2025年陆家嘴论坛解读：更开放，更包容性

Investment Rating - The investment rating for the non-bank financial sector is "Positive" [6] Core Insights - The 2025 Lujiazui Forum emphasized the importance of expanding financial openness and enhancing the capital market's inclusivity for technology-driven enterprises, particularly in the context of "de-dollarization" and the internationalization of the RMB [3][4][14] - Key focus areas include promoting technology innovation through the STAR Market, enhancing the internationalization of the RMB, and fostering patient capital to improve the efficiency of innovation capital formation [5][16] Summary by Sections Event Description - The Lujiazui Forum took place from June 18 to 19, 2025, in Shanghai, focusing on "Financial Openness and Cooperation in the Global Economic Landscape" [2][13] Event Commentary - The forum highlighted the need for a multi-tiered capital market to support the integration of technology and industry innovation, with significant reforms proposed for the STAR Market [3][14] - The introduction of a "1+6" reform measure aims to include unprofitable companies in the STAR Market's growth layer, expanding the scope of the fifth listing standard to cover more advanced technology sectors [3][14] Promotion of Dual Opening - The forum discussed the establishment of a digital RMB international operation center and the optimization of the Qualified Foreign Institutional Investor (QFII) system to enhance the attractiveness of RMB assets [4][15] - It was noted that the Shanghai International Financial Center's development will draw lessons from Hong Kong's experience, focusing on legal and infrastructure improvements [4][15] Cultivation of Patient Capital - The forum identified the need to cultivate patient capital to address the short-term nature of current financial supply, proposing measures to broaden the sources of patient capital and improve exit channels for investments [5][16] - Specific strategies include promoting social security funds and insurance capital to participate in private equity investments and developing more technology innovation indices [5][16]