Report Investment Rating - The report does not provide an investment rating for the industry. Core Viewpoints - The easing of the Israel - Iran conflict alleviated market concerns, boosting the risk appetite of A - shares on Tuesday. The decline of A - share sectors related to the Israel - Iran conflict indicates that the impact of external events on A - shares has ended, and A - shares will return to their own rhythm and logic. The market should maintain a neutral attitude, with a balanced allocation of blue - chips and technology, and a balanced allocation of Shanghai Stock Exchange 50 and CSI 1000 in stock index futures [4][13]. Summary by Directory 1. Market Views 1.1 Overseas Overnight - US economic data shows a slowdown, with the June Conference Board Consumer Confidence Index at 93, lower than the expected 100 and the previous value of 98.4; the April FIFA House Price Index monthly rate at - 0.4%, lower than the previous value of 0; and the April SPCS20 City Unadjusted House Price Index annual rate at 3.4%, lower than the expected 4% and the previous value of 4.07%. Fed Chairman Powell's attitude is neutral. Overnight, US stocks and bonds rose, the US dollar index, gold, and crude oil fell, the Nasdaq Golden Dragon China Index rose 3.31%, and the offshore RMB exchange rate appreciated [2][6]. 1.2 Domestic Market Review - On Tuesday, the market showed a large - volume upward trend, with the broader market rising 1.15%, the Shenzhen Component Index rising 1.68%, and the ChiNext Index rising 2.3%. The direct cause of the market rise was the easing of the Middle East situation, and the indirect cause was the release of pent - up emotions of internal funds after a long - term consolidation. The sectors related to the Israel - Iran conflict, such as oil and gas and shipping, fell, while solid - state batteries, robots, automobiles, and securities led the gains. The Ministry of Commerce will organize a new - energy vehicle consumption season in thousands of counties and towns in 2025 [3][7]. 1.3 Important Information - **Middle East Situation**: Trump's views on the Israel - Iran cease - fire agreement, the erasure of oil - price increases since the June 13 Israeli attack on Iran, US intelligence reports on the strike on Iran, the halt of further Israeli military strikes on Iran after the US - Israeli leaders' call, and Iran's readiness for dialogue [8]. - **Federal Reserve**: Different Fed officials have different views on interest - rate adjustments, with some believing that a wait - and - see approach is appropriate, and some expecting a rate cut later this year [9]. - **US Senate**: The Republican leader in the US Senate plans to vote on Trump's "Beautiful Big Bill" on Friday [9]. - **Central Bank**: On June 25, the central bank conducted 300 billion yuan of MLF operations with a term of 1 year, and six departments including the central bank jointly issued a guidance on financial support for boosting and expanding consumption. The central bank will also formulate a new - stage financial technology development plan [10][11]. - **Ministry of Commerce**: It will organize the 2025 New - Energy Vehicle Consumption Season in Thousands of Counties and Towns [12]. 1.4 Today's Strategy - The market should maintain a neutral attitude, with a balanced allocation of blue - chips and technology, and a balanced allocation of Shanghai Stock Exchange 50 and CSI 1000 in stock index futures. In the short term, focus on the activity of AI and large - finance sectors, and operating according to the 20 - day moving average has a relatively high winning rate [13]. 2. Futures Market Tracking - The report presents multiple charts related to the basis and inter - period spreads of CSI 300, Shanghai Stock Exchange 50, and CSI 500 contracts, including the basis of each contract and the inter - period spreads between different contract months [15][20][22]. 3. Spot Market Tracking - The report shows charts of important index valuations, Shenwan valuations, market average daily trading volume and turnover rate, the number of rising and falling stocks in the two markets, index trading volume changes, stock - bond relative returns, Hong Kong Stock Connect, margin trading balances, and margin trading net purchases and their proportion in A - share trading volume [35][37][39]. 4. Liquidity Tracking - The report includes charts of central bank open - market operations and Shibor interest - rate levels [44].

据世界经济论坛对多位机构首席经济学家的最新调查显示，当前全球经济发展前景不容乐观。对此，专 家学者有着怎样的思考和建议？如何看待地缘经济格局变化和技术加速演进背景下的全球经济增长前 景？6月24日，在第十六届夏季达沃斯论坛上，与会人士就此展开了深入讨论。 同时，与会专家普遍认为，经济全球化大势难以逆转。"经济全球化有力促进了世界商业繁荣和经济发 展，当前这个进程受阻，是众多跨国企业不愿意看到的局面，因为他们的业务及其增长都是基于经济全 球化。"波士顿咨询集团董事总经理兼高级合伙人阿帕那·巴拉德瓦杰表示，很多国家包括欧洲和"全球 南方"国家，都在鼓励本国企业参与全球化竞争，希望本国企业具有全球竞争力，众多企业也在迎头赶 上。 萨蒂拉泰介绍说，"从东南亚的情况看，经济全球化在加强而不是减弱。"疫情后东南亚旅游业快速恢 复，资本逐渐流入，越来越多国际化人才进入，当地消费者也从全球购买商品，世界很关注东南亚市 场。 "未来，经济全球化依然会存在，但其进程将深化，发展方式也将改变。"巴拉德瓦杰认为，跨国企业需 要适应更为复杂的国际化规则，包括如何更好地利用本地合作关系去开展业务，更好地融合"在地 化"和"全球化"。 （ ...

