SWHY(SZ:000166) Shenwan Hongyuan Securities·2025-06-18 12:42Group 1 - The construction of Shanghai as an international financial center is advancing to a higher level, with financial external circulation supporting China's "system going global" [4] - The recent Lujiazui Forum highlighted the acceleration of Shanghai's international financial center construction, with policies being introduced to enhance its status as a global center for RMB asset allocation and risk management [4][5] - The focus on international stablecoin development has increased, with Hong Kong leading in regulatory practices while mainland China remains cautious [4] Group 2 - The deepening of the Sci-Tech Innovation Board (STAR Market) reform is expected to enhance the investment and financing functions of the A-share market, laying a solid foundation for a bull market [4] - The introduction of the "1+6" policy measures aims to accelerate the listing of high-quality technology innovation companies, with more unprofitable tech firms expected to go public [4][5] - The regulatory framework will balance support for enterprises with risk prevention, tightening certain financial standards while allowing more unprofitable companies to list [5] Group 3 - The policies discussed at the Lujiazui Forum emphasize long-term strategic positioning, with China's international competitiveness and influence being enhanced through financial external circulation [5] - The A-share market's investment function is being optimized, with significant improvements in shareholder returns and a focus on encouraging mergers and acquisitions [5] - Concerns about short-term market performance due to external demand fluctuations and traditional consumption pessimism are noted, with expectations for growth stabilization policies in July and August [5]