Market Situation - The A-share major indices opened lower on Thursday but experienced an upward trend throughout the day, with the Shanghai Composite Index closing up 1.65% at 3875.31 points [1] - The Shenzhen Component Index rose by 3.36%, and the ChiNext Index increased by 5.15%, indicating strong market performance [1] - A total of 4221 stocks rose, with 94 hitting the daily limit, while 1047 stocks declined, including 6 hitting the lower limit [1] - The TMT sector showed significant gains, particularly in communication equipment, electronic components, and computer hardware, which rose by 6.87%, 6.50%, and 6.23% respectively [1] Futures Market - All four major index futures contracts rose in line with the indices, with IF2509 and IH2509 increasing by 2.64% and 1.56% respectively [2] - The basis for the four major futures contracts is rapidly correcting, with IF2509 at a premium of 13.97 points and IH2509 at a premium of 7.12 points [2] News Highlights - The Ministry of Commerce in China plans to expand digital trade by promoting orderly opening in telecommunications, internet, and cultural sectors, encouraging foreign investment in the digital field [3] - Japan's central bank is accelerating plans to reduce its large ETF holdings, with officials indicating that a sell-off may be imminent, although the timing remains uncertain [3] Capital Flow - On September 11, the A-share trading volume exceeded 400 billion, with a total turnover of 2.44 trillion [4] - Northbound capital transactions amounted to 315.27 billion, indicating strong foreign interest [4] - The central bank conducted a 7-day reverse repurchase operation of 292 billion at a fixed rate of 1.40%, resulting in a net injection of 79.4 billion for the day [4]

Group 1 - The Hong Kong Stablecoin Regulation comes into effect this month, with a clear positioning of stablecoins as a payment tool and an alternative representation of fiat currency, eliminating speculation opportunities [1] - The cost of payments through the banking system may reach 3%, while the use of stablecoins is expected to lower costs to 1%, thereby reducing cross-border payment costs and enhancing economic efficiency [1] - The Hong Kong government is actively planning the development of the city as an international gold trading center, starting with warehousing and including new designs for trading and settlement [1] Group 2 - The "Interconnection" mechanism will celebrate its 11th anniversary, with a focus on continuously enriching and expanding varieties under a safe and controllable risk framework [1] - There are plans to promote the inclusion of real estate investment trusts into the interconnection mechanism, pending discussions with mainland authorities [1]

Group 1 - The number of IPOs in Hong Kong has significantly increased in the first half of 2025, with A-share companies also increasingly announcing plans to list in Hong Kong [1] - In Q2 2025, the Hong Kong Stock Exchange (HKEX) surpassed NASDAQ in terms of fundraising scale, achieving a net fundraising amount of HKD 1,067.13 billion, a year-on-year increase of 688.56% [2][3] - Despite having fewer IPOs than NASDAQ in Q2 (27 vs. 83), the fundraising amount from Hong Kong IPOs reached HKD 880.44 billion, exceeding NASDAQ's USD 9.5 billion (approximately HKD 744.94 billion) [3] Group 2 - The number of Chinese companies listing in the US has increased, with 40 companies going public in the first half of 2025, up from 25 in the same period last year. However, the total fundraising amount decreased by 59.73% to USD 7.45 billion [4] - The largest fundraising in A-shares during the first half of 2025 was from Zhongce Rubber, which raised RMB 39.33 billion, followed by Tianyouwei and Yingshi Innovation [5] - The largest IPO in the US was from Venture Global, raising USD 1.67 billion, while the largest in Hong Kong was CATL, raising HKD 353.31 billion (approximately USD 45.01 billion) [7] Group 3 - The best-performing new stocks in A-shares this year include Jiangnan New Materials with a cumulative increase of 419.29%, followed by Haibosichuang and Tianhe Magnetic Materials [8] - In the US market, the top-performing new stocks include Diginex with a cumulative increase of 584.00%, followed by Anbio and CoreWeave [8] - In Hong Kong, the best-performing new stock is Gu Ming, with a cumulative increase of 158.06% [8] Group 4 - The number of companies queued for IPOs in Hong Kong for the second half of 2025 has significantly increased, with at least 8 companies confirmed to list in July and August [9] - From June 27 to June 30, 23 companies submitted applications for the first time on the HKEX, including several A-share companies [9] - The influx of new listings may lead to differentiated performance based on the flow of funds and the quality of the companies, emphasizing the importance of fundamental analysis over speculative trading [9]

随着经济发展环境和人口老龄化程度的不断深化，针对个人养老金的优惠政策也应同步调整和优化，形 成与经济社会发展相协调的政策机制。一是升级税收优惠模式。从目前EET模式（缴费免税、投资免 税、领取征税）向TEE模式（缴费征税、投资免税、领取免税）延伸转变，以降低广大中低收入群体的 税收负担，激励更多群众积极参与个人养老金计划。这种模式的调整不仅能够提高中低收入群体的参与 意愿，还能够促进社会财富的积累和公平分配，助力共同富裕建设。此外，通过这种模式的调整，还能 够在投资收益、养老金领取等阶段避免重复征税，由此提升优惠政策对参与者的吸引力和实施效果。二 是实施差异化补贴政策。对农民、非正规就业或灵活就业者等提供政府补贴，补贴幅度可控制在5%— 10%，进一步提升参与率、扩大覆盖面。同时，实施差异化政策还能够增强政府补贴政策对中低收入群 体的精准支持和促进社会公平。例如，对农民，补贴可用于农业生产和生活改善；对灵活就业者，补贴 可用于职业培训创业等。此外，个人养老金参与人数的上涨也会整体提升社会保障规模和水平，从而增 强社会的稳定性。 （二）增强个人养老金账户的灵活性 加强政策支持 优化制度设计 （一）建立税收优惠政 ...