Core Insights - The stablecoin sector is witnessing a competitive rush among institutions as Hong Kong's Stablecoin Regulation approaches and the U.S. GENIUS Act progresses [1][2] - Major players like Ant Group and JD.com are actively applying for stablecoin licenses in Hong Kong, aiming to leverage stablecoins for cross-border payments and retail transactions [4][5][10] - The focus is on addressing traditional cross-border payment challenges such as high costs and slow processing times, with stablecoins offering a potential solution through "payment upon settlement" features [1][11] Company Actions - Ant Group has initiated dual applications for stablecoin licenses through its subsidiaries, Ant Digital and Ant International, with the former already in discussions with regulators and completing sandbox trials [4][5] - JD.com is in the second phase of sandbox testing for its stablecoin, targeting cross-border payments and retail transactions, with ambitions to reduce global enterprise remittance costs by 90% [6][10] - Other companies like Lianlian Digital and Xiaogoods City are also exploring stablecoin licenses, indicating a broader institutional interest in the space [1][5] Industry Trends - The competition for stablecoins is shifting from mere issuance to the dominance of application ecosystems, with firms needing to establish compliant and replicable business models to capture value in the trillion-dollar market [1][8] - The stablecoin market is projected to exceed $1 trillion, driven by the demand for high-frequency, large-value B2B payments, as traditional cross-border payment systems face structural inefficiencies [16][17] - The regulatory landscape is evolving, with Hong Kong providing a compliant entry point for mainland institutions to connect with the global digital finance market [7][12] Regulatory Challenges - Compliance with varying regulations across jurisdictions remains a critical challenge for institutions entering the stablecoin space, particularly in navigating the boundaries of legality in China [12][18] - The high standards of regulation in Hong Kong imply significant compliance costs and operational hurdles, necessitating strong capital, risk management, and technical capabilities from institutions [18]

Report Industry Investment Rating No information provided. Core View of the Report The market may fluctuate, but the broader market is expected to maintain a volatile adjustment trend. With the realization of positive factors and the reality of weak fundamentals, and facing pressure above 3400 points, there is insufficient momentum for further upward movement. It is recommended for short - term trading. Hold short positions in IM2507 and long positions in MO2509 - P - 5600 [11]. Summary by Related Catalogs 1. Fundamental View - **Market Performance**: Last week, the broader market first rose and then fell, with a slight adjustment. The four major indices fluctuated and adjusted, and small and medium - cap stock indices declined more. All style indices fell, with the growth - style index having the largest decline. Most Shenwan industries fell, with textile and apparel, medicine, non - ferrous metals, and tourism sectors leading the decline. Only the banking, communication, and electronics industries rose [6][8][14]. - **Economic Data**: In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month. After Sino - US negotiations, tariffs will be reduced within 90 days, and the PMI rebounded. In terms of sub - items, production and demand recovered in May, with production up 0.9%, new orders up 0.6%, and new export orders up 2.8%. Most other indices also increased, while the inventory of finished products decreased continuously by 0.8%. In terms of prices, the ex - factory price and the purchase price of major raw materials continued to decline [8]. - **Policy**: The Politburo set the tone for the real estate market to stop falling and stabilize, boosting the capital market. The central bank created two new monetary policy tools, cut the reserve requirement ratio, and lowered interest rates to reduce the stock mortgage rate. The CSRC proposed mergers, acquisitions, and market value management to enhance market activity. The implementation plan for promoting the entry of long - term funds into the market was officially released, which is expected to add 800 billion yuan of long - term funds to the A - share market annually [8]. - **Earnings**: In terms of revenue, the revenue growth rates of the ChiNext, ChiNext, and CSI 500 indices increased, while those of the CSI 1000, SSE Composite Index, SSE 50, and CSI 300 indices declined. In terms of net profit attributable to the parent, except for the SSE Composite Index, the net profit growth rates of the ChiNext, Shenzhen Component Index, CSI 1000, SSE 50, CSI 500, and CSI 300 indices all increased significantly. Although the performance of the entire A - share market shows signs of stabilization, the 30% increase in tariffs imposed by the US since the second quarter may affect the fundamentals of the A - share market, and the A - share performance may bottom out again [8]. - **Valuation**: The valuation of the SSE Composite Index is 