Group 1 - The discussion at the Lujiazui Forum highlighted concerns over the impact of the Trump administration's tariff policies on the global economy and the potential decline of the US dollar as a reserve currency [1][2] - Giovanni TRIA emphasized that the US dollar's status provides the US with significant advantages, allowing it to finance its debts without limits, but the current tariff strategies may weaken confidence in the dollar and US bonds [1][2] - The need for a diversified global currency system was stressed, with the possibility of multiple currencies playing major roles and the issuance of a global Central Bank Digital Currency (CBDC) being considered [2][3] Group 2 - The role of stablecoins, particularly dollar-pegged stablecoins, was a focal point, with discussions on their potential global impact and the challenges of other currencies achieving similar status [2][3] - Concerns were raised about the implications of dollarization in various economies, with the need for careful consideration of its effects on national economies [3] - The Singapore Monetary Authority highlighted the importance of innovation in digital currencies to enhance financial system efficiency and facilitate cross-border transactions, suggesting that stablecoins may not necessarily lead to dollarization [3]

Investment Rating - The report assigns an "Outperform" rating for the company [6] Core Views - The company operates high-quality commercial real estate in Beijing, demonstrating stable profitability through economic cycles [1][4] - Despite the overall downturn in the real estate development sector, the company's performance in property management remains relatively stable [16][19] - The company has a strong asset base with a healthy financial structure, allowing for consistent shareholder returns [3][4] Summary by Sections Company Overview - The company is based in the Beijing CBD and has developed the China International Trade Center over 40 years, covering an area of 170,000 square meters with a total construction area of 1.12 million square meters [1][34] - The controlling shareholder maintains an 80.65% stake, ensuring stability in ownership [1][38] Main Business - The company focuses on leasing and managing investment properties, including office buildings, shopping malls, hotels, and apartments [46][47] - The revenue breakdown for 2024 is projected at 3.9 billion yuan, with contributions from office buildings (39%), shopping malls (33%), hotels (13%), and other businesses [50] Financial Performance - The company has shown steady revenue and profit growth since 2019, with a projected net profit of 1.26 billion yuan for 2024, reflecting a 0.3% year-on-year increase [3][5] - The gross margin is expected to be 58.1%, and the net profit margin is projected at 32.3%, both improving since 2019 [3][5] Profitability and Valuation - The company is expected to maintain a stable profit scale and a strong dividend policy, with a payout ratio increasing from 39% in 2019 to 88% in 2024 [3][4] - The estimated fair price range for the company's stock is between 22.9 and 26.8 yuan, indicating a potential upside of 5% to 23% from the current price [4][6] Market Position - The company's office buildings have maintained stable rental rates and occupancy rates, outperforming the overall market for Grade A office buildings in Beijing [66][70] - The shopping mall is positioned as a luxury retail destination, ranking fifth nationally in sales, benefiting from high-end brand presence and a strong location [81][94]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) Chairman Wu Qing announced significant reforms at the 2025 Lujiazui Forum, focusing on enhancing capital market functions and promoting the integration of technological and industrial innovation [1][3]. Group 1: Capital Market Reforms - The CSRC will restart the fifth listing standard for unprofitable companies on the Sci-Tech Innovation Board (STAR Market) and officially implement the third standard on the ChiNext board to support high-quality unprofitable innovative enterprises [1][5]. - The fifth listing standard emphasizes that companies do not need to meet revenue or net profit requirements but must have approved core products and significant market potential [2][4]. - As of now, 20 companies have successfully listed on the STAR Market under the fifth standard, raising a total of 42.871 billion yuan, with these companies achieving a combined revenue of 14.338 billion yuan in 2024, reflecting a year-on-year growth of 44.45% [2]. Group 2: Policy Measures - The "1+6" policy measures include establishing a Sci-Tech Growth Layer on the STAR Market and expanding the fifth standard's applicability to more sectors, including artificial intelligence and commercial aerospace [4]. - Six specific reform measures will be introduced, such as trialing a pre-IPO review mechanism for quality tech companies and enhancing the refinancing system for STAR Market companies [4]. Group 3: Market Reactions and Future Outlook - Following Wu Qing's speech, the STAR Market saw a notable increase, with the Sci-Tech 50 Index rising by 0.53% on June 18 [6]. - According to China International Capital Corporation (CICC), there are still opportunities for capital allocation and valuation improvement in the sci-tech sector, with the potential for overseas capital to return to China's stock market [7]. - CICC highlighted that the current valuations of sci-tech companies remain attractive, with the forward P/E ratios for the ChiNext Index and Sci-Tech 50 Index at 21.6x and 50.7x, respectively [7].

