2025.06. 17 资本市场改革有望迎"组合拳" 2025年上半年，中国经济平稳开局，一季度GDP同比增长5.4%，但价格低位运行、房地产持续拖 累、消费信心不足等问题仍存。中美经贸谈判取得了突出阶段性进展之后，2025年最大的不确定性 风险逐步缓解。 "在政策发力和内生动力支撑下，全年有望完成5%的GDP增长目标。"黄文涛分析称，中美贸易谈判 进入稳定期，出口前景有所改善；房地产、地方政府债务两大风险进入实质化解阶段；下半年财政扩 张加速有望支撑基建和消费持续增长。 展望下半年，黄文涛认为，中国经济将有五大亮点：一是新消费供给侧创新拓展需求边界，二是产业 升级稳步推进，三是制造业绿色化、高端化、智能化发展，四是财政政策进入扩张期，五是制度型开 放稳步推进。 本文字数：1916，阅读时长大约4分钟 作者 | 第一财 经 黄思瑜 上半年先有DeepSeek火爆出圈，后有税率超预期的贸易战，在偶发因素牵引下，全球资本市场巨幅 波动。进入下半年，资本市场又将迎来哪些新变化？ 6月17日，在中信建投证券2025年中期资本市场投资峰会上，中信建投证券党委副书记、总经理金 剑华认为，中国的科技创新和产业升级，正在改变 ...

上半年先有DeepSeek火爆出圈，后有税率超预期的贸易战，在偶发因素牵引下，全球资本市场巨幅波 动。进入下半年，资本市场又将迎来哪些新变化？ 资本市场改革有望迎"组合拳" 2025年上半年，中国经济平稳开局，一季度GDP同比增长5.4%，但价格低位运行、房地产持续拖累、 消费信心不足等问题仍存。中美经贸谈判取得了突出阶段性进展之后，2025年最大的不确定性风险逐步 缓解。 "在政策发力和内生动力支撑下，全年有望完成5%的GDP增长目标。"黄文涛分析称，中美贸易谈判进 入稳定期，出口前景有所改善；房地产、地方政府债务两大风险进入实质化解阶段；下半年财政扩张加 速有望支撑基建和消费持续增长。 展望下半年，黄文涛认为，中国经济将有五大亮点：一是新消费供给侧创新拓展需求边界，二是产业升 级稳步推进，三是制造业绿色化、高端化、智能化发展，四是财政政策进入扩张期，五是制度型开放稳 步推进。 在胡玉玮看来，2025年下半年，资本市场改革的"组合拳"有望吸引更多中长期资金入市，改善市场生 态，并为符合国家战略方向的创新型企业提供更通畅的融资渠道。 6月17日，在中信建投证券2025年中期资本市场投资峰会上，中信建投证券党委 ...

论坛开幕式上，上海市原常务副市长屠光绍指出，全球科技竞争格局正在重构。当前，科技创新已经成 为我国推动高质量发展的核心引擎，后续要通过进一步完善治理机制、健全金融支持体系和优化资本市 场结构，推动中国上市公司在科技创新中持续壮大，在全球科技竞争中发挥更大作用。 与会专家指出，当前全球经济增速放缓，结构性矛盾和地缘政治风险加剧，因此创新已经成为我国从高 速增长转向高质量发展的关键所在，需要补齐从"0到1"的创新短板。 与此同时，人工智能技术也在快速发展，特别是在多模态大模型和科学研究中的颠覆性应用，推动了产 业升级，其中制造业受益最大，但与会嘉宾也强调，仍要理性看待目前人工智能的实际应用价值。此 外，资本市场的深化改革也进一步助推了创新生态的构建，应进一步推动技术与资本协同发展，加快企 业创新转型步伐。 据悉，本次论坛由首都经济贸易大学、全球上市公司30人智库、清华大学全球贸易与产业竞争力研究中 心、西南财经大学中国金融研究院联合主办。 新华财经北京6月17日电 近日，以"全球上市公司治理与面向2035中美欧科技博弈"为主题的全球上市公 司30人智库论坛（第三届）在北京成功举办。 首都经济贸易大学副校长尹志超指 ...

