证监会将坚持目标导向、问题导向，不断完善上市公司全链条的监管制度安排，抓好"并购六条"和重大资产重组管理办法落地，推动股份对价分期支付机 制、重组简易审核程序等新举措落实，研究完善上市公司股权激励实施程序，提升便利性和灵活度，推动上市公司持续提升核心竞争力和经营业绩，在高质 量发展中更好回报投资者。在此过程中，也将依法严格监管，严惩违法输送利益以及内幕交易、操纵市场等行为，严防"浑水摸鱼"，切实保护好中小投资者 合法权益。 （图片来源：视觉中国） 蓝鲸新闻6月18日讯（记者 王婉莹）今日陆家嘴论坛上，证监会主席吴清在演讲时提及，要支持科技型上市公司做优做强。"上市是起点不是终点，融资是 工具不是目的。" 此外，还要构建更加开放包容的资本市场生态。外资和外资机构是中国资本市场的重要参与力量。将坚持以开放促改革、促发展，持续深化市场、产品和机 构的全方位开放，推动资本高效流动、要素合理配置和制度互学共鉴。近期将加快落实2025年资本市场对外开放一揽子重点举措，包括发布合格境外投资者 （QFII）制度优化方案，进一步优化准入管理、投资运作等安排；将更多产品纳入外资交易范围，尽快将QFII可交易期货期权品种总数拓展到 ...

Market Performance - The CSI All Share Securities Company Index (399975) declined by 1.21% as of June 18, 2025, with major stocks like Dongwu Securities (601555) leading the drop at 2.75% [1] - The Securities ETF (159841) also fell by 1.11%, with a latest price of 0.98 yuan and a turnover rate of 2.48%, totaling 146 million yuan in transactions [1] Financial Policy Announcements - The Lujiazui Forum announced eight significant financial opening measures, including the establishment of a trading report database for interbank markets and a digital RMB international operation center [1][2] - Other measures include the development of offshore trade financial services in the Shanghai Lingang New Area and the optimization of free trade account functions to enhance cross-border trade and investment [2] Capital Market Insights - The new "National Nine Articles" top-level design aims to cultivate first-class investment banks and maintain a long-term logic for active capital markets, focusing on mergers and acquisitions, high financial ratios, and ROE improvement [3] - The top ten weighted stocks in the CSI All Share Securities Company Index as of May 30, 2025, accounted for 59.01% of the index, with CITIC Securities (600030) holding the highest weight at 14.26% [3][5]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) increased by 0.63% as of June 18, 2025, with notable gains in constituent stocks such as New Light Optoelectronics (688011) up 20.01%, Qingyue Technology (688496) up 16.17%, and Shengyi Electronics (688183) up 14.84% [3] - The Huaxia Sci-Tech Innovation Index ETF (589000) rose by 0.54%, with a latest price of 0.94 yuan, and had a turnover rate of 4.11% during the trading session, with a transaction volume of 92.8137 million yuan [3] - The average daily transaction volume of the Huaxia Sci-Tech Innovation Index ETF over the past month was 127 million yuan, ranking it first among comparable funds [3] Group 2 - The 2025 Lujiazui Forum commenced on June 18, 2025, focusing on "Financial Opening and Cooperation and High-Quality Development in the Context of Global Economic Changes," featuring eight plenary sessions and three specialized events addressing issues like reinsurance market construction and fintech [3] - Huaxi Securities views the Lujiazui Forum as a significant policy observation window, anticipating the release of major financial policies by central financial management departments during the forum, which is expected to positively influence market sentiment and support a stable rise in A-shares [3] - The Huaxia Sci-Tech Innovation Index ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index, focusing on hard technology sectors, including new generation information technology, high-end equipment, biomedicine, new energy, new materials, and energy conservation and environmental protection [4]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange announced a comprehensive package of foreign exchange policies aimed at supporting foreign trade enterprises and facilitating cross-border investment and financing, reflecting a commitment to deepen reforms and serve the real economy [1][7]. Foreign Trade Support - A series of facilitation policies will be implemented to deepen trade foreign exchange business management reform, including optimizing foreign exchange fund settlement for foreign trade comprehensive service enterprises and supporting the centralized management of overseas funds for compliant engineering contracting enterprises [7]. - The new policies will also encourage banks to include more new trade entities in the trade facilitation policy [7]. Cross-Border Investment Facilitation - The package includes measures to support research institutions in attracting foreign investment, expand cross-border financing for technology enterprises, and reduce the negative list for capital project income usage [7]. - The promotion of a cross-border integrated fund pool policy for multinational companies will facilitate the collection and use of funds within the group [7]. QDII Investment Quotas - As of May 31, 2025, the cumulative approved quota for Qualified Domestic Institutional Investors (QDII) reached $167.79 billion, with 189 institutions approved, including banks, securities firms, insurance companies, and trust companies [8]. - A new batch of QDII investment quotas will be issued to meet the reasonable demand for overseas investment by domestic entities [7][8]. Market Resilience - Despite global economic uncertainties, China's foreign exchange market has maintained overall stability, with the RMB appreciating by 1.6% against the USD this year and foreign investment in domestic bonds reaching a net increase of $10.9 billion in April [2][3]. - The foreign exchange market's resilience is attributed to a more mature and rational participation from entities, with the proportion of enterprises using foreign exchange hedging increasing significantly [4]. Regulatory Framework - The foreign exchange management reform emphasizes four key aspects: "more convenient, more open, more secure, and smarter" [4][5]. - The focus on enhancing the foreign exchange policy system will provide stronger support for high-quality economic development [5][6].

