On the morning of March 10, the unveiling ceremony and construction launch meeting for the Shanghai Key Laboratory of Efficient Green Fuel Synthesis Systems Engineering (Preparatory) were successfully held at Shanghai Boiler Works Co., Ltd. Xuan Fuzhen, President of East China University of Science and Technology, and Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, jointly unveiled the laboratory, marking the official entry of the key laboratory’s development into a new stage of substantive progress. Zheng Guanghong, Second-Level Inspector of the Shanghai Municipal Science and Technology Commission, witnessed the ceremony on site. Led by Shanghai Boiler Works Co., Ltd. and jointly established with East China University of Science and Technology, the laboratory focuses on tackling critical “bottleneck” technological challenges in the application field of efficient synthesis of green fuels such as green methanol, green ammonia, and sustainable aviation fuel (SAF). It has precisely laid out three core research directions: efficient synthesis of diversified green fuels, high-efficiency clean power equipment, and AI + digital twin flexible regulation and control. It is committed to building a full-chain innovation system spanning basic R&D, pilot-scale verification, and industrialisation, thereby supporting breakthroughs in green fuel technologies and their industrial application. Wu Lei, Party Secretary and Chairman of Shanghai Electric Group, stated at the event that the high-standard development of the key laboratory for green fuels is an important practice for Shanghai Electric in implementing the national development strategy for new quality productive forces in the energy sector and promoting the deep integration of green fuel technological innovation with industry. Shanghai Electric will use the laboratory’s development as an important lever, providing comprehensive support in policy, resources, funding, and other aspects, fully integrating high-quality internal and external resources, and making every effort to advance technological research, professional talent cultivation, and the commercialisation of scientific research achievements, thereby contributing wisdom and strength to the high-quality development of China’s green fuel industry. Xuan Fuzhen, President of East China University of Science and Technology, pointed out that the university will give full play to its disciplinary strengths, carry out close and pragmatic cooperation with Shanghai Electric, vigorously promote the deep integration of industry, academia, and research, focus on core challenges in green fuel synthesis technologies and equipment, strive to achieve major technological breakthroughs, and work together to build a benchmark for collaborative innovation among industry, academia, and research. Jin Xiaolong, Member of the Party Committee and Vice President of Shanghai Electric Group, Vice President Qiu Jiayou, and relevant leaders from the Shanghai Municipal Science and Technology Commission, East China University of Science and Technology, and Shanghai Electric Power Station Group attended the event.

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The reform of public funds will be implemented today. On May 7, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), stated at a press conference held by the State Council Information Office that the "Action Plan for Promoting High-Quality Development of Public Funds" would be released today. The plan aims to optimize the fee structure of actively managed equity funds, reverse the phenomenon of fund companies enjoying "guaranteed profits regardless of market conditions," improve the industry's performance evaluation system, and urge fund companies to shift their focus from "emphasizing scale" to "emphasizing returns," better reflecting the shared interests, mutual development, and reciprocal success between fund managers and investors, and striving to form a virtuous cycle of "increased returns, inflow of funds, and market stability." "The Action Plan for Promoting High-Quality Development of Public Funds has undergone over 30 thematic surveys, gathering opinions from investors, institutions, and other stakeholders, with a particular focus on the bottlenecks, challenges, and pain points that investors care about," Wu Qing said. With the implementation of the reform plan, public funds will place greater emphasis on the best interests of investors, further enhancing investors' sense of gain. What are the key points of this public fund reform plan? Wu Qing has already outlined the priorities for the industry when answering questions from reporters. First, optimize the fee structure of actively managed equity funds, with those underperforming required to charge lower management fees. Cailian Press reporters have learned that multiple fund companies are about to launch a series of innovative products with "fulcrum-style" floating fee rates. Second, incorporate whether performance outperforms benchmarks and investors' profit and loss situations into performance evaluation indicators. Third, clear performance comparison benchmarks will serve as a yardstick for measuring the true performance of products. Fourth, clarify that the weight of performance evaluation over a three-year period should be no less than 80%. Fifth, expedite the formulation of regulations on the management of public fund investment advisors. Sixth, Wu Qing mentioned Warren Buffett's value investing philosophy, calling for the emergence of century-old firms and outstanding investment institutions in the market. Four "Prominences" to Drive High-Quality Development of Public Funds Wu Qing introduced that the upcoming public fund reform will focus on four key areas: First, prominently strengthen the alignment of interests with investors. The reform will prominently strengthen the alignment of interests between public funds and investors by optimizing the fee structure of actively managed equity funds, requiring those underperforming to charge lower management