Core Viewpoint - The article discusses the inspection and research conducted by Yang Yue, Vice Chairman of the Provincial Political Consultative Conference, regarding the implementation of high-standard strategies for the Jiangsu Free Trade Zone, aimed at enhancing Jiangsu's integration and service within the Yangtze River Delta development [1] Group 1 - Yang Yue visited the Nanjing Free Trade Zone to oversee the proposal from the Jiangsu Provincial Committee of the Chinese Nationalist Party regarding the strategic enhancement of the Free Trade Zone [1] - The inspection included visits to the Nanjing Jiangbei New Area Planning Exhibition Hall and the Cross-Border E-Commerce Industrial Park to understand the current work situation [1] - During the meeting, various departments including the Provincial Commerce Department and the People's Bank of China Jiangsu Branch presented updates on the proposal's implementation [1] Group 2 - Yang Yue emphasized the need to implement the important speeches of General Secretary Xi Jinping and align with central and provincial requirements [1] - The focus areas include enhancing the level of institutional openness, improving the effectiveness of systemic reforms, creating high-quality industrial clusters, and promoting integrated collaborative development [1] - The aim is to contribute to the high-quality development of the Free Trade Zone and support China's modernization efforts [1]

Core Viewpoints - The A-share market is experiencing a new trend driven by policy measures aimed at "anti-involution," expanding domestic demand, and stimulating demand in the hydropower sector, with the Shanghai Composite Index reaching a new high of 3613.02 in 2023 [1] - The "anti-involution" policy is expected to positively impact both PPI and CPI, benefiting traditional industries like steel and new sectors such as photovoltaics and automobiles [1][4] - The market sentiment has improved significantly in the short term, leading to a substantial rebound in commodity prices and a notable recovery in related industry indices, reflecting optimistic expectations for economic recovery [1][4] Policy Evolution of "Anti-Involution" - The concept of preventing "involution" was first introduced in a Politburo meeting on July 30, 2024, and has since been reiterated in subsequent economic work meetings and government reports [2][3] - The Ministry of Industry and Information Technology (MIIT) plans to implement a new round of growth stabilization work for ten key industries, focusing on structural adjustments and the elimination of outdated production capacity [3][4] Key Areas of Focus in "Anti-Involution" - The current "anti-involution" initiative covers a broader range of industries compared to previous supply-side reforms, addressing both traditional industries facing demand shortages and emerging sectors experiencing supply expansion [4][5] - Specific industries affected include: - **Petrochemicals**: Facing demand contraction and supply shocks, with profitability under pressure [4][5] - **Non-ferrous Metals**: Overcapacity in copper smelting leading to sustained losses [5] - **Automobiles**: Structural contradictions between traditional fuel vehicles and new energy vehicles, with increasing price competition [5] - **Lithium Batteries**: Low-price competition stemming from aggressive capacity expansion in previous years [5] - **Photovoltaics**: Market demand shrinking due to external trade barriers and domestic subsidy reductions, leading to widespread losses [5] - **Steel**: High fixed costs and weak terminal sales resulting in increased production to lower average costs, further depressing prices [5][6] - **Construction Materials**: Weak demand due to the downturn in real estate, with prices continuing to decline [6] Short-term and Long-term Strategies - Short-term measures such as eliminating outdated production capacity and limiting production can help improve supply-demand structures and boost commodity prices [7] - Long-term strategies involve establishing a systematic reform mechanism to ensure a balanced market environment, focusing on the gradual elimination of excess capacity while controlling new capacity [7] Key Products - **Petrochemical ETF (159731)**: Tracks the performance of petrochemical industry stocks [8] - **Non-ferrous Metals ETF (516650)**: Reflects the overall performance of non-ferrous metal industry stocks [8] - **New Energy Vehicle ETF (515030)**: Represents the performance of companies involved in the new energy vehicle sector [9] - **New Energy ETF (516850)**: Tracks companies in the renewable energy sector [10] - **Entrepreneur Board New Energy ETF (159368)**: Focuses on high-quality companies in the new energy sector listed on the Growth Enterprise Market [10] - **Free Cash Flow ETF (159201)**: Reflects the price changes of companies with high and stable free cash flow [11]

