人民财讯11月12日电，11月12日，在上交所国际投资者大会并购论坛上，上交所副总经理王泊表示，近 年来，中国资本市场积极推进高水平对外开放，以制度型开放为引领，努力构建"引得来、留得住、发 展好"的外资生态圈。在此过程中，上交所深化全球资本市场合作，优化完善包括并购重组在内的服务 体系，不断提升高质量服务国际投资者水平，为全球投资者提供全链条、专业化服务。 一是更优质的标的。上市公司数量接近2300家，总市值超过60万亿，已成为中国蓝筹企业聚集地和科技 创新企业重要上市地。后续将深化落实投融资改革各项要求，吸引更多优质企业上市，推动提高上市公 司质量，持续擦亮中国优质资产的"名片"。 三是更包容的监管。持续提升监管的科学性、有效性，着力提升监管包容度，充分尊重市场主体的首创 精神，支持各类优质并购案例加快落地，推动形成既"放得活"又"管得好"的并购市场秩序。 四是更便捷的服务。致力于打造服务型交易所，开设并购课程，总结并购案例，编制并购手册，推动提 升实操水平。引导上市公司在并购重组中开好业绩说明会，加强与全球投资者的沟通交流。拓展优化各 项跨境互联互通机制，服务国际投资者更加便利投资中国市场。 二是更完善 ...

Group 1 - The Shanghai Stock Exchange International Investor Conference opened on November 12, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - This marks the seventh consecutive year the Shanghai Stock Exchange has hosted this conference, providing a platform for foreign institutions to communicate with domestic regulatory bodies, exchanges, listed companies, and financial institutions [1] - The Vice Chairman of the China Securities Regulatory Commission, Li Ming, emphasized the importance of the conference in highlighting the long-term investment value of China's capital market and its high-level opening to foreign investment [1] Group 2 - Shanghai's Executive Vice Mayor, Wu Wei, stated that the city aims to enhance its international financial center status through higher quality reforms and innovations, improving financial services for the real economy [2] - The Shanghai Stock Exchange Chairman, Qiu Yong, indicated that the exchange will focus on risk prevention, strong regulation, and promoting high-quality development in the upcoming "15th Five-Year Plan" [2] Group 3 - The Shanghai Stock Exchange plans to optimize key systems related to issuance, refinancing, and mergers to guide capital towards advanced technologies and future industries [3] - There is a focus on cultivating a rational, value-oriented, and long-term investment ecosystem to attract more medium to long-term funds into the market [3] - Data from the "14th Five-Year Plan" period shows that the cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 103 trillion yuan, a 288% increase from the previous five-year period [3]

11月12日，上海证券交易所国际投资者大会在上海开幕，会议主题为"价值引领开放赋能——国际资本 投资并购新机遇"。这是上交所连续第七年举办国际投资者大会，将继续为外资机构提供与境内监管机 构、交易所、上市公司及金融机构等各方主体展开沟通交流的重要平台。 "我们将聚焦催生新质生产力，不断优化发行上市、再融资、并购重组等关键制度，引导资本投向前沿 技术、先进制造和未来产业，推动科技创新和产业创新深度融合。我们将聚焦培育理性投资、价值投 资、长期投资的指数化投资生态，引导更多中长期资金入市，促进投融资动态平衡。我们将聚焦推动上 市公司提升治理水平和信息披露质量，强化分红回购，以稳健业绩和持续回报增强投资价值。我们将聚 焦稳步扩大制度型开放，拓展跨境投融资渠道，丰富国际化产品体系，提升全球竞争力与吸引力。同 时，我们也将聚焦更好地统筹发展和安全，持续强化科技赋能监管和服务，完善全链条风险监测预警与 处置机制，为市场平稳运行和投资者权益保护提供坚实保障。"邱勇进一步称。 会上，证监会副主席李明表示，本次投资者大会以"价值引领，开放赋能"为主题，聚焦中国资本市场的 长期投资价值与高水平对外开放，可谓正当其时，具有重要意义 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level opening of the capital market and supporting technology companies in utilizing both domestic and international markets and resources [1] Summary by Relevant Sections Capital Market Opening - The CSRC is advancing the high-level opening of the capital market and is actively supporting technology enterprises in leveraging both domestic and international markets [1] Regulatory Developments - As of April 30, 2023, a total of 242 domestic companies have completed the filing for overseas listings since the new regulations took effect on March 31, 2023, with 83 of these being technology companies [1] Focus Areas for Technology Companies - The technology companies that have listed overseas are primarily concentrated in sectors such as information technology, biomedicine, new energy, and advanced manufacturing [1] Future Support Initiatives - The CSRC will continue to collaborate with inter-departmental coordination mechanisms to support eligible technology companies in utilizing domestic and overseas capital markets for regulated development, aiming to provide a more transparent, efficient, and predictable regulatory environment for overseas listings [1]

