5月7日，各部门围绕支持发行科技创新债券打出一套"组合拳"（以下简称"科技创新债券发行新规"）： 中国人民银行与中国证监会联合发布公告，从丰富科创债产品体系、完善配套支持机制等维度推出多项 关键举措。作为政策协同落地的重要一环，沪深北证券交易所与交易商协会迅速跟进，发布一系列细化 实施方案，合力推动科技创新债券市场迈向全新发展阶段。 如今，新规落地已"满月"。期间，市场积极响应新规政策导向。发行端呈现量质齐升态势，发行规模实 现爆发式增长，发行主体持续扩容，推动参与主体结构更趋优化；资金端热度持续攀升，投资者认购热 情高涨，二级市场交易活跃度显著跃升，大量资金加速涌入关键科创领域，有效激活了资本市场"投 早、投小、投长期"的创新生态。 中证鹏元研发部高级董事、资深研究员高慧珂在接受《证券日报》记者采访时表示，当下科创债市场扩 容，促使债券市场资源向科创领域倾斜，通过直接与间接方式，推动传统产业转型、新兴产业壮大与未 来产业布局；从宏观经济层面促进资金链、创新链、产业链融合，加速经济结构转型，优化资源配置， 强化金融服务实体经济能力。 一二级市场积极回应 预期效果正逐渐显现 事实上，技术从萌芽到落地，需要经历反 ...

Core Viewpoint - The People's Bank of China has established a 500 billion yuan "Service Consumption and Elderly Refinance" initiative to encourage commercial banks to increase credit support for service consumption and the elderly care industry [1][2] Group 1: Financial Support for Service Consumption - The initiative aims to direct funds towards key service consumption sectors such as accommodation, catering, cultural and entertainment, and education, addressing financing difficulties and stimulating industry vitality [2][3] - Financial institutions have actively responded to the policy, with banks quickly approving loans to support relevant sectors, demonstrating a commitment to enhancing credit supply [1][2] Group 2: Impact on Employment and Economic Growth - The policy is expected to not only boost economic growth but also improve social welfare by enhancing service quality and expanding service consumption supply, directly benefiting the public [3][4] - The accommodation and catering industry is highlighted as a significant contributor to job creation and economic activity, with a strong potential to drive related sectors such as agriculture and logistics [2][4] Group 3: Support for Cultural and Entertainment Industries - The cultural and entertainment sector is recognized as a vital area for high-quality service consumption growth, with increasing demand for diverse recreational activities among consumers, particularly the younger demographic [4][5] - Financial institutions are focusing on promoting consumption through targeted loans to businesses in the cultural and entertainment sectors, enhancing their operational capabilities [5] Group 4: Education and Elderly Care Financing - The initiative includes substantial financial support for the education sector, exemplified by a 126 million yuan loan to a new research-oriented university, aimed at enhancing research and talent development [6][7] - The elderly care industry is also prioritized, with long-term, low-cost funding provided to meet the diverse needs of the aging population, exemplified by a 19 million yuan loan to a smart elderly care technology company [7]

Economic Overview - Canada is on the brink of a technical recession, with a projected annualized economic contraction of 1% in Q2, followed by a further decline of 0.1% in Q3 [1][3] - The economic downturn is attributed to escalating trade tensions with the U.S., leading to a sharp decline in exports, rising unemployment, shrinking household consumption, and a cooling real estate market [1][3] Trade Tensions - The intensification of trade tensions is a primary catalyst for Canada's economic issues, with the U.S. imposing tariffs and adopting a protectionist stance since the Trump administration [3][4] - Canadian exports have plummeted by 7.4% due to U.S. importers depleting inventories earlier in the year, although some analysts anticipate a slight recovery in exports [3][4] Labor Market and Consumption - Unemployment is expected to rise to 7.2% in the latter half of the year, a level not seen in recent years, indicating deepening economic decline [3][4] - The tightening labor market is negatively impacting consumer confidence, leading to cautious spending behavior, which is crucial as consumer spending constitutes a significant portion of the economy [3][4] Real Estate Market - The Canadian real estate market is experiencing a downturn, with both housing prices and transaction volumes declining, and a further reduction in housing starts is anticipated [3][4] Inflation and Monetary Policy - Inflation is currently above the Bank of Canada's target of 2%, with expected inflation rates of 2.1% and 2.2% for Q3 and Q4 respectively, complicating monetary policy decisions [4][6] - The Bank of Canada faces challenges in balancing growth and inflation control amid uncertainties stemming from trade tensions [4][6] Geopolitical Context - Canadian Prime Minister Carney warns of a shift in U.S.-Canada relations, indicating a move away from deep economic integration towards a more complex relationship [6][10] - The changing U.S. stance from a pro-free trade position to one of protectionism poses significant challenges for Canada, which has historically relied on U.S. exports [6][10] Structural Adjustments - Canada must address internal factors contributing to its economic challenges, such as global economic slowdown, technological changes, and an aging population, while also adapting to external trade pressures [7][9] - The government and businesses need to diversify export markets and enhance self-sufficiency in supply chains to reduce reliance on the U.S. [9][10] Future Outlook - The current economic downturn may signal the beginning of a longer-term challenge, necessitating a reevaluation of Canada's economic model and strategies for sustainable growth [10] - The ability to navigate trade tensions and reshape economic development will be crucial for Canada to secure a favorable position in the evolving global economic landscape [10]

