随着资本市场高水平制度型开放稳步扩大，越来越多的外资证券、期货机构来华展业兴业。近日，又一 家外资券商获中国证监会核准设立，外资独资期货公司也将再添一员。 日前，中国证监会发布《关于核准设立瑞穗证券（中国）有限公司的批复》，核准设立瑞穗证券（中 国）有限公司（以下简称"瑞穗证券（中国）"）。瑞穗证券（中国）将成为国内第三家日资证券公司， 也是首家日资独资券商。 此外，中国证监会官网近日披露显示，乾坤期货获批变更股权和实际控制人，公司实际控制人变更为高 盛集团。至此，我国境内已有4家外资独资期货公司。 瑞穗证券（中国）组建中如遇重大问题，须及时报告中国证监会和瑞穗证券（中国）住所地证监局。 继野村东方国际证券、大和证券（中国）之后，瑞穗证券（中国）将成为国内第三家日资证券公司，也 是第六家外资独资券商。目前，除瑞穗证券（中国），其余5家外资独资券商分别是摩根大通证券（中 国）、高盛（中国）证券、渣打证券、法巴证券、瑞银证券。 外资独资期货公司迎新成员 除了证券公司，外资独资期货公司也将迎来新成员。 公司股权结构变更一览表显示，在获批前，乾坤期货的股权结构为北京高华证券有限责任公司持股 95.1%，高盛（中国）证 ...

2025年4月的一个清晨，上海陆家嘴，金融男们还在咖啡店门口排队，手机屏幕上刷着一条突发消息：人民币跨境支付总量突破历 史新高，美元的占比下滑到62％，比起去年同月又掉了1个百分点，有人嗤之以鼻，也有人开始琢磨，是不是要换点人民币资产压 压惊。 一位做外贸的小老板，姓林，在群里发了句牢骚，美元好像不香了，客户竟然主动提人民币结算，前两年还死活不肯，这种细微 的变化，不会是风向标吧。 接下来几天，网络论坛和财经自媒体一阵热议，各种标题党上天入地——"人民币要取代美元了吗""金融双支柱崛起，世界格局大 变"。但点进去看，数据并不总是好看，人民币国际结算占比刚到3.5％，远不及欧元，更别说美元的铁王座，有人冷嘲热讽，说这 点增量根本掀不起水花。 这个时候，监管层的动作开始频繁——5月10日，证监会发布新规，外资机构可直接在沪深买卖A股，媒体解读为"史上最大松 绑"。朋友圈里有人调侃，这下"洋大人"要来割韭菜了，更多的人却在算，人民币资产到底香不香。 5月中旬，广州塔下的咖啡馆里，几个做跨境支付的小哥自发聚在一起交换信息，"你知道吗，东南亚客户用人民币结算的订单翻 了两倍"，有人半信半疑，也有人直接拿手机翻出后台数据 ...

Core Viewpoint - The expansion of China's capital market is highlighted, with significant reforms and measures aimed at increasing foreign investment and enhancing market transparency and governance [1][2]. Group 1: Foreign Investment and Market Opening - The China Securities Regulatory Commission (CSRC) has approved 13 foreign-controlled securities, fund, and futures institutions to operate in China during the 14th Five-Year Plan period [1] - Foreign ownership in A-shares has reached 3.4 trillion RMB, with 269 companies listed overseas [1] - The CSRC has fully removed foreign shareholding limits for industry institutions and improved the Qualified Foreign Institutional Investor (QFII) system [1] Group 2: Regulatory Reforms and Initiatives - The CSRC has implemented significant reforms, including the introduction of long-term stock investment by insurance funds and the nationwide promotion of the personal pension system [1] - Initiatives such as the "Science and Technology Innovation 16 Articles," "Science and Technology Innovation Board 8 Articles," and "Mergers and Acquisitions 6 Articles" have been launched to support new productive forces [1] - The CSRC has revised the information disclosure management measures and improved corporate governance standards, promoting more standardized and transparent operations of listed companies [2]

