Group 1 - Shaanxi Province's financial system has implemented a moderately loose monetary policy, effectively meeting the financing needs of the real economy, with RMB deposits reaching 7.43 trillion yuan, a year-on-year increase of 8.55% as of the end of May [1] - The loan balance in Shaanxi Province reached 6.06 trillion yuan, with a year-on-year growth of 8.30%, surpassing the national average by 1.2 percentage points [1] - From January to May, Shaanxi Province issued 151 non-financial enterprise bonds, totaling 123.65 billion yuan, contributing positively to the province's economic stability [1] Group 2 - The Provincial Financial Office has organized six financing matchmaking conferences, successfully matching financial resources for 110 technology enterprises and 256 key foreign trade enterprises, with on-site credit agreements exceeding 60 billion yuan [2] - Shaanxi Province is set to establish a 10 billion yuan provincial-level science and technology innovation mother fund, enhancing support for technological enterprises [2] - The loan balance for technology enterprises in Shaanxi reached 363.54 billion yuan, with a year-on-year growth of 28.45%, significantly higher than the provincial average [2] Group 3 - Shaanxi Province has 14 companies listed on the Sci-Tech Innovation Board, ranking 11th nationwide, and is one of the first ten pilot provinces for the "Technology Board" in the interbank bond market [3] - The province has successfully launched four pilot funds under the Financial Asset Investment Company (AIC) initiative, with a total scale of 7.4 billion yuan [3] - Two qualified foreign limited partner (QFLP) pilot funds have been established in Xi'an, with a combined scale of nearly 500 million yuan [3]

我们必须看到，A股的赌民正在慢慢的专业化，或者被动的被消灭，或者主动的求提升，市场 的有效性正在提高，就像一个人，读书读到了四年级，就再也不会倒回到一年级的水平。同 时，国家队已经大量买入各种宽基指数，而A股的衍生品数量，也在逐步的增多中。 追求利润的经济体，利润可能会变成无源之水，而追求规模的经济体，未来也可能会通过规 模来调节利润。时代的齿轮正在转动，涓涓细流汇向大海。在未来，我们会迎来更专业，更 理性的投资者，会迎来更有效的市场，那么，那时候的A股生态又会变成什么样子呢？那时候 的土地，又会开出来什么样的花朵呢？我们有什么办法提前拿到未来的入场券么？ 最后用一首杜荀鹤的《小松》结束此文 自小刺头深草里， 而今渐觉出蓬蒿。 时人不识凌云木， 直待凌云始道高。 关注集思录微信 我以为，中国资本市场真正的特点有三个： 1.拥有全球最大规模的"赌民" 2.中国上市公司整体盈利能力偏低 3.中国缺少做空工具 一、中国拥有全球最大规模的"赌民"。这样的人群，广泛分布在我们的周围，我的亲戚 A,B,C，我的同学D,E，我的朋友F,G，都是这样的人。这样的人作为一个群体，拿着自己起早 贪黑的钱，就敢赌妖股，听消息，押重 ...

那么，稳定币究竟为何能引起如此大的市场轰动呢？ 早在本月初，随着美国第二大稳定币USDC的发行商cirlce正式在美股市场上市，稳定币行情就从美股市 场迅速蔓延到了港股和A股。6月初，香港《稳定币条例》的立法落地，随后，京东与蚂蚁集团相继宣 布在全球主要市场申请稳定币牌照。 稳定币独特的魅力和广泛的应用前景引发了市场的广泛关注与热烈讨论。截至6月26日收盘，Wind稳定 币指数收涨3.26%，该指数年内至今已涨超71%！稳定币相关概念ETF更是集体爆发，包揽了近五日涨 幅榜，多只ETF累积涨超10%。 | | | Wind热门概念指数 | | | | --- | --- | --- | --- | --- | | 稳定币 3.26% | 数字货币 2.31% | 网络安全 2.09% | 数据安全 1.88% | 跨境支付 1.87% | | 虚拟人 | 航母 | 银行 | 十大军丁集团 | 旅游出行 | | 1.71% | 1.54% | 1.45% | 1.44% | 1.42% | | | | 1876.16 +59.17 +3.26% | | | | --- | --- | --- | --- | - ...