14.6431, at the 68.72 percentile since 2010. The valuation of the ChiNext is relatively low [9][65]. - **Funding**: From April 7 to June 20, 2025, the ETF scale increased by 138.3 billion yuan, with an increase of 12.9 billion yuan last week, which was the first increase after continuous reductions since May. In terms of margin trading, there was a net inflow of 274.8 billion yuan in 2024; as of June 12, 2025, there was a net outflow of 44.9 billion yuan in 2025, and a net inflow of 2 billion yuan in the first five trading days. At the end of 2024, the assets of the national team and insurance funds showed a net increase, while the assets of the Shanghai - Hong Kong and Shenzhen - Hong Kong Stock Connect showed a net decrease. Specifically, the assets of Central Huijin and insurance funds increased [9]. 2. Strategy View and Outlook - **Market Outlook**: The broader market showed a weak and volatile trend last Friday, with a brief rebound in the morning. The performance of the four major indices was divergent, with large - cap stock indices rising and small and medium - cap stock indices falling. The ratio of rising to falling stocks in individual sectors rebounded from a low level by 0.43. After two consecutive days of adjustment, the Hong Kong stock market rebounded, and market sentiment may have improved. Sino - US negotiations achieved important progress, and the positive factors in mid - May were realized. With the implementation of reserve requirement ratio cuts and interest rate cuts, subsequent policies may enter a wait - and - see period, and the focus of the market may shift to the domestic fundamentals. From the recent CPI and PPI data, CPI and PPI continued to decline more than expected, and the problem of domestic over - capacity is still significant. In addition, the negative impact of the additional tariffs imposed this year on the fundamentals may gradually emerge. Technically, after continuous volatile climbs, the short - term technical indicators are under pressure. The broader market, CSI 500, and CSI 1000 indices showed divergence structures in the minute - level sequences, and the broader market faced pressure when continuously attacking 3400 points. Technically, it may face adjustment. In summary, with the realization of positive factors and the weak reality, and facing pressure above 3400 points, there is insufficient momentum for further upward movement. It is expected that the broader market will continue to maintain a volatile adjustment, and the market may fluctuate. It is recommended for short - term trading [11]. - **Operation Suggestion**: Hold short positions in IM2507 and long positions in MO2509 - P - 5600 [11]. 3. Index and Industry Trend Review - **Index Performance**: Last week, the broader market first rose and then fell, with a slight adjustment. The four major indices fluctuated and adjusted, and small and medium - cap stock indices declined more [6][14]. - **Style and Industry Index**: All style indices fell last week, with the growth - style index having the largest decline. Most Shenwan industries fell, with textile and apparel, medicine, non - ferrous metals, and tourism sectors leading the decline. Only the banking, communication, and electronics industries rose [8][16]. 4. Main Contract and Basis Trend - **Index Adjustment**: The four major indices fluctuated and adjusted, with small and medium - cap stock indices having more adjustments. On Friday, due to delivery, the basis narrowed and there was a premium [19]. - **Arbitrage Relationship**: In terms of arbitrage among main contracts, IC/IF and IC/IH may decline again after a downward rebound, IH/IF stabilizes after a volatile adjustment, and IM/IF and IM/IH continue to decline after a downward rebound [24]. 5. Policy and Economy - **PMI Data**: In May 2025, the manufacturing PMI was 49.5%, up 0.5 percentage points from the previous month; the non - manufacturing PMI was 50.3%, down 0.1 percentage points from the previous month. After Sino - US negotiations, tariffs will be reduced within 90 days, and the PMI rebounded. In terms of sub - items, production and demand recovered in May, with production up 0.9%, new orders up 0.6%, and new export orders up 2.8%. Most other indices also increased, while the inventory of finished products decreased continuously by 0.8%. In terms of prices, the ex - factory price and the purchase price of major raw materials continued to decline [8][28]. - **PPI and Inventory Cycle**: Generally, PPI leads the inventory cycle (ranging from 1 month to 1 year, with an average of about half a year). PPI bottomed out and rebounded in June 2023, weakened after two months, and has seen a continuous narrowing of the decline since March 2024, with the decline widening again since July and narrowing again until March 2025, and then widening for three consecutive months. In April, the revenue of industrial enterprises fell back to 3.2%, and the inventory fell by 3.9% in March. In the past two years, inventory and revenue have shown a steady recovery, in the stage of active inventory replenishment. With the decline of PPI again, it is expected to enter the stage of passive inventory replenishment [30]. - **Social Financing and Credit**: In May 2025, the year - on - year increase in social financing continued to be 224.6 billion yuan, with government bonds increasing by 236.7 billion yuan, and the increase significantly narrowed. The year - on - year increase in credit was 330 billion yuan less, mainly due to a 210 - billion - yuan decrease in corporate loans, including a 23 - billion - yuan increase in short - term loans and a 17 - billion - yuan decrease in medium - and long - term loans [32]. - **Medium - and Long - Term Credit Growth**: The medium - and long - term credit growth rate has been falling for 24 consecutive months to 6.78% as of May 2025, hitting a new low since 2011 [7][35]. - **Policy on Long - Term Funds**: The implementation plan for promoting the entry of long - term funds into the market aims to increase the investment scale and proportion of long - term funds in A - shares. For public funds, it is clear that the market value of A - shares held by public funds should increase by at least 10% annually in the next three years. For commercial insurance funds, large - scale state - owned insurance companies are expected to invest 30% of their newly added premiums in A - shares annually starting from 2025, which means adding at least several hundred billion yuan of long - term funds to A - shares annually. The second - batch pilot program for long - term stock investment of insurance funds will be implemented in the first half of 2025, with a scale of no less than 100 billion yuan, and will be gradually expanded later. The implementation plan also extends the assessment cycle, aiming to improve the stability of long - term fund investment behavior [37]. - **Other Policies**: The Politburo set the tone for the real estate market to stop falling and stabilize, boost the capital market, and promote the entry of long - term funds. The central bank created new monetary policy tools, including a securities, funds, and insurance companies swap facility with an initial scale of 500 billion yuan, and a stock repurchase and increase loan with an initial scale of 300 billion yuan. There were also reserve requirement ratio cuts, interest rate cuts, and measures to support the real estate market and the real economy, such as increasing the quota of re - loans for scientific and technological innovation and technical transformation, setting up a "service consumption and elderly care re - loan", and creating a risk - sharing tool for scientific and technological innovation bonds [38][39][41]. 6. Revenue and Net Profit of Each Index - **Annual Report**: Except for the CSI 500, the year - on - year growth rates of the operating revenues of each index in the 2024 annual report declined. In terms of net profit attributable to the parent, the year - on - year growth of the SSE 50 index continued, the CSI 300 index had a slight increase, and the CSI 500, ChiNext, and Shenzhen Component Indexes declined to varying degrees [50]. - **First - Quarter Report**: In terms of revenue, the revenue growth rates of the Shenzhen Component Index, ChiNext, and CSI 500 indices increased, while those of the CSI 1000, SSE Composite Index, SSE 50, and CSI 300 indices declined. In terms of net profit attributable to the parent, the net profit growth rates of the ChiNext, Shenzhen Component Index, CSI 1000, SSE 50, CSI 500, CSI 300, and SSE Composite Indexes all increased significantly [56]. - **Performance Outlook**: Although the performance of the entire A - share market shows signs of stabilization, the 30% increase in tariffs imposed by the US since the second quarter may affect the fundamentals of the A - share market, and the A - share performance may bottom out again [60]. 7. Valuation - **SSE Composite Index Valuation**: The valuation of the SSE Composite Index is 14.6431, at the 68.72 percentile since 2010 [9][65]. - **Valuation of Each Index**: The report provides the PE percentiles of each index from 2010 to June 2025, showing that the ChiNext has a relatively low valuation [66]. 8. Funding - **ETF Scale**: From April 7 to June 20, 2025, the ETF scale increased by 138.3 billion yuan, with an increase of 12.9 billion yuan last week, which was the first increase after continuous reductions since May [69]. - **Margin Trading**: There was a net inflow of 274.8 billion yuan in margin trading in 2024; as of June 12, 2025, there was a net outflow of 44.9 billion yuan in 2025, and a net inflow of 2 billion yuan in the first five trading days [76]. - **Primary Market Financing**: As of last weekend, the IPO financing in 2023 was 356.5 billion yuan, 67.3 billion yuan in 2024, and 37.1 billion yuan in 2025 [79]. - **ETF Share and Scale**: In the week from June 13 to June 20, 2025, the ETF share increased by 29.252 billion shares (+0.83%), reaching 3556.49 billion shares; the total scale decreased by 37.137 billion yuan (-0.77%), to 4812.054 billion yuan [82]. - **Secondary Market Shareholder Transactions**: Last week, major shareholders in the secondary market continued to have a net reduction of 3.58 billion yuan [85]. - **Restricted - Share Unlocking**: The unlocking volume from March to June is not large [88].

