◎记者 杨翔菲 王彭 "在上海看电影，真好啊！""不舍电影节，不舍电影之城！""明年再见，电影永恒！"6月22日，众多电 影爱好者在社交媒体抒发对第27届上海国际电影节（下称"上影节"）的不舍之情。 6月13日至22日，上影节让上海变成了一座电影之城。行业人士以光影"造梦"，影迷观众以热情"追 梦"，10天的光影盛会，线上线下激情四溢，在上海，每一帧都是生活。 从虚拟现实电影到潮玩IP，新消费的浪潮在技术迭代和情感需求的双重推动下加速奔涌。上影节展现的 不仅是影视技术的突破，更是一个新时代消费逻辑的缩影——未来，能够深度融合技术创新与情感共鸣 的企业，将成为市场的引领者。正如业内人士所言："新的时代，一定会诞生一批代表性的公司。" 虚拟现实电影开辟新蓝海 今年上影节，国家电影局发布的虚拟现实电影发展计划成为焦点。截至目前，已有10部虚拟现实电影立 项，标志着中国电影产业正探索一条"国际上没有先例的创新之路"。 资深影迷王小姐对记者表示，她今年上影节一共看了10场展映影片。"其中3场是见面会场次，可以和主 创交流，这是每年6月才有的限定体验。"本届电影节，共有400多部中外影片参加展映。 王小姐介绍，她深深地感 ...

◎记者 赵明超 发行容易成长难。过去几年密集成立的发起式基金，如今正在遭遇成长的难题。今年以来，因规模持续 低于合同约定而清盘的发起式基金高达41只，还有上百只已经拉响清盘警报。 这些发起式基金缘何长不大？上海证券报记者统计发现，上述清盘的基金大多为追逐市场热点而成立， 但在成立后遭遇业绩"滑铁卢"，投资者"用脚投票"，最终基金因规模长期低于2亿元而清盘。 在业内人士看来，发起式基金成立门槛较低，基金公司应将其作为逆势布局的"种子"，而不应该当作热 点营销的工具。只有基于长期投资价值出发，发起式基金才能拥有长期生命力。 41只"闯关"失败 据Choice数据统计，截至6月22日，在年内清盘的131只基金中，发起式基金高达41只。其中不少是新能 源、医药等行业主题基金。由于成立在几年前的市场高点，几年下来业绩惨淡，在清盘时已经成为"四 毛基""五毛基"。 以最近清盘的上银新能源产业精选混合基金为例，2022年4月20日，在新能源赛道如火如荼时，该基金 成立，发行规模为1982.06万元。但此后新能源板块冲高回落，该基金净值也急转直下，截至2024年2月 初，净值一度跌到0.45元。 今年4月，上银新能源产业精选 ...

◎林玉莲 记者 何漪 不过，广东此次明确规定基金管理费的收费规则后，有可能打破行业惯例。《管理办法》提出，基金管 理费一般应以实缴出资或实际投资金额为计费基础，合理确定计提标准。基金管理费从基金收益或利息 中支付，原则上不允许在本金中列支，如基金暂未产生收益或利息，可先从本金中预支，待基金产生收 益或利息后补回。 同时，《管理办法》还提出，政府投资基金管理费用按照市场化原则协商确定，依据基金考核评价结果 情况予以核定拨付；基金存续期满后不得收取管理费。 激活政府基金的投资生命力 《管理办法》发布后，在市场引发热议。 "《管理办法》出台的背景在于，市场存在部分鱼龙混杂的现象。"前润控股集团董事长向阳说，《管理 办法》对一些仅依赖管理费却不具备专业投资能力的基金管理公司是精准打击。对于专业的基金管理公 司来说，投资空间会愈发广阔。 近日，广东省财政厅发布关于印发《广东省政府投资基金管理办法》（下称《管理办法》）的通知，引 发市场热议。其中，备受关注的一条规则是，基金管理费从基金收益或利息中支付，原则上不允许在本 金中列支，如基金暂未产生收益或利息，可先从本金中预支，待基金产生收益或利息后补回。 业内人士表示，《管 ...

