Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of integrating technological innovation with industrial innovation while enhancing investor protection, particularly for small and medium-sized investors, to support the development of new productive forces [3]. Group 1: Capital Market Reforms - The CSRC will comprehensively implement the new development concept and deepen reforms in the capital market's technology finance system, enhancing the functions of multi-tiered capital markets [3]. - There will be a push for the reform of the stock issuance registration system, focusing on information disclosure and strict regulatory accountability, while promoting the listing of high-quality unprofitable technology companies [5]. Group 2: Support for Technology Enterprises - The CSRC aims to support the differentiated development of the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, optimizing arrangements to better meet the diverse financing needs of technology enterprises at different stages [5]. - There is a commitment to cultivate long-term capital and encourage private equity funds to adapt their assessment mechanisms to better align with the characteristics of technology innovation enterprises [6]. Group 3: Investor Protection - The CSRC will enhance investor protection by ensuring that financing services for technology enterprises and the protection of investors' legal rights are coordinated and effectively implemented [8]. - Efforts will be made to improve the transparency of information related to technology innovation attributes and investment risks, as well as to establish a mechanism for representative litigation [7][8]. Group 4: Market Integrity - The CSRC plans to revise the Securities and Futures Market Integrity Supervision and Management Measures to strengthen the construction of a trustworthy market environment, enhancing the integrity of all market participants [10]. - Measures will be taken to establish a comprehensive database for market integrity, implement strict penalties for dishonest behavior, and improve the professional ethics of industry personnel [10].

2025 年 6 月 5 日星期四 广发早知道-汇总版 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 有色金属： 铜、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 集运指数 商品期货： PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 周敏波（投资咨询资格：Z001 ...

Group 1 - The Moscow Exchange has launched Bitcoin futures trading for qualified investors [1] - This move indicates a growing acceptance of cryptocurrency in traditional financial markets [1] - The introduction of Bitcoin futures is expected to enhance liquidity and attract more institutional investors [1]

Core Insights - In April 2025, securities and futures institutions registered a total of 1,545 private asset management products, marking a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1] - The total establishment scale of these products reached 68.57 billion yuan, reflecting a month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1] Summary by Categories - **Product Registration** - A total of 1,545 private asset management products were registered in April 2025 [1] - This represents a month-on-month increase of 5.60% and a year-on-year increase of 103.56% [1] - **Establishment Scale** - The establishment scale of the registered products was 68.57 billion yuan [1] - This shows a month-on-month decrease of 0.36% but a year-on-year increase of 32.19% [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The suspension of reciprocal tariffs enhances the risk appetite of A-shares. The appreciation of the RMB attracts foreign capital inflows, and global financial asset reallocation is favorable for A-shares. The market is waiting for new positive forces to break the current large-scale horizontal consolidation situation [14][63]. - The decline in deposit rates, the large-scale issuance of free cash flow ETFs, and the appreciation of the RMB are beneficial for the value style. The suspension of reciprocal tariffs boosts risk appetite, which is conducive to the growth style. The market is expected to continue its structural trend [65]. 3. Summary According to Related Catalogs Market Viewpoints - On May 12, China and the US reached an agreement to significantly reduce reciprocal tariffs, which is beneficial for domestic exports. As of the end of April 2025, the total net asset value of public funds was 33.12 trillion yuan, an increase of 89.85 billion yuan compared to the end of March. Since the beginning of 2025, Asian currencies and the euro have mostly appreciated by 5% - 10% against the US dollar, while the RMB has risen by less than 2% from the beginning of the year to early May. The appreciation of the RMB has attracted over 150 billion yuan in cumulative net inflows of northbound funds, a significant increase compared to the same period last year. These foreign funds prefer blue-chip stocks with stable performance and high dividend yields, strengthening the value investment style [14]. - The huge losses in Asian life insurance have exposed the systematic risks of maturity mismatches in US dollar assets. A "big retreat" of up to $7.5 trillion from US assets has just begun. Goldman Sachs strategists believe that the Chinese stock market is expected to benefit from improved corporate profit prospects and increased foreign capital inflows. On May 28, the US Trade Court suspended reciprocal tariffs, which is conducive to enhancing the risk appetite of A-shares. The major indices of the two markets are still repairing their daily technical indicators, waiting for new positive forces [14]. Trading Strategies - **Futures Direction Trading**: The suspension of reciprocal tariffs by the US Trade Court, the continuous inflow of foreign capital attracted by the RMB appreciation, and the reallocation of global financial assets are all favorable for A-shares. The market is waiting for new positive forces to break the current large-scale horizontal consolidation [15]. - **Options Trading**: Since the market is still in a large-scale horizontal consolidation phase, it is recommended to postpone the purchase of deep out-of-the-money call options on stock indices [15]. Macroeconomic Data - In April, China's export volume was $315.6 billion, a year-on-year increase of 8.2%, far exceeding expectations. The monthly value of social consumer goods retail in April was 3.30 trillion yuan, a year-on-year increase of 5.1%. The monthly value of manufacturing fixed asset investment in April was 2.39 trillion yuan, a year-on-year increase of 8.2%. The monthly value of infrastructure investment in April was 2.08 trillion yuan, with a year-on-year growth rate of 9.6% [24][27][29]. - In April, the cumulative year-on-year growth rate of industrial added value was 6.4%, and the month-on-month growth rate was 0.22%. The solar power generation in April was 44.7 billion kWh, a year-on-year increase of 42.5%. The export volume of electric vehicles in April was 308,000 units, a record high, with a year-on-year increase of 37.5%. The output of industrial robots in April was 71,500 units, a historical high, with a year-on-year increase of 42% [33][35][37]. - In April, the output of integrated circuits was 41.6 billion pieces, still at a historical high. In April, the year-on-year growth rate of retail and food sales in the US was 5.2%, indicating high consumption levels. In March, the US commodity import volume was $346.7 billion, a record high, with a year-on-year increase of 32.2% [41][43][45]. - In March, the US consumer goods import volume reached $103.1 billion, a new historical high, with a year-on-year growth rate of 55.9%, reflecting strong consumer demand and large-scale inventory replenishment by retailers. In March, the US intermediate goods import volume was $75.5 billion, still at a high level, with a year-on-year growth rate of 39.4%, indicating that US manufacturers are hoarding intermediate goods due to tariff issues [47][49]. - In March, the US capital goods import volume was $93 billion, a new historical high, with a year-on-year growth rate of 22.5%, indicating an acceleration of the return of US manufacturing and the "re - industrialization" process in the US. In March, the US merchandise trade deficit was $163.5 billion, a new historical record, with a year-on-year growth rate of 74.8% [51][54]. - In March, the number of job openings in the US was 7.19 million, and the voluntary resignation rate rose to 2.1%, indicating a tightening labor market in the US. In March, the inventory growth rates of US wholesalers and manufacturers continued the trend of active inventory replenishment [56][59]. Strategy Recommendations - Wait for positive forces to break the current horizontal consolidation situation, as the suspension of reciprocal tariffs by the US Trade Court, the appreciation of the RMB attracting continuous foreign capital inflows, and the reallocation of global financial assets are all favorable for A-shares [63]. - Postpone the recommendation of far - month deep out-of-the-money call options on stock indices while the market is in the horizontal consolidation phase of a large platform, and wait for the market to break through upwards [67].

