大伙儿都知道，金融战场的硝烟不亚于真刀真枪的战场，这两天，香港和深圳接连放出大招，政策密集落地，人民币国际化步子迈得又稳又快。 这些数字背后，是咱们的支付系统（CIPS）覆盖了178个国家和地区，香港离岸人民币存款超过8500亿元，连印度尼西亚都和咱们签了本币结算协议。但光 有这些还不够，美国动不动就拿美元当制裁工具，逼得不少国家想找条退路，人民币这时候站出来，既是机遇也是责任。 从跨境上市互通到金融合作机制升级，再到人民币全球布局的深化，中国正用一套组合拳，在金融领域向美元霸权发起强力冲击。今天咱们就掰开了揉碎了 聊聊，这些布局到底藏着什么玄机。 先说香港和深圳这对"金融双城"，最近中央出台的政策里，最扎眼的一条是允许符合条件的香港上市企业到深圳第二上市，这可不是简单的"多开个场子卖 货"，背后藏着深意。香港是国际金融中心，深圳是科技创新的"中国硅谷"，两城一联手，既能帮企业用人民币融资、降低对美元的依赖，又能把国际资本 和内地市场拧成一股绳。 举个例子，一家大湾区企业同时在港交所和深交所上市，不仅能吸引外资，还能拿到人民币资金支持，两边市场优势互补，融资成本降了，抗风险能力也强 了。这招棋，既巩固了香港的 ...

Group 1 - The report from the Ministry of Commerce indicates that the total profit of foreign-invested industrial enterprises in China is expected to increase from 1.6 trillion RMB to 1.8 trillion RMB between 2019 and 2024, with profit margins consistently outperforming the national industrial average [2][6]. Group 2 - The central government will continue to provide subsidies, with an additional 138 billion RMB allocated to support the replacement of old consumer goods in the third and fourth quarters [5][6]. Group 3 - The digital RMB app has undergone significant upgrades, enhancing user experience with new features for transactions and wallet management [7]. Group 4 - In the cross-border e-commerce sector, the live streaming event by Labubu on AliExpress attracted 240,000 viewers, leading to a 300% year-on-year increase in GMV for the platform's trendy toy category [10].

Summary of Newland's Conference Call Company Overview - Newland reported a net profit attributable to shareholders of 1.01 billion yuan in 2024, representing a year-on-year growth of 10% [2][3] - In Q1 2025, the company achieved revenue of 1.896 billion yuan, up 9% year-on-year, with a net profit of 311.1 million yuan, reflecting a significant increase of 25.16% [2][3] Industry Insights - The third-party payment industry in China is experiencing a supply-demand structure improvement, leading to enhanced profitability for companies like Newland [3][4] - The company is focusing on small and micro merchants in second and third-tier cities, particularly in the retail and catering sectors, with transaction volumes expected to remain stable throughout 2025 [2][4] Key Developments - Newland's overseas business has expanded to over 120 countries and regions, leveraging smart terminal exports to enhance market share [2][3][6] - The company is actively exploring opportunities in cross-border e-commerce and fintech, aiming to accelerate growth in the cross-border payment sector [2][6] Strategic Initiatives - Newland is applying for overseas payment licenses (MSO, MSB) and expects progress in Q2 2025, which will support its global collection and payment capabilities [2][7] - The company is a key player in the digital RMB ecosystem, being the only central bank-level service provider, and is exploring the internationalization of the digital RMB [2][8][9] AI Integration - Newland is integrating AI across its operations, collaborating with institutions like the Chinese Academy of Sciences and DeepMind to enhance merchant services and compliance [3][10][11] - The company has developed AI-driven products aimed at improving operational efficiency and customer experience, with expectations of significant contributions to growth in 2025 [10][15] Collaborations and Partnerships - Newland has partnered with Alipay to deploy over 200,000 "Tap and Go" terminals, enhancing its service capabilities [3][17] - The company signed a digital business ecosystem partnership with Alibaba Cloud to optimize payment scenarios and risk management [3][18] Market Trends - The domestic consumption sector is rebounding, with retail sales growth reaching 6.1% in May 2025, the highest since the beginning of the year [4] - The company anticipates stable transaction volumes in the second and third quarters of 2025, driven by improved payment services and value-added services [4][23] Future Outlook - Newland's strategic focus includes enhancing its overseas market presence, particularly in Europe and North America, where it has seen significant growth in smart terminal shipments [20][21] - The company aims to leverage its strengths in digital identity and QR code technology to capture more opportunities in the offline market following the implementation of the digital identity policy [22][23]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Pay