地方政府专项债券投向进一步扩围，又有新用途。 6月20日，中国债券信息网发布了2025年北京市第六批政府债券信息披露文件。该文件显示，6月26日北 京市政府专项债券(三十五期)将公开招标发行，该期债券计划发行金额100亿元，期限为10年，募集资 金用于"北京市政府投资引导基金"，这一新用途也引发了业内的关注。 "专项债投向政府投资引导基金是全国首次创新尝试。"陕西巨丰投资资讯有限责任公司高级投资顾问于 晓明在接受《证券日报》记者采访时表示，预计可通过财政资金杠杆撬动社会资本，有望带动地方产业 升级。 于晓明表示，专项债投向扩围能精准匹配新兴领域需求，吸引民间资本培育新质生产力；还可提升资金 使用效率，有助于防范系统性风险。 "专项债投向扩围将产生多维度有益影响，能更精准地满足实体经济多样的资金需求，助力不同领域、 不同项目的发展，促进地方经济发展和产业繁荣。同时，这也有助于提升资金使用效率，避免资金闲置 浪费，充分发挥专项债的积极作用。"宋向清说。 《意见》明确，将完全无收益的项目，楼堂馆所，形象工程和政绩工程，除保障性住房、土地储备以外 的房地产开发，主题公园、仿古城(镇、村、街)等商业设施和一般竞争性产业 ...

下沉市场不是低配版！县城餐饮人做生意的3个狠招 当一线品牌带着"降维打击"的傲慢冲进县城，以为低价+标准化就能通吃时，往往被现实狠狠上课——客单 价80元的网红餐厅门可罗雀，而街角老王那家人均35元的"土味酒楼"却天天爆满。下沉市场，绝非都市餐 饮的"简易模式"。这里的水，比想象中深得多。在河南永城、湖南宁乡、四川射洪…一批扎根县域的"地头 蛇"餐饮老板，正用最朴素的生存智慧，给迷信"大品牌+大资本"的行业人上了一课：想活得好，先看懂这 三条"铁律"。 一、 关键一："升级"藏在"刚需"里，性价比≠廉价感 误判县域消费力，是外来品牌折戟的第一道坎。县城消费者要的不是"阉割版"都市餐饮，而是"值感拉 满"的品质刚需。 1、客单不低，但要"看得见"价值 蜜雪冰城在县城卖6元柠檬水是王者，但县城商场里人均60-80元的本地特色餐厅（如湖北赤壁的"渔悦 轩"河鲜馆）同样座无虚席。关键差异在于——"这钱花在哪儿必须看得见"。 案例： 江西赣州"客家大院"，人均65元主打土灶柴火鸡。食客进店先自选活鸡现杀（透明操作间），配菜是地头 直送的野菜、豆腐，灶台当餐桌，柴火噼啪响。老板李建国直言："城里人吃环境格调，我们这儿吃' ...

据央视新闻，当地时间22日傍晚，伊朗卫生部发言人侯赛因·克尔曼普尔通过其社交账号表示，多年 前，伊朗卫生部就在靠近核设施的医疗机构设置了核应急急救中心。当天在美军轰炸后被送往这些中心 的伤员中，无人出现放射性污染迹象。美总统特朗普美东时间21日宣布，美军"成功打击"伊朗福尔多、 纳坦兹和伊斯法罕三处核设施。 ...

本报记者 杨笑寒 今年以来，险企"补血"进程持续加快。据《证券日报》记者统计，截至6月22日，年内险企通过增资、发债方式补充资本 合计达692.13亿元（部分境外发行债券规模按发稿日汇率换算，下同），同比增长95%。 对于险企"补血"规模大幅增加的原因，普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人周瑾对《证券日 报》记者表示，一是因为近年实施的偿二代二期工程对资本认定更加严格，使得众多保险公司的偿付能力充足率出现下降，亟 须通过增资或发债等方式来补充资本；二是利率持续下行会对保险公司的责任准备金和偿付能力充足率持续加压，为了维持偿 付能力水平充足以支撑业务发展，保险公司仍需要通过股东增资和发行资本补充债等方式进行外生性的资本补充。 南开大学金融学教授田利辉补充说，当前保险行业进入深度调整和转型阶段，保险公司也需要通过资本补充来增强竞争力 和风险防范能力。 此外，保险行业还探索境外零息可转债、资本公积金转增注册资本等多元化资本补充方式。 近日，中国平安发布公告称，此前其拟发行约117.65亿港元于2030年到期的零息可转换为本公司H股股份的债券（以下简 称"H股可转换债券"）。6月11日，H股可转 ...

