第 632 期 2025-05-19 焦点事件 证监会亮剑！何某儒操纵股票，被罚没2.94亿元 李云泽指出，支持金融政策先行先试，完善首都金融服务体系。深化金融领域"两区"建设，助力构建首都金 融对外开放新高地。推动央地协同走深走实，共筑更加稳固的首都金融防线。 吴清指出，中国证监会将把推动资本市场高质量发展与更好服务首都发展紧密结合起来，把立足服务首都所 需和发挥资本市场所能紧密结合起来，深化投融资综合改革，加快推进北交所服务创新型中小企业主阵地建 设，强化多层次市场功能发挥，打造资本市场改革开放新高地，合力推进重点领域风险化解，更好实现资本 市场与首都经济发展的良性互动。 宏观要闻 5月LPR将公布 5月17日消息，证监会日前披露的行政处罚信息显示，自然人何某儒因操纵证券市场，被证监会"没一罚一"， 合计罚没2.94亿元。 这不是个例，记者注意到，今年以来，证监会已经开出了3张操纵市场的亿元级罚单。今年2月，杨某操纵"安 奈儿"等多只股票，盈利1.4亿元，被罚没2.8亿元。同月，谢某操纵"渝三峡A"等多只股票，盈利8145.26万 元，被罚没1.77亿元。 首都金融工作座谈会上潘功胜、李云泽、吴清有哪些最 ...

Market Overview - On May 16, 2025, A-shares experienced a collective decline, with the Shanghai Composite Index closing at 3367.46 points, down 0.40% [1] - The Hong Kong stock market continued its weak trend, with the Hang Seng Index falling 0.46% to 23345.05 points, and total market turnover decreasing to 1907.22 million HKD [1] - In contrast, U.S. stock markets saw collective gains, with the S&P 500 rising 1.59% to 5954.5 points [1] New Stock Listings - Tai Li Technology, listed on the ChiNext with a stock code of 301595, issued shares at 17.05 CNY each, with a price-to-earnings ratio of 21.55 [3] - Weigao Blood Purification, with a stock code of 603014, issued shares at 26.5 CNY each, with a price-to-earnings ratio of 24.82 [3] New Stock Subscription - Guqi Down Material, with a stock code of 001390, issued shares at 12.08 CNY each, with a price-to-earnings ratio of 14.65, focusing on high-spec down products for clothing and bedding [4] Financial Policy Developments - Pan Gongsheng emphasized the importance of strengthening Beijing's role as a national financial management center, supporting high-quality economic and financial development in the capital [5] - Wu Qing highlighted the need to accelerate the construction of the Beijing Stock Exchange to better serve innovative small and medium-sized enterprises, aiming to create a new high ground for capital market reform and opening up [6] Industry Innovations - The establishment of China's first clinical and translational ward for brain-computer interface technology at Beijing Tiantan Hospital aims to provide innovative treatments for patients with neurological disorders [7]

Group 1 - Former President Biden has been diagnosed with malignant prostate cancer, with cancer cells having spread to the bones. The cancer is described as aggressive but hormone-sensitive, allowing for effective treatment options [1][2] - Trump expressed his condolences and well wishes for Biden's recovery on his social media platform [2] Group 2 - A donation of 100 million yuan was made anonymously to Fudan University to support the development of its philosophy discipline [4] - The donation is part of a previously established fund aimed at enhancing academic construction and talent cultivation in the philosophy department [4] Group 3 - The domestic oil price is expected to decrease for the fifth time this year, with predictions of a reduction of approximately 230 yuan per ton, bringing the price of 92-octane gasoline back to around 6 yuan per liter [5] - The adjustment is based on the weighted average price of international crude oil over the past ten working days [5] Group 4 - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping over 1% and Ethereum falling nearly 5%, leading to over 100,000 liquidations totaling more than 200 million USD [6] - The rise in cryptocurrency prices has been linked to an increase in related criminal activities, including kidnappings targeting wealthy crypto holders [6] Group 5 - The price of gold in Shenzhen has dropped to 756 yuan per gram, reflecting a decline of over 4% due to falling international gold prices [7] - Some consumers are taking advantage of the lower prices to purchase gold or sell their existing gold jewelry [7] Group 6 - Walmart announced plans to raise prices on certain products in the U.S., joining a growing number of companies increasing prices due to tariffs [10] - Reports indicate significant price increases for various consumer goods, including a 43% rise in Barbie dolls and an increase of around 80 USD for some Whirlpool washing machines [10] Group 7 - The Ministry of Industry and Information Technology of China is accelerating the development of 5G-A and 6G technologies, focusing on high-quality development and digital transformation [10] - The initiative aims to enhance service capabilities and bridge the digital divide while promoting a modern industrial system [10] Group 8 - The first clinical and translational ward for brain-computer interface technology has been established in China, aimed at providing innovative treatments for patients with neurological disorders [9] - This initiative represents a significant advancement in applying brain-computer interface technology in clinical settings [9]

