在监管合作层面，吴清与法国金融市场监管局（AMF）主席巴贝特-拉亚尼女士、巴西证监会（CVM）代理主席卢博先生及委员科波拉女士分别举行闭门 会谈。双方聚焦法国、欧盟及巴西证券市场最新监管动态，围绕跨境上市监管协作、违法违规行为跨境追责、金融风险联防联控等核心议题深入交换意 见，达成多项共识。此次会谈进一步细化了双边务实合作路径，为中企赴欧、赴南美融资及外资参与中国资本市场搭建了更顺畅的监管沟通渠道，延续了 中巴此前在跨境人民币结算等领域的合作基础。 据《中国经营报》等多家财经媒体消息，当地时间2025年11月10日至13日，中国证监会主席吴清率团开启跨洲外交行程，先后到访法国巴黎与巴西里约热 内卢。此行通过与两国金融监管层的双边会谈、与国际顶尖机构投资者及中资企业的深度座谈，既筑牢跨境监管合作根基，又全面展现中国资本市场的投 资机遇，为推进高水平制度型开放注入强劲动力。 此次跨洲出访是中国资本市场高水平开放的生动实践。一方面，通过深化与法、巴等重要经济体的监管协作，进一步夯实了跨境投融资的制度基础，为全 球资本流动营造了更稳定、可预期的环境；另一方面，通过面对面沟通，让国际社会更清晰地感知到中国推进资本市场改 ...

Core Viewpoint - The article discusses the recent visit of the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, to France and Brazil, focusing on bilateral discussions regarding securities market regulation and investment opportunities in China [5]. Group 1: Bilateral Meetings - Wu Qing held bilateral talks with Marie-Anne Barbat-Layani, the Chair of the French Financial Markets Authority (AMF), and Otto Lobo, the Acting Chair of the Brazilian Securities and Exchange Commission (CVM), to exchange views on regulatory dynamics in France, the EU, and Brazil [5]. - The discussions aimed to deepen and expand practical cooperation in capital markets between China and these countries [5]. Group 2: Engagement with International Investors - During the visit, Wu Qing met with representatives from major international financial institutions, including Société Générale, BNP Paribas, Barclays, UBS, and Credit Suisse, to promote investment opportunities in the Chinese capital market [5]. - The meetings also included discussions with Chinese enterprises and financial institutions operating in France and Brazil, gathering feedback on advancing the high-level opening of China's capital market [5].

沪市上市公司数量接近2300家，总市值超过60万亿元，已成为中国蓝筹企业聚集地和科技创新企业重要 上市地。上交所理事长邱勇介绍，上交所持续深化互联互通机制，不断丰富跨境投资产品，持续提升国 际化服务水平，推动制度型开放迈向新台阶。 数据显示，"十四五"时期，沪港通累计成交103万亿元，较"十三五"增长288%；新增10家公司完成GDR （全球存托凭证）发行，累计融资33.5亿美元。目前，沪市跨境指数产品规模超3200亿元，国际影响力 不断提升。 本报讯（记者 孙杰）昨天，在上海证券交易所国际投资者大会上，证监会副主席李明表示，中国资本 市场对外开放的大门只会越来越大，将稳步扩大资本市场高水平制度型开放，为国际投资者打造良好的 投资环境。 中国经济基础稳、优势多、韧性强、潜力大，长期向好支撑条件和基本趋势没有变，资本市场平稳健康 运行，具备良好的基础条件。李明表示，证监会将深化投融资综合改革，着力提升资本市场制度的包容 性、适应性。融资端，将抓紧启动实施深化创业板改革，积极发展多元股权融资。投资端，将持续完善 长钱长投的市场生态，加力推动中长期资金入市实施方案落地见效，持续扩大社保、保险、年金等权益 类投资规模 ...

