Group 1 - The "One Chain a Month" initiative aims to promote financing for small and medium-sized enterprises (SMEs) in Zhejiang, focusing on key industrial chains to address financing bottlenecks [1][2] - The event gathered over 200 enterprises and financial institutions under the theme "Financial Empowerment, Intelligent Creation of the Future," indicating a collaborative effort to reshape the financing landscape for SMEs in Zhejiang [1] - Zhejiang Equity Service Group operates the only legal regional equity market in Zhejiang Province (excluding Ningbo), facilitating capital market services such as financing matchmaking and professional training for listed companies [1] Group 2 - In the first half of the year, 15 closed-door financing roadshows were held in Qiantang District, enhancing local enterprises' confidence in going public through expert consultations [2] - The collaboration between Zhejiang Equity Service Group and local enterprises focuses on the semiconductor industry chain, aiming to boost local economic development and attract investments [2] - The event signifies a closer partnership between Zhejiang Equity Service Group and Qiantang District, leveraging both the Beijing Stock Exchange and Hong Kong Stock Exchange to accelerate enterprises' capital market journeys [2]

证券研究报告：宏观报告 发布时间：2025-06-17 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《出口展现韧性，中美谈判进展或促 风险偏好修复》 - 2025.06.10 宏观研究 "以旧换新"蓄动力，"过境免签"新亮点 投资要点 5 月经济整体运行平稳。按照生产法测算，5 月经济增速或在 5.5% 左右，持平前值；从供需两端来看，供需均边际改善，供需缺口小幅 收窄；从增长动能来看，需求改善主要是消费提振，投资和出口边际 放缓，符合我们前期判断，外部不确定性冲击市场微观主体决策，对 生产和投资产生收缩压力，且房地产市场仍处于深度调整期，房价尚 未止跌企稳，房地产投资跌幅并未改善，持续拖累投资增速。而供给 端边际改善主要源自服务生产边际回暖。 向后看，二季度短期宏观环境的主要矛盾是美国关税政策，冲击 市场微观主体投资决策，对生产和投资影响或持续存在，二季度经济 增速或小幅边际放缓，预计在 5.2%-5 ...

Group 1 - The event is a lecture titled "Structured Beliefs and Fund Investment," scheduled for June 20, 2025, at Tsinghua University [2] - The lecture will be presented by Xiong Wei, a professor at Princeton University, with a focus on the intersection of finance and economics [4][6] - The event is organized by the Department of Finance at Tsinghua University's School of Economics and Management and the Global Institute for Common Development [2] Group 2 - Xiong Wei's research interests include capital market imperfections, behavioral finance, digital economy, and the Chinese economy [4][6] - He has received several prestigious awards, including the 2018 China Economics Prize and the 2014 Sun Yefang Financial Innovation Award [4][6] - The lecture will utilize insights from a study analyzing fund managers' perceptions of government policies and their impact on investment decisions and market outcomes [7][9] Group 3 - The study constructs a countercyclical policy beliefs measure (CCP) to capture fund expectations about policies mitigating economic shocks [7][9] - Findings indicate that fund managers' market beliefs positively predict market returns, and CCP beliefs enhance this predictive power, improving fund performance [8][9] - The research emphasizes the significance of structured beliefs in shaping investment decisions and market results [8][9] Group 4 - The event is open to Tsinghua University students, with specific registration instructions for students from different departments [10] - The lecture will be conducted in English with Chinese explanations [11]

Group 1 - The core viewpoint is that the capital market ecosystem in China is continuously optimizing, enhancing the attractiveness of Chinese assets amid a rapidly changing global political and economic landscape [1] - The current era is characterized by unprecedented challenges and opportunities, with significant transformations occurring in the capital market [1] - Following the introduction of the new "National Nine Articles," the Chinese capital market is shifting from a financing market to an investment and wealth management market [1] Group 2 - Long-term funds are establishing a "patient irrigation" system, with pension funds and insurance capital increasingly allocating to innovative assets [1] - A virtuous cycle is being constructed among capital, technology, and industry, indicating a fundamental restructuring of the capital market ecosystem [1]

◎记者 何昕怡 为进一步完善对外开放格局、便利跨境资本投融资合作，上交所近日组织沪市优质上市公司代表赴英国 伦敦和瑞士日内瓦，开展资本市场推介与国际交流活动。此次活动通过公司集中路演、机构一对一拜访 等形式深入交流、促进理解，全面展示中国资本市场的开放成果与发展潜力。 沪市公司路演展示多元发展价值 参加本次推介的恒瑞医药、万华化学、小商品城、宁波港、中信金属、中国铝业、中国中车、中国中 免、中远海控、东方电缆、金山办公、九号公司等12家沪市公司，分别来自生物医药、高端制造、水上 运输、信息技术、商务服务等行业，均是所属领域的领军企业。 12家公司代表从完善公司治理结构、前沿产品创新成果展示、全球化市场布局以及在全球产业链中的竞 争优势等多个维度全方位展现了企业的综合实力与发展前景，让国际投资者对沪市公司高质量发展的新 风貌有了更直观、深刻的认识。 此次活动吸引了来自瑞银集团、晋达资产、励正集团、千禧年资本、施罗德集团等70余家国际投资银 行、保险公司、私人银行、资产管理机构、财富管理机构、家族办公室的代表参会。多家机构相关负责 人指出，中国资本市场呈现出传统产业价值重估与新兴产业成长共振机遇，低估值、高分红、 ...