Group 1 - Beijing's municipal government is focusing on enhancing the city's role as a national financial management center, emphasizing the need for reforms in the Beijing Stock Exchange to promote healthy and rapid development [2][3] - The People's Bank of China is committed to supporting Beijing's economic and financial high-quality development, aiming to create a favorable monetary environment and enhance the city's international influence in finance [2] - The China Securities Regulatory Commission plans to align capital market development with the needs of the capital city, focusing on supporting innovative small and medium enterprises and enhancing the multi-tiered market functions [3] Group 2 - The new mandatory national standard for light vehicle automatic emergency braking systems (AEBS) is set to replace the existing standard, expanding its applicability and requiring all passenger cars to be equipped with AEBS [11] - The revised regulations for major asset restructuring of listed companies aim to simplify approval processes and encourage mergers and acquisitions, enhancing market confidence and promoting high-quality development [12] - The National Financial Regulatory Administration has approved China Life Asset Management's participation in the third batch of long-term investment reform trials, focusing on stable, long-term investments in blue-chip companies [13]

Important Market News - The Ministry of Industry and Information Technology emphasizes the acceleration of 5G-A and 6G technology development to support the construction of a modern industrial system [1] - Focus on meeting enterprise development needs and enhancing market access, fair competition, and credit management systems [1] - Promotion of industrial internet infrastructure across regions and industries to support the high-end, intelligent, and green development of manufacturing [1] Industry Insights - The Ministry of Industry and Information Technology held a meeting to discuss the high-quality development of the industrial mother machine industry, which is crucial for modern industrial systems [2] - China's industrial mother machine market size is projected to grow from 631.36 billion in 2019 to 712.89 billion in 2024, driven by equipment upgrades and new industry demands [2] - The industrial mother machine industry is expected to see continued improvement in 2025 due to rising demand for high-end CNC machine tools [2][3] Automotive Industry Developments - The Ministry of Industry and Information Technology is seeking public opinion on mandatory standards for automatic emergency braking systems (AEBS), marking a shift from recommended to mandatory standards [4] - The new AEBS standard is expected to significantly increase the penetration rate of AEBS in vehicles, projected to exceed 60% by 2025 [5] - The current overall installation rate of AEBS in passenger vehicles is 56.5%, with higher rates in new energy vehicles [5] Brain-Computer Interface Advancements - The establishment of China's first clinical ward for brain-computer interface technology aims to transition from research-driven to clinically-driven applications [6] - The National Healthcare Security Administration has initiated a pricing project for new brain-computer interface technologies, paving the way for clinical applications [6][7] - Domestic companies in the brain-computer interface sector are expected to gradually achieve commercialization [7] Solid-State Battery Innovations - Guoxuan High-Tech has completed its first pilot line for solid-state batteries, with a design capacity of 0.2 GWh and plans for mass production [8] - The solid-state battery industry is anticipated to accelerate its industrialization process in the next 2-3 years, with key material and production technology advancements [8] - Companies involved in solid-state battery production are expected to benefit from expanding application spaces [8]

智通财经APP获悉，国内脑机接口进展不断。5月17日，北京天坛医院脑机接口临床与转化病房成立。 该病房由天坛医院联合国内多家科研机构共建，是我国首个将脑机接口技术应用于临床的病房。未来， 该病房将开展科研及临床试验，为偏瘫等神经系统疾病患者提供创新治疗。 脑机接口(Brain-Computer Interface，BCI)是一种通过技术手段，直接在大脑与外部设备(如计算机、机 械臂等)之间建立信息传输通路的系统。简单来说，它是大脑和机器之间的"翻译官"。 近年来，脑机接口技术飞速发展。5月8日，上海阶梯医疗科技有限公司(简称"阶梯医疗")的科学家们在 媒体沟通会上展示了一段视频，经过一个多月的训练，其脑机接口受试者已可以通过意念控制玩"马里 奥赛车"游戏。阶梯医疗的工作人员表示，这是国内首例侵入式脑机接口在注册前的前瞻性临床试验， 公司也成为继马斯克的Neuralink之后全球第二家进入临床阶段的侵入式脑机接口公司。 此外，近日据媒体报道，苹果正在深入研究脑机接口技术，与初创公司Synchron合作，探索通过脑信号 控制iPhone、iPad和Vision Pro等设备的可能性。这一前沿技术有望为瘫痪患者和行 ...

Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released a decision to amend the "Major Asset Restructuring Management Measures for Listed Companies," introducing a simplified review process for certain restructuring transactions [5][6][7] - The new measures include a mechanism for phased payment of shares for asset purchases, increased tolerance for changes in financial conditions, and a six-month lock-up period for major shareholders in absorption mergers [6][7] Industry Developments - The establishment of the first clinical and translational ward for brain-computer interface technology at Beijing Tiantan Hospital marks a significant advancement in applying this technology in clinical settings [10][11] - The mandatory standard for automatic emergency braking systems (AEBS) is entering the public consultation phase, transitioning from a recommended to a mandatory requirement, which is expected to significantly increase the penetration rate of AEBS in the automotive market [8][9] Economic Indicators - The National Information Center reported positive trends in consumption, investment, and industrial production, with excavator sales increasing by 17.6% year-on-year in April and offline consumption heat index rising by 25.4% [2] - The Tianjin Municipal Government has issued an action plan to promote AI innovation, aiming for significant advancements in key technologies and a revenue target of over 100 billion yuan for core AI enterprises by 2027 [2]

每经记者｜杨卉 每经编辑｜魏官红 丨2025年5月19日 星期一丨 NO.2 北斗已全面进入11个国际组织标准体系 据央视新闻消息，作为联合国认可的全球卫星导航系统核心供应商，北斗系统全面进入民航、海事、移 动通信等11个国际组织的标准体系，并持续扩大国际"朋友圈"。目前，尼日利亚、突尼斯、塞内加尔等 30多个非洲国家已建设北斗CORS站。 点评：北斗加速技术出海，既体现中国航天硬实力，也为发展中国家提供避开数字鸿沟的"弯道超车"路 径。 NO.3 我国首个脑机接口临床与转化病房成立 5月17日，北京天坛医院脑机接口临床与转化病房正式成立。该病房由天坛医院联合国内多家科研机构 共建，是我国首个将脑机接口技术应用于临床的病房。未来，该病房将开展科研及临床试验，为偏瘫等 神经系统疾病患者提供创新治疗。病房主任、天坛医院神经外科学中心常务副主任曹勇介绍，病房由北 京脑科学与类脑研究所、清华大学生物医学工程系、中国科学院自动化研究所等多家科研机构参与共 建。病房根据患者需求动态设置病床数量，病房所在病区设有临床实验室、评估室、调控室。 点评：随着病床动态设置机制和配套实验室的投用，我国正构建起覆盖技术研发、临床验证到 ...

近期，脑机接口方向值得关注，5月17日，首都医科大学附属北京天坛医院脑机接口临床与转化病房揭牌成 立，该病房由北京天坛医院牵头，联合国内多家科研单位共建，未来将围绕脑机接口开展科研攻关、临床试 验，并推动相关科技成果转化，实现脑机接口技术发展从"科研驱动"向"临床牵引"迈进。据悉，这也是国内 第一个将脑机接口技术应用于临床的病房，东吴证券表示，侵入式技术持续突破，将推动消费和医疗康复市 场提升对脑机接口技术认知，2025年有望持续突破，非侵入式脑机接口产品商业化落地有望加速。 后市观点 长江证券资深投资顾问刘浪认为，回顾上周行情，市场延续震荡调整格局，量能始终未能有效放大，上周整 体维持在1万亿附近。值得注意的是，三大指数均缩量跌破5日线，原本震荡向上的结构遭到破坏，后续重新 放量站上5日线是关注重点。与此同时，近期市场高位抱团较为明显，若能走出具有足够延续性的新主线， 资金大概率会选择进行高低切。宏观面上，可重点关注以下事项： 并购重组方面：5月16日，证监会发布修改后的《上市公司重大资产重组管理办法》，建立重组股份对价分 期支付机制，提高对财务状况变化、同业竞争和关联交易监管的包容度，对私募投资基金投资期 ...

Investment Rating - The report suggests a positive outlook on the pharmaceutical industry, particularly focusing on innovative drugs and potential treatments for cancer cachexia [1][11]. Core Insights - The report highlights the complexity of cancer cachexia and the limited treatment options currently available, emphasizing the importance of developing targeted therapies [17][18]. - It identifies key companies to watch, including Changchun High-tech, Kexing Pharmaceutical, Sunshine Nuohuo, Shiyao Group, and Jinfang Pharmaceutical, which are involved in promising drug candidates [1][17]. - The report anticipates a structural bull market in the pharmaceutical sector, driven by innovative drugs and new technologies [3][14]. Summary by Sections 1. Industry Performance - The pharmaceutical index increased by 1.27% during the week of May 12-16, underperforming the ChiNext index but outperforming the CSI 300 index [1][12]. 2. Cancer Cachexia Insights - Cancer cachexia affects 60%-80% of cancer patients, with approximately 20% of these patients dying from it, highlighting the critical need for effective treatments [17]. - The report discusses the mechanisms of cancer cachexia, including metabolic abnormalities and inflammatory responses, which complicate treatment options [18][21]. 3. Potential Drug Targets - The report identifies GDF15/GFRAL and GHSR as key potential drug targets for cancer cachexia, with several companies developing therapies targeting these pathways [27][35]. - Notable drug candidates include ponsegromab by Pfizer, which has shown promising results in clinical trials [33]. 4. Investment Strategies - The report outlines investment strategies focusing on innovative drugs, including overseas big pharma, early-stage research, and undervalued generics [15][16]. - It emphasizes the importance of self-sufficiency and restructuring the supply chain within the pharmaceutical industry [5][14]. 5. Future Outlook - The report predicts a favorable trading atmosphere for the pharmaceutical sector in 2025, with a high likelihood of structural growth driven by innovative drugs and new technologies [3][14].