Core Viewpoint - The issuance of technology innovation bonds (科创债) has seen explosive growth since the launch of the "Technology Board" in the bond market, indicating strong support from the capital market for technological innovation and providing robust momentum for the transformation and upgrading of the real economy [1][3]. Summary by Sections Issuance Scale - From May 7 to June 19, a total of 334 technology innovation bonds were issued, with a total issuance scale exceeding 530 billion yuan [2][6]. - Financial institutions are the main force in the issuance of technology innovation bonds, with 20 banks issuing bonds totaling nearly 220 billion yuan, accounting for 40.76% of the total [2][8]. Industry Distribution - The issuance scale distribution among various industries includes: banking (608.68 billion yuan, 11.38%), non-bank financial (457.43 billion yuan, 8.55%), public utilities (383.9 billion yuan, 7.18%), and oil and petrochemicals (200 billion yuan, 3.74%) [8]. - Other industries such as non-ferrous metals, automotive and parts, transportation, machinery, and chemicals have also issued over 10 billion yuan each [8]. Issuance Terms and Rates - The majority of the issued technology innovation bonds are medium to long-term, with 52.10% having a term of 1 to 5 years, 21.26% from 5 to 10 years, and 6.9% from 10 to 20 years [8]. - The issuance rates for 10-year technology innovation bonds range from 1.85% to 2.69%, reflecting the overall low market interest rates [9]. Participation of Private Enterprises - Central and local state-owned enterprises have issued a total of 469.47 billion yuan in technology innovation bonds, accounting for 87.77% of the total issuance [11]. - The participation of private enterprises has increased, with a total issuance of 37.85 billion yuan, representing 7.08% of the total [13]. New Support Mechanisms - New risk-sharing tools for technology innovation bonds are aimed at equity investment institutions, enhancing the financing accessibility for private technology enterprises and institutions with weaker credit ratings [17][19]. - The introduction of these tools is expected to improve the overall quality and stability of the bond market, better serving the broader economy [22][23]. Future Outlook - The policies introduced by the People's Bank of China and the China Securities Regulatory Commission aim to enrich the bond product system and broaden fundraising uses, which may lead to further growth in the technology innovation bond market [21]. - The market structure is expected to evolve towards that of mature overseas markets, with longer issuance periods and a more diverse range of issuers, particularly in high-tech industries [21].

互联网巨头以LP身份出手了。 作者丨FOFWEEKLY 本期推荐阅读5分钟 本期导读： 这两年，一级 市场上围绕 "找钱难" 的讨论层出不穷。尤其是那些不带招商诉求的市场化资金，更是成 为GP争相追逐的稀缺资源。 从上市公司出资数据来看，整体作为LP的出资数据未见太多起色，曾经活跃的互联网巨头们，近两年在 LP领域近乎销声匿迹。 而值得关注的是， 近日，一则工商信息，打破了这份沉寂， 一家互联网巨头又一次现身了，且是作 为LP的身份出手 。 阿里巴巴又做LP 这一看似普通的新基金成立事件， 实则暗藏深意。 有外界人士猜测：此举或是阿里巴巴在新环境下的核心应对逻辑，被视为其战略调整的 关键落子 。 回顾2025年初至今，阿里巴巴进行了一系列引人瞩目的资产处置：以131亿港元出售高鑫零售（大 润发母公司）控股权予德弘资本，以约74亿元转让银泰商业股权…… 这些动作，在外界看来，正是展现出了阿里巴巴逐步退出非核心资产，聚焦核心业务的战略决心。 而大刀阔斧的"瘦身"为其回笼了超过200亿人民币的资金。 沉寂多年的互联网巨头回来了。 曾几何时，互联网与产业巨头的战略投资部收缩、战投基金解散、非核心资产剥离的消息不绝于 ...

Group 1 - In the first half of 2025, A-shares saw 50 companies achieve IPOs, raising over 37.1 billion yuan, with both the number of IPOs and the amount raised increasing by 14% year-on-year [2] - The average first-day return for A-share IPOs reached 220%, a significant increase from 136% in the first half of 2024, with no IPOs experiencing a price drop on debut [2][3] - The enthusiasm for IPO subscriptions in A-shares has surged due to the high returns and the scarcity of IPOs, leading to a substantial increase in the average oversubscription multiple [2][3] Group 2 - The A-share market's IPOs are characterized by a focus on smaller companies, with an average fundraising amount of 743 million yuan, while the first-day price increases are substantial [3][4] - In contrast, the Hong Kong market experienced a significant increase in IPO activity, with 40 companies raising approximately 108.7 billion HKD, marking a 33% increase in the number of IPOs and a 711% increase in the amount raised year-on-year [5] - Despite the increase in IPOs in Hong Kong, the market faced challenges, with 30% of new stocks experiencing a price drop on their first day and an average first-day return of only 11%, down 10 percentage points from the previous year [5] Group 3 - Both A-shares and H-shares are seeing a trend towards hard technology in their IPOs, with significant activity in the industrial, technology, and materials sectors [6][7] - The A-share market is increasingly focusing on technology-driven companies, with the China Securities Regulatory Commission emphasizing support for high-quality, unprofitable tech firms to go public [6][8] - The introduction of the "Tech Company Special Line" in Hong Kong aims to facilitate the listing of technology and biotech companies, enhancing the market's appeal to innovative firms [7][8]

