Core Viewpoint - The article highlights the significant progress and achievements of the Qianhai Cooperation Zone in Shenzhen, emphasizing its role as a testing ground for institutional reforms and deepening integration between Hong Kong and mainland China [1][2][3]. Group 1: Project Completion and Management Model - The Qianhai Innovation Education Group's Qianwan School, the first government investment project fully constructed by a Hong Kong enterprise, is set to open in September 2023 [1]. - The project adopted an international management model involving three main responsible parties: the construction unit, the architect team, and the construction unit [1]. Group 2: Institutional Reforms and Financial Innovations - Since 2020, Qianhai has implemented measures to facilitate the practice of Hong Kong professionals and enterprises in mainland China, gradually breaking down qualification barriers [1][2]. - Qianhai has pioneered various financial innovations, including the "one test, one certification, one pass" model and the establishment of a QFLP fund with a quota of $200 million, focusing on sectors like healthcare and advanced manufacturing [2][3]. Group 3: Economic Growth and Foreign Investment - Qianhai has attracted over 90% of the new QFLP funds in Shenzhen, showcasing its effectiveness in drawing foreign investment through institutional innovation [3]. - In 2024, Qianhai's import and export volume reached 706.65 billion yuan, a year-on-year increase of 42.4%, while the Qianhai Shekou Free Trade Zone saw a 52.3% increase [5]. Group 4: Youth Entrepreneurship and Support - The Qianhai Youth Dream Factory has incubated 1,021 Hong Kong entrepreneurial teams and disbursed 350 million yuan in support funds, with a significant increase in registered Hong Kong enterprises [4]. - In the first two months of 2025, Qianhai added 295 Hong Kong-funded enterprises, marking an 85.5% year-on-year growth [4]. Group 5: Global Connectivity and Trade Facilitation - Qianhai has established a new logistics model, "MCC Qianhai," enabling efficient global shipping and significantly reducing costs for businesses [5]. - The region has actively expanded its service trade, particularly in cross-border payments and technology services, contributing to its status as a high-level open gateway [5][6].

南海之滨多传奇，蛇口一声炮响，东风浩荡催征鼓； 深圳湾畔展宏图，鹏城万象更新，浪潮奔涌千帆竞。 今天，是深圳经济特区45周岁生日，也是习近平总书记亲自部署实施深圳综合改革试点5周年。 四十五载风云激荡。这座因改革开放而生、因改革开放而兴的城市，一路披荆斩棘，从一个默默无闻的边陲小渔村 成长为全球瞩目的创新之都、活力之城。今日之深圳，以位居全国城市第三的经济体量、位居榜首的外贸进出口总 额、超2.5万家国家高新技术企业的创新集群、1000多项"全国第一"的改革举措，在世界城市发展史上刻画下一个 巨大的惊叹号，用自身的生动实践诠释了中国特色社会主义的勃勃生机。 四十五载的风雨历程证明，深圳的成功不在于永不跌倒，而在于总能保持青春的锐气与敏捷，敢于打破常规、另辟 蹊径，始终奋进、永远向前。"敢闯敢试、敢为人先、埋头苦干"的特区精神，已深深镌刻于这座城市的骨血基因之 中，成为穿越周期的制胜密码。 站在新的历史节点上，深圳前行路上仍有重重关山待越，激流险滩待闯。比如，改革进入攻坚期和深水区，"硬骨 头"越来越难啃；国际竞争格局深刻演变，突破科技"卡脖子"问题需要久久为功；教育、医疗、住房等民生领域离人 民对美好生活的向 ...

Core Viewpoint - Shenzhen is advancing its comprehensive reform pilot program, achieving significant economic growth and setting ambitious goals for further reform and opening up [1][2]. Economic Growth - Shenzhen's GDP increased from 2.78 trillion yuan in 2020 to 3.68 trillion yuan in 2024, with an average annual growth rate of 5.5% [1]. - The city's industrial output and added value have ranked first among national cities for three consecutive years [1]. Reform Initiatives - The issuance of the "Opinions on Deepening Reform and Innovation in Shenzhen's Comprehensive Reform Pilot" on June 10 marks a new phase for the reform pilot [1][3]. - The reform pilot has seen the implementation of 40 authorized measures and the promotion of 48 innovative initiatives nationwide [2]. Key Focus Areas - The reform emphasizes innovation in education and technology, aiming to create a globally influential industrial and technological innovation center [3]. - There is a strong focus on integrating innovation chains, industrial chains, financial chains, and talent chains to support key industries and enterprises [3]. - Expansion of cooperation with Hong Kong and Macau is prioritized, particularly in trade and personnel movement, to enhance international collaboration [3]. Healthcare and Data Innovation - At the AI Empowerment Conference for the pharmaceutical and medical device industry, Shenzhen Data Exchange introduced five medical data products to support AI companies [4]. - The exchange aims to drive reforms and innovations in the healthcare sector, contributing to the development of a globally influential digital city [4].

