"等虚拟商品受到年轻人欢迎。 "我今天是来集章的，也顺便看看暑假还能去哪儿玩。"6月21日，2025北京国际文旅消费博览会现场人 头攒动，一位大学生向《证券日报》记者展示着手中的手账本，上面盖满了全国不同省份的文创印章。 此次博览会期间，各大展台前都挤满了游客，他们或品尝特色美食，或了解特色旅游路线，集章打卡、 人偶巡游、主题演艺等活动给他们带来满满体验感。 事实 ...

Core Viewpoint - The demand for orthopedic surgeries is increasing due to aging populations and younger patients with orthopedic diseases, driving the need for precision, minimally invasive, and intelligent surgical solutions, which in turn fosters the growth of orthopedic surgical robots [2][7]. Group 1: Company Overview - Beijing Tianzhihang Medical Technology Co., Ltd. (Tianzhihang) is transforming the global orthopedic surgical robot market with its core product, the Tianji orthopedic surgical robot, achieving sub-millimeter precision and completing over 110,000 surgeries across more than 200 hospitals in China [2][4]. - The company adheres to the principle of "original research and innovation," with R&D investment of 117 million yuan in 2024, accounting for 65.34% of its revenue, and employs 123 R&D personnel, making up 40.07% of its workforce [3][4]. Group 2: Product Development - Tianzhihang has introduced multiple generations of its surgical robots, with the Tianji® 1.0 launched in 2016 and the Tianji® 2.0 in 2021, enhancing usability and humanization [4]. - The company has achieved full coverage in three major orthopedic fields: spine, trauma, and joints, with a total of 596 patent applications, including 232 invention patents, and 401 patents granted [4][8]. Group 3: Technological Advancements - Tianzhihang has pioneered remote orthopedic surgeries in China since 2006 and has conducted over 1,000 remote surgeries using 5G technology, showcasing the potential of "5G + robotics" in healthcare [6][8]. - The company emphasizes the importance of orthopedic surgical robots in addressing uneven distribution of medical resources and enhancing capabilities in grassroots medical institutions [7]. Group 4: Market Position and Growth - The Chinese surgical robot market is projected to reach approximately 9.59 billion yuan in 2024, with a compound annual growth rate of 34.5% over the past five years, and is expected to grow to 11.03 billion yuan by 2025 [8]. - Tianzhihang's revenue structure has evolved, with more than 50% of its income now coming from consumables and technical services, compared to nearly 100% from hardware four years ago [8]. Group 5: International Expansion - The company aims to expand internationally, with its surgical navigation systems receiving EU CE certification, facilitating its entry into overseas markets [9]. - Tianzhihang plans to develop differentiated market strategies based on the characteristics of various international markets, positioning itself as a significant player in the global orthopedic surgical robot arena [9].

本报记者 田鹏 2025年6月21日，首批9只基础设施领域不动产投资信托基金（以下简称"基础设施公募REITs"）上市满四周年。 回顾我国REITs市场的发展历程，2020年4月份，中国证监会与国家发展改革委联合发布《关于推进基础设施领域不动产投 资信托基金（REITs）试点相关工作的通知》，正式拉开基础设施REITs试点的大幕。如今，REITs市场蓬勃发展之势清晰可 见，产品规模稳健攀升，资产类型加速扩容，不断释放强劲增长活力。 不断上新的"首单"也成为市场创新突破的生动注脚。例如，2025年6月18日首批数据中心REITs南方润泽科技REIT正式获 批，不仅标志着REITs市场向新型基础设施领域迈出关键一步，更为人工智能、云计算等前沿产业发展架起高效的资本桥梁。 展望未来，深交所表示，下一步，将推动REITs市场高质量发展，更好服务国家战略和经济社会发展全局。一是稳中求进 扩大REITs试点规模。着力推动REITs常态化发行和高质量扩容，支持科技创新领域企业发行REITs，为加快培育发展新质生产 力积极贡献力量。二是推动完善配套规则机制。提升业务规范化标准化程度，优化发行询价、信息披露、投资者保护等全链条 ...