感兴趣的投资者可以关注现金流ETF（159399）的布局机会。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批 A 股 市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 值得注意的是，作为红利的源头，聚焦自由现金流策略的现金流ETF（SZ159399）也在践行月月评估分 红机制，截至2025年5月，该ETF自2025年2月份上市以来已经进行3次分红，也是全市场所有跟踪现金 流指数中唯一一只月月评估分红的ETF基金，这样月度分红的评估频率，为投资者提供了兼顾现金流需 求与投资获得感的投资选择。 从分红形式来看，基金产品的现金分红可帮助实现收益的明确兑现，直观地优化投资者的收益体验与参 与感；从分红频率来看，月度分红评定的频率更高，最多每年12次的分红能够提升基金回馈次数，提供 稳定、持续和直观的投资体验。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考， ...

Group 1: New Development Pattern - The meeting emphasized that accelerating the construction of a new development pattern is a strategic move to enhance survival, competitiveness, and sustainable development in the face of various challenges [2][3] - It was highlighted that the focus should be on problem-oriented approaches, targeting key bottlenecks and difficulties to drive strategic transformation [3] Group 2: Agricultural Modernization - The meeting underscored the importance of seed industry development as a foundation for agricultural modernization, stressing the need for national seed security [2][4] - Significant progress has been made in the seed industry, but the urgency for self-sufficiency in seed sources is greater than ever, with food security being a top priority [4] Group 3: Ecological Protection and Sustainable Development - The meeting pointed out the need for ecological environment protection and sustainable development in the Qinghai-Tibet Plateau, emphasizing the importance of prioritizing ecological protection as a fundamental premise for regional development [5] - It was noted that since the 18th National Congress, efforts have been made to protect and restore key ecological areas, effectively curbing ecological degradation [4][5] Group 4: Free Trade Zones - The establishment of 21 free trade pilot zones has created a comprehensive testing ground for high-level institutional innovations, contributing significantly to high-quality development [6] - The meeting called for deeper institutional opening-up and greater reform autonomy for free trade zones to enhance their international competitiveness [6]

Core Viewpoint - The Ministry of Commerce expresses China's willingness to actively expand its autonomous opening-up and create more convenient conditions for South Asian countries to share China's large market [1] Group 1: Trade Agreements - China is actively promoting free trade agreement arrangements with South Asian countries [1] - There is an emphasis on upgrading investment protection agreements to further unleash trade and investment cooperation potential [1] Group 2: Business Environment - The focus is on creating a fair, transparent, and non-discriminatory business environment [1] - Efforts are being made to enhance the level of trade and investment liberalization and facilitation [1]

Core Viewpoint - Harvard University has modified its existing lawsuit against the Trump administration's ban on recruiting international students, requesting the court to immediately rule to stop the enforcement of the announcement [1][2] Group 1: Legal Actions - Harvard University has filed a modified court document to block the Trump administration's announcement that imposes visa restrictions on international students [1] - The lawsuit argues that the announcement is unconstitutional and infringes on academic freedom, stating that international students contribute significantly to Harvard and the U.S. [1] - A federal judge in Massachusetts approved Harvard's request to halt the Trump administration's policy that cancels the university's eligibility to recruit foreign students [2] Group 2: Government Actions - The Trump administration has taken multiple actions against Harvard, including freezing billions of dollars in funding and threatening to revoke its tax-exempt status [2] - The administration's announcement on visa restrictions is framed as a measure to "protect national security," but Harvard contends it is an escalation of government retaliation [1]

Core Insights - The establishment of the EF account in Hainan Free Trade Port has significantly facilitated cross-border capital flow, with over 330 accounts opened and a transaction volume exceeding 120 billion RMB as of early May 2023 [4][5] - The EF account allows for more convenient and cost-effective foreign exchange operations for enterprises, saving approximately 300 RMB per $10,000 in transaction costs [3][4] - The QFLP and QDLP policies are enhancing cross-border investment opportunities, attracting foreign capital into Hainan and allowing domestic funds to invest abroad [5][6] Financial Innovations - The EF account serves as a "currency bridge" between Hainan and foreign markets, enabling seamless cross-border transactions [4] - As of May 2023, 19 countries and regions have opened EF accounts in Hainan, with funds flowing to and from 48 countries [2][5] - The total foreign exchange revenue and expenditure in Hainan is projected to reach $108.63 billion in 2024, marking a significant milestone for the region [2] Policy Developments - The Hainan Free Trade Port has implemented a series of financial policies aimed at enhancing cross-border capital flow, including the expansion of the cross-border trade and investment pilot program [8] - The establishment of a cross-border capital centralized operation center is expected to further streamline financial operations and enhance the region's attractiveness for foreign investment [8] - The financial policies in Hainan are designed to create a secure and efficient environment for both domestic and international businesses, promoting a robust financial ecosystem [5][8]