本报记者 杨洁 6月22日，内地与香港快速支付系统互联互通（以下简称"跨境支付通"）正式上线。《证券日报》记者获悉，作为境内首 批试点行，多家银行积极落地跨境支付通业务，为内地和香港两地居民提供跨境实时汇款服务。 业内人士表示，跨境支付通不仅解决了传统跨境支付的效率与成本痛点，更成为推动人民币国际化、深化内地与香港金融 合作的战略抓手。下一步，商业银行可以以跨境支付通为切入点，加速技术迭代和优化服务模式，为中国金融开放和全球支付 体系变革贡献力量。 助力金融高水平开放 "随着内地与香港往来日益密切，经贸合作更加频繁，居民南下北上消费需求旺盛，对跨境支付的高效安全以及资金的快 速流通提出了更高要求。"中国人民银行有关部门负责人在答记者问时表示，中国人民银行聚焦跨境支付需求，联合香港金融 管理局开展内地网上支付跨行清算系统与香港快速支付系统"转数快"互联互通，充分发挥监管合力和系统优势，打通资金清算 渠道，提高支付效率、降低交易成本，促进两地经贸活动与人员往来，助力金融高水平开放，进一步巩固和提升香港国际金融 中心地位。 据悉，与传统跨境汇款相比，跨境支付通有效缩短了跨境汇款链路，提高了跨境汇款效率，从技术上支持 ...

Core Viewpoint - The recent draft of the "Securities Company Classification Evaluation Regulations" aims to shift the focus of the industry from "scale competition" to "quality competition," promoting differentiated development paths for small and medium-sized institutions [1][2] Group 1: Industry Role and Function - Securities firms play a crucial role in China's capital market and financial system, facilitating a healthy investment and financing cycle, serving the real economy, national strategies, and wealth management for residents [1] - The classification results show a stable number of firms across categories, with A, B, and C class companies accounting for 50%, 40%, and 10% respectively, and approximately 14 firms maintaining an AA rating [1] Group 2: Regulatory Changes and Focus - The revised regulations emphasize guiding securities firms to enhance their functional roles and professional capabilities, with a new evaluation framework focusing on risk management, compliance, business development, and functional performance [2] - A new "functional performance" evaluation organized by the China Securities Association will be incorporated into the classification evaluation to better assess firms' contributions [2] Group 3: Business Development and Performance Metrics - The regulations remove the revenue-based scoring system and increase the emphasis on net asset return, raising the maximum score from 1 to 2 points, encouraging firms to focus on efficiency and quality rather than just scale [4][5] - The projected net asset return for the securities industry in 2024 is 5.5%, a 0.7 percentage point increase year-on-year, with firms like Dongfang Caifu leading at 12.6% [4] Group 4: Differentiated Development for Small and Medium-sized Firms - The regulations expand the scoring criteria for net asset return and major business income from the top 20 to the top 30 firms, allowing smaller firms to explore differentiated development paths [5] - Small and medium-sized firms are encouraged to focus on high-end wealth management and specific industry sectors to create specialized advantages and provide tailored financing solutions [5][6] Group 5: Encouragement of Long-term Investment - The regulations also introduce new indicators to promote long-term capital inflow, including metrics for self-investment in equity assets and management of equity fund products, encouraging firms to enhance their contributions to long-term wealth management [6]

Core Viewpoint - Rocket Pharmaceuticals, Inc. is facing a class action lawsuit for alleged violations of the Securities Exchange Act of 1934, related to misleading statements about its clinical trials and the safety of its gene therapy product RP-A501 [1][3][4]. Group 1: Lawsuit Details - The class action lawsuit is titled Ho v. Rocket Pharmaceuticals, Inc. and covers purchasers of Rocket Pharmaceuticals securities from February 27, 2025, to May 26, 2025 [1]. - The lawsuit alleges that Rocket Pharmaceuticals provided misleading information regarding the safety and clinical trial protocol of RP-A501, particularly concerning serious adverse events, including participant deaths [3][4]. - On May 27, 2025, the U.S. FDA placed a clinical hold on the RP-A501 Phase 2 study after a patient suffered a serious adverse event, which was not disclosed to investors prior to the protocol amendment [4]. Group 2: Lead Plaintiff Process - Investors who purchased Rocket Pharmaceuticals securities during the class period can seek appointment as lead plaintiff, representing the interests of the class [5]. - The lead plaintiff is typically the investor with the greatest financial interest in the case and can select a law firm to litigate the lawsuit [5]. Group 3: Company Background - Rocket Pharmaceuticals operates as a late-stage biotechnology company focused on developing gene therapies for rare diseases [2]. - Robbins Geller Rudman & Dowd LLP, the law firm handling the case, is recognized for its success in securities fraud litigation, having recovered over $2.5 billion for investors in 2024 alone [6].

