Group 1 - The core viewpoint of the article emphasizes the importance of policy initiatives in enhancing economic growth and environmental protection, particularly through data sharing and ecological compensation mechanisms [2][3][5]. Group 2 - On June 5, President Xi Jinping and President Trump discussed the importance of maintaining a strong economic relationship between China and the U.S., emphasizing mutual respect and cooperation [2]. - The introduction of the "Regulations on Government Data Sharing" aims to improve the efficiency of government services and digital governance by promoting orderly data sharing and breaking down data silos [3][4]. - The Ministry of Finance and other departments announced a unified horizontal ecological compensation mechanism focusing on the Yangtze and Yellow River basins, which will allocate compensation funds based on water quality assessments [5][6]. - The "Opinions on Further Improving the Horizontal Ecological Protection Compensation Mechanism" outlines seven key tasks to attract more social capital into ecological civilization construction, including establishing compensation mechanisms and expanding compensation areas [7][8]. - The Ministry of Finance announced support for 20 cities to implement urban renewal projects, with a total expected subsidy exceeding 20 billion yuan, aimed at improving urban infrastructure and living conditions [9]. - The Ministry of Human Resources and Social Security initiated a pilot program to integrate human resources services with the manufacturing industry, focusing on establishing service standards and combating illegal practices [10][11].

中新网北京6月10日电(李紫薇)2025年跨境电商产业发展合作交流会暨北京大兴国际机场临空经济区跨 境优势资源推介会6月10日在京举办。跨境电商行业组织、欧洲行业代表、马来西亚对外贸易发展局等 业界人士与会，共商共议全球跨境电商发展趋势。 2025年6月10日，比利时巧克力Cailine的CEO Kristof Noppe(中)向嘉宾推介巧克力。李国庆摄 "跨境电商实际上是给中小企业带来更多的机会"，对外经济贸易大学国际经济贸易学院教授王健表示， 此次马来西亚对外贸易发展局以及马来西亚驻华大使馆所介绍的特色产品大多为农产品，"马来西亚希 望能借鉴中国跨境电商发展模式，为它的中小企业打造出海平台。" "如今数字经济的新生态，实际上给中小微企业带来了更多的发展机遇，而中小微企业恰恰又是各国经 济当中的主力军，如果中小微企业发展了，那么全球经济的发展是没有问题的。"王健总结道。 2025年6月10日，大兴国际机场临空经济区联合管委会主任张华在推介会现场介绍大兴国际机场临空经 济区的优势。李国庆摄 此次交流会由北京大兴国际机场临空经济区联合管理委员会与中国报关协会主办，旨在共商共筑跨境电 商新高地，赋能全球贸易新未来 ...

Core Viewpoint - The National Information Center and the Yongchuan District People's Government of Chongqing signed a strategic cooperation agreement to enhance collaboration in digital economy development, focusing on infrastructure, data flow, talent cultivation, and creating a data element industry ecosystem [1][3]. Group 1: Strategic Cooperation - The agreement emphasizes "complementary advantages, mutual benefit, and long-term cooperation" to leverage strengths in policy research, industry cultivation, technological innovation, market expansion, and talent training [1]. - The collaboration aims to establish a long-term cooperation mechanism and build a "cross-border trusted data space" to promote high-quality development of the digital economy [1][3]. Group 2: Yongchuan District's Digital Economy - Yongchuan District is positioned to become a hub for digital economy innovation, with a focus on data element circulation and integration into the data element industry ecosystem [3]. - The district plans to enhance its digital government and smart city initiatives, and develop a data element circulation system to facilitate cross-border data transactions [3][4]. Group 3: Technological Infrastructure - Yongchuan has implemented a "1358" action plan to create a nationally influential technology film industry ecosystem, featuring a state-of-the-art film studio with 12 professional studios and advanced equipment [4]. - The district is developing a digital asset platform for technology films, integrating AI scheduling and digital watermarking to create a comprehensive service platform that serves the southwestern region [4].