Group 1 - Multiple newly established active equity funds have begun building positions, indicating that fund managers are actively entering the market shortly after fund establishment [1][2] - The first fundraising scale of the newly established fund "Shenwan Lingshin Industry Selection" was 1.219 billion yuan, making it one of the few active equity products this year to exceed 1 billion yuan in fundraising [2] - The net value of "Shenwan Lingshin Industry Selection A" fluctuated from 0.9802 yuan on June 6 to 0.9885 yuan on June 13, reflecting active market engagement by the fund manager [2] Group 2 - Several funds have announced early closure of fundraising, such as "Zhaoshang Value Select Mixed Fund," which closed fundraising on June 25 instead of the originally planned July 4 [3][4] - The trend of early fundraising closures is becoming more common, with some funds having fundraising periods as short as two days, indicating a strategic move by fund managers to capitalize on current market opportunities [4] - Fund managers are optimistic about the A-share market's upward trend, citing external disturbances easing and a potential rebound in previously affected sectors like technology and overseas industries [5] Group 3 - The long-term outlook for the Chinese economy remains positive, with ongoing industrial development and improvements in corporate performance, particularly in sectors like artificial intelligence, high-end manufacturing, and biomedicine [5][6] - The overall sentiment towards the mid-term market trajectory is optimistic, with signs of recovery in free cash flow among all A-share listed companies [5] - Key areas of focus for investment include stable assets represented by banks, offensive upstream assets like gold and oil, and event-driven assets such as new consumer products [6]

Group 1 - The 2025 "Invest in Chengdu" Global Investment Conference will be held on June 18, 2023, focusing on themes of cooperation, innovation, and future development [1] - The conference will highlight six core themes: artificial intelligence, aerospace, low-altitude economy, biomedicine, digital cultural creativity, and foreign trade, aiming to establish Chengdu as a global industrial innovation hub [1] - Chengdu plans to sign significant industrial projects during the conference, targeting new sectors such as space infrastructure and AI chips, and will launch the "Chengdu Global Investment Partner" initiative [1] Group 2 - In the first five months of this year, Chengdu attracted 497 major industrial projects, a year-on-year increase of 182%, and foreign investment reached $6.56 billion, up 58.89% [2] - Chengdu has a robust industrial foundation with over 5,000 large-scale industrial enterprises and an industrial output value of nearly 500 billion yuan in 2024 [2] - The city aims to enhance its service sector's foreign investment share to 82.7% by 2024, with a 61.6% year-on-year growth in foreign direct investment in the service sector in the first quarter of this year [2] Group 3 - Chengdu is advancing the opening of its service sector by addressing pain points for foreign enterprises, including talent management, customs for special items, and cross-border data and capital flow [3]

Group 1 - The "Invest in Chengdu" Global Investment Conference will be held from June 18 to 20, 2025, with the theme "Cooperation, Innovation, Future" [1][3] - The conference will feature a main event and a series of 12 activities, including 6 industry matchmaking sessions and 6 overseas investment promotion activities, aimed at building a global industry cooperation platform [1][3] - The main venue will be at the Tianfu International Conference Center, expecting nearly 400 attendees, including officials and executives from Fortune 500 companies, with over 80% representation from major enterprises [3] Group 2 - The conference will focus on six key industries, including artificial intelligence, aerospace, and biomedicine, and aims to sign significant global projects in emerging sectors like space infrastructure and AI chips [3] - A chain master fund action plan with a total scale of 60 billion yuan will be announced to promote cooperation along the industrial chain [3] - Chengdu plans to hold overseas investment promotion activities in six countries, including Germany, the UK, and France, and will release the "Chengdu Metropolitan Area Investment Guide" [3] Group 3 - Chengdu has shown a strong performance in attracting investment, with 497 major industrial projects introduced from January to May, a year-on-year increase of 182% [4] - Actual foreign investment utilization reached 656 million USD from January to April, representing a year-on-year growth of 58.89%, ranking first in Central and Western China [4]