投资咨询业务资格： 证监许可[2011]1771号 研 究 所 晨 会 观 点 精 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-80128600-8630 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-80128600-8622 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-80128600-8616 邮箱：fengb@qh168.co ...

Group 1 - The core viewpoint of the articles emphasizes the importance of integrating investor education into the national education system, as mandated by the China Securities Regulatory Commission, and highlights a successful event held in Xinjiang to promote financial literacy among students [1][3]. - The event attracted over 1,500 participants, including students and faculty, and effectively combined financial knowledge dissemination with employment services, showcasing significant outcomes [1][3]. - The activities included immersive educational methods such as interactive games and case studies, resulting in the distribution of over 4,000 educational materials and 2,000 educational supplies, which enhanced students' financial literacy [3]. Group 2 - The initiative aims to create a comprehensive talent cultivation mechanism that integrates education, industry practice, and career development, fostering a deep connection between the education chain, talent chain, and industry chain [4]. - The association plans to strengthen the "industry + university" collaborative model, promoting financial knowledge lectures and online educational courses in universities to build a complete talent cultivation system [4]. - This approach is designed to continuously inject strong momentum into the high-quality development of Xinjiang's capital market by preparing high-quality professional talent [4].

新京报讯（记者行海洋）5月15日，北京市人民检察院第三分院通报，2024年，该院共受理各类证券期 货犯罪捕诉案件72件165人，办案量居全国首位。 作为北京唯一的证券期货犯罪办案基地，北京市检三分院对北京市证券期货犯罪实施集中管辖，充分发 挥法律监督职能作用，自2022年连续四年发布《检察机关证券期货犯罪办案基地（北京）建设手册》， 依托所办理案件和相关数据协助金融证券行业治理。 当天，北京市检三分院发布依法从严打击证券犯罪典型案例，涉及罪名既包括传统的内幕交易、利用未 公开信息交易犯罪，也包括近年来新出现的财务造假犯罪及中介机构人员提供虚假证明文件罪。 其中，朱某军、刘某军提供虚假证明文件案是检察机关在办理一起违规披露重要信息案件中发现线索并 成功追诉的案件。通过大数据法律监督模型，检察工作人员发现审计人员朱某军、刘某军有提供虚假证 明文件的嫌疑，依法向公安机关移送案件线索，并开展引导侦查，最终成功追诉2名涉嫌犯罪的中介组 织人员。通过全链条打击财务造假，对沦为财务造假"帮凶"的中介机构人员依法追捕追诉，推动压实中 介机构"看门人"职责。 张某某违规披露重要信息案是发生在全国中小企业股份转让系统（也称"新三 ...

