Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing down 0.05% at 3346.84 points, while the Shenzhen Component Index fell 0.41% to 10091.16 points, and the ChiNext Index decreased by 0.8% to 2005.26 points. The Northbound 50 Index rose by 1.94% [1] - Total trading volume in the Shanghai, Shenzhen, and North exchanges was 103.4 billion yuan, a decrease of nearly 150 billion yuan compared to the previous day [1] Sector Performance - The pharmaceutical and banking sectors declined, while sectors such as media, environmental protection, food and beverage, semiconductors, electricity, chemicals, and steel saw gains. The nuclear power concept surged, and gaming, lithography machines, and AI application concepts were active [1] Investment Insights - Ping An Securities suggests that despite potential short-term overseas uncertainties, the equity market has upward potential due to the continuous effects of domestic policies and strengthened fundamentals. High-growth sectors are expected to maintain upward momentum [1] - Two main investment lines are recommended: 1. Growth style represented by domestic technology and high-end manufacturing, such as defense and semiconductor sectors [1] 2. Quality consumer assets benefiting from domestic demand expansion policies, including new consumption and biopharmaceuticals [1] Innovation in Pharmaceuticals - The ASCO conference in 2025 is expected to showcase significant clinical data from domestic innovative drug companies, with a record number of original research results presented. This indicates that Chinese pharmaceutical companies are advancing in innovative research [2] Nuclear Fusion Industry - The nuclear fusion industry is experiencing significant developments, with U.S. policies aimed at easing regulations and accelerating nuclear power construction. The National Ignition Facility achieved record net energy gain, and CFS's valuation reached 8 billion USD [3] - Multiple favorable signals are expected to promote industry growth, with long-term development potential as domestic support and funding expectations increase [3] White Wine Market Outlook - The white wine market is expected to see gradual improvement, with stable demand and prices for mainstream products. Companies are adjusting inventory levels in preparation for seasonal demand [4] AI Development - Anthropic's release of the Claude4 series models marks a significant advancement in reasoning capabilities, which is expected to broaden the application scenarios for large models. The ongoing exploration of agent products is laying a solid foundation for AI commercialization [5] - Investment opportunities in AI are anticipated to arise from advancements in general reasoning capabilities, benefiting software and internet sectors, as well as increasing hardware demand [5] Supply Chain Development - The Ministry of Commerce plans to cultivate leading enterprises and supply chain center cities as part of a special action plan to accelerate the development of intelligent supply chains. The goal is to establish a robust and efficient supply chain system by 2030 [8] Film Industry Investment - The National Film Administration encourages Hong Kong and Macau service providers to invest in film production companies in mainland China, allowing them to act as the first production unit [9] Real Estate Market Support - The issuance of special bonds for land acquisition is expected to accelerate, with nearly 3000 idle land parcels identified for recovery, totaling over 133 million square meters. This is seen as a measure to improve market supply-demand dynamics and stabilize the real estate market [10]

Core Viewpoint - The joint release of the "Several Measures to Support Financing for Small and Micro Enterprises" aims to improve the financing conditions for small and micro enterprises in China, enhancing their ability to access loans and stimulating the vitality of the private economy [2][3][4]. Group 1: Policy Features - The measures break down administrative barriers and strengthen policy coordination among eight departments, integrating monetary, fiscal, and industrial policies into a cohesive framework [3][4]. - A multi-tiered capital market linkage mechanism is established, connecting regional equity markets, the New Third Board, and the Beijing Stock Exchange for the first time [3][4]. - The measures emphasize the importance of data sharing and digital transformation to create a more efficient inclusive financial ecosystem, reducing financing costs and improving access to financial services [3][4]. Group 2: Systematic Reform - The measures reflect a systematic reform approach, addressing long-term financing challenges faced by small and micro enterprises and responding to new issues in industrial innovation [3][4][5]. - A differentiated regulatory system and incentive mechanisms are introduced to encourage financial institutions to support small and micro enterprises more actively [5][6]. - The establishment of a data-driven credit assessment mechanism aims to alleviate information asymmetry between banks and enterprises, reducing reliance on collateral [5][6]. Group 3: Economic Impact - The measures are expected to reshape the financing ecosystem for small and micro enterprises, potentially increasing employment opportunities and enhancing job quality through the "specialized, sophisticated, and innovative" enterprise cultivation plan [6][7]. - By improving the financing environment, the measures are likely to stabilize the employment base and stimulate private investment, contributing to the optimization and upgrading of the economic structure [6][7]. - The introduction of a risk-sharing mechanism involving fiscal compensation funds and financial institutions aims to enhance the accessibility of debt and equity financing for small and micro enterprises [5][6].

