Core Viewpoint - The exhibition "Creating Modernity: Treasures of Art from the Musée d'Orsay" showcases significant artworks from the Musée d'Orsay, marking the largest exhibition of its kind in China, running from June 19 to October 12 at the Pudong Art Museum [1][12]. Group 1: Exhibition Highlights - The exhibition features masterpieces such as Van Gogh's "The Bedroom in Arles" and "Self-Portrait," Millet's "The Gleaners," Gauguin's "Women of Tahiti," and Monet's "Haystacks in Late Summer," among others [1][12]. - It covers various art movements from 1848 to 1914, including academic, realism, naturalism, impressionism, post-impressionism, and Nabi, emphasizing the social and political significance of the artworks [1][3]. Group 2: Artistic Context - The exhibition reflects the artistic tensions of the mid-19th century, highlighting the debate between accepted and rejected works in official salons, which set the stage for modern art transformations [3][4]. - Notable artists like Millet and Manet are featured, showcasing their contributions to realism and impressionism, respectively, and their influence on subsequent generations of artists [3][6]. Group 3: Immersive Experience - The exhibition design, led by French designer Cécile de Gault, creates an immersive experience reminiscent of the Musée d'Orsay, enhancing visitor engagement [12]. - A special immersive project titled "Paris 1874: Impressionist Night" allows visitors to experience the birth of impressionism through a 45-minute journey back to 1874 Paris [14]. Group 4: Educational Initiatives - The exhibition introduces a "Children's Exhibition Guide" to facilitate understanding of the artworks for younger audiences, promoting art education and engagement [14]. - A ticket collaboration with the Rodin Art Center allows visitors to explore Rodin's influence on modernity, enhancing the overall educational experience [15]. Group 5: Collaborative Efforts - The exhibition is organized by the Musée d'Orsay and Pudong Art Museum, with support from the French Consulate in Shanghai and inclusion in the 2025 "China-France Cultural Spring" initiative [17].

Financial Assistance Overview - The company has provided financial assistance of 1.2 billion RMB to Beijing Sanlitun South District Property Management Co., Ltd. [1][2] - The assistance is structured as a loan with a term of 3 years and an interest rate of 0.35% per annum, with interest paid quarterly [2][4] - The financial assistance is within the authorization limits set by the company's 2024 annual general meeting and does not require further board or shareholder approval [1][2] Borrower Information - Beijing Sanlitun South District Property Management Co., Ltd. was established on January 15, 2007, and has a registered capital of 1.598 billion RMB [3][4] - The company has total assets of 5.67 billion RMB and a net profit of 427 million RMB as of December 31, 2024 [4] - The company is not listed as a defaulter and has no existing financial assistance overdue [4] Loan Agreement Details - The loan agreement allows for either installment or lump-sum withdrawals, with repayment due at maturity [2][4] - In case of default, the lender has the right to impose a 30% penalty on the outstanding amount and can offset payments against dividends from the borrower's equity [4][5] - The financial assistance is aimed at improving the efficiency of idle funds without affecting the normal operations of the lending company [2][5] Risk Management - The lending company will closely monitor the borrower's financial health and repayment capacity [5] - The assistance does not constitute a related party transaction and complies with relevant regulations [2][5] - The total amount of financial assistance provided by the company and its subsidiaries is 3.52 billion RMB, representing 14.3% of the latest audited net assets [5]

| 股票代码：A股：600663 | 股票简称：陆家嘴 | 编号：临2025-025 | | --- | --- | --- | | B股：900932 | 陆家B股 | | 上海陆家嘴金融贸易区开发股份有限公司 关于控股子公司对外提供财务资助进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性 陈 述或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 资助对象：北京三里屯南区物业管理有限公司（以下简称"北京三里屯公 司"）。 本次财务资助对象、金额在公司2024年年度股东大会授权范围内，无需 提交董事会和股东大会审议。 一、财务资助事项概述 上海东袤置业有限公司（以下简称"东袤公司"）为公司控股子公司，公司 持有其60%股权，锦洋有限公司持有其40%股权。在保障后续建设、运营所需资金 的基础上，东袤公司以闲置盈余资金按持股比例向股东（含股东指定的第三方） 提供相应的财务资助。 锦洋有限公司指定北京三里屯公司接受本次财务资助人民币12亿元。2025 年6月20日，东袤公司与北京三里屯公司、锦洋有限公司签订《贷款协议》。根 据上述《贷款协议》，本次财务资助期限为3 ...

