杨海平表示，稳妥有序推进村镇银行重组，首先要审慎选择改革重组的形式。需要考虑村镇银行的风险 程度以及主发起行和属地政府的可用资源、化险责任。风险不是很严重的情况下，可以考虑主发起行增 资。风险相对严重的情况下，若村镇银行处于城商行、农商行经营地域范围之内，则使用吸收合并的方 式；如果超出了主发起行的经营地域范围，则多用他行吸收合并的方式。 当前，无论是国有大型银行此次参与"村改支"，还是城市商业银行、农村商业银行等加快对旗下的村镇 银行进行改革，这些积极信号再次表明村镇银行改革重组势在必行，也为压降金融风险探索新路。 上海金融与法律研究院研究员杨海平表示，大型银行积极响应中央金融工作会议关于加快处置高风险中 小金融机构的有力举措，参与农村中小银行改革化险，充分体现了上下一盘棋的体制优势，向外界传递 出加速改革化险的积极信号。不过，总体来看，未来大型银行参与村镇银行改革案例不会很多。因为在 村镇银行改革化险中，大型银行设立的村镇银行占比较小。绝大多数的村镇银行主发起行为城商行、农 商行。 今年以来，我国村镇银行进行"村改支"的动作在多地频繁上演，由地方城商行、农商行等主发起行参 与，将其旗下经营不善的村镇银行进 ...

Core Viewpoint - The Federal Reserve is seeking public comments on a proposal to modify the regulatory rating framework for large banks, which has been in place since 2018 [1] Summary by Relevant Sections Regulatory Framework Changes - The current regulatory framework categorizes banks into four ratings: "well capitalized," "conditionally capitalized," "deficiency level 1," or "deficiency level 2" [1] - Under the new proposal, banks can be classified as "well managed" if they receive at most one "deficiency level 1" rating across various assessments [1] - Institutions that do not meet this standard will be considered poorly managed, leading to restrictions on certain business activities [1] Consistency with Existing Standards - Any bank that receives a "deficiency level 2" rating in any single assessment will still be deemed poorly managed, maintaining consistency with the current system [1]

Core Viewpoint - The public fund fee reform initiated in July 2023 is reshaping the industry landscape, focusing on optimizing the fee structure to promote high-quality development in the public fund sector [1] Group 1: Fee Reduction Initiatives - Major fund companies have reduced management fees for actively managed equity funds from 1.5% to 1.2%, with custodial fees also lowered from 0.25% to 0.2% as of July 10, 2023 [2] - Over 70 equity mixed funds now have management fees below 1%, and some funds, like ICBC Credit Suisse's fund, will reduce fees to 0.8% starting July 11, 2025 [2] - The fee reduction has expanded to various fund categories, including ETFs and bond funds, with many broad-based stock ETFs lowering management fees to 0.15% and custodial fees to 0.05% [2][3] Group 2: Impact on Investors - The average comprehensive fee rate for public funds decreased from 1.41% in 2022 to 1.29% in 2023, and is projected to drop further to 1.03% in 2024, saving investors over 15 billion yuan [3] - The implementation of new regulations on trading commissions is expected to reduce brokerage commission income for public funds by over 35% in 2024 [3] Group 3: Innovative Fee Structures - A new floating management fee mechanism has been introduced, linking fees to fund performance, with rates varying based on the fund's performance relative to benchmarks [4][5] - As of July 10, 2023, 24 products under this new fee structure have been established, with a total issuance scale of 22.68 billion yuan [5] Group 4: Future Directions - The third phase of the fee reform will focus on reducing sales fees, with expectations of saving investors approximately 45 billion yuan annually starting in 2025 [6] - The ongoing fee reform is believed to enhance investor experience and shift the industry focus from scale to returns, as lower fees correlate with better fund performance [6][7]

美联储就其监管大型银行的拟议改革征求意见。该提案将调整监管框架，使大型银行更容易被视为"管 理良好"，不受活动限制。 ...