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) decreased by 0.39% as of June 18, 2025, with mixed performance among constituent stocks [1] - New Light Optoelectronics led the gains with an increase of 13.11%, while Dadi Bear experienced the largest decline at 6.96% [1] - The Huaxia Sci-Tech Innovation Index ETF (589000) fell by 0.43%, with a latest price of 0.93 yuan and a turnover rate of 2.47% during the trading session [1] Group 2 - The Huaxia Sci-Tech Innovation Index ETF has seen a significant increase in average daily trading volume, reaching 1.27 billion yuan over the past month, ranking first among comparable funds [2] - Over the last three months, the Huaxia Sci-Tech Innovation Index ETF's scale grew by 1.489 billion yuan, marking a notable increase and leading among comparable funds [2] - The 2025 Lujiazui Forum highlighted China's continuous breakthroughs in cutting-edge technology fields, positioning the country as one of the most active innovation hubs globally [1][2]

金融监管总局将坚决贯彻党中央国务院的决策部署，进一步拓展金融开放的广度和深度，为高质量发展注入更多的动力和活力。 科技方面，李云泽提出，当前中国在科技前沿领域不断突破，航空航天、量子科技、人工智能等创新成果层出不穷，成为全球最活跃的创新高 地之一。近年来，一些国际投资机构投资中国科创企业获得丰厚回报，越来越多的投资者日益看好中国科技发展潜力金融监管，总局正在大力 推进金融资产投资公司股权投资，对企业并购贷款等相关试点，不断探索科技金融发展的新路径。与此同时，科技也在赋能金融变革，中国数 字金融市场快速发展，规模稳居世界首位。"我们欢迎外资机构深度参与中国科技金融数字金融的实践，促进科技产业金融良性循环，低碳转 型需求旺盛，绿色金融动能强劲，中国坚定不移推进双碳目标，建成了全球最大最完整的新能源产业链。" 绿色金融方面，李云泽介绍道，目前中国绿色信贷规模全球第一，绿色债券、绿色保险市场规模居全球前列，预计2030年实现碳排放目标，资 金需求将超25万亿，绿色金融发展空间仍然十分广阔，近几年外资机构陆续将ESG评级体系，气候风险管理等工具引入中国，为中国绿色金融 发展提供了有益借鉴。我们支持外资机构广泛参与中国绿 ...

