近日，中国人民银行等六部门联合印发《关于金融支持提振和扩大消费的指导意见》（以下简称《意 见》），引导金融机构从消费供给和需求两端强化金融服务，满足各类主体多样化融资需求。 "《意见》从供需两端协同发力。"上海金融与发展实验室首席专家、主任曾刚在接受《金融时报》记者 采访时表示，增强消费能力（如就业增收、保险保障等）和扩大金融供给（如信贷、债券、股权等多渠 道融资等）双管齐下，既解决居民"敢消费"的后顾之忧，又为企业提供"扩供给"的资金支持，形成"需 求提升—供给优化"的良性循环，助力释放消费潜力。 业内人士普遍认为，在《意见》的指导下，银行业金融机构助力促消费扩内需工作有了更为明确的方 向。 以旧换新政策持续加码 "《意见》的发布，充分体现国家对消费工作的重视，进一步说明消费对经济发展的基础性作用。"上海 易居房地产研究院副院长严跃进表示。 推动扩大商品消费是《意见》提出的明确要求。《意见》鼓励金融机构多渠道、多方式做好消费品以旧 换新金融服务。"加大对以旧换新政策的金融支持力度，能够提升企业参与积极性、居民政策获得 感。"中国银行（601988）研究院研究员范若滢表示，同时，以旧换新政策的持续推进，也为金 ...

据同花顺（300033）iFinD数据，沪深京三市成交额超3000亿元，较上日此时放量328亿元，预计全天成 交金额约1.8万亿元。截至目前，沪市成交额1082亿元，深市成交额1851亿元，北证50成交额77亿元。 ...

港股券商股持续走强 胜利证券涨超50% 智通财经6月26日电，截至发稿，胜利证券(08540.HK)涨55.38%、国泰君安国际(01788.HK)涨25.14%、 德林控股(01709.HK)涨13.79%。 ...

近日，上海证券交易所（以下简称"上交所"）制定完成《推动提升沪市上市公司ESG评级专项行动方 案》（以下简称"行动方案"）。整体来看，行动方案落实推动中长期资金入市和做好金融"五篇大文 章"相关要求，衔接《推动提高沪市上市公司环境、社会和公司治理（ESG）信息披露质量三年行动方 案（2024—2026年）》，旨在推动沪市上市公司ESG评级水平再上新台阶。 沪市上市公司ESG评级水平亟待提升 具体来看，一是提供评级指导。结合评级机构关注的重要议题，加快制定更多议题的编制指南，就评级 关键指标提供治理架构、管理能力提升的具体指导和更具针对性的披露范例。深入研究各类评级方法论 并加强宣传贯彻，开展分行业ESG管理绩效和评级结果分析，加强对上市公司的评级指导。 二是推动沟通交流。积极搭建上市公司与评级机构的沟通桥梁，推出各类专题培训、行业分享等活动。 支持上市公司与评级机构就数据、评分、评级报告等加强互动。支持上市公司、机构投资者积极参与评 级方法论构建和意见征询。推动评级机构评级方法体现A股市场ESG信息披露制度要求。 三是改进信息披露。鼓励上市公司主动识别财务重要性议题，并按照四要素披露框架加强财务影响的分 析和 ...

