两家外资保险机构开业 1月28日，友邦保险资管、荷全保险资管两家新设外资独资保险资管机构在沪举行集体开业仪式，成为 上海首批开业的外资独资保险资产管理公司。 回溯来看，2025年6月，在2025陆家嘴论坛上，金融监管总局局长李云泽表示，近日金融监管总局已批 准友邦人寿、荷兰全球人寿两家外资保险机构在上海筹建保险资产管理公司。从监管批准两家公司筹 建，至上海金融监管局批复同意两家公司开业，仅用了半年左右的时间，这份速度背后，是金融高水平 对外开放、持续优化营商环境的成果。 近些年，在保险资管领域，我国金融业高水平对外开放成果不断显现。2021年，原银保监会批复同意安 联（中国）保险控股筹建保险资管公司，这是我国首家外资独资保险资管公司，拉开了外资全资布局我 国资管市场的序幕。2024年10月，金融监管总局在2024金融街论坛年会上宣布，批复美国保德信保险公 司在京设立保险资管公司。 （来源：北京商报） 上海金融高水平对外开放的进程，又多了一个注脚。1月28日，友邦保险资产管理有限公司（以下简 称"友邦保险资管"）、荷全保险资产管理有限公司（以下简称"荷全保险资管"）两家外资独资保险资管 公司同步开业。 与此同时 ...

新华财经上海1月28日电 2026年自贸离岸债市场开闸。1月27日，在上海清算所的支持下，全市场首单 由非银行金融机构提供跨境担保的上海自贸区离岸债券（以下简称"自贸离岸债"）成功完成全球发行。 本期债券由东方智盛有限公司作为发行主体，由东方证券股份有限公司提供跨境担保，发行规模2亿元 人民币，期限364天，票面利率1.88%。此举标志着我国离岸金融市场在发行人结构、担保机制和制度 适配方面实现关键性创新，为非银金融机构"走出去"开辟了全新路径。 跨境担保结构：非银机构赋能离岸融资新范式 自2025年上海市自贸离岸债新规落地以来，凭借"发行端、投资端两头在外"的独特制度设计，自贸离岸 债迅速成为连接境内优质资产与境外资本的重要通道。所谓"两头在外"，即债券虽依托上海自贸区政策 框架发行，但募集资金用途、投资者来源及交易结算等核心环节均在境外完成，同时通过上海清算所等 境内金融基础设施提供登记、托管与结算服务，实现高效、透明、合规运作。 据上海清算所公告，本期债券吸引了来自香港、新加坡等多个地区的优质境外机构投资者踊跃认购，最 终实现超额认购，充分彰显国际市场对高信用中资非银机构及人民币资产的认可。 长期以来， ...

（原标题：决胜"十四五" 擘画"十五五"·地方资本市场高质量发展之上海篇：资本牵引锚定新质航向 硬科技上市潮涌浦江） 证券时报记者 张淑贤 硬科技上市潮涌浦江。"十四五"时期，恰逢上海国际金融中心在基本建成基础上迈向更高发展水平的开局起步期，上海证监局始终坚持金融服务 实体经济的宗旨，积极推动新"国九条"及资本市场"1+N"政策体系在沪落地见效，在服务科技自立自强、培育新质生产力方面交出亮眼答卷，助 力上海"五个中心"建设。 上海资本市场服务高水平科技自立自强成效初显。"十四五"时期，上海新增科创板上市公司58家，募资近1300亿元，占上海新增上市公司及募资 额的比重分别为46%和66%；上海股权托管交易中心"专精特新"专板建设以及认股权综合服务试点工作持续推进，截至2025年末，共559家企业 在"专精特新"专板挂牌，85单认股权落地。 截至2025年末，上海共有A股上市公司454家，新一代信息技术、生物医药、高