Group 1 - The Ministry of Industry and Information Technology has launched a pilot program for the industrialization of high-tech achievements, focusing on advanced manufacturing and new materials [1] - The program aims to enhance the connection between industry supply and demand, invigorate innovation, and optimize industrialization services, leveraging resources such as talent, funding, and policies [1] - The pilot program categorizes applicants into three types: industrialization implementation units, third-party service units, and financial service units [1] Group 2 - Financial institutions are expected to play a dual role in direct and indirect financing, addressing bottlenecks in the technology innovation and industrialization process [2] - The program emphasizes the need for financial service units to design targeted financial products and integrate financial resources to empower enterprises [2] - Knowledge property pledge financing is increasingly recognized as a solution to the financing challenges faced by technology-based SMEs, combining it with order financing to alleviate financial pressure [2] Group 3 - Financial institutions are encouraged to provide diverse funding support for high-tech enterprises and original innovation projects, moving away from traditional collateral reliance [3] - A collaborative framework of "capital + technology + system" is proposed to link technology research and capital exit, accelerating the transformation of technological achievements [3]

Group 1 - The core theme of the meeting is to enhance the collaborative innovation capability of the Yangtze River Delta region and better leverage its role as a driver of high-quality development [1] - The Yangtze River Delta region has achieved significant results in integrated development over the past seven years since it became a national strategy, effectively serving as a model for other regions [1][2] - In 2024, the total GDP of the Yangtze River Delta is expected to exceed 33 trillion yuan, with the first quarter GDP surpassing 8 trillion yuan, accounting for over 25% of the national total [1] Group 2 - The construction of "Railway on the Yangtze River Delta" is being deepened, with a focus on expanding cross-river passages and integrating port resources to create a world-class airport cluster [2] - The railway operating mileage in the Yangtze River Delta has surpassed 15,000 kilometers, with daily passenger flow exceeding 2 million, indicating a high level of connectivity [2] - By the end of 2024, the high-speed railway mileage in the Yangtze River Delta is expected to exceed 7,700 kilometers, marking a significant milestone in regional transportation [2] Group 3 - The meeting emphasized the need for stronger collaboration in high-level technological innovation and the establishment of a modern industrial system to enhance the region's growth potential [3][5] - The Yangtze River Delta region is home to nearly one-fifth of the country's universities and has a concentration of major research facilities, making it a key area for technological innovation [3] - Collaborative innovation efforts have accelerated, with the establishment of joint innovation centers and significant investments in major industrial innovations [3][5] Group 4 - As of May 2025, the Yangtze River Delta has gathered 26 national advanced manufacturing clusters, accounting for one-third of the national total, with increasing output value [4] Group 5 - The meeting released a list of practical projects for integrated development in 2025 and highlighted various cooperation agreements aimed at enhancing regional collaboration and innovation [6] - The region is transitioning from traditional growth models to a more diversified growth approach that includes innovation, culture, and public services [6]

策略报告 | 投资策略 自主可控的第一个逻辑是国家政策多年布局下的积累，顶层设计重视，现代 化产业体系建设要求固链、补链、延链，顶层设计对自主可控领域重视程度 高；自主可控的第二个逻辑是国产替代，即中国对美反制措施可能推升中国 对美进口商品价格，导致对美依赖度较高的商品种类出现供给缺口，国内供 给端替代供给缺口下相关板块有望看到盈利驱动下的业绩改善。 穿透到二级行业，短期可以关注估值处于低位的方向，中期关注产业节奏。 估值方面，前期估值处于低位的板块主要为军工、医药、电子。 产业趋势投资涵盖三个阶段，当前自主可控多数子板块位于阶段一的尾声。 如何能够迈向阶段二开启双击行情？先看产能周期后看业绩，即标的是否开 启大额资本开支以形成产业链的完善可以作为是否进入阶段二的判断，业绩 大面积改善可以作为阶段二拐点出现的确认。 从这个角度，我们判断自主可控各板块产业节奏：军工→信创→医药→先进 制造。 行业比较周报 证券研究报告 中美会谈下，自主可控板块的节奏与机会 核心结论：6 月 5 日，习近平主席同美国总统特朗普通电话，指出美方应实 事求是看待取得的进展，撤销对中国实施的消极举措；并欢迎特朗普再次访 华。双方经贸协 ...

