国家统计局：我国投资的潜力依然巨大，支撑投资增长的有利因素仍然比较多 金十数据5月19日讯，国家统计局新闻发言人付凌晖表示，从下阶段来看，我国投资的潜力依然巨大， 支撑投资增长的有利因素仍然比较多。一是产业升级的发展空间广阔，新一代信息技术产业蓬勃发展， 以高端装备、人工智能为代表的新兴产业发展态势向好，创新投入的力度在不断加大。二是重大区域战 略的引领带动。党的十八大以来，一系列区域重大战略的加快落实，城乡区域协同发展，新型城镇化潜 藏着巨大的投资潜力。三是社会民生领域还有较大的投资需求。民生领域投入在不断加大，但是与人民 群众的需求相比，还有差距。目前我国高度重视保障和改善民生，不断加大社会民生领域的投入，也有 利于投资的持续增长。 （澎湃） ...

Group 1 - The bond fund market demonstrated strong fundraising capabilities, contributing significantly to the total issuance scale, with 23 new funds launched and a total issuance of 240.04 billion units [1] - Among the new funds, medium to long-term pure bond funds, passive index bond funds, and mixed bond funds were particularly prominent, with five funds raising 192.49 billion yuan, accounting for 80.19% of the total issuance [1] - The average subscription period for medium to long-term pure bond funds was only 13.33 days, significantly lower than that of equity products, indicating high efficiency in fundraising [1] Group 2 - The high subscription scale of bond funds is directly related to the rising risk-averse sentiment among investors, with low-risk fixed-income assets serving as a "safety cushion" [2] - The structure of bond fund custodians shows a "small and medium bank characteristic," with funds like Huian Yuhong Rate Bond A and Minsheng Jianyin Hengyue being custodied by smaller banks, contrasting with the trend of large banks custodian for passive index funds [2] - The market expects bond funds to continue playing a stabilizing role in the issuance market, particularly high credit rating bond products, attracting risk-averse investors [2] Group 3 - The technology and industrial upgrade themes have become focal points for passive index fund investments, aligning with policy directions for "breakthroughs in key technologies" [3] - Funds focusing on state-owned enterprise reform and digital economy themes are also gaining attention, with products tracking indices related to the digital transformation of state-owned enterprises [3] - As of May 18, 2023, the number of newly issued ETF products reached 123, with a total issuance scale of 965.15 billion yuan, nearing the 1 trillion yuan mark [3]

Core Viewpoint - The revised "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission aims to enhance the efficiency and flexibility of the restructuring process, encouraging private equity funds to participate and ultimately invigorating the M&A market while improving the quality of listed companies [1][5][8]. Group 1: Improving Review Efficiency - A new simplified review process has been established, implementing a "2+5+5" mechanism for two types of transactions, allowing for quicker approvals and reducing the need for extensive reviews [2][3]. - The first type includes mergers between qualified listed companies, which is expected to enhance resource integration and improve the quality of listed companies [2][3]. - The second type involves high-quality companies with a market value exceeding 10 billion and a consistent A rating in information disclosure, incentivizing better disclosure practices [3]. Group 2: Enhancing Regulatory Inclusiveness - The revised measures increase regulatory tolerance regarding financial condition changes, industry competition, and related party transactions, facilitating M&A activities for early-stage tech companies [5][6]. - A new mechanism for installment payments for share-based acquisitions has been introduced, allowing flexibility in payment structures based on negotiation outcomes [6]. Group 3: Encouraging Private Equity Fund Participation - The introduction of a "reverse linkage" mechanism shortens the lock-up period for private equity funds, enhancing their exit efficiency and attracting long-term capital [7]. - This mechanism is expected to promote more private equity involvement in M&A activities, particularly benefiting early-stage tech companies that require stable long-term support [7]. Group 4: Market Impact and Future Outlook - The comprehensive implementation of the "M&A Six Articles" is anticipated to support technology innovation and guide resources towards new productive forces [8]. - The reforms are expected to shift M&A activities towards industry consolidation and upgrading, with a focus on practical business logic [8].