Group 1 - The core viewpoint of the news is the release of the "Special Action Plan for Accelerating the Development of Intelligent Supply Chains" by eight government departments, aiming to enhance supply chain efficiency and reduce logistics costs across key sectors such as agriculture, manufacturing, wholesale, and retail [1][2] - The Action Plan supports the development of agricultural product supply chain service providers and the establishment of intelligent commodity markets [1] - It emphasizes the collaboration in creating smart factories and intelligent supply chains, and the implementation of AI-driven initiatives for new industrialization [1] Group 2 - The plan aims to enhance the integration capabilities of the wholesale supply chain and encourages retail enterprises to adopt intelligent technologies for better information integration across channels [1] - It promotes the use of smart facilities such as automated warehouses, guided vehicles, and unmanned delivery vehicles, supporting integrated development of trade, ports, and shipping [1] - By 2030, the plan targets the establishment of a replicable and promotable intelligent supply chain model, with a focus on creating a resilient supply chain system in key industries and nurturing around 100 leading intelligent supply chain enterprises nationwide [1]

2025.05. 27 当地时间5月26日，日本农林水产省公布的数据显示，截至5月18日为止的一周，日本超市大米均价 继续上涨，全国超市销售的5公斤装大米均价为4285日元（约合215.53元人民币），环比上涨 0.4%，再次创下新高。 【观国内】 中办、国办：以管资本为主完善国资监管，实现国有资产保值增值 中办、国办印发《关于完善中国特色现代企业制度的意见》。其中提出，健全国有资产监管体制。以 管资本为主完善国资监管，实现国有资产保值增值。完善国有企业功能界定与分类指引，深化分类授 权放权，优化分类监管、分类考核，引导国有企业注重内在价值、长期价值。强化国有企业经营投资 责任意识和责任约束。 【今日推荐】 英国突发！斯塔默：令人震惊 英国西北地区急救服务中心发言人戴夫·基钦26日说，该国利物浦市中心当天发生的汽车冲撞球迷事 件已造成27人受伤送医，其中2人伤势严重。基钦说，27名伤者被紧急送往利物浦地区四家医院救 治，2名伤势严重者中包括1名儿童。此外，另有20人在现场接受轻伤治疗，无需送医。英国首相斯 塔默事发后在社交媒体上发文说："利物浦发生的一幕令人震惊。我向所有受伤者和受影响的人表示 慰问。我将继续 ...

今日导读 1. 5月26日，商务部、国家发展改革委等8部门发布《加快数智供应链发展专项行动计划》， 明确在农业、制造业、批发业、零售业等重点领域加快数智供应链发展，推动降低全社会物 流成本，培育一批数智供应链领军企业和供应链中心城市。 2. 美团港交所发布财报，第一季度营收865.6亿元人民币，同比增18.1%；调整后净利润 109.5亿元人民币，同比增长46.2%。 3. 5月26日，针对"网传玄戒O1是向Arm定制的芯片"相关提问，小米公司表示："不是。这 完全是谣言，玄戒O1不是向Arm定制的，研发过程中，也没有采用Arm CSS服务。" 宏观消息 1、 据新华社5月26日消息，中共中央办公厅、国务院办公厅印发《关于完善中国特色现代企业制度的 意见》。意见从坚持和加强党的领导、完善公司治理结构、提升企业科学管理水平、健全企业激励创 新制度、建立健全企业社会责任与企业文化体系、优化企业综合监管和服务体系等方面作出全面系统 部署，重在以制度创新赋能企业发展，进一步释放微观主体活力，培育更富活力、更具韧性、更有竞 争力的现代企业，为以中国式现代化全面推进强国建设、民族复兴伟业提供有力支撑。 2、5月26日，商 ...