Report Information - Report Date: May 16, 2025 [2] - Report Type: Global Asset Market Performance Analysis 1. Global Bond Market 1.1 10 - Year Treasury Bond Yields - **Yield Changes**: On May 15, 2025, the 10 - year Treasury bond yields of major economies showed various changes. For example, the US yield was 4.433 with a latest change of - 0.105, a one - week change of 0.053, a one - month change of 0.057, and a one - year change of - 0.025. The UK yield was 4.659 with significant one - year growth of 0.536 [3]. 1.2 2 - Year Treasury Bond Yields - **US and China**: The US 2 - year Treasury bond yield on May 15, 2025, was 4.020 with a latest change of 0.040. China's 1 - year bond yield (equivalent here) was 1.436 with a latest change of 0.019 [3]. 2. Global Exchange Rate Market 2.1 Dollar against Major Emerging Economies' Currencies - **Rate Fluctuations**: The exchange rate of the dollar against major emerging economies' currencies had different trends. For instance, against the Brazilian real, it was 5.683 on May 15, 2025, with a latest change of 0.79% and a one - year change of 12.05% [3]. 2.2 RMB Exchange Rates - **On - shore and Off - shore RMB**: The on - shore RMB exchange rate was 7.207 on May 15, 2025, with a latest change of - 0.01% and a one - year change of - 0.16%. The off - shore RMB was 7.205 with a latest change of - 0.09% and a one - year change of - 0.28% [3]. 3. Global Stock Market 3.1 Major Economies' Stock Indexes - **Performance in Different Regions**: On May 15, 2025, the S&P 500 index was 5916.930 with a latest change of 0.41% and a one - year change of 14.06%. The Hang Seng Index was 23453.160 with a latest change of - 0.79% and a one - year change of 26.92% [3]. 3.2 Stock Index Futures Trading Data - **China's A - Share Market**: The closing price of A - shares was 3380.82 with a decline of 0.68%. The trading data also included information on the CSI 300, SSE 50, ChiNext, and CSI 500, such as their closing prices, price changes, valuations, and fund flows [5]. 4. Bond and Currency Futures Market 4.1 Treasury Bond Futures Trading Data - **Prices and Changes**: On May 15, 2025, the closing prices of Treasury bond futures T00, TF00, T01, and TF01 were 108.555, 105.790, 108.695, and 105.990 respectively, all showing slight declines [6]. 4.2 Money Market - **Funding Rates**: The R001, R007, and SHIBOR - 3M funding rates were 1.4477%, 1.5456%, and 1.6450% respectively, with daily changes of - 9.00BP, 1.00BP, and 0.00BP [6]. 5. Credit Bond Index - **Performance of Different Bond Types**: The credit bond indexes included US investment - grade, euro - zone investment - grade, emerging - economies investment - grade, US high - yield, euro - zone high - yield, and emerging - economies high - yield credit bond indexes, each with different latest, weekly, monthly, and yearly changes [3][4].

加大问题公司出清力度 55家上市公司退市 记者了解到，中国证监会加快构建财务造假综合惩防体系，从严打击虚构业务、滥用会计政策等恶性造假行为，切实维护资本市场秩序和投资者权益。 0:00 / 1:00 5月15日，证监会发布2024年中国证监会执法情况综述。2024年，证监会依法从严执法，持续加大执法力度，重点领域执法成效显著。 0:00 / 0:52 2024年，证监会依法从严查办证券期货违法案件739件，作出处罚决定592件、同比增长10%，处罚责任主体1327人（家）次、同比增长24%，市场禁入 118人、同比增长15%；向公安机关移送涉嫌犯罪案件和线索178件，同比增长51%。 从案件构成看，信息披露案件249件位居首位，占案件总数的34%；中介机构未勤勉尽责案件95件，连续三年增加，占案件总数的13%；内幕交易案件 178件、操纵市场案件71件，分别占比24%、10%，数量与往年基本持平。 另外，证监会全面追究各类审计、保荐、法律服务等中介机构未勤勉尽责行为的责任，全年罚没6.73亿元。其中，在恒大地产案中对审计机构普华永道 开出3.25亿元"创纪录"罚单。 2024年，证监会对87家拟上市企业开展现 ...