Group 1 - The core idea of the news is the introduction of a system for professional institutional investors in the Sci-Tech Innovation Board to enhance the identification and evaluation of technology companies' innovation attributes and business prospects [1][2] - The introduction of professional institutional investors aims to address the valuation challenges faced by unprofitable technology companies, which often have high R&D costs and long commercialization cycles [1][2] - The system is expected to help improve the identification of quality technology companies by leveraging the expertise and investment experience of professional institutional investors [1][2] Group 2 - The Shanghai Stock Exchange is developing relevant business rules to define the standards for recognizing professional institutional investors and to strengthen self-regulation [2] - The trial implementation of this system is based on successful practices from mature overseas markets, where private equity and venture capital have played crucial roles in commercializing advanced technologies [2][3] - The system will initially be limited to companies meeting the fifth set of listing standards, serving as a reference for review rather than a new listing condition [3] Group 3 - The introduction of professional institutional investors is seen as a way to attract long-term capital into the market, stabilizing the stock market and reducing capital volatility [3][4] - The Hong Kong Stock Exchange has implemented a similar system since 2018, which has shown positive results in terms of revenue growth and reduced losses for companies listed under specific rules [4] - The growth of diverse investment entities, including government investment funds and private equity, has been supported by national policies promoting technological innovation [5]

Core Viewpoint - The French services sector PMI has contracted for the ninth consecutive month, indicating ongoing economic challenges in France despite some improvements in manufacturing [1] Group 1: Services Sector - The preliminary services PMI in France dropped from 47.3 in April to 47.4 in May, remaining below the neutral line for nine months [1] - The overall composite PMI also stayed below the neutral line for nine consecutive months, reflecting a bleak outlook for the private sector [1] Group 2: Manufacturing Sector - The manufacturing PMI preliminary value increased to 49.5 in May, up from 48.7 in April, suggesting some improvement in this sector [1] Group 3: Economic Context - The economic challenges are attributed to domestic political instability and a fragile macroeconomic environment [1] - Despite efforts by President Macron to position France as an attractive destination for investment and R&D, the overall business outlook remains dim, particularly in the services sector [1]