Core Viewpoint - The controlling shareholder of Zhejiang China Commodity City Group Co., Ltd. plans to increase its stake in the company, reflecting confidence in its future development and long-term investment value [1][2]. Group 1: Shareholding Increase Plan - The controlling shareholder, Yiwu China Commodity City Holdings Co., Ltd., intends to increase its shareholding from April 9, 2025, for a period of 12 months, with a total investment amount between RMB 5 billion and RMB 10 billion [1][2]. - As of June 18, 2025, the company has already increased its holdings by 6.9 million A shares, representing 0.13% of the total share capital, with a transaction amount of RMB 98.69 million [1][2]. - The total amount of shares acquired so far is 17.13 million, accounting for 0.32% of the total share capital, with a cumulative investment of RMB 298.54 million [2][3]. Group 2: Implementation Progress - The initial disclosure date of the shareholding increase plan was April 9, 2025, and the planned implementation period is from April 9, 2025, to April 9, 2026 [2][3]. - The latest increase on June 18, 2025, involved 10.23 million A shares, representing 0.19% of the total share capital, with a transaction amount of RMB 199.84 million [2]. - The funding for subsequent share acquisitions will be arranged through special loans [2]. Group 3: Risk Considerations - The shareholding increase plan may face risks due to changes in the capital market or other unpredictable factors that could affect the expected outcomes [2][3]. - The plan does not lead to any changes in the controlling shareholder or actual controller of the company [3]. - The company will continue to monitor the implementation of the shareholding increase plan and fulfill its information disclosure obligations as required [3].

Investment Overview - The company plans to establish two wholly-owned subsidiaries in Hong Kong: Xunchi Hong Kong Limited with a registered capital of HKD 50 million and Xunchi Hong Kong Oriental Limited with a registered capital of HKD 10 million [1][2] - The investment aims to leverage Hong Kong's financial ecosystem to enhance cross-border financial services for small and micro enterprises, thereby improving the competitiveness of the company's payment services [1][2] Approval and Compliance - The investment does not require approval from the board of directors or shareholders as per relevant regulations [2] - The establishment of the subsidiaries does not constitute a related party transaction or a major asset restructuring as defined by the Shanghai Stock Exchange [2] Impact on the Company - This investment is a significant step in the company's strategy to deepen digital trade reform and build a global trade comprehensive service provider [3] - The Yiwu Pay platform will enhance its cross-border financial service capabilities, providing compliant fund custody and guarantee payment services, addressing trust issues in transactions [3] - The investment aligns with the company's global development strategy, aiming to provide integrated financial solutions for small and micro enterprises globally, thus creating greater value for clients and driving company growth [3] Risk Considerations - The establishment of the subsidiaries and the application for the TCSP license are subject to government approval, which carries uncertainty [4] - The future operations may face uncertainties due to macroeconomic changes, industry policy shifts, market demand fluctuations, and intensified competition [4]

Macro Strategy - The Federal Reserve did not lower interest rates in June and removed the judgment of higher unemployment and inflation from its statement, indicating a more stagflationary economic outlook [1][11] - The Fed revised down its GDP growth forecast for the US to 1.4% for Q4 2025 and raised the unemployment rate forecast to 4.5%, while also increasing the PCE inflation forecast to 3.0% [1][11] - The dot plot distribution has become more hawkish, with a significant number of officials expecting no rate cuts this year, reflecting concerns over inflation risks [1][11] Industry Analysis - The bus industry showed a year-on-year increase in production and exports in May, with Yutong Bus expected to achieve a net profit of 46.3 billion yuan in 2025, growing at 12% annually [6][16] - Jinlong Automobile is projected to have a significant profit rebound, with net profits expected to reach 4.4 billion yuan in 2025, reflecting a 182% increase [6][16] Recommended Stocks - Liyuanheng is positioned to benefit from the recovery in the lithium battery equipment industry, with a projected net profit of 0.6 billion yuan in 2025, and a corresponding PE ratio of 96 [7][17] - Zhenyu Technology is expected to see a net profit of 4.1 billion yuan in 2025, with a growth rate of 63%, supported by its advancements in precision manufacturing and robotics [8][19] - Xiaogoods City has completed the招商 of its jewelry sector and plans to establish a Hong Kong subsidiary to enhance its cross-border payment ecosystem, with projected net profits of 42.3 billion yuan in 2025 [9][21]

