聚焦中央政治局会议|扩大高水平对外开放

Group 1 - The Central Political Bureau of the Communist Party of China held a meeting on July 30 to analyze the current economic situation and deploy economic work for the second half of the year, emphasizing the need to deepen reforms and expand high-level opening-up to stabilize foreign trade and investment [1] - Significant achievements have been made in China's opening-up this year, with Hong Kong's new stock issuance reaching $14.1 billion in the first half, a 695% increase compared to the same period last year, far exceeding the global new stock financing growth of 8% [2] - Eight A-share companies listed in Hong Kong, raising a total of $10.1 billion, primarily to expand their international presence, with H-shares generally showing smaller discounts compared to A-shares, indicating strong demand from international investors [2] Group 2 - The cross-border market remains active, with the daily trading volume of the Hong Kong Stock Connect exceeding HKD 110 billion, a 195% year-on-year increase [3] - Foreign financial institutions are accelerating their layout in the Chinese market, with several foreign-owned securities firms recently obtaining licenses to operate in China, indicating a strategic focus on the Chinese market [3] - The Hainan Free Trade Port is set to officially launch on December 18, 2025, which will enhance international connectivity and attract global resources, contributing to high-quality development [3] Group 3 - The meeting highlighted the importance of stabilizing foreign trade and investment, continuing previous policies aimed at supporting enterprises significantly impacted by economic shocks, and promoting integrated development of domestic and foreign trade [4] - UBS expressed confidence in China's future policy adjustments, noting the continued emphasis on addressing "involution" competition and the commitment to boost consumption and improve living standards [4] - The meeting also indicated ongoing support for foreign trade enterprises facing challenges, providing a stable outlook for the market despite ongoing trade uncertainties [4]