Core Viewpoint - The visit to Huayang Group by the Huizhou Securities and Futures Industry Association represents a significant opportunity for collaboration and understanding between the company and industry stakeholders, highlighting Huayang Group's strong market position and innovative capabilities in the automotive electronics sector [1][5]. Company Overview - Huayang Group has focused on product development in automotive intelligence and lightweighting, with its automotive electronics business covering three main areas: intelligent cockpits, intelligent driving, and intelligent networking, making it one of the most comprehensive companies in the domestic intelligent cockpit sector [3]. - The precision die-casting business includes key automotive components, precision 3C electronic parts, and industrial control components, establishing Huayang Group as a highly competitive player in the domestic die-casting industry [3]. Industry Insights - The president of the Huizhou Securities and Futures Industry Association emphasized Huayang Group's significant influence in the industry, noting its excellent performance and stable development, which have garnered widespread market recognition [5]. - Huayang Group aims to achieve a revenue breakthrough of 10 billion in 2024, with overseas markets identified as a crucial growth area, supported by increased investment in technology research and development [6]. Product Experience - During the visit, attendees experienced advanced automotive technologies such as AR-HUD, PHUD, wireless charging for mobile devices, and electronic rearview mirrors, showcasing the convenience and trend of intelligent cockpits [5][6]. - The president of the association personally tested the HUD product capabilities, enhancing understanding of Huayang Group's core products [6]. Q&A Session - The Q&A session addressed various topics, including the relationship between internal development and external mergers, strategic planning, competitive advantages, stock incentives, future outlook, R&D investment, and risk management related to raw material cost fluctuations [8]. - Huayang Group's executives provided detailed and professional responses, earning high recognition and satisfaction from the attendees [8].

商 品 研 究 研 究 所 晨 会 投资咨询业务资格： 证监许可[2011]1771号 观 点 精 萃 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 从业资格证号：F03144512 投资咨询证号：Z0022217 电话：021-687578 ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - No explicit core viewpoints are presented in the provided text. The report mainly offers data on global asset market performance, including bond yields, exchange rates, stock indices, and trading data for stock and bond futures. 3. Summary by Relevant Catalogs Global Asset Market Performance - **10 - Year Treasury Bond Yields**: On June 24, 2025, yields varied across major economies. For example, the US was at 4.296%, and Japan at 3.864%. Changes over different time - frames (latest, one - week, one - month, one - year) also differed. The US had a latest change of - 0.053, a one - year change of 0.074 [3]. - **2 - Year Treasury Bond Yields**: Yields on June 24, 2025, were as follows: the US at 3.900%, and Japan at 0.733%. There were also different changes over various time - periods. The US had a latest change of 0.060 and a one - year change of - 0.850 [3]. - **Dollar to Major Emerging Economy Currency Exchange Rates**: On June 24, 2025, the exchange rate of the dollar to the Brazilian real was 5.511 with a 0.26% latest change. Rates and changes varied for other currencies like the Russian ruble, South African rand, etc [3]. - **Major Economies' Stock Indices**: On June 24, 2025, the S&P 500 was at 6092.180 with a 1.11% latest change. Different indices had different performance over various time - frames. The S&P 500 had a one - year change of 12.16% [3]. - **Credit Bond Indices**: Different types of credit bond indices (US investment - grade, euro - zone investment - grade, etc.) had positive changes over different time - periods. For example, the US investment - grade credit bond index had a latest change of 0.42% and a one - year change of 5.35% [3]. Stock Index Futures Trading Data - **Index Performance**: On June 24, 2025, the A - share index closed at 3420.57 with a 1.15% increase. Other indices like the CSI 300, SSE 50, etc., also had their respective closing prices and percentage changes [4]. - **Valuation**: PE (TTM) values for indices such as the CSI 300, SSE 50, etc., were provided. The CSI 300 had a PE (TTM) of 13.03 with a 0.13环比 change [4]. - **Risk Premium**: Risk premium values and their环比 changes were given for different indices. The CSI 300 had a risk premium of 3.70 with a 0.00环比 change [4]. - **Fund Flow**: Latest values and 5 - day average values of fund flow were presented for different segments of the A - share market. The A - share market had a latest fund flow value of 491.60 and a 5 - day average of - 240.08 [4]. - **Trading Volume**: Latest trading volume values and环比 changes were provided for different market segments. The Shanghai and Shenzhen stock markets had a latest trading volume of 14145.82 with a 2919.75环比 change [4]. - **Main Contract Premium/Discount**: Basis and percentage changes were given for futures contracts such as IF, IH, and IC. The IF contract had a basis of - 51.63 and a - 1.32% change [4]. Treasury Bond Futures Trading Data - **Closing Prices and Percentage Changes**: On June 24, 2025, the T00 contract closed at 109.025 with a 0.00% change, and the T01 contract closed at 109.045 with a 0.02% change [5]. - **Funding Rates**: Funding rates such as R001, R007, and SHIBOR - 3M were provided along with their daily changes. R001 was at 1.4380% with a - 12.00 BP daily change [5].

