每经编辑｜胡玲 5月31日消息，国家互联网信息办公室近日就《网信部门行政处罚裁量权基准适用规定（征求意见稿）》向社会公开征求意见。征求意见稿提出，对当事人 的同一个违法行为，不得给予两次以上罚款的行政处罚。另外，征求意见稿提出，同一个违法行为违反多个法律规范应当给予罚款处罚的，按照罚款数额高 的规定处罚。有两个以上应当给予行政处罚违法行为的，应当分别裁量，合并处罚。（央视新闻） 4 香港《稳定币条例》正式成为法例 香港特别行政区政府于5月30日在宪报刊登《稳定币条例》，这意味着《稳定币条例》正式成为法例。此前，香港立法会已经在5月21日正式通过该条例草 案，用以在香港设立"法币稳定币"（挂钩法定货币的稳定币）发行人的发牌制度。该法例旨在推动金融创新的同时保持金融稳定，并标志着香港在数字资产 领域迈出了重要的一步。（证券时报） 5 药企涉嫌贿赂百名医务人员，四川卫健委通报：违规费用已全部清缴 5月31日，根据健康四川官微消息，近期，四川省卫健委收到"某药企涉嫌向医生输送商业贿赂"举报信，成立调查组会同相关部门开展调查核实工作。举报 信涉及医疗机构人员125人，其中6人信息重复，1人信息不实，核实为118人，分布 ...

Macro Dynamics - The National Development and Reform Commission has announced a reduction in credit service fees, with the standard fee for querying corporate credit reports set at 9 yuan and personal credit reports at 1 yuan. Discounted rates apply to 11 types of financial institutions, with corporate reports costing 4.5 yuan and personal reports 0.5 yuan [1] Industry Data - The Ministry of Industry and Information Technology reported that from January to April 2025, the added value of the electronic information manufacturing industry increased by 11.3% year-on-year, outperforming the overall industrial growth by 4.9 percentage points [3] - The cumulative export delivery value of the electronic information manufacturing industry from January to April 2025 grew by 4.5% year-on-year, although it saw a decline of 2.7% in April [3] - In April 2025, the domestic smartphone shipment reached 25.038 million units, marking a year-on-year increase of 4.0%. Among these, 5G smartphones accounted for 79.4% of the total shipments, although their shipment decreased by 1.7% year-on-year [5][4] Financial Institutions - The former president of the Zhejiang branch of the Industrial and Commercial Bank of China, Shen Rongqin, is under investigation for serious violations of discipline and law [8] Market Data - On May 30, the A-share market saw declines across major indices, with the Shanghai Composite Index down by 0.47% and the Shenzhen Component Index down by 0.85%. The total trading volume was approximately 1.139 trillion yuan, a decrease of about 46.243 billion yuan from the previous trading day [9] - In the Hong Kong market, the Hang Seng Index fell by 1.2%, and the Hang Seng Tech Index dropped by 2.48%, with consumer and technology stocks leading the declines [12] Company Dynamics - Lü Zhiqiang has been appointed as the chairman and party secretary of China First Heavy Industries Group Co., Ltd., while also being relieved of his position as general manager [13] - Yonghui Supermarket and its legal representative Zhang Xuansong have been restricted from high consumption due to failure to comply with a court order related to a service contract dispute [14] - Zong Fuli has officially taken over as the legal representative and chairman of Wahaha Group, succeeding Zong Qinghou [15] - Douyin Group has established a short drama copyright center to enhance copyright management and support quality creators [16]

