Group 1 - The 2025 Lujiazui Forum highlighted multiple signals from financial management departments, emphasizing the construction of Shanghai as an international financial center with a timeline and methodology for enhancing financial competitiveness and promoting high-level financial openness [1] - The Central Financial Committee announced the issuance of opinions to support the accelerated construction of Shanghai as an international financial center, aiming to establish it within five to ten years, focusing on six key areas including financial market construction and financial infrastructure [1] - The People's Bank of China introduced eight measures to assist in the construction of the Shanghai international financial center, which include the establishment of an interbank market transaction reporting system and the development of offshore bonds [1] Group 2 - The Financial Regulatory Administration and the Shanghai Municipal Government will jointly release an action plan to support the construction of the Shanghai international financial center, focusing on five areas including the aggregation of financial institutions and enhancing regulatory standards [2] - The China Securities Regulatory Commission (CSRC) plans to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to create a more favorable capital market ecosystem for comprehensive innovation [2] - The CSRC announced a new policy package to enhance the Sci-Tech Innovation Board's demonstration effect, including the introduction of a growth tier and the restart of the listing standards for unprofitable companies [2] Group 3 - The establishment of the China Capital Market Society aims to create a high-end think tank platform for capital market theoretical research, academic exchange, and decision-making consultation [3] - Financial management departments are committed to expanding the breadth and depth of financial openness, promoting deep reforms in the foreign exchange sector, and embracing globalization [3] - The Financial Regulatory Administration emphasized the necessity of steadily expanding financial institutional openness and replicating successful experiences from free trade zones [3] Group 4 - The foreign exchange management system will be further improved to enhance convenience, openness, security, and intelligence in cross-border trade and investment [4] - The People's Bank of China plans to strengthen foreign exchange management reforms to facilitate cross-border trade and investment, while promoting high-level institutional openness in the foreign exchange sector [4] - The State Administration of Foreign Exchange released a draft notice to optimize the business environment for cross-border investment and financing activities through various policy measures [4]

首席点评： 纵深推进全国统一大市场建设 铜： 夜盘铜价收涨。目前精矿加工费总体低位以及低铜价，考验冶炼产量。根据国家统计局数据来 看，国内下游需求总体稳定向好，电力行业延续正增长；汽车产销正增长；家电产量增速趋缓；地产持 续疲弱。多空因素交织，铜价可能区间波动。关注美国关税进展，以及美元、铜冶炼和家电产量等因素 变化。 美国 6 月 ADP 就业人数意外减少 3.3 万人，自 2023 年 3 月以来首次负增长，预期为增长 9.8 万人， 5 月份数据在向下修正后仅增加 2.9 万人。服务业就业在 6 月份减少 6.6 万个就业岗位，遭遇自疫情以来 的最大降幅。美国利率期货完全消化美联储 9 月降息预期。证监会党委召开扩大会议强调，要持续优化 股债融资、并购重组等资本市场机制安排，促进要素向最有潜力的领域高效集聚。牢记我国资本市场中 小投资者众多的最大市情，不断完善投资者保护制度体系。深入推进以"两创板"改革为抓手的新一轮全 面深化资本市场改革。全力抓好资本市场自主开放重点举措落地。始终把维护市场稳定作为监管工作首 要任务，推动健全常态化稳市机制安排，平稳有序防控债券违约、私募基金等领域风险。央行近日发文 明 ...

Group 1 - The China Securities Regulatory Commission emphasizes strengthening the A-share market's attractiveness and competitiveness through regulatory reforms and investor protection [2] - The macroeconomic resilience of China is recognized, with foreign assets becoming increasingly attractive amid global market fluctuations [3] - The real estate market shows a divergence in new and second-hand housing prices, with new homes experiencing a slight increase while second-hand homes continue to decline [4] Group 2 - The People's Bank of China introduces new regulations requiring cash transactions over 100,000 yuan for precious metals and gemstones to be reported, aiming to combat money laundering [5][6] - A new batch of Qualified Domestic Institutional Investor (QDII) quotas has been released, allowing 82 institutions to share a total of 30.8 billion USD, indicating a growing demand for overseas investments [7] - Tesla reports a 13.5% year-on-year decline in global vehicle deliveries for the second consecutive quarter, raising concerns about its market performance [13] Group 3 - The steel and photovoltaic sectors are initiating capacity reduction measures in response to "involution" competition, with major companies announcing collective production cuts [10] - Insurance companies are increasingly investing in high-dividend assets through OCI accounts to stabilize profits and adapt to a low-interest-rate environment [11][17] - The electric vehicle market sees significant growth, with Foton Motor reporting a 150.96% increase in new energy vehicle sales in the first half of the year [24]