fees, and reversing the phenomenon of fund companies enjoying "guaranteed profits regardless of market conditions" through a floating management fee mechanism. At the same time, indicators directly related to investors' vital interests, such as whether performance outperforms benchmarks and investors' profit and loss situations, will be incorporated into the performance evaluation system of fund companies and fund managers, urging fund companies to shift their focus from "emphasizing scale" to "emphasizing returns." Second, prominently enhance the stability of fund investment behavior. To address issues such as style drift and mismatched products, clear performance benchmarks should be established for each fund to serve as a yardstick for measuring the true performance of the products, thereby preventing product investment behaviors from deviating from their names and positioning. Meanwhile, companies should establish comprehensive incentive and restraint mechanisms, specifying that the weight of assessments over three years should be no less than 80%, to reduce the phenomenon of fund managers rushing to buy amid continuous price rise and selling amid continuous price decline, and improve the long-term returns of products. Third, we should prioritize enhancing the ability to serve investors. We should expedite the introduction of regulations on the management of public fund investment advisors to promote standardized development. Fourth, we should emphasize the work orientation of developing and expanding equity funds. With the implementation of the reform plan, public funds will place greater emphasis on the best interests of investors, and investors' sense of gain will be further enhanced. Wu Qing also mentioned Warren Buffett, who is set to retire this year. He said that although Buffett is retiring this year, the fundamental principles of long-term value investing, rational investing, and striving to reward investors will not retire. After Buffett's retirement, this era is also calling for new great investors. Our market has a group of outstanding enterprises and entrepreneurs, and it is believed that a group of excellent investors and investment institutions will surely emerge. There may not be one or two stock market gurus, but there will definitely be some century-old firms, investment institutions, and excellent investment teams emerging in our market. This year, Wu Qing has repeatedly disclosed the key points of public fund reforms On September 26 last year, the meeting of the Political Bureau of the Central Committee proposed to "steadily advance the reform of public funds," and this topic has also been mentioned multiple times in subsequent major meetings. Regarding the deployment of high-quality reforms of public funds, Wu Qing had previously disclosed the basic ideas of relevant reforms in January and March this year. In January this year, at a press conference held by the State Council Information Office, the China Securities Regulatory Commission (CSRC) disclosed the reform plan for the first time. When introducing the work related to the entry of medium and long-term funds into the market, Wu Qing disclosed that after careful survey and demonstration, the CSRC had proposed some targeted reform measures, and a preliminary reform plan had been formulated. Wu Qing's speech provided reform indicators across multiple dimensions: First, we should continue to promote fee reductions. Starting from 2025, fund sales fees will be further reduced, which is expected to save investors approximately 45 billion in total fees annually; Second, we should vigorously develop equity funds. The reform of public funds will help increase the free-float market capitalization of A-shares by at least 10% annually over the next three years; Third, we should increase the innovation of medium-to-low volatility products and transition the pilot programs of floating-rate products into regular ones; Fourth, we should establish a rapid registration mechanism for stock ETFs.In principle, registration should be completed within five working days from the date of acceptance; Fifth, strengthen the guidance of regulatory classification and evaluation. Increase the weight of indicators such as the proportion of equity fund scale and long-term performance in regulatory classification and evaluation; Sixth, guide self-purchases. Fund management companies will self-purchase a certain proportion of their annual profits in equity funds under their management; Seventh, on the trading side, allow institutional investors such as public funds to more actively participate as strategic investors in private placements of publicly listed firms, etc. Eighth, resolutely rectify excessive speculative behaviors such as "high turnover rates" and "style drift," and increase the intensity of investigations and punishments for illegal and non-compliant activities. At the Two Sessions press conference in March this year, the reform of the public fund industry was once again brought to the forefront. Wu Qing stated that a reform plan for public funds is about to be launched, with a focus on the assessment system arrangements. The long-term assessment system for public funds with a period of over three years will be further improved to guide long-term value investment. In fact, in addition to the upcoming reform plan for public funds, since the beginning of this year, multiple measures have been implemented, including the "Action Plan for Promoting the High-Quality Development of Indexed Investment in the Capital Market" and the reform of public fund fee rates. While the scale of public funds has expanded rapidly and their proportion has increased, their returns have also gradually improved. Taking the reform of public fund fee rates as an example, by reducing the comprehensive fee rate in stages, it is estimated that investors can save costs exceeding 45 billion yuan annually. Meanwhile, by advancing the fee rate reform, the interests of fund management companies and investors will be more closely aligned.

