上交所副总经理王泊：推进科创板"1+6"改革举措和示范案例落实落地 上交所副总经理王泊在论坛上表示，证监会近日推出进一步深化科创板改革的"1+6"政策措施，接下来，上交所将扎实推进"1+6"改革举措和示范案例落实落 地，加强宣传引导和政策解读，不断增强制度吸引力、竞争力，持续提升市场获得感，促进科技创新和产业创新深度融合。 主办方供图 周末重磅！ 在王泊看来，"政策、科技、改革"三重叙事正在重塑上市公司。 6月28日—29日，2025上市公司论坛在温州举行。论坛上，沪深北港四大交易所相关负责人，就资本市场服务科技创新和新质生产力发展、新一轮改革举措 落地等话题集中发声，释放多维度改革信号。 去年"9·26"以来，资本市场企稳向好，上证指数涨幅达26%，科创50指数涨幅超50%。在美国宣布所谓"对等关税"政策后，市场仅经历两个交易日的非理性下 跌就迅速企稳，并在中美日内瓦会谈达成协议前，就回到"对等关税"前的水平，展现出了较强的韧性和修复能力。 政策叙事的托底效应方面，王泊表示，党中央近年来高度重视加强和改善预期管理，确保实现政策效果的最大化。去年9月26日中共中央政治局会议直 面问题，宣布推出一揽子增量政策， ...

Economic Indicators - The Guosen Weekly High-Tech Manufacturing Diffusion Index A recorded -0.2, while Index B was at 50.6, indicating a slight weakening compared to the previous period[1] - Fixed asset investment cumulative year-on-year growth is at 3.70%[4] - Retail sales year-on-year growth for the month is at 6.40%[4] - Monthly export year-on-year growth stands at 4.80%[4] - M2 money supply growth is at 7.90%[4] Price Trends - The price of 6-Aminopenicillanic Acid remains stable at 260 RMB/kg[2] - The price of Acrylonitrile decreased by 50 RMB/ton to 8150 RMB/ton[2] - Dynamic Random Access Memory (DRAM) price increased by 0.061 USD to 1.3910 USD[2] - Wafer price remains unchanged at 2.73 USD per piece[2] - Lithium Hexafluorophosphate price decreased by 0.05 RMB/ton to 51,700 RMB/ton[2] Industry Insights - The semiconductor industry shows improved sentiment, while the new energy and aerospace sectors are experiencing a downturn[1] - QuantumScape announced a significant advancement in solid-state battery technology, improving production speed by approximately 25 times[2] - A national standard for non-invasive brain-machine interface medical devices is open for public consultation, focusing on performance indicators and testing methods[2] Risk Factors - Potential for indicator failure due to structural adjustments in high-tech manufacturing[3] - Economic policy and industrial policy interventions may impact the sector[3] - Economic growth slowdown poses risks to the industry[3]

Core Viewpoint - New World is focusing on expanding its market presence by targeting the "Z Generation" consumer group and diversifying consumption scenarios through the introduction of new cultural and retail formats, particularly in the two-dimensional culture sector [1][2][3] Company Performance - As of June 27, 2025, New World reported a closing price of 7.31 yuan, up 2.38% from the previous week, with a total market capitalization of 4.729 billion yuan [1] - The company achieved a net profit of 70.03 million yuan in 2024, representing a 121.22% increase compared to the same period in 2023 [4][5] - The company has seen a significant increase in tax refund transactions, with 1,408 cases processed and sales amounting to 6.9093 million yuan, reflecting year-on-year growth of 166.67% and 184.61% respectively [5] Strategic Initiatives - New World has established the "Fun肆街区" to cater to the two-dimensional culture market, introducing several first-store brands and hosting pop-up events to attract consumers [3] - The company plans to enhance its retail offerings by adding trendy toy categories and creating new experiential spaces in its shopping centers by 2025 [1][4] - New World is actively pursuing government subsidies and policies to support its growth, having received 15.2 million yuan in government grants in 2024, which contributed to its profit increase [5] Market Positioning - The company aims to transform traditional department stores into destinations for lifestyle experiences, focusing on five new consumption scenarios: culture, tourism, animation, exhibitions, and services [1][2] - By leveraging the popularity of two-dimensional culture, New World seeks to differentiate itself from competitors and attract a younger demographic [2][3] Future Outlook - The company is optimistic about the performance of its hotel business, reporting improved occupancy rates and average room prices in 2025 compared to 2024 [5] - New World is committed to maintaining a stable profit distribution policy, proposing a cash dividend of 0.40 yuan per 10 shares for the 2024 fiscal year [5]