Investment Reform - The investment side reform has achieved significant breakthroughs, prioritizing investor interests and implementing a high-quality development action plan for public funds, establishing a comprehensive evaluation system focused on investment returns, and successfully executing a three-stage fee reduction reform [1] - As of the end of August this year, various long-term funds held approximately 21.4 trillion yuan in A-share market value, representing a 32% increase compared to the end of the 13th Five-Year Plan [1] Financing Reform - The stock issuance registration system has transitioned from pilot to full implementation, with a focus on supporting the development of new productive forces through various measures such as the "16 Articles for Sci-Tech Innovation" and "6 Articles for Mergers and Acquisitions" [2] - The introduction of the "1+6" reform measures on the Sci-Tech Innovation Board has led to the registration of three unprofitable Sci-Tech enterprises under the new fifth set of standards [2] High-Quality Development of Listed Companies - The system for promoting high-quality development of listed companies has been continuously improved, emphasizing information disclosure and corporate governance, with two revisions to the information disclosure management measures and enhancements to corporate governance standards [2] - Since the release of the "6 Articles for Mergers and Acquisitions," 230 significant asset restructuring cases have been disclosed, supporting industry consolidation among listed companies [2] Capital Market Opening - The capital market's high-level institutional opening has steadily expanded, with the complete removal of foreign ownership limits for industry institutions during the 14th Five-Year Plan period and improvements to the Qualified Foreign Institutional Investor system [3] - As of now, foreign investors hold 3.4 trillion yuan in A-shares, and 269 companies have listed overseas, indicating an expanding "circle of friends" for China's capital market [3]

Core Viewpoint - The Shanghai Stock Exchange (SSE) has signed a memorandum of cooperation with the Muscat Securities Market in Oman, aiming to enhance collaboration in market promotion, information exchange, and personnel communication [1] Group 1: Partnership Details - The cooperation will strengthen the connection between SSE and major exchanges in the Middle East, promoting capital market collaboration between the two regions [1] - SSE emphasizes the importance of cooperation with Oman and looks forward to exploring various collaboration opportunities with the Muscat Securities Market [1] Group 2: Future Prospects - The partnership aims to continuously explore diversified cooperation mechanisms with Middle Eastern exchanges, enriching the forms and content of collaboration [1] - This initiative is expected to inject more momentum into the high-level institutional opening of China's capital market [1]

Core Viewpoint - The meeting focused on how to effectively implement the "15th Five-Year" plan for the capital market, emphasizing targeted and forward-looking suggestions for improvement [1] Group 1: Capital Market Development - Suggestions include enhancing the multi-tiered capital market system and further deepening institutional reforms to strengthen market functions [1] - There is a call to improve the quality and investment value of listed companies, fostering the growth of long-term, patient, and strategic capital to encourage more medium to long-term funds to enter the market [1] Group 2: Legal and Regulatory Framework - The need to further improve legal systems in key areas of the capital market, such as stocks, bonds, derivatives, and cross-border regulation, is highlighted [1] - A comprehensive accountability system should be established to rigorously combat financial fraud, market manipulation, and insider trading [1] Group 3: Market Openness - The plan includes a gradual expansion of high-level institutional openness in the capital market, optimizing the Qualified Foreign Institutional Investor (QFII) system [1] - Support for high-quality foreign enterprises to return to the A-share market is also emphasized [1]

