Market Overview - The three major stock indices in Shanghai and Shenzhen opened lower on May 26, with the Shanghai Composite Index experiencing a high and then retreating, while the Shenzhen Component and ChiNext indices showed a downward trend, continuing the adjustment seen in the previous two trading days [1] - By the midday close, the Shanghai Composite Index was at 3338.42 points, down 0.30%, with a trading volume of approximately 256.1 billion; the Shenzhen Component was at 10060.36 points, down 0.71%, with a trading volume of approximately 391.1 billion; the ChiNext Index was at 1995.61 points, down 1.28%, with a trading volume of approximately 172.6 billion [1] Institutional Insights - CITIC Securities noted an increase in external uncertainties and a faster rotation of themes, leading to a heightened preference for certain assets. They recommend prioritizing core assets and low-position sectors, while emphasizing the importance of domestic stimulus policies and global geopolitical changes [2] - China Galaxy Securities observed frequent style switching between large and small caps, indicating a lack of sustained upward trends. They highlighted the cautious sentiment among investors and the ongoing support from domestic policies aimed at stabilizing growth [2] Industry Focus - Guojin Securities reported strong growth in domestic demand for home appliances, with a focus on leveraging subsidies and the white goods sector's potential. They also suggested monitoring the black goods sector for ongoing structural upgrades and identifying opportunities in small appliances [3] Policy Developments - The Ministry of Commerce announced a plan to cultivate around 100 leading national smart supply chain enterprises by 2030, emphasizing the use of AI, IoT, and blockchain technologies to enhance supply chain digitalization and resilience [4] - The State Administration for Market Regulation is seeking public opinions on a guideline aimed at regulating the fees charged by online trading platforms to ensure fair practices and promote healthy development in the platform economy [5]

【要闻报道】 上市公司并购重组进一步松绑，新设简易审核程序、支持跨界并购 上市公司重大资产重组新规正式推出，这意味着"并购六条"的各项措施全面落地。5月16日，证监会正 式发布实施修订后的《上市公司重大资产重组管理办法》，明确支持符合商业逻辑的跨界并购、建立重 组股份对价分期支付机制、新设重组简易审核程序、吸收合并锁定期差异化设置、鼓励私募基金参与上 市公司并购重组等。沪深交易所同步修订发布重组审核规则及配套指南，新设简易审核程序，对符合条 件的上市公司发股类重组，大幅简化审核流程，缩短审核时限，同时进一步完善了重组股份对价分期支 付等相关事项的披露和审核要求。 点评：有业内人士称，此次《重组办法》修改是一次"大事件"，代表了并购重组市场及监管的"新气 象"。具体的制度设计，包括提升估值包容度、同业竞争和关联交易包容度等，都是结合实际情况的"有 的放矢"，根源都是要提高上市公司质量。 美国财长最新发声！不真诚谈判的国家将收到关税信函 税率将是4月2日的水平 关于关税，贝森特表示，会达成很多地区性的协议。贝森特称，美国正将关税讨论集中在18个关键贸易 伙伴上。贝森特还表示，他周六确实与沃尔玛首席执行官麦克米伦进 ...