吴伟表示：上海将以更高质量改革创新，激发市场活力，做实金融"五篇大文章"，进一步提高金融服务 实体经济的质效；以更高水平对外开放，集聚全球投资，深入打造市场化、法治化、国际化的一流营商 环境，积极吸引更多境内外机构来沪展业经营；更好地统筹开放与安全，积极参与国际金融监管交流协 作，切实增强金融风险防控能力，牢牢守住不发生系统性金融风险的底线。 "我们将全力为境内外金融机构、金融企业、金融人才创造更多市场机遇、发展机遇，诚挚欢迎大家来 沪展业、兴业，为上海国际金融中心建设作出贡献。"吴伟说。 11月12日，2025年上海证券交易所国际投资者大会在上海开幕。中国证监会副主席李明、上海市常务副 市长吴伟和上交所理事长邱勇出席开幕式并致辞，上交所副理事长霍瑞戎主持开幕式。 上海证券报记者了解到，作为上交所面向全球投资界的重要年度品牌活动，本届国际投资者大会以"价 值引领，开放赋能——国际资本投资并购新机遇"为主题，吸引了来自欧美、亚太及中东等地区的百余 家知名投资机构、近400名代表注册参会，与会嘉宾围绕中国投资并购新机遇、科技创新驱动以及资本 市场高水平开放等议题展开深入交流，并传递出长期看好中国资本市场发展的积极 ...

Core Insights - The 2025 Shanghai Stock Exchange International Investor Conference opened on November 12, focusing on "Value Leadership, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - The conference attracted over 100 renowned investment institutions and nearly 400 representatives from regions including Europe, America, Asia-Pacific, and the Middle East, discussing new opportunities in Chinese investment and mergers, technology innovation, and high-level capital market openness [1][2] - Global asset management leaders expressed optimism about the long-term investment value in China, citing a stable macroeconomic environment, improved policy conditions, and accelerated technological innovation [1][2] Market Developments - China's capital market is steadily expanding its institutional openness, with ongoing optimization of the Qualified Foreign Institutional Investor (QFII) system, which has received high recognition for its stability, transparency, and predictability [2] - The Shanghai Stock Exchange and Singapore Exchange launched the China Securities Index Singapore Exchange Asia 100 Index series during the conference, marking a significant step in international cooperation [2] - The conference highlighted the achievements of the Shanghai Stock Exchange in supporting technological innovation and the development of new productive forces, particularly in the context of the seventh anniversary of the Sci-Tech Innovation Board [2] Future Outlook - The Shanghai Stock Exchange aims to enhance market inclusivity and adaptability while improving its attractiveness and competitiveness in response to complex internal and external changes in the capital market [3] - The exchange plans to leverage favorable opportunities for open cooperation to promote the long-term and stable development of the capital market in collaboration with global investors [3]

证监会2023年1月19日发布关于核准设立渣打证券（中国）有限公司的批复。渣打证券为首家新设的外 商独资证券公司。之前已有两家由外商参股变更为外商独资的证券公司，即高盛高华证券、摩根大通证 券。 "渣打集团始终看好中国经济的长期发展和中国市场的机遇，我们对中国市场的承诺和投入一如既 往。"渣打集团大中华及北亚区金融市场及战略客户主管曾继志说，"王允来对中国资本市场，尤其是固 定收益领域，具有深刻的洞察和理解，并曾经带领团队屡获佳绩。期待他带领渣打证券加速成长，不断 取得新成绩。" 更多高水平开放的举措值得期待 作为扎根中国历史最悠久的国际性银行之一，渣打从1858年在上海设立首家分行开始，在华业务未间 断。2007年4月，渣打银行（中国）有限公司成为第一批本地法人化的国际银行。 11月11日，北京渣打证券（中国）有限公司宣布任命王允来为渣打证券首席执行官（CEO），全面负责 公司经营管理，并向公司董事会负责。 该机构表示， 始终看好中国经济的长期发展和中国市场的机遇，对中国市场的承诺和投入一如既往。 始终看好中国机遇 据介绍，王允来拥有硕士学历，在金融市场拥有超过20年的工作经历，曾在国内外知名金融机构担任要 ...