Group 1: International Monetary System - The international monetary system is evolving towards a multipolar structure, which can enhance the resilience of the system and maintain global economic stability [2][3] - Discussions on reforming the monetary system focus on reducing reliance on a single sovereign currency and exploring the use of a supranational currency, such as the IMF's Special Drawing Rights (SDR) [2][3] - SDR is seen as a potential solution to the inherent issues of a single sovereign currency, offering greater stability and the ability to better fulfill global public goods functions [3] Group 2: Cross-Border Payment System - The cross-border payment system is crucial for international trade and financial stability, but traditional systems face challenges such as inefficiency and high costs [4][5] - There is a growing trend towards diversification in the cross-border payment system, with more countries using local currencies for settlements and new payment systems emerging [4] - Emerging technologies like blockchain and distributed ledger technology are reshaping the payment landscape, enabling faster and more efficient cross-border transactions [5] Group 3: Global Financial Stability System - The global financial stability system has evolved post-2008 financial crisis, but it faces new challenges such as fragmented regulatory frameworks and insufficient oversight of emerging financial sectors [6][7] - There is a need for stronger international cooperation to prevent regulatory arbitrage and enhance the stability of the financial system [6] - Strengthening the IMF as a core institution for global financial safety is essential for crisis prevention and resolution [7] Group 4: Governance of International Financial Organizations - Calls for reform in international financial organizations are increasing, as current governance structures do not reflect the economic realities of emerging markets and developing countries [8] - Adjusting the voting rights and quotas in organizations like the IMF is crucial for enhancing the representation and voice of these countries [8] - The legitimacy and effectiveness of international financial organizations depend on their ability to adapt to the changing global economic landscape [8]

21世纪经济报道记者 唐婧 北京报道 6月19日，2025陆家嘴论坛隆重开幕，主题为"全球经济变局中的金融开放合作与高质量发展"。中国人 民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清、国家外汇局局长朱鹤新出席会议 并发表主题演讲。 作为陆家嘴论坛的重头戏，每年金融管理部门在开幕式上的演讲都会受到市场关注，因其通常都会释放 有关金融领域的监管与改革重要信号。日前举行的上海市政府新闻发布会也已提前透露，2025陆家嘴论 坛期间，中央金融管理部门将发布若干重大金融政策。 谈及全球金融稳定体系，潘功胜认为，该体系正面临三大挑战：一是监管框架仍然碎片化，甚至出 现"竞争性逐底"的倾向；二是数字金融等一些新兴领域监管不足；三是对非银行中介机构的监管仍然薄 弱。未来，应以强有力的国际货币基金组织为核心，构建多元、高效的全球金融安全网，维护全球金融 监管规则的一致性和权威性，是危机防范与化解的关键路径，也是应该继续坚持的方向。 谈及国际金融组织治理，潘功胜指出，国际社会应该关注，个别成员国奉行单边主义的政策取向，干预 和影响了国际金融组织的治理和运作。国际金融组织需要与时俱进推进治理改革，动态反映成员国在全 ...

2025陆家嘴论坛聚焦金融开放 李云泽：支持外资机构参与更多金融业务试点 封面新闻记者 戴云 6月18日，2025陆家嘴论坛在上海开幕，本届论坛以"全球经济变局中的金融开放合作与高质量发展"为主题。金融监管总局局长李云泽在开幕式上表示， 将大力复制推广自贸区、自贸港扩大制度型开放的经验做法，支持外资机构参与更多金融业务试点。对标国际高标准经贸协议中金融领域相关规则，探索 在更宽领域、更大幅度上加大开放力度。 "开放合作是金融发展的时代主题。"李云泽表示，改革开放以来，中国金融业综合实力增强，中外资机构优势互补，共同推动了金融市场的丰富与发展。 目前，全球前50大银行有42家在华设有机构，40家最大的保险公司近半数已进入中国。八成全国性银行通过引入境外战略投资者，提升了公司治理效能和 经营管理水平。 如何合力构建金融高水平开放新格局？李云泽表示，将持续优化外资营商环境，加快推进金融领域法治建设，健全与外资机构常态化沟通机制。同时，积 极参与制定和维护国际金融监管规则，继续推动国际金融监管改革，加强多边和双边金融监管协调，促进跨境监管和危机管理合作。 李云泽特别提到，上海是中国金融高水平开放的窗口。论坛期间，将与 ...

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].