attention to the advancement of the new energy upstream raw material production in the production industry and the promotion of financial industry opening - up policies in the service industry [1][2] - Monitor the trends of upstream, mid - stream, and downstream industries, as well as the recent slight decline in credit spreads of the pharmaceutical and chemical industries [3][4][5][6] Summary by Related Catalogs 1. Mid - view Event Overview Production Industry - The "Fujian Province Hydrogen Energy Industry Innovation and Development Medium - and Long - Term Plan (2025 - 2035)" aims to achieve a green hydrogen production capacity of 30,000 tons/year and a hydrogen - based green fuel production capacity of 100,000 tons/year with a total hydrogen energy industry output value exceeding 60 billion yuan/year from 2025 - 2030. From 2030 - 2035, it aims to form an industrial system with diverse application scenarios and a total output value exceeding 300 billion yuan/year [1] Service Industry - The State Administration of Foreign Exchange drafted the "Notice on Deepening the Reform of Cross - border Investment and Financing Foreign Exchange Management (Draft for Comment)" involving three aspects: deepening cross - border investment foreign exchange management reform, cross - border financing foreign exchange management reform, and optimizing the facilitation of capital project income payments [2] - At the 2025 Lujiazui Forum, the central bank governor announced eight major financial opening - up measures in Shanghai, including setting up a transaction reporting repository, a digital RMB international operation center, a personal credit reporting agency, etc. [2] 2. Industry Overview Upstream - International crude oil prices are continuously rising, while egg prices are continuously falling [3] Mid - stream - The PX operating rate is at a high level, and the urea operating rate is continuously rising [4] Downstream - The sales of commercial housing in first - and second - tier cities are the same as the same period last year and at a near - three - year low. Domestic flight frequencies are cyclically decreasing [5] 3. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [6] 4. Industry Credit Spread Tracking (as of 6/18) | Industry | Last Year's Same Period | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 60.79 | 66.88 | 59.28 | 56.87 | 0.00 | | Mining | 32.93 | 44.31 | 39.39 | 39.73 | 10.20 | | Chemical Industry | 71.19 | 59.18 | 20.99 | 50.48 | 0.20 | | Steel | 39.49 | 21.93 | 46.91 | 48.18 | 12.10 | | Non - ferrous Metals | 41.14 | 55.28 | 51.00 | 20.59 | 11.60 | | Electronics | 58.53 | 68.99 | 28.89 | 64.45 | 19.00 | | Automobile | 58.68 | 46.21 | 41.64 | 41.55 | 0.90 | | Household Appliances | 40.37 | 49.64 | 46.68 | 48.10 | 15.00 | | Food and Beverage | 40.25 | 41.59 | 36.25 | 37.52 | 4.20 | | Textile and Apparel | 48.03 | 51.98 | 51.69 | 52.77 | 12.20 | | Light Industry Manufacturing | 46.71 | 159.30 | 145.95 | 146.85 | 7.60 | | Pharmaceutical and Biological | 52.64 | 68.67 | 59.40 | 57.89 | 7.30 | | Public Utilities | 24.62 | 30.71 | 27.04 | 26.96 | 9.40 | | Transportation | 30.29 | 34.77 | 31.18 | 31.11 | 6.10 | | Real Estate | 219.38 | 117.08 | 103.67 | 102.13 | 4.80 | | Commerce and Trade | 42.35 | 47.40 | 41.84 | 42.96 | 5.60 | | Leisure Services | 75.74 | 122.67 | 122.09 | 123.60 | 98.70 | | Banking | 26.58 | 18.03 | 18.01 | 17.09 | 2.60 | | Non - banking Finance | 26.45 | 31.70 | 29.51 | 29.12 | 6.60 | | Comprehensive | 66.51 | 47.54 | 42.20 | 42.27 | 2.00 | | Building Materials | 33.99 | 43.29 | 38.25 | 39.05 | 9.90 | | Building Decoration | 40.92 | 53.96 | 60.30 | 51.44 | 11.90 | | Electrical Equipment | 48.87 | 80.41 | 79.15 | 80.50 | 45.40 | | Machinery and Equipment | 29.54 | 46.61 | 43.99 | 44.63 | 27.30 | | Computer | 66.64 | 55.32 | 46.46 | 48.05 | 0.40 | | Media | 232.69 | 42.80 | 39.69 | 40.20 | 1.50 | | Communications | 29.66 | 24.94 | 25.36 | 26.40 | 2.80 | [51] 5. Key Industry Price Index Tracking (as of 6/17) | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 6/17 | 2335.7 | 1.18% | | | | Spot price of eggs | Daily | Yuan/kg | 6/17 | 5.6 | - 3.95% | | | | Spot price of palm oil | Daily | Yuan/ton | 6/17 | 8848.0 | 2.53% | | | | Spot price of cotton | Daily | Yuan/ton | 6/17 | 14846.5 | 1.53% | | | | Average