进入二季度，A股回暖明显，机构投资者调研热情大幅攀升，险资开始扎堆调研上市公司。6月3日，北京商报记者通过东方财富Choice数据梳理发现，自 5月以来，约120家险资机构密集调研A股上市公司514次，数百家上市公司被调研。一向稳健的险资都在关注哪些行业？险资在权益市场配置的策略有哪 些调整？未来加仓趋势如何？ 险资是我国A股市场第二大机构投资者，发挥着市场"压舱石""稳定器"作用。今年以来，监管多次力推长期资金入市，以长期投资为主要目标的险资机构 正在紧锣密鼓地寻觅投资目标。 北京商报记者通过东方财富Choice数据梳理发现，自5月以来，约120家险资机构密集调研了A股上市公司514次，其中，制造业板块、科技成长板块是险 资调研重点，包括轻工制造、计算机、软件、电子元件、工业机械等。 从宏观层面看，A股二季度以来回暖明显，市场情绪逐步修复，为险资提供了更为有利的投资窗口。业内人士指出，险资作为重要的机构投资者，其调研 热情的攀升，一方面是对市场回暖信号的积极响应，试图在市场波动中捕捉投资机会；另一方面也反映出险资对当前资本市场中长期价值的认可。 哪些公司更为吸引险资机构的目光？北京商报记者梳理发现，科技股、 ...

Core Viewpoint - The article focuses on the common mistakes in corporate income tax filing, specifically regarding non-taxable income, to assist companies in compliant tax reporting during the annual tax settlement process [1]. Summary by Sections Non-Taxable Income Scope - Non-taxable income includes: - Fiscal allocations from government to budget-managed entities and social organizations, unless specified otherwise by the State Council [1]. - Administrative fees and government funds collected according to laws and regulations, which are managed by the government [2]. Special Cases of Non-Taxable Income - Other non-taxable income as defined by the State Council includes funds designated for specific purposes and approved by the State Council [3]. - Government transfers of state-owned assets to enterprises can be considered non-taxable income if managed according to specific regulations [4][5]. Pension Fund Investments - Investment income from pension funds, as approved by the State Council, is classified as non-taxable income for corporate income tax purposes [6]. - Income from social security funds, including interest from bank deposits and returns from securities investments, is also non-taxable [7]. Software and Nuclear Power Industries - Software companies can treat certain VAT refunds as non-taxable income if used for R&D and accounted separately [8]. - Nuclear power enterprises are exempt from corporate income tax on VAT refunds used for debt repayment since January 1, 2008 [9].

Group 1 - Stablecoins have become a focal point in the financial market, with U.S. Vice President JD Vance supporting their potential as an "economic booster" for the U.S. [4] - The U.S. Senate passed the procedural legislation for the GENIUS Act, which aims to create a regulatory framework for stablecoins, potentially making them "mainstream currency" [7][8] - Deutsche Bank predicts that the issuance of stablecoins could reach $2 trillion by the end of 2028, leading to an additional $1.6 trillion demand for U.S. short-term Treasury purchases [6][18] Group 2 - The GENIUS Act requires stablecoins to be backed by high liquidity assets, including cash and U.S. short-term Treasury securities, to ensure stability [13][14] - The act is seen as a strategy to maintain the dollar's global dominance and to find new buyers for the unprecedented U.S. national debt [15][18] - The total market capitalization of stablecoins has surged from $20 billion in 2020 to nearly $250 billion as of May 30, 2023, indicating a growth of over 1100% in about five years [10][12] Group 3 - The rise of stablecoins poses a risk of deposit outflows from traditional banks, with estimates suggesting up to $6.6 trillion could be at risk [22] - The potential for stablecoins to provide efficient payment solutions and decentralized finance (DeFi) services may weaken the deposit and lending capabilities of traditional banks, particularly community banks [25][22] - The introduction of stablecoins could disrupt the traditional payment ecosystem, impacting the economic value of established payment service providers like Visa and Mastercard [27][26]

