Core Viewpoint - The article emphasizes the importance of promoting Chinese financial culture and its integration into the operations of financial institutions in Ningxia, focusing on compliance, integrity, professionalism, and stability to support the high-quality development of the local economy [1][2][3]. Group 1: Financial Culture and Compliance - Chinese financial culture is a blend of traditional values and modern financial practices, serving as a foundation for the industry [3]. - The "Four Adherences" are outlined: adherence to compliance, integrity, professionalism, and stability, which are essential for risk management and customer trust [3][4]. - A comprehensive compliance management system has been established, successfully intercepting 58 abnormal transactions last year to protect client interests [3]. Group 2: Service to the Local Economy - Financial institutions in Ningxia are deeply integrated into local economic development, focusing on diverse financial services to support local enterprises [5]. - Over the years, significant capital has been injected into the local economy, with over 5.8 billion yuan in bonds underwritten for local companies [5]. - The focus on "Six New, Six Special, and Six Excellent" industries demonstrates a commitment to enhancing local economic growth [5]. Group 3: Investor Education and Community Engagement - The institutions have conducted 24 investor education activities, reaching over 3,000 individuals, to promote rational investment concepts [5]. - Collaboration with local communities and educational institutions is emphasized to enhance financial literacy and awareness [5]. Group 4: Internal Management and Employee Training - The integration of cultural values into employee performance assessments ensures adherence to compliance and integrity [6]. - A total of 27 training sessions have been conducted, with 1,080 employees participating, to enhance understanding of financial culture [9]. - The establishment of a "Cultural Model Award" encourages employees to embody the principles of financial culture in their work [6]. Group 5: Innovation and Risk Management - Financial institutions leverage advanced technology to provide efficient services while maintaining a robust risk management framework [4]. - The balance between innovation and risk is crucial, with a focus on ensuring client asset safety through comprehensive risk controls [4]. Group 6: Commitment to Social Responsibility - The institutions prioritize serving the real economy and fulfilling social responsibilities, which is seen as a core mission [7][10]. - Regular financial knowledge seminars and investor education courses are organized to guide investors towards rational investment practices [7].

Core Viewpoint - The Hong Kong Securities and Futures Professionals Association (HKSFPA) has clarified that it does not provide any services for verifying the membership status of financing platforms, contrary to claims made in a recent article, which may mislead the public [1][2]. Group 1 - The HKSFPA emphasizes that it has never offered any form of financing platform verification service [1]. - The association states that the claims made in the article are completely inconsistent with its actual functions and services [1]. - For verification of licensed entities or individuals regulated under the Securities and Futures Ordinance, the public is advised to refer directly to the Securities and Futures Commission (SFC) website [1]. Group 2 - The HKSFPA urges the public and investors to remain vigilant against false information and illegal financing activities, and to verify the sources of information [2]. - The association invites inquiries regarding its functions through its secretariat for further clarification [2].

Global Asset Market Performance - The report presents the yields of 10 - year and 2 - year government bonds of major economies on July 9, 2025, along with their latest, weekly, monthly, and yearly changes. For example, the 10 - year US government bond yield was 4.333 on July 9, 2025, with a latest change of - 0.068, a weekly change of 0.054, a monthly change of - 0.089, and a yearly change of - 0.129 [2]. - It shows the exchange rates of the US dollar against major emerging - economy currencies and the performance of the on - shore and off - shore RMB, including their latest, weekly, monthly, and yearly changes. For instance, the US dollar - Brazilian real exchange rate was 5.573 on July 9, 2025, with a latest change of 2.29% [2]. - The report provides the performance of major economies' stock indices, including the latest, weekly, monthly, and yearly changes. For example, the S&P 500 index was 6263.260 on July 9, 2025, with a latest change of 0.61% [2]. - The performance of credit bond indices is also presented, including the latest, weekly, monthly, and yearly changes of investment - grade and high - yield credit bond indices in the US, eurozone, and emerging economies [2]. Stock Index Futures Trading Data - The report gives the closing prices and percentage changes of A - shares, CSI 300, SSE 50, ChiNext, and CSI 500. For example, the closing price of A - shares was 3493.05, with a change of - 0.13% [3]. - It includes the PE (TTM), its环比变化, risk premium, and its环比变化 of CSI 300, SSE 50, CSI 500, S&P 500, and German DAX [3]. - The report presents the capital flow, trading volume, and主力升贴水 data of A - shares, main board, small and medium - sized enterprise board, ChiNext, and CSI 300 [3]. Government Bond Futures Trading Data - The closing prices and percentage changes of government bond futures T00, TF00, T01, and TF01 are provided, along with the资金利率 and its daily change of R001, R007, and SHIBOR - 3M [4].