中微半导体设备（上海）股份有限公司 （截至授予日） 一、限制性股票激励计划的分配情况表 获授限制性股 占授予限制性 占本激励计划公告 姓名 国籍 职务 票数量(万股) 股票总数比例 日股本总额比例 一、董事、高级管理人员、核心技术人员 董事长、总经理、 尹志尧 中国 12.5 1.0417% 0.0201% 核心技术人员 董事、副总经理、 丛海 新加坡 10 0.8333% 0.0161% 核心技术人员 董事、副总经理、 陶珩 中国 5 0.4167% 0.0080% 核心技术人员 副总经理、财务负 陈伟文 中国香港 6.4 0.5333% 0.0103% 责人 何奕 中国 副总经理 5 0.4167% 0.0080% 姜银鑫 中国 副总经理 5 0.4167% 0.0080% 靳巨 美国 副总经理 6.4 0.5333% 0.0103% 副总经理、董事会 刘方 中国 10 0.8333% 0.0161% 秘书 姜勇 中国 核心技术人员 2.55 0.2125% 0.0041% 陈煌琳 中国台湾 核心技术人员 2.55 0.2125% 0.0041% 刘志强 新加坡 核心技术人员 5.55 0.4625% 0 ...

Core Insights - The rapid growth of short video platforms is approaching 1 billion monthly active users, which supports the expansion of their business landscape and positions them as a significant source of domestic employment [1] Employment Impact - As of the end of 2024, Kuaishou has created 43.2 million job opportunities, with 23 million being direct jobs for short video creators and streamers, and 20.2 million indirect jobs, including 5.73 million from content ecosystems and 14.47 million from live e-commerce ecosystems [2] - The integration of short video and live streaming platforms with the real economy is fostering new industries and professions, contributing to a digital transformation that enhances employment opportunities [3][11] New Occupations - The platform economy has led to the emergence of new job roles such as user growth operation specialists, online streamers, and live recruitment specialists, which have been officially recognized as new professions by the Ministry of Human Resources and Social Security [6] - Kuaishou's data indicates that by the end of 2024, the platform has generated 174 new job roles, with live e-commerce GMV (Gross Merchandise Volume) growth of 1 billion yuan leading to an increase of approximately 1,200 jobs [12] Recruitment Innovations - Live streaming recruitment has proven to be significantly more efficient than traditional recruitment methods, with some HR companies reporting up to ten times the efficiency [17] - Kuaishou's "Kuaipin" service, launched in January 2022, combines internet and live streaming for recruitment, addressing the job-seeking needs of key groups such as unemployed graduates and migrant workers [20] Training and Development - Public employment service departments are increasingly offering free live operation vocational training courses, covering areas such as e-commerce operations and short video production, which not only help key groups find employment but also provide long-term career development opportunities [20]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].

今天特别高兴，因为我们要共同见证国内外知名学者郑永年教授新作《论单边开放》的国内首发式，这 部著作以深邃的历史视角和前瞻性的全球化战略思维，揭示了中国单边开放的独特路径及其世界意义， 这里我想用10多分钟时间，讲一个主题，"中国单边开放是世界近代史的奇迹"。 为什么说是近代史上的奇迹呢？ 我想有三点理由： 第一，中国的单边开放是对全球化逻辑和规则的创造性的突破。 回顾世界近代史，西方主导的"全球化"长期遵循"对等开放"原则，甚至以武力强迫他国打开市场，而中 国改革开放实践，尤其是加入WTO后的主动单边开放，打破了这一传统逻辑和规则。我们主动降低关 税，关税水平从加入WTO时承诺的平均关税15.3%降到7.4%，大大低于绝大多数发展中国家。参加这次 会议的WTO前总干事帕斯卡尔告诉我，中国是WTO的最好学生，是优等生。我们多次简化和放宽外资 准入，到2023年底，中国累计吸引外资总额达3.3万亿美元，在华外资企业已达66万户，连续30年位居 发展中国家首位。我们设立了自贸区和自贸港。中国不断地改善营商环境和加强知识产权的保护。中国 现已成为全球外商投资的"首选地"。 当前全球化遭遇逆流，单边主义、贸易保护主义和 ...

