Summary of the contents of the front pages of four major securities newspapers (April 18)
China Securities Journal
Indexing investment improves the kinetic energy of stabilizing the market
The "Promoting the Development of Indexed Investment" and the "Action Plan for Promoting the High-quality Development of Indexed Investment in the Capital Market" put forward in the new "National Nine Articles" clearly stated that "accelerating the high-quality development of indexed investment and consolidating the stable operation foundation of the capital market" ushered in an "acceptance" in the recent ups and downs of the capital market. High-quality development of indexed investment is helping to stabilize the market.
The industry believes that index funds are an important tool for medium and long-term funds to participate in the capital market. With the deepening reform of the capital market, the construction of the index market is constantly strengthened, and the index product line including ETF will continue to be improved, attracting medium-and long-term funds to enter the market, and expanding the rational and mature medium-and long-term investment power, thus stabilizing market expectations and finally achieving the dual improvement of market efficiency and resilience.
Six departments issued documents to promote the standardization of cross-border flow of financial data
The People’s Bank of China reported on April 17th that the People’s Bank of China, the General Administration of Financial Supervision, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, the National Network Information Office and the National Bureau of Data recently jointly issued the Compliance Guide for Promoting and Regulating the Cross-border Flow of Financial Data. The central bank said that in the next step, it will continue to optimize and improve with relevant departments according to the implementation and effect of the Guide, and continue to promote high-level financial opening.
Experts said that giving financial institutions clear rules for cross-border flow to promote the cross-border flow of financial data is safer, orderly and efficient, which is of positive significance for improving China’s high-level financial opening, creating a more friendly and inclusive business environment, and enhancing international competitiveness and rule influence.
With the deepening of opening to the outside world in the financial sector, both "bringing in" and "going out" are paid equal attention to. Foreign-funded financial institutions are constantly developing their businesses in China, and Chinese-funded financial institutions are accelerating the expansion of overseas markets, so the cross-border demand for data is increasingly urgent. The Guide focuses on the exit of personal information and important data, and clarifies the guidelines for the cross-border flow of data in the financial industry.
From efficiency tools to productivity remodeling, the big model "on the new wave" continues to release the potential of artificial intelligence.
With the continuous and vigorous development of artificial intelligence (AI) market, as a hot technical direction in the field of artificial intelligence, multi-modal large models are welcoming the "new trend"-enterprises have taken multi-modal integration, reasoning efficiency improvement and cost optimization as breakthroughs to accelerate the commercialization of artificial intelligence technology.
"Through the technical breakthrough of multi-modal long thinking chain training, global memory and reinforcement learning, we will form a leading multi-modal reasoning ability and break through the cost boundary." At the 2025 Technology Exchange Day held by Shangtang Technology recently, Li Xu, Chairman and CEO of Shangtang Technology, introduced the company’s brand-new upgraded "V6" large model system, saying that this large model system will cross the multi-modal boundary and release the infinite possibilities of reasoning and intelligence.
In addition, at the recently held "2025 Aauto Quicker Magnetism Conference", Aauto Quicker also made it clear that in terms of content production of artificial intelligence generated content (AIGC), Aauto Quicker’s AIGC content generation capability has improved rapidly based on the multimodal model. Earlier, Zhiyuan Robot released GO-1, a general model with a body base, in early March. With the help of human and various robot data, this model has enabled the robot to gain revolutionary learning ability, which can be generalized and applied to various environments and objects to quickly adapt to new tasks and learn new skills. At the same time, it also supports the deployment to different robot bodies, effectively completes the landing, and continues to evolve rapidly in actual use.
Looking at a series of recent actions in the industry, it not only reflects the technological leap in the field of artificial intelligence, but also epitomizes the acceleration of industry competition. Experts believe that at present, the focus of industry competition has shifted from parameter scale to application efficiency, and the value of large-scale model is also changing from various technical indicators of the laboratory to whether it can be finally transformed into actual productivity. At the same time, many listed companies are also actively exploring the introduction of multi-modal large models into their daily work.
The fund’s first quarterly report is the first to see: "the amount of subjects" has been greatly improved.
On April 17th, some products of Ruiyuan Fund, Suxin Fund and Tianzhi Fund released the first quarter report of 2025. As of press time, more than 70 Public Offering of Fund in the whole market have published the first quarter report of 2025. According to rough statistics, in the case of soaring technology stocks in the first quarter, the number of funds has increased. Artificial intelligence (AI), humanoid robots and other sectors have become the heavy positions of the fund, and related stocks have been held by the fund. At the same time, some fund managers said that in the first quarter, the internal structure was adjusted on the basis of investing in technology stocks. In addition, highly flexible Hong Kong stocks and "double innovation" targets have also become the targets of some funds.