Core Viewpoint - The 2025 Lujiazui Forum in Shanghai focuses on "Financial Openness and Cooperation in the Global Economic Landscape," highlighting the importance of AI in transforming the financial industry and supporting Shanghai's development as a global financial center [1][3]. Group 1: Forum and Themes - The forum aims to establish Shanghai as a world-class financial center with global resource allocation and regulatory influence, supporting China's modernization through financial means [3]. - One of the key topics discussed is "AI Empowering Financial Reform and Innovation: Opportunities and Challenges," emphasizing AI's role in financial product innovation, service optimization, and risk management efficiency [3]. Group 2: Company Overview - Qifu Technology, a Shanghai-based fintech company, focuses on leveraging AI for the intelligent transformation of banks, contributing to the local financial center's development [3][4]. - The company has developed a "Super Intelligent Credit Agent" that includes multiple modules for credit decision-making, small business credit assessment, and AI compliance assistance, aiming to enhance financial service efficiency and quality [4]. Group 3: R&D and Innovation - Qifu Technology has invested heavily in R&D, with a team of over a thousand, including hundreds dedicated to AI and finance integration, and has filed 961 patents and over 80 copyrights [4]. - The company is set to establish a new headquarters in Shanghai, integrating its operations and creating a research and production center for fintech innovation [4]. Group 4: Industry Trends - The global financial industry is undergoing significant changes driven by AI technology, with traditional banking models evolving to meet diverse customer needs [4]. - The development of AI large models presents new opportunities for the financial sector, driven by technological, regulatory, and customer demand maturity [5].

Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" marks a significant step in enhancing financial cooperation between Shanghai and Hong Kong, focusing on various areas such as market connectivity and innovation in cross-border financial services [1] Group 1 - The action plan outlines specific directions for cooperation, including the interconnection of financial markets [1] - It emphasizes innovation in cross-border financial services [1] - The plan also highlights the development of green finance and cooperation in technology finance [1]

Market Overview - A-shares experienced narrow consolidation with a divergence in popular thematic stocks, particularly the brain-computer interface concept leading the gains, while sectors like innovative drugs and IP economy showed significant adjustments [1] - The Shanghai Composite Index closed down 0.04% at 3387.4 points, with the Shenzhen Component down 0.12%, the ChiNext Index down 0.36%, and the CSI 500 down 0.03%, maintaining a market turnover above 1 trillion yuan [1] ETF Performance - The A500 ETF fund (512050) saw continuous net subscriptions over two days, attracting a total of 285 million yuan [1] - The A500 ETF has maintained the highest average daily trading volume among similar products since its listing, with a competitive fee rate [2] Upcoming Events - The 2025 Lujiazui Forum is set to take place in Shanghai on June 18, with key financial leaders expected to deliver keynote speeches and announce significant financial policies [1] Federal Reserve Outlook - The Federal Reserve is anticipated to maintain its current interest rates in the upcoming June decision, with indications that a rate cut could be considered if not for tariff-related price risks [1]

Group 1 - The 2025 Lujiazui Forum will be held from June 18 to 19, focusing on financial openness and high-quality development with eight plenary sessions [1] - The 2025 Shanghai World Mobile Communication Conference will take place from June 18 to 20, emphasizing the integration of 5G, artificial intelligence, and IoT technologies [2] - A press conference titled "Vigorously Promote the Spirit of Educators and Accelerate the Construction of a Strong Education Nation" will be held by the State Council Information Office on June 18 [3] Group 2 - On June 18, a total of 11 companies will have their restricted shares unlocked, with a total unlock volume of 9.3643 million shares, amounting to a market value of 1.423 billion yuan [4] - 31 companies disclosed stock repurchase progress on June 18, with significant proposals from several companies, including Qizhong Technology and Huahai Qingke [5] - A total of 1.64 billion yuan in 7-day reverse repos will mature today, following a central bank operation on June 11 with an interest rate of 1.40% [6]