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints of the Report - The proportion of medium - and long - term funds in the capital market is expected to gradually increase, which is conducive to reducing stock market volatility [2] - From a medium - and long - term perspective, A - shares have a relatively high investment cost - performance. CSI 500 and CSI 1000 may bring higher returns due to more science and innovation policy support, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2] 3. Summary According to Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and far - quarter) were 4118.80, 4109.80, 4076.20, and 4047.60 respectively, with increases of 43.60, 45.40, 44.60, and 45.40. The trading volumes were 29517.00, 69503.00, 14593.00, and 3790.00, and the open interests were 47302.00, 162828.00, 52902.00, and 4515.00, with increases of 4202.00, 9997.00, 1211.00, and 982.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts (current month, next month, next quarter, and far - quarter) were 2794.80, 2796.80, 2798.60, and 2798.80 respectively, with increases of 23.20, 25.00, 24.00, and 22.60. The trading volumes were 15532.00, 37371.00, 5645.00, and 1250.00, and the open interests were 21381.00, 65052.00, 14218.00, and 1127.00, with increases of 2695.00, 5322.00, 844.00, and 90.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts (current month, next month, next quarter, and far - quarter) were 6183.20, 6129.40, 6001.20, and 5888.20 respectively, with increases of 72.60, 69.60, 68.80, and 70.80. The trading volumes were 26660.00, 49010.00, 12904.00, and 4002.00, and the open interests were 54215.00, 108997.00, 56846.00, and 5268.00, with changes of 1591.00, 2193.00, - 123.00, and 874.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts (current month, next month, next quarter, and far - quarter) were 6590.00, 6515.40, 6331.00, and 6172.80 respectively, with increases of 44.80, 42.80, 42.60, and 44.40. The trading volumes were 39378.00, 118700.00, 26255.00, and 7964.00, and the open interests were 62728.00, 178632.00, 77150.00, and 9821.00, with changes of 367.00, - 302.00, - 1405.00, and 1357.00 respectively [1] - **Inter - month Spreads**: The current values of inter - month spreads for IF, IH, IC, and IM contracts were - 9.00, 2.00, - 53.80, and - 74.60 respectively, compared with previous values of - 9.80, 0.20, - 51.00, and - 72.40 [1] 3.2 Stock Index Spot Market - **Major Indexes**: The previous day's values of CSI 300, SSE 50, CSI 500, and CSI 1000 were 4118.96, 2792.18, 6213.41, and 6637.10 respectively, with increases of 0.82, 0.72, 0.85, and 0.38. The trading volumes (in billions of lots) were 257.60, 68.31, 246.21, and 301.66, and the total trading amounts (in billions of yuan) were 4508.74, 1293.95, 3136.62, and 3959.15 respectively [1] - **Industry Indexes**: Among different industries, energy, raw materials, and industry had relatively high growth rates of 3.97%, 2.64%, and 2.38% respectively, while real - estate finance and information technology had declines of - 0.57% and - 0.06% respectively [1] 3.3 Futures - Spot Basis - **CSI 300 Contracts**: The previous day's basis values of IF contracts (current month, next month, next quarter, and far - quarter) relative to CSI 300 were - 0.16, - 9.16, - 42.76, and - 71.36 respectively, compared with previous two - day values of - 11.01, - 20.81, - 52.01, and - 77.21 [1] - **SSE 50 Contracts**: The previous day's basis values of IH contracts (current month, next month, next quarter, and far - quarter) relative to SSE 50 were 2.62, 4.62, 6.42, and 6.62 respectively, compared with previous two - day values of - 1.24, - 1.04, 2.36, and 2.56 [1] - **CSI 500 Contracts**: The previous day's basis values of IC contracts (current month, next month, next quarter, and far - quarter) relative to CSI 500 were - 30.21, - 84.01, - 212.21, and - 325.21 respectively, compared with previous two - day values of - 54.71, - 105.71, - 231.91, and - 344.91 [1] - **CSI 1000 Contracts**: The previous day's basis values of IM contracts (current month, next month, next quarter, and far - quarter) relative to CSI 1000 were - 47.10, - 121.70, - 306.10, and - 464.30 respectively, compared with previous two - day values of - 76.66, - 149.06, - 335.46, and - 493.46 [1] 3.4 Other Domestic Major Indexes and Overseas Indexes - **Domestic Indexes**: The previous day's values of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - sized Board Index, and ChiNext Index were 3581.86, 11099.83, 6881.54, and 2310.86 respectively, with increases of 0.62%, 0.84%, 0.58%, and 0.61% [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 25130.03, 39774.92, 6309.62, and 24041.90 respectively, with changes of 0.54%, - 0.11%, 0.06%, and - 1.09% [1] 3.5 Macroeconomic Information - **Policy in Shenzhen**: Since the issuance of the "Opinions on Deeply Promoting the Comprehensive Reform Pilot in Shenzhen, Deepening Reform and Innovation, and Expanding Opening - up", relevant departments in Shenzhen have strengthened communication with central ministries. A series of reform results, including "the return of Hong Kong - listed Greater Bay Area enterprises to the Shenzhen Stock Exchange for listing", are expected to be implemented within this year [2] - **Real - Estate Loans**: At the end of the second quarter, the balance of RMB real - estate loans was 53.33 trillion yuan, with a year - on - year increase of 0.4%. The balance of individual housing loans was 37.74 trillion yuan, with a year - on - year decrease of 0.1% [2] - **US Trade Agreements**: The US has reached trade agreements with the Philippines and Indonesia. The US will lower the tariff on Philippine goods from 20% to 19%, and Indonesia will cancel 99% of tariff barriers on US goods [2] - **Rural Highway Regulations**: The "Regulations on Rural Highways" will be implemented on September 15, 2025, aiming to promote the high - quality development of rural highways [2] 3.6 Industry Information - **Data Industry**: As of the first half of this year, the National Data Administration has guided the construction of data annotation bases in 7 cities, built 524 data sets, and served 163 large models. In the second half of the year, it plans to layout and build a number of data industry cluster pilot areas [2] - **Shipbuilding Industry**: In the first half of the year, China's shipbuilding completion volume, new order volume, and order backlog accounted for 51.7%, 68.3%, and 64.9% of the world's total in terms of deadweight tons, and 47.2%, 64.0%, and 57.6% in terms of compensated gross tons respectively [2] - **Telecom Industry**: In the first half of the year, the cumulative telecom business revenue reached 9055 billion yuan, with a year - on - year increase of 1%. The user scale of 5G, gigabit networks, and the Internet of Things continued to expand [2]

