Core Viewpoint - The "Data Element ×" three-year action plan has achieved positive results, with a focus on enhancing the integration and innovative application of data elements in the financial sector and capital markets [1][3]. Group 1: Financial Technology Development - The People's Bank of China (PBOC) will formulate a new stage financial technology development plan and issue policy documents to deepen the use of financial technology for digital and intelligent transformation [2][4]. - The PBOC emphasizes improving financial service levels and enhancing financial risk resistance through best practices in data governance, sharing, application, and protection [6][7]. Group 2: Data Element Integration in Capital Markets - The China Securities Regulatory Commission (CSRC) views data elements as a new productive force and is steadily advancing their deep integration and innovative application in capital markets [10][11]. - The CSRC has launched a pilot program with 13 business directions in eight provinces and cities, selecting 11 pilot projects to explore beneficial applications of data elements in securities and futures markets [12][13]. Group 3: Environmental and Social Risk Assessment - The "Data Element ×" competition aims to construct data models that assess environmental and social risks associated with financial activities by integrating various data dimensions such as environmental, meteorological, and financial data [3][15]. - The competition includes topics focused on enhancing the capital market's ability to serve the real economy and improve risk prevention capabilities through innovative applications of data elements [14][15].

Group 1 - The China Securities Regulatory Commission (CSRC) is implementing the "Data Element ×" action plan to integrate data elements into the capital market, guided by the "Three-Year Action Plan (2024-2026)" [1] - A pilot program for "Data Element × Capital Market" has been initiated, with 11 pilot projects selected from 8 provinces and cities, focusing on beneficial explorations in securities, futures, and regional equity markets [1] - The CSRC has highlighted three successful case studies in the securities and futures industry that showcase innovative data applications, including risk control in futures markets and blockchain-based risk data sharing [2] Group 2 - The CSRC is actively promoting the development and utilization of public data, with several exemplary cases recommended for public data application, including initiatives to connect enterprises with capital markets [3] - A clear plan for high-quality data set construction in the securities and futures industry has been established, setting development goals for the next three years [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focusing on the integration and innovative application of data elements in the capital market as part of its broader strategy to enhance digital finance and related sectors [1][2]. Group 1: Data Elements in Capital Market - The CSRC has initiated a special pilot program for "data elements × capital market" across eight provinces and cities, selecting 11 pilot projects that will be announced at the 2024 Financial Street Forum [1]. - The pilot projects involve key institutions in the capital market, operational entities, and information technology service providers, exploring beneficial applications in the securities market, futures market, and regional equity markets [1]. Group 2: Case Studies in Securities and Futures Industry - The CSRC has collected typical case studies showcasing the powerful role of data in risk control within the futures market, blockchain technology for risk data sharing, and multi-dimensional data applications to support high-quality development in the capital market [2]. - These selected cases serve as benchmarks, demonstrating new models and scenarios in data application, effectively driving high-quality supply and efficient circulation of data within the industry [2]. Group 3: Public Data Utilization and High-Quality Data Set Development - The CSRC is actively promoting the development and utilization of public data, with the Shanghai Stock Exchange's "Star Enterprise Navigation" project being recognized as a public data application demonstration scenario [2]. - The CSRC has outlined goals for high-quality data set construction in the securities and futures industry over the next three years, establishing a clear direction for the high-quality development of industry data resources [2].

Core Viewpoint - The event aims to raise awareness and educate the public about preventing illegal financial activities in Xinjiang, emphasizing the importance of financial safety and community involvement [1][2][3] Group 1: Event Overview - The "2025 Prevention of Illegal Financial Activities Concentrated Publicity Day" was launched in Urumqi on June 15, organized by various financial and governmental bodies in Xinjiang [1] - The theme of the event is "Protecting the Wallet and Safeguarding Happiness," utilizing diverse formats such as offline stages, online bilingual live broadcasts, and comprehensive publicity efforts [1] - The event featured performances that creatively conveyed financial safety knowledge, including traditional arts and modern music [1] Group 2: Public Engagement - On the day of the event, Xinjiang TV and Urumqi Broadcasting and Television Station conducted live interviews in both Chinese and Uyghur, featuring experienced law enforcement officials discussing illegal financial activities [2] - Over 40,000 participants engaged in the live broadcast, which provided authoritative legal guidance and encouraged public reporting of illegal activities [2] - The event received support from over 50 financial management departments and institutions, with 29 exhibition points set up to disseminate information and answer public inquiries [2] Group 3: Community Involvement - Throughout the publicity day, various regions in Xinjiang organized unique online and offline activities to promote knowledge about preventing illegal financial activities [3] - The initiative aimed to reach multiple sectors of society, including government agencies, factories, schools, families, communities, and villages, fostering a collective effort to enhance public awareness [3]

