1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the China-US tariff war eased, but there are still significant uncertainties. Trump's tariff policy is influenced by the "Great and Beautiful" Act. If it passes the Senate, the tariff policy may ease; otherwise, it may intensify [1][33]. - The suspension of the tariff war promoted panic exports, leading to a month-on-month increase in the manufacturing PMI in May. The improvement in demand was mainly supported by external demand, but enterprises were worried about future demand, as indicated by the continuous decline in the finished - product inventory index [1][34]. - Despite the easing of the tariff war, its negative impact has formed, squeezing enterprises' willingness to produce and invest. Enterprises prefer to maintain the original re - export trade rather than direct exports due to the expiration of the tariff suspension period in early July [2][34]. 3. Summary According to the Table of Contents 3.1 Tariff War Risk Temporarily Eased, but Uncertainty Remains 3.1.1 Tariff War News Since May - In the China - US high - level economic and trade talks from May 10 - 11, significant progress was made, including a substantial reduction in bilateral tariffs and the establishment of a bilateral consultation mechanism. However, there is a risk of tariff war escalation after the 90 - day suspension period ends on July 9 [7][8]. - There were legal disputes over Trump's tariff policy in May. On May 28, a federal court blocked Trump's tariff policy, but on May 29, the federal appeals court temporarily suspended the lower - court's ruling. On June 3, Trump increased steel and aluminum tariffs from 25% to 50% [8]. - There are internal differences in the US on tariff policy, but Trump adheres to a tough stance, making the future of the tariff war uncertain [9]. 3.1.2 Assessment of Trump's Future Tariff Policy - Trump's tariff policy is stubborn. His purposes include creating political legacies and expanding family assets, as well as generating fiscal revenue for tax cuts. The "Great and Beautiful" Act's passage in the Senate will affect the intensity of his tariff policy [10][11]. 3.2 Tariff War Suspension Promoted Panic Exports, and the Manufacturing PMI Rose Month - on - Month in May - In May, the manufacturing PMI rebounded by 0.5 points to 49.5 but remained in the contraction range. The panic - export effect drove the recovery of most sub - indicators except price - related and finished - product inventory indicators [12]. - In terms of production, the PMI production index rose by 0.9 points to 50.7, higher than the rebound of the demand index and the seasonal average. Enterprises accelerated production during the 90 - day buffer period to ship goods [12][13]. - In terms of demand, the new order index rose by 0.6 points, and the new export order index rose by 2.8 points, indicating that external demand supported the improvement. However, the finished - product inventory index continued to decline by 0.8 points, reflecting enterprises' concerns about future demand [13]. 3.3 Enterprises Remain Cautious about Direct Trade with the US and Prefer Re - export Trade - In May, the weekly average throughput of monitored ports increased slightly month - on - month, and the import container data of the Port of Los Angeles showed a recovery but did not reach previous highs. Enterprises prefer re - export trade due to the cumulative effect of tariffs and the short suspension period [18]. - Different industries are affected differently by tariff policies. Strategic emerging industries are less affected, while traditional labor - intensive foreign - trade enterprises are more cautious. Forward - looking indicators show that the actual production and operation recovery of enterprises is slower than expected [24]. - In April, more than half of the 13 export - dependent industries saw profit improvements, but there was a deviation between price - volume changes and profit recovery. Profit improvement driven by cost reduction is not sustainable, so enterprises choose to reduce inventory [29]. 3.4 Summary - The China - US tariff war eased in May, but Trump's tariff policy remains uncertain, depending on the "Great and Beautiful" Act's passage in the Senate [1][33]. - The suspension of the tariff war promoted panic exports and a month - on - month increase in the manufacturing PMI in May. External demand supported the improvement in demand, but enterprises were worried about future demand [1][34]. - The negative impact of the tariff war has formed, squeezing enterprises' willingness to produce and invest. Enterprises prefer re - export trade due to the expiration of the tariff suspension period in early July [2][34].