Group 1 - The core viewpoint of the article highlights that despite a general recovery in European financial markets, France is experiencing a decline in investor confidence due to structural political and economic challenges [1][4][6] - France's bond and stock markets are underperforming compared to other European countries, with the CAC40 index showing a return of approximately 6.7% year-to-date, lagging behind the European Stoxx 600's 8.3% and Germany's DAX index's 23.3% [3][4] - The yield spread between French and German 10-year bonds remains around 70 basis points, significantly higher than the 50 basis points before the political turmoil in June 2022, indicating a lack of investor confidence in French assets [2][4] Group 2 - France's public debt reached €3.3 trillion last year, surpassing Italy's by approximately €300 billion, with projections indicating it could rise to about €3.35 trillion by Q1 2025, leading to a debt-to-GDP ratio of 114% [4][5] - The political fragmentation in France has hindered effective fiscal policy, with the government unable to secure a majority in parliament, resulting in a lack of decisive action to address budget deficits [6][7] - Analysts suggest that unless France can implement significant fiscal reforms, investor confidence is unlikely to improve, with some indicating the possibility of needing assistance from the International Monetary Fund if fiscal control is not established [7]

Core Viewpoint - The construction of a unified national market is essential for the smooth flow and efficient allocation of resources, which is a cornerstone for high-quality development [1] Group 1: Policy and Reform Initiatives - The Central Committee and State Council have emphasized the need to promote the free flow of goods and resources across a larger scope, aiming to create a unified market for factors and resources [1] - Various regions are intensifying reforms for market-oriented allocation of factors, continuously improving the institutional framework to enhance the flow of resources [1][3] - A series of reform measures are being implemented to address issues such as rural land utilization, urban settlement policies, and the integration of capital markets for small and medium enterprises [5][9] Group 2: Talent Mobility and Development - The facilitation of talent mobility is a critical aspect of building a resource market, with significant reforms in regions like Shenzhen and Chongqing to attract and retain skilled professionals [2][3] - In Shenzhen, over 12,000 Hong Kong residents have benefited from relaxed employment regulations, enhancing the local talent pool [2] - In Chongqing, reforms have led to the recognition of 645 rural talents with senior titles, addressing talent shortages in public services and engineering [2] Group 3: Market Mechanisms and Efficiency - The establishment of unified trading rules and standards is crucial for breaking down barriers and enhancing the efficiency of resource transactions [6][10] - The electricity market in Shanxi exemplifies the shift towards a competitive pricing mechanism, allowing for real-time price adjustments and promoting the utilization of renewable energy [7] - The data market is projected to exceed 160 billion yuan in transaction volume by 2024, reflecting a 30% year-on-year growth, indicating positive trends in the factor market [6] Group 4: Ecosystem Development and Collaboration - A robust ecosystem is vital for the orderly flow of resources, with initiatives aimed at attracting diverse participants to create complete industrial chains [11] - The Shenzhen Data Exchange has seen a compound annual growth rate of over 50% in transaction volume, indicating a thriving data trading environment [11] - Collaborative efforts across regions, such as the G60 Science and Technology Innovation Corridor, aim to integrate supply chains and enhance innovation ecosystems [12]

中新网天津7月10日电(记者周亚强)"数字经济是新时代的丝绸之路。这条新丝绸之路正在重塑国家竞争 力、产业结构和全球合作格局。"埃及前国家行政发展部长、前苏伊士运河经济区主席艾哈迈德·达维史 10日在天津表示。 当天，"2025上合组织数字经济论坛国资国企数字化技术应用推介会"在天津举行。来自上合组织数字经 济论坛参会企业嘉宾、专家学者和央企、国企、民企代表等近260人齐聚一堂，共商数字经济交流合作 大计，探讨国资国企在数字化技术应用领域的实践成果与创新路径。 艾哈迈德·达维史在会上表示，中国拥有领先的数字基础设施和丰富的国企改革经验，埃及则具备年轻 人才储备和区域枢纽优势，双方可在智慧基础设施建设、工业互联网发展、数字人才培养、金融科技与 跨境支付等方面开展合作。他同时建议设立中埃国企数字转型工作组，围绕标准制定、网络安全和投融 资建立专项机制。 天津市政府副秘书长王智毅在致辞中指出，中国近年来在推动数字经济发展方面成效显著，天津作为中 国北方对外开放重要门户和先进制造研发基地，在人工智能、大数据、物联网、智能制造等领域形成了 显著优势。他介绍，天津国资国企在数字经济浪潮中积极作为，成果丰硕。 展望未来合作 ...

