Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - The reduction of the 5 - month LPR by 10bp and domestic banks' cuts in deposit rates may lead to a shift of deposits, potentially lowering yields of other currency and fixed - income products and increasing the activity of equity investment [2] - The IPO rhythm of technology companies is expected to significantly increase, and the increased supply of new stocks may siphon off funds from small - cap stocks, constraining their gains. Meanwhile, long - term investment reform pilots and the arrival of insurance funds' off - balance - sheet private equity funds may support the performance of large - cap blue - chip stocks, with the market style likely to continue favoring large - cap over small - cap stocks [2] - The trading volume of the entire A - share market has not improved, and the index is still in a volatile trend. The basis of IH and IF remains flat compared to last week, while the discounts of IC and IM have further widened due to the stock game in small - cap stocks, but the discounts are expected to converge [2] - The model predicts that the basis of IH, IF, and IM will strengthen next week, while the basis of IC will weaken [3] 3) Summary by Related Content Market Policy Impact - The 5 - month LPR was cut by 10bp, and domestic banks reduced deposit rates, with the one - year fixed - deposit rate falling below 1%. This may cause a shift of deposits, affecting the yields of other products and increasing equity investment activity [2] - The press conference mentioned deepening the IPO system reform for innovation and entrepreneurship and supporting the listing of technology companies, which will increase the supply of new stocks and may impact small - cap stocks. Long - term investment reform pilots and the arrival of insurance funds' off - balance - sheet private equity funds may support large - cap blue - chip stocks [2] Market Performance - The daily trading volume of the entire A - share market was slightly over one trillion, and the index was in a volatile trend. On Friday, there were large sell - offs in index ETFs, causing a rapid decline in broad - based indices. The weekly lines of the Shanghai 50 and CSI 300 turned down, and the CSI 500 and 1000 fell by over 1% [2] Basis Situation - The basis of IH and IF remained at the same level as last week, while the discounts of IC and IM widened due to the small - cap stock game. The widening of single - day discounts for a long time may be due to speculative hedging. With the increasing congestion in small - cap stocks, the discounts are expected to converge [2] Basis Forecast - The model predicts that the basis of IH, IF, and IM will strengthen next week, while the basis of IC will weaken [3]

Core Viewpoint - The article discusses the recent fluctuations in the A-share market, highlighting the contrasting performance of bank stocks amidst a broader market decline, influenced by external factors such as U.S. Treasury yields and geopolitical tensions [1][2][3]. Market Performance - On May 22, A-shares experienced a decline, with the Shanghai Composite Index down 0.23%, the Shenzhen Component down 0.72%, and the ChiNext Index down 0.96%. The North Star 50 index fell significantly by 6.15% [5]. - The total market turnover was 11,398 billion yuan, a decrease of 747 billion yuan from the previous day, with over 4,400 stocks in the market showing losses [5]. Sector Analysis - Bank stocks showed resilience, with Qingdao Bank and Chongqing Rural Commercial Bank leading the gains [5]. - The article notes a significant drop in previously hot sectors such as pet economy and solid-state batteries, while innovative drug concepts remained active, with Sanofi's stock hitting a four-day limit up [5]. - The AI sector saw activity with Kunlun Wanwei's stock also hitting the limit up after the launch of its Skywork Super Agents product [5]. External Influences - The article mentions that the A-share market's decline was influenced by external factors, including significant risks in Japanese and U.S. bonds, with the 30-year U.S. Treasury yield rising to 5.09% and the 10-year yield to 4.60% [2]. - Bitcoin has emerged as a preferred asset for global investors amid uncertainty, reaching a new high of over $110,000, reflecting a 60% increase since Trump's election [3]. Investment Trends - The article highlights that foreign investors are increasingly reluctant to purchase U.S. assets, indicating rising fiscal risks in the U.S. economy [3]. - The article also notes that the Chinese central bank is taking measures to maintain liquidity in the banking system, with a planned 500 billion yuan MLF operation [6]. Capital Flow - The net outflow of main funds reached 470.82 billion yuan, with the basic chemical industry experiencing the largest outflow [8]. - The banking, defense, media, light manufacturing, and comprehensive sectors saw net inflows, while basic chemicals, power equipment, machinery, computing, and electronics faced net outflows [8].