Group 1 - The core point of the article is that Zhejiang China Commodity City Group Co., Ltd. is expanding its financial services by establishing offshore subsidiaries in Hong Kong to enhance its cross-border financial capabilities through its YiwuPay platform [1][2] - The company plans to invest HKD 50 million to set up a wholly-owned offshore subsidiary, and an additional HKD 10 million for another subsidiary to apply for the TCSP license, which will allow it to legally conduct trust and company services in Hong Kong [1] - YiwuPay has developed a global service network covering over 160 countries and regions, becoming a crucial financial infrastructure in China's foreign trade [2] Group 2 - YiwuPay has partnered with major banks to innovate its services, including the establishment of the first digital RMB B2B cross-border settlement platform and real-time settlement services between UAE Dirham and RMB [2] - The company has reported a significant increase in its cross-border collection volume, exceeding USD 4 billion in 2024, representing a 233% year-on-year growth, and a net profit of CNY 61.04 million, up 274.67% [2] - In addition to payment services, the company is also involved in credit information and factoring services, creating a comprehensive financial service system that supports cross-border financial business [3]

Summary of Yiwu Small Commodity City Conference Call Company and Industry Overview - The conference call discusses **Yiwu Small Commodity City**, focusing on its performance, market conditions, and strategic initiatives in the **small commodity and import/export industry** [2][4]. Key Points and Arguments 1. **Strong Market Demand**: Yiwu Small Commodity City has successfully attracted tenants in its six districts, with site fees rising to **110,000-120,000 yuan**, indicating a high market demand [2][6]. 2. **Impact of Rental Income**: Expected shop rental income is projected to be between **2,000-2,500 yuan/month**, contributing significantly to the company's revenue. Site fees are expected to generate approximately **4 billion yuan annually**, with a conversion rate of about **75%** [2][7]. 3. **Office Space Demand**: There is a robust demand for office spaces, with auction prices around **15,000 yuan**. Five office buildings have been quickly sold out, supporting the company's future performance [2][8]. 4. **Strategic Shift to Financial Services**: The company plans to obtain a **TCSP license** in Hong Kong, transitioning from commercial operations to financial services, enhancing its credibility and competitive edge [2][9]. 5. **Enhanced Financial Services**: With the TCSP license, Yiwu Small Commodity City can offer value-added services like fund custody and guarantee payments, simplifying overseas business processes for Chinese merchants [2][10]. 6. **Future of Import Business**: Yiwu's import business is seen as a strategic asset in trade negotiations, with the government providing unique pilot qualifications to lower costs and time for new product registrations [2][11]. 7. **Merchant Feedback on Import Policies**: Merchants report high barriers to entry for imports, including long registration times and high costs, but generally welcome the policies aimed at reducing business hurdles [2][13]. 8. **Long-term Import Business Outlook**: The outlook for Yiwu's import business is optimistic, with expectations for significant growth by **2027**, targeting **300 billion yuan** in imports, which could substantially increase profit margins [2][15]. 9. **Market Positioning and Future Growth**: The company is well-positioned to benefit from strong demand and limited supply, with expectations for continued high prices and stable valuations in the long term [2][16][17]. Additional Important Insights - **Stock Price Volatility**: Recent fluctuations in stock prices are attributed to profit-taking by investors and the market's reaction to the pricing of the six districts, which did not meet some high expectations [2][4]. - **Government Support**: Local government initiatives to establish inspection agencies for cosmetics and pharmaceuticals are expected to attract more businesses and enhance the economic landscape [2][14]. - **Investment Timing**: The third and fourth quarters of **2025** are highlighted as critical periods for strategic investments in Yiwu Small Commodity City, given the anticipated policy impacts and market conditions [2][15][17].

