Core Viewpoint - The recent meeting held by the Ministry of Industry and Information Technology and other departments emphasizes the need to combat "involutionary" competition in the new energy vehicle sector, advocating for long-termism and quality over short-term cost-cutting measures [1] Group 1: Involutionary Competition - "Involutionary" competition is characterized by low-quality, homogeneous, and excessive disorderly competition, often leading to price wars and low-profit operations, particularly in the context of a slowing global economy and shrinking market space [1] - The urgency and necessity of addressing "involutionary" competition have been highlighted in recent government reports and meetings, indicating a strong policy direction towards comprehensive rectification [1] Group 2: Strategies for Companies - Companies should shift from "passive involvement" to "active engagement," focusing on innovation across various dimensions, including technology, management, and service models, to break the cycle of homogeneous competition [2] - Embracing new technologies such as artificial intelligence is crucial for companies to enhance production efficiency and create differentiated competitive advantages [2] - Exploring new markets and meeting emerging demands can help companies avoid "involution," with a focus on cultivating independent innovation capabilities and core competitiveness to establish a sustainable competitive edge [2] Group 3: Governance Framework - A comprehensive governance framework involving the government, society, and enterprises is necessary to effectively address "involutionary" competition, integrating market regulation, precise industrial policy guidance, and flexible business operations [3]

Group 1: Core Insights - The launch of the cross-border payment system enhances convenience for residents in both mainland China and Hong Kong, allowing for easy cross-border remittances through mobile devices [1] - The system significantly reduces payment costs by minimizing intermediaries, with several pilot banks waiving fees during the trial period, fostering a habit of cross-border payments [1] Group 2: Economic Integration - The cross-border payment system facilitates talent exchange and employment by enabling efficient salary payments for employees working across borders [2] - It supports educational and medical cooperation, allowing parents to easily pay tuition and living expenses for students studying abroad, and streamlining medical payments for patients seeking care in different regions [2] Group 3: Financial Market Development - The system promotes the internationalization of the Renminbi by providing a convenient channel for cross-border transactions in both Renminbi and Hong Kong dollars, enhancing the currency's global standing [3] - It strengthens Hong Kong's position as an international financial center, attracting more financial institutions and capital, thereby increasing its competitiveness in the global financial market [3]

Core Viewpoint - The Chinese reinsurance market is rapidly developing but still lags behind international standards in risk management, actuarial pricing, and data modeling, indicating significant potential for growth and improvement in supporting the national economy's high-quality development [1][5]. Group 1: Market Overview - In 2022, China's reinsurance premiums reached 259.5 billion yuan, while direct insurance premiums totaled 5.7 trillion yuan, resulting in a penetration rate of 4.6%. In comparison, global reinsurance premiums were $900 billion, with direct premiums at $7.2 trillion and a penetration rate of 12.5% [1]. - China's direct insurance ranks second globally, while its reinsurance ranks seventh, highlighting the need for increased penetration in the reinsurance sector [1]. Group 2: Support for National Strategies - The reinsurance industry has actively supported major national strategies, including aerospace projects and the Belt and Road Initiative, with initiatives like the establishment of a nuclear community to provide comprehensive risk coverage for over 1 trillion yuan in nuclear assets [2]. - As national strategies advance, there will be a surge in new and complex reinsurance demands, necessitating improvements in risk pricing, product innovation, and global risk diversification capabilities [2]. Group 3: Innovation and Industry Development - The reinsurance sector can play a crucial role in supporting technological innovation and modern industrial systems by mitigating risks associated with technology development failures, equipment damage, and supply chain disruptions [3]. - By sharing data and enhancing underwriting capabilities, reinsurance can help direct insurers better serve critical sectors, particularly those facing "bottleneck" technology challenges [3]. Group 4: Disaster Risk Management - There is a significant gap in the compensation capacity of China's insurance industry for natural disasters, with direct economic losses from disasters amounting to approximately 401.1 billion yuan, while insurance payouts cover nearly 10% of these losses [4]. - The reinsurance mechanism can aggregate underwriting capacity to efficiently transfer and diversify catastrophic risks, leading to more accurate pricing and innovation in catastrophe insurance products [4]. Group 5: Future Outlook - The reinsurance industry must integrate its development with the broader economic and social landscape of the country, enhancing risk management systems and data infrastructure to effectively promote high-quality economic development [5]. - As the penetration rate of the reinsurance market increases, its role in supporting national strategies, enabling technological innovation, and improving disaster protection systems is expected to become more critical [5].