Group 1 - The National Foreign Exchange Administration reported a net inflow of approximately $33 billion in securities investment into China from January to May 2025, indicating an increased willingness for global capital allocation into the domestic stock market [1][9] - The People's Bank of China reported that by the end of Q2 2025, the balance of RMB loans from financial institutions reached 268.56 trillion yuan, a year-on-year increase of 7.1% [1][9] - The China Fusion Energy Company was established in Shanghai, marking the entry of a "national team" into the controllable nuclear fusion sector, accelerating the industry's move towards commercialization [1][9] Group 2 - Guizhou Moutai plans to jointly establish a scientific and technological research institute with its controlling shareholder, with a registered capital of 1 billion yuan, of which Guizhou Moutai will contribute 490 million yuan [2][7] - GoerTek announced plans to acquire 100% equity of Mia Precision Technology Co., Ltd. and Changhong Industrial Co., Ltd. for approximately 10.4 billion HKD, focusing on precision component manufacturing [2][7] - China Nuclear Power intends to invest 1 billion yuan to hold a 6.65% stake in the newly established fusion company [7]

Core Viewpoint - The article discusses the ongoing efforts by Shenzhen authorities to enhance communication with central government departments and to support the capital market in facilitating the comprehensive reform and innovation in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Government Initiatives - Shenzhen departments have strengthened communication with central ministries and commissions since the issuance of the reform opinions [1] - A regular communication mechanism has been established with the China Securities Regulatory Commission regarding capital market support for Shenzhen's comprehensive reform [1] Group 2: Market Developments - It is expected that within the year, several enterprises listed in the Guangdong-Hong Kong-Macao Greater Bay Area, including those listed on the Hong Kong Stock Exchange, will return to the Shenzhen Stock Exchange in accordance with policy regulations [1] - The authorities will actively conduct research and widely collect enterprise demands to enhance the cultivation of quality listing resources [1] Group 3: Future Plans - There are plans to deepen cooperation in the capital market and continue to support the development of high-quality listing resources [1]

Group 1 - The Guangdong provincial government has decided to delegate 20 provincial administrative powers to Shenzhen starting from August 15, aimed at promoting comprehensive reform and supporting Shenzhen as a pilot zone for socialism with Chinese characteristics [1][2] - This adjustment is seen as a systematic "authorization reform" to empower Shenzhen with more autonomy in addressing emerging issues and exploring innovative solutions in various sectors, particularly in low-altitude economy and related fields [1][3] - The delegation of powers is expected to enhance Shenzhen's ability to leverage its geographical advantages and serve as a model for reform that can be replicated across Guangdong province and potentially nationwide [2][5] Group 2 - The 20 delegated administrative powers include three provincial administrative licenses related to occupational health and 16 administrative penalties in areas such as unmanned aerial vehicles (UAVs), civil aviation, and radio management, indicating a targeted approach to empower Shenzhen in specific emerging industries [3][4] - The delegation is particularly significant for the UAV industry, as Shenzhen is recognized as a national pilot city for UAV flight management, and this reform is expected to streamline regulatory processes and enhance enforcement capabilities [3][4] - Experts emphasize the need for Shenzhen to balance the delegation of powers with effective regulation to avoid chaos and ensure a conducive environment for industry growth, highlighting the importance of optimizing approval processes and improving service levels [6]

