国家统计局服务业调查中心 中国物流与采购联合会 一、中国制造业采购经理指数运行情况 5月份，制造业采购经理指数（PMI）为49.5%，比上月上升0.5个百分点，制造业景气水平改善。 供应商配送时间指数为50.0%，比上月下降0.2个百分点，位于临界点，表明制造业原材料供应商交货时间与上月基本持平。 表1 中国制造业PMI及构成指数（经季节调整） 单位：% 从企业规模看，大型企业PMI为50.7%，比上月上升1.5个百分点，高于临界点；中型企业PMI为47.5%，比上月下降1.3个百分点，低于临界点；小型企业PMI 为49.3%，比上月上升0.6个百分点，低于临界点。 从分类指数看，在构成制造业PMI的5个分类指数中，生产指数高于临界点，供应商配送时间指数位于临界点，新订单指数、原材料库存指数和从业人员指 数均低于临界点。 生产指数为50.7%，比上月上升0.9个百分点，升至临界点以上，表明制造业企业生产活动有所加快。 新订单指数为49.8%，比上月上升0.6个百分点，表明制造业市场需求景气度回升。 原材料库存指数为47.4%，比上月上升0.4个百分点，低于临界点，表明制造业主要原材料库存量降幅有所收窄。 从业 ...

Core Viewpoint - The "Shanghai Stock Exchange Capital Market Chongqing Service Week" aims to enhance the development and efficiency of Chongqing enterprises through capital market platforms, broaden financing channels, and support key industrial park development for high-quality economic growth in Chongqing [1][2]. Group 1: Event Highlights - The event focuses on Chongqing's "Three Tough Battles and One Activation" reform initiatives, which include state-owned enterprise reform, park development reform, and the separation of government and enterprise, aimed at effectively revitalizing state-owned assets [1][2]. - A total of 15 specialized activities were tailored to meet the actual needs of Chongqing's reforms, emphasizing the improvement of listed company quality, revitalization of existing assets, and service to key parks [1][2]. Group 2: Support for Listed Companies - The Chongqing Securities Regulatory Bureau hosted a seminar on high-quality development for listed companies, inviting eight main board enterprises to discuss mergers, acquisitions, and bond financing to enhance company quality and financing structure [2]. - Currently, there are 78 A-share listed companies in Chongqing, with three of the top five by market capitalization listed on the Shanghai main board [2]. Group 3: Comprehensive Service Efforts - The Shanghai Stock Exchange (SSE) demonstrated its comprehensive service capabilities through various high-quality training sessions on topics such as company listings, ETF value investment, and REITs, with over 700 participants [2]. - Activities included one-on-one visits to potential listed companies in parks and joint services for equity and debt financing to support local capital and industrial collaboration [2]. Group 4: Future Plans - The SSE plans to focus on Chongqing's "33618" modern manufacturing cluster and "416" technology innovation layout, continuing to monitor the development of advantageous industries and state-owned enterprise restructuring [3]. - Future initiatives will include a series of activities under the "Direct to Exchange" and "SSE Goes to Chongqing Counties" programs, employing a service model of "training + seminars + visits + continuous tracking" to promote more "hard tech" and blue-chip companies to enter the capital market [3].

白山松水"资"养地，吉企春城绘新篇！ 当前资本市场正处于经济转型升级的关键期，"推动高质量发展 提振投资者信心"主题的提出恰逢其 时。 对于上市公司而言，意味着从规模扩张向价值创造的战略转向。通过加大研发投入、优化ESG实践、完 善公司治理等举措，企业不仅能够构建核心竞争力，更以透明化运营重塑市场信任基础。近期证监会推 动的投资者保护专项行动，正引导上市公司将高质量发展理念转化为可视化的信息披露与回报机制；从 投资者视角来看，高质量发展的内核与价值投资逻辑高度契合。随着注册制改革深化，市场估值体系加 速向企业基本面回归，具有技术创新、绿色转型能力的企业正成为资金配置的重要标的。 今年是吉林第10次举办集体接待日。全景互动平台数据显示，吉林地区2024年内共收到来自投资者的提 问4751条，上市公司回复4704条，平均回复率达到了99.01%。这种双向奔赴的投关生态，正为东北振 兴注入资本活力，也印证了"以投资者为本"理念在区域市场的落地生根。 5月27日，主题为"'推动高质量发展 提振投资者信心'——2025年吉林辖区上市公司投资者网上集体接待 日"活动，在有着"北国春城"美誉的长春成功举办。 活动由吉林省证 ...

