Core Viewpoint - The Shanghai Derivatives Market Forum, scheduled for May 22-23, 2025, will focus on enhancing the quality of service to the real economy through the development of China's futures market, reflecting a long-standing commitment to this goal over the past 21 years [1][2]. Group 1: Forum Themes and Objectives - The forum will explore new paths and practices for the futures market to better serve the real economy, emphasizing the importance of this theme in previous forums [2][3]. - Historical themes of the forum have consistently highlighted the relationship between futures markets and the real economy, adapting to various economic challenges over the years [2]. Group 2: Industry Services and Developments - The Shanghai Futures Exchange (SHFE) has been optimizing delivery processes and introducing differentiated margin requirements to facilitate participation from real economy enterprises, resulting in a 14% year-on-year increase in the number of trading industry clients in 2024 [3][4]. - The SHFE has implemented a three-year action plan to enhance delivery warehouse quality, adding 14 new delivery warehouses and 37 storage points in 2024 [3]. Group 3: Achievements and Innovations - The SHFE's comprehensive business platform launched in 2019 has strengthened the supply of effective products and promoted business model innovation, addressing the last mile of service to the real economy [4]. - The introduction of options for lead, nickel, tin, and alumina in 2024 has completed the coverage of non-ferrous metal options, providing essential tools for risk management for enterprises [5]. Group 4: Regulatory Framework and Market Stability - The futures market has maintained stability during various historical crises, including the 2008 financial crisis and extreme market events in 2020 and 2022, demonstrating resilience and effective risk management [6]. - The SHFE is committed to enhancing market risk assessment and response mechanisms to support the development of a modern industrial system while ensuring market stability [6]. Group 5: Future Directions and Commitments - The SHFE is aligning with global trends towards green and low-carbon transformation, expanding its product offerings to support the development of new productive forces [7]. - The SHFE aims to become a world-class exchange by enhancing its product matrix and operational mechanisms to better serve the real economy [7].

Group 1 - The core objective of the event is to strengthen the collaboration between financial institutions and the restaurant industry, leveraging Agricultural Bank of China (ABC) to inject new momentum into the development of the restaurant sector in Xinjiang [1][2] - ABC Xinjiang Corps Branch has provided over 1.8 billion yuan in credit funding to the restaurant industry in the past two years, supporting the development of 6,700 restaurant enterprises [1] - The event featured a presentation of a tailored "one-stop" service plan for restaurant enterprises, including rapid loan approval and preferential interest rates, aimed at empowering business owners and enhancing the efficiency of financial services [2] Group 2 - The event served as a platform for over 200 representatives from outstanding restaurant enterprises in Xinjiang to exchange ideas and experiences, fostering valuable industry insights and long-term strategic planning [3] - ABC's commitment to supporting the restaurant industry and promoting consumption upgrades was further emphasized during the event, highlighting the bank's determination and capabilities [2] - Future plans include a more open approach and efficient responses from ABC, aiming to strengthen the restaurant industry in Xinjiang and expand its reach nationwide [2]

齐鲁晚报.齐鲁壹点李可通讯员宋静 在鄄城县开发区，坐落着一家颇具影响力的现代化医药企业——山东鲁西药业有限公司。它的前身是始 建于1990年的山东鲁西制药厂，作为山东省食品药品监督管理局在鲁西南布局的大型医药骨干企业，鲁 西药业集药品研发、生产和经营于一体。公司拥有片剂、胶囊剂、原料药、溶液剂等丰富剂型，产品结 构优良，凭借先进的生产检验设备和雄厚的技术力量，其产品畅销全国，深受用户信赖。 疫情之下，"抗疫温情贷"解燃眉之急 鲁西药业负责人岳总回忆道："我们与鄄城农商银行的初次合作始于2020年2月期间。当时，工厂为生产 布洛芬等抗疫药品，急需投入大量资金，流动资金出现了缺口。让我们没想到的是，农商行仅用一天时 间就为公司办理了500万元的'抗疫温情贷'，及时解决了资金难题。"在那个特殊时期，鄄城农商银行积 极担当，主动作为，与辖内生产抗疫药品的龙头企业鲁西药业迅速对接，成功为其办理了贷款授信，展 现了金融机构的责任与效率。 到了2024年，随着订单量的持续增加，鲁西药业投入大量资金新建生产加工厂区，生产经营再次面临资 金缺口。今年4月份，该行再次伸出援手，将该企业的授信额度提升至4000万元，及时解决了企业 ...