■田鹏 6月16日，多个A股市场重要指数完成样本调整，此次调整涉及深证成指、创业板指、深证100、创业板 50、上证50、上证180、上证380、科创50、沪深300、中证500、中证1000等极具市场影响力的指数，备 受市场瞩目。 与此同时，创业板指编制规则也迎来迭代升级，一是引入ESG负面剔除机制，剔除国证ESG评级在B级 以下的股票，降低指数样本发生重大风险事件概率；二是引入个股权重上限机制，通过设置权重调整因 子，使单只样本股权重在每次定期调整时不超过20%，将单只样本股对指数的影响控制在合理范围内。 在笔者看来，此次A股多个指数样本调整及创业板指编制规则迭代升级，主要受以下三个核心因素驱 动。 一是产业结构升级，指数样本也随之调整更迭。当下，我国经济正处于转型升级的关键节点，传统产业 面临着数字化、智能化改造的迫切需求，以人工智能、半导体、新能源、生物医药为代表的"硬科技"产 业，则成为推动经济持续增长、提升国家竞争力的核心力量。在此背景下，A股相关指数样本必须顺应 产业结构变化，才能更好发挥经济"晴雨表"作用。 例如，深证100指数此番调入领益智造（002600）、润泽科技（300442）、中航成 ...

Core Viewpoint - The Sichuan Provincial Government has issued an opinion to support Chengdu in enhancing its core functions and accelerating high-quality development, aiming to establish it as a western economic center, technology innovation center, international exchange center, and a national advanced manufacturing base [1][2]. Group 1: Economic Development - The opinion outlines 15 specific measures to enhance Chengdu's economic growth, focusing on becoming a western economic center by expanding domestic demand and improving resource allocation capabilities [2]. - Chengdu is encouraged to develop into an international consumption center and to co-build a western financial center with Mianyang [2]. Group 2: Technological Innovation - The opinion emphasizes the need for Chengdu to strengthen its technological innovation capabilities, enhance the conversion of scientific achievements, and deepen reforms in the technology system [2][3]. - Chengdu will implement breakthrough actions in frontier technologies such as artificial intelligence, aerospace, biomanufacturing, and clean energy [2]. Group 3: International Exchange - To establish Chengdu as a western international exchange center, the opinion supports the development of a comprehensive international transportation hub and the strengthening of high-level open platforms [2]. - Specific initiatives include the construction of the Tianfu International Airport Phase II and the enhancement of the international flight network [2]. Group 4: Advanced Manufacturing - The opinion aims to support Chengdu in building a world-class advanced manufacturing cluster and nurturing emerging and future industries [3]. - Chengdu will establish new provincial development zones in the Tianfu New Area and the Eastern New Area, and develop a world-class high-tech industrial park [3].

Group 1 - The market is witnessing a rapid increase in new fund issuance, with several funds ending their fundraising periods early to seize investment opportunities [1][2] - On June 12, multiple equity funds announced early closure of their fundraising, indicating strong demand and optimism among fund companies [1] - The first batch of new floating management fee funds has already exceeded 8 billion yuan in issuance scale, reflecting a shift in fund management strategies [1] Group 2 - New funds are being established quickly, with some having fundraising periods as short as 2 days, highlighting a focus on swift market entry [2] - Fund managers are actively purchasing their own funds, demonstrating confidence in the market's long-term stability and growth potential [2] - Economic resilience and potential in China are expected to support market valuation recovery, with sectors like AI, high-end manufacturing, and biomedicine showing promising developments [3]

在长江沿线，高铁通道、干线公路、机场建设，拉近沿江每一座城市的时空距离。 在西北、华北、东北，"两重"资金支持"三北"工程建设，治沙、造林、种草造福一方。 在环北部湾，广西水资源配置工程，助国人饭碗装进更多中国粮。 与此同时，成都排水防涝移动抽排能力正加快建设，我国首个大型锂钠混合储能站南方电网宝池储能站 投产，湖北宜昌至兴山高铁高岚河特大桥顺利合龙，广州至湛江高铁文昌隧道贯通，国家电投位于江西 彭泽的棉船岛风电项目全容量并网发电…… "两重"建设推进已满一年，发行并用好超长期特别国债，着力做好国家重大战略实施和重点领域安全能 力建设。一个"重大"，一个"重点"，分量千钧。 "在'两重'建设加速推进的背景下，确保项目既符合长远战略目标又能满足当前经济社会发展紧迫需求、 有效使用和管理资金、激发民间投资积极性、保障民营企业投资回报以及融入科技创新元素等问题，成 为推动'两重'建设取得实效的关键。"中关村物联网产业联盟副秘书长袁帅在接受中国工业报记者采访时 表示。 力争6月底前下达"两重"清单 "两重"建设，是党中央、国务院着眼强国建设、民族复兴战略全局作出的一项重大决策部署，强化"两 重"性质，突出战略性、前瞻 ...