2025年5月22日（星期四）下午，国务院新闻办公室举行新闻发布会，请科技部副部长邱勇，中国人民银 行副行长、国家外汇局局长朱鹤新，金融监管总局新闻发言人、政策研究司司长郭武平，中国证监会首席 风险官、发行监管司司长严伯进介绍科技金融政策有关情况，并答记者问。 证监会首席风险官、发行监管司司长严伯进表示，证监会坚定不移推进高水平对外开放，大力支持科技企业用 好境内境外两个资本市场，自境外上市备案新规实施以来，截至今年4月底，已经完成242家境内企业境外上市 备案，其中有83家科技型企业，主要集中在信息技术、新能源、先进制造等领域。证监会继续支持符合条件的 科技企业利用境内境外资本市场发展，为科技企业境外上市提供更加透明、更加高效、可预期的监管政策。 责编：万健祎 校对：王朝全 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 突然大 ...

Group 1 - A total of 10 companies will have their restricted shares unlocked today, with a combined volume of 153 million shares and a total market value of 2.094 billion yuan at the latest closing price [3] - The companies with the highest number of unlocked shares are Oufu Egg Industry (13.5 million shares), Shihua Machinery (4.7942 million shares), and Suao Sensor (4.098 million shares) [3] - In terms of market value, Oufu Egg Industry leads with 1.667 billion yuan, followed by Dazhu CNC (149 million yuan) and Yilian Technology (8.03197 million yuan) [3] Group 2 - A total of 30 companies have disclosed their stock repurchase progress, with 31 related announcements made [4] - Six companies have disclosed stock repurchase plans for the first time, while 18 companies have had their repurchase plans approved by shareholders [4] - The companies with the highest proposed repurchase amounts include Jingxin Pharmaceutical (up to 700 million yuan), Haixiang New Materials (50 million yuan), and Aerospace Chuanggu (24.4608 million yuan) [5]

Economic Events and Data Summary - The National Office will hold a press conference regarding technology finance policies at 15:00 [1] - France's preliminary manufacturing PMI for May will be released at 15:15 [1] - Germany's preliminary manufacturing PMI for May will be available at 15:30 [1] - The Eurozone's preliminary manufacturing PMI for May will be published at 16:00 [1] - The UK's preliminary manufacturing PMI and services PMI for May will be announced at 16:30 [1] - Germany's IFO Business Climate Index for May will be released at 16:00 [1] - The European Central Bank will publish the minutes of the April monetary policy meeting at 19:30 [1] - Initial jobless claims in the U.S. for the week ending May 17 will be reported at 20:30 [1] - The preliminary manufacturing PMI for May from S&P Global in the U.S. will be available at 21:45 [1] - The annualized total of existing home sales in the U.S. for April will be released at 22:00 [1] - The EIA natural gas inventory for the week ending May 16 will be published at 22:30 [1]

Group 1 - The article highlights key financial data and events to be monitored on May 22, 2025, including various PMI indices and economic indicators from multiple countries [1] - Notable events include the invitation from President Trump to "Trump coin" holders for a dinner, indicating potential political and economic implications [1] - The article lists specific times for the release of important economic data, such as China's SWIFT RMB payment share and the U.S. initial jobless claims [1] Group 2 - The article outlines the scheduled release of manufacturing PMI initial values for France, Germany, the Eurozone, and the UK, which are critical indicators of economic health [1] - The European Central Bank's publication of the April monetary policy meeting minutes is also noted, which may provide insights into future monetary policy directions [1] - The article concludes with the mention of a speech by Federal Reserve's Williams, which could influence market expectations regarding U.S. monetary policy [1]

Group 1 - The State Council Information Office will hold a press conference on May 22 to discuss technology finance policies, featuring officials from the Ministry of Science and Technology, the People's Bank of China, and financial regulatory authorities [1] - The central bank's governor emphasized the need for financial support for key areas such as technological innovation, consumption, small and micro enterprises, and stabilizing foreign trade [2] - A new directive aims for 850 million active IPv6 users and 1.1 billion IoT IPv6 connections by the end of 2025, with fixed network IPv6 traffic accounting for 27% and mobile network IPv6 traffic for 70% [3] Group 2 - Several banks have recently lowered interest rates on fixed-term deposits and large-denomination certificates of deposit, with large-denomination products expected to enter the "1 era" [4] - Zongyi Co., Ltd. is in the preliminary planning stage for a major asset restructuring [5] - Shareholder Runke Xin of Ruixin Micro plans to reduce its stake by no more than 2% [5] - Baili Electric's revenue from nuclear fusion-related business is minimal, projected to account for less than 1% of total revenue in 2024 [5] - Baobian Electric's stock has seen significant short-term gains, leading to high price-to-earnings and price-to-book ratios [5] - Suzhou Longjie has reported price increases for some new and hot-selling products [5]