Group 1 - E Fund has received approval from the Securities and Futures Commission to establish a company in Macau, marking a significant step in its internationalization efforts [1] - The proposed name for the new entity is E Fund Investment Fund Management (Macau) Co., Ltd., which will focus on providing asset management and related services to investors in Macau and surrounding regions [1] - This initiative aligns with the broader strategy of enhancing capital market openness and strengthening global asset allocation capabilities [2] Group 2 - Macau serves as a unique bridge between China and Portuguese-speaking countries, playing a crucial role in promoting economic cooperation [2] - E Fund's establishment in Macau is guided by the Hengqin Guangdong-Macau Deep Cooperation Zone Executive Committee, leveraging its professional capabilities and regional advantages [2] - Following a memorandum of cooperation with Itaú Asset Management in Brazil, E Fund's products are set to enhance cross-border financial product innovation and client service capabilities [2]

Group 1: Recent Trends in Hong Kong Listings - A surge in mainland companies seeking to list in Hong Kong has been observed, with 8 A-share companies completing IPOs since September last year, raising a total of 981.1 billion HKD [1] - Nearly 50 A-share companies are planning to list in Hong Kong, with over 20 already having submitted materials or received approval [1] - Policy support has been identified as a key factor driving this trend, particularly for technology companies [1][2] Group 2: Regulatory Support and Market Conditions - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level capital market openness and supporting technology companies in utilizing both domestic and international markets [2] - The Hong Kong Stock Exchange has optimized its listing system, lowering barriers and introducing mechanisms like "dual-class shares" to facilitate listings for new economy enterprises [2] - The implementation of new regulations for overseas listings has seen 242 mainland companies complete their registration, with 83 being technology firms [3] Group 3: Benefits of Listing in Hong Kong - Listing in Hong Kong allows companies to access global investors, broaden financing channels, and enhance international visibility and brand value [4] - The presence of more mainland companies in Hong Kong is expected to strengthen Hong Kong's position as an international financial center [5] - Hong Kong serves as a gateway for global investors to enter mainland China, benefiting from a diverse product and client ecosystem [6] Group 4: Banking Sector Support - Financial institutions are playing a crucial role in supporting mainland companies in their Hong Kong listing endeavors, providing comprehensive financial consulting and information services [7] - The introduction of the "18C" listing rules has lowered the entry barriers for technology companies, creating dedicated financing channels [7] - Banks are also offering various financial products post-listing to support companies in their growth and strategic initiatives [8]

Core Viewpoint - The successful execution of the first northbound commodity futures return swap transaction by Shenwan Hongyuan Securities marks a significant step in enhancing cross-border financial services and aligns with national strategies for stabilizing foreign investment and promoting high-level opening-up [1][2]. Group 1: Transaction Details - The FICC Division collaborated with Shenwan Hongyuan (International) Group to complete the first northbound return swap transaction linked to domestic commodity futures, expanding the range of cross-border return swap products offered by the company [1]. - This transaction facilitates a foreign bank's participation in the domestic commodity futures market, addressing the limited pathways and low convenience for foreign institutions in accessing this market [2]. Group 2: Future Outlook - The collaboration highlights the company's capabilities in cross-border derivatives and comprehensive financial services, with plans to deepen cooperation with Shenwan Hongyuan (International) Group [2]. - The FICC Division aims to enhance cross-border trading capabilities and product creation, attracting diverse participants such as sovereign funds, financial institutions, and private equity products to engage in the Chinese market [2].