Core Viewpoint - The Hong Kong government is actively seeking to attract more leading mainland enterprises to raise funds in Hong Kong, supporting their international development and welcoming the return of more Chinese concept stocks [1] Group 1: Regulatory Changes - The Hong Kong government plans to improve approval processes and optimize the dual primary listing and secondary listing thresholds, including reviewing market structures and considering establishing an over-the-counter trading mechanism for delisted companies [1] - The revised dual primary listing and secondary listing system may relax restrictions on market capitalization, industry attributes, and compliance duration [1][2] - As of June 11, there are 59 U.S.-listed Chinese concept stocks with a market capitalization exceeding $1 billion, of which 29 are not yet listed in Hong Kong [1][4] Group 2: Dual-Class Share Structures - Many of the 29 companies not yet listed in Hong Kong adopt a dual-class share structure, which allows different voting rights for shareholders [2][3] - The Hong Kong Stock Exchange (HKEX) has allowed companies with dual-class share structures to list, provided they meet certain market capitalization and financial criteria [2][3] - Notable companies like Alibaba, JD.com, and Meituan have successfully listed on the HKEX under this structure since the 2018 reforms [3] Group 3: Market Conditions and Future Outlook - Current popular Chinese concept stocks with special voting rights structures, such as Huya, Hesai Technology, and WeRide, do not meet the current HKEX listing requirements [5] - There is ongoing discussion about whether the HKEX will further relax restrictions on dual-class share structures, with industry experts suggesting that the urgency for such changes may not be high at this moment [5] - Suggestions for future regulatory adjustments include balancing the attraction of Chinese concept stocks with investor protection, potentially through phased relaxations of dual-class share structure restrictions [6]

Index Trends - On June 10th, the Shanghai Composite Index fell 0.44% to close at 3384.82 points, with a trading volume of 557.428 billion yuan; the Shenzhen Component Index fell 0.86% to close at 10162.18 points, with a trading volume of 857.931 billion yuan [1]. - The CSI 1000 Index fell 0.92% with a trading volume of 277.218 billion yuan, opening at 6220.04, closing at 6161.69, with a high of 6220.04 and a low of 6098.09 [1]. - The CSI 500 Index fell 0.82% with a trading volume of 182.98 billion yuan, opening at 5809.83, closing at 5757.99, with a high of 5810.92 and a low of 5715.97 [1]. - The SSE 50 Index fell 0.39% with a trading volume of 76.949 billion yuan, opening at 2690.87, closing at 2676.4, with a high of 2700.18 and a low of 2670.15 [1]. Impact of Sector Movements on Indexes - The CSI 1000 dropped 57.27 points from the previous close, with the computer and electronics sectors significantly dragging down the index [2]. - The CSI 500 dropped 47.66 points from the previous close, with the national defense and military industry, computer, and electronics sectors significantly dragging down the index [2]. - The SSE 50 dropped 10.43 points from the previous close, with the non - ferrous metals, banking, and pharmaceutical and biological sectors boosting the index, while the electronics, food and beverage, and non - banking finance sectors dragging it down [2]. Futures Basis and Annualized Opening Costs - IM00 had an average daily basis of - 43.72, IM01 of - 133.37, IM02 of - 296.42, and IM03 of - 470.15 [13]. - IC00 had an average daily basis of - 34.84, IC01 of - 105.05, IC02 of - 213.92, and IC03 of - 337.2 [13]. - IF00 had an average daily basis of - 19.32, IF01 of - 56.45, IF02 of - 85.82, and IF03 of - 115.62 [13]. - IH00 had an average daily basis of - 14.31, IH01 of - 45.58, IH02 of - 50.4, and IH03 of - 50.32 [13]. Futures Roll - over Point Differences and Annualized Costs - Data on the roll - over point differences and annualized costs of IM, IC, IF, and IH futures at different time points are presented in the report, including specific point differences and corresponding annualized costs [23][24][26]