3、沪深交易所发布征求意见稿， 拟将主板风险警示股票价格涨跌幅限制比例由5%调整为10% ，并同步调整异常波动交易公开信息的披露标准， 连 续三个交易日内收盘价涨跌幅偏离值的阈值将从±12%调整为±20% ，与主板普通股票一致。 1、 国务院常务会议听取关于贯彻落实全国科技大会精神加快建设科技强国情况的汇报 ，部署健全"高效办成一件事"重点事项常态化推进机制，审 议通过《农村公路条例（草案）》。会议指出，对不符合技术等级要求的农村公路，要抓紧升级改造、尽快实现达标。 1、 商 务部新闻发言人回应中美伦敦框架有关情况表示，伦敦会谈后，中美双方团队保持着密切沟通。 近日，经批准，双方进一步确认了框架细 节。中方将依法审批符合条件的管制物项出口申请。美方将相应取消对华采取的一系列限制性措施。 2、央行货币政策委员会召开二季度例会， 建议加大货币政策调控强度 ，提高货币政策调控前瞻性、针对性、有效性，根据国内外经济金融形势和金融 市场运行情况，灵活把握政策实施的力度和节奏。会议指出， 要加大存量商品房和存量土地盘活力度，持续巩固房地产市场稳定态势。 2、外交部发言人宣布：中共中央政治局委员、外交部长 王毅将于6月30 ...

Core Viewpoint - The article discusses the current market trends, focusing on the performance of various sectors, particularly technology and healthcare, and the valuation of indices in the Hong Kong stock market. Group 1: Market Performance - The overall market showed little fluctuation, closing at 4.9 stars [1] - Major indices like the CSI 300 experienced slight declines, while the CSI 500 and CSI 1000 saw minor increases [2] - The banking index, which had previously surged, faced significant declines, impacting large-cap stocks, alongside a downturn in the consumer sector [3] - Technology and healthcare sectors experienced overall gains [4] - The Hong Kong stock market exhibited minimal volatility [5] Group 2: Healthcare Sector Analysis - The Hong Kong healthcare index has recently corrected after a period of high growth, returning to normal valuation levels [6][31] - The healthcare industry is categorized into three common sub-sectors: medical services, biotechnology, and innovative pharmaceuticals [6] - Medical services include hospitals and medical devices, while biotechnology focuses on gene diagnostics and biopharmaceuticals [6][7] - The innovative pharmaceuticals sector primarily involves drug development, with many companies operating in both biotechnology and innovative pharmaceuticals [7] Group 3: Valuation Trends - The article outlines a "smile curve" concept, indicating that during periods of slowing growth or declining profits, valuations and stock prices tend to decrease [17] - The Hong Kong technology sector was the first to enter a recovery phase, with significant profit growth observed in 2024 after a steep decline of over 60% from 2021 to 2022 [19][20] - The healthcare sector followed a similar recovery pattern, with profit growth resuming in late 2023 and early 2024, leading to an increase in valuations [23] - The Hang Seng Index reported a 16% year-on-year profit growth in Q1 2024, indicating a dual effect of performance recovery and valuation increase [24] Group 4: Future Outlook - If the Hong Kong market maintains similar profit growth rates in Q2 as in Q1, further increases in stock prices may be anticipated [25] - The A-share market is expected to enter a recovery phase, albeit later than the Hong Kong market, with profit growth also observed in Q1 2024 [27][28] - Long-term projections suggest that returns from A-shares and Hong Kong stocks will be comparable, despite differing phases of market movements [30] Group 5: Index Valuation - After recent short-term increases, both the Hong Kong technology and healthcare sectors have returned to normal valuation levels, though they are not far from being undervalued [31][32] - A valuation table for Hong Kong indices is provided, indicating various metrics such as P/E ratios and dividend yields [36][37]