wholesale price of pork | Daily | Yuan/kg | 6/17 | 20.2 | - 0.34% | | | | Spot price of copper | Daily | Yuan/ton | 6/17 | 78740.0 | - 0.70% | | | | Spot price of zinc | Daily | Yuan/ton | 6/17 | 22008.0 | - 0.62% | | | Non - ferrous Metals | Spot price of aluminum | Daily | Yuan/ton | 6/17 | 20633.3 | 2.18% | | | | Spot price of nickel | Daily | Yuan/ton | 6/17 | 120008.3 | - 2.34% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/17 | 16800.0 | 0.52% | | | | Spot price of rebar | Daily | Yuan/ton | 6/17 | 3062.3 | - 0.90% | | | Ferrous Metals | Spot price of iron ore | Daily | Yuan/ton | 6/17 | 736.6 | - 0.46% | | | | Spot price of wire rod | Daily | Yuan/ton | 6/17 | 3252.5 | - 0.46% | | | | Spot price of glass | Daily | Yuan/square meter | 6/17 | 13.8 | 0.00% | | | Non - metals | Spot price of natural rubber | Daily | Yuan/ton | 6/17 | 13718.3 | 0.35% | | | | China Plastic City Price Index | Daily | - | 6/17 | 831.1 | 0.81% | | | | Spot price of WTI crude oil | Daily | US dollars/barrel | 6/17 | 71.8 | 9.92% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 6/17 | 73.2 | 9.23% | | | Energy | Spot price of liquefied natural gas | Daily | Yuan/ton | 6/17 | 3960.0 | - 0.95% | | | | Coal price | Daily | Yuan/ton | 6/17 | 731.0 | - 2.27% | | | | Spot price of PTA | Daily | Yuan/ton | 6/17 | 5045.0 | 3.37% | | | Chemical Industry | Spot price of polyethylene | Daily | Yuan/ton | 6/17 | 7438.3 | 1.04% | | | | Spot price of urea | Daily | Yuan/ton | 6/17 | 1820.0 | - 0.09% | | | | Spot price of soda ash | Daily | Yuan/ton | 6/17 | 1370.0 | 0.00% | | | | National cement price index | Daily | - | 6/17 | 140.5 | - 0.27% | | | Real Estate | Building materials comprehensive index | Daily | Points | 6/17 | 111.8 | 0.18% | | | | National concrete price index | Daily | Points | 6/17 | 99.0 | - 0.11% | | [52]

Group 1 - The core viewpoint of the news highlights the performance and recent developments of the credit bond ETF BoShi, which has seen significant trading activity and liquidity, alongside major financial opening measures announced by the People's Bank of China [3][4]. Group 2 - As of June 19, 2025, the credit bond ETF BoShi has risen by 0.05%, marking its eighth consecutive increase, with the latest price at 101.06 yuan [3]. - The trading volume for the credit bond ETF BoShi reached 127.97 billion yuan, indicating active market participation, with an average daily trading volume of 36.57 billion yuan over the past month [3]. - The total scale of the credit bond ETF BoShi has reached 108.21 billion yuan, a record high since its inception, ranking it in the top quarter among comparable funds [4]. - The number of shares for the credit bond ETF BoShi has reached 1.07 million, also a three-month high, maintaining its position in the top quarter among comparable funds [4]. - Over the past 14 days, the credit bond ETF BoShi has experienced continuous net inflows, with a peak single-day net inflow of 7.37 billion yuan, totaling 32.26 billion yuan, averaging 2.30 billion yuan in net inflows per day [4]. - The credit bond ETF BoShi has recorded a monthly profit percentage of 75.00% since its inception, with a monthly profit probability of 69.88% and a 100% probability of profit over a three-month holding period [4]. - As of June 13, 2025, the Sharpe ratio for the credit bond ETF BoShi over the past month is 1.05, ranking it in the top half among comparable funds, indicating higher returns for the same level of risk [4]. - The maximum drawdown for the credit bond ETF BoShi since inception is 0.89%, with a relative benchmark drawdown of 0.10%, and a recovery period of 26 days [4]. - The management fee for the credit bond ETF BoShi is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]. - The tracking error for the credit bond ETF BoShi year-to-date is 0.009%, the highest tracking precision among comparable funds [4]. Group 3 - The credit bond ETF BoShi closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the Shenzhen market for credit bonds [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Fed maintained the benchmark interest rate at 4.25%-4.50% in its June meeting, with reduced but still high uncertainty about the outlook. It also adjusted GDP and inflation forecasts [3]. - Multiple financial regulatory departments announced measures at the 2025 Lujiazui Forum