Core Viewpoint - The company announced that its stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% during three consecutive trading days from June 17 to June 19, 2025, but confirmed that its business operations remain normal and there are no undisclosed significant matters [1] Group 1: Stock Performance - The company's stock price showed a cumulative increase of over 20% over three consecutive trading days [1] - The fluctuation in stock price is classified as an abnormal trading situation according to the Shanghai Stock Exchange rules [1] Group 2: Business Operations - The company confirmed that its production and operational activities are normal [1] - There have been no significant changes in the internal and external operating environment [1] Group 3: Disclosure of Information - The company conducted a self-examination and confirmed with its controlling shareholder, Anhui Publishing Group Co., Ltd., that there are no undisclosed significant matters [1] - The company does not have any undisclosed major events, including but not limited to major asset restructuring, significant transactions, business restructuring, share buybacks, equity incentives, bankruptcy reorganization, major business cooperation, or introduction of strategic investors [1] Group 4: Business Focus - The company's main business is related to book publishing and does not involve stablecoin activities [1]

Core Viewpoint - The company, Era Publishing (600551), has clarified its limited involvement with JD Technology and its non-involvement in stablecoin business despite market speculation [1] Group 1: Company Involvement - The company has invested 138 million yuan in establishing a partnership fund that specifically invests in JD Technology, with an initial holding ratio of 0.84% [1] - The company's indirect stake in JD Technology is very low, with a 10% holding in the partnership fund [1] - The company is gradually exiting its investment, and the interest generated from the investment will convert into shares of JD Technology, leading to a reduced holding ratio [1] Group 2: Business Operations - The company has no other business connections with JD Technology, and the investment does not impact its main operations [1] - The primary business of the company is related to book publishing and does not involve stablecoin activities [1]

（文章来源：21世纪经济报道） 广发证券表示，本地生活板块方面，依然认可美团在本地生活领域龙头的位置，今年核心本地商业业务 在大会员体系下预计有运营效率的进一步提升。海外业务将在沙特、巴西等地有亮眼进展；闪购增速强 劲。持续推荐游戏板块，建议关注国内政策端的表现改善以及海外的产业趋势变化带动下的估值提升机 会。持续推荐具备优质产品储备的游戏公司，包括腾讯、网易、恺英网络、完美世界等。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 今日，恒生互联网科技业指数早盘低开高走。ETF方面，恒生互联网ETF（159688）震荡上行，截至10 点45分，涨幅达1.02%，盘中一度涨超1.3%。同时，恒生科技ETF指数基金（513580）上涨0.57%，持 仓股方面，金山软件涨超13%，商汤-W等跟涨。 消息面上，据证券时报，蚂蚁集团副总裁、蚂蚁数科区块链业务总裁边卓群透露，蚂蚁数科已经启动申 请香港稳定币牌照，目前已跟监管进行过多轮沟通。据悉，蚂蚁数科今年已经将香港列为全球总部，并 且已经在香港完成监管沙箱的先行先试。 平安证券表示， 5月21日中国香港立法会通过《稳 ...

Investment Rating - The report maintains a positive investment rating for the non-bank financial sector, highlighting potential growth opportunities due to regulatory changes and market dynamics [4][37]. Core Insights - Ant Group is expected to apply for stablecoin issuance qualifications, which could expand the participation of non-bank financial institutions in various financial services, including custody, cross-border payments, and supply chain finance [1]. - China Pacific Insurance and New China Life Insurance reported robust premium growth in the life insurance sector, with China Pacific's life insurance premiums increasing by 10.2% year-on-year to CNY 134.79 billion in the first five months of 2025 [2]. - The monetary data for May shows that M1 and M2 growth rates remain high, indicating a potential economic recovery that could support stable capital market operations [3]. Summary by Sections Market Review - Major indices experienced fluctuations, with the non-bank financial index showing a gain of 1.16% [7]. - Key stocks in the brokerage and insurance sectors, such as China Galaxy and New China Life, saw positive performance, with increases of 2.22% and 2.80% respectively [7]. Securities Sector - The total trading volume in the A-share market reached CNY 7.85 trillion, with a daily average of CNY 1.31 trillion, reflecting a significant year-on-year increase of 76.18% [14]. - The IPO underwriting scale for the year reached CNY 338.80 billion, while refinancing underwriting totaled CNY 2,478.79 billion [14]. Insurance Sector - China Pacific Insurance reported a total premium income of CNY 2,271.69 billion for the first five months, up 6.0% year-on-year, while New China Life's premiums surged by 26.1% to CNY 990.86 billion [2][35]. - The life insurance sector continues to show strong growth, with both companies maintaining a positive outlook for the remainder of the year [2]. Liquidity Tracking - The central bank's operations included a net withdrawal of CNY 727 billion, with various interest rates showing mixed trends [27]. - Government bond yields decreased, indicating a supportive environment for capital market stability [27]. Investment Recommendations - The report suggests focusing on key insurance companies such as China Pacific, New China Life, and major brokerages like China Galaxy and CITIC Securities for potential investment opportunities [4][38]. - Non-bank financial institutions are expected to benefit from the implementation of stablecoin regulations, with companies like ZhongAn Online and Hong Kong Exchanges being highlighted as potential investment targets [4][38].