Market Overview - A-shares experienced a significant rally, with the ChiNext Index rising by 1.34%, driven by strong performances in the military and diversified financial sectors [1] - Northbound capital saw a substantial inflow of 8.1 billion yuan, indicating increased foreign interest in A-shares [1] External Market Influence - U.S. stock markets rose over 1%, with the Nasdaq China Golden Dragon Index increasing by 3.31%, positively impacting A-shares [3] - The easing of tensions in the Middle East and a 6% drop in international oil prices contributed to a more favorable market environment [3] Technical Analysis - The ChiNext Index broke through the critical resistance level of 2050 points, indicating a strong upward momentum [3] - The Shanghai Composite Index showed potential to challenge the 3450-point mark, contingent on volume support [3] Capital Flow - Northbound funds were actively purchasing, with over 4 billion yuan each in both the Shanghai and Shenzhen stock connects, reflecting foreign optimism towards A-shares [4] - Domestic capital showed a net outflow overall, but focused on military, financial, and solid-state battery sectors [4] Sector Performance - The military sector saw significant gains, with over ten stocks hitting the daily limit, supported by a 7.2% increase in defense budgets and geopolitical risk hedging [4] - The financial sector's surge was attributed to favorable policies announced at the Lujiazui Forum, including the establishment of a digital RMB international operation center in Shanghai [4] - The solid-state battery sector is gaining traction, with companies like Xiangtan Electrochemical achieving five consecutive trading limits, driven by advancements in technology and upcoming production milestones [5] Underperforming Sectors - The oil and gas extraction sector faced declines, with companies like Zhun Oil Co. hitting the daily limit down, linked to the drop in international oil prices [6] - The port shipping and film industry are also experiencing adjustments due to economic cycles and market capital flow [6] - The liquor sector remains sluggish, with prices for premium products like Moutai dropping significantly due to seasonal consumption declines and industry de-financialization [6] Investment Strategy - For long-term investors, the military and financial sectors present ongoing opportunities, particularly in military stocks supported by policy and earnings expectations [6] - Caution is advised in the solid-state battery sector due to high short-term volatility, emphasizing the need to identify companies with genuine technological breakthroughs [6] - The ChiNext Index's ability to maintain above 2100 points could lead to a challenge of 2200 points, with a focus on technology and new energy sectors [6]

6月24日，国家数据局举办"数据要素×"系列新闻发布会（第二场），介绍"数据要素×"行动实施情况及 2025年"数据要素×"大赛相关情况。 国家数据局政策规划司副司长栾婕介绍，今年的"数据要素×"大赛正在全国火热进行中，目前，已有29 个省区市启动了地方分赛报名工作。下一步，国家数据局将联合各部门持续深入推进"数据要素×"行 动，从典型应用场景入手，加快挖掘更多数据要素价值释放的新模式新路径，希望更多企业能够参与到 相关试点、案例遴选及大赛活动中来，共同激活数据要素价值，为各行业高质量发展提供新动能。 在回答《证券日报》记者关于大赛金融服务领域赛题设置情况的提问时，中国证监会科技监管司副司 长、一级巡视员蒋东兴介绍，本次赛题设置，中国证监会紧密围绕《"数据要素×"三年行动计划》重点 行动部署，结合当前证券期货行业的实际工作需求，精心设置了"人工智能条件下的资本市场舆论环境 治理""融合多维度数据发展绿色金融""提供金融服务领域的数据分析能力"和"强化期货市场服务实体经 济能力与风险防控能力"四个赛题，旨在通过数据要素的创新应用，充分发挥其在资本市场的乘数效 应，推进金融服务实现创新升级。 四是有效防范控制风险 ...

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]