Core Viewpoint - The number of A-share listed companies announcing share repurchase and increase in loans is on the rise, with nine companies disclosing relevant information this week [1]. Group 1: Companies Announcing Repurchase or Increase - Huatu Shanding announced a stock repurchase plan with a loan commitment of up to 300 million yuan from CITIC Bank [1][2]. - Jinli Permanent Magnet received a loan commitment of 180 million yuan from a financial institution for stock repurchase [1][2]. - Yanggu Huatai obtained a special loan commitment of up to 90 million yuan for stock repurchase [1]. - Zhongke Chuangda secured a special loan commitment of up to 70 million yuan for stock repurchase [1]. - Zhongtong Bus received a loan commitment of up to 180 million yuan for stock repurchase [1][3]. - Shengjing Micro acquired a loan commitment of up to 45 million yuan for stock repurchase [1]. - Zhongshe Co. announced a loan commitment of up to 45 million yuan for share increase by a controlling shareholder [1]. - China National Gold plans to increase its shares using self-owned funds and special loans ranging from 168 million to 335 million yuan [1]. - China Chemical Engineering plans to increase its shares with a loan commitment of up to 540 million yuan [1][2]. Group 2: Loan Details and Conditions - The loan for Huatu Shanding is specifically for share repurchase and has a term of up to 36 months [2]. - Jinli Permanent Magnet's loan is also for stock repurchase and has a term of up to 3 years [2]. - Zhongtong Bus's loan is designated for stock repurchase with a term of up to 3 years [3].

Core Viewpoint - The current licensing model of VMware is reportedly in violation of European competition regulations, raising concerns about Broadcom's business practices and their impact on cloud service providers in Europe [4][5]. Group 1: Licensing Issues - Broadcom has transitioned many VMware customers to a new licensing framework, which has resulted in significant financial burdens and operational disadvantages for clients [4][5]. - The European Cloud Computing Competition Observatory (ECCO) indicates that VMware's licensing practices may harm both customers and the broader European cloud ecosystem, suggesting that shareholders should question the legality of this model [5]. Group 2: Partner Program Changes - VMware has raised prices after eliminating perpetual licenses and monthly pay-as-you-go pricing, which has been a major concern for its cloud partners and customers [5]. - The ECCO report highlights that Broadcom's recent modifications to its partner program force cloud service providers to choose between acting as service providers or resellers, further diminishing their competitive capabilities [5]. Group 3: Recommendations for Change - CISPE and ECCO have called for Broadcom to implement significant changes to restore fair licensing for cloud service providers, including a six-month notice period for any changes in contract terms or pricing structures [6]. - Smaller cloud service providers should have easier access to higher partnership levels, and there should be more transparent pricing models that reflect actual usage [6].

据上观新闻报道，美国商务部日前发布的数据显示，2025年第一季度，美国国内生产总值（GDP）环比出现萎缩。观察人士认为，受美国政府加征关税影 响，企业大幅增加进口提前囤货，拖累了一季度经济增长。长期来看，美关税政策持续将加剧不确定性，可能导致通胀和失业率上升，关税对美国经济的冲 击效应未来可能进一步显现。数据显示，今年一季度美国GDP环比按年率计算萎缩0.3%。这是2022年以来美国经济的最差季度表现。 耐克（资料图） 不仅如此，微软联合创始人比尔·盖茨表示，美国总统特朗普的关税计划给已经不稳定的长期就业前景增加了进一步的不确定性，并可能使企业推迟重要的 投资。盖茨一直对特朗普的一些行动持温和批评态度，比如组建政府效率部（DOGE）以及相关的对外援助支出削减。在上周末的一次采访中，这位身价 1130亿美元的富豪表示，他也对特朗普的主要关税政策感到担忧。盖茨表示，他"最大的担忧"是经济的不确定性。盖茨最近告诉《财富》杂志，他将把"几 乎全部"财富捐赠给他的同名基金会。 具体来看，第一季度净出口对GDP的拖累达4.83个百分点。这表明企业对未来关税可能上升感到担忧，从而大规模囤积库存；占美国经济总量约70%的个人 ...