记者日前从证监会浙江监管局获悉，自"并购六条"发布以来，浙江辖区上市公司新 增披露并购重组315单、涉及金额755亿元，并购重组市场持续活跃，并呈现出更加聚焦 主营主业、更加注重价值提升的积极变化，越来越多的上市公司基于战略布局和经营发 展需要，通过并购重组推动资源整合、优势互补和核心竞争力提升，"脱虚向实"的并购 市场生态更加凸显。 产业并购成为主流 助力新质生产力发展 丨 来源：经济参考网 2025-06-26 此外，浙江辖区本轮并购重组活动支付方式更加灵活，整体上以现金类并购为主， 数量占比超过八成，涉及金额超550亿元，不少公司积极运用并购贷、并购基金等多元工 具，提高并购交易效率；发股类并购亦较为活跃，"并购六条"发布以来，浙江辖区已有8 家上市公司公告拟发行股份购买资产，涉及金额90.69亿元，涵盖IT服务、通用设备、化 学制品、文娱用品等多个行业。 各方协同发力积极培育并购市场新动能 浙江并购重组市场的持续活跃，离不开监管部门和地方政府的全力推动。记者从浙 江监管局了解到，推动并购重组政策落实落地是当前监管工作的重中之重。据悉，"并购 六条"发布后，浙江监管局先后组织开展政策培训6场，累计500 ...

Core Viewpoint - The article highlights the increasing environmental risks faced by listed companies in China, emphasizing the importance of transparency in environmental information and the potential impact on investors [10][11][16]. Group 1: Environmental Violations and Penalties - Five listed companies were recently identified for environmental violations, with a total of 41.99 million shareholders potentially affected by these risks [12]. - Chengxing Co., Ltd. was fined approximately 206,680 yuan for illegally occupying forest and grassland during soil dumping activities [12][13]. - Dongbao Biological's joint venture, Mengbao Biotechnology, was fined 300,000 yuan for discharging pollutants without a permit [14]. - Hanjiabao Coal Company was fined 210,000 yuan for operating a coal boiler without environmental approval [15]. Group 2: Regulatory Framework and Public Awareness - The article discusses the evolution of environmental information disclosure regulations in China, highlighting the legal rights of citizens and organizations to access environmental data [16]. - The increasing emphasis on ESG (Environmental, Social, and Governance) investment principles is noted, with investors becoming more aware of companies' sustainable development capabilities [16].

中国贸促会新闻发言人王琳洁表示，4月2日，美国政府以存在贸易逆差和非关税壁垒等问题为由实 施"对等关税"，以及当月实施的多项限制措施，是4月份全球经贸摩擦指数持续走高的主要原因。其 中，全球进出口关税措施指数同比提高89个点，涉华进出口关税措施指数同比提高131个点。美国当月 的全球经贸摩擦指数同比增长65个点，进出口关税措施指数同比增长199个点，涉华进出口关税措施指 数同比增长200个点。 中国贸促会27日发布的数据显示，4月全球经贸摩擦指数为131，进一步走高。全球经贸摩擦措施涉及金 额同比大幅上升37.6%，环比上升16%。 从行业指数看，在监测范围内13个主要行业中，经贸摩擦措施的冲突点聚焦于电子、运输设备、轻工、 化工、机械设备、医药、有色金属和农业，其中电子行业经贸摩擦指数居首。 （文章来源：新华财经） 从国别指数看，在监测范围内的20个国家（地区）中，美国、日本和印度的全球经贸摩擦指数位居前 三。美国全球经贸摩擦措施涉及金额最多，连续10个月居首。 从分项指数看，在监测范围内的20个国家（地区）共发布105项进出口关税措施，同比增长483%，环比 增长250%；发布进出口限制措施24项，同比增 ...

Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down 0.22% to 3,448 points, while trading volume remained high at 1.62 trillion yuan[13] - U.S. stock markets saw all three major indices rise, with the Dow Jones up 0.94% to 43,386.8 points, and the S&P 500 increasing by 0.80% to 6,141 points, driven by optimism over potential interest rate cuts[8] - European markets generally rose, with the Stoxx 600 index up 0.09%, supported by easing geopolitical tensions in the Middle East[8] Currency and Commodities - The U.S. dollar index fell for five consecutive days, closing down 0.5% at 97.15, marking a three-year low, influenced by strong economic data suggesting at least two interest rate cuts by the Federal Reserve this year[26] - International gold prices saw a slight increase, rising 0.2% to $3,333.5 per ounce, as traders weighed Middle Eastern tensions against the Fed's rate cut outlook[26] - Oil prices remained stable, with WTI crude oil up 0.49% to $65.24 per barrel, amid assessments of Iranian oil supply risks[26] Fixed Income - Weak economic data led to a rise in U.S. Treasury yields, with the 10-year yield down 4.9 basis points to 4.24%[30] - The Asian bond market showed mixed sentiment, with Chinese investment-grade bonds experiencing active two-way trading and spreads widening by 1-2 basis points[30] Key Developments - The Chinese yuan has shown resilience, maintaining a "low volatility + resilience" characteristic, attributed to a weakening dollar index and domestic policy support[5] - The U.S. revised its Q1 GDP down to a contraction of 0.5%, exceeding the previous estimate of -0.2%, indicating the first economic shrinkage in three years[8] - The Hong Kong stock market faced pressure, with the Hang Seng Index down 0.61%, influenced by tight liquidity conditions[10]

Market Performance - The Hang Seng Healthcare Index (HSHCI) decreased by 1.16% as of June 27, 2025, with mixed performance among constituent stocks [3] - Ping An Good Doctor (01833) led the gains with an increase of 11.14%, while BeiGene (06160) experienced the largest decline at 8.75% [3][7] - The Hang Seng Healthcare ETF (513060) fell by 0.36%, with a latest price of 0.56 yuan and a turnover rate of 16.93% [3] Liquidity and Trading Activity - The Hang Seng Healthcare ETF saw a significant increase in scale, growing by 2.13 million yuan over the past week, ranking first among comparable funds [4] - The ETF recorded a net financing amount of 1.8212 million yuan this month, with a current financing balance of 319 million yuan [4] ETF Performance Metrics - The Hang Seng Healthcare ETF's net value increased by 15.70% over the past two years, with a maximum monthly return of 28.34% since inception [4] - The ETF's Sharpe ratio for the past year was 1.66, indicating strong risk-adjusted returns [4] - The ETF's management fee is 0.50%, and the custody fee is 0.15% [4] Valuation Insights - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Healthcare Index is 27.07, which is below 91.38% of the historical data over the past three years, indicating a low valuation [5] - The top ten weighted stocks in the Hang Seng Healthcare Index account for 58.28% of the index, with notable companies including Innovent Biologics (01801) and BeiGene (06160) [5] Sector Outlook - Recent government encouragement for innovation has led to active performance in the innovative drug industry chain, despite ongoing pressures from medical insurance cost control [3] - Analysts suggest focusing on high-growth areas such as pharmaceutical outsourcing services and companies in the ophthalmology and dental sectors that are expected to improve profitability [3]