Group 1 - The core viewpoint of the articles indicates that China's GDP is expected to achieve a growth target of over 5% in the first half of 2025, driven by strong consumption and investment, particularly from the "two new" policies [1][2][3] - The "two new" policies have significantly boosted consumption and investment, with retail sales of consumer goods growing by 5.0% in the first five months, compared to 3.5% for the entire previous year [2][3] - Manufacturing investment has also seen robust growth, with a reported 8.5% increase in manufacturing investment year-on-year in the first five months, outpacing the overall fixed asset investment growth [3][4] Group 2 - The "two new" policies have led to substantial increases in specific retail categories, such as home appliances and communication equipment, with growth rates of 53% and 33% respectively in May [2][3] - The manufacturing sector has shown strong performance, with significant increases in production for lithium-ion batteries, shipbuilding, and other related industries, indicating a positive impact from the "two new" policies [3][4] - Experts suggest that while the "two new" policies have been effective, there is a need for further measures to sustain consumer momentum and address structural weaknesses in the consumption market [5][6] Group 3 - The economic outlook for the second half of the year presents both challenges and opportunities, with external uncertainties potentially impacting export growth, while domestic consumption needs to be further solidified [5][7] - Recommendations for policy enhancements include expanding the coverage of the "two new" policies and considering measures like issuing consumption vouchers to stimulate spending among low-income groups [6][7] - Overall, experts believe that with continued support through fiscal and monetary policies, China's economy can maintain a steady growth trajectory, contributing to the goals set in the 14th Five-Year Plan [7]

港股热度持续提升。近期，超百亿元资金涌入港股主题ETF，多只港股主题ETF份额创历史新高。与此 同时，公募加快产品布局速度，把握港股市场细分投资机会。在业内人士看来，港股市场正焕发新活 力，优质资产掀起赴港上市潮，叠加市场活跃度提升，港股投资性价比显现。 公募加大布局力度 资金涌入港股主题ETF 据Choice测算，6月10日以来，截至6月19日，港股主题ETF净申购额为103.26亿元。从资金流向来看， 主要涌入港股创新药、科技、红利等领域。 具体来看，汇添富港股通创新药ETF净申购额为18.19亿元，广发港股创新药ETF、华夏恒生科技指数 ETF、华泰柏瑞南方东英恒生科技ETF净申购额也均在16亿元以上。 随着资金持续涌入，多只ETF份额创历史新高。具体来看，截至6月19日，华泰柏瑞南方东英恒生科技 ETF、华泰柏瑞港股通红利ETF、景顺长城港股创新药50ETF等份额均创历史新高。 拉长期限来看，多只港股主题ETF规模较去年底翻倍。从去年底至今年6月19日，富国港股通互联网 ETF规模从221.9亿元增至452.71亿元，景顺长城港股科技50ETF规模从58.1亿元增至133.99亿元，工银 瑞信港股通科 ...

"将全球的上市公司作对比，能发现更多卓越公司。"何理称，A股的优势在于具备大量传统优质企业， 港股涵盖了多家新消费、科技等板块的公司，美股则拥有全球科技龙头股、消费医药股和周期制造 股。"在全球范围内'翻石头'，能让我们更准确地识别和发现一家企业的全球竞争力。"何理说。 与此同时，何理认为，百年未有之大变局下，各国经济周期严重错位，单一市场配置会加剧组合波动。 基于深度研究的全球配置，能够在一定程度上提升组合的稳健度。 据何理介绍，止于至善目前的投资组合涵盖了A股、港股、美股，以及韩国和印度等多个市场的优质企 业。与此同时，止于至善的核心投研团队共计7人，其中5人是海归研究生，具备良好的全球化投研基 础，近年来多次到海外进行调研。 止于至善最为市场熟知的，是对AI"炒股"的先行尝试。但事实上，其前沿探索远不止于此。 "百年未有之大变局下，一家私募管理人要以长期视角'排兵布阵'。"在资本市场浸淫十余年，止于至善 总经理何理近年来尤其重视自己和团队的长期应变能力。在他看来，置身于各种不确定"迷雾"，私募要 主动拥抱科技浪潮，同时应放眼全球寻找机会，抵御单一市场周期性波动对组合带来的风险。 据悉，止于至善投资今年不 ...

