严查"返费"、干扰利率等行为 通知主要围绕四种情形对发行人、承销机构的发行承销行为进行规范。 一是发行人、承销机构（包括主承销商和承销商）应按照市场化原则开展发行承销，公平对待所有投资 者，不得事先约定债券发行利率，不得以"返费"等手段扭曲市场价格，不得以代持、互持等方式谋取不 正当利益。 6月16日，中国银行间市场交易商协会官网发布《关于加强银行间债券市场发行承销规范的通知》，针 对市场成员近期反映的低价承销费、低价包销、拼盘投资、利益输送等问题，就银行间债券市场发行承 销有关事项进行通知，以进一步规范市场秩序，加强自律管理。 根据交易商协会此前发布的多期典型违规情形专项提示，"返费"行为干扰了市场化利率的形成过程，传 递了错误的价格信号，而资管产品的参与使"返费"行为更加隐蔽。产品管理人应秉持市场化理念参与债 券投资，不得把本应体现在票面利率上的收益，异化为其他名目的费用。 交易商协会还通报了一起案件——有机构作为资金监管银行，对募集资金监管形同虚设，对违规挪 用"明知故划"。记者查看自律处分信息发现，湖北银行在去年遭自律处分和全面整改。该行作为某发行 人资金监管行，在明确知悉发行人申请用途不符的情形下， ...

Regulatory Developments - The National Medical Products Administration plans to complete the review and approval of clinical trial applications for innovative drugs that meet requirements within 30 working days, aiming to support clinical value-oriented drug development and enhance the efficiency of clinical research [1] - The China Securities Association issued a notice to regulate the bond market, prohibiting practices such as "rebates" that distort market prices and ensuring that underwriting institutions do not offer rates below cost [2] Economic Indicators - In May, the total retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year, which is an acceleration of 1.3 percentage points compared to the previous month [3] - Fixed asset investment (excluding rural households) from January to May was 191,947 billion yuan, with a year-on-year increase of 3.7%, and investment excluding real estate development grew by 7.7% [3] - In May, the total import and export value was 38,098 billion yuan, with exports at 22,767 billion yuan (up 6.3%) and imports at 15,331 billion yuan (down 2.1%) [3] Real Estate Market - In May, new residential sales prices in first-tier cities decreased by 0.2% month-on-month, with Shanghai increasing by 0.7% while Beijing, Guangzhou, and Shenzhen saw declines of 0.4%, 0.8%, and 0.4% respectively [3] - Second-tier cities also experienced a 0.2% month-on-month decline in new residential sales prices, while third-tier cities saw a 0.3% decrease, widening the decline by 0.1 percentage points compared to the previous month [3] Industrial Performance - In May, the industrial power generation reached 7,378 billion kWh, with a year-on-year growth of 0.5%, slowing down by 0.4 percentage points compared to April [3] - From January to May, the total industrial power generation was 37,266 billion kWh, with a year-on-year increase of 0.3%, and the average daily generation grew by 1.0% year-on-year after adjusting for the number of days [3] Automotive Industry - The China Securities Association held a meeting to support the high-quality development of the automotive industry, addressing challenges faced by companies under intense competition and proposing to optimize the financing environment for automotive enterprises [2]