Core Viewpoint - The structural imbalance between cross-border RMB flow and stock is a key constraint in the internationalization of the RMB, necessitating systemic reforms across cognition, systems, policies, and assessments to establish a virtuous cycle of "flow driving stock, stock feeding back flow" [1][9]. Structural Imbalance of Flow and Stock - As of the end of 2024, China's cross-border RMB settlement scale (flow) is projected to reach 96 trillion yuan, while offshore RMB deposits are only 3.5 trillion yuan, resulting in a flow-to-stock ratio of 27:1, significantly higher than the international level of 5:1 for the US dollar [1][2]. - The focus on flow metrics, which can be easily boosted through policy, leads to a neglect of stock metrics that require long-term market-driven asset allocation [2]. Systemic Risks from Imbalance - The reliance on flow expansion risks leaving the RMB as merely a "trade settlement tool," as offshore entities quickly convert RMB into other currencies due to a lack of diversified asset allocation channels [3]. - Insufficient stock leads to a weak offshore RMB asset pool, hindering innovation in financial products and reducing the attractiveness of the RMB as a reserve currency [3]. - The pursuit of flow growth through administrative means can create a "data prosperity" while the market remains weak, leading to unsustainable policy costs [3]. Root Causes of Imbalance - The "heavy flow, light stock" issue stems from governance inertia, cognitive biases, assessment flaws, and a lazy governance mentality [4]. Short-termism in Performance Metrics - The entrenched view equating RMB internationalization with the expansion of cross-border settlement scales reflects a distorted performance perspective, prioritizing easily measurable flow metrics over the more complex stock metrics [5]. Lack of Understanding of Market Dynamics - There is a failure to recognize the importance of market-driven mechanisms in the internationalization of the RMB, leading to fragmented policy tools and ineffective implementation [6]. Assessment System Bias - The current assessment system's excessive focus on cross-border RMB flow is a direct cause of the imbalance, with flow metrics receiving a 70% weight in assessments compared to only 30% for stock metrics [7]. Governance Inertia - The "heavy flow, light stock" mentality reflects a management laziness, where flow expansion is achieved through simple administrative measures rather than addressing deeper market needs [8]. Systemic Reform Proposals - To address the imbalance, reforms should focus on cognitive, institutional, policy, and assessment dimensions to create a new ecosystem for coordinated development of flow and stock [9]. Cognitive Innovation - There is a need to deepen the understanding of RMB internationalization and shift the focus from flow metrics to the quality and ecological aspects of development [10]. Institutional Design Breakthroughs - Legislative measures should be taken to ensure that flow and stock development are assessed together, with a minimum weight of 40% for stock metrics in evaluations [11]. Policy Tool Innovations - The approach should shift from a settlement-oriented to an asset-oriented focus, encouraging the retention of RMB in offshore markets [13]. Assessment System Reconstruction - New metrics should be introduced to evaluate the growth rate of offshore RMB stock, with significant weight in performance assessments for both government and financial institutions [15]. Risk Monitoring and Long-term Mechanisms - Establishing a monitoring system for offshore RMB stock risks and reducing direct administrative interventions in offshore markets are essential for fostering a sustainable ecosystem [16].

中国资本市场将"上市公司实控人穿透至自然人或国资主体，且股权清晰稳定"作为核心监管原则的本意 是保障公司治理有效性和中小投资者权益，便于追责，但导致的"上市公司实控人以自然人为主"的结果 也引发了一些问题。 现存问题与突出矛盾 首先是公司层面存在治理结构的制度性局限。 上市公司作为股市的主体，其治理结构的局限导致股市整体缺乏长期成长动能，国家和监管层出台的多 种组合拳刺激政策也难以起到预期的持续效果。一方面，监管层为维稳股市不得不严格控制IPO节奏， 导致VC/PE的退出受阻，市场化投资者退场，创业生态受挫；而若放开IPO节奏，又恐导致股市供需失 衡，引发系统性风险。另一方面，监管层尝试通过并购来激活存量市场和打开成长空间，如新并购六条 允许私募基金反向挂钩，支持产业整合导向的私募基金收购上市公司，但仍要求实控人资质，未能突破 实控人原则限制，导致政策实际影响范围和效果有限。 有别于国际头部公司"机构股东+职业经理人分治模式"的专业治理，A股公司实控人以自然人为主的现 状促生了"所有权和管理权合二为一"的公司主导模式，这种模式存在以下局限性：限制了公司现代化治 理发展；由于缺乏职业经理人制度土壤，无法形成有深 ...