A-share evening hot spot | Milestone! The 5 trillion ETF market welcomes a major event

1. Public offering welcomes another "milestone"! ETF market advances towards coordinated development of active and passive management On June 17th, the Chairman of the China Securities Regulatory Commission, Wu Qing, announced support for the launch of active ETFs on the exchange at the Shanghai Lujiazui Finance & Trade Zone Development forum. In order to ensure the smooth launch of active ETFs and protect the legitimate rights and interests of investors, the Shanghai and Shenzhen Stock Exchanges released the "Guidelines for the Business of Active Management Exchange-Traded Open-End Securities Investment Funds" on the same day. Industry insiders pointed out that active ETFs retain the advantages of convenient trading and transparent fees of ETFs while giving fund managers the ability to actively select stocks and pursue excess returns. The introduction of active ETFs in the domestic market will further enrich the types of ETF products on the exchange, marking a new stage in the development of the domestic ETF market from the passive index tool era to "coordinated development of active and passive." Note from Zixuan: In recent years, China's ETF market has shown a trend of rapid development. After more than twenty years of cultivation, it has built a relatively mature innovative support system. Currently, the total scale of the domestic ETF market is nearly 5 trillion yuan. 2. Important announcement from the Shanghai Stock Exchange! Concerning the listing of "hard technology" companies in large models and more fields On June 17th, the Shanghai Stock Exchange issued the "Guidelines for the Application of the Shanghai Stock Exchange's Review Rules for the Issuance and Listing of Artificial Intelligence Large Model Companies Applying the Fifth Set of Listing Standards for the Science and Technology Innovation Board." The aim is to further standardize the application of the fifth set of listing standards for technology companies and better support high-quality artificial intelligence large model companies that have not yet formed a certain scale of income, accelerating the development of artificial intelligence innovation. In addition, the Shanghai Stock Exchange has publicly solicited opinions on the revised "Interim Provisions on the Declaration and Recommendation of Corporate Issuance and Listing on the Science and Technology Innovation Board of the Shanghai Stock Exchange (Draft for Soliciting Opinions)." The strategic emerging industry sectors in the fifth article of the regulations have been adjusted and updated. For example, "Quantum" has been added in the new generation information technology sector, "Siasun Robot&Automation" has been added in the high-end equipment sector, "Ocean Equipment" has been changed to "Marine Equipment", "Hydrogen Energy" has been added in the new energy sector, and "Brain-Machine Interface, Bio Pharmaceuticals, Gene Engineering Drugs and Vaccines, Biomedical Engineering" have been added in the biopharmaceutical sector. 3. The world will be watching tonight! Will Powell's "Fed Debut" drop a bomb on the market? Kevin Powell's first interest rate meeting since becoming chairman of the Federal Reserve will reveal its results early Thursday morning Beijing time. While the rate staying unchanged is almost certain, there is significant market divergence in interpreting the signals from the policy statement wording, the economic forecast dot plot, and Powell's press conference - the real variables of this "debut" are much more complex than just the rate number itself. At the policy statement level, Goldman Sachs, Bank of America Securities, and Morgan Stanley all predict that the Federal Reserve will remove the "slightly dovish" wording that has been maintained for several months, signaling that the committee is formally conveying to the market that the possibility of a rate cut and a rate hike is now balanced. 4. Ministry of Industry and Information Technology: Deepen the implementation of the "Artificial Intelligence + Manufacturing" special action, and intensively rectify "internal competition" On June 17th, Xin Guobin, a member of the Party Group and Deputy Minister of the Ministry of Industry and Information Technology, presided over a discussion and exchange activity on the operation of industrial economy in some provinces in Beijing. He deepened the study and implementation of the spirit of the Central Political Bureau meeting, understood the current operation of industrial economy in various regions, analyzed and judged the industrial economic situation in the second quarter, and discussed work measures and policy suggestions. The meeting emphasized the promotion of supply-demand matching, the in-depth excavation of domestic demand potential, the expansion of the supply of high-quality goods, and the creation and leading of demand with high-quality supply. It also called for accelerating the cultivation of new momentum, deepening the implementation of the "Artificial Intelligence + Manufacturing" special action, accelerating the comprehensive and full-chain popularization and application of new generation information technology, continuously cultivating and strengthening new quality productivity, intensively rectifying "internal competition", and promoting industrial economy to achieve a unified qualitative and effective upgrade and reasonable quantitative growth. 5. "Action Plan for the Development of Offshore Financial Business in Shanghai International Financial Center" Released: Six Categories of Offshore Financial Business Welcome Breakthroughs On June 17, the 2026 Shanghai Lujiazui Finance & Trade Zone Development Forum opened. On the same day, the People's Bank of China announced that the People's Bank of China, the National Development and Reform Commission, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and the Shanghai Municipal People's Government jointly issued the "Action Plan for the Development of Offshore Financial Business in the Shanghai International Financial Center." The "Action Plan" includes the following six aspects: 1. conducting pilot offshore financial activities in Pudong New Area, 2. capital flow and account management, 3. digital applications, 4. offshore financial business, 5. legal system for offshore finance, and 6. regulation and risk prevention of offshore finance. 6. Prohibition of Long-term, Large Subsidies to Disturb Market Order New Regulations for Food Delivery Platforms Open to Public Comments In order to regulate the subsidy behavior of food delivery platforms, the State Administration for Market Regulation, in accordance with relevant laws and regulations, has drafted the "Ten Regulations on Standardizing Subsidy Behavior of Food Delivery Platforms (Draft for Soliciting Opinions)" after extensive consultation with various parties and careful research and demonstration, seeking public opinions from now until July 17th. It explicitly states the overall principle that methods and means of conducting long-term and large subsidies shall not be used to exclude, restrict market competition, or disrupt market competition order. Specific requirements include not forcing platform operators to participate in subsidy activities or bear the cost of subsidies, not using capital advantages to monopolize, engage in unfair competition, or sell goods at prices below cost, among others. 7. U.S. Department of Commerce Delays Adding Chinese Companies like DeepSeek to Restrictive List; Chinese Response On June 17, Foreign Ministry spokesperson Lin Jian chaired a regular press conference. A reporter asked, according to reports, the U.S. Department of Commerce has temporarily delayed adding multiple Chinese companies, including DeepSeek and a large chip manufacturer, to its Entity List to avoid further tension in relations with China. What is the comment from the Chinese Ministry of Foreign Affairs on this? Lin Jian stated that China has always opposed the U.S. generalization of national security concepts, the abuse of tools such as the Entity List for export controls, and the repression of Chinese companies. The U.S. should stop politicizing, instrumentalizing, and weaponizing economic, trade, and technological issues. 8. Greatly Overpriced Secondary Market for Caitong Fuxin Fixed Opening Hybrid Fund; Trading Suspended for the Entire Day on June 18th The trading price of the Caitong Fuxin Fixed Opening Hybrid Fund in the secondary market significantly exceeded the net asset value of the fund, experiencing a huge premium. Investors are advised to pay attention to the risk of pricing premiums in the secondary market, as blind investment may result in significant losses. To safeguard the interests of investors, the fund will be suspended for the entire day on June 18, 2026.