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) Sichuan Branch is committed to supporting local economic development and enhancing financial services for small and micro enterprises, agriculture, and rural revitalization, showcasing significant achievements in the first quarter of 2025 [4][5][9]. Group 1: Financial Services for Small and Micro Enterprises - ICBC Sichuan Branch has implemented a "digital + scenario" approach to provide targeted financial services, addressing the financing difficulties faced by small and micro enterprises, resulting in a total inclusive loan balance exceeding 1.4 trillion yuan [4][6]. - The branch has actively engaged in a financing coordination mechanism to facilitate connections between financial services and enterprises, ensuring efficient delivery of services [4]. Group 2: Support for Cross-Border Business - The branch has organized the "Open Chengdu" cooperation sharing event to foster communication between government and enterprises, providing comprehensive services including tax, financial, and legal support for local businesses aiming to expand internationally [5]. - ICBC Sichuan Branch has utilized its international trade financing and cross-border payment services to assist enterprises in managing foreign exchange risks and promoting digital trade [5][6]. Group 3: Empowering the Real Economy - The branch has focused on supporting manufacturing upgrades and major project constructions, injecting over 120 billion yuan in credit for 252 major projects in the Chengdu-Chongqing economic circle [7]. - ICBC Sichuan Branch has been involved in issuing bonds for key provincial enterprises and has increased its support for clean energy and environmental protection industries, with green loan balances reaching nearly 250 billion yuan [7][8]. Group 4: Enhancing Financial Services for the Elderly - The branch has expanded its elderly financial service network by 45 locations, providing tailored services and community activities to enhance the banking experience for senior citizens [8]. - ICBC Sichuan Branch has integrated digital transformation into its service model, ensuring accessibility and convenience for all customers [8]. Group 5: Rural Revitalization Initiatives - The branch has actively participated in rural revitalization efforts, addressing banking access issues for rural artisans, particularly in areas like Ganzi Prefecture [9][10]. - As of the end of the first quarter, the agricultural loan balance of ICBC Sichuan Branch exceeded 230 billion yuan, reflecting its commitment to integrating urban and rural financial services [10].

张中斌在讲话中强调，此次活动为深化政银企合作提供了重要契机。他提出三点工作要求：政府部门要 主动搭建平台，做好企业融资培育与服务保障；民营企业要专注技术升级与诚信经营，夯实融资基础； 金融机构要平衡经济效益与社会责任，既为优质企业"锦上添花"，更为困难企业"雪中送炭"，共同营造 良性发展生态。 此次对接会通过建立专员服务、政策直达、需求响应等机制，形成"党建引领、金融支撑、产业振兴"的 融合发展模式，为金融服务实体经济、助推乡村振兴提供了创新实践样本。 秦梦隆 吴慧阳表示，该行将立足地方金融主力军定位，重点推进三方面工作：聚焦新材料产业需求，强化对重 点企业及项目的精准支持；拓展医疗养老、农文旅等民生领域金融服务；建立"双专班"工作机制，通过 定期会商、专项对接提升政银合作实效，为地方经济发展注入金融动能。 近日，高邮镇与高邮农商银行联合举办"党建+金融"助力乡村振兴暨政银企对接会。高邮镇党委书记张 中斌，高邮农商银行党委书记、董事长吴慧阳等政银企代表共同探索金融服务地方经济新路径。 会上，政银双方签订金融服务合作协议。高邮镇副镇长陈莎向高邮农商银行武安支行行长朱在洋颁 发"企业金融服务专员"聘书，专职金融服 ...

跟踪精度方面，截至2025年5月9日，上证50ETF近1月跟踪误差为0.015%，在可比基金中跟踪精度最 高。 上证50ETF紧密跟踪上证50指数，截至2025年4月30日，指数前十大权重股分别为贵州茅台、中国平 安、招商银行、长江电力、兴业银行、紫金矿业、工商银行、中信证券、恒瑞医药、伊利股份，前十大 截至2025年5月12日 10:04，上证50指数(000016)上涨0.46%，成分股中国船舶上涨9.05%，海尔智家、隆 基绿能、万华化学、中远海控，上证50ETF(510050)上涨0.58%， 冲击5连涨。 费率方面，上证50ETF管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 权重股合计占比49.87%。 消息面上，5 月7 日，人民银行、金融监管总局、证监会三部门发布一揽子金融政策稳市场稳预期；国 内经济数据：抢出口延长，转口贸易大增下，4 月进出口数据展现较强韧性。 相关分析指出，随着流动性释放与融资成本下降将直接利好实体经济，二季度社融增速有望回升，基 建、制造业投资等方向有望直接受益。当前中国经济基础稳、优势多、韧性强、潜力大，随着长期资金 的持续流入，未来资本市场将迎来 ...