本报记者 田鹏 5月17日上午，2025清华五道口全球金融论坛在广东省深圳市盛大开幕。本届论坛以"共享未来：构建开放包容的经济与金 融体系"为主题，近百位中外高级别政经领袖、重磅专家学者齐聚深圳，聚焦全球货币体系、国际贸易与投资、全球经济碎片 化挑战等热点议题，展开深入研讨与思想碰撞，为全球经济金融发展探寻新路径、注入新智慧。 论坛期间，清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩就外资布局与投资策略的双向驱动和国内 循环的深层改革与内需激活两大话题，接受《证券日报》记者采访，结合当前经济形势与政策导向，分享了对中国经济高质量 发展的深刻洞察。 外资布局与投资策略的双向驱动 当前，全球经济格局复杂多变，经济全球化遭遇逆流，全球经济碎片化倾向冲击经济增长动能，给经济复苏增添不确定 性。在此背景下，中国资产该如何破局应对？ "中国市场依然保持开放姿态，始终欢迎外商来华投资，也期待更多外资进入中国金融市场"，田轩表示，客观而言，"金 钱永不眠"，资本永远流向能带来最高回报的地方。中国资本市场企业估值相对较低，且具备诸多独特优势。例如，中国拥有 超大规模市场、人力资本储备丰富。此外，我国正推行制度型开 ...

Group 1 - The U.S. Treasury Secretary has indicated potential changes to tariffs on Chinese goods, responding to pressure from 352 American companies facing supply chain disruptions and rising costs [1][3][5] - The proposed adjustments are likely to focus on non-strategic consumer goods and intermediate products, aiming to alleviate inflation and reduce production costs for U.S. businesses [5][9][11] - Despite the Treasury's intentions, significant political hurdles remain, including opposition from hawkish lawmakers and the U.S. Trade Representative, who views tariffs as a critical leverage point [7][9][19] Group 2 - The ongoing inflation in the U.S., which has exceeded 5% for 18 consecutive months, and supply chain issues are driving the need for tariff adjustments [3][11][15] - The U.S. manufacturing sector has seen average cost increases of 12%, with household appliance prices rising by 23%, impacting low-income families significantly [11][13] - China's response includes a willingness to engage in dialogue, with high-level officials indicating that any negotiations must respect China's core interests [9][15][19] Group 3 - The potential tariff changes reflect a broader shift in U.S.-China relations, moving from confrontation to tentative engagement, driven by economic pressures on both sides [15][19] - The complexity of political dynamics in the U.S. suggests that any significant tariff relief will require extensive negotiations and may not occur swiftly [19] - The global economic landscape is also affected, with the WTO warning that continued trade tensions could lower global growth by 0.8% by 2025 [13][15]

Core Insights - Xinjiang is leveraging its abundant energy resources to explore transformation paths through industrial upgrades and technological breakthroughs, creating a new model for resource-based regions in the west of China [1][2] Group 1: Company Developments - China National Petroleum Corporation's Karamay Petrochemical Company has developed a food-grade white oil product through a seven-step refining process, which is widely used in food, pharmaceuticals, cosmetics, and vaccines [1] - The company has achieved full localization of key equipment and catalysts used in the hydrogenation process, with an annual production capacity of 200,000 tons of white oil, making it the largest production base in China [2] Group 2: Energy Infrastructure - The Karamay Petrochemical Company has also developed transformer oil that fills a domestic gap and is used in the ±1100 kV Changji-Guquan UHVDC project, which is a key national project [4] - The Changji converter station is part of a major energy transmission project that sends clean electricity across 3,293 kilometers to eastern China, with an annual transmission capacity exceeding 62 billion kilowatt-hours, equivalent to two months of electricity consumption in Anhui Province [5][7] Group 3: Regional Collaboration - The collaboration between Karamay's oil production and Changji's energy transmission represents a significant regional coordination effort, enhancing the synergy between western energy resources and eastern technological capabilities [5][7]

Core Viewpoint - The demand for carbon black is increasing due to the growth of industries such as plastics, rubber, inks, and coatings, particularly in China, which has the largest rubber and plastic markets globally [3]. Industry Overview - Carbon black is an essential raw material in rubber and plastic processing, characterized by its high surface area, excellent conductivity, and coloring properties [3]. - The establishment of a stable carbon black supply chain is crucial for various industries to meet the rising demand [3]. Company Profile: N539 Carbon Black - N539 Carbon Black is a leading player in the Chinese carbon black industry, known for its significant market presence and technological expertise [4]. - The company adheres to a "quality first, environmentally friendly" philosophy, focusing on technological innovation and process improvement to enhance product quality [4]. - N539 Carbon Black's acquisition efforts are aimed at elevating the overall level and competitiveness of the Chinese carbon black industry [4]. Strategic Initiatives - The acquisition by N539 Carbon Black is expected to accelerate technological advancements within the industry, fostering deeper collaborations with other technologically strong enterprises [4]. - The company aims to improve the international competitiveness of Chinese carbon black firms by expanding its influence in the global market [4]. Challenges in the Industry - The carbon black market is highly competitive, with many players leading to price wars and low-cost competition [5]. - The production process generates significant wastewater and emissions, posing environmental challenges [5]. - Domestic carbon black companies face technological and innovation gaps compared to their international counterparts [5].