6月9日，北京商报记者从北京市发展改革委获悉，近日，市发展改革委印发了《关于开展重点领域设备购置与更新改造贷款贴息的实施方案》 （以下简称《实施方案》），在保持原政策贴息率、贴息期等事项基本稳定基础上，结合设备购置灵活性高、变化较快等特点，更加注重即申即 享、简化办理环节，切实提升企业获得感。 据介绍，对于符合条件的项目，各项目单位向项目所在地区发展改革部门（涉及跨区的原则上向项目单位注册地区发展改革部门）报送申报材 料。项目符合政策要求且资料齐备的，区级发展改革部门报送至市发展改革委。市发展改革委按规定批复项目贷款贴息资金申请报告并下达资 金。 "设备购置与更新改造能够带动传统产业更新改造升级，引导战略性新兴产业、未来产业加快发展，设备购置已成为投资增长的重要动力。"北京 市发展改革委相关负责人说。 北京市统计局发布的数据显示，今年1—4月，全市固定资产投资（不含农户）同比增长21.2%。其中，反映企业扩大生产能力的设备购置投资增 长1.1倍。实际上，近年来，北京市在重点领域设备购置与更新改造贷款贴息上不断投入。北京市社会科学院副研究员王鹏对北京商报记者表示， 这反映出北京市重视产业升级创新，通过政策引导企 ...

超八成为科创企业 刚刚过去的5月份，沪深北交易所共受理16家企业的上市申请，不仅创下年内单月受理数量新高，还超 过前4个月受理数量的总和，引起市场热议。 实际上，无论是从今年还是从5月份单月来看，受理上市申请的企业都以科创企业为主。据沪深北交易 所官网数据统计，截至6月6日，今年以来，交易所共受理29家企业上市申请，计划募资合计441.8亿 元。其中，有25家为科创企业，占比86.21%，超过八成，拟登陆科创板、创业板、北交所的分别有4 家、2家和19家。而5月份受理的16家企业中，有科创企业13家，占比亦超过八成。 6月5日，深圳市优优绿能股份有限公司、中策橡胶集团股份有限公司2只新股上市。据Wind资讯数据统 计，截至6月6日，今年以来，45家公司登陆A股，同比增长17.95%，合计募资332.09亿元，同比增长 20.8%。 今年以来，监管部门统筹一二级市场协调发展，发挥逆周期调节作用，市场融资规模和节奏更加科学合 理。与此同时，监管部门对科创企业支持力度加大。年内新上市公司中，超过九成为战略性新兴产业企 业。 接受采访的专家认为，随着注册制改革深入推进，今年IPO市场将继续强监管、优结构、提效率，从源 ...

本报记者 田鹏 6月3日，深圳证券交易所及其全资子公司深圳证券信息有限公司发布公告称，根据指数编制规则，将对创业板指实施样本 定期调整，更换其中8只样本。相关调整将于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，已历经十五载。十五年间，创业板指通过持续优化自身结构，更好地反映创业板 市场的整体表现与发展趋势。据统计，叠加本次调整，指数样本股已累计历经逾50次调整。 南开大学金融学教授田利辉在接受《证券日报》记者采访时表示，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。 纳新提质 随着新样本股的纳入，创业板指将更精准地锚定新质生产力发展方向。数据印证，新一期样本在研发创新与制度适配层面 均实现显著跃升：2024年样本企业研发投入平均增幅达10%，22家企业研发投入均超10亿元；注册制样本公司数量达17家，权 重提升至7%，为指数注入强劲创新动能与制度活力，使其更契合资 ...