Core Viewpoint - The implementation of the new fundraising regulation by the China Securities Regulatory Commission (CSRC) aims to enhance the supervision of fundraising activities by listed companies, addressing issues such as misuse of funds and ensuring that more capital is directed towards real economic development [1][5][6]. Group 1: Regulatory Changes - The new regulation, effective from June 15, 2023, introduces stricter controls on the use of raised funds, emphasizing investment in core business areas and prohibiting reckless cross-border investments [5][6]. - The regulation aims to create a closed-loop management system from fundraising to fund usage, enhancing the scrutiny of how companies utilize their raised capital [6][12]. - The CSRC has increased the depth and frequency of inquiries regarding the use of raised funds during the IPO process, indicating a shift towards more rigorous oversight [6][12]. Group 2: Historical Data Analysis - From 2012 to 2022, 42.6% of the funds raised by listed companies were clearly directed towards real projects, indicating a significant portion of funds remained within the financial system [8][11]. - Approximately 30%-40% of listed companies experienced changes in their fundraising project implementation methods, with a notable number of companies failing to complete projects within the designated time frame [12][19]. - Over 40% of companies listed on the Shanghai and Shenzhen exchanges had projects that were not completed within the expected construction period [21][23]. Group 3: Implications of the New Regulation - The new regulation is expected to optimize the allocation of IPO resources, reduce market volatility, and enhance corporate governance structures [9][11]. - It aims to support technological innovation and align fundraising activities with national macroeconomic strategies, directing more funds towards tangible economic development [9][11]. - The regulation also addresses the issue of excess fundraising, with a significant number of companies historically using excess funds for purposes such as repaying loans, which is now restricted [28][31].

为贯彻落实中国资本市场高水平对外开放，进一步完善对外开放格局，便利跨境资本投融资合作，上海 证券交易所近日组织沪市优质上市公司代表赴英国伦敦和瑞士日内瓦，开展资本市场推介与国际交流活 动。此次活动通过公司集中路演、机构一对一拜访等维度深入交流，全面展示中国资本市场的开放成果 与发展潜力。 今年以来，以DeepSeek为代表的中国科技企业受到市场关注，也推动了国际投资者对中国科技资产价 值重估。作为"硬科技"企业的集聚地，科创板对外资的吸引力大幅增强。数据显示，2025年一季度，沪 股通资金科创板持仓占比较去年四季度上升0.62个百分点。今年5月，200余家外资机构对A股公司累计 调研逾500次，澜起科技、奥普特、奥比中光等科创板公司均吸引了超过30家外资机构的调研。 本次推介活动中，上交所结合科创板的设立初衷、发展历程，介绍了科创板在支持研发创新、助力业务 出海、推动持续发展、引入长期资金、优化投资生态、引领制度改革等方面的举措和成效。外资机构普 遍表示，以科创板为代表的A股优质上市公司代表了中国经济发展和科技创新的潜力，在当前大国博弈 和经济不确定性增加的背景下，不断涌现的科技创新成果以及快速增长的公司业绩 ...

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.4% to HKD 3.92, Everbright Securities up 4.46% to HKD 8.66, CICC up 3.88% to HKD 16.6, CITIC Securities up 2.86% to HKD 10.08, and Huatai Securities up 2.56% to HKD 15.24 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee and the State Council allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - This policy is expected to enhance the connectivity between the capital markets of mainland China and Hong Kong, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - Current brokerage valuations are at historical lows, and with market recovery and favorable policies, brokerage businesses such as brokerage, investment banking, and capital intermediary services are likely to benefit, leading to further valuation recovery in the brokerage sector [1] Group 2 - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, where major financial policies are expected to be announced by central financial management departments [2] - It is anticipated that more policies aimed at activating the capital market will be released, focusing on enhancing the quality of listed companies, market activity, and investor returns [2] - The market sentiment is expected to be catalyzed by the policy announcements during the Lujiazui Forum, according to Donghai Securities [2]

申万宏源策略 . 我们强调体系性、实战性 一、区域冲突再升级，触发全球风险偏好下行，A股顺势休整。这背后，区域冲突可能只是脉 冲式影响，短期休整的核心，还是结构性行情已演绎至低性价比区域，市场内在稳定性下降。 我们继续提示，稳定资本市场政策为A股提供了对宏观扰动的"隔离墙"。判断中短期市场，可 适当降低宏观分析权重，提升强势板块节奏判断的权重。 本周，区域冲突再升级，触发全球风险偏好下行。A股休整是全球股市普跌的一部分。目前的 冲突，对中美广泛竞争的格局，尚不会产生方向性影响。那么，区域冲突对资产价格的影响， 主要体现为直接影响风险偏好，以及通过油价和通胀预期扰动资产配置环境，且大概率是脉冲 式影响。 以下文章来源于申万宏源策略 ，作者申万宏源策略 三、新消费(珠宝钻石、IP潮玩、新零食新饮品、美妆个护)和创新药龙头仍在景气叙事中。短 期高位波动加剧，但不是中级别风险，基本面趋势投资高举高打仍能维持。短期海外扰动增 加，油气和贵金属是对冲资产。继续提示，港股是潜在牛市中的领涨市场。 短期海外扰动增加，贵金属和油气出现脉冲式修复。我们继续提示，新消费(珠宝钻石、IP潮 玩、新零食新饮品、美妆个护)和创新药龙头本 ...