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At 9 a.m. on May 7, the State Council Information Office held a press conference, where Pan Gongsheng, Governor of the People's Bank of China (PBOC), Li Yunze, Director of the National Financial Regulatory Administration (NFRA), and Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), introduced the situation regarding the "package of financial policies to support market stability and stabilize expectations". The statements related to the capital market have sparked significant attention and discussion in the market. The following are the key points related to the capital market from this press conference: 1. Implement a stimulus policy package to stabilize the market through policy hedging, capital hedging, and expectation hedging; 2. The PBOC will reduce the reserve requirement ratio (RRR) by 0.5 percentage points, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market. Starting from May 8, the interest rate for the 7-day reverse repo operations in the open market will be adjusted from 1.50% to 1.40%; 3. The NFRA will further expand the scope of pilot programs for long-term investment by insurance funds, introducing more incremental capital into the market; 4. Emphasize "stability" in market operations and "progress" in stimulating market vitality and enhancing market functions; 5. Introduce policy measures to deepen the reform of the Science and Technology Innovation Board (STAR Market) and the ChiNext Market, further enhancing the inclusiveness and adaptability of the system; 6. Expedite the release of the newly revised "Measures for the Administration of Major Asset Restructuring of Publicly Listed Firms" and relevant regulatory guidelines to better leverage the capital market's role as the main channel for mergers and acquisitions (M&A); 7. Provide comprehensive and "relay-style" financial services to science and technology innovation enterprises; 8. Promote the implementation of an action plan for the high-quality development of public funds. Fund managers should share both the joys and sorrows with investors, achieve common development and mutual success, and foster a virtuous cycle of "increased returns—inflow of funds—market stability"; 9. The stability of the stock market is crucial to the overall economic and social landscape and to the vital interests of hundreds of millions of investors; 10. We are fully confident, have the conditions, and possess the capabilities to achieve the stable and healthy development of China's stock market; 11. A-share listed firms demonstrate strong resilience and adaptability; 12. Listed firms are an important component of China's economy and the cornerstone of the capital market; 13. While strengthening supervision, we will also convey warmth in regulatory efforts and do our utmost to help affected enterprises cope with the impact of tariff hikes imposed by the United States; 14. Provide greater support for M&A activities among listed firms, focusing on industrial logic to "strengthen and build", stimulate vitality, and improve quality; 15. Foreign securities financial institutions and foreign capital have become important participants in the A-share market; 16. Adhere to respecting laws and regulations and actively shape a stable, transparent, and predictable regulatory environment; 17.Create conditions to support the return of high-quality Chinese concept stocks to the mainland and Hong Kong stock markets; 18. Four "highlights" to promote the high-quality development of public funds. Highlight the strengthening of interest alignment with investors; highlight the enhancement of the stability of fund investment behavior; highlight the improvement of the ability to serve investors; highlight the development and expansion of equity funds. Wu Qing: Fully Consolidate the Momentum of Market Stabilization and Improvement Wu Qing stated at a press conference held by the State Council Information Office that efforts will be made to fully consolidate the momentum of market stabilization and improvement. Strengthen market monitoring and comprehensive risk assessment, dynamically improve work plans to respond to various external shocks, fully support the role of Central Huijin as a quasi-stabilization fund, and cooperate with the People's Bank of China to improve the long-term mechanism of monetary policy tools supporting the capital market, better leveraging the inherent market stabilization functions of all market participants. Wu Qing said that further measures will be introduced to deepen the reform of the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing the inclusiveness and adaptability of the system in terms of market hierarchy and investor protection. Pan Gongsheng mentioned that the People's Bank of China firmly supports Central Huijin in increasing its holdings of stock market index funds