今日视点：中国资本市场双向开放呈现新图景

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has set a clear direction for the capital market's opening in 2026, emphasizing the need for a deeper and higher level of dual-directional opening in the capital market [1][6]. Group 1: Introduction of Foreign Capital - Foreign institutions are no longer just "landing" in China but are focusing on "rooting" themselves in the market, with 15 foreign securities firms currently operating in China [2][7]. - Major foreign players include Goldman Sachs (China) Securities and JPMorgan Securities (China), which represent international investment banks, as well as Standard Chartered Securities (China) and DBS Securities (China), which represent commercial banks [2][7]. - Foreign firms are expanding beyond traditional securities business into asset management and wealth management, with differentiated entry points [2][7]. Group 2: Going Global - Chinese securities firms are transitioning from merely "going out" to building a global service ecosystem, enhancing international competitiveness and contributing to high-level openness [3][8]. - Currently, 38 domestic securities firms have established overseas subsidiaries, and the international business revenue of highly internationalized firms accounts for about 25% of their total revenue, indicating significant growth in this sector [3][8]. Group 3: Synergistic Effects - The dual-directional opening creates significant synergies, with foreign institutions driving domestic firms to enhance their professional capabilities and service levels [4][9]. - Innovations in cross-border financial products are being facilitated by this dual opening, exemplified by the recent listing of the Southern Eastern Southern CSI A500 Index ETF in Singapore [4][9]. - Mechanisms such as the Shanghai-Hong Kong Stock Connect and the expansion of the Cross-Border Wealth Management Connect are improving market connectivity and providing efficient channels for capital flow [4][9].