以下文章来源于日经中文网 ，作者日经中文网 日经中文网 . 编制日经指数的《日本经济新闻》的中文版。提供日本、中国、欧美财经金融信息、商务、企业、高科技报道、评论和专栏。 "中国之所以强硬，是因为中国从第一次特朗普政府的贸易战以来，历经七年推进了相关准备，核心是推动经济结构转型，打造没有美国 也能生存的经济。2018年至今新增出口额超过1万亿美元，相当于中国每年对美出口额的两倍……" 文 丨桃井裕理 来源｜ 日经中文网（ID：rijingzhongwenwang） 封面来源 ｜ Unsplash 特朗普政府于美国东部时间14日凌晨0点1分（北京时间下午12点1分）将对中国的追加关税从145%下调了115%。对800美元以下 的小额货物征收120%的关税或每件100美元的关税，也一并降至54%。面对中国的反制，美国并未再反击，而是退让了。 美国对中国的追加关税目前是10%的基础对等关税税率，再加上之前以打击非法药品为名设定的20%，总共为30%。 特朗普于4月2日宣布对中国征收34%的对等关税，中国则采取了全面抗争的姿态而非谈判解决。美国将对等关税提高至84%、 125%，中国就以相同水平回应，最终美方对中方的 ...

上天天基金APP搜索【777】开户即可领98元券包 ，优选基金10元起投！限量发放！先到先得！ 摩根大通第21届全球中国峰会将于5月22日至23日在上海举行。据悉，本届峰会以"资本为桥 连通世界"为主 题，汇聚了来自全球33个国家和地区、1400多家企业的超过2800名参会者。 在峰会召开前一天（5月21日），摩根大通举办媒体见面会，公布了摩根大通对于中国经济和股市的最新观 点。 摩根大通中国首席经济学家兼大中华区经济研究主管朱海斌表示，中美日内瓦经贸会谈之后，他上调了中国经 济增速预期。中国这两年出现了最深刻、最广泛的一轮政策调整，2024年9月至年底是上半场，而2025年以来 进入下半场。 摩根大通首席亚洲及中国股票策略师刘鸣镝认为，今年最看好的是港股，A股也将有不错表现。目前是逢低吸 纳的时机，市场可能在90天贸易谈判结束后区间出现突破。行业上，看好互联网和医疗卫生，建议低配电力和 能源。 朱海斌：中国进行了最深刻、广泛的一轮政策调整 朱海斌首先回顾了今年以来宏观政策的波动。他谈到，年初以来特朗普回归后美国的贸易政策反复，波动幅度 之大远超市场此前预期。从过程来看，最大波动产生在4月份美国对中国关税一度 ...

新华财经上海5月22日电在2025摩根大通全球中国峰会媒体见面会上，摩根大通中国首席经济学家兼大 中华区经济研究主管朱海斌、摩根大通首席亚洲及中国股票策略师刘鸣镝对中国经济前景及A股、港股 市场表达了乐观情绪。 朱海斌认为，中国这两年进行了最深刻、最广泛的一轮政策调整，2024年9月至12月仅是这一轮政策调 整的上半场，而2025年以来进入下半场。他认为本轮政策调整呈现三方面特征：财政政策方面，中央财 政仍有空间，通过扩张支持稳增长；货币政策方面，他认为当前仍有进一步降息降准的必要，且自2024 年9月后，央行将稳定地产、资本市场作为金融稳定政策的优先内容；经济结构再平衡方面，扩大内 需、扩大消费成为主要经济工作任务之首。 朱海斌表示，尽管存在挑战，但中国经济仍可以看到很多亮点。首先，今年年初DeepSeek横空出世， 从中国经济结构转型来讲，市场对于中国经济创新能力重新评估，提振了市场在这方面的信心。此外， 从4月份的数据来看，新经济领域尤其是技术创新方面表现强劲，如信息技术（IT）、人工智能（AI） 等；消费领域中，表现比较好的是技术创新的行业，包括IT、AI等；同时，政府政策优先支持的领域表 现仍然非常 ...