近日，冠鸿智能与上海海希工业通讯股份有限公司正式签署 全固态电池 200MWh 生产线项目 协议，签 约仪式在冠鸿智能总部圆满举行。双方将 围绕全固态电池 200MWh 生产线项目展开深度合作，此次合作 标志着双方将共同推进干法电极技术在全固态电池领域的产业化应用， 加速全固态电池生产线的落地，为 新能源汽车、低空飞行 (eVTOL) 、人形机器人等下游应用行业注入强劲动力。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ -广告- 本文来源：冠鸿智能 冠鸿智能作为干法电极技术的领先企业，其自主研发的干法电极整线设备系统在行业内具有显著优势。核 心技术创新包括，面密精准一致 · 膜厚闭环控制·全自动生产· 运行稳定可靠· 辊缝在线拟合· 易拆装设 计。 海希通讯在工业通讯、新能源领域拥有深厚的技术积累和丰富的市场资源，尤其在新能源汽车、光伏、储 能等产业具备成熟的业务布局，可快速匹配固态电池终端需求。此次合作，双方将充分发挥各自优势，共 同推动干法电极技术的规模化应用，助力固态电池产业升级。 论坛议题 I C C S I N O 会议报名 I C C S I N O ...

Core Insights - The research team from Northwest A&F University has successfully completed the chromosome-level genome mapping of two wild strains of wood ear mushrooms from the Qinling Mountains, filling a gap in the genomic research of this species and revealing its evolutionary secrets while uncovering genes with strong health benefits, thus opening new avenues for industrial upgrades [1][3] Group 1: Research Findings - The genome map indicates that the two strains have a genome size exceeding 52 Mbp, with strain M12 containing 12 chromosomes [3] - Evolutionary analysis shows that these strains diverged 4.57 million years ago, and their divergence from the closely related species Auricularia subglabra occurred 33.53 million years ago, confirming the unique evolutionary status of Qinling wood ear mushrooms [3] - Strain M13 carries special gene clusters capable of synthesizing anti-inflammatory and antioxidant substances, which molecularly elucidates the traditional effects of wood ear mushrooms in lowering blood sugar and cholesterol [3] Group 2: Industrial Implications - The research establishes a pathway for the transformation from basic research to industrial application, providing target genes for the extraction of functional components and the development of health products [3] - By analyzing the lignin metabolic pathway, the study suggests optimization of substrate formulations for mushroom cultivation, leading to upgrades in cultivation technology [3] - The results will support molecular marker-assisted breeding, transitioning the selection of wood ear mushroom strains from empirical methods to precise design, thereby aiding the upgrade of the Zhashui wood ear industry [3]

Group 1: Market Overview - The U.S. stock market experienced a significant rally, with all three major indices closing higher: Nasdaq up 1.52%, S&P 500 nearly 1%, and Dow Jones up 0.75% [1] - The Philadelphia Semiconductor Index surged over 3%, reaching its highest level since late February [1] Group 2: Semiconductor Sector Insights - The surge in the Philadelphia Semiconductor Index is attributed to the overall explosion in tech stocks, with major players like Meta, Intel, and Nvidia seeing substantial gains [3] - Key factors driving this rally include a perceived easing of Middle East tensions, a decline in oil prices reducing inflationary pressures, and the EU's acceptance of a 10% uniform tariff from the U.S., which has decreased trade uncertainties [3] - The long-term outlook for the semiconductor industry remains positive, driven by the global AI computing race and increasing demand for chips across various applications, including data centers and edge computing [3] Group 3: Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose over 2%, with notable gains in stocks like Futu (up over 10%) and Bilibili (up over 5%), indicating a recovery in foreign investor confidence towards Chinese internet companies [4] - The performance of leading Chinese platforms is bolstered by domestic consumption recovery and expansion into overseas markets, enhancing earnings certainty [4] Group 4: Economic Indicators and Risks - Long-term U.S. Treasury yields increased by 6 basis points, nearing 4.45%, reflecting market apprehension regarding the Federal Reserve's upcoming interest rate meeting [5] - Despite low expectations for rate hikes, a hawkish stance from the Fed on inflation could lead to short-term market volatility [5] - Geopolitical risks remain a concern, particularly with fluctuating oil prices influenced by statements regarding tensions in Tehran [5]

Economic Performance - In May, the national economy showed strong resilience and vitality, with industrial added value increasing by 5.8% year-on-year and retail sales of consumer goods rising by 6.4% [1] - The consumer price index decreased by 0.1% year-on-year, indicating stable demand and supply [1] Industrial Growth - The equipment manufacturing sector saw a significant increase, with added value growing by 9% and contributing 54.3% to industrial production [1] - High-tech manufacturing added value rose by 8.6%, and digital product manufacturing increased by 9.1%, both outpacing overall industrial growth [2] New Energy and Technology - Production of new energy vehicles and solar cells surged by 31.7% and 27.8% respectively, highlighting the rapid growth in these sectors [2] - The production of industrial robots increased by 32% from January to May, and the added value of smart vehicle equipment manufacturing grew by 26.8% [2] Trade Performance - In May, the total value of goods imports and exports increased by 2.7% year-on-year, with exports rising by 6.3% [2] - Despite challenges in the global economy, trade with ASEAN and countries involved in the Belt and Road Initiative continued to grow, showcasing the diversification of China's trade [2] Economic Outlook - The overall economic growth trend remains stable, with no changes in innovation-driven development, green transformation, high-level opening up, and continuous improvement in people's livelihoods [3] - The economy's strong foundation and resilience provide confidence in overcoming various risks and challenges [3]