Core Viewpoint - Shenzhen is set to deepen its comprehensive reform pilot program, as highlighted in the recent policy document issued by the central government, which aims to enhance high-quality development and provide replicable experiences for other regions in China [1][2][6]. Group 1: Reform Acceleration - The new policy document represents a "second acceleration" of Shenzhen's comprehensive reform pilot, building on the achievements of the previous five years [2][3]. - Shenzhen has implemented 48 reform measures that have been promoted by the National Development and Reform Commission, showcasing its role as a model for reform [2][3]. Group 2: Key Areas of Focus - The document emphasizes four key areas: integrated reform of education, technology, and talent systems; empowering the real economy through finance, technology, and data; establishing a higher-level open economy; and improving governance models [3][5]. - The first focus area highlights the need for efficient collaboration between education, technology, and talent, aiming to create a comprehensive mechanism for talent cultivation, technological research, and industrial transformation [3][4]. Group 3: Financial and Economic Empowerment - Specific measures include enhancing financial services for the real economy, innovating support mechanisms for emerging industries, and deepening market-oriented reforms for data elements [5][6]. - The document aims to optimize trade and improve the facilitation of personnel movement, reflecting Shenzhen's strategic focus on adapting to new foreign trade conditions [6][7]. Group 4: Contribution to National Strategy - The policy aims to create more replicable and scalable experiences that can contribute to the construction of a modern socialist country and enhance Shenzhen's role in the Guangdong-Hong Kong-Macao Greater Bay Area [6][7]. - The document also indicates a shift towards deeper integration of financial markets, allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, which could enhance capital market connectivity [7].

Core Viewpoint - Shenzhen's Longhua District has launched a three-year action plan to promote the listing of local enterprises, aiming to enhance the financial ecosystem and support high-quality economic development [1][2][4] Group 1: Action Plan Overview - The action plan focuses on the "1+2+3" modern industrial system layout, improving the listing cultivation service system, broadening financing channels, and increasing support for mergers and acquisitions [1][2] - It emphasizes the importance of listed and prospective listed companies as key drivers of high-quality economic and social development [1][2] Group 2: Specific Measures - The plan includes enhancing collaboration with professional financial research institutions, facilitating domestic and international listing policy consultations, and coordinating cross-border financial institutions to support enterprises going global [2][3] - It proposes organizing activities to promote the Hong Kong Stock Exchange and attract overseas exchanges to establish representative offices in Longhua [2][3] Group 3: Financial Support and Ecosystem - The plan aims to establish a multi-tiered capital market service for enterprises, focusing on improving the quality of industrial supply chains and supporting upstream and downstream mergers and acquisitions [3] - It includes setting up a special fund for mergers and acquisitions to attract major brokerage firms and large listed companies to participate in funding [3] Group 4: Broader Policy Context - The action plan aligns with the central government's recent directives to deepen reforms and expand openness in Shenzhen, enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area [4][5] - It supports the integration of financial services with the real economy, particularly in technology and innovation sectors, to foster high-quality development [5][6]

Group 1: Core Insights - Shenzhen aims to maintain a corporate R&D investment ratio of around 95%, emphasizing the role of enterprises as the main body of innovation [1][3] - The city has achieved a total R&D investment of 208.67 billion yuan, accounting for 93.3% of the national R&D investment among cities, ranking first in the country [2] - Shenzhen has over 25,000 national high-tech enterprises, with an average of 12 such enterprises per square kilometer, and has added 296 new specialized "little giant" enterprises, leading the nation in growth [2] Group 2: Policy Initiatives - The implementation of a "full responsibility system" for top scientists and a negative list for the use of research funds aims to enhance innovation efficiency [3][4] - A new 2 billion yuan seed fund for technology innovation will be established to support startups, with a goal of over 500 projects funded [4] - Shenzhen plans to strengthen major innovation platforms and infrastructure, including the construction of national supercomputing centers and other significant scientific facilities [5] Group 3: Talent Development - Shenzhen has been recognized as one of the top cities for talent attraction in China, with a focus on creating a supportive environment for global talent [6] - The city will implement a talent evaluation system based on innovation capability and contribution, aiming to attract urgently needed talent [6][7] - Policies will be developed to ensure that talent can thrive and contribute effectively, fostering an environment that encourages innovation and tolerates failure [7]