Group 1 - The international perception of "Made in China" is shifting from labor-intensive products to high-quality, technology-intensive products, particularly in the digital economy era driven by advancements in artificial intelligence [1][2] - China has maintained its position as the world's largest goods trader for eight consecutive years, with a significant shift in export structure towards electromechanical and high-tech products, which are growing at a faster rate than labor-intensive products [1] - The number of valid domestic invention patents in China reached 4.756 million by the end of 2024, making it the first country to surpass 4 million, and it leads globally in international patent applications [2] Group 2 - The Chinese market's large scale facilitates the rapid application of advanced technologies, with China holding a 70% share of the global market for new energy passenger vehicles and accounting for over half of the world's industrial robot installations in 2023 [3] - The private economy plays a crucial role in China's high-quality manufacturing and exports, contributing to 70% of technological innovations and benefiting from the newly implemented Private Economy Promotion Law [3] - The overall improvement in labor quality in China supports high-quality manufacturing, with an average education level of 14 years for new labor and a significant number of engineers and skilled workers [4]

宏 观 研 究 "反脆弱"系列 2025 年 06 月 10 日 政策性金融工具，"新"在何处？ ——"反脆弱"系列专题之十二 在当前宏观政策积极发力稳增长的背景下，政策性金融工具备受关注。前两轮其成效显著， 本轮新型工具何时可能落地？资金投向又会有哪些新动向？本文分析，可供参考。 从上述两轮经验来看，政策性金融工具具有较强的"杠杆"效应，能够撬动更多信贷或社 会资本，从而发挥更强的稳增长效果。政策性金融工具具备两大显著特点：其一，由于有 财政贴息，较低的利率减轻了地方政府的付息压力，有利于在稳增长的同时兼顾地方财政 可持续性；其二，"杠杆"效应突出，它可以充当投资项目的资本金，有效撬动信贷。 ⚫ 新型政策性开发性金融工具，"新"在何处？投向可能更丰富，或扩展至科技与消费。 政治局会议明确指出，新型政策性金融工具的投向要支持科技创新，这可能主要指向对数 字经济，特别是 AI、算力等方面的支撑，这很可能是本轮与前两轮工具的主要不同点之 一。湖州市商务局新型政策性金融工具向上争取工作部署会也把"数字经济、人工智能" 放在重点项目摸排工作的前两位，与 2025 年两会重视数字经济和人工智能的方向一致。 此外，扩大消 ...

Core Viewpoint - The digital economy theme index has experienced a decline, with significant drops in key component stocks, indicating a challenging market environment for the sector [1][2]. Group 1: Market Performance - As of June 10, 2025, the CSI Digital Economy Theme Index (931582) fell by 1.99%, with major declines in stocks such as Deepin Technology (300454) down 7.14% and Yonyou Network (600588) down 6.22% [1]. - The Digital Economy ETF (560800) also decreased by 1.98%, with a latest price of 0.74 yuan and a trading volume of 21.44 million yuan [1]. - The Digital Economy ETF has reached a recent high in scale at 788 million yuan and a recent high in shares at 1.042 billion, ranking in the top half of comparable funds [2]. Group 2: Investment Trends - Shenwan Hongyuan suggests that a structural bull market in A-shares may require significant technological catalysts, particularly in AI, embodied intelligence, and defense industries [1]. - The report highlights key products to watch in the second half of the year, including DeepSeekR2, GPT5, and the mass production version of Tesla's Optimus [1]. - There is a noted increase in leveraged funds, with the Digital Economy ETF seeing net inflows of 13.6 million yuan and a total of 12.12 million yuan over the last five trading days [2]. Group 3: Key Holdings - As of May 30, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 50.98% of the index, with notable companies including Dongfang Wealth (300059) and SMIC (688981) [3][5]. - The performance of these key stocks varied, with Dongfang Wealth down 2.47% and Hikvision (002415) down 1.55%, while Haiguang Information (688041) saw an increase of 2.86% [5].