Core Viewpoint - The company aims to transition from a payment tool to a comprehensive financial service platform by establishing subsidiaries in Hong Kong and obtaining a TCSP license, enhancing its service offerings and value-added services [2][3]. Group 1: Strategic Intent - The company’s "Yiwu Pay" has a strong foundation in cross-border payments, with expected cross-border receipts exceeding $4 billion in 2024, a 233% year-on-year increase [2]. - The TCSP license will allow the company to expand into high-end services such as trust, company secretarial services, and fund custody, transforming "Yiwu Pay" into a "payment + financial solutions" platform [2]. - Hong Kong's status as an international financial center provides a critical platform for the company to offer integrated cross-border trade financial services to SMEs globally [2]. Group 2: Industry Background - Since 2018, Hong Kong requires companies providing trust and corporate services to hold a TCSP license, enhancing legal compliance and market competitiveness [3]. - The company could become one of the few Chinese enterprises with both physical trade and financial licenses, creating a differentiated advantage [3]. - With 90% of global enterprises being SMEs, the company aims to provide low-cost settlement and supply chain finance services to a vast market, leveraging its resources in Yiwu [3]. Group 3: Potential Impact - The TCSP license application involves a rigorous review process, which may take several months and carries a risk of failure [4]. - The company faces competition from established financial institutions in Hong Kong, necessitating differentiation in service offerings and technological capabilities [4]. - If successful in expanding into trust and wealth management, the company's gross margin could increase from single digits to over 15% [4]. - The Hong Kong subsidiaries could serve as a springboard for expanding services into emerging markets, enhancing the global service network of "Yiwu Pay" [4]. Group 4: Conclusion - The company's move represents a typical case of a physical trade giant penetrating the fintech sector, aiming to convert offline advantages into online financial service capabilities [7]. - While there are short-term uncertainties regarding the license application and business integration, long-term success could position the company as a global benchmark for cross-border SME services [7].

融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为3.85%，融资余额占比 最高的是东山精密，该股最新融资余额39.31亿元，占流通市值的比例为7.74%，融资余额占比较高的还 有东方财富、天和防务、剑桥科技，占比分别为7.39%、6.90%、6.70%。（数据宝） 截至6月18日，市场融资余额合计1.82万亿元，较前一交易日增加13.39亿元，这已经是融资余额连续3个 交易日持续增加，其中，沪市融资余额9200.12亿元，较前一交易日增加2285.76万元；深市融资余额 8911.77亿元，较前一交易日增加13.02亿元；北交所融资余额54.71亿元，较前一交易日增加1416.95万 元。 6月18日融资客净买入金额排名 证券时报·数据宝统计显示，具体到个股，6月18日共有1947只股获融资净买入，净买入金额在千万元以 上的有356只，其中25只融资净买入额超5000万元。贵州茅台融资净买入额居首，当日净买入2.96亿 元，其次是沪电股份、小商品城，融资净买入金额分别为2.04亿元、1.96亿元，融资净买入金额居前的 还有东山精密、中国平安、赢合科技等。 | 代码 | 简称 | 6月18 ...

6月19日消息，三大指数集体低开，油气开采板块跌幅居前。截至今日开盘，沪指报3384.29点，跌 0.13%；深成指报10156.17点，跌0.19%；创指报2049.18点，跌0.27%。 消息面： 1、据新华社，李强6月16日至18日在江苏调研。他强调，要坚持创新驱动发展，着力扩大有效需求，进 一步营造干事创业浓厚氛围，在深化改革开放中激发高质量发展动力活力，推动经济运行持续向好。 2、中央金融委员会近日印发《关于支持加快建设上海国际金融中心的意见》。《意见》明确，经过五 至十年的建设，上海国际金融中心能级全面提升，现代金融体系的适应性、竞争力、普惠性显著提高， 金融开放枢纽门户功能显著强化，人民币资产全球配置中心、风险管理中心地位显著增强，基本建成与 我国综合国力和国际影响力相匹配的国际金融中心。 3、国家金融监督管理总局、上海市人民政府印发《关于支持上海国际金融中心建设行动方案》。其中 提出，支持外资金融机构在上海国际金融中心建设中发挥更大作用，推动重点对外开放项目优先在上海 落地；扩大制度型开放，提升上海金融业国际化水平；支持上海打造新型资产管理服务平台。 4、2025陆家嘴论坛昨天开幕，中国人民银 ...