佘诗曼 " 打卡 " 深圳山姆 有市场人士告诉《商业观察家》，深圳山姆港客会员北上消费热度减退，"跟去年同期比，深圳山姆目前的港客差不多少了近50%，不过，港 客占深圳山姆的销售比重也不大，过去的销售占比就在10%-15%左右。" 分析此波港客下滑的原因，一些市场人士对《商业观察家》称，可能主要有四方面因素影响：新鲜感下降、业务局限、内部分流、大环境。 一 新鲜感下降 香港消费者之前很喜欢去深圳山姆采购商品，现在热度下降，与新鲜感下降可能有一些关系。 疫情"解封"后，港客北上游玩市场出现了一个"小爆发"，很多港客会把山姆、Costco等仓储会员店当作游玩的站点，因为香港没有仓储会员店 业态，香港的超市业态面积都很小，相比内地要小很多。由此，仓储会员店这种大空间、"大仓储"式的购物方式，满足了很多港客的新鲜感 需求，进而激发了兴奋感。 但这种兴奋感可能会随着时间的延长而有所"流失"。而当兴奋感下降，很多港客就会开始考虑"实际"了。 仓储会员店的业务模型是做仓储批发的"大包装售卖"，消费者需要采购量大才能感受到便宜——量大带来便宜，你买得多，价格当然就能给 你便宜点。那么，要让消费者"大量"采购，首要的一个前提条 ...

1、南方创业板中盘200交易型开放式指数证券投资基金（以下简称"本基金"）的发售已获中国证监会 2025年2月27日证监许可〔2025〕379号文注册。 [重要提示] 2、本基金类别为股票型证券投资基金，运作方式为交易型开放式。 3、本基金的基金管理人为南方基金管理股份有限公司（以下简称"本公司"），基金托管人为招商银行 股份有限公司，登记结算机构为中国证券登记结算有限责任公司。 4、本基金自2025年7月1日至2025年7月11日进行发售。投资人可选择网上现金认购、网下现金认购2种 方式。其中，网上现金认购的日期为2025年7月1日至2025年7月11日，网下现金认购的日期为2025年7月 1日至2025年7月11日。如深圳证券交易所对网上现金认购时间做出调整，我司将相应调整并及时公告。 5、本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 6、本基金网上现金发售通过深圳证券交易所内具有基金销售业务资格并经深圳证券交易所认可的会员 单位办理。 7、本基金网下现金发售通过基金管理人及其指定的发售代理机构办 ...

正是上述原因，此次科创板改革还试点引入资深专业机构投资者制度，希望借助这些机构投资者的专业 判断、真金白银的投入，帮助审核机构、投资者增强对企业科创属性、商业前景的判断，更加有效地识 别优质科技型企业。 对于机构投资者来说，真正考验他们专业能力的时候来了。 6月18日，中国证监会正式发布《关于在科创板设置科创成长层增强制度包容性适应性的意见》，在科 创板内部新设科创成长层，为未盈利但前景广阔的科技型企业开辟专属上市通道。科创成长层企业股票 简称后添加"U"（Unprofitable），作为特殊标识。 科创成长层的推出，大幅提升了资本市场对科技创新企业的包容性与适应性，为人工智能、商业航天、 低空经济等更多前沿领域注入源头活水，体现资本市场服务科技创新的应有之义。 需要指出的是，当资本市场向未来科技敞开大门时，当"U"标识企业持续涌入资本市场时，新的投资机 遇实际上也对投资者的专业投资能力也提出了更高的要求和更大的挑战。 科创成长层企业的"U"标识，暗含着企业更难以评估的价值。实事求是地说，很多未盈利科技企业有技 术理论的支撑，但其价值更多被寄望于未来的市场潜力，而非眼前实实在在的利润，投资者不能沿用传 统的市 ...

□ 汪云沾 □ 国有资本属性的基金管理人正逐渐发展成为我国股权投资市场募资与投资的主导力量，不仅为整个行 业注入了大量且稳定的资金，而且还以精准投向新质生产力领域，成为行业的中流砥柱，对我国战略性 新兴产业及未来产业的培育与发展具有不可替代的关键作用 □ 风险投资具有高度的专业性，对人才要求严格，单靠尽职尽责难以胜任。在国资创投快速前行的过程 中，也面临一系列制度性、系统性问题与挑战 □ 以适当薪酬吸引人才、以有效的机制激励约束人才、以独立的决策机制激发人才，是建设创投专业队 伍、防范道德风险、降低投资风险，尊重风险投资市场经济规律的基本做法，是从源头上解决国资创 投"不敢投、不愿投"难题，从根基上保证国资创投长远健康发展的制度基础 当下，国有资本创业投资（以下简称 "国资创投"）呈现出蓬勃发展的态势。国资创投作为有限合伙人 （LP，即为股权投资提供资金来源的主体），为整个行业注入了大量且稳定的资金；同时，其以普通 合伙人（GP）的身份积极募集资金，精准投向新质生产力领域，已然成为行业的中流砥柱，对我国战 略性新兴产业以及未来产业的培育与发展具有不可替代的关键作用。 然而，在国资创投快速前行的过程中，也面临一 ...