to promote high - level opening up of the financial market [2][15]. - Various commodity markets showed different trends, including changes in inventory, production, and trading policies [5][8]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q1 2025, GDP grew by 5.4% year - on - year, unchanged from the previous quarter [1]. - In May 2025, the manufacturing PMI was 49.5%, up from 49.0% in the previous month, and the non - manufacturing PMI for business activities was 50.3%, down from 50.4% [1]. - In May 2025, M0, M1, and M2 had different year - on - year growth rates, with M0 at 12.1%, M1 at 2.3%, and M2 at 7.9% [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Qualified foreign investors can participate in more domestic commodity futures and options starting from June 20 [2]. - Zhengzhou Commodity Exchange adjusted trading rules for some futures contracts [2]. - Multiple financial regulatory departments announced policies at the 2025 Lujiazui Forum to support Shanghai's international financial center construction [2][15]. 3.2.2 Metal - India restricted imports of palladium - rhodium alloys with a gold content over 1% [5]. - London Metal Exchange inventories of various metals changed, and the gold ETF's holdings increased [5]. - "New Bond King" Gundlach predicted that gold would reach $4000 [6]. 3.2.3 Coal, Coke, Steel, and Minerals - Nippon Steel completed the acquisition of U.S. Steel for $14.9 billion [7]. 3.2.4 Energy and Chemicals - China's May imports and exports of energy and chemical products showed different trends, such as a 10.4% increase in gaseous natural gas imports [8]. - Russia and some OPEC+ countries may increase crude oil production [8][9]. - EIA data showed changes in U.S. oil and gas inventories and production [10]. 3.2.5 Agricultural Products - The government planned to reduce the inventory of breeding sows by about 1 million [12]. - As of June 18, the national "Three Summers" wheat harvest was 96% complete [12][13]. - The global cotton market may see increased production, and domestic cotton fundamentals are improving [13]. 3.3 Financial News Compilation 3.3.1 Open Market - The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 77 billion yuan [14]. - The central bank issued 30 billion yuan of central bank bills in Hong Kong on June 18 [14]. 3.3.2 Key News and Information - Multiple financial regulatory departments announced policies at the 2025 Lujiazui Forum to promote high - level opening up [15]. - The Fed maintained the benchmark interest rate, adjusted GDP and inflation forecasts, and influenced financial markets [16]. - Various domestic and international economic and political events occurred, such as government officials' investigations and international trade disputes [17][18] 3.3.3 Bond Market Summary - The Chinese bond market showed narrow fluctuations, with different trends in bond yields and futures [25]. - European bond yields generally declined, while U.S. bond yields rose [29]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down, and the US dollar index rose [30]. 3.3.5 Research Report Highlights - Guosheng Fixed Income believed that the 10 - year Treasury bond has high investment value [31]. - Yangtze River Fixed Income expected the June capital market to remain stable [31]. - CITIC Securities analyzed the possible nomination of the next Fed Chairman [32]. 3.4 Stock Market Key News - The CSRC announced policies to support the listing of unprofitable enterprises on the Sci - tech Innovation Board and ChiNext [35]. - The A - share market had a narrow range of fluctuations, while the Hong Kong stock market declined [35]. - Multiple companies' IPO progress was reported, such as Moore Threads and MiniMax [37]