Report Overview - The report is a daily report on major asset markets released by the macro team of the research center on July 8, 2025, covering global asset market performance, stock index futures trading data, and treasury bond futures trading data [1] Global Asset Market Performance 10 - Year Treasury Yields of Major Economies - On July 7, 2025, the 10 - year treasury yields of the US, UK, France, etc. were 4.381%, 4.585%, 3.320% respectively. The latest changes were 0.033, 0.032, 0.042 respectively. The one - year changes were 0.094, 0.455, 0.054 respectively [2] 2 - Year Treasury Yields of Major Economies - On July 7, 2025, the 2 - year treasury yields of the US, UK, Germany, etc. were 3.880%, 3.859%, 1.833% respectively. The latest changes were 0.100, 0.014, 0.022 respectively. The one - year changes were - 0.770, - 0.363, - 0.971 respectively [2] Dollar Exchange Rates Against Major Emerging - Market Currencies - On July 7, 2025, the dollar - to - Brazilian real exchange rate was 5.487 with a latest change of 1.21%. The one - year change was - 0.25% [2] Stock Indices of Major Economies - On July 7, 2025, the S&P 500 index was 6229.980. The latest change was not available, the one - week change was 0.40%, the one - month change was 3.73%, and the one - year change was 13.63% [2] Credit Bond Indices - The latest changes in the US investment - grade credit bond index, euro - zone investment - grade credit bond index, etc. were - 0.38%, - 0.11%, etc. The one - year changes were 5.78%, 6.34%, etc. [2][3] Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, SSE 50, etc. were 3473.13, 3965.17, 2731.53 respectively. The price changes were 0.02%, - 0.43%, - 0.33% respectively [4] Treasury Bond Futures Trading Data - The closing prices of T00, TF00, T01, TF01 treasury bond futures were 109.105, 106.225, 109.180, 106.305 respectively. The price changes were all 0.00% [5]

Domestic News - The State Council issued a notice to replicate and promote 77 pilot measures from the Shanghai Free Trade Zone, covering seven areas including service trade, goods trade, digital trade, intellectual property protection, government procurement reform, "post-border" management system reform, and risk prevention [1] - The Ministry of Finance announced a tax credit policy for foreign investors, allowing a 10% tax credit on profits distributed by domestic enterprises for direct investment in China from January 1, 2025, to December 31, 2028 [2] - In June, China's manufacturing PMI was 50.4, up 2.1 percentage points from the previous month, indicating a return to the expansion zone [6] International News - The U.S. Congress passed the controversial "Big and Beautiful" tax and spending bill, which was signed into law by President Trump, marking a significant legislative achievement [7] - The OPEC and non-OPEC oil-producing countries decided to increase production by an average of 548,000 barrels per day in August, with key countries participating in the decision [7]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued the legislative work plan for 2025, focusing on enhancing regulation in key areas of the capital market and protecting the rights of small and medium investors [1] - The plan includes 19 regulatory projects, with 8 key projects aimed for completion within the year and 11 projects that require further research and timely implementation [1][2] - Key projects for 2025 include the formulation of management measures for securities and fund investment consulting, supervision of derivative trading, and revisions to existing regulations on securities issuance and disclosure [2][3] Group 2 - The CSRC aims to strengthen the regulation of market participants and solidify the foundation for capital market development, with one key project focused on revising the supervision measures for futures companies [2] - Additional projects under research include the management of public real estate investment funds and revisions to regulations governing futures practitioners and information technology management for securities and futures institutions [2][3] - The CSRC will also collaborate with relevant government departments on the formulation and revision of administrative regulations related to securities companies and listed companies, as well as assess the implementation of the Securities Investment Fund Law [3]