智通财经APP获悉，亚洲交易大厅再度热闹非凡，该地区逐渐摆脱关税冲击，凭借稳健增长前景吸引着 投资者的目光。股票、货币到信贷市场皆自4月市场动荡低谷迎来强势反弹。摩根士丹利资本国际 (MSCI)亚洲股指已飙升25%，创四年新高;美元走弱则推动亚洲货币指标升至去年10月以来最强水平。 企业纷纷抢抓市场复苏机遇，加速融资。 这与数月前的市场恐慌形成鲜明反转，当时，对全面贸易战的担忧、对失控通胀限制央行政策空间的顾 虑，沉重压制亚洲资产。如今，美元走弱为亚洲多国降息创造空间，而美联储预期中的宽松政策，料将 进一步助力。 "股市从4月低点强劲反弹，投资者意识到，此前对特朗普关税的悲观或许过头了。" 景顺资产管理全球 市场策略师Tomo Kinoshita表示，"特朗普在贸易政策上展现出更多灵活性，这提振了乐观情绪。" 从港股到日本的大规模股票发行热潮已直观体现市场热度。彭博数据显示，截至目前，包括首次公开募 股(IPO)在内，亚洲地区此类融资已超900亿美元，较去年同期增长25% 。 香港主导大型交易的同时，日本资本市场本周也活力满满，IPO规模创3月中旬以来新高。 亚洲债券资本市场也在波动高峰时的交易荒后，强势复苏 ...

Core Insights - The International Bank for Settlements (BIS) report highlights the transformative potential of tokenization in the evolution of the monetary and financial system, emphasizing the need for a triad of central bank digital reserves, commercial bank digital currencies, and tokenized government bonds as foundational elements of the future financial system [1][2][4] Group 1: Tokenization and Financial System - Tokenization represents a significant innovation in the monetary and financial system, transferring asset rights from traditional ledgers to programmable platforms, enabling integrated operations for information transfer, reconciliation, and asset transfer [2] - The core advantage of tokenization lies in its ability to execute conditions automatically, reducing counterparty risk and minimizing custody requirements through mechanisms like Delivery versus Payment (DvP) [3] Group 2: Central Bank's Role and Stablecoins - Central banks are positioned as catalysts for the transformation of the financial system, with BIS outlining four ways they can drive change [4] - Stablecoins have been evaluated against three critical tests: - They failed the unitary test, as they represent liabilities of specific issuers rather than a stable monetary unit [4] - They failed the elasticity test, as their issuance is constrained by the need for full upfront payment from holders, limiting liquidity support [4] - They failed the integrity test, as their use in public blockchains can facilitate illicit activities due to anonymity [4] Group 3: Market Dynamics and Regulatory Framework - The stablecoin market is rapidly growing but is highly concentrated, with USDT and USDC dominating the market, accounting for over 99% of stablecoins being dollar-denominated [5] - BIS emphasizes the need for a regulatory framework to ensure the safe development of tokenized finance, including compliance with anti-money laundering and counter-terrorism financing regulations [10]

Group 1 - The Guangdong Provincial Government has issued a work plan to promote sustained economic improvement and strengthen domestic circulation, focusing on stabilizing employment, enterprises, markets, and expectations [1] - The work plan outlines seven key tasks, including precise support for enterprises, stabilizing employment, and boosting consumption [1][5] - The plan emphasizes the efficient allocation of resources and the high-quality development of capital markets, particularly supporting the Shenzhen Stock Exchange's comprehensive reform of the ChiNext board [2] Group 2 - The work plan includes specific policies to support financial investments, such as pilot programs for bank financial asset investment companies and insurance funds for long-term equity investments [2] - It aims to enhance the technology innovation bond product system and optimize the issuance management process for these bonds [2] - The plan also mentions the establishment of data property registration trials and the development of data trading markets in Guangzhou and Shenzhen [2] Group 3 - The work plan focuses on fostering innovation by implementing major technology projects and enhancing the integration of technological and industrial innovation [3] - It proposes a series of technology special projects in fields like artificial intelligence, integrated circuits, and new energy [3] - The plan encourages the development of a "hardware + software" ecosystem and the application of artificial intelligence across various sectors [3] Group 4 - The work plan aims to identify high-growth and high-potential new sectors by September 2025, with specific policies for commercial aerospace, low-altitude economy, and nuclear medicine [4] Group 5 - The work plan emphasizes actions to boost consumption, including promoting upgrades in major consumption categories and stimulating service consumption [5] - It encourages local governments to provide housing subsidies and consumption vouchers to support first-time homebuyers and families with multiple children [5][6] - The plan also includes measures to facilitate the replacement of old products, such as cars and home appliances, and to expand the recycling channels [6]