Core Insights - The A-share market saw collective gains on Wednesday, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index increasing by 0.24%, and the ChiNext Index up by 0.23%. The total market turnover was 1,221.7 billion, a decrease of 15.4 billion from the previous day, with over 1,800 stocks rising. Key sectors that performed well included military equipment, components, CPO, and consumer electronics, while the rare earth permanent magnet sector saw declines [3][8]. Important News - The National Financial Supervision Administration and the Shanghai Municipal Government jointly issued a plan to support the construction of Shanghai as an international financial center, focusing on five main areas: promoting the aggregation of financial institutions, enhancing financial services for the real economy, expanding institutional openness, improving regulatory standards, and enhancing policy support for financial services [4][9]. - The China Securities Regulatory Commission (CSRC) released opinions on establishing a growth tier on the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability. This includes six reform measures aimed at supporting high-quality technology enterprises, such as introducing seasoned professional institutional investors and expanding the applicability of listing standards to more frontier technology sectors [10][11]. Selected Research - The report highlights the emphasis on financial openness and high-quality development, particularly during the 2025 Lujiazui Forum, where significant financial policies were announced. Key measures include establishing a trading report database, a digital RMB international operation center, and enhancing the infrastructure of the financial market [11][12]. - The focus on internationalization, improvement, and innovation in financial policies aims to enhance the international influence of the RMB and streamline cross-border transactions, thereby supporting the Belt and Road Initiative and the development of Shanghai as an international financial hub [12][13]. - The CSRC's initiatives to deepen capital market reforms and enhance the integration of technology and industry are expected to attract quality cross-border capital into technology enterprises, fostering a virtuous cycle among technology, industry, and finance [14][15].

Group 1 - The 2025 Lujiazui Forum in Shanghai saw the central bank and financial regulatory authorities announce multiple financial measures to support high-level opening-up, including the establishment of a digital RMB international operation center and innovative monetary policy tools [2][5] - The People's Bank of China will implement eight policy measures to support the construction of Shanghai as an international financial center, while the financial regulatory authority will facilitate foreign institutions' participation in more financial business pilots [2][5] - The China Securities Regulatory Commission (CSRC) announced the re-launch of the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board, supporting sectors like artificial intelligence and commercial aerospace [8][9] Group 2 - The U.S. Federal Reserve maintained the benchmark interest rate at 4.25%-4.50%, marking the fourth consecutive meeting without a change, while adjusting the GDP forecast for 2025 down to 1.4% and raising inflation expectations to 3% [2][3][18] - The Fed's dot plot indicates two expected rate cuts in 2025 totaling 50 basis points, consistent with previous forecasts, but only a 25 basis point cut is expected in 2026 [2][3][18] - The Fed's economic projections show an increase in core PCE inflation expectations for 2025, 2026, and 2027, with median values adjusted to 3.1%, 2.4%, and 2.1% respectively [18][19] Group 3 - The Shanghai Stock Exchange and Hong Kong Stock Exchange signed a collaborative development action plan to enhance infrastructure connectivity and create a complementary offshore financial service system [5] - The CSRC announced that qualified foreign investors will be allowed to participate in on-market ETF options trading starting October 9, aimed at promoting long-term investment in A-shares [8] - The establishment of the China Capital Market Society in Shanghai aims to create a high-end think tank platform for capital market theory research and decision-making consultation [8]

