AI制图 最近笔者看到一组十分有趣的数据：今年6月份，A股市场共有150家企业IPO获得受理，是去年同期（30家）的五倍！ 星标★IPO日报 精彩文章第一时间推送 一时间，IPO"受理潮"之声开始在市场流传，甚至引起了一些股民的担心。A股会不会掀起IPO企业上市洪流？进而冲击市场？那么事情的真相到底如何？ 我们应该如何看待当前的IPO情况？ 有意思的是，此前一些股民视IPO如洪水猛兽，但现实却是股民们打新股的中签率不断创新低，打新"僧多粥少"的现象日益严重，中签难度创历史新高： 网上平均中签率仅0.0289%，约为2024年均值0.0497%的一半，更不及2022年0.669%的5%，比买彩票中奖的概率低了许多！与此相呼应的是，今年来，新 股无一破发！Choice金融终端数据显示，截至6月30日，51只新股上市首日涨跌幅的平均值为226.72%，去年同期为136.05%。2023年313只新股上市首日涨 跌幅的平均值为66.45%，2022年则为30.20%。从这个角度来看，IPO市场已经出现了供不应求的局面，数量有必要适度增加。 就目前的情况来看，A股当前正从3000点保卫战逐步转向3500点、3600点甚 ...

Designed to provide broad exposure to the Financials - Brokers/ Capital markets segment of the equity market, the SPDR S&P Capital Markets ETF (KCE) is a passively managed exchange traded fund launched on 11/08/2005.Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.Additionally, sector ETFs offer convenient ways to gain low risk and ...

Group 1 - The core viewpoint of the articles highlights the increasing scrutiny and regulatory measures in China's IPO process, with a significant rise in the number of companies undergoing on-site inspections, indicating a proactive approach to risk management by regulators [1][2] - In 2023, out of 17 companies checked, 12 voluntarily withdrew their IPO applications, reflecting issues such as non-compliance in information disclosure and questionable financial data [1] - The China Securities Regulatory Commission (CSRC) has been enhancing its regulatory framework to address the issue of companies attempting to go public despite existing problems, emphasizing accountability during the application process [1] Group 2 - The tightening of regulations may increase compliance costs for prospective listed companies in the short term, but it is expected to lead to a more authentic market in the long run, benefiting high-quality firms [2] - The dual screening mechanism aims to protect the integrity of the capital market by ensuring that only quality companies are allowed to list, thereby preventing the entry of firms with financial misconduct [2] - Ensuring high IPO quality is crucial for maintaining investor confidence and resource allocation efficiency, as the presence of fraudulent companies can distort market signals and lead to adverse effects [2]

2013年，党的十八届三中全会明确提出发展普惠金融，普惠金融被上升至国家战略层面。国务院2015年 印发的《推进普惠金融发展规划（2016~2020年）》中，将普惠金融定义为"立足机会平等要求和商业可 持续原则，以可负担的成本为有金融服务需求的社会各阶层和群体提供适当、有效的金融服务"；并进 一步指出"小微企业、农民、城镇低收入人群、贫困人群和残疾人、老年人等特殊群体是当前我国普惠 金融重点服务对象"。 进入提质阶段，2023年10月召开的中央金融工作会议首次明确提出金融"五篇大文章"，其中普惠金融赫 然在列。此后，中共中央、国务院对金融"五篇大文章"作了系列政策再部署，国务院先后印发《关于推 进普惠金融高质量发展的实施意见》（以下简称《意见》）《关于做好金融"五篇大文章"的指导意 见》，任务经由"一行一局一会"传导至各类型金融机构。 2025年6月，国家金融监督管理总局、中国人民银行联合发布了《银行业保险业普惠金融高质量发展实 施方案》（下称《实施方案》）。《实施方案》明确，未来五年，基本建成高质量综合普惠金融体系， 普惠金融促进共同富裕迈上新台阶。《实施方案》的推出，代表着做好"普惠金融大文章"的工作已从 ...

SEBI’s temporary trading ban on Jane Street is rippling through India’s capital markets, by denting expiry day turnover at the NSE and pulling down the exchange’s private market valuation. Read for free with your email on what could move markets today https://t.co/kRuFZ92WG9 ...

除IPO以外，企业通过SPAC、OTC升板在美上市的热度也在增加。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 7 月 7 日， 2025 第七届大成律师事务所《中国企业赴美上市高峰论坛》在 上海成功举办。来自大成律师事务所以及美国律所、美国会计师事务所、国际金融服务公司、国际 IR 咨询公司等知名机构的十多位嘉宾与企业共同探讨了中国企业赴美上市的规划、最新的合规及风 控要点以及企业在美国市场的融资解决方案、市值管理策略等焦点话题。 北京大成（上海）律师事务所高级合伙人、资本市场专业组秘书长詹锐 发表了题为《 中国企业赴美 上市规划实施与法律合规要点》的演讲。 詹锐表示，从企业通过证监会备案的时间看， 2025 年第一季度赴美上市平均耗时 7 个月，赴港上 市约 7.5 个月。而备案中的合规性审查重点关注的内容包括：外资准入负面清单、数据安全、股权 架构合规性，尤其是对于 VIE 架构需穿透核查。 詹锐还总结了除 IPO 以外的几种赴美上市融资方式的特点及风险点， 包括 SPAC 、 OTC 升板、 买壳上市以及企业境外业务资产单独上市。 其中，相比于 ...

