万联晨会-20250619

Core Insights - The A-share market saw collective gains on Wednesday, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index increasing by 0.24%, and the ChiNext Index up by 0.23%. The total market turnover was 1,221.7 billion, a decrease of 15.4 billion from the previous day, with over 1,800 stocks rising. Key sectors that performed well included military equipment, components, CPO, and consumer electronics, while the rare earth permanent magnet sector saw declines [3][8]. Important News - The National Financial Supervision Administration and the Shanghai Municipal Government jointly issued a plan to support the construction of Shanghai as an international financial center, focusing on five main areas: promoting the aggregation of financial institutions, enhancing financial services for the real economy, expanding institutional openness, improving regulatory standards, and enhancing policy support for financial services [4][9]. - The China Securities Regulatory Commission (CSRC) released opinions on establishing a growth tier on the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability. This includes six reform measures aimed at supporting high-quality technology enterprises, such as introducing seasoned professional institutional investors and expanding the applicability of listing standards to more frontier technology sectors [10][11]. Selected Research - The report highlights the emphasis on financial openness and high-quality development, particularly during the 2025 Lujiazui Forum, where significant financial policies were announced. Key measures include establishing a trading report database, a digital RMB international operation center, and enhancing the infrastructure of the financial market [11][12]. - The focus on internationalization, improvement, and innovation in financial policies aims to enhance the international influence of the RMB and streamline cross-border transactions, thereby supporting the Belt and Road Initiative and the development of Shanghai as an international financial hub [12][13]. - The CSRC's initiatives to deepen capital market reforms and enhance the integration of technology and industry are expected to attract quality cross-border capital into technology enterprises, fostering a virtuous cycle among technology, industry, and finance [14][15].