Core Viewpoint - The Chinese government has introduced a series of financial policies aimed at stabilizing the market and boosting confidence, focusing on supporting the real economy and addressing potential risks in specific sectors like real estate and small and medium enterprises [1] Key Investment Directions - Strategic emerging industries will be a core pillar for future development, with emphasis on sectors like artificial intelligence, quantum technology, and new energy vehicles, supported by specialized credit mechanisms and insurance funds for technology investments [2] - The digital transformation of the manufacturing sector will be prioritized, particularly through the "AI+" initiative, enhancing smart manufacturing and industrial internet platforms [3] - Infrastructure development will focus on green and low-carbon projects, with financial support for green infrastructure and resource recycling initiatives [4][5] - Agricultural modernization and rural revitalization will receive continued policy support, including increased funding for agricultural machinery updates and rural environment improvements [6] - The healthcare sector will see investments aimed at enhancing medical service capabilities, including the modernization of medical equipment and facilities [7] - Education modernization will be supported through funding for updating teaching equipment and improving cultural and sports facilities [8] Emerging Characteristics in Key Industries - In the industrial sector, funding will focus on equipment updates and smart transformations in traditional industries like steel and non-ferrous metals, aligning with national policies for industrial modernization [9] - The environmental sector will play a crucial role in the green transition, with investments in advanced low-carbon technologies and projects aimed at improving waste management and pollution control [10][11] - The agricultural sector will continue to receive support for machinery updates and technological innovations, enhancing productivity and income for farmers [12] - The healthcare sector will benefit from policies aimed at upgrading medical equipment and enhancing healthcare service delivery [13] - The education sector will see increased funding for updating educational facilities and equipment, supporting the modernization of teaching and research [14] - The digital asset management sector will receive comprehensive financial support, promoting the development of the digital economy [15][16] Diverse Funding Support Types - The introduction of long-term special bonds and local government bonds will provide significant funding for infrastructure and development projects, with a focus on new and emerging industries [17][18] - The scale of local government special bonds is set to reach 4.4 trillion yuan in 2025, reflecting the government's commitment to infrastructure investment and economic stability [18][20] - Central budget investments are projected to increase to 735 billion yuan in 2025, targeting major construction projects and public services [21] Project Planning Recommendations - The new financial policies present opportunities for reduced financing costs and improved access to funding in key sectors such as technology innovation and green development [22] - Companies should align their investment strategies with national priorities, focusing on emerging industries and sectors supported by government policies [26] - Utilizing policy-driven financing tools and enhancing core competitiveness will be essential for companies to thrive in the evolving economic landscape [28]

Group 1 - The number of companies in strategic emerging industries listed on the Shanghai and Shenzhen stock exchanges is approaching 2,700, accounting for over 40% of the market capitalization [1] - More than 90% of new listings on the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange in 2024 will belong to strategic emerging industries or high-tech enterprises [1] - The conditions for technology companies to go public have become more accommodating, with multiple listing paths established for unprofitable companies, red-chip companies, and those with special voting rights [1] Group 2 - Since the introduction of the "merger and acquisition six guidelines," listed companies have actively planned mergers and acquisitions, resulting in over 1,400 disclosed asset restructurings, a year-on-year increase of over 40% [1] - The number of major asset restructurings has exceeded 170, showing a year-on-year increase of over 220% [1] - Approximately 650 asset restructurings have been disclosed by companies in strategic emerging industries, with over 80 being major restructurings [1] Group 3 - Since the implementation of the registration system reform, 90% of companies listed on the Sci-Tech Innovation Board and Beijing Stock Exchange, and over half of those on the Growth Enterprise Market, have received investments from private equity and venture capital funds [2] - The scale and proportion of investments from private equity and venture capital funds in strategic emerging industries continue to rise, with over 100,000 projects currently funded and total investment exceeding 4 trillion yuan [2] - The bond market has become an important channel for direct financing for technology companies, with cumulative issuance of Sci-Tech bonds reaching 1.2 trillion yuan [2] Group 4 - In 2024, 539 Sci-Tech bonds were issued, with a total issuance scale of 610 billion yuan, representing a year-on-year increase of 64% [2] - The funds raised are primarily directed towards cutting-edge fields such as semiconductors, artificial intelligence, new energy, and high-end manufacturing [2]