关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 摘要 2025承前启后之年，"十四五"收官在即，"十五五"即将落地。当前"十五五"规划谋划情况如何、可能重点 关注哪些领域？本文系统分析，可供参考。 如何理解历次五年规划？是经济社会发展的重要中长期计划，完成度较高。 五年规划，是我国重要的中长期计划，主要对国家重大建设项目、生产力布局、国民经济重要比例关系 和社会事业等作出规划。 五年规划由"三级四类"构成；"三级"即国家、省、市县，"四类"即发展规划、 专项规划、区域规划及空间规划。 推动五年规划完成，主要依赖目标责任制，激励综合机制以及项目制等三类目标实施机制。 "十一五"规 划起，我国五年规划引入约束性指标与预期性指标。其中，约束性指标是中央政府在公共服务和涉及公 众利益领域对地方政府和中央政府有关部门提出的工作要求，纳入各地区各部门经济社会发展综合评价 和绩效考核。 五年规划相关指标通常涉及经济发展、科技创新 、民生、资源环境等领域，完成度较高。 从完成情况 看，"十二五"规划设定的24个核心规划指标中有23个完成，仅研发经费占比略低于目标的2.2%，为 2.1%。受疫 ...

Group 1 - The global capital flow is shifting, with a focus on regions beyond Asia, Europe, and the US, presenting market opportunities despite a fragmented environment [1] - Hong Kong Stock Exchange (HKEX) can play a crucial role in facilitating cross-border investments between Chinese and overseas investors [1] - Maintaining liquidity in the market relies on integrity and trust, supported by high regulatory standards and enhanced corporate governance [1] Group 2 - China is experiencing significant investment opportunities, highlighted by the largest IPO globally this year, aiming to raise $5.3 billion, attracting investors from Europe, the Middle East, and the US [2] - The trend of capital flow is shifting towards innovation, particularly in biotechnology, green transformation, and innovative technology sectors [2] - HKEX is actively connecting with global markets to attract companies focused on AI and biotechnology, which are seen as future growth areas [2]

Group 1: Five-Year Plan Overview - The Five-Year Plan is a crucial medium- to long-term economic and social development strategy in China, with a high completion rate[1] - The "14th Five-Year Plan" set 25 core indicators, of which 23 were completed, with R&D funding slightly below the target at 2.1%[2] - The "15th Five-Year Plan" will focus on high-quality development, reform, and green transformation, serving as a key transitional phase towards the 2035 modernization goals[3] Group 2: Key Targets and Goals - By 2035, China aims to double its economic output or per capita GDP compared to 2020 levels, requiring an average annual growth rate of around 4% during the "15th Five-Year Plan" period[3][25] - The plan includes achieving a non-fossil energy consumption ratio of approximately 25% by 2030 and a 65% reduction in carbon emissions per unit of GDP compared to 2005 levels[3][24] - The "15th Five-Year Plan" will also address over 300 reform tasks mandated by the 20th National Congress, to be completed by 2029[3][24] Group 3: Focus Areas - Key focus areas for the "15th Five-Year Plan" include technology, population development, healthcare, and support for vulnerable groups[3] - The National Development and Reform Commission has initiated research topics related to economic trends, technological revolutions, and energy structures[3][4] - The plan emphasizes the need for accelerated progress in ecological and environmental indicators that lag behind expectations from the "14th Five-Year Plan"[30]

推动五年规划完成，主要依赖目标责任制，激励综合机制以及项目制等三类目标实施机制。 "十一五"规 划起，我国五年规划引入约束性指标与预期性指标。其中，约束性指标是中央政府在公共服务和涉及公 众利益领域对地方政府和中央政府有关部门提出的工作要求，纳入各地区各部门经济社会发展综合评价 和绩效考核。 关注、加星，第一时间接收推送！ 文 | 赵伟、贾东旭、侯倩楠 联系人 | 侯倩楠 五年规划相关指标通常涉及经济发展、科技创新 、民生、资源环境等领域，完成度较高。 从完成情况 看，"十二五"规划设定的24个核心规划指标中有23个完成，仅研发经费占比略低于目标的2.2%，为 2.1%。受疫情影响"十三五"规划设定的25个指标中，科研经费占比、居民人均收入增速、单位GDP能源 消耗降低均略低于规划目标。 摘要 "十五五"将是怎样的五年？ 2035的关键五年，更注重高质量发展、改革和绿色转型 2025承前启后之年，"十四五"收官在即，"十五五"即将落地。当前"十五五"规划谋划情况如何、可能重点 关注哪些领域？本文系统分析，可供参考。 "十五五"是全面建设社会主义现代化国家征程中的关键五年。 "十五五"与"十四五"、"十六五"共 ...