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations amid external economic pressures, particularly from U.S. tariff policies [3][4][6]. Group 1: Market Stability Measures - The Central Political Bureau emphasized the importance of maintaining a stable and active capital market, reflecting the government's commitment to market stability and vitality [4]. - The China Securities Regulatory Commission (CSRC) is actively monitoring market conditions and enhancing risk assessment to support market stability, including the role of the Central Huijin Investment Ltd. as a stabilizing force [4][6]. - A significant number of listed companies are engaging in stock buybacks and other measures to maintain stock price stability, demonstrating confidence in their value and future prospects [3][8]. Group 2: Support for Companies - The CSRC is focused on helping companies adapt to the impacts of U.S. tariffs, with measures including increased regulatory flexibility for affected firms and support for mergers and acquisitions [9][11]. - The commission has conducted extensive outreach to listed companies to address challenges, having visited 2,352 companies and resolved over 3,300 issues [9]. - The CSRC is revising regulations to facilitate corporate restructuring and enhance the ability of companies to navigate external pressures [9][12]. Group 3: Long-term Investment Strategies - The CSRC is promoting the entry of long-term capital into the market, with initiatives aimed at increasing the scale and proportion of long-term funds [5][14]. - The newly released action plan for public fund development aims to align fund management with investor interests, emphasizing long-term performance and stability [14][16]. - The growth of equity funds has been significant, with the scale increasing from 7 trillion yuan to 8.3 trillion yuan since September of the previous year, indicating a strong focus on equity investment [16][17]. Group 4: External Market Engagement - The CSRC is committed to enhancing the openness of the capital market, facilitating foreign investment participation, and optimizing the Qualified Foreign Institutional Investor (QFII) system [11][12]. - Despite external uncertainties, the strategic direction for high-quality economic development remains clear, bolstering foreign confidence in the Chinese capital market [12]. - The commission plans to expand institutional openness and product offerings, including futures and options for qualified foreign investors, to further integrate with global markets [12].

Core Viewpoint - The fundamental principles of "value investing, long-term investing, rational investing, and striving to return to investors" will remain relevant even after Warren Buffett's retirement, as emphasized by the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing [1]. Group 1: Public Fund Reform - The public fund reform aims to strengthen the alignment of interests with investors, focusing on reforming fund operation models and optimizing fee structures, ensuring that poorly performing funds charge lower management fees [3][4]. - The reform will also enhance the stability of fund investment behaviors by requiring clear performance benchmarks for each fund product to prevent deviations from their stated investment objectives [4]. - There will be an emphasis on improving the ability to serve investors, guiding fund companies to optimize resources for investment research, product design, and risk management [5]. Group 2: Long-term Investment Focus - The reform will establish a comprehensive incentive and constraint mechanism to promote long-term investment, with a focus on long-term performance evaluations, where assessments over three years will account for at least 80% of the evaluation [4]. - The CSRC will promote the growth of equity funds, enhancing regulatory guidance and encouraging innovation in fund products that align with national development goals and provide long-term returns for investors [5]. Group 3: Market Openness - The CSRC will continue to promote high-level opening of the capital market, optimizing services for qualified foreign institutional investors and expanding their investment scope [6][7]. - There will be efforts to enrich product offerings by opening futures and options to qualified foreign investors and deepening the bond market's openness [7]. - The CSRC aims to support the return of quality Chinese concept stocks to the domestic and Hong Kong markets while ensuring the protection of investors' legitimate rights [7].

Monetary Policy Measures - The People's Bank of China (PBOC) will implement a package of monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [10][12][14] - The policy interest rate will be lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [10][14][35] - Structural monetary policy tool rates will be reduced by 0.25%, including rates for various special structural tools and re-lending rates for agriculture and small enterprises, from 1.75% to 1.5% [10][14][45] Financial Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including accelerating the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [20][21] - There will be an expansion of the pilot scope for long-term investment by insurance funds to introduce more incremental capital into the market [20][22] - Policies will be adjusted to lower the investment risk factors for insurance companies in the stock market, supporting a stable and active capital market [20][23] Support for Enterprises - A comprehensive policy package will be launched to support financing for small and private enterprises, enhancing the financing coordination mechanism to stabilize businesses and the economy [20][24] - Specific measures will be implemented to assist foreign trade development, providing precise services to market entities significantly affected by tariffs [20][25] Capital Market Development - The China Securities Regulatory Commission (CSRC) will promote high-level opening of the capital market, including expanding institutional access and optimizing the Qualified Foreign Institutional Investor (QFII) system [20][26][51] - The CSRC will enhance product supply by promoting futures and options for qualified foreign investors and deepening the opening of the bond market [20][26][52] - Measures will be taken to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, while protecting investors' legal rights [20][26][52] Fund Management Reforms - The upcoming public fund reforms will focus on strengthening the alignment of interests between fund managers and investors, optimizing the fee structure, and enhancing the stability of fund investment behavior [20][26][37] - The reforms will also emphasize improving investor service capabilities and promoting the growth of equity funds [20][26][39]