According to statistics, among the funds that have published the first quarterly report in 2025, the top ten awkward stocks of many products showed obvious signs of position adjustment. Some once-hot optical module stocks and robot concept stocks were lightened by some funds.
For example, the latest top ten awkward stocks of Ping An Advanced Manufacturing Theme Stock Initiative Fund, which performed well in the first quarter, changed greatly. Compared with the end of 2024, six stocks, Huashu Hi-Tech, Fengyi Technology, (), Zhejiang Heideman, () and (), became the top ten new stocks, while (), (), (), () and () dropped out of the top ten stocks.
Shanghai Securities News
Enhance toughness and open up space. Exhibitors of Canton Fair "walk on two legs" when exporting to domestic market.
On April 17th, a reporter from shanghai securities news saw at the scene of the 137th Canton Fair that many exhibitors’ booths were hung with "for domestic sale" signs, and many domestic buyers were actively engaged in industry exchanges and trade negotiations. At present, "export to domestic sales" has long-term significance for foreign trade enterprises to enhance their resilience and overall strength.
According to statistics, in 2024, among hundreds of thousands of enterprises with export performance in China, nearly 85% enterprises also carry out domestic sales business, and "both internal and external repair" has become a major trend.
Introduce new measures in many places to promote the high-quality development of key industrial chains in manufacturing industry.
At present, China’s industry is in a critical period from big to strong. Focusing on the high-quality development of key industrial chains in manufacturing industry, new measures have been issued in many places to make more contributions to the sustained and healthy development of industrial economy.
The rapid evolution of a new generation of artificial intelligence and other technologies has brought far-reaching influence to the development of manufacturing industry. Many places regard intelligent manufacturing as an important starting point for high-quality development.
Recently released "Hebei Smart Factory Gradient Cultivation Action Plan (2025-2027)" proposes that by 2027, Hebei will build a smart factory gradient cultivation system covering the whole province, build 300 advanced smart factories in key industries and key industrial clusters, actively cultivate pilot smart factories with global influence, and intelligent manufacturing will become an important engine to drive the high-quality development of manufacturing in Hebei Province. Hainan proposed to promote the deep integration of digital technology and the real economy, accelerate the promotion of enterprises to "use numbers to give wisdom", and cultivate and expand emerging industries such as intelligent networked new energy vehicles and body intelligence. Carry out the "artificial intelligence+"action to promote the coordinated development of artificial intelligence empowerment industry chain supply chain. The Action Plan of Guangxi’s "Artificial Intelligence+Manufacturing" proposes to promote the large-scale application of artificial intelligence, speed up the replacement of equipment, machines, production lines and brains in key industries, and promote the "chain" transformation led by leading enterprises in the industry, the "whole" transformation accelerated by large enterprises, and the "ladder" transformation implemented by small and medium-sized enterprises to build an industrial format of two-way empowerment of artificial intelligence and manufacturing.
Through the eye of the storm! Internet giants show their magical powers to help foreign trade enterprises tide over the difficulties.
Recently, many platforms, such as JD.COM, Baidu, Pinduoduo, Alibaba, Tencent, Meituan and Tik Tok, have voiced their voices one after another to help foreign trade enterprises "export to domestic sales". At the same time, cross-border payment and logistics enterprises are also taking active actions to respond to the needs of the transformation of foreign trade enterprises.
The United States has already "cut the knife" on the parcels from China and Hongkong that were not more than 800 dollars, and the duty-free treatment will be officially terminated from May 2.
"As we all know, the United States is one of the important target markets for China to develop cross-border e-commerce, which means that the cost of cross-border e-commerce will rise and the market competitive advantage will become less obvious. It is a big impact for cross-border e-commerce enterprises, especially small and medium-sized enterprises." Bai Ming, a researcher at the Research Institute of the Ministry of Commerce, said frankly in an interview with shanghai securities news.
ETF’s late trading frequently changes, and large funds continue to be shot.
In the recent volatile market, ETF showed its talents at a critical moment. Judging from the huge transaction near the end of the session, the signal of large funds entering the market to sweep goods was obvious. Statistics show that since April 7, the net subscription amount of equity ETFs has exceeded 210 billion yuan. In the eyes of the industry, long-term funds actively increase their holdings of ETFs, which will help boost investor confidence and promote the market to stabilize and rebound.
On April 16, the market fluctuated and adjusted. When it was near the end of the session, the trading volume of many large-cap blue-chip ETFs suddenly increased. Take Huatai Bairui CSI 300ETF as an example, the turnover on that day was 8.373 billion yuan, and the turnover in the last 20 minutes was 5.612 billion yuan, accounting for nearly 70% of the whole day’s turnover. A similar situation also occurred on April 15th. Huaxia CSI 300ETF, Huatai Bairui CSI 300ETF, Yifangda CSI 300ETF, Huaxia SSE 50ETF and Southern CSI 500ETF were also significantly increased in late trading.