在北京市通州区，针对战略性新兴产业融资难题，中国外贸信托通过设立服务信托为企业提供股权管 理、风险隔离、资产运营等综合服务，吸引社会资本投入新能源领域。该项目负责人称："这不仅强化 了信托财产独立性，保障了受益人权益，更为信托服务实体经济领域开辟了新路径。此外，该模式将在 后续系列项目中得到更多应用。" 中国外贸信托家族财富事业部总经理李珊表示："我们不仅要防止股权分散导致家族内耗，更要用制度 守护企业家精神。方案特别约定第三代继承人需完成公益实践等'通关任务'后方可解锁受益权，将财富 传承从'被动分配'升级为'主动培育'。此单生物医药企业股权信托的落地，不仅是中国外贸信托支持专 精特新企业的有益实践，更为非上市公司股权的纳入提供'信托样本'。" 事实上，虽然信托法赋予信托财产独立性，但是非上市公司股权作为信托财产时，因缺乏明确登记规 则，始终存在权属认定模糊、流转程序复杂等问题。《通知》首次明确股权信托的工商登记与金融监管 备案细则，这一创新举措不仅明确区分受托人的固有财产与信托财产，还消除了信托公司开展非上市公 司股权业务时对声誉风险传导的担忧，进一步规范市场秩序。这不仅推动金融服务普惠化，也践行了金 融 ...

民营经济促进法将自2025年5月20日起施行。作为我国第一部专门关于民营经济发展的基础性法律，民 营经济促进法将进一步优化民营经济发展环境，保证各类经济组织公平参与市场竞争，促进民营经济健 康发展和民营经济人士健康成长，构建高水平社会主义市场经济体制，发挥民营经济在国民经济和社会 发展中的重要作用。 此外，银行还应加强与政府部门、担保机构等合作，共同构建良好的金融生态环境。比如，与政府部门 建立有效的信息共享机制，及时获取民营企业经营状况、信用信息等，减少信息不对称，降低信贷风 险；与担保机构合作，完善担保增信机制，为民营企业提供更多融资担保支持，增强民营企业融资能 力。 笔者认为，民营经济促进法为民营经济发展提供了坚实法治保障，银行业作为金融服务实体经济的主力 军，应积极响应，以实际行动落实各项支持举措，为民营经济高质量发展提供更加精准、高效、多元的 金融服务。 （文章来源：证券日报） 在拓宽融资渠道方面，银行应加大信贷投放力度。针对民营企业"短、小、频、急"的融资特点，开发专 属信贷产品，针对科创类民营企业轻资产、重研发等特点，完善特色产品体系，满足其各类资金需求。 同时，还可增加信用贷款占比，对信用良好 ...

今天分享的是：2024年直播电商高质量发展报告 报告共计：25页 《2024年直播电商高质量发展报告》深入剖析了我国直播电商行业的发展状况、价值、发展方向及未来趋势。 我国连续多年是全球最大网络零售市场，直播电商作为数字经济重要部分，发展迅猛。其发展历经萌芽期、爆发增长期等多个 阶段，如今进入高质量发展阶段。行业规模持续扩大，2024年全国网上零售额增长7.2%，直播电商用户规模庞大，成为消费增 长核心驱动力，市场规模预计在2024 - 2026年以18.0%的年复合增长率增长。平台竞争呈多极态势，各头部平台差异化发展，共 同推动行业向"精细化运营"演进，且直播电商激活了新线市场消费潜能。 直播电商具有独特优势。其构建了以人为核心的交互式信任电商模式，依托前沿数字技术提供全新购物体验。全方位商品展示 与实时互动带来沉浸式体验，内容种草与即时转化融合激发消费潜力，低门槛与场景化结合创造更多增长机会，主播及机构信 用赋能推动行业高质量发展。 在经济和社会层面，直播电商价值显著。经济上，提振和扩大消费需求，助力区域经济增长，推动产业带转型升级，拓展品牌 新增量，扶持中小微企业发展；社会方面，催生30多个新职业，带动 ...

以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭等 申万宏源宏观 . 关注、加星，第一时间接收推送！ 申万宏源证券研究所 | 宏观研究部 文 | 赵伟、贾东旭、侯倩楠 联系人 | 贾东旭 摘要 事件： 5月09日，央行发布2025年一季度货币政策执行报告（以下简称《报告》）。 央行对外部环境关注度显著提高，《报告》指出"当前外部冲击影响加大，世界经济增长动能不足，贸易 保护主义抬头，地缘冲突持续存在"。 2024年四季度报告对应表述是"当前外部环境变化带来的不利影响 加深"。两次相比较，本次更加突出了外部环境的不利影响，显示出央行密切关注美国单边贸易保护主义 对我国经济的扰动。 央行肯定一季度经济表现，并强调要"要坚定发展信心，以高质量发展的确定性应对外部环境变化的不确 定性"。 2024年四季度报告认为"国内需求不足、风险隐患仍然较多等困难挑战也还存在"，而本次报告则 认为"我国经济持续回升向好的基础还需要进一步稳固"。针对下一阶段，央行强调我国具备诸多优势条 件，经济长期向好的基本趋势没有改变。 政策基调：灵活把握政策实施的力度和节奏，降低银行负债成本。 总基调方面，《报告》提出"灵活把握政策实施的力度和节 ...