Core Viewpoint - The 9th China-South Asia Expo will focus on "Unity and Cooperation for Development," enhancing Yunnan's role as a hub connecting China with South Asia and Southeast Asia, with significant improvements in scale and content, emphasizing "Internationalization, Professionalization, Marketization, and Branding" [1] Group 1: Internationalization - Sri Lanka will be the theme country, and Thailand will be the special partner country, celebrating 50 years of diplomatic relations with China [1] - Two South Asia pavilions with nearly 800 booths have been set up, with India and Pakistan having the most booths, each with 140 [1] - The expo has attracted participation from 54 countries and regions, with over 1,400 registered exhibitors, including more than 120 well-known companies from the Fortune Global 500 and China’s top 500, marking a 36% increase from the previous year [1] Group 2: Professionalization - The expo will feature 11 specialized pavilions, including manufacturing, green energy, coffee, and traditional Chinese medicine, with specialized pavilions accounting for nearly 70% of the total [2] - Nearly 1,000 professional buyers from South Asia, RCEP member countries, Europe, America, and Africa have registered to attend [2] - Six industry inspection routes have been planned to facilitate effective economic and trade cooperation [2] Group 3: Marketization - The expo will operate on a fully market-oriented basis for the first time, with promotional roadshows conducted nationwide [2] - A Beijing promotional event was attended by diplomats from nine countries and representatives from over 80 institutions and enterprises [2] - Collaborations with various trade associations and the utilization of Yunnan's overseas business representatives have been established to invite domestic and foreign enterprises to participate [2] Group 4: Branding - The expo will introduce the "South Asia Expo Release Hall" for exhibitors to launch new products, technologies, and services, with 29 companies already registered to showcase innovations [3] - The digital platform for the expo will be enhanced, featuring cloud displays, live broadcasts, and online negotiations [3] - Special invitations have been extended to ambassadors, consuls, international students, and influencers to promote the expo and its unique offerings [3]

南开大学金融学教授田利辉指出，此次创业板指样本调整反映出强化新质生产力布局、提升指数代表性与流动性、服务国家战略安全需求的市场 趋势与政策导向。在资源配置层面，样本调整发挥着引导资金流向高成长领域、深化市场优胜劣汰机制、增强指数投资功能的作用，助力优质企 业成长，优化市场生态，促进资本市场良性循环。 【环球网财经综合报道】深圳证券交易所及其全资子公司深圳证券信息有限公司6月3日发布公告，宣布将对创业板指实施样本定期调整，更换其 中8只样本，这一调整将于2025年6月16日正式实施。创业板指自2010年6月1日正式发布以来，已走过十五个年头。十五年间，创业板指不断优化 自身结构，累计调整逾50次，十五周年之际再次"焕新"再出发。 此次调整中，蓝色光标、长盈精密、全志科技、电连技术、协创数据、锐捷网络、乖宝宠物和星宸科技等8只股票被调入创业板指。据Wind资讯 数据统计，截至6月4日，这8家新调入的公司市值均在186亿元以上，其中全志科技、电连技术、锐捷网络、乖宝宠物和协创数据等5家企业均属 于战略性新兴产业。新样本股的纳入，让创业板指更精准地锚定新质生产力发展方向。新一期样本在研发创新与制度适配层面均实现显著跃 ...

Group 1: Industry Development - The city of Suqian aims to establish itself as a "billion-level liquor production area," leveraging its advantages in the liquor industry, particularly with renowned brands like Yanghe and Shuangguo [2] - The liquor industry in Suqian accounts for nearly 80% of Jiangsu's liquor industry output and 5.8% of the national output, indicating its significant role in the regional and national economy [2] - In 2024, the output value of the brewing (liquor) industry in Suqian is projected to grow by 6.4%, moving steadily towards the billion-level target [2] Group 2: Technological Advancements - The intelligent brewing workshop at Yanghe Co. has increased production efficiency by 2.5 times, reduced labor by 80%, and lowered the cost of liquor production by 35.5% compared to traditional methods [2] - The use of digital systems in production has led to improvements in yield rates and quality, with a 2%-3% increase in output and a 10%-15% increase in premium liquor rates [2] Group 3: Cultural and Tourism Integration - The China (Suqian) Liquor Capital Cultural Tourism Festival serves as a platform for cultural and tourism integration, enhancing the influence of Suqian as a liquor capital [3] - The city is focusing on creating unique cultural landscapes and enriching tourism products to meet the evolving demands of tourists who seek immersive experiences [3][4] - Suqian is integrating liquor culture into urban development, with projects like the Yanghe Cultural Tourism Zone and various liquor-themed parks and streets [5] Group 4: Future Prospects - The liquor industry in Suqian is expected to drive cultural revitalization and ecological value through a synergistic approach that combines cultural heritage, ecological sustainability, and industrial development [6]

在大全集团国家级见习示范基地，见习生正在导师指导下调试机器。这个见习生平均留用率达83% 的制造业巨头，见证了城市产业空间与人才成长空间的同频更新。 镇江将见习基地布局深度融入"876"创新引领工程，在航空航天、数字经济等新兴领域开发特色岗 位，助力产业焕发新活力。这些"含金量"十足的岗位让青年直言"见习即起航"。这些变化，不仅重塑着 青年择业观，更推动着产业链向价值链高端攀升。 服务升级：数字赋能畅通见习通道 当4万高校学子与799家见习基地碰撞出创新火花，当"四群八链"产业与青年人才交织成发展新图 景，镇江用"真金白银"的政策支持和"量体裁衣"的岗位开发，为青年铺就了一条从校园到职场的温暖之 路。 "青年见习是城市与未来对话的重要桥梁，我们要让每个年轻人都能在这里找到发光发热的舞 台。"市人社局相关负责人表示，就业见习已成为青年就业和人才引进的重要切口，促进民生保障、产 业升级与城市发展的良性循环，让"山水花园城市"的暖意浸润每位青年奋斗者的心田。 政策迭代：制度创新构建人才栖息地 "政策更新速度始终跑在青年需求前面。"市人社局相关负责人介绍，我市创新建立失信联合惩戒、 基地动态管理等机制，实施"见习+招 ...