Core Viewpoint - The joint release of the "Several Measures to Support Financing for Small and Micro Enterprises" aims to improve the financing conditions for small and micro enterprises in China, enhancing their ability to access loans and stimulating the vitality of the private economy [2][3][4]. Group 1: Policy Features - The measures break down administrative barriers and strengthen policy coordination among eight departments, integrating monetary, fiscal, and industrial policies into a cohesive framework [3][4]. - A multi-tiered capital market linkage mechanism is established, connecting regional equity markets, the New Third Board, and the Beijing Stock Exchange for the first time [3][4]. - The measures emphasize the importance of data sharing and digital transformation to create a more efficient inclusive financial ecosystem, reducing financing costs and improving access to financial services [3][4]. Group 2: Systematic Reform - The measures reflect a systematic reform approach, addressing long-term financing challenges faced by small and micro enterprises and responding to new issues in industrial innovation [3][4][5]. - A differentiated regulatory system and incentive mechanisms are introduced to encourage financial institutions to support small and micro enterprises more actively [5][6]. - The establishment of a data-driven credit assessment mechanism aims to alleviate information asymmetry between banks and enterprises, reducing reliance on collateral [5][6]. Group 3: Economic Impact - The measures are expected to reshape the financing ecosystem for small and micro enterprises, potentially increasing employment opportunities and enhancing job quality through the "specialized, sophisticated, and innovative" enterprise cultivation plan [6][7]. - By improving the financing environment, the measures are likely to stabilize the employment base and stimulate private investment, contributing to the optimization and upgrading of the economic structure [6][7]. - The introduction of a risk-sharing mechanism involving fiscal compensation funds and financial institutions aims to enhance the accessibility of debt and equity financing for small and micro enterprises [5][6].

Group 1 - The core viewpoint of the articles highlights the significant recovery of the Hong Kong stock market, with new IPO fundraising exceeding HKD 76 billion this year, representing a more than 7-fold increase compared to the same period last year, and nearing 90% of last year's total fundraising amount [1] - The Hong Kong stock market has seen a resurgence with several large IPOs, including CATL's listing, which raised approximately HKD 356.6 billion, making it the largest global IPO fundraising activity this year [1] - The Hong Kong Investment Management Company hosted the first International Patient Capital Forum, attracting capital institutions from 15 countries and regions, managing assets totaling over USD 20 trillion, indicating a positive outlook for investment in China and the Asian region [1] Group 2 - Hong Kong is actively enhancing its position as a preferred location for international corporate headquarters, with the new company migration regulations taking effect on May 23, allowing easier migration for companies from outside Hong Kong [2] - The role of Hong Kong as a "super connector" between the mainland and the global market is becoming increasingly prominent, with the signing of the convention to establish an international mediation center in Hong Kong, supported by the central government [2] - In response to global changes, Hong Kong aims to strengthen its connections with traditional markets while exploring emerging markets, enhancing its attractiveness as a capital market and improving liquidity amid the return of overseas funds [2]

Group 1 - The core viewpoint of the news is the introduction of a new policy aimed at supporting small and micro enterprises in financing, which establishes a "New Third Board listing - Beijing Stock Exchange listing" gradient cultivation system, providing new pathways for innovative SMEs to access capital markets [2] Group 2 - The policy explicitly supports equity financing for small and micro enterprises, creating a substantial pool of quality companies for the Beijing Stock Exchange [3] - In 2024, the New Third Board saw 133 new listed companies, a year-on-year increase of 40%, with a total of 1,058 new companies listed over the past three years, serving as a vital resource for the Beijing Stock Exchange [3] - The revenue of New Third Board listed companies reached 1.71 trillion yuan, with a net profit of 655.81 billion yuan in 2024, and nearly half of the companies reported profit growth, with 20% experiencing growth rates exceeding 50% [3] - Companies preparing for listing on the Beijing Stock Exchange showed impressive performance, with compound annual growth rates of 9.76% in revenue and 7.56% in net profit over the past two years, with 47% classified as national-level specialized and innovative "little giants" [3] Group 3 - The "New Third Board - Beijing Stock Exchange" linkage effect is continuously strengthening, with companies able to apply for listing on the Beijing Stock Exchange after 12 months of being listed on the New Third Board [4] - The direct connection review mechanism has significantly shortened the listing cycle for quality companies to 1-2 months, enhancing review efficiency [4] - This mechanism allows for a tiered cultivation approach, where companies first operate in a regulated manner on the New Third Board before transitioning to the Beijing Stock Exchange [4] Group 4 - The policy effects are reshaping the industrial ecosystem, with capital extending towards the front end of the innovation chain, creating a virtuous cycle of "investment - cultivation - exit" [5] - In 2024, financing for strategic emerging industries on the New Third Board accounted for 38% of total financing, an increase of 7 percentage points from the previous year [5] - Recommendations for further reform include establishing a "Beijing Stock Exchange preparatory layer" in the innovation tier, improving intermediary service systems, and enhancing policy collaboration to support listed companies [5] - A new ecosystem for innovative enterprise growth is forming, centered around the New Third Board and the Beijing Stock Exchange, which will inject new momentum into China's high-quality economic development [5]