Investment Rating - The report assigns an "Outperform" rating for the industry, indicating that the sector is expected to perform better than the market benchmark by more than 10% over the next 6 to 12 months [84]. Core Insights - The stablecoin ecosystem in Hong Kong is evolving with regulatory frameworks, including the upcoming implementation of the "Stablecoin Ordinance" on August 1, 2025, which will allow for the issuance of stablecoin licenses [16][17]. - Major players in the stablecoin market include Tether's USDT with a market cap exceeding $150 billion and Circle's USDC with over $60 billion, together accounting for nearly 87% of the market share [17]. - The report highlights the operational mechanisms of stablecoins, which include primary market issuance, secondary market circulation, and various use cases such as cross-border payments and virtual asset trading [11][16]. Summary by Sections 1. Stablecoin Operational Mechanism - The operational mechanism of stablecoins involves issuance, circulation, and application scenarios, with a focus on the role of custodial banks and asset management companies [11][13]. - Different types of stablecoins are categorized based on their backing mechanisms, including fiat-backed, crypto-backed, and algorithmic stablecoins [8][9]. 2. Hong Kong Stablecoin Ecosystem - The report outlines the participants in the Hong Kong stablecoin ecosystem, including issuers, custodial banks, and virtual asset trading platforms [62]. - Notable issuers include Standard Chartered Bank and Ant Group, which are developing Hong Kong dollar stablecoins [16][63]. 3. Integration of Traditional Financial Institutions - Traditional financial institutions are increasingly exploring the integration of stablecoins into their operations, with banks like JPMorgan and Santander considering the issuance of their own stablecoins [80]. - The report emphasizes the potential for stablecoins to enhance cross-border payment efficiency and reduce costs by bypassing traditional banking channels [78][79].

新华社北京6月26日电（戴小河、黄昊宇）国家管网26日宣布，西气东输四线（吐鲁番—中卫）甘宁段 成功投产。至此，西气东输四线全线贯通投产，对于我国提升国际油气资源配置效率、保障开放条件下 的能源安全、共建新时代绿色能源丝绸之路，具有重大战略意义。 西气东输四线是继西气东输一线、二线、三线管道之后，连接中亚和中国的又一条能源战略大通道。工 程投产后年输气能力达150亿立方米，折合替代标煤2700多万吨，减少碳排放约5000万吨，西气东输管 道系统年输送能力将达到"千亿方"，显著提升天然气跨区域调配能力。 本次投产的甘宁段管道长1162公里，起自红柳压气站，止于中卫联络站，与西部原油管道、西部成品油 管道、西气东输二线、西气东输三线4条油气管道长距离并行敷设，交叉穿越点密集。 管道沿线地质条件复杂，地貌以戈壁荒漠为主，自然环境恶劣，近70公里管道横贯安西极旱荒漠国家级 自然保护区，寒暑温差可达80摄氏度，年蒸发量是降水量的800多倍，生态异常脆弱，并有高等植物455 种、脊椎动物210种、昆虫387种，其中包括多种国家一级重点保护野生动植物，给工程建设与投产带来 多重考验。 西气东输四线全线投产后将和西气东输二线 ...

Group 1 - A-shares market reached a historical high with a total market value of 99.93 trillion yuan, driven by a rebound in major financial sectors and a significant increase in trading volume, which reached 1.64 trillion yuan on June 25 [1][1] - New fund issuance in June exceeded 90 billion yuan, with bond funds dominating the market, while passive index products saw a decline in popularity [1][1] - The total scale of ETFs in Shanghai and Shenzhen exceeded 4.1 trillion yuan, with traditional brokerage firms maintaining a strong competitive position in the ETF market [2][2] Group 2 - A significant number of companies are expected to report positive earnings for the first half of 2025, with 15 out of 21 companies forecasting net profit growth [3][3] - The Hong Kong IPO market is experiencing explosive growth, with total fundraising reaching 959.29 billion HKD, a year-on-year increase of 758.8% [3][3] - The approval of 40 institutions to upgrade their licenses for virtual asset trading services indicates a growing trend in the virtual asset market [6][6] Group 3 - The global energy sector's carbon dioxide emissions reached a record high last year, marking the fourth consecutive year of increases [7][7] - Nvidia's CEO highlighted robotics technology as a significant growth opportunity, alongside AI, with potential market value in the trillions [7][7] - Intel announced a major restructuring, including the closure of its automotive business, as part of a broader cost-cutting strategy [8][8] Group 4 - Micron Technology reported adjusted operating income of 2.49 billion USD for its third fiscal quarter, exceeding market expectations [9][9] - The upcoming IPO of FWD Group in Hong Kong is set to offer 91.34 million shares at a price of 38.00 HKD per share, with a significant portion allocated for international investors [10][10] - Yushutech's CEO announced that the company's annual revenue has surpassed 1 billion yuan, reflecting significant growth since its establishment [11][11]