Core Insights - The Global Economic Outlook Conference held in Beijing highlighted the importance of international cooperation and investment opportunities between China, Croatia, and Moldova [1][2][3] - The conference emphasized three key issues for future global development: technological innovation for inclusive growth, green transformation for sustainable development, and education equity for unleashing human potential [2][3] Group 1: Bilateral Trade and Economic Relations - In 2024, the bilateral trade volume between China and Croatia reached $2.96 billion, with China exporting $2.69 billion and importing $270 million [1] - The bilateral trade volume between China and Moldova was $465 million, with exports from China amounting to $337 million and imports at $128 million [1] - The conference served to invigorate the friendly relations between China and both Croatia and Moldova, showcasing the potential for further economic collaboration [1] Group 2: Company Initiatives and Achievements - TaoSheng Technology Group, represented by Vice Presidents He Sizhe and Liao Simin, showcased its development history and global strategy during the conference [2][3] - The company has evolved into a modern high-tech enterprise focusing on building ceramics manufacturing, asset restructuring, and pre-prepared food industries [2][3] - TaoSheng Technology Group was awarded the "China Recommended Brand" honor, reflecting its outstanding image in global high-quality development [3] Group 3: Future Collaboration and Strategic Goals - The former Prime Minister of Moldova, Dumitru Braghi, welcomed Chinese enterprises to invest in Moldova, particularly in agriculture, food processing, and clean energy sectors [2][4] - The company aims to enhance its global presence by expanding import and export scales and exploring multilateral cooperation paths [5] - TaoSheng Technology Group is committed to promoting Chinese products and culture globally, emphasizing the responsibility of the new generation of entrepreneurs [5]

据贾巴拉介绍，埃及是首批成为亚投行成员的国家之一，获得资金用于符合亚投行目标和埃及国家发展 战略的各类基础设施项目。亚投行对埃及的融资支持旨在改善民众生活质量、加强基础设施建设和创造 就业机会，同时兼顾支持气候行动。 "亚历山大阿布吉尔地铁项目是亚投行在埃及投资的最重要的基础设施项目之一，"贾巴拉说，"这个备 受期待的项目将改变亚历山大的交通状况，建设环保的地铁系统，能够更高效、绿色地运送更多乘 客。" 埃及政治经济、统计和立法协会成员瓦利德·贾巴拉日前在开罗接受新华社记者专访时表示，近年来， 亚洲基础设施投资银行（亚投行）国际影响力不断增强，埃及对亚投行发展前景充满信心，寻求加强与 亚投行的伙伴关系。 亚投行于2015年成立，2016年开始运营，成员数量从57个创始成员增至目前的110个。今年是亚投行成 立十周年。6月24日至26日，亚投行第十届理事会年会在北京召开。 贾巴拉指出，亚投行坚持多边主义，助力全球治理体系改革。与其他一些机构不同，亚投行在提供融资 时不附加任何政治条件，在促进亚洲和中东地区基础设施建设方面发挥了重要作用。"自2016年开始运 营以来，亚投行对许多成员的能源、交通、水利和科技等项目 ...

Core Viewpoint - Denmark and China are actively promoting green economic development and should deepen cooperation in areas such as green transition in the future [1] Group 1: Bilateral Cooperation - Over the past 75 years since the establishment of diplomatic relations, Denmark and China have increasingly deepened cooperation across various fields [1] - The two countries have close collaboration in wind power generation, battery technology, and new energy vehicles [1]

Economic Overview - The economic operation of the city in May shows a steady and improving trend [1] - The industrial economy is performing robustly, with a year-on-year increase of 7.4% in industrial added value for May [1] - Fixed asset investment has a good momentum, with a year-on-year growth of 5.7% from January to May [1] Industrial Performance - Nearly 70% of the 37 major industrial sectors maintained production growth [1] - Industrial investment remains high, with a year-on-year increase of 35.3%, accelerating by 3.7 percentage points compared to January to April [1] - Private investment has shown continuous vitality, growing by 13.3% in the first five months [1] Consumer Demand - The total retail sales of social consumer goods reached 569 billion yuan in May, with a year-on-year growth of 8.7% [2] - Retail sales of limited above units for consumer goods increased by 17.8% [2] - The retail sales of machinery and equipment products surged by 93.3% due to policy effects [2] Emerging Industries - New industries are growing rapidly, with the new energy industry, new energy vehicle industry, and new generation information technology industry increasing by 28.9%, 22.5%, and 9.8% respectively [3] - Investment in high-tech manufacturing increased by 42.8% from January to May, accelerating by 12.5 percentage points compared to January to April [3] - The energy-saving and environmental protection industry also saw a year-on-year increase of 7.0% in added value for May [3] Policy Impact - A series of policy measures are working synergistically to support the economy's steady improvement [3] - The focus for the next phase will be on stabilizing employment, businesses, markets, and expectations to promote sustainable economic development [3]