Core Viewpoint - The high-level opening of the capital market is an inevitable choice for the maturity of China's financial market and a strategic measure to enhance global resource allocation capabilities and support high-quality development [1] Group 1: Capital Market Opening - The China Securities Regulatory Commission emphasizes promoting deeper and higher-level capital market opening while balancing openness and security [1] - The introduction of foreign medium- and long-term capital will improve market liquidity and pricing efficiency, guiding capital towards national strategic priorities like technological innovation [1] - The removal of foreign ownership limits in various sectors during the 14th Five-Year Plan period and the optimization of cross-border investment mechanisms are significant steps towards enhancing Hong Kong's status as an international financial center [1] Group 2: Investment Trends - As of September 2025, the Shanghai-Hong Kong Stock Connect holds A-shares worth 2.58 trillion RMB, accounting for 2.69% of the A-share circulating market value [2] - From January to September this year, southbound funds net purchased 1.17 trillion HKD in Hong Kong stocks, becoming a crucial liquidity provider for the market [2] - The optimization of the Qualified Foreign Institutional Investor (QFII) system aims to create a more transparent, convenient, and efficient market ecosystem, responding to international investors' concerns about stability and predictability [2] Group 3: Risk Management - High-level opening of the capital market must be accompanied by a robust risk prevention system to manage cross-border risks effectively [3] - The balance between "institutional opening" and "regulatory resilience" is essential for sustainable development, with international regulatory cooperation serving as a safety valve [3] - The establishment of a sensitive market risk monitoring system through technology is crucial for enhancing risk prevention capabilities [3]

■"资本市场高质量发展新脉络"系列述评之四 统筹开放与安全 资本市场高水平开放迈向纵深 ◎记者 汤立斌 资本市场高水平对外开放，既是中国金融市场迈向成熟阶段的必然选择，也是提升全球资源配置能力、 支撑高质量发展的战略举措。中国证监会党委日前在传达贯彻党的二十届四中全会精神时强调，着力推 动资本市场开放迈向更深层次、更高水平。统筹开放与安全，有序推进市场、产品和机构双向开放。深 化国际监管合作，切实提升开放环境下的风险防控水平和监管能力。 南开大学金融发展研究院院长田利辉在接受上海证券报记者采访时说，统筹开放与安全，核心在于实 现"制度型开放"与"监管韧性"的动态平衡。在他看来，深化国际监管合作是保障开放行稳致远的"安全 阀"。下一步，要筑好"防波堤"，通过跨境监管备忘录和联合执法，重点防范热钱大进大出和跨境违法 违规风险，还要练好"内功"，运用科技赋能，建立更敏锐的全市场风险监测体系。 "开放不是一放了之，而是在深度互动中，锤炼出一套与复杂开放环境相匹配的现代监管体系。归根结 底，安全的深度决定了开放的高度。"田利辉说。 统筹开放与安全，是推动中国资本市场高水平开放迈向纵深必须答好的时代考卷。可以预期，随着市 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is enhancing the management of overseas listing filings to support domestic companies in integrating into the global economy and promoting high-quality economic development [1][2]. Group 1 - The meeting led by CSRC Vice Chairman Li Ming emphasized the importance of overseas listings as a key component of capital market openness, which positively impacts innovation-driven development strategies [1]. - Over the past two years, the cross-departmental coordination mechanism has improved the efficiency of overseas listing filing management, with continuous enhancements in institutional rules and risk prevention measures [1]. - The meeting included representatives from various government departments, highlighting a collaborative approach to support companies in utilizing both domestic and international markets effectively [1]. Group 2 - Future efforts will focus on balancing development and security, enhancing regulatory coordination, and improving work processes to create a more transparent and efficient regulatory environment for overseas listings [2]. - The CSRC aims to further implement the "Five Measures to Benefit Hong Kong" policy to support Hong Kong's status as an international financial center [2].

Core Viewpoint - The meeting led by the Vice Chairman of the China Securities Regulatory Commission (CSRC) emphasizes the importance of overseas listings for domestic companies as a key part of the capital market's high-level opening up, supporting integration into the global economy and promoting high-quality economic development [1][2]. Group 1 - The cross-departmental coordination mechanism for overseas listing management has shown positive progress over the past two years, with improved institutional rules and enhanced collaborative efficiency [1]. - The meeting included representatives from various government departments, highlighting a unified approach to support companies in utilizing both domestic and international markets effectively [1]. - The mechanism aims to provide a transparent, efficient, and predictable regulatory environment for companies seeking to list overseas, thereby promoting reform and development through openness [2]. Group 2 - Future efforts will focus on balancing development and security, enhancing regulatory collaboration, and improving information sharing among departments to further support overseas listings [2]. - The implementation of the "Five Measures to Benefit Hong Kong" policy will continue, reinforcing Hong Kong's position as an international financial center [2].