Group 1: Retail Industry Insights - The rise of new consumption is fundamentally driven by a significant change in consumer concepts under different economic and social backgrounds, with per capita GDP in China reaching 84,000 yuan in 2023, establishing a buyer's market [5][6] - Recent years have seen consumer budgets constrained by rigid expenditures and wealth effects, while the educational attainment of the post-95 and post-00 generations has increased, with a CAGR of 10.5% in the number of bachelor's degree graduates from 1998 to 2023 [5][6] - The ongoing urbanization and population migration trends have restructured consumption scenarios, shifting the focus from rapid population and wealth growth to product innovation and emotional consumption [5][6] Group 2: Consumer Behavior Changes - Product consumption is evolving from "survival-type" to "quality + emotional-type," with a notable trend towards domestic brand replacement and functional differentiation in the market [6][7] - Marketing strategies have transitioned from mass media advertising to content-driven e-commerce, enhancing advertising efficiency through a progression from brand advertising to performance advertising [6][7] - The channel dynamics have shifted towards online penetration, with a focus on consumer value rather than supplier value, emphasizing the importance of integrating public and private domains [6][7] Group 3: Investment Recommendations - The investment in new consumption is not a fleeting trend; companies that establish strong brand recognition through product innovation are expected to have solid business barriers and sustainable growth [7] - Key sectors for investment include beauty and personal care, jewelry, and IP-driven products, with specific recommendations for companies such as Mao Ge Ping, Shanghai Jahwa, and Pop Mart [7] - The report emphasizes the need to assess the sustainability of explosive growth in companies within these sectors [7] Group 4: Mechanical Industry Developments - The mechanical industry is witnessing significant advancements, highlighted by events such as the International Humanoid Robot Exhibition in Hangzhou and investments in dexterous robotic hands by Ant Group [8][9] - Key developments include the introduction of various robotics applications and the growth of AI infrastructure, with a notable increase in 3D printing equipment production by 40% year-on-year [8][9] Group 5: Insurance Sector Analysis - The insurance sector is experiencing a shift towards lower guaranteed returns in products, with traditional life insurance's market share increasing to 56% by the end of 2024 [11][12] - Regulatory guidance is pushing down the preset interest rates for insurance products, with expected reductions in 2024 to 2.0% for ordinary products and 1.75% for dividend insurance [12][13] - The focus on increasing equity investments and enhancing the stability of returns through diversified asset allocation is becoming crucial for insurance companies [13][14]

大金融股维持强势 国盛金控等多股涨停 智通财经6月26日电，大金融股开盘继续走强，国盛金控、弘业期货、爱建集团、市北高新竞价涨停， 天晟新材、天利科技涨超10%，瑞达期货、南华期货、湘财股份等涨超5%。 ...

指定质量检验机构对提交检验的原木为针叶原木或者阔叶原木进行现场检验。经检验为阔叶原木的，判 定该根原木不符合交割质量标准。经检验为针叶原木的，由指定质量检验机构对该根原木进行取样，以 该样品检验结果作为判定该根针叶原木树种是否符合质量说明的依据。 在一个检验批次内，若买方就三根原木提交树种检验，按照以下规定处理： 在原木交割过程中，对于原木树种的检验，根据货主或车板交割买方（以下统称为买方）提出的申请进 行。对于买方的主张，厂库或车板交割卖方（以下统称为卖方）认可的，按照买方主张处理（实践中卖 方可以按照买方主张调换货物或者给予价款优惠）；不认可的，由交易所委托的指定质量检验机构进行 检验。 如果经现场检验，三根均为阔叶原木，该批次原木交割终止。 树种方面，在一个检验批次内，买方经目测认为某根原木的树种与卖方质量说明不相符的，应当在该批 次原木开始向买方运输工具装载之前（实践中一般为该批次原木仍处于堆垛状态、未被抱机移动时）， 提出检验申请。未在规定时间内提出检验申请的，视为买方对原木的树种无异议。 如果经现场检验，三根中至少一根为针叶原木，该批次原木的其他项目检验和材积、平均检尺径计算正 常进行。卖方应当将 ...