Market Overview - On May 23, 2025, A-shares saw a collective decline with the Shanghai Composite Index closing at 3348.37 points, the Shenzhen Component Index at 10132.41 points, and the ChiNext Index at 2021.50 points. A total of 1107 stocks rose while 4204 stocks fell, with a total trading volume of 11555.89 billion yuan [1] - Hong Kong stocks showed mixed results on the same day, with the Hang Seng Index rising by 0.24% to 23601.26 points and a total trading volume of 2036.71 billion HKD. The Hang Seng Index increased by 1.1% over the week, while the Hang Seng Tech Index fell by 0.65% [1] - US stocks experienced fluctuations with the S&P 500 Index down by 0.67% to 5802.82 points, the Nasdaq Composite Index down by 1% to 18737.21 points, and the Dow Jones Industrial Average down by 0.61% to 41603.07 points. For the week, the S&P 500 Index fell by 2.61% [1] New Stock Offerings - On May 26, 2025, there was one new stock available for subscription, with no new stocks listed [2] - The new stock, Youyou Green Energy, has a subscription code of 301590 and an issue price of 89.6 yuan per share, with a price-to-earnings ratio of 15.37. The company specializes in EV full-scene direct current fast charging solutions and core charging components [4] Regulatory Developments - The Financial Regulatory Bureau is drafting a new regulation aimed at achieving "three clears" for asset management products of banks and insurance institutions. The draft includes comprehensive norms for the entire lifecycle of asset management products, focusing on information disclosure [5][6] - The draft regulation emphasizes clear product descriptions, accurate performance reporting, and transparent fee disclosures at various stages of the product lifecycle [6] - The State Administration for Market Regulation is seeking public opinion on a guideline to standardize the charging behaviors of online trading platforms, ensuring fair practices and protecting the rights of platform operators [6] Financial Information Management - The National Internet Information Office is actively addressing online financial information irregularities, resulting in the closure of several accounts that disseminated false information or engaged in illegal stock recommendations [7]

2、海光信息：拟通过换股方式吸收合并中科曙光，股票停牌 海光信息公告称，公司与中科曙光正在筹划由海光信息通过向中科曙光全体A股换股股东发行A股股票 的方式换股吸收合并中科曙光，并发行A股股票募集配套资金。公司A股股票将于2025年5月26日开市时 起开始停牌，预计停牌时间不超过10个交易日。 3、翔港科技：实控人拟减持不超3%公司股份 翔港科技公告称，因个人资金需求，控股股东、实控人及一致行动人董建军计划于2025年6月18日至 2025年9月17日减持不超648.42万股，占公司总股本的3.0%。 // 今日关注 // // 中国股票预警 // 1、中科曙光：海光信息拟换股吸收合并公司，股票停牌 中科曙光公告称，公司与海光信息正在筹划由海光信息通过向公司全体A股换股股东发行A股股票的方 式换股吸收合并中科曙光，并发行A股股票募集配套资金。公司A股股票将于2025年5月26日开市时起开 始停牌，预计停牌时间不超过10个交易日。 4、科源制药：股东问泽鸿拟减持不超过3%公司股份 科源制药公告称，公司持股7.76%的股东问泽鸿计划以集中竞价及大宗交易方式，减持公司股份不超过 324.87万股（占公司总股本的3%） ...

宏观•要闻 央行、外汇局：境外上市募集资金以外币调回的可自主结汇使用 《中国人民银行 国家外汇管理局关于境内企业境外上市资金管理有关问题的通知（征求意见稿）》公开征求意见。意见提出，统一本外币管理政策。境外上市募集 资金、减持或转让股份等所得可以外币或人民币调回，相关资金均可使用资本项目结算账户汇出入。以人民币调回的，还可使用境内企业人民币银行结算账户。参 与H股"全流通"的上市主体对境内股东的分红款在境内以人民币形式派发。境外上市募集资金以外币调回的可自主结汇使用。上市主体可自主选择外汇风险管理途 径，通过银行或券商办理即期结售汇及套期保值交易 存款利率跌破"1"时代 储户转战"新三金"配置 5月下旬，六大国有银行集体下调利率，一年期定存首次跌破1%，活期利率仅0.05%。近一周以来，十余家中小银行紧随大行降息步伐，将最高定存利率压至1.7% 以下。曾经火爆的大额存单抢购潮偃旗息鼓。部分银行同步调低大额存单利率，并下架2年期以上产品。目前大行大额存单利率多未超过1.4%。部分民营银行调降 后，可购大额存单最高利率也仅为1.65%。面对低利率时代，年轻人开始寻找"存款替代"，"货币基金+债基+黄金"的"新三金 ...