Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a work plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance its attractiveness to foreign long-term capital and promote a new open pattern of interaction between domestic and foreign financial institutions [1] Group 1: Policy Background - The optimization of the QFII system is part of the broader strategy outlined in the 20th National Congress of the Communist Party of China, emphasizing the importance of financial openness while ensuring security [1] - The QFII system has been a key channel for foreign investors to allocate assets in China, contributing positively to the opening up of the capital market [1] Group 2: Implementation Goals - The work plan aims to implement reforms within approximately two years, focusing on optimizing access management and facilitating investment operations [1] - The goal is to create a balanced development between onshore and offshore channels, as well as between allocation-type and trading-type funds [1] Group 3: Future Actions - The CSRC will expedite the implementation of the proposed optimization measures and further deepen research on the QFII system [1] - Continuous efforts will be made to enrich and enhance the attractiveness of the foreign investment system through reform measures [1]

新华财经北京10月27日电中国证监会主席吴清10月27日在2025金融街论坛年会上表示，证监会将深入学 习领会、认真贯彻落实，牢牢把握"六个坚持"，紧紧围绕防风险、强监管、促高质量发展工作主线，更 加聚焦服务新质生产力发展，更加聚焦统筹发展与安全，更加聚焦强本强基，进一步深化投融资综合改 革，持续增强我国资本市场的包容性、适应性和吸引力、竞争力，更好服务经济社会发展和金融强国建 设。 吴清表示，明天科创板科创成长层将迎来首批新注册企业上市。证监会还将启动实施深化创业板改革， 设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供 更加精准、包容的金融服务。 吴清指出，证监会将继续把北京作为资本市场改革开放的重要窗口，充分发挥资本市场枢纽功能，推动 更多先行先试政策"首家""首例"在京落地，鼓励优质行业机构和长期资本在京集聚发展，不断提升首都 资本市场能级，全力推动资本市场与首都经济发展良性互动。 附：吴清讲话全文实录 尊敬的何立峰副总理，尊敬的尹力书记、殷勇市长，各位领导，各位来宾，女士们、先生们： 大家下午好！很高兴再次参加金融街论坛。刚刚胜利闭幕的党的二十届四中全会，对 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a work plan to optimize the Qualified Foreign Institutional Investor (QFII) system, aiming to enhance the adaptability and attractiveness of the system for foreign investors over the next two years [1][2]. Group 1: Key Measures - The work plan includes 11 measures across six areas: optimizing access management, facilitating investment operations, expanding investment scope, clarifying policy expectations, and enriching service support [2][5]. - It specifically addresses foreign institutional demands by clarifying short-term trading rules for foreign public funds, allowing them to be treated equally with domestic funds regarding short-term trading shareholding ratios [2][3]. Group 2: Market Impact - The optimization of short-term trading rules is expected to increase foreign investment activity in the domestic market, thereby enhancing overall market liquidity [3]. - The continuous improvement of the QFII system is anticipated to significantly boost the internationalization and marketization of China's financial markets, encouraging more overseas investors to participate [4][6]. Group 3: Access Management - The work plan aims to streamline the approval and account opening processes for foreign investors, implementing a "one-stop" approach to enhance efficiency [5]. - It introduces a green channel for certain types of foreign investors, such as sovereign funds and pension funds, to facilitate their entry into the Chinese market [5]. Group 4: Investment Operations - The plan enhances the efficiency of fund transfers and securities account operations, aiming to improve transparency in investment operation regulations [6][7]. - It allows foreign investors to participate in a broader range of financial products, including commodity futures and options, thereby expanding their investment opportunities [7]. Group 5: Institutional Support - The work plan supports domestic licensed institutions in providing investment advisory services to foreign investors, which is expected to enhance local investment capabilities [4][5]. - The ongoing reforms are seen as a commitment to deepening the institutional opening of China's capital markets, which will likely attract more foreign capital inflows [7].

（文章来源：新华财经） 路透调查预计2025年镍市场过剩19.1万吨，2026年过剩15.65万吨。预计LME镍2025年均价15318美元/ 吨，2026年为15755美元/吨，低于2024年的16813美元/吨。 ...

（文章来源：新华财经） 路透调查预计2025年铜市场短缺12.4万吨，2026年短缺15万吨。预计LME铜2025年均价为9752美元/ 吨，2026年为10500美元/吨，高于2024年的9143美元/吨。 ...

咨询机构AgRural周一（10月27日）表示，截至上周四（10月23日），巴西2025/26年度大豆播种率已经 达到预期的36%。此外，巴西2025/26年度一茬玉米的播种面积已达到中南部地区计划种植面积的55%。 （文章来源：新华财经） ...

四、切实开展用途核查。资金监管行应按照穿透原则管理募集资金，对募集资金的每一流经账户进行跟 踪穿透核查，直至募集资金用于约定用途，获取募集资金是否按照披露用途使用的必要凭证，并妥善保 存核查、验证材料等工作底稿。 五、配合辅导及监测排查等工作。资金监管行应配合存续期管理机构开展对发行人的募集资金相关辅导 及监测排查等工作，同时，也应配合交易商协会不定期开展的募集资金存放、使用、资金监管账户变更 等有关事项的排查和检查。 六、若发现发行人募集资金管理和使用违反自律规则要求，或存续期管理机构未履行职责的情形，资金 监管行可向交易商协会报告。 一、完善募集资金监管机制。资金监管行应根据债务融资工具的特点完善募集资金监管相关制度机制， 建立健全内部审核机制和操作流程，加强对交易商协会关于募集资金使用、管理及账户设立等自律规则 的学习，确保账户管理、划款审核、用途核查、底稿留存等相关环节的合规运行。资金监管职责与存续 期管理职责由不同部门或业务条线承担的，资金监管行应建立畅通的内部沟通渠道，确保严格落实募集 资金管理相关工作要求。 二、切实履行资金划转的审核职责。发行人拟将募集资金划出募集资金监管账户或专项账户的，资金 ...

Core Viewpoint - The global trade activity has shown strong resilience, driven by technological advancements and open cooperation [1] Summary by Relevant Categories Global Trade Growth - According to World Bank data, the global trade volume is expected to grow at an average annual rate of 5.4% from 2019 to 2024, which is an increase of 4.6 percentage points compared to the previous five years [1] - Despite complex global circumstances, trade has continued to grow rapidly this year [1] Key Drivers - The resilience in global trade is attributed to two main forces: technology-driven innovation and collaborative openness among nations [1]

Group 1 - The core theme of the 2025 Financial Street Forum is "Innovation, Transformation, and Reshaping of Global Financial Development" [1] - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the importance of stability and balance in asset allocation, highlighting the consensus among international investors to diversify investments [1] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness, adaptability, attractiveness, and competitiveness of China's capital markets to better serve economic and social development [1] Group 2 - Wu Qing announced the launch of the "Qualified Foreign Investor System Optimization Work Plan" to provide a more transparent, convenient, and efficient institutional environment for foreign investors [2] - The CSRC aims to strengthen risk prevention and regulatory measures, enhancing the protection of investors' rights and interests with the introduction of 23 practical measures [2] - Beijing is positioned as a key window for capital market reform and opening up, encouraging high-quality industry institutions and long-term capital to gather and develop in the capital [2]

中国人民银行副行长、国家外汇管理局局长朱鹤新27日在2025金融街论坛年会上表示，聚焦贸易便利 化，近期将出台9条政策措施。 （文章来源：新华财经） ...