Core Insights - The second-quarter 2025 earnings season is expected to show resilience and an improving outlook for the banking sector and overall market [1] - Total S&P 500 earnings are projected to increase by 4.9% year-over-year, driven by a 3.9% rise in revenues [2] - Nine out of sixteen Zacks sectors are anticipated to report earnings growth, with Consumer Discretionary leading at 105.6% [3] Sector Performance - Consumer Discretionary sector is expected to see the highest earnings growth at 105.6%, followed by Aerospace at 15.1%, Technology at 11.8%, Finance at 7.8%, and Utilities at 7.7% [3] - The "Magnificent 7" companies are projected to have an 11.3% increase in earnings with an 11.2% rise in revenues compared to the same period last year [3] ETF Highlights - Consumer Discretionary Select Sector SPDR Fund (XLY) has an AUM of $22.5 billion and an expense ratio of 0.08% [5] - iShares U.S. Aerospace & Defense ETF (ITA) holds $8.4 billion in AUM with an expense ratio of 0.40% [6] - Vanguard Information Technology ETF (VGT) manages $95 billion in assets and has an expense ratio of 0.09% [7] - Financial Select Sector SPDR Fund (XLF) has an AUM of $51.3 billion and charges 0.08% in annual fees [8] - Utilities Select Sector SPDR (XLU) has an AUM of $19.1 billion and an expense ratio of 0.08% [9]

India's capital market is running hot again. This week saw four companies debut after raising over $1.7% billion. That includes HTB Financial, a shadow lending unit of HTFC Bank and the biggest offering since Hyundai Motor India's record $3.3% billion IPO in October.Meanwhile, block trades worth $5 billion also powered share sales to a five-month high in May, helped by the return of foreign investors last quarter. A bigger than expected rate cut from India's central bank and bets on a trade deal with Trump ...

Core Viewpoint - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on adjusting the price fluctuation limit for risk warning stocks on the main board from 5% to 10%, aligning it with other main board stocks, indicating a shift towards more effective risk management in the A-share market [1][2]. Group 1: Market Dynamics - The price fluctuation limit is a defensive measure aimed at reducing market risk, which has historically enhanced public engagement and mitigated speculative trading [1]. - As the capital market matures, the effectiveness of this price limit as a risk mitigation tool has diminished, necessitating an update to better meet the needs of risk identification, pricing, and management [2][3]. Group 2: Trading Freedom and Risk Management - Removing trading restrictions is essential to enhance market participants' ability to express preferences, thereby improving risk identification, pricing, and trading capabilities [3][4]. - Lowering information asymmetry and protecting market autonomy are crucial for fostering a healthy trading environment where risks can be effectively managed [3][4]. Group 3: Market Efficiency - Aligning the fluctuation limits of ST stocks with other main board stocks is expected to invigorate market liquidity and enhance pricing efficiency, ultimately optimizing resource allocation in the capital market [4][5]. - The removal of trading restrictions is viewed as a significant advancement in the governance and capability of the capital market, allowing for better risk absorption and management [5].

2025陆家嘴论坛已落下帷幕，作为我国金融改革发展的风向标，论坛期间的新举措、新议题、新理念才 刚进入"施工期"。与往年相比，密集政策、扩大开放、创新发展，则是今年业界关注的高频词。面对复 杂国际形势以及全球金融格局的重塑，上海国际金融中心建设再探新路、再启新程。 密集政策：上海国际金融中心建设再出发 对于上海国际金融中心建设，2025年注定被载入史册。"密集、重磅"是不少金融观察者的共识，也是跟 踪报道论坛记者的共同体会。 论坛期间，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》（以下简称《意 见》）。《意见》明确，经过五至十年的建设，上海国际金融中心能级全面提升，现代金融体系的适应 性、竞争力、普惠性显著提高，金融开放枢纽门户功能显著强化，人民币资产全球配置中心、风险管理 中心地位显著增强，基本建成与我国综合国力和国际影响力相匹配的国际金融中心。 在论坛上，人民银行、金融监管总局等重量级金融监管部门也宣布多项实质性举措。 其中，中国人民银行宣布将在上海实施八条金融开放举措，支持上海国际金融中心建设，包括设立银行 间市场交易报告库；设立数字人民币国际运营中心；设立个人征信机构；在上海临港新片区 ...