Core Viewpoint - The 2025 Lujiazui Forum held in Shanghai focused on building a diversified financial service system to support the development of new productive forces, emphasizing the need for collaboration among various stakeholders [1][2]. Financial Support for Technology Enterprises - Experts at the forum highlighted the necessity of a financial support system that aligns with the new productive forces, with data showing a 24% year-on-year increase in the loan balance for technology-based SMEs by the end of Q1 this year [2]. - The president of the Export-Import Bank of China stated that the bank's technology loan balance reached 1.4 trillion yuan, accounting for 25% of the bank's total loans, focusing on connecting foreign trade with global markets [3]. Innovation in Financial Products - International financial institutions emphasized the need to improve risk-sharing mechanisms and innovate financial products to ensure precise alignment between financial resources and technological innovation [5]. - Various financial institutions announced plans to utilize equity, debt, and insurance tools to provide comprehensive financial services throughout the lifecycle of technology enterprises [6]. Investment Strategies - Standard Chartered Bank's executive director noted that a more efficient and systematic financial system is required to support new productive forces, suggesting that financial institutions can provide fund support through equity investments, venture capital, and green bonds [8]. Shanghai's Role in Financial Innovation - During the forum, a joint action plan was released to support Shanghai's development as an international financial center, focusing on exploring financial service models suitable for technology enterprises [9]. - The establishment of equity investment clusters in Shanghai's Pudong New Area aims to enhance support for technology innovation by integrating technology companies, industry funds, and service institutions [15]. Efficiency in Capital Access - A Chinese company's wearable AR glasses gained attention overseas after receiving crucial funding through the Zhangjiang equity investment cluster, demonstrating the efficiency of capital access, which was reduced from a year to approximately four months [11][13]. - The Lujiazui Group's general manager mentioned that the establishment of investment clusters allows for more efficient matching of technology projects with financial capital, increasing the success rate of transactions [17]. Diverse Capital Matrix - The Shanghai Pudong Innovation Investment Development Group's general manager highlighted the presence of various funds, including national and market-oriented investment institutions, facilitating capital access for technology enterprises through various matching activities [19].

Group 1: Financial Support for New Productive Forces - The 2025 Lujiazui Forum emphasized the need for a diversified financial service system to support the development of new productive forces [1][3] - By the end of Q1 2025, loans to technology-based SMEs in both domestic and foreign currencies increased by 24% year-on-year, indicating growing financial support for tech enterprises [3] - Several financial institutions announced plans to focus on supporting cutting-edge fields such as artificial intelligence and the digital economy [3][5] Group 2: Equity Investment Cluster in Shanghai - The Shanghai government is accelerating the establishment of an equity investment cluster to better serve technology innovation [5][7] - This cluster aims to integrate technology enterprises, industry funds, and service institutions to facilitate long-term capital investment in "hard technology" sectors [7][9] - The Shanghai Technology Investment Building has gathered nearly 20 funds and investment institutions, creating a diverse capital matrix to enhance project financing efficiency [9] Group 3: Inclusive Finance Development - The forum discussed enhancing the balance and accessibility of inclusive finance services [10][12] - Experts highlighted the need for different financial institutions to collaborate, with policy banks focusing on underdeveloped areas through long-term loans [12] - The rise of mobile payments and digital banking has significantly improved the coverage and convenience of global inclusive finance [14] Group 4: AI Empowering Financial Innovation - Artificial intelligence is seen as a key driver for efficiency innovation in the financial sector, with applications in risk control and compliance [16][18] - AI is reshaping traditional business logic in financial markets, leading to automation and intelligent upgrades in financial services [16] - There is a consensus on the need to balance innovation with risk management, including establishing AI regulatory frameworks [18] Group 5: Green Finance Ecosystem - The forum addressed the challenges facing green finance and the necessity for collaboration to enhance the green finance service system [19][21] - Experts emphasized the importance of developing standards and tools to internalize external costs related to climate change [23] - Recommendations included creating national standards for carbon reduction and expanding the variety of carbon financial products [25][27]