Report Overview - The report provides an overview of the global asset market performance on June 10, 2025, including bond yields, exchange rates, stock indices, and futures trading data [3]. Global Asset Market Performance Bond Yields - **10 - year Bond Yields**: Yields varied across major economies. For example, the US was at 4.472%, with a latest change of -0.004, a one - week change of 0.016, a one - month change of -0.001, and a one - year change of -0.075. Other economies like the UK, France, and Germany also had their respective yield figures and changes [3]. - **2 - year Bond Yields**: The US 2 - year bond yield was 4.040 on June 10, 2025, with a latest change of 0.120, a one - week change of 0.120, a one - month change of 0.040, and a one - year change of -0.900. Different economies had different trends in their 2 - year bond yields [3]. Exchange Rates - **Dollar against Major Emerging Economies**: Against the Brazilian real, the rate was 5.574 on June 10, 2025, with a latest change of 0.28%, a one - week change of -1.13%, a one - month change of -1.78%. For other currencies like the Russian ruble, South African rand, etc., there were also corresponding rates and changes [3]. - **Renminbi**: The on - shore RMB was 7.188, the off - shore RMB was 7.189, the mid - price was 7.184, and the 12 - month NDF was 7.013 on June 10, 2025, with different changes in the latest, one - week, one - month, and one - year periods [3]. Stock Indices - **Major Economies**: Indices such as the Dow Jones, S&P 500, and Nasdaq had different closing prices, latest changes, one - week changes, one - month changes, and one - year changes on June 10, 2025. For example, the Dow Jones closed at 6038.810 with a latest change of 0.55% [3]. - **Emerging Economies**: Stock indices of emerging economies like the Russian index, Hang Seng Index, and上证综指 also showed various performance trends on June 10, 2025 [3]. Credit Bond Indices - Different credit bond indices including emerging economies' investment - grade, high - yield, US investment - grade, euro - zone investment - grade, US high - yield, and euro - zone high - yield had their respective closing prices and changes in the latest, one - week, one - month, and one - year periods on June 10, 2025 [3][4]. Futures Trading Data Stock Index Futures - **Index Performance**: The A - share closed at 3384.82 with a decline of 0.44%. Other indices like the CSI 300, SSE 50, and ChiNext also had their closing prices and percentage changes [5]. - **Valuation**: The PE (TTM) of the CSI 300 was 12.53 with a环比 change of -0.04. Different indices had different valuation and change figures [5]. - **Risk Premium**: The risk premium of the S&P 500 was -0.58 with a环比 change of -0.02. Different indices had different risk premium and change trends [5]. - **Fund Flows**: The latest value of A - share fund flow was -1243.05, and different market segments had different fund flow data [5]. - **Trading Volume**: The latest trading volume of the Shanghai and Shenzhen stock markets was 14153.59, and different indices had different trading volume and change figures [5]. - **Main Contract Premium/Discount**: The basis of the IF contract was -24.47 with a premium/discount rate of -0.63% [5]. Treasury Bond Futures - Treasury bond futures such as T00, TF00, T01, and TF01 had their respective closing prices and percentage changes on June 10, 2025 [6]. - The money market had different interest rates and daily changes, such as the R001 rate at 1.4107% with a daily change of -13.00 BP [6].

| 最新变化 | 0.19% | 0.08% | 0.09% | 0.01% | 0.08% | 0.13% | | --- | --- | --- | --- | --- | --- | --- | | 一周变化 | -0.04% | -0.04% | 0.11% | 0.33% | 0.40% | 0.49% | | 一月变化 | 0.74% | 0.54% | 0.64% | 1.47% | 1.28% | 1.80% | | 一年变化 | 6.49% | 6.55% | 6.77% | 9.94% | 8.47% | 13.06% | 股 指 期 货 交 易 数 据 | 指数表现 | A股 | 沪深300 | 上证50 | 创业板 | 中证500 | | --- | --- | --- | --- | --- | --- | | 收盘价 | 3399.77 | 3885.25 | 2686.83 | 2061.29 | 5805.65 | | 涨跌（%） | 0.43 | 0.29 | -0.08 | 1.07 | 0.76 | | 估值 | 沪深300 | 上证50 | 中证500 | 标普500 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of integrating technological innovation with industrial innovation while enhancing investor protection, particularly for small and medium-sized investors, to support the development of new productive forces [3]. Group 1: Capital Market Reforms - The CSRC will comprehensively implement the new development concept and deepen reforms in the capital market's technology finance system, enhancing the functions of multi-tiered capital markets [3]. - There will be a push for the reform of the stock issuance registration system, focusing on information disclosure and strict regulatory accountability, while promoting the listing of high-quality unprofitable technology companies [5]. Group 2: Support for Technology Enterprises - The CSRC aims to support the differentiated development of the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, optimizing arrangements to better meet the diverse financing needs of technology enterprises at different stages [5]. - There is a commitment to cultivate long-term capital and encourage private equity funds to adapt their assessment mechanisms to better align with the characteristics of technology innovation enterprises [6]. Group 3: Investor Protection - The CSRC will enhance investor protection by ensuring that financing services for technology enterprises and the protection of investors' legal rights are coordinated and effectively implemented [8]. - Efforts will be made to improve the transparency of information related to technology innovation attributes and investment risks, as well as to establish a mechanism for representative litigation [7][8]. Group 4: Market Integrity - The CSRC plans to revise the Securities and Futures Market Integrity Supervision and Management Measures to strengthen the construction of a trustworthy market environment, enhancing the integrity of all market participants [10]. - Measures will be taken to establish a comprehensive database for market integrity, implement strict penalties for dishonest behavior, and improve the professional ethics of industry personnel [10].

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