Core Viewpoint - Shanxi aged vinegar, known as "the best vinegar in the world," faces challenges from market competition and counterfeit products, prompting the need for innovation and quality assurance in the industry [1][2]. Industry Overview - Qingxu County, the birthplace of Shanxi aged vinegar, produces nearly 800,000 tons of vinegar annually, generating an industry output value of 6.5 billion yuan and providing employment for nearly 100,000 people [2]. - The county was awarded the title of "China's Vinegar Capital" in 2020 and was selected as one of the first ten provincial-level key specialty towns in Shanxi in 2022 [2]. Quality Standards - Shanxi aged vinegar must meet specific national standards, including a total acidity of at least 6 degrees and aging for over one year to be labeled as such [2][3]. - The new national standard, effective from October 1, 2014, expanded the quality indicators from five to ten, enhancing the flavor and quality of Shanxi aged vinegar [2][3]. Technological Innovation - Qingxu County is establishing a detection and certification innovation platform to improve inspection technology and ensure product quality, with an investment of nearly 100 million yuan and an area of 5,500 square meters [4][5]. - The platform aims to enhance the core competitiveness of high-quality vinegar products through advanced testing and certification methods [4][5]. Health Benefits - Shanxi aged vinegar is recognized for its health benefits, particularly due to its total flavonoid content, which is beneficial for immune health [6]. - The innovation platform is focused on identifying high-quality Shanxi aged vinegar products and promoting them as health foods, expanding their market potential beyond traditional uses [6].

Economic Stability - In May, the national economy demonstrated resilience and vitality, with stable production demand and overall employment situation [2][3] - The industrial added value for large-scale enterprises increased by 5.8% year-on-year, while the equipment manufacturing sector saw a growth of 9% [3] Employment and Consumer Trends - The urban survey unemployment rate in May was 5%, a decrease of 0.1 percentage points from the previous month [6] - The core Consumer Price Index (CPI) rose by 0.6% year-on-year, indicating a gradual strengthening of domestic demand [10] Consumption Growth - Social retail sales increased by 6.4% year-on-year in May, with a growth acceleration of 1.3 percentage points compared to the previous month [11] - The implementation of consumption upgrade policies and promotional activities contributed to the acceleration in market sales [11] Industrial Upgrades - The manufacturing of digital products grew by 9.1%, significantly outpacing the overall industrial growth rate [17] - The production of lithium-ion batteries, shipbuilding, and boiler manufacturing saw year-on-year increases of 28.6%, 12.8%, and 11.8%, respectively [16] Foreign Trade Resilience - In May, China's total goods import and export value increased by 2.7% year-on-year, with exports rising by 6.3% [24] - Despite global economic challenges, China's foreign trade showed strong resilience, particularly in diversifying markets beyond the U.S. [24]

6月16日，国新办举行新闻发布会，介绍5月份国民经济运行情况。从主要指标来看，工业、服务业、消 费、投资等均保持增长。外贸顶住压力，保持平稳增长。 其中，消费和服务业两项增速比上月有所加快，显示出在一系列促消费政策带动下，国内消费潜力得到 释放。工业增加值平稳较快增长，固定资产投资继续扩大。房地产继续朝止跌回稳的方向迈进。 全年即将过半，上半年GDP将于下月中旬揭晓。"作为数据生产者，又来进行预测，本身是存在一定矛 盾的。"国家统计局新闻发言人、国民经济综合统计司司长付凌晖表示，统计部门一般不做这方面预 测，但从整个经济运行情况来看，全年经济仍有较好支撑，上半年有望保持总体平稳、稳中有进的发展 态势。 宏观政策持续发力，为经济平稳运行提供支撑 主要指标中，消费和服务业两项增速均比上月有所加快。5月份，社会消费品零售总额同比增长6.4%， 增速比上月加快1.3个百分点。全国服务业生产指数同比增长6.2%，比上月加快0.2个百分点。 "从5月份相关指标看，宏观政策持续发力，为经济平稳运行提供了重要支撑。"付凌晖表示。 以消费品以旧换新政策为例，在政策带动下，5月份，家用电器和音像器材类、通讯器材类、文化办公 用品 ...