上海领军金才、中国太平资产管理有限公司资深专家徐钢以"关税2.0时代—全球市场变革与投资机会展望"为题，总结了全球市场四大核心趋势。其 一，全球已进入新的大安全时代，地缘政治、经济、财政三大安全维度成为关注焦点，美国政府债务占GDP比例已达120%，全球央行黄金储备占比自1996 年以来首次超过美债。其二，以AI为代表的科技革命正深刻重塑全球市场格局，算力与数据已成为核心生产要素，美国AI相关企业对标普500指数的盈利增 长贡献占比超70%。其三，全球K型分化持续加剧，国家间、阶层间的发展差距进一步扩大。其四，中国大国地位稳步崛起，制造业规模连续15年居世界第 一，产业基础与创新能力持续提升，出口竞争力在关税周期中进一步凸显。基于此，他提出投资应拥抱确定性、变革与健康三大方向，把握技术创新与需求 升级带来的机遇。 为解码中国经济韧性内核，探寻金融赋能高质量发展的有效路径，近日，由上海财经大学商学院、上海市自贸区研究会联合主办的"关税2.0时代中国经 济韧性系列论坛Ⅱ"举行。 论坛以"全球资本市场与中国金融路径"为核心议题，汇聚政产学研领域权威嘉宾，共探中国资本市场稳健发展与金融高水平开放的实践路径。 全球资本 ...

本次论坛邀请三位重要嘉宾，分别从全球市场、地方治理、学术研究维度带来深度分享。上海领军金 才、中国太平资产管理有限公司资深专家徐钢总结了全球市场四大核心趋势。其一，全球已进入新的大 安全时代，地缘政治、经济、财政三大安全维度成为关注焦点，美国政府债务占GDP比例已达120%， 全球央行黄金储备占比自1996年以来首次超过美债。其二，以AI为代表的科技革命正深刻重塑全球市 场格局，算力与数据已成为核心生产要素，美国AI相关企业对标普500指数的盈利增长贡献占比超 70%。其三，全球K型分化持续加剧。其四，中国大国地位稳步崛起，制造业规模连续多年居世界第 一，产业基础与创新能力持续提升，出口竞争力进一步凸显。基于此，他提出投资应拥抱确定性、变革 与健康三大方向，把握技术创新与需求升级带来的机遇。 上海市宝山区发展和改革委员会党组书记、主任高虹军结合宝山区实践案例围绕"运用系统观念推进地 方经济社会发展"展开分享。他认为，要以系统思维推进经济社会联动。长三角等三大区域经济体量约 占全国40%，地方政府应该更加主动作为，以经济运行的底层逻辑保障稳中求进的发展态势。需把握四 大维度：全局视野是基础，新刚需挖掘是增长关键 ...

Group 1 - In the first half of 2025, Chinese companies listed in the US demonstrated strong resilience amidst global market fluctuations, characterized by diverse industry development, balanced regional distribution, and a counter-trend increase in fundraising amounts [2][10] - A total of 45 Chinese companies successfully went public in the US, accounting for 22% of the US IPO market, significantly surpassing the 30 companies from the same period last year [3] Group 2 - The industry distribution of Chinese companies going public in the US shows that 37.21% are in the industrial and service sectors, followed by technology at 23% and consumer at 19%, indicating a shift towards a more diversified international presence [5] - The fundraising situation revealed that approximately $870 million was raised by Chinese companies in the US, with 71% of companies raising less than $10 million, while only 5% raised over $100 million, indicating a polarization in fundraising scales [7] Group 3 - The regional distribution indicates that 18 out of 40 Chinese companies are from Hong Kong, making up 45% of the total, followed by Zhejiang with 4 companies, and Guangdong and Fujian with 3 each, reflecting the influence of regulatory frameworks on listing locations [8] - Despite uncertainties in the global IPO market, the fundraising scale for Chinese companies increased by 22% year-on-year, representing 5.6% of the total IPO fundraising in the US during the same period, showcasing continued interest from the US market in Chinese enterprises [10] Group 4 - The characteristics of Chinese companies going public in the US in the first half of 2025 highlight the international hub role of Hong Kong and the rise of innovative companies from the mainland, driving market dynamics [11] - Looking ahead, the trend suggests that Chinese companies will continue to seek listing opportunities abroad, providing differentiated investment opportunities despite challenges such as rising regulatory costs and geopolitical risks [11]

Group 1 - The European Securities and Markets Authority (ESMA) indicates that global capital markets are experiencing a "very challenging time" due to heightened geopolitical tensions and uncertainty at unprecedented levels [1] - The chairman of ESMA, Verena Ross, noted that the U.S. government's tariff measures announced in early April led to significant market volatility and an unusually large volume of financial transactions, although market participants showed resilience [1] - Ross expressed caution regarding whether the tariff policy would undermine the U.S.'s dominance in global capital markets, emphasizing that the U.S. has the largest capital market, which remains significant for Europe [1] Group 2 - Ross highlighted the need to enhance the competitiveness of European suppliers and capital markets, noting that the current development of European capital markets is insufficient and overly fragmented [1] - The European Central Bank's survey revealed that European households invest an average of only 0.23% of their disposable income in cryptocurrencies, indicating a relatively small market size compared to global standards [2] - Despite the small size, the cryptocurrency market in Europe is growing, largely due to the vitality of the U.S. market, with major banks in the Eurozone having custody of €4.7 billion in cryptocurrencies last year, a significant increase from €400 million in 2023 [2]

看ip，刚到家，第一件事就是先想着上钟来了。 北京到临海有直达车，车程将近8小时，屁股都坐硬了，中间停靠的站点太多，乘坐体验很不好，但每天也就这么一班车没得选，每次到家都差不多晚上9 点半。 周末的新闻我倒是在车上大致看了一遍，就说几件最重要的事。 影响最大的是周五美国公布的非农就业数据很好，大超市场预期，严重削弱了美元在2025年的降息预期。我截一张国外下注网站的走势图给你们看看。 蓝线代表全年降息一次（0.25%），在周五经济数据公布后已经攀升至概率第一，有29%。红线代表全年降息两次（0.5%），之前一直概率领先，但周五 被蓝线反超，目前概率是21%。 央行这边也有一些应对，暂停买入国债操作，这让债券利率略有反弹，算是对冲了美元的强势冲击。 如果上面的内容你看着有点绕，我可以给一个简单粗暴的结论，这事偏利空，对全球资本市场，对港股都不是好消息，a股有外汇防火墙，影响会小一 点，但问题是a股现在自己正在闹腹泻，所以对周一不友好。 …… 周末重要的事就这一件，另外还有一些鸡零狗碎的，过一遍你有个印象就行。 1、财政部10日开了个国信办发布会，会上说了2025年赤字规模将有较大幅度增加，但是记者问具体数字的时 ...