Core Viewpoint - In 2024, the China Securities Regulatory Commission (CSRC) significantly intensified its enforcement efforts against securities and futures violations, handling 739 cases and imposing penalties on 592 entities, marking a 10% year-on-year increase in penalties [1] Enforcement Actions - The CSRC's enforcement actions included 249 cases of information disclosure violations, 95 cases involving intermediary institutions failing to perform due diligence, and 178 insider trading cases, with the latter two categories showing a continuous increase [1][2] - A total of 178 cases were referred to public security for suspected criminal activities, representing a 51% increase from the previous year [1] Key Areas of Focus - The CSRC concentrated on critical areas such as issuance and listing, information disclosure, mergers and acquisitions, and delisting, aiming to combat fraudulent issuance and financial fraud [1][2] - In 2024, the CSRC conducted on-site inspections or guidance for 87 companies intending to go public, resulting in the investigation of five fraudulent issuance cases [1] Financial Fraud and Mergers - The CSRC identified 128 cases of financial fraud through various channels, targeting behaviors such as fictitious business operations and abuse of accounting policies [2] - The commission also addressed 35 cases of insider trading related to "stealth" restructuring stocks, enhancing monitoring of stock price fluctuations [2] Delisting and Accountability - The CSRC enforced a strict "delist if necessary" policy, leading to the delisting of 55 companies in 2024, while pursuing accountability for 35 delisted companies and their responsible parties [2][3] - The commission emphasized the importance of holding key individuals accountable, with 989 individuals penalized for misconduct, reflecting a 21% increase [3] Systematic Governance - The CSRC implemented a comprehensive prevention and punishment system for financial fraud, collaborating with other government departments to establish a long-term mechanism for addressing financial misconduct [4][5] - In 2024, the CSRC issued 61 administrative penalties totaling 5.157 billion yuan, with 426 individuals held accountable and 65 banned from the securities market [4] Regulatory Standardization - The CSRC enhanced the standardization of enforcement practices by publishing guidelines on administrative penalty discretion, aiming to ensure fair and consistent enforcement [5] - The commission focused on improving the quality of case investigations and management throughout the enforcement process, thereby strengthening the regulatory framework [5]

Group 1 - The core viewpoint of the article is the release of the "Guiding Opinions" by the Supreme People's Court and the China Securities Regulatory Commission to enhance investor protection and improve the quality of the capital market [1][2] - The "Guiding Opinions" propose 23 measures aimed at reducing the cost of investor rights protection and increasing the crackdown on various illegal activities [1][2] - The document emphasizes the importance of protecting investors' rights, including their right to information, participation in corporate governance, and fair market participation [1][3] Group 2 - The "Guiding Opinions" require accurate and complete disclosure of information regarding shareholders and actual controllers by issuers, with a focus on invalidating illegal agreements related to shareholding and profit transfer [2] - It aims to promote the stable operation of securities, futures, and fund management institutions, ensuring compliance with regulations in the private equity fund market [2] - The document outlines a collaborative approach between judicial and regulatory bodies to handle shareholder rights disputes, including reporting illegal activities to regulatory authorities [2][3] Group 3 - The "Guiding Opinions" stress the need for a multi-faceted dispute resolution mechanism, encouraging non-litigation methods such as mediation to resolve securities disputes [3] - It highlights the establishment of an online platform for efficient communication between courts and mediation organizations, enhancing the resolution process [3] - The document calls for improved cooperation and information sharing between judicial and regulatory departments, including the sharing of judicial rulings and administrative enforcement information [3]