Group 1: Banking and Finance - In Q1 2025, the total RMB loans increased by 9.78 trillion yuan, with a total balance of 265.41 trillion yuan, reflecting a year-on-year growth of 7.4% [1] - The balance of RMB real estate loans reached 53.54 trillion yuan, with a slight year-on-year increase of 0.04% and a quarterly increase of 619.7 billion yuan [1] - The consumer finance sector has seen a surge in bad asset transfers, with 103 announcements made by 15 licensed consumer finance companies by May 29, 2025, indicating a significant market activity [2] Group 2: Manufacturing and Industry - China's shipbuilding industry continues to show strong resilience, with new orders in the first four months of 2025 maintaining the largest global market share [3] - The automotive sector reported an import and export total of 23.09 billion USD in April 2025, with exports increasing by 6.9% month-on-month [3] Group 3: Agriculture and Livestock - Major pig farming companies have received notifications to suspend the expansion of breeding sows and control the weight of pigs for slaughter, indicating regulatory measures to stabilize prices [4] Group 4: Technology and Innovation - The first fully automated testing system for medical electronic instruments based on NQI technology has passed inspection, marking a significant advancement in China's medical instrument industry [5] Group 5: Corporate Actions - Zhejiang Medicine plans to use up to 1 billion yuan of idle funds for entrusted wealth management, with a maximum investment period of 12 months [10] - All-in-one subsidiary Jinbo Hydrogen Energy of Quanxin Co. has received a supplier designation notice, indicating a strategic move in the hydrogen energy sector [11]

Group 1 - The total number of tax refund applications from outbound travelers at Beijing's airports reached 8,075, with a total amount of approximately 369 million yuan, marking a year-on-year increase of 114.82% and 79.41% respectively [1] - The number of inbound and outbound travelers monitored by Beijing Customs reached 7.07 million, a year-on-year increase of 22.3%, while the number of flights at the two major airports increased by 23.9% to 40,622 [1] - The implementation of the "Ten Measures" by Beijing Customs has significantly enhanced the attractiveness of inbound tourism and consumption for foreign travelers [1] Group 2 - The tax refund policy has made shopping in Beijing more appealing to foreign tourists, as evidenced by positive feedback from travelers who appreciate the convenience and discounts [2] - The variety of products favored by foreign tourists includes traditional Chinese goods and modern electronics, indicating a growing interest in both cultural and technological offerings [2] - To accommodate the increase in tax refund business, additional verification points have been established at the airports, streamlining the process for travelers [3]

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零售板块短线走低，国光连锁（605188）跌停，国芳集团（601086）、步步高（002251）、赫美集团 （002356）、中百集团（000759）、皇庭国际（000056）等跟跌。 暗盘资金流向曝光！提前捕捉庄家建仓信号>> ...

关税政策已在美国国内引发广泛反弹。企业层面，12 个州联合起诉特朗普政府，指控其关税政策 "颠覆宪法秩序"。纽约州总检察长利蒂希娅・詹姆斯直 言："总统没有权力随心所欲地提高税收"。美国消费者技术协会警告，若关税持续，2025 年该行业购买力将下降 900 亿至 1430 亿美元，笔记本电脑、智能 手机等产品销量可能暴跌 37%-68%。汽车行业首当其冲：斯泰兰蒂斯集团因关税成本暂停北美工厂生产，解雇 900 名工人。 民生层面，关税直接推高物价。耶鲁大学预算实验室研究显示，特朗普的关税政策使 2025 年美国通胀率上升 2.3%，每个家庭年均损失 3800 美元，皮革、 外套等商品价格涨幅超 15%。密歇根大学消费者信心指数从年初的 64.7 暴跌至 5 月的 50.8，创 2020 年以来新低，显示民众对经济前景的悲观情绪加剧。沃 尔玛首席执行官道格・麦克米利恩指出，消费者已出现 "月底前钱花光" 的现象，被迫转向廉价品牌。 政治层面，国会内部裂痕扩大。共和党参议员查克・格拉斯利联合民主党提出《2025 贸易审查法案》，要求总统加征关税需国会批准，并在 60 天后自动失 效。尽管特朗普威胁否决该法案，但已 ...