Core Viewpoint - The recent financial policy measures announced at the 2025 Lujiazui Forum signify China's commitment to deepen financial reform and enhance high-level openness, providing strong policy guidance for local financial systems, particularly for regions like Sichuan that are undergoing a critical transformation phase [1][2]. Policy Analysis - The eight financial opening measures reflect a clear signal of China's intention to maintain high-level openness and improve the modern financial system amidst global economic adjustments, focusing on stabilizing market expectations, deepening institutional reforms, and sustaining growth momentum [2]. - Among the eight measures, five are related to foreign finance, while three focus on domestic aspects, indicating a balanced approach to both internal and external financial development [2]. Key Directions - The measures emphasize three key areas: enhancing financial infrastructure for better resource allocation, facilitating cross-border capital flow through innovations like digital RMB and free trade accounts, and enriching risk management tools to improve market stability and service capabilities [3]. - The shift from "tool-based opening" to "systematic opening" is evident, indicating a long-term focus on institutional modernization and functional restructuring [3]. Opportunities for Sichuan - Sichuan, as a major western economic province, needs precise financial support and institutional supply to accelerate the development of strategic emerging industries and promote the specialization of small and medium-sized tech enterprises [4]. - The implementation of structural monetary policy tools and risk-sharing mechanisms for tech innovation can help establish a "Western Financial Innovation Corridor," enhancing financing accessibility for tech enterprises [4]. Recommendations for Sichuan - The establishment of a digital RMB international operation system and cross-border payment mechanisms will support Sichuan's economic interactions with the Chengdu-Chongqing economic circle and RCEP countries, enhancing local industries' efficiency in global value chains [5]. - Strengthening financial infrastructure, such as interbank transaction reporting and personal credit systems, is crucial for improving financial resource allocation and credit transparency in Sichuan [5]. - Innovations in offshore trade finance and offshore bonds can provide new opportunities for Sichuan as a hub for the Belt and Road Initiative, enhancing cross-border financing capabilities and attracting international capital [5].

在服务生态构建方面，蔡希良深刻感受到企业对科技金融的综合服务需求越来越迫切，他表示，中国人 寿通过保险、投资、银行三大板块协同，统筹运用股权、债权、保险等工具，为科技企业提供"初创期 风险保障-成长期投贷联动-成熟期资本运作"的全周期服务。 "保险资金具有长期资本、耐心资本的特点，而科技创新周期长、投入高的需求特征，保险资金具有较 好的匹配性。但是保险资金是老百姓的养老钱、救命钱，对资金运用的安全性要求比较高，科技企业早 期风险高，不确定性大，所以保险资金投早、投小存在天然障碍。"蔡希良如是说。 华夏时报（www.chinatimes.net.cn）记者 赵奕 上海报道 "发展新质生产力，是事关长远和全局的大事。"国家开发银行行长谭炯6月19日在2025陆家嘴论坛上表 示。 发展新质生产力是推动高质量发展的内在要求和重要着力点。中国证监会主席吴清在论坛首日发表主旨 演讲时指出，科技企业不仅需要融资，还需要市场资源整合、商业模式创新、公司治理提升等服务，帮 助科技成果加快转化，跨越"死亡之谷"。如何更好地发挥金融体系功能，优化融资结构，构建与新质生 产力发展所需的金融模式？在2025陆家嘴论坛上，多位嘉宾围绕" ...