Group 1: Market and Economic Indicators - In June, the A-share market saw 1.65 million new accounts opened, bringing the total for the first half of the year to 12.6 million, a year-on-year increase of 32.77% compared to 9.49 million in the same period of 2024 [1] - The logistics industry in China reported a logistics prosperity index of 50.8% in June, up 0.2 percentage points from the previous month, indicating continued expansion in logistics business volume [1] - The Shanghai real estate market showed signs of recovery, with total transactions of new and second-hand housing reaching 1.311 million square meters in the first half of the year, a 17% increase year-on-year [1] Group 2: Company Announcements - Lixun Precision plans to issue shares overseas (H-shares) and list on the Hong Kong Stock Exchange [4] - Nanjing Shanglv expects a net profit decline of 67% to 78% year-on-year for the first half of the year [4] - Kaimeteqi reports normal operating conditions with no undisclosed significant matters [4] - Chengbang Co. states that its subsidiary, Xincun Electronics, currently has a small business scale [4] - Changchun High-tech's subsidiary, Fuxin Qibai monoclonal antibody for injection, has been approved for market entry in China [4] - Ruikang Pharmaceutical's director and vice president Li Zhe has been placed under detention [4] - Yonghui Supermarket reports that JD Shimao has reduced its stake in the company by 1.26% during the reduction period [4] - Betta Pharmaceuticals received approval from the National Medical Products Administration for the market application of Tartrate Teriparatide Capsules [4] - Hainan Highway plans to acquire a 51% stake in Jiaokong Petrochemical, which is expected to constitute a major asset restructuring [4]

Group 1 - The China Securities Regulatory Commission emphasizes the need to optimize capital market mechanisms, focusing on financing, mergers, and acquisitions to promote efficient resource allocation [2] - The People's Bank of China mandates that institutions involved in precious metals and gem transactions report cash transactions of 100,000 RMB or more for anti-money laundering purposes, but this does not affect card payments [2] - The U.S. ADP employment report shows a surprising decrease of 33,000 jobs in June, marking the first negative growth since March 2023, with service sector jobs experiencing the largest decline since the pandemic [2] Group 2 - The European Commission President meets with China's Foreign Minister, discussing the importance of the upcoming China-EU leaders' meeting and the need for deepening economic cooperation [3] - The Chinese government allocates over 300 billion RMB to support the third batch of "two heavy" construction projects, completing the annual allocation of 800 billion RMB [3] Group 3 - The A-share market experiences a decline, with the Shanghai Composite Index down 0.09% and the Shenzhen Component down 0.61%, while the market turnover reaches 1.41 trillion RMB [5] - The Hong Kong Hang Seng Index closes up 0.62%, with significant inflows from southbound funds totaling 5.036 billion HKD [6] - In June, 751 private equity firms conducted research on A-share listed companies, indicating strong interest from institutional investors [7] Group 4 - Six banks are currently awaiting IPO approval in China, with Dongguan Bank and Nanhai Rural Commercial Bank updating their financial documents for review [8] - PwC raises its forecast for the number of IPOs and fundraising amounts in Hong Kong for 2023, expecting 90-100 IPOs and 200-220 billion HKD in capital raised [8] Group 5 - The logistics industry in China shows signs of expansion, with the logistics industry prosperity index rising to 50.8% in June, marking a 0.2 percentage point increase from the previous month [10] - The non-auto insurance sector is set to enter a "reporting and operation integration" era, with new regulations aimed at addressing long-standing industry issues [11] Group 6 - The first batch of 10 technology innovation bond ETFs has been approved, tracking various indices related to AAA-rated technology bonds [12] - In June, the wholesale sales of new energy passenger vehicles in China reached 1.26 million units, a year-on-year increase of 29% [12] Group 7 - The domestic bond market continues to perform strongly, with major interest rate bonds seeing slight declines in yields and a collective rise in government bond futures [23] - Schroders upgrades its outlook for global corporate bonds from "negative" to "neutral," maintaining a positive view on global equities [23]

多重积极效果值得期待。定价效率有望进一步优化：更大的涨跌幅限制，给予市场更大活动场地，使其 能更充分地博弈，让风险警示股票的价格更快速地反映公司基本面和市场供求关系。监管套利空间将被 进一步压缩：统一板块内各类股票价格涨跌幅限制，能减少板块内机制差异，避免监管套利。劣质公司 出清加快：扩大的涨跌幅将加快风险暴露，便利投资者"用脚投票"，推动劣质企业有序退出，净化市场 生态。 来自实践的探索也为这一改革提供了可遵循的样本。前期，科创板、创业板已将风险警示股票与其他股 票的涨跌幅限制进行了统一，均为20%。从实际情况来看，总体运行平稳，缓解了定价失灵的现象。此 次监管层将成熟经验复制到主板，展现出改革创新的决心，又不失稳健推进的耐心。 也要注意，波动空间扩大可能带来的短期投机炒作不得不防。涨跌幅放宽至10%，单日盈亏波动翻番， 一些热衷于"炒小炒差"的资金，或将集中涌向市值较小、筹码集中度高的ST股。如果无严格的监管配 套，缺乏专业分析能力的普通投资者可能因"追涨杀跌"而蒙受损失，既损害了投资者切身利益，也偏离 了改革初衷。 赋予市场更大定价权的同时，更锋利的监管之剑也不可缺位。对此，沪深交易所同步对其他相关制度 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of integrating Xi Jinping's financial theories and practices from his time in Fujian into the development of the capital market, aiming for high-quality financial growth and innovation in China [1][2]. Group 1 - The meeting highlighted Xi Jinping's significant contributions to financial work during his 17.5 years in Fujian, which provide essential guidance for building a strong financial nation and advancing high-quality financial development [1]. - The CSRC aims to combine the learning from Xi Jinping's financial theories with the broader context of the Party's directives to enhance the effectiveness of capital market reforms [1][2]. - The CSRC stresses the need for a practical approach, advocating for immediate action and diligent implementation of policies [1]. Group 2 - The CSRC outlines five key areas for improvement: combining political and professional aspects, ensuring efficiency and fairness, balancing internal reforms with external openness, and prioritizing development alongside safety [2]. - The focus on political integrity involves maintaining the Party's leadership throughout the capital market's reform and development processes [2]. - The CSRC aims to optimize mechanisms for financing and mergers to support technological and industrial innovation while protecting the interests of small investors [2].