Group 1: Cross-Border Tourism Trends - The upcoming Dragon Boat Festival holiday is expected to boost cross-border tourism, with increasing numbers of domestic and international travelers participating in unique tours such as "one-day cross-border tours" and "border style tours" [1][3] - Nanning port anticipates over 7,000 travelers during the holiday, with measures in place to ensure smooth passage through additional inspection channels [3] - The Friendship Pass in Pingxiang is projected to see an average of over 8,000 travelers daily during the holiday, with a total of over 97,000 travelers expected across three key ports [4] Group 2: Inbound Tourism in Jiangxi - The city of Jingdezhen, known for its ceramic culture, is attracting a growing number of foreign tourists who are eager to purchase authentic Chinese porcelain and experience traditional pottery-making [5][7] - Tourists are engaging in hands-on experiences, creating their own designs on porcelain under the guidance of skilled artisans, highlighting cultural exchange [7][9] - Jingdezhen has received 51,000 inbound tourists this year, generating a consumption of 154 million yuan [9] Group 3: Korean Tourists in Shanghai - Following the implementation of visa-free policies, the number of Korean tourists visiting Shanghai has surged, with over 200,000 arrivals in the first quarter, nearing half of last year's total [11] - Korean tourists are particularly drawn to local supermarkets and restaurants, with a significant increase in sales of local snacks and meals [11][13] - The influx of Korean visitors has led to a 180% year-on-year increase in orders from this demographic, with a notable 40% of visitors aged between 20-39 [11][13] Group 4: Shopping Trends in Shenzhen - Shenzhen has become a popular shopping destination for foreign tourists, particularly in the electronics market, where many visitors leave with full bags of purchases [15][20] - The Huaqiangbei commercial street, a hub for electronic products, is home to 110,000 business entities, catering to the shopping needs of international customers [16][20] - Foreign tourists have shown a strong interest in Chinese technology products, with significant tax refund amounts reported for purchases made by foreign visitors [20]

Core Viewpoint - The Federal Reserve has decided to maintain the federal funds rate target range at 4.25% to 4.50%, prioritizing inflation control amid persistent inflation, slowing growth, and policy uncertainty [1][7]. Inflation - Despite a noticeable easing since 2022, as of March 2025, the core Personal Consumption Expenditures (PCE) price index year-on-year increase is still at 2.6%, with overall inflation at 2.3%, slightly above the Fed's long-term target of 2% [2]. - Recent tariff increases have significantly impacted the prices of goods and services, with companies planning to pass on cost increases to consumers, further exacerbating inflationary pressures [2]. - The Fed staff analysis indicates that inflation may be more persistent than previously expected, with projections suggesting inflation rates will remain above target until 2027 [2]. Labor Market - The labor market remains robust, with an unemployment rate stable at 4.2% as of April, close to the average level for the second half of 2024 [3]. - However, increasing trade policy uncertainty has led some companies, particularly in manufacturing, agriculture, and retail, to limit or pause hiring plans [3]. - While the current labor market is strong, there are concerns about potential signs of weakness in the coming months due to slowing economic activity and declining export demand [3]. Economic Growth - The first quarter saw a slight decline in actual GDP, attributed to fluctuations in net exports, with a surge in imports ahead of anticipated tariff increases and weak export growth [4]. - The Fed staff predicts that newly announced trade policies will have a more severe impact on economic activity than previously anticipated, potentially dragging down the potential growth rate in the coming years [4]. Financial Markets - Recent financial market volatility has been notable, with long-term Treasury yields rising and the dollar depreciating against most major currencies, attributed to concerns over the adverse effects of trade policies on the U.S. economy [5]. - Although the overall functioning of financial markets remains orderly, liquidity indicators in the Treasury market have deteriorated, reflecting investor uncertainty regarding policy direction [5]. Monetary Policy Stance - The committee members agree that maintaining the current interest rate is appropriate given the robust economic activity and labor market, while emphasizing the need for flexibility in policy adjustments based on new economic information [6][7]. - The Fed is committed to gradually normalizing its balance sheet by reducing holdings of Treasury securities, agency debt, and mortgage-backed securities (MBS) [7]. Future Outlook - The FOMC signals a clear stance that, despite downward pressure on economic growth, the Fed will not easily shift to a loose monetary policy until inflation clearly returns to target levels [9]. - The Fed is closely monitoring global trade policy developments and their potential ripple effects on the U.S. economy, remaining vigilant and ready to respond flexibly to changes in economic data and risks [9].

重要内容提示： ? 会议召开时间：2025 年 6 月 6 日(星期五) 下午 16:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 5 月 29 日(星期四) 至 6 月 5 日(星期四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮 箱 dshoffice@nnbh.net 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 南宁百货大楼股份有限公司（以下简称"公司"）已分别于 2025 年 3 月 28 日、2025 年 4 月 29 发布公司《2024 年年度报告》及《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公司 2024 年 度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 6 月 6 日下午 16:00-17:00 举行 2024 年度暨 2025 年第一季度业绩说明会， 就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 ...