哈梅内伊高级顾问：即便核设施被摧毁 游戏也远未结束 智通财经6月23日电，据央视新闻，伊朗最高领袖哈梅内伊的高级顾问阿里·沙姆哈尼当地时间22日傍晚 在社交媒体上发文称，即使伊朗核设施被摧毁，游戏也远未结束。浓缩（铀）材料、知识储备和政治意 志依然存在。"凭借正当防卫权，善于谋略、避免盲目打击的一方将掌握政治与行动主动权。好戏还在 后头！"6月13日，沙姆哈尼在以军对伊朗的袭击中受重伤，此后有媒体报道称其已于14日死亡。6月21 日，沙姆哈尼本人在社交媒体上发文否认身亡传闻。 ...

Core Insights - The global obesity drug market is projected to exceed $100 billion by 2030, driven by the increasing number of obese individuals worldwide [1][2] - Major pharmaceutical companies, both multinational and domestic, are intensifying their efforts in the obesity drug sector, leading to fierce competition in technology, capital, and market presence [2] Domestic Drug Development - Domestic companies are making significant progress in the development of obesity drugs, with recent approvals for clinical trials of GLP-1 class innovative drugs by Changshan Biochemical Pharmaceutical and Guangdong Zhongsheng Pharmaceutical [3] - Changshan Biochemical has received approval for clinical trials of its injection for weight loss, while Guangdong Zhongsheng has completed the first participant enrollment for its innovative peptide drug RAY1225 in a Phase III trial [3] - The global sales of GLP-1 receptor agonists (GLP-1RA) are expected to exceed $150 billion by 2031, indicating a strong market potential [3] Market Dynamics - The global obesity drug market is currently dominated by Novo Nordisk's semaglutide and Eli Lilly's tirzepatide, with semaglutide projected to generate sales of 6.6 billion yuan in China by 2024 [4] - The domestic GLP-1 drug market is expected to surpass 20 billion yuan by 2030, with several domestic GLP-1 drugs already approved [5] - The influx of domestic companies into the obesity drug market reflects a consensus on the explosive growth potential of the sector, although it may lead to intensified price competition [5] Competitive Landscape - Chinese pharmaceutical companies are leveraging multi-target innovation and differentiated development strategies to gain a competitive edge in the GLP-1 market [6] - Jiangsu Hengrui Medicine's dual-target drug HRS9531 has shown superior weight loss results compared to existing treatments, indicating the potential for domestic products to compete internationally [6] - Cross-border collaborations in the GLP-1 field are increasing, with companies like Federated Pharmaceutical and Hansoh Pharmaceutical engaging in licensing agreements to expand their market reach [6][7] Future Outlook - The obesity drug market is expected to undergo a significant reshuffle in the next 3 to 5 years, with products that demonstrate clinical value and technological barriers likely to prevail [7]

本报记者 袁传玺 近日，国际数据公司IDC发布的《中国2024年AI数字人市场份额》报告显示，2024年中国AI数字人市场规模约41.2亿元， 同比增长85.3%，实现高速增长。 国内AI数字人市场的高速增长，离不开技术的进步。在生成式AI与大模型技术浪潮下，2025年，AI数字人正以前所未有的 速度从概念走向规模化应用，成为产业数字化转型进程中的焦点与新引擎。 百度集团股份有限公司（以下简称"百度"）副总裁、电商总经理平晓黎表示，今年4月份百度发布的高说服力数字人已让 数字人进入3.0时代，标志着智能电商迈入新篇章，新一代高说服力数字人成为了一个"形神音容"高度协调、会思考决策、能协 作完成特定任务的超级智能体。 AI数字人加速普及 以百度高说服力数字人为例，百度研制的多模协同的数字人技术，基于文心4.5T实现了融合多模规划与深度思考的剧本生 成，由剧本驱动数字人多模协同，实现动态决策的实时交互，使数字人的"神、形、音、容、话"达到高度统一，最终呈现出一 个具备高表现力、内容吸引人、"人—物—场"可自由交互的超拟真数字人。 平晓黎表示，百度的罗永浩数字人已达到媲美头部主播的体感效果，随着大模型与多模能力发展 ...