Group 1 - The vitality of the private economy has continued to improve in the first four months of this year [4] - Software business revenue and profit achieved double-digit growth in the first four months [10] - The national housing provident fund contribution amount is expected to exceed 3.6 trillion yuan in 2024 [11] Group 2 - China is accelerating the promotion of market-oriented trading of carbon emission rights [12]

Core Viewpoint - Synopsys has received a letter from the U.S. Department of Commerce's Bureau of Industry and Security (BIS) regarding new export restrictions related to China, leading the company to suspend its annual and quarterly forecasts due to uncertainties in the Chinese market for chip design software [1] Group 1 - The company is currently assessing the potential impact of the BIS letter on its business, operational performance, and financial condition [1]

Core Viewpoint - The article discusses the new changes in the corporate income tax annual reconciliation process for 2024, particularly focusing on the tax incentives for integrated circuit and software companies, as well as the updated reporting requirements introduced by the State Taxation Administration [1][4]. Summary by Sections Tax Incentives for Software and Integrated Circuit Companies - The state encourages software companies to enjoy tax reductions, including a two-year exemption from corporate income tax starting from the profit-making year, followed by a 50% reduction for the next three years at a statutory rate of 25% [2][3]. - Integrated circuit production companies with a line width of less than 28 nanometers can be exempt from corporate income tax for the first ten years if their operational period exceeds 15 years, starting from January 1, 2020 [2][3]. - For integrated circuit projects with a line width of less than 65 nanometers, the first two years are exempt from corporate income tax, and the next three years are taxed at a reduced rate of 12.5% [2][3]. Reporting Changes - The announcement includes revisions to the corporate income tax annual declaration forms, specifically the cancellation of the "Income Tax Exemption Detail Table" and the introduction of the "Software and Integrated Circuit Enterprise Incentive Situation and Detail Table" [4][5]. - Taxpayers must select the appropriate incentive code based on their enterprise type and actual business conditions from the new "Software and Integrated Circuit Enterprise Incentive Code Table" [4][5]. Case Study - A company classified as a state-encouraged software enterprise reported a revenue of 5 million yuan and incurred costs totaling 1.3 million yuan, resulting in a tax exemption of 250,000 yuan for the year 2024 under the two-year exemption policy [6][7]. Additional Information - The article emphasizes the importance of understanding the new tax policies and reporting requirements to ensure compliance and maximize available tax benefits for eligible enterprises [1][4].

Group 1 - The Central Committee and the State Council issued a document aiming to improve the carbon emission rights and water rights trading systems by 2027, and to establish a sound pollution discharge rights trading system [1] - The Ministry of Commerce expressed concern over the EU's anti-dumping investigation into Chinese passenger car and light truck tire products, emphasizing that trade protectionism increases consumer burdens and disrupts supply chains [1] - The Ministry of Commerce held a national meeting on smart supply chain construction, focusing on leveraging opportunities in the digital economy and artificial intelligence [1] Group 2 - The national new industrialization operating system, Hongdao, was officially released, marking significant progress in the foundational software for embodied intelligent robots, supporting various GPU and NPU architectures [1] - Shanghai Customs reported that the city's foreign trade import and export value reached 1.4 trillion yuan in the first four months of the year, a 1% increase year-on-year, with exports showing a notable growth of 13.8% [1] - ST Ruike announced that its stock will be delisted from risk warnings and its name will change to Guorui Technology, with trading resuming on June 3, 2025 [1] Group 3 - The U.S. Federal Circuit Court temporarily suspended a previous ruling that prohibited the enforcement of tariffs imposed by the Trump administration, indicating ongoing trade policy uncertainties [3] - The U.S. Commerce Department reported a 0.2% annualized contraction in GDP for the first quarter of 2025, highlighting the impact of tariff policies on business and consumer confidence [3] - The U.S. Labor Department indicated that initial jobless claims rose to 240,000, exceeding market expectations, reflecting potential labor market weaknesses [3] Group 4 - Shandong High-Speed plans to issue bonds not exceeding 8 billion yuan and aims to raise no more than 1.5 billion yuan through a private placement [6] - Double Lin Co. intends to invest no more than 1.5 billion yuan in a new auto parts production base in Jiaxing [6] - Huaci Co. plans to raise no more than 700 million yuan for the ASEAN Ceramic Valley project through a private placement [6]