◎记者 汤立斌 常佩琦 闫刘梦 证券公司分类评价制度是证券公司监管的基础性制度，其结果有效反映券商的综合实力，同时影响着公 司的创新业务开展、风险资本指标及监管检查频率等方面，重要性不言而喻。 日前，该项制度迎来新一轮规则调整，中国证监会就《证券公司分类评价规定（修订草案征求意见 稿）》（下称《规定》）公开征求意见。《规定》明确了引导证券公司更好发挥功能作用的监管导向， 聚焦行业高质量发展，支持中小机构特色化、差异化发展，并强调"打大打恶"，更好维护投资者合法权 益。 具体来看：一方面，《规定》适当优化整合规模性指标，取消了营业总收入的加分指标，同时提升对净 资产收益率的加分力度，最高加分由1分提高至2分，引导证券公司坚持集约型的发展方向，提升经营效 率；另一方面，《规定》适当提升了部分加分指标的覆盖面，将净资产收益率和经纪、投行、资管等主 要业务收入加分范围由前20名扩大到前30名，按名次加0.25分到2分不等，助力中小机构在相关细分业 务领域的加分项中能够"跳一跳，够得着"。 在业内人士看来，调整后的评价办法将重塑行业定位，引导证券行业从规模导向转向价值创造，把净资 产收益率作为衡量资本使用效率的核心指标 ...

◎记者 汪友若 5月7日，中国人民银行、金融监管总局、中国证监会联合推出一揽子金融政策，从货币政策、金融监 管、资本市场建设等多维度发力，贯彻落实中央政治局会议"持续稳定和活跃资本市场"的决策部署。 投行业务中，并购重组市场不断升温，券商在方案设计、交易撮合、融资安排等方面具有专业优势，并 购重组财务顾问业务面临发展机遇。 资管产品方面，盘活存量资产、支持基础设施建设等政策导向，将推动REITs市场和资产证券化业务持 续发展，为券商带来新的业务增长点。 展望未来，徐朝晖认为，政策还有望从四方面发力，进一步巩固和提升市场动能。一是通过政策引导和 市场机制，鼓励上市公司聚焦主业，提升核心竞争力；二是支持上市公司加大研发投入，推动科技创新 和产业升级；三是支持优质企业通过并购重组做优做强，支持上市公司通过市场化方式进行产业整合和 价值提升；四是引导上市公司完善公司治理结构，提高决策透明度和科学性，鼓励上市公司通过现金分 红、股份回购等方式积极回报投资者。 "平衡'稳定'与'活跃'是一个动态的过程，政策既要为市场划出清晰的底线和红线，保障其稳定运行，又 要为市场留出足够的空间和弹性，激发其内在活力。通过多方面、系统性 ...

Core Viewpoint - Rosen Law Firm is reminding investors who purchased Organon & Co. securities during the specified class period of the upcoming lead plaintiff deadline for a class action lawsuit [1][2]. Group 1: Class Action Details - The class period for the Organon securities lawsuit is from October 31, 2024, to April 30, 2025, inclusive [1]. - Investors may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [1]. - A lead plaintiff must file a motion with the court by July 22, 2025, to represent other class members [2]. Group 2: Legal Representation - Investors are encouraged to select qualified legal counsel with a proven track record in securities class actions [3]. - Rosen Law Firm has achieved significant settlements, including the largest securities class action settlement against a Chinese company at the time [3]. - The firm has consistently ranked among the top firms for securities class action settlements since 2013, recovering hundreds of millions for investors [3]. Group 3: Case Allegations - The lawsuit alleges that Organon's management made misleading statements about the company's priorities, particularly regarding capital allocation and dividend payments [4]. - It is claimed that the company concealed the importance of its debt reduction strategy, which led to a 70% decrease in the regular quarterly dividend following the acquisition of Dermavant [4]. - The lawsuit asserts that investors suffered damages when the true information about the company's financial priorities became public [4].

过去一年，泡泡玛特的"女明星"LABUBU日程繁忙，全球飞、赶通告，在泰国被旅游部长接机，在伦敦 哈罗德百货粉丝们为她排起长龙。而最近，她的名字更成为全球社交话题的热门词。 同样的故事还属于几个中国神话传说中的人物。今年春天，动画电影《哪吒之魔童闹海》震惊影史，舞 着混天绫、挥着火尖枪、踩着风火轮的哪吒风靡海内外。去年夏天，游戏《黑神话：悟空》上线一个月 狂揽千万份销量，让中国的美猴王孙悟空成功在全球掀起一阵"西游热"。 《哪吒》系列影片的出品方光线传媒董事长王长田表示："中国影片出海是必然的选择和趋势。目前， 中国产品和服务已在全球逐渐打开市场，国外观众有想要了解中国文化的需求，这为中国电影出海带来 了机会。" 在海外发行中，英语版坚持保留了中国文化、传统神话的内核和精髓。对于一些特定的中国文化词语， 不再追求英语的对应，而是保留了原汁原味，如"Tianzun"（天尊）、"Wuliangxianweng"（无量仙翁） 等。"我们期待海外观众观影后，能潜移默化地接受中华传统文化中的一些概念。"应旭珺说。 讲好中国故事，不仅是中国电影在做。近年来，伴随中国游戏产业的发展，数字游戏正在成为演绎中国 故事的又一新兴 ...