From the perspective of capital flow, it is estimated that on April 15th and 16th, the net subscription amount of equity ETFs totaled 37 billion yuan. Among them, the net subscription of Huaxia Hushen 300ETF was 8.289 billion yuan, Huatai Bairui Hushen 300ETF was 6.68 billion yuan, Yifangda Hushen 300ETF was 5.696 billion yuan, and Huaxia SSE 50ETF was 5.149 billion yuan. In addition, the net subscription amount of Harvest CSI 300ETF and Southern CSI 500ETF both exceeded 3.5 billion yuan.
Securities Times
Foreign trade enterprises welcome "timely rain" and make concerted efforts to promote "export to domestic sales"
Recently, the U.S. government has imposed excessive tariffs, which inevitably has a negative impact on global trade, including China and the United States. The Ministry of Commerce and several industry associations have stepped up efforts to promote the integration of domestic and foreign trade, and major e-commerce platforms have also actively participated in the docking of foreign trade enterprises to help foreign trade merchants explore the domestic market.
A number of foreign trade companies interviewed by the Securities Times reporter said that the US tariff policy has limited impact on orders. China Manufacturing, with its complete industrial chain and cost-effective advantages, has shown strong resilience and confidence. The support measures of e-commerce platform have also brought "timely rain" to foreign trade enterprises.
Since April 11th, JD.COM, Alibaba and other head e-commerce platforms have actively responded to the call of the policy to help foreign trade enterprises expand their markets in various ways. Among them, JD.COM announced the launch of the export-to-domestic support program. In the coming year, JD.COM will purchase no less than 200 billion yuan of goods for export and domestic sales, helping foreign trade enterprises to quickly explore the domestic market.
The era of "intellectual driving and equal rights" is accelerating, and improving technical security requires both software and hardware.
In February of this year, () was the first to put forward the concept of "all people driving with wisdom", and transferred the battlefield of the bicycle circle to the field of driving with wisdom. Subsequently, Geely, Chery and Changan followed suit. In addition, Huawei HarmonyOS, Guangzhou Automobile, Tucki and other car companies are also accelerating the landing of intelligent driving, and promoting the mass production of L3 autonomous driving.
With the release of BYD’s intelligent strategy, intelligent driving for all people has almost become a new trend in the automobile industry.
The pilot project of long-term investment in insurance funds accelerated the establishment of private equity funds in an orderly manner.
The second batch of long-term investment reform pilots of insurance funds that have received much attention have ushered in new progress.
On April 16th, Taikang Asset Management Co., Ltd. (hereinafter referred to as "Taikang Asset") stated that Taikang Asset’s application for initiating the establishment of Taikang Steady Private Equity Fund Management Co., Ltd. (tentatively named as "Taikang Steady"), a wholly-owned private equity fund management subsidiary, has been approved by the General Administration of Financial Supervision.
According to the Securities Times reporter, (1) The relevant application materials for the establishment of a private equity fund company have been submitted to the General Administration of Financial Supervision and are awaiting approval. Subsequent work related to the establishment of the fund is also in full swing, and all the work is progressing smoothly at present.
In addition to the above two institutions, other insurance institutions that promote the establishment of private equity companies are also expected to make substantial progress.
"Bank+Venture Capital" Completes each other’s Lifecycle Financing of Science and Technology Enterprises —— Accurate "Irrigation" of Funds Still Restrains Industry Advice to Establish Risk Compensation Mechanism
In the past year, the domestic venture capital industry has welcomed a number of close "new partners". Driven by policy encouragement and transformation and upgrading, commercial banks began to join hands with the venture capital industry to accelerate to the primary market, give full play to the advantages of credit funds, complement each other with equity investment, and jointly help science and technology enterprises to raise funds throughout their life cycle.
However, although the entry of banks has brought new opportunities for the financing of science and technology enterprises, it still faces many constraints in the process of investing funds in science and technology enterprises. In this regard, industry insiders suggested that a risk compensation mechanism should be established to solve the related pain points and promote the in-depth cooperation between banks and science and technology enterprises.
Driven by policy support and their own transformation needs, commercial banks began to join the financing services of science and technology enterprises. Recently, Bank of Ningbo Shenzhen Branch issued the first "Venture Capital Talent Card" in China, creating a full chain solution of "investment, financing, management and withdrawal" for venture capital talents in Shenzhen.
Securities daily
46 active equity funds disclosed that the net value of "robots" in the first quarter increased significantly.
