Core Viewpoint - The meeting organized by the China Securities Association on June 27, 2025, focused on the economic outlook for the second half of 2025 and the impact of global supply chain trends on the capital market [1] Economic Outlook - Over 70% of chief economists surveyed expect an increase in the year-on-year growth rates of CPI, PPI, and fixed asset investment in the third quarter of 2025 [1] - Experts recommend enhancing national subsidy policies to stimulate consumption and promote a decrease in real interest rates [1] Supply Chain Trends - The global supply chain is exhibiting characteristics of "nearshoring," "localization," and "diversification" [1] - It is anticipated that China will develop a parallel system of high-end core industrial chains with Europe and the United States, alongside a cross-system of low-value-added basic industrial chains [1] Policy Recommendations - Experts suggest strengthening policy coordination to guide more medium- and long-term funds into supply chain-related sectors, stabilizing market expectations, and enhancing market confidence to support enterprise development [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the binding of interests between fund companies and investors, addressing issues such as the "guaranteed returns" of funds and promoting high-quality development in the public fund sector [1] Group 1: Regulatory Initiatives - The CSRC has released an action plan to promote high-quality development in public funds, which has received positive market feedback [1] - The focus will be on implementing measures that strengthen the alignment of interests between fund companies and investors [1] Group 2: Investor Protection - There is an emphasis on developing products that match the risk tolerance of small and medium investors, catering to the needs of wealth management for residents [1] - The CSRC plans to hold securities companies and sales institutions accountable, urging them to improve governance and compliance risk control capabilities [1] Group 3: Investor Education and Engagement - Continuous optimization of investor services is a priority, with strict enforcement of investor suitability regulations to ensure that investors fully understand product risks [1] - The initiative promotes rational and long-term investment strategies among investors [1]