Blockchain - The People's Bank of China announced innovative structural monetary policy tools in Shanghai, including pilot programs for blockchain credit refinancing in shipping trade and carbon reduction support tools [1] - The global merchant fleet's asset scale exceeds $3 trillion, with a ship financing leasing penetration rate of only 18%, indicating significant growth potential in the shipping financing sector [1] Autonomous Vehicles - Cainiao launched a new autonomous delivery vehicle, the GT-Lite, priced at 21,800 yuan, with a promotional price of 16,800 yuan, designed for L4 level autonomous driving [2] - The vehicle aims to reduce costs for delivery points and ensure safety, with the previous model, GTPro, featuring a range of 180 km and a cargo capacity of 5 m³ [2] Optical Chips - The Shanghai Institute of Optics and Fine Mechanics developed a new optical computing chip, "Meteor No. 1," which significantly enhances data processing speed and efficiency [3] - This chip utilizes advanced photonic technology and is expected to be widely applied in AI, big data analysis, and scientific computing [3] Textile Industry - A digital transformation implementation plan for the textile industry was jointly issued by several ministries, focusing on integrating new information technologies and enhancing production capabilities [4] - Key metrics indicate that the CNC rate and digital design tool adoption in major textile enterprises have reached 63.7% and 82.3%, respectively, with leading companies achieving world-class smart factory standards [5] Hydrogen Energy - Tianjin University's team achieved a solar-to-hydrogen conversion efficiency of 5.10% in solar water splitting, marking a significant advancement in clean energy production [6] - This technology could lead to the development of more efficient and durable "artificial leaves" for hydrogen production, potentially transforming the hydrogen energy landscape [6] Brain-Computer Interfaces - BrainTiger Technology, in collaboration with the Shanghai Institute of Microsystem and Information Technology, successfully implanted a 256-channel flexible brain-computer interface in a patient, enabling precise control of various applications [7] Digital Currency - The People's Bank of China announced the establishment of an interbank market trading report library and a digital RMB international operation center to promote the internationalization of digital currency [8] - The emergence of stablecoins is seen as a bridge between traditional finance and crypto assets, enhancing transaction stability and cross-border payment capabilities [8]

Core Viewpoint - The A-share market experienced a collective rise, driven by significant positive signals from the central bank and the China Securities Regulatory Commission (CSRC) during the Lujiazui Forum, with the electronic components and consumer electronics sectors leading the gains [1][2][5]. Group 1: Market Performance - The three major A-share indices closed higher, with a total trading volume of 1.19 trillion yuan, particularly in technology sectors such as electronic components, consumer electronics, and semiconductors [4][5]. - The CSRC announced reforms for the Sci-Tech Innovation Board (STAR Market), which may position the technology sector as a main focus for future market movements [2][6]. Group 2: Policy Announcements - The central bank introduced eight major financial opening measures, including the establishment of a digital RMB international operation center, which is expected to positively impact related sectors [6][9]. - The CSRC's reforms include the reintroduction of the fifth set of standards for unprofitable companies on the STAR Market, expanding the scope to include artificial intelligence, commercial aerospace, and low-altitude economy sectors [7][10]. Group 3: Sector Benefits - The reforms are expected to directly benefit sectors such as semiconductor design, manufacturing, AI chip companies, and data centers [8][10]. - The financial opening measures are anticipated to enhance financing convenience for new energy and environmental technology enterprises [10][11]. Group 4: Future Outlook - Historical data suggests that significant reform signals during the forum can lead to several months of structural market trends, with a focus on technology stocks [14][26]. - Analysts remain optimistic about the A-share market, indicating that the upward trend is likely to continue, supported by improving market sentiment and liquidity [16][26]. Group 5: Institutional Trends - There has been a notable shift in institutional investment towards emerging industries, with the electronic sector's institutional allocation increasing from 1.44% in 2014 to 7.62% in 2024, marking a significant rise [28][30]. - The technology sector is currently viewed as being in a high cost-performance range, with various indicators suggesting favorable conditions for investment [31][33].