Group 1 - The establishment of Chongqing Jiangbei Rongxin Private Equity Investment Fund Partnership marks a significant move in the private equity sector, with a registered capital of 2 billion RMB [1][2] - The fund is primarily focused on equity investment activities through private fund structures, indicating a strategic approach to investment [1][2] - The partnership includes Chongqing Jiangbei Industrial Guidance Private Equity Investment Fund Management Co., which will provide operational support and management expertise [3] Group 2 - The fund's formation reflects the commitment of the Chongqing Jiangbei region to enhance its private equity landscape and drive local economic development [2][3] - The flexibility of private fund structures will allow the fund to engage in various equity investment projects, potentially revitalizing the regional economy [2][3] - The operational strategies and future contributions of the fund to regional economic growth are anticipated to be closely monitored by industry stakeholders and investors [3]

证券代码：600053 证券简称：九鼎投资 编号：临 2025-026 昆吾九鼎投资控股股份有限公司 Kunwu Jiuding Investment Holdings CO., Ltd 股票交易异常波动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、股票交易异常波动的具体情况 昆吾九鼎投资控股股份有限公司（以下简称"本公司"或"公司"）股票于2025 年5月19日、5月20日连续两个交易日内日收盘价格涨幅偏离值累计超过20%，根据《上 海证券交易所交易规则》的有关规定，属于股票交易价格异常波动的情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司对有关事项进行核查，现将有关情况核实如 下： （一）生产经营情况 经公司自查，公司目前生产经营活动一切正常，公司不存在其他应披露而未披露 的重大信息。 公司于2025年4月29日披露了《九鼎投资2025年第一季度报告》，公司2025年第 一季度实现营业收入3,750.64万元，同比减少24.84%；实现归属于上市公司股东的净 利润-3,326 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of enhancing the stability and attractiveness of China's capital market for global investors, highlighting the ongoing reforms and measures to improve cross-border investment opportunities [1][2]. Group 1: Market Stability and Investment Opportunities - The CSRC aims to enhance the transparency and predictability of regulations, improve communication with international investors, and support foreign institutions in applying for new business and products [1][4]. - In response to global market fluctuations, China has implemented a series of stabilizing measures, including increased support from the Central Huijin Investment Ltd. and the People's Bank of China, which have bolstered market confidence [2][3]. - Long-term funds, such as social security and insurance, have net purchased over 200 billion yuan of A-shares this year, indicating a positive cycle of capital inflow and market stability [2][3]. Group 2: Corporate Performance and Investor Returns - A significant portion of A-share listed companies are focusing on returning value to investors through cash dividends, share buybacks, and mergers, with 2024 seeing a record 2.4 trillion yuan in dividends and 147.6 billion yuan in share repurchases [3][4]. - The proportion of high-tech enterprises among newly listed companies has exceeded 90%, with a notable increase in R&D spending, totaling 1.6 trillion yuan in 2024, reflecting a strong innovation drive [3][4]. - The current valuation of A-shares remains relatively low, with the CSI 300 index's price-to-earnings ratio at 12.6 times, which is significantly lower than major overseas indices, highlighting the investment value [3][4]. Group 3: Cross-Border Financial Services - The CSRC is actively expanding cross-border connectivity and has eliminated foreign ownership limits in various sectors, enhancing the participation of foreign institutions in futures and options markets [4][5]. - The regulatory body is committed to systematic openness, focusing on aligning rules and standards to facilitate mutual access between domestic and international markets [4][5]. - Strengthening bilateral and multilateral cross-border regulatory cooperation is a priority, along with enhancing collaboration between mainland and Hong Kong markets to maintain Hong Kong's status as an international financial center [5].

蓝洁表示，首先基于她最近的业务经验来讲一讲最近看到的企业利用深港两地的资本市场的动态。香港 和内地的两个资本市场天然是既有文化上的共性、监管上的协调，又有市场定位、投资者基础等方面的 差异化，所以给了科技企业很好的选择。企业可以根据自己的需求、战略做出选择，事实上她也看到了 很多的企业非常积极活跃的审视度势，结合自己的需求和两地市场的差异，并且利用现在非常好的政策 供给，打出了非常精彩和漂亮的玩法。这些玩法包括最传统的H股和全流通，包括A+H，又可以细分为 先A后H或者是先H后A，或者是在几个特别具有挑战性的项目里，她还看到同时发行A+H的做法；还包 括设立小红筹的架构，通过小红筹的方式去香港发行上市；以及最近的港股回A，比如百济神州、中芯 国际、中国移动、中海油等等；交易所层面的沪港通、深港通；港股的公司退市之后回到内地发行A 股；或者有些公司在申请A股的过程中又决定放弃A股转头发行港股；港股的上市公司把自己的子公司 脱离出来发行A股；也包括A股的上市公司把自己的子公司去发行港股等等。此外内地交易所与若干境 外的交易所建立了互联互通的机制，允许A股上市公司对境外去发行GDR，以及允许境外的上市公司到 境内来 ...