Core Viewpoint - The merger and acquisition case involving *ST Songfa is seen as a benchmark for capital market support for industrial upgrades, marking the first approved cross-border acquisition following the new "six merger rules" in September 2024 [2] Group 1: Transaction Details - *ST Songfa plans to swap all its assets and liabilities, valued at 513 million yuan, for 50% equity in Hengli Heavy Industry, with the remaining 50% acquired through issuing shares at 10.16 yuan per share and raising 4 billion yuan, resulting in a total transaction value of 8 billion yuan [3] - The restructuring coincides with the release of revised merger regulations by the CSRC, which emphasizes support for listed companies to enhance quality and efficiency through mergers and acquisitions [3] - Hengli Heavy Industry's net asset book value was only 2.988 billion yuan as of September 30, 2024, yet it was appraised at 8 billion yuan, reflecting a 167.84% increase in value [5] Group 2: Financial Performance - Hengli Heavy Industry, which started its shipbuilding business in 2023, achieved a new order volume of 3.994 million deadweight tons, ranking ninth globally, with revenue soaring from 663 million yuan in 2023 to 5.496 billion yuan in 2024, and net profit skyrocketing 263 times to 301 million yuan [5][7] - The company's total liabilities increased significantly, with current liabilities rising from 4.094 million yuan in 2023 to 12.129 million yuan in 2024, and total liabilities reaching 155.955 million yuan [6] Group 3: Strategic Implications - The transaction is backed by a stringent profit guarantee, with Hengli Heavy Industry committing to a cumulative net profit of no less than 4.8 billion yuan from 2025 to 2027, requiring an average annual growth of over 60% from a 2024 baseline of 300 million yuan [8] - The restructuring approval aligns with an improved regulatory environment, including simplified review processes and relaxed restrictions on industry competition [8] - The case of *ST Songfa serves as an important model for the market, indicating that cross-border mergers with clear industrial logic and compliant targets are likely to receive support [9]

羊城晚报全媒体记者 冷霜 花都区作为广州实体经济的主战场和大湾区先进制造业基地，依托坚实的产业基础、优越的区位能级和持续优化的营商环境，正成为民营经济蓬勃发展的热 土。通过多元产业布局、精准政策支持与高效服务创新，花都区为民营企业提供了全链条成长生态，助力其向高端化、智能化、国际化迈进。 多元产业体系夯实民营经济根基 花都区产业门类丰富，传统与新兴产业并进，为民企提供了多元化发展空间。 花都是"中国皮具之都"，聚集超8800家皮革皮具企业，年产箱包超7亿只，占全国三分之一。狮岭箱包皮具产业集群通过工业互联网转型，入选省级工业互 联网产业示范基地。化妆品产业方面，313家生产企业（73家规上）形成"中国美都"品牌，民营企业占据主导地位，呈现民营中小企业集群化发展态势。 汽车产业作为支柱，聚集东风日产整车企业和采埃孚、马瑞利等全球零部件巨头，带动民营配套企业发展。2024年获认定国家级专精特新"小巨人"企业9 家、国家高新技术企业368家、省级制造业单项冠军5家、省级专精特新中小企业183家、省级创新型中小企业137家，入库科技型中小企业1007家，获评广州 未来独角兽企业2家。 新兴产业中，在高景太阳能等龙头企 ...

本报记者 曹政 北京市重点工程建设再提速。市发改委昨天介绍，4月，深国际京西南综合物流枢纽（一期）智慧物流 中心、易加三维3D打印扩产项目等新开项目实现开工建设，科技创新、基础设施、民生保障等领域捷 报频传，多个项目取得节点性进展，为全年经济稳增长夯实底盘、积聚后劲。记者获悉，首都儿科研究 所附属儿童医院通州院区主体结构完工，预计今年年底主体外立面全部亮相。 "目前7个核心单体全面完成主体结构施工，正在进行二次结构、机电安装等室内施工，预计今年年底主 体外立面全部亮相。"市发改委相关负责人说，儿研所也将以通州新院区建设和朝阳老院区优化提升为 契机，对标国际一流儿童医院，结合自身所院协同发展优势，建设国际知名、国内一流的三级甲等儿童 专科医院及国际先进的研究型医院。 此外，市民关注的市郊铁路城市副中心线整体提升工程（北京西至良乡段）的新建房山东站便线拨线顺 利完成，为后续桥梁主体结构施工创造了条件。 儿研所新院区设置800张床位 除了位于朝阳区雅宝路的老院区外，儿研所还正在宋庄建设通州院区。通州院区总投资约为23亿元，建 设规模约18.6万平方米，主要设置医疗综合楼、教学科研楼、病房楼、感染楼等，设置床位800 ...