when necessary and provides sufficient re-lending support to it, resolutely maintaining the stable operation of the capital market. Wu Qing stated that the allocation value and attractiveness of Chinese assets are continuously improving. "On the road ahead, there will be winds and rains, whether gentle breezes and light rains, or storms and downpours, whether high winds and rough waves, or towering waves and billows, we have the confidence, conditions, and ability to achieve stable and healthy development," Wu Qing frankly said. A-share Listed Companies Have Strong Resilience and Adaptability Wu Qing mentioned that in response to the impact of the US tariff hike, many listed companies have disclosed through announcements and performance briefings. Overall, the US tariff policy has impacted the global economic and trade order, and the operations of listed companies have inevitably been affected, with many companies with a high proportion of exports to the US being significantly impacted. As an important and excellent representative group of Chinese enterprises, A-share listed companies have strong resilience and adaptability, with the vast domestic demand and potential demand being their confidence. Nearly 90% of the income of A-share listed companies comes from the domestic market. The first-quarter report shows that the net profit of listed companies increased by 3.6% year-on-year, and the net profit of listed companies in the real economy increased by 4.3%. Wu Qing stated that for listed companies significantly affected by the tariff policy, regulatory tolerance will be further enhanced in terms of equity pledge, refinancing, and the use of raised funds to help alleviate difficulties. Wu Qing revealed that since April 7, more than 350 listed companies have disclosed share buyback and increase plans, reflecting the confidence of listed companies in their own value and development.The China Securities Regulatory Commission (CSRC) will continue to promote the functioning of the capital market, conveying regulatory warmth while strengthening supervision, and strive to assist affected enterprises in coping with tariff impacts. Wu Qing stated that the CSRC supports publicly listed firms in transforming through mergers and acquisitions (M&A) and restructuring. Currently, the CSRC is expediting the revision of the Administrative Measures for the Major Asset Restructuring of Publicly Listed Firms to further improve the supporting measures for the six M&A guidelines, thereby providing stronger support for M&A and restructuring activities of publicly listed firms. Wu Qing expressed that the CSRC will strengthen products and services in the multi-tiered capital market, encouraging eligible domestic enterprises to list overseas in accordance with laws and regulations, and enhancing their global market expansion capabilities. The Action Plan for Promoting High-Quality Development of Publicly Offered Funds will be released as soon as possible. Wu Qing stated that the CSRC will release the Action Plan for Promoting High-Quality Development of Publicly Offered Funds on the same day. He introduced that the reform emphasizes strengthening the alignment of interests between publicly offered funds and investors. It will optimize the fee structure for actively managed equity funds, requiring lower management fees for underperforming funds. Through a floating management fee mechanism, it aims to reverse the phenomenon of fund companies enjoying stable profits regardless of market conditions. Meanwhile, indicators directly related to investors' vital interests, such as whether performance outperforms benchmarks and investors' profit and loss situations, will be incorporated into the evaluation system for fund companies and fund managers, urging fund companies to shift their focus from "emphasizing scale" to "emphasizing returns." The Action Plan for Promoting High-Quality Development of Publicly Offered Funds is relatively mature and will be released as soon as possible. The plan emphasizes enhancing the stability of fund investment behaviors. To address issues such as style drift and mismatched products, it will establish clear performance benchmarks for each fund as a measure of the product's true performance, preventing product investment behaviors from deviating from their names and positioning. Additionally, it will establish a comprehensive incentive and restraint mechanism within the company, specifying that the evaluation weight for periods exceeding three years should be no less than 80%, reducing the phenomenon of fund managers rushing to buy amid continuous price rise and panic selling, and improving long-term product returns. Meanwhile, Wu Qing mentioned that the CSRC will expedite the introduction of regulations on the management of publicly offered fund investment advisors to promote standardized