Group 1 - The Guangdong Provincial Government will host the "2025 China (Guangdong) - ASEAN Trade Promotion and Supply Chain Cooperation Mechanism Construction Exchange Conference" on June 10, 2025, in Guangzhou, with an expected attendance of approximately 600 participants, marking it as one of the highest-level international conferences between Guangdong and ASEAN in recent years [1] - The Guangdong Provincial Council for the Promotion of International Trade has launched the "Yue Lian ASEAN" WeChat mini-program to provide a "one-stop" service for enterprises looking to enter ASEAN markets, facilitating trade and supply chain cooperation information exchange [2] - The conference will announce the establishment of five supply chain cooperation alliances focusing on advanced manufacturing, green agriculture, and international trade chains, aiming for precise industry segmentation and collaboration [2] Group 2 - The conference will officially release the "RCEP Country Investment Legal Guide" series, including editions for Indonesia, Thailand, and Vietnam, aimed at helping enterprises navigate legal barriers when expanding into ASEAN markets [3] - Each country's investment legal guide will cover the entire process and key regulations related to overseas investment, including compliance guidelines, foreign investment admission rules, and dispute resolution mechanisms [3] Group 3 - A parallel meeting, the "China (Guangdong) - ASEAN Cross-Border E-Commerce Cooperation Exchange Conference," will focus on enhancing cooperation in digital economy, cross-border e-commerce platforms, logistics, and supply chains [4] - The conference will initiate the "China (Guangdong) - ASEAN Cross-Border E-Commerce Strategic Cooperation Launch Action," collaborating with various ASEAN e-commerce associations to build a cooperative ecosystem to address global e-commerce market challenges [4]

Group 1 - The Yangtze River Delta (YRD) region, comprising three provinces and one city, accounts for nearly a quarter of China's economic output despite occupying less than 4% of the country's land area [1] - The region's innovation capacity is reflected in its rising regional innovation co-construction index, with total technology expenditure exceeding 250 billion yuan, representing over 25% of national local technology investment [1] - The YRD has a diverse industrial collaboration model, with 26 advanced manufacturing clusters making up nearly one-third of the national total [1][3] Group 2 - The G60 Science and Technology Corridor connects multiple cities, facilitating collaborative innovation across the YRD [2] - Research and development intensity in the region averages 3.77%, with PCT international patent applications accounting for 10.1% of the national total [3] - The YRD is home to 11% of the country's specialized and innovative "little giant" enterprises and 12% of unicorn companies [3] Group 3 - The "Digital Corridor" is emerging along the G50 highway, enhancing digital collaboration and innovation across the YRD [4] - The YRD's cities are collaborating in the integrated circuit industry, leveraging their respective strengths in chip design, manufacturing, and materials [4] Group 4 - The establishment of "flying land" parks demonstrates cross-regional collaboration, with significant industrial cooperation between cities like Nantong and Shanghai [6][7] - The New Suzhou-Chuzhou High-tech Zone has attracted over 300 industrial projects, with 80% coming from the YRD region [9] Group 5 - The Hai-Tai Yangtze River Tunnel, set to be completed by 2028, will significantly reduce travel time across the river, enhancing economic integration in the YRD [11] - The Nanjing metropolitan area is the first officially approved urban agglomeration, showcasing the region's commitment to coordinated development [11][15]

核 心 观 点 在特朗普上任伊始，就签署了《美国优先投资政策》总统备忘录，旨在进一步限制中美之间的投资往来，并鼓励盟友投资。那么，《美国优先投资政策》到底 该如何理解？又会带来怎样的影响？ 美国对华投资限制，在哪些方面？ 与现行规则相比，《美国优先投资政策》备忘录强化了 三项重要措施。一是扩大限制美对中投资范围与类型 ，将对外投 资审查范围扩大，从半导体、量子和人工智能三个行业， 扩大至生物技术、高超音速、航空航天、先进制造、定向能源以及中国国家军民融合战略涉及的领 域 。同时，考虑将公开交易证券纳入限制。 二是扩大外国投资委员会（CFIUS）的审查权限，加强审查中对美投资。三是考虑终止1984《中美所得税协 定》。 在限制投资政策的落实中， 美国财政部既负责制定规则，也是执行制裁的主导者 。其下属部门中， OFAC和CFIUS负责审查外国对美投资 ，CFIUS负 责审查外国投资美国战略部门的交易。投资限制发端于特朗普第一任期，并在拜登任期内强化。从落地程序来看， 限制中美投资往来的细则待财政部制定， 具体规则最快或在一个季度内出台，最晚可能在年底前 ；中概股最早可能在2026年年中面临退市风险；终止中美所得 ...