Core Viewpoint - The article emphasizes the importance of integrating political, professional, efficiency, and fairness aspects in the development and regulation of China's capital markets, while also focusing on reform and opening up to enhance market stability and quality growth [1][2]. Group 1 - The meeting highlighted the need to combine Marxist financial theory with China's practical experiences, leveraging global insights while adhering to national conditions to foster innovation in capital market theory, practice, and systems [1] - It stressed the significance of maintaining political leadership throughout the capital market's reform and development processes, ensuring that regulatory work is rooted in political and public interests while enhancing professional capabilities [1] - The article calls for optimizing mechanisms for equity and debt financing, as well as mergers and acquisitions, to efficiently channel resources into high-potential areas, supporting the integration of technological and industrial innovation [1] Group 2 - The article discusses the need for internal reforms and external openings, particularly through the "Two Innovation Boards" as a means to deepen capital market reforms and enhance the attractiveness and competitiveness of the A-share market [2] - It emphasizes the priority of maintaining market stability as a regulatory task, advocating for the establishment of mechanisms to manage risks in areas such as bond defaults and private equity funds, thereby creating a conducive environment for high-quality capital market development [2]

行稳方能致远。看外部，美联储降息节奏等因素可能带来扰动。看内部，部分板块短期上涨较快，持续 上涨离不开盈利增长的支撑。A股行进的道路上仍可能出现荆棘。眼下，更需脚踏实地、稳中求进，扎 扎实实推动改革举措落地显效，在市场运行上体现"稳"，在激发市场活力、强化市场功能上体现"进"。 持续防风险，强化监管效能，筑牢底线。加强境内外、场内外、期现货联动监测监管，增强工作的前瞻 性、主动性、有效性。更好发挥两项支持资本市场的结构性货币政策工具效用，加强战略性力量储备和 稳市机制建设。加强政策解读和宣传引导，进一步稳定市场预期，巩固市场回稳向好势头。 政策面，资本市场改革深化，释放政策红利；资金面，流动性持续充裕，提升市场活力；基本面，经济 向稳叠加技术突破，提供现实支撑……多因素共振，助力A股市场完成关键一跃。站在百万亿市值新坐 标，回望近年来特别是近一年多来A股资本市场发生的深刻结构性变化，不难发现，百万亿市值的突破 只是时间早晚的问题。 从融资主导走向投融资协调发展，市场定位发生深刻变化。近年来，A股市场通过优化融资规则及完善 分红回购机制，推动投融资从单向输血转向动态平衡。融资端，与新"国九条"配套的"科创板八条 ...

TOP 级机构（合计管理超千亿）分享投资策略和方向。 变局加速，机遇涌动！走过充满韧性的 2024 ，中国经济正以"新质生产力"为引擎，在 2025 年深化转型。政策红利持续释放，资本市场改革深化，外资加速回流人工智能、高端制造、绿 色能源等新经济赛道，一场以"新质"为核心的估值重构已然展开。 然而，全球棋局波谲云诡：地缘冲突未息、货币政策分化、供应链重塑承压、多国政治周期叠 加 ……如何在百年大变局的深化期，把握未来航向？ 2025 年下半年，机遇与风险并存，投 资者如何优化策略，行稳致远？ 答案，就在深圳！ 2025 年 7 月 4 日 -5 日，格隆汇 2025 中期策略峰会 将再度点亮鹏城！ 我们力邀顶尖思想领袖与实战精英，为您： 深度剖析全球与中国经济核心变局； 前瞻 "新质生产力"驱动的投资主脉络； 拆解复杂环境下的风险与机遇； 共话资本市场改革红利与布局良机； 格隆汇期待您的莅临！ （活动议程均以现场为准，活动解释权归格隆汇所有） 这是一场智慧碰撞的盛宴，一次拨云见日的集结！ 与远见者同行，与担当者共进！ 星火汇聚，终成燎原之势！ 破浪前行，共赴投资沧海！ 7 月 4 日中期策略会仅剩少许名额！ ...