Core Viewpoint - The National Data Bureau and the China Securities Regulatory Commission (CSRC) are promoting the "Data Element ×" initiative to enhance the value of data elements in various industries, particularly in capital markets, aiming for high-quality development and innovation in data applications [1][2]. Group 1: Data Element Initiatives - The National Data Bureau plans to accelerate the exploration of new models and paths for releasing data element value, encouraging more enterprises to participate in pilot projects and competitions [1]. - The CSRC is conducting a special pilot project for "Data Element × Capital Market," selecting 11 pilot projects across eight provinces and cities, involving core capital market institutions and technology service providers [1][2]. Group 2: Case Studies and Applications - Three exemplary cases have been selected that demonstrate the powerful role of data in risk control within the futures market, utilizing blockchain technology for risk data sharing, and promoting multidimensional data applications to support high-quality capital market development [2]. - The Shanghai Stock Exchange's "Star Enterprise Navigation" project has been recommended as a public data application demonstration scenario, showcasing effective data sharing and application in the industry [2]. Group 3: Financial Technology Development - The People's Bank of China is implementing a financial technology development plan for 2022-2025, focusing on enhancing financial data management and application, and promoting the integration of digital technology and financial services [3]. - The bank is also organizing pilot projects to guide financial institutions in leveraging data elements to optimize services and strengthen risk prevention [3]. - A new stage of financial technology development planning is being researched, aiming to enhance data capabilities and support the digital transformation of finance [3].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Yields**: On June 30, 2025, the 10 - year Treasury yields in the US, UK, France, etc., showed various changes. For example, the US yield was 4.230 with a latest change of - 0.049, a one - year change of - 0.031. Japan's yield was 3.721 with a one - year change of - 1.018 [2]. - **2 - Year Treasury Yields**: The 2 - year Treasury yields of the US, UK, Germany, etc., also had different trends. The US yield was 3.700 on June 30, 2025, with a latest change of - 0.040 and a one - year change of - 0.990 [2]. - **Dollar - to - Emerging Economies Currency Exchange Rates**: The dollar - to - Brazilian real, Russian ruble, etc., exchange rates had negative changes. For instance, the dollar - to - Brazilian real exchange rate was 5.432 on June 30, 2025, with a latest change of - 1.00% and a one - year change of - 0.34% [2]. - **Stock Indices**: Stock indices of major economies had diverse performances. The S&P 500 index was 6204.950 on June 30, 2025, with a latest change of 0.52% and a one - year change of 13.37%. The Hang Seng Index was 24072.280 with a one - year change of 31.29% [2]. - **Credit Bond Indices**: Credit bond indices of the US, eurozone, and emerging economies all showed positive changes over different time periods. For example, the US investment - grade credit bond index had a one - year change of 6.22% [2][3]. Stock Index Futures Trading Data - **Index Performance**: The A - share index closed at 3444.43 with a 0.59% increase, the CSI 300 index closed at 3936.08 with a 0.37% increase [4]. - **Valuation**: The PE (TTM) of the CSI 300 was 13.07 with a 0.05环比 change, and the S&P 500 was 26.34 with a 0.14环比 change [4]. - **Risk Premium**: The risk premium of the S&P 500 was - 0.43 with a 0.03环比 change, and the German DAX was 2.28 with a 0.01环比 change [4]. - **Fund Flows**: The latest value of A - share fund flow was 52.05, and the recent 5 - day average was 12.30 [4]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 14868.57 with a - 542.44环比 change [4]. - **Main Futures Premium/Discount**: The basis of IF was - 50.28 with a - 1.28% amplitude [4]. Treasury Bond Futures Trading Data - The closing prices of Treasury bond futures T00, TF00, T01, TF01 were 108.895, 106.160, 108.930, 106.255 respectively, with corresponding increases of 0.09%, 0.09%, 0.08%, 0.09% [5]. - The R001, R007, and SHIBOR - 3M were 2.2953%, 2.0056%, 1.6300% respectively, with daily changes of 38.00BP, 9.00BP, 0.00BP [5].