Group 1 - Shenzhen's capital market has seen a significant policy breakthrough allowing companies from the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - The pilot program aims to provide a more efficient listing channel for technology innovation enterprises, with specific listing rules being developed [3] - The return of red-chip companies to A-shares is expected to break existing financing barriers and enhance domestic market valuations, with 17 eligible red-chip companies identified in the Greater Bay Area [3] Group 2 - The pilot program addresses long-standing challenges such as complex shareholding structures and regulatory differences between regions, utilizing mechanisms like the issuance of depositary receipts (CDR) [5] - The policy is anticipated to strengthen Shenzhen's position as an industrial financial center and promote collaboration between Hong Kong's international financial center and Shenzhen's industrial finance [5] - The return of red-chip stocks is projected to enhance the technological content of A-shares and optimize market structure, with the Greater Bay Area emerging as a global capital hub [5]

Core Insights - The "Data Element ×" initiative has achieved significant progress in over a year, uncovering a number of excellent data development and utilization solutions that effectively promote the release of data element value across various industries [1][2] Group 1: Initiative Overview - The initiative is driven by pilot projects in sectors such as financial services, meteorology, and traditional Chinese medicine, aimed at addressing challenges in data aggregation, circulation, and usage within industries [1] - A total of 48 typical cases of "Data Element ×" have been published, facilitating the use of data to solve industry development challenges and enhance quality [1] - The "Data Element ×" competition attracted over 19,000 teams and approximately 100,000 participants last year, resulting in a number of replicable, scalable, and high-value data development projects [1] Group 2: Future Directions - The National Data Bureau plans to continue advancing the "Data Element ×" initiative in collaboration with various departments, focusing on typical application scenarios to explore new models and pathways for releasing data element value [2] - There is an emphasis on encouraging more enterprises to participate in pilot projects, case selection, and competition activities to activate data element value and provide new momentum for high-quality development across industries [2]

近年来我国资本市场以科创板、创业板等系列改革为契机，持续完善资本市场服务科技创新的支持机 制，引导各类金融资源加快向科技创新领域聚集的政策陆续出台。尤其是2024年推出一系列举措：去年 4月12日国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》提出增强资本市场 制度竞争力，提升对新产业新业态新技术的包容性，更好服务科技创新产业；4月19日，证监会发布 《资本市场服务科技企业高水平发展的十六项措施》，从上市融资、并购重组、股权激励等全方位提出 支持性举措，健全"绿色通道"机制，支持突破关键核心技术的科技型企业在资本市场融资，发挥科技型 企业资源集聚功能，为实施国家创新驱动发展战略提供有力支撑；6月19日，中国证监会发布《关于深 化科创板改革服务科技创新和新质生产力发展的八条措施》，聚焦强监管防风险促进高质量发展主线， 从强化科创板"硬科技"定位、优化科创板上市公司股债融资制度、更大力度支持并购重组、完善股权激 励制度等多方面支持科创板企业发展；9月24日，证监会发布《关于深化上市公司并购重组市场改革的 意见》，提出支持上市公司向新质生产力方向转型升级、鼓励上市公司加强产业整合、提高监管包容 度 ...

Core Viewpoint - The recent case of financial fraud involving *ST Jiuyou highlights the persistent issue of financial misconduct in the capital market, which undermines fairness and transparency, making it difficult for investors to make informed decisions [2] Group 1: Financial Fraud Impact - Financial fraud severely disrupts the healthy development of capital markets, leading to misallocation of resources and hindering the growth of genuinely capable companies [2] - The prevalence of financial fraud increases risks for investors who rely on false financial data, likening their investment decisions to navigating in the dark [2] Group 2: Regulatory Measures - Recent tightening of regulatory policies and improvements in laws have provided a robust framework for combating financial fraud, with the new Securities Law significantly increasing penalties for such violations [3] - The regulatory authorities are enhancing collaboration with judicial departments to establish a comprehensive punishment and prevention system for financial fraud [3] - The issuance of the "Opinions on Strictly Implementing the Delisting System" in April 2024 aims to enforce stricter delisting standards, targeting companies with severe or long-term fraudulent activities [3] Group 3: Market Integrity and Future Outlook - Strict punishment for financial fraud is essential for maintaining the principles of openness, fairness, and justice in the market, thereby enhancing the vitality and resilience of the capital market [4] - A transparent and healthy market environment is expected to attract more investors and quality companies, fostering a virtuous cycle [4] - Continuous improvement of the regulatory system and maintaining a high-pressure stance against financial fraud are crucial for adapting to new fraudulent methods and hidden risks [4]