Core Viewpoint - The rise of artificial intelligence (AI) is increasing cybersecurity threats, making companies like CrowdStrike and SentinelOne attractive investment opportunities due to their AI-powered cybersecurity solutions [1]. Company Comparison - Both CrowdStrike and SentinelOne offer AI-powered protection platforms that analyze digital activity to identify threats, deploying their software to network endpoints such as laptops and smartphones [3]. - Each company enhances its core offerings with additional cybersecurity products, allowing clients to customize their protection suites [4]. Company Size and Market Position - CrowdStrike is significantly larger than SentinelOne, with an annual recurring revenue (ARR) of $4.4 billion compared to SentinelOne's $948 million in fiscal Q1 [5]. - The larger client base of CrowdStrike increases its visibility and reputation in the market, potentially leading to more business opportunities [6]. Growth Rates - SentinelOne is experiencing slightly faster growth, with a 24% year-over-year increase in ARR, while CrowdStrike's ARR grew by 22% year-over-year [7]. - Despite the faster growth rate of SentinelOne, CrowdStrike's larger base makes its growth impressive [8]. Profitability - Neither company is highly profitable, with SentinelOne far from breaking even and CrowdStrike having intermittent profitability [9][10]. - CrowdStrike has previously demonstrated the ability to achieve profitability, suggesting a potential path for SentinelOne to follow [10]. Valuation and Investment Perspective - CrowdStrike's stock is currently five times more expensive than SentinelOne's, raising concerns about its valuation given their similar growth rates [12][14]. - The high valuation of CrowdStrike may indicate an overhyped stock, while SentinelOne appears to be undervalued, making it a more attractive investment option at present [15].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of pure benzene futures and options on the Dalian Commodity Exchange, emphasizing the importance of these products for risk management and the stable operation of the industrial chain [1] - The introduction of pure benzene futures and options is expected to enhance the risk management capabilities of the chemical industry and contribute to the establishment of a transparent and authoritative "China pure benzene price" [2][3] - The total number of futures and options in China's futures market will increase to 150 with the addition of pure benzene and other recently launched products [1][2] Group 2 - The pure benzene market is characterized by a large scale, high standardization, and well-developed infrastructure, making it suitable for standardized futures and options trading [2] - The CSRC is also exploring the launch of other derivative products, such as RMB foreign exchange futures and liquefied natural gas futures and options, to better serve the real economy [2][3] - The futures market has made significant progress in product innovation and enhancing its service capabilities to the real economy, with a more complete commodity system covering various sectors [3] Group 3 - Industry insiders believe that the futures market should continue to deepen product innovation to better support high-quality economic development [4] - There is potential for expanding green commodity-related products, such as carbon emission rights futures and electricity futures, to meet market demands [4][5] - Futures companies are encouraged to engage in the design and cultivation of new products, providing professional services to industry clients and enhancing market liquidity [5]

Group 1 - The core viewpoint of the article highlights a significant increase in the scale of share placements in the Hong Kong stock market, with 252 companies announcing placements totaling HKD 1,476.21 billion, a year-on-year increase of 279.57% [1] - The Hong Kong stock placement mechanism allows companies to issue new shares or sell existing shares to specific investors without needing additional shareholder approval, providing flexibility in fundraising [1] - The surge in share placements is attributed to improved market conditions, leading industry leaders to bolster cash reserves amid global asset rebalancing [1][3] Group 2 - The Hong Kong market has seen a notable improvement in investor confidence, with the Hang Seng Index rising by 17.3% year-to-date, enhancing the attractiveness of Hong Kong assets and creating a favorable environment for refinancing [2] - Leading companies in sectors such as new consumption, artificial intelligence, and biotechnology are seizing the refinancing "window" to strengthen cash flow for significant R&D investments and business expansion [3] - International capital is returning to the Hong Kong market, showing optimism towards the long-term growth potential of core industries like biotechnology and new energy [3] Group 3 - Many companies' placement lists include foreign institutional investors, indicating strong international interest; for instance, 80% of the placement by Kelun-Botai Bio was allocated to international investors [4] - Concerns have been raised about potential "over-extraction" from the market due to high-volume placements, but regulatory constraints limit placements to 20% of share capital, ensuring a balance between short-term financing needs and long-term market trust [4]