With the disclosure of Public Offering of Fund’s report in the first quarter of 2025, the performance of several active equity funds surfaced. As of the press release of Securities Daily on April 17th, 46 active equity funds (including common equity funds, flexible allocation funds, partial stock hybrid funds and balanced hybrid funds) have disclosed the first quarter report of 2025.
On the whole, many active equity funds maintained high positions in the first quarter of this year, and the net value of fund products in the fields of "robot" and "AI" increased significantly.
A series of institutional arrangements have gradually taken effect, and more incremental funds have entered the A-share market.
Since the beginning of this year, with the gradual implementation of various policy measures, the process of incremental funds entering the market, including insurance funds, bank wealth management funds and various pensions, has been accelerated, which has strongly supported the healthy development of the capital market and helped build a good ecology of "long money and long investment" in the capital market.
Specifically, incremental funds enter the market with the help of ETF, and the total scale of ETF has reached 3.9 trillion yuan; The second batch of pilot institutions for long-term stock investment in insurance funds approved a total of 112 billion yuan, and some insurance institutions are applying for long-term stock investment pilots; A number of bank wealth management companies have also further increased their investment in the capital market, and have continuously increased their holdings of ETFs through direct investment or indirectly.
Market participants believe that the accelerating pace of incremental capital entering the market will help to increase the scale and proportion of medium and long-term capital investment, optimize the investor structure of the capital market, strengthen the internal stability of the market, and consolidate the foundation for the stable operation and healthy development of the capital market.
Introducing industrial support policies in many places to compete for the differentiated layout of "artificial intelligence+"track can not only avoid repeating "involution", but also form complementarity.
Recently, the "Implementation Plan for the Development of Artificial Intelligence Industry in Hangzhou (2025 Edition) (Draft for Comment)" (hereinafter referred to as the "Implementation Plan") was publicly solicited for comments. According to the "Implementation Plan", by the end of 2025, Hangzhou will have cultivated two basic large models with world-class level and more than 25 industrial application large models with significant influence in the industry.
With the application of phenomenal artificial intelligence such as DeepSeek, the development of artificial intelligence industry has attracted much attention. Since the beginning of this year, all localities have competed for the "artificial intelligence+"track, intensively introduced relevant support policies, and made efforts to cultivate the artificial intelligence industry.
Zhu Keli, executive director of China Information Association and founding president of the National Research Institute of New Economics, said in an interview with the Securities Daily that intensive local policies to further guide the concentration of capital and resources to the artificial intelligence track will contribute to the cultivation and rapid growth of the artificial intelligence industry.
During the year, insurance funds were actively advertised, and bank stocks were favored.
Recently, () Co., Ltd. (hereinafter referred to as "Hangzhou Bank") announced that it had received the Reply of Zhejiang Supervision Bureau of the State Financial Supervision Administration on the Change of the Equity of Hangzhou Bank (Zhejinfu [2025] No.125) and agreed that new china life insurance co Limited (hereinafter referred to as "()") would accept the 330 million shares of the Bank held by Commonwealth Bank of Australia. After the transferee, New China Life Insurance held a total of 357 million shares of Hangzhou Bank, accounting for 5.63% of the total common share capital of Hangzhou Bank as of April 14, 2025.
According to the reporter of Securities Daily, as of April 17th, six insurance companies, including () Insurance Co., Ltd., Great Wall Life Insurance Co., Ltd., Sunshine Life Insurance Co., Ltd., Ruizhong Life Insurance Co., Ltd., China Ping An Life Insurance Company of China Insurance Co., Ltd. and New China Life Insurance, have listed their companies for 12 times.
Zhou Jin, China financial industry management consulting partner of PricewaterhouseCoopers Management Consulting (Shanghai) Co., Ltd., said in an interview with Securities Daily that since last year, the central government and financial regulatory authorities have continuously issued policies to encourage insurance funds to take advantage of "patient capital" and increase their efforts to enter the market to support the stable development of the capital market. Considering the internal factors of insurance companies, the current stock market valuation is still in a low position. In order to cope with the downward trend of interest rates, the long-term allocation strategy also needs to seize the opportunity of low valuation to increase the allocation of equity assets. In addition, since 2024, listed insurance companies have implemented the new accounting standards. After the implementation, the fluctuation of the market value of stock investment will be reflected in the investment income and profit. Therefore, insurance companies hope to realize the equity method accounting by placarding, thus reducing the fluctuation of current profits and losses. This factor will lead to more placarding behavior of insurance companies.
"The core motivation of listed companies with frequent placards of insurance funds is driven by low interest rate environment, policy dividend release, strategic coordination demand and defensive allocation." Tian Lihui, dean of the Institute of Financial Development of Nankai University, told the Securities Daily that the yield of traditional fixed-income assets is declining, and insurance funds need to increase their income through equity assets with high dividends and low valuation (such as banking stocks).