Core Viewpoint - The collaboration between Shanghai and Hong Kong is a natural choice for both cities as they are complementary financial centers, enhancing their roles in the international financial landscape [1][5][10]. Group 1: Cooperation Framework - The "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" was signed on June 18, outlining six areas of deep cooperation, including infrastructure connectivity and offshore financial strategies [1][6]. - The action plan aims to support cross-border financial services innovation and green finance development, enhancing the existing cooperation framework established since the launch of the Shanghai-Hong Kong Stock Connect in 2014 [6][7]. Group 2: Financial Market Dynamics - Shanghai serves as a key onshore financial hub, with the Shanghai Stock Exchange ranking third globally in market capitalization and leading in bond custody and gold trading volumes [2][4]. - Hong Kong, as the largest offshore RMB business center, has over 1.19 trillion RMB in deposits and has been a crucial channel for mainland enterprises to access international capital [4][5]. Group 3: Future Opportunities - The collaboration is expected to provide more financing opportunities for technology innovation enterprises and increase the demand for cross-border RMB payment settlements [8]. - The partnership will facilitate the establishment of financial centers in both cities, supporting mainland enterprises in their international expansion efforts [7][9]. Group 4: Strategic Importance - The synergy between Shanghai and Hong Kong is seen as a catalyst for the internationalization of the RMB and the integration of China's financial markets into the global system [9][10]. - The relationship is characterized by complementary strengths, with Shanghai focusing on domestic economic cycles and Hong Kong linking global capital networks [4][5].

Core Viewpoint - The recent developments in the Middle East have led to a decline in the Asia-Pacific markets, with A-shares experiencing a downward trend. However, the market showed signs of recovery on June 20, with the CSI A500 Index ETF (563880) slightly increasing by 0.31% as of 9:50 AM [1]. Group 1: Market Performance - On June 19, the Asia-Pacific markets experienced a broad decline due to escalating tensions in the Middle East, resulting in a single downward trend for A-shares [1]. - On June 20, the CSI A500 Index ETF (563880) opened higher and showed a slight increase of 0.31% by 9:50 AM, indicating a potential market recovery [1]. Group 2: Financial Forum Insights - The 2025 Lujiazui Forum opened on June 18, focusing on financial openness and high-quality development amid global economic changes. This forum is expected to promote capital market reforms and development, providing a favorable environment for the long-term outlook of the equity market [2][3]. - The People's Bank of China announced eight significant financial policies during the forum, including the establishment of a trading report database and a digital RMB international operation center, aimed at enhancing the financial market environment [3]. Group 3: Policy Implications - The forum's policies are expected to support long-term investment strategies, particularly in the context of the ongoing U.S.-China strategic competition, enhancing the international competitiveness of Chinese manufacturing [4][5]. - The reforms in the Sci-Tech Innovation Board (STAR Market) are designed to support high-quality technology enterprises, reflecting a commitment to developing new productive forces [5][6]. Group 4: Investment Opportunities - The CSI A500 Index ETF (563880) is highlighted as a key investment vehicle, focusing on core assets and new productive forces, which are expected to attract foreign capital amid a weak dollar environment [5][6]. - The ETF offers a low comprehensive fee rate and a monthly dividend assessment mechanism, providing investors with predictable returns and enhancing its appeal as a financing tool [7].

Core Insights - China has made significant progress in green finance, with green loan balances exceeding 40 trillion RMB, leading globally in this sector [2][3] - The country is enhancing international cooperation in green finance, particularly with Europe, to facilitate cross-border green capital flow [2][7] Green Finance Achievements - As of Q1 2023, China's green loan balance surpassed 40 trillion RMB, with green bonds and insurance markets also ranking among the largest globally [2] - By the end of 2024, China's green insurance coverage is expected to approach 500 trillion RMB, with major insurance groups investing over 500 billion RMB in green projects [2][4] Role of Financial Institutions - Banks and insurance companies are pivotal in promoting green finance, with institutions like Bank of Communications reporting over 10% of their loan portfolio in green loans, amounting to approximately 800 billion RMB [3] - China Pacific Insurance has developed innovative insurance models to enhance disaster coverage and promote green consumption [4] Challenges in Green Finance - Despite achievements, challenges remain, including insufficient coverage of existing green finance standards and a lack of product innovation [5] - High-carbon industries, such as power and steel, which account for 75% of national carbon emissions, require more financial support for low-carbon transitions [5] International Collaboration - China is actively sharing experiences and collaborating with the EU to develop a unified green finance market, with ongoing efforts to align standards and enhance product offerings [7][8] - The need for innovative financial products, such as options and futures, is emphasized to support energy transition financing [8] Supply Chain and ESG Compliance - Chinese companies face challenges in adapting to EU's stringent green transition and ESG compliance requirements, necessitating adjustments in supply chain management [9][10] - Companies are encouraged to diversify market strategies and enhance supply chain transparency to mitigate risks associated with regulatory compliance [10]