Group 1 - The suspension of buying for Siyuan Electric due to its foreign ownership exceeding 28% reflects strong recognition of quality Chinese assets by foreign investors and indicates ongoing improvement in the A-share market ecology [1] - Companies like Siyuan Electric, Shuanghuan Transmission, and Huaming Equipment, which have been heavily bought by foreign investors, share a common trait of possessing deep competitive advantages and global competitiveness, highlighting the importance of core competitiveness for value reassessment [2] - The influx of foreign capital is a positive outcome of the deepening openness of China's capital market, enhancing the attractiveness of A-shares and improving market pricing efficiency [4] Group 2 - Investors need to enhance their "value discovery" capabilities to achieve excess returns, focusing on fundamental analysis rather than short-term speculation, as demonstrated by successful foreign investment institutions [3] - The continuous participation of foreign capital in the A-share market is expected to trigger more companies to reach the "purchase limit" threshold, marking an important sign of market maturity and increased attractiveness [4]

Group 1 - The core viewpoint of the articles highlights the significant increase in cross-border securities investment in China, with foreign investors holding over $2 trillion in Chinese securities, reflecting a robust appeal of RMB assets [1][2] - As of the end of Q1 2022, China's foreign liabilities in securities investment reached $2.0198 trillion, marking five consecutive quarters above the $2 trillion threshold [1] - The total investment returns from various foreign investments in China amounted to $417.4 billion in 2021, a 20% increase from 2020, with an overall return rate of approximately 6.0% [1] Group 2 - China is actively promoting regional open innovation, such as developing Shanghai into an international financial center based on RMB financial assets and supporting the construction of free trade zones [2] - Despite the achievements in capital market openness, there is a growing demand for higher standards of international alignment and further opening of the market [2] - International investors are calling for improvements in the pre-entry national treatment and negative list management model, as well as the removal of foreign ownership restrictions in various sectors [2]

Group 1 - The central economic work conference emphasized the need for greater efforts to attract and utilize foreign investment, focusing on high-level opening up, easing market access, and improving the business environment for foreign enterprises [1][3]. - The new version of the "Encouraging Foreign Investment Industry Catalog" has expanded the scope of encouraged investments, directing foreign capital towards manufacturing and productive service sectors, particularly in central and northeastern regions [2][3]. - In the first three quarters of 2022, foreign investment absorption exceeded 1 trillion yuan, indicating a continuous growth trend in attracting foreign capital [2]. Group 2 - The capital market is set to attract more foreign investment through high-level institutional opening measures, enhancing the interconnectivity between domestic and foreign markets [4][5]. - The Stock Connect mechanisms between Shanghai, Shenzhen, and Hong Kong have been improved, with a significant increase in the number of eligible stocks, indicating a growing integration of the two markets [4][5]. - The inclusion of A-shares in international indices like MSCI and FTSE Russell is increasing, which enhances the attractiveness of China's capital market to international investors [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for stability and reform in the capital market amidst complex internal and external challenges, while highlighting the certainty of high-quality economic development and asset valuation recovery as foundations for a stable market [1][2]. Group 1: Market Stability and Reform - The CSRC aims to consolidate the market's recovery by enhancing market monitoring and risk response mechanisms, as well as improving expectation guidance [1]. - There is a focus on deepening reforms to stimulate the vitality of multi-level markets, including the implementation of reforms for the Sci-Tech Innovation Board and a comprehensive package of measures for the Growth Enterprise Market [1][2]. Group 2: Enhancing Corporate Value and Governance - The CSRC promotes the enhancement of investment value for listed companies, emphasizing the implementation of merger and acquisition guidelines and major asset restructuring management while preventing conflicts of interest and financial fraud [2]. - There is a push to cultivate long-term and patient capital, encouraging the entry of medium to long-term funds into the market and advancing public fund reforms [2]. Group 3: Regulatory Effectiveness and Risk Control - The CSRC aims to improve regulatory enforcement effectiveness by focusing on significant violations and enhancing collaborative regulation, while also increasing technological regulatory capabilities [2]. - Precise risk prevention measures are to be implemented in key areas of the capital market, including addressing real estate company bond defaults and illegal activities in private equity and securities [2]. Group 4: Open Capital Market - The CSRC plans to systematically research and improve the overall layout and implementation path for capital market openness, promoting coordinated development between onshore and offshore markets [2][3].