为推动科技创新与产业创新深度融合，加快打造具有重要影响力的新兴产业聚集地，安徽省人民政府办 公厅近日印发《安徽省人民政府关于推动新兴产业"双招双引"和产业培育提质增效（2.0版）的意见》 （以下简称《意见》）。 到2030年实现百亿规模集群县域全覆盖 《意见》提出，安徽将打造产业集聚新高地。 一是提升新兴产业集群能级。实施战略性新兴产业集群发展工程，推动资源集聚、主体集中、成果集 成，深化产业内、产品内专业分工。以产业链为主导，以企业为主体，建立跨区域产业协作机制。开展 省级新质生产力产业基地示范创建，打造引领新质生产力发展的主阵地。力争到2030年，打造省级示范 基地90个以上、国家级产业集群10个以上。实施先进制造业集群梯度培育工程，培育省级先进制造业集 群30个以上。加快引育总部型龙头企业，开展小微企业育苗行动，培育一批产业集群"配套专家"企业， 构建"龙头+配套"企业生态圈。 二是壮大县域特色产业规模。各县（市、区）以开发区为主要载体，发挥比较优势，选准1~2个主导产 业，打造一批规模体量大、延伸配套好、支撑带动强的特色产业集群，力争到2030年实现百亿规模集群 县域全覆盖。以做大规模、做长链条、做优 ...

Group 1 - The core viewpoint of the news is that the Shaanxi Provincial Human Resources and Social Security Department, along with six other departments, has issued a notice to strengthen the integration of the human resources service industry with the manufacturing and other real economy sectors to promote high-quality development [1][2] - Shaanxi aims to deeply integrate human resources service institutions into trillion-level industrial clusters such as advanced manufacturing, modern energy, strategic emerging industries, and cultural tourism, providing precise and professional services [1] - The province plans to enhance talent recruitment and training in manufacturing by establishing strategic agreements with key enterprises in 34 major manufacturing industry chains and creating talent service bases [1][2] Group 2 - Shaanxi supports the evaluation of professional titles in human resources management for manufacturing enterprises, allowing for direct applications for senior titles for high-level overseas talents and urgently needed professionals [2] - The province intends to accelerate the construction of specialized and industry-specific talent markets and form recruitment coalitions to address seasonal and structural labor shortages in the manufacturing sector [2] - Shaanxi will promote collaboration between human resources service institutions and educational entities to establish training bases, offering services such as simulation training, talent assessment, and career planning [2]

Group 1 - The fifth national economic census in Hainan Province shows significant growth in the number of units in the secondary and tertiary industries, leading to increased employment [1] - By the end of 2023, there were 174,000 legal entities engaged in secondary and tertiary industries, an increase of 74,000 from the end of 2018 [1] - The top three industries by the number of legal entities in the secondary and tertiary sectors are wholesale and retail (39,000), rental and business services (37,000), and construction (18,000) [1] Group 2 - The total assets of legal entities in the secondary and tertiary industries reached 88,627.4 billion yuan by the end of 2023 [2] - In 2023, the total operating income of legal entities in the secondary and tertiary industries was 34,335.8 billion yuan [2] - There were 11,761 legal entities in the core digital economy sector by the end of 2023, employing 78,284 people and generating an operating income of 2,224.8 billion yuan [2] Group 3 - By the end of 2023, there were 139 legal entities in strategic emerging industries in the scale above industrial enterprises and 290 in the scale above service enterprises [2] - The high-tech manufacturing sector had 76 legal entities, generating an operating income of 289.6 billion yuan, while the high-tech service sector had 322 legal entities with an operating income of 1,117.4 billion yuan [2]

Core Insights - The report titled "Sichuan Brand Development Report 2025" was released during the "Charming Tianfu Brand Night" event, highlighting the achievements and strategies for brand development in Sichuan province [1][2] - Sichuan's six major advantageous industries, high-tech manufacturing, and green low-carbon industries saw value-added growth rates of 6.9%, 8.4%, and 10.2% respectively, with emerging industries like artificial intelligence and biotechnology growing over 20% [1] - The province's retail sales of consumer goods ranked fifth nationwide, and its import-export total grew by 9.4%, returning to a scale of over 1 trillion yuan [1] Industry Development - Sichuan's brand matrix is expanding, with the establishment of three trillion-yuan industry clusters, three national strategic emerging industry clusters, five advanced manufacturing clusters, and 15 national-level characteristic industry clusters for small and medium enterprises [2] - The province is home to three local Fortune Global 500 companies, 19 Chinese Fortune 500 companies, 486 national-level specialized and innovative "little giant" enterprises, and 29 manufacturing "single champion" enterprises [2] - The development of brands in Sichuan is expected to benefit from a golden window period, particularly with the rise of artificial intelligence as a leading technology [2]