第一财经每日早间精选热点新闻，点击「听新闻」，一键收听。 【今日推荐】 证监会：推动出台上市公司监督管理条例 近日，中共中央办公厅、国务院办公厅公开《关于完善中国特色现代企业制度的意见》。为使各方面准 确把握有关情况，国家发展改革委、国务院国资委、中国证监会、全国工商联有关负责同志就《意见》 回答记者提问。中国证监会有关负责同志表示，下一步，中国证监会将贯彻落实《意见》有关要求，不 断完善上市公司治理规则，推动出台上市公司监督管理条例，加大对组织指使造假、资金占用等违法行 为的打击力度，进一步发挥独立董事作用，鼓励机构投资者积极行使股东权利，激发公司治理内生动 力，促进上市公司健全中国特色现代企业制度，持续提升公司治理水平。 特朗普：考虑从哈佛大学撤回30亿美元的拨款 美国总统特朗普在其社交平台表示，考虑从哈佛大学撤回30亿美元的拨款，将该资金分发至各地学校。 日本米价再创新高 当地时间5月26日，日本农林水产省公布的数据显示，截至5月18日为止的一周，日本超市大米均价继续 上涨，全国超市销售的5公斤装大米均价为4285日元（约合215.53元人民币），环比上涨0.4%，再次创 下新高。 【观国内】 中办、国 ...

Group 1 - The Ministry of Education has launched the "2025 Gaokao Safeguard Action" to enhance the examination system [1] - The Ministry of Commerce and other eight departments have released a plan to accelerate the development of intelligent supply chains [1] Group 2 - In the first four months, the telecommunications business revenue reached 598.5 billion yuan [2] Group 3 - In the first four months of this year, 28,700 new types of age-friendly products were introduced in China [3] Group 4 - The 30th Bai Yulan Award for Chinese TV dramas has announced its nominees, with ten works including "Edge Water Past" competing [10] Group 5 - The "Light Medical Beauty" industry is advised to avoid becoming a "medical beauty killer" and to eliminate beauty traps for sustainable growth [16]

Group 1: Industry Developments - The Ministry of Commerce and seven other departments have jointly issued a plan to accelerate the development of smart supply chains, promoting facilities such as intelligent warehouses and automated guided vehicles to reduce logistics costs and enhance integration with trade and consumption [2] - In Shandong Province, the production of new energy vehicles saw a remarkable growth rate of 229.0% from January to April 2025, indicating a strong expansion in the new energy sector [5] Group 2: Company News - SAIC-GM Buick announced the production of its 1.8 millionth Envision vehicle and the 1.3 millionth LaCrosse vehicle, showcasing significant production milestones [9] - Li Auto has established a sales service company in Langfang, expanding its operational footprint in the automotive market [12] - NIO has added battery manufacturing to its business scope, indicating a strategic move to enhance its supply chain capabilities [13] - Jidu Automotive, a related company, has faced legal issues with a total amount of 4.45 billion yuan in unfulfilled obligations, highlighting potential financial risks [14]

1. 公开市场操作 // 债市综述 // 央行 5 月 26 日以固定利率、数量招标方式开展了 3820亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 3820 亿元，中标量 3820 亿元。 Wind 数据显示，当日 1350 亿元逆回购到期，据此计 算，单日净投放 2470 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 央行 当天大量净投放跨月资金，隔夜资金不贵，存款类机构隔夜和七天质押式回购利率一降一升， 前者下行超 5 个 bp ，后者上行近 7 个 bp 。 海外方面，最新美国隔夜融资担保利率为 4.26% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单二级市场上最新成交在 1.71% 附近，较上日有所上行。 30 年期主力合约涨 0.13% 10 年期主力合约 持平 5 年期主力合约涨0.01% 2 年期主力合约 涨0.03% （*数据来源：Wind-国债期货） （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 14 | | 2Y | | ЗУ | | ર ...

今日财讯要览 完善中国特色现代企业制度，中办、国办印发意见 为贯彻落实党中央关于完善中国特色现代企业制度的战略部署，中办、国办印发《关于完善中国特色现代企业制度的意见》。 2 八部门：到2030年培育100家左右全国数智供应链领军企业 26日，商务部等8部门发布《加快数智供应链发展专项行动计划》。计划提出，到2030年，形成可复制推广的数智供应链建设和发展模式，在重要产业和 关键领域基本建立深度嵌入、智慧高效、自主可控的数智供应链体系，培育100家左右全国数智供应链领军企业，我国产业链供应链韧性和安全水平进一 步提升。 完善中国特色现代企业制度，中办、国办印发意见 八部门：到2030年培育100家左右全国数智供应链领军企业 离岸人民币破7.17元 A股港股震荡回调 国际金价上周涨幅超5% 中使馆提醒消除"买外国媳妇"错误思想 北京家庭新能源指标分数线42分 美团第一季度净利润109.5亿元 特朗普要哈佛提供所有留学生信息 英伟达中国份额从95%降到50% 1 3 离岸人民币破7.17元 26日，美元指数盘中跳水，跌约0.3%，上周累计下跌1.85%，创三周新低。同日，在岸、离岸人民币对美元汇率双双大涨，离岸人 ...