development. Furthermore, Wu Qing stated that the CSRC will strengthen bilateral and multilateral cross-border regulatory cooperation, shaping a stable, transparent, and predictable regulatory environment, safeguarding the legitimate interests of enterprises in overseas markets, and supporting the return of high-quality Chinese concept stocks to the mainland and Hong Kong markets. Wu Qing said that the market value of A-shares held by foreign investors has stabilized at around 3 trillion yuan, and the CSRC will unwaveringly promote a high-level opening-up of the capital market. Central Bank: Reduces Reserve Requirement Ratio (RRR) by 0.5 percentage points. Pan Gongsheng stated that the RRR will be reduced by 0.5 percentage points, which is expected to provide approximately 1 trillion yuan in long-term liquidity to the market.The policy interest rate was lowered by 0.1 percentage point, meaning the interest rate for 7-day reverse repo operations in the open market was reduced from the current 1.5% to 1.4%. It is expected to drive the Loan Prime Rate (LPR) to decline by approximately 0.1 percentage point in tandem. The interest rates for structural monetary policy tools were lowered by 0.25 percentage point, including: the interest rates for various special structural tools and re-lending rates for supporting agriculture and small businesses, which were all reduced from the current 1.75% to 1.5%; the interest rate for Pledged Supplementary Lending (PSL) was reduced from the current 2.25% to 2%. Pan Gongsheng stated that two monetary policy tools supporting the capital market would be optimized. The quotas for the 500 billion yuan swap facility for securities, funds, and insurance companies and the 300 billion yuan re-lending facility for share buybacks and increases in shareholdings would be combined, bringing the total quota to 800 billion yuan. Last year, the People's Bank of China, in collaboration with the China Securities Regulatory Commission, the National Financial Regulatory Administration, and other departments, established two capital market support tools: the swap facility and the re-lending facility for share buybacks and increases in shareholdings. As of now, the swap facility has been operated twice, with a total amount of 105 billion yuan. Over 500 publicly listed firms and major shareholders have announced the use of loans to repurchase and increase their shareholdings, with a total loan amount of approximately 300 billion yuan. These two tools have built-in counter-cyclical adjustment attributes, primarily playing a stabilizing role. When the capital market is significantly undervalued, securities institutions, publicly listed firms, and major shareholders will have a stronger willingness to use the low-cost funds provided by these two tools to purchase shares, thereby interrupting the negative cycle of market weakness. For example, during the impact of excessive tariff impositions by the US in November last year, around the New Year's Day this year, and in early April, the usage of the swap facility increased significantly, and share buybacks and increases in shareholdings by publicly listed firms were also more active. The inherent stabilization mechanism established in this way has played a role in correcting over-adjustments in the capital market and stabilizing market expectations through these two tools. Li Yunze: Three Major Measures to Support Stabilizing and Invigorating the Capital Market At a press conference of the State Council Information Office, Li Yunze stated that the role of insurance funds as patient and long-term capital would be fully leveraged to increase market entry and stabilization efforts. Three measures would be introduced in the next step to support stabilizing and invigorating the capital market: first, expanding the pilot scope for long-term investments by insurance funds to inject more incremental funds into the market; second, adjusting regulatory rules for solvency by further reducing the risk factor for equity investments by 10% to encourage insurance companies to increase their market entry; third, promoting a long-term assessment mechanism to facilitate long-term investments. Li Yunze stated that an additional 60 billion yuan would be approved to further expand the pilot scope for long-term investments by insurance funds. Li Yunze indicated that a total of eight incremental policies had been launched recently, including accelerating the introduction of a series of financing systems compatible with the new model of real estate development, further expanding the pilot scope for long-term investments by insurance funds to introduce more incremental funds into the market, adjusting and optimizing regulatory rules, reducing the risk factor for equity investments by insurance companies, and supporting the stabilization and invigoration of the capital market.