Group 1 - The European Union (EU) expressed its commitment to uphold international law in the Asia-Pacific region, particularly regarding the South China Sea issue, and rejected any coercive measures [1] - The Philippines' Foreign Minister acknowledged China as a security challenge and emphasized the country's intention to resolve issues through peaceful dialogue and stronger security cooperation with like-minded partners [1] - Both the EU and the Philippines voiced concerns over China's "illegal, coercive, aggressive, and deceptive actions" in the South China Sea, reaffirming their commitment to freedom of navigation and the 2016 South China Sea arbitration ruling [1] Group 2 - The Chinese Embassy in the Philippines countered that the South China Sea dispute is fundamentally a territorial sovereignty issue, which is beyond the scope of the United Nations Convention on the Law of the Sea [2] - The Chinese spokesperson stated that the current situation in the South China Sea is generally stable and that freedom of navigation has never been a problem, attributing tensions to provocations from other parties [2] - The Chinese side urged the EU to respect its territorial sovereignty and maritime rights in the South China Sea and advised the Philippines not to rely on external forces to resolve the dispute [2]

记者了解到，海南自贸港逐步构建与国家法律体系相配套、与国际惯例相接轨、与自贸港实际相契合的 法规体系，出台了《海南自由贸易港优化营商环境条例》《海南自由贸易港国际商事仲裁发展若干规 定》等一系列法规。孙大海表示，海南下一步将持续通过高质量立法，推动和保障高水平改革开放。 中新社海口6月5日电(记者王子谦)海南省人大常委会副主任孙大海5日介绍，自2021年6月《中华人民共 和国海南自由贸易港法》公布施行以来，已制定出台46件自贸港法规，为海南自贸港建设提供有力法治 保障。 当日，"加快核心政策落地的法治保障——落实《中华人民共和国海南自由贸易港法》"研讨会在海口举 办。孙大海在会上说，《中华人民共和国海南自由贸易港法》实施以来，海南省人大及其常委会对标国 际高水平经贸规则，聚焦封关运作，着眼加快构建海南自贸港法规体系。 《中华人民共和国海南自由贸易港法》明确"国家建立健全全岛封关运作的海南自由贸易港海关监管特 殊区域制度"。中国(海南)改革发展研究院院长迟福林说，海南应加快形成海关监管特殊区域制度的具 体化安排，建立以"零关税"为核心的贸易自由便利的制度安排，全面实行低税率、简税制。 与会专家认为，建立海关监管 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘开盘微跌，到收盘变成上涨，波动不大，还在5星，距离4.9星很接近。 大中小盘股略微上涨，涨幅差不多。 前几天比较强势的红利等价值风格、医药下跌。 港股继续强势。 单看港股的话，今年春节后比A股多涨了20%，距离3点几星也不远了。 港股科技类品种领涨。 港股科技今年的盈利增长速度比较可观，带动指数点数上升。 恒生科技在2024年10月初，也回到了正常估值。当时大约在4800-4900点上下。 最近恒生科技回到正常估值，点数在5200点上下。 同样估值下，港股科技背后公司的收入、盈利增长，带动指数点数上涨。 港股医药前几天比较强势，回到正常估值。 今天略有回调。 1. 有朋友问，像价值风格，是不是都是金融行业占比高呢？ 价值风格确实容易配置金融行业。 例如中证红利大约四分之一是金融股；部分红利低波动的配置比例更高一些。 因为价值风格品种比较看重估值数值的高低，金融行业估值数值低，更容易被选入。 2. 自由现金流策略，有没有效果呢？ 这个市场上有一点争议。 不过也不是所有价值风格，金融行业占比都高。 （1）中小盘价值指数，金融行业占比会低一些。 例如中证1000价值、 ...

Group 1 - Morgan Stanley's former Asia chairman Stephen Roach has revised his previous stance on Hong Kong, stating that the U.S.-China conflict may present more opportunities than threats for the region, indicating a potential revival for Hong Kong [1] - Despite external uncertainties, Hong Kong's economy remains robust, with a GDP growth of 3.1% year-on-year in Q1, marking the highest growth in five quarters [1] - The number of registered companies in Hong Kong reached 1.46 million by the end of 2024, with a year-on-year increase of 29,000 [2] Group 2 - Hong Kong's attractiveness as an international trade center is reflected in its export and import growth, with exports rising by 11.9% and imports by 11.4% in the first four months of the year [2] - The Hong Kong stock market has seen significant inflows, with the Hang Seng Index rising approximately 16% this year, outperforming major global markets [2] - The banking system in Hong Kong has shown a substantial increase in reserves, rising to HKD 173.4 billion, significantly higher than the previous year's HKD 44.8 billion [3] Group 3 - Hong Kong maintains its position as the third global financial center, with a narrowing gap with London, as reported by the Z/Yen Group [3] - The Hong Kong government is actively promoting the establishment of multinational supply chain management centers and financial hubs to enhance its international influence [6] - The Central Government's support for Hong Kong's financial sector has been significant, with measures introduced to stimulate the market [5] Group 4 - The Hong Kong government plans to leverage national development opportunities to enhance its economic growth, emphasizing the importance of integrating into the national development framework [7] - The introduction of the "New Capital Investor Visa" has led to 1,257 applications, expected to generate over HKD 37 billion in investment [2] - The anticipated influx of over 44 million visitors to Hong Kong in 2024 indicates a strong recovery in tourism, with a year-on-year increase of over 30% [2]

Core Viewpoint - The Speaker of the U.S. House of Representatives, Johnson, emphasized the complexity of tariff negotiations and the necessity for free and fair trade, stating that now is an opportune time to invest in the United States [1] Group 1 - The complexity of tariff negotiations indicates potential challenges in international trade relations [1] - The call for free and fair trade suggests a focus on equitable market practices, which could impact various industries [1] - The assertion that it is a good time to invest in the U.S. highlights potential growth opportunities in the domestic market [1]