Core Viewpoint - Employment is the cornerstone of economic and social stability, requiring supportive policies such as special loans for job retention and expansion, as well as unemployment insurance refunds, alongside comprehensive reforms in social security and fiscal tax systems [1][6]. Group 1: Employment Policies - The State Council has issued a notice to enhance support for employment policies, focusing on stabilizing jobs, enterprises, markets, and expectations to promote high-quality economic development [2]. - A key highlight of the notice is the leverage of employment policies through the expansion of special loans for job retention and expansion, optimizing business processes, and enhancing loan accessibility [2][3]. - The notice emphasizes placing enterprises at the center of employment stability efforts, including increasing the unemployment insurance refund ratio for small and medium-sized enterprises from a maximum of 60% to 90% of their previous year's contributions [2][4]. Group 2: Financial and Social Support - The expansion of the "work-for-relief" policy aims to cover more projects and maintain the dignity of temporarily unemployed individuals while encouraging them to seek employment opportunities [3]. - Effective implementation of unemployment insurance refunds and social insurance subsidies is crucial for stabilizing employment, necessitating a review of the economic and social evolution paths of these policies [4][5]. - The need for systemic reforms in social security and fiscal tax systems is highlighted to alleviate the burden on enterprises, thereby enhancing their investment returns and capacity for job retention and expansion [4][5][6]. Group 3: Governance and Market Environment - A conducive employment-friendly environment requires not only financial support but also institutional reforms to broaden market activities and improve the business environment [5][6]. - The government is urged to create a public governance environment that is responsive to market needs while minimizing unnecessary interference, thus fostering a low-cost, high-efficiency market demand [5][6]. - The importance of legal and institutional stability is emphasized to inject more freedom and development space into the market, thereby building a sustainable employment-friendly environment [6].

智通财经APP获悉，近日，大摩发布行业研究报告指出，近期中国政府对太阳能行业的无序竞争问题愈发关 注，但认为太阳能行业供给侧改革的实施存在不确定，在执行层面，存在需求疲软、市场参与者以民营企业 为主等风险。与2024年10月的上次短期上涨相比，大摩认为中央政府对光伏市场无序竞争的关注度有所提 升，而行业基本面却在恶化。 行业观点：具有吸引力 自6月30日至7月8日，中国太阳能股票——尤其是多晶硅企业（通威、大全、协鑫集成和新特）股价上涨了 28%-36%（相比之下，恒生指数上涨0.3%，上证综指上涨1.5%）。 大摩列举以下供给侧改革相关新闻动态： 6月29日，《人民日报》强调了太阳能组件行业的内卷式竞争。 （1）由于5月的政策节点（2025年1-5月太阳能装机量为198GW），2025年下半年光伏需求可能会下降。 （2）中国光伏制造价值链由民营企业主导，且2022年以来，许多新产能是在地方政府招商引资的背景下建成 的。 （3）光伏价值链上的多晶硅/硅片/电池片/组件等环节的大部分新产能建于2022-2024年，并且采用了新的减排 标准和新技术。 （4）多晶硅库存水平较高（>300千吨），相当于四个月或以上的 ...

Core Viewpoint - The public fund industry is experiencing a wave of fee reductions, which is seen as a necessary step to enhance investor experience and shift the focus from scale to performance-driven management [1][4][5]. Group 1: Fee Reduction Actions - Since July 2023, several leading fund companies, including E Fund and ICBC Credit Suisse, have announced reductions in management and custody fees across various fund categories, including bond, mixed, and money market funds [2][3]. - E Fund reduced the custody fee for two bond funds from 0.1% to 0.05%, while also lowering management fees for these funds earlier in May [2]. - ICBC Credit Suisse adjusted the management fee for its mixed fund from 1.2% to 0.8%, and other companies like Guotai Asset Management and Dongwu Asset Management have also made similar fee adjustments [2][3]. Group 2: Impact of Fee Reform - Over the past two years, approximately 4,295 fund products have implemented fee reductions, accounting for over 40% of existing products, with a total fee reduction of 24.467 billion yuan, representing an 11.33% decrease [1][3][5]. - The total fees collected by the public fund industry reached 191.537 billion yuan last year, while the total scale of products was 32.76 trillion yuan, indicating a significant reduction in fees despite a 26.45% increase in total scale compared to the previous year [5]. - The industry is transitioning from a scale-oriented approach to one focused on investor returns, which is expected to enhance the quality of services and investment performance [6][7]. Group 3: Future Directions and Innovations - The industry is exploring new fee structures, such as performance-based floating management fees, which are linked to fund performance, as part of the "Action Plan for Promoting High-Quality Development of Public Funds" [7]. - A total of 26 new floating fee funds have been successfully raised, with 24 products collecting 22.68 billion yuan, indicating a growing acceptance of this model [7]. - Fund companies are also adjusting their performance evaluation mechanisms to focus on long-term investor experience and returns, moving away from short-term scale-driven incentives [7].