智通财经APP获悉，5月16日港股市场，北水成交净买入10.95亿港元，其中港股通(沪)成交净买入21.2亿 港元，港股通(深)成交净卖出10.25亿港元。 北水净买入最多的个股是建设银行(00939)、吉利汽车(00175)、美团-W(03690)。北水净卖出最多的个股 是盈富基金(02800)、腾讯(00700)、小米集团-W(01810)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 39.56亿 | 33.85 乙 | 73.41亿 +5.72 乙 | | 腾讯控股 | 13.09亿 | 17.61 乙 | 30.70亿 | | HK 00700 | | | -4.53 Z | | 小米集团-W | 11.54 乙 | 15.73 乙 | 27.27 亿 | | HK 01810 | | | -4.201Z | | 美团-W | 11.52 乙 | 8.26亿 | 19.78亿 | | HK 03690 | | | +3.26 乙 | | 建设银行 | 14.64 Z | ...

Core Insights - The report maintains a positive outlook on bank sector investments, emphasizing the stability and dividend attributes of bank stocks, with an average dividend yield exceeding 4.3% [6][16] - The banking sector is expected to benefit from structural changes in the economy, leading to improved return on equity (ROE) and overall performance [7][10] Dimension One: Stability and Dividend Attributes of Bank Stocks - The core revenue growth of banks showed marginal improvement in Q1 2025, with a projected stable annual performance despite a slowdown in revenue and profit growth [10][11] - The average dividend payout ratio for listed banks increased to 26.1%, with an average dividend yield of over 4.3%, indicating strong dividend sustainability [16] - Major banks have received capital injections, enhancing asset quality and stabilizing market expectations, with non-performing loan ratios remaining steady at 1.16% [10][11] Dimension Two: Public Fund Reform and Increased Bank Allocations - The recent public fund reforms are expected to increase allocations to the banking sector, with potential incremental capital of approximately 222.7 billion yuan if funds align with industry benchmarks [10][12] Dimension Three: Influx of Long-term Capital - The acceleration of long-term capital inflows, particularly from insurance funds, is anticipated to provide additional support to bank stocks, with 14 cases of insurance fund acquisitions in 2025 [10][12] Dimension Four: Structural Economic Transformation and ROE Improvement - The banking sector's ROE is projected to stabilize between 8-9%, with potential for upward movement if economic conditions improve and structural transformations accelerate [7][10] Investment Recommendations - Emphasis on bank sector allocation, particularly focusing on state-owned banks and quality regional banks with strong provisioning coverage [7][10] - The report suggests a diversified investment strategy, highlighting the importance of dividend strategies and the potential for valuation improvements in selected banks [7][10]

Group 1 - China has strengthened its economic structure since the first Trump administration's trade war, aiming to create an economy that can survive without the U.S. [1] - From 2018 to the present, China's exports to countries outside the U.S. have increased by over $1 trillion, with total exports reaching approximately $3.6 trillion [2] - China has diversified its imports, reducing reliance on the U.S. for agricultural products, such as increasing soybean imports from Brazil and supporting wheat production in Central Asia [4] Group 2 - The U.S. has reduced additional tariffs on China, with the current total tariff rate at 30%, but the burden on China's export industry remains heavy [6] - The ongoing trade conflict may lead to a potential shortage of goods for U.S. consumers by the end of the year, highlighting the failure of Trump's tariff policy [6] - The shift of factories related to major export products, such as computers and smartphones, is already occurring, which may lead to unemployment issues in China [7] Group 3 - China's strategic goal includes the unification of Taiwan, with a strong intent to reduce dependence on the U.S. as a critical part of its long-term strategy [6] - The upcoming U.S. midterm elections in 2026 are a significant consideration for both sides, as consumer behavior during the holiday shopping season may impact trade dynamics [4]

(Reuters) 桃井裕理：中国之所以强硬，是因为中国从第一次特朗普政府的贸易战以来，历经七年推进了相关准 备，核心是推动经济结构转型，打造没有美国也能生存的经济。2018年至今新增出口额超过1万亿美 元，相当于中国每年对美出口额的两倍…… 桃井裕理： 特朗普政府于美国东部时间14日凌晨0点1分（北京时间下午12点1分）将对中国的追加关税 从145%下调了115%。对800美元以下的小额货物征收120%的关税或每件100美元的关税，也一并降至 54%。面对中国的反制，美国并未再反击，而是退让了。 美国对中国的追加关税目前是10%的基础对等关税税率，再加上之前以打击非法药品为名设定的20%， 总共为30%。 特朗普于4月2日宣布对中国征收34%的对等关税，中国则采取了全面抗争的姿态而非谈判解决。美国将 对等关税提高至84%、125%，中国就以相同水平回应，最终美方对中方的追加关税达到了145%。 中国之所以强硬，是因为中国从第一次特朗普政府的贸易战以来，历经七年推进了相关准备，其核心是 推动经济结构转型，打造没有美国也能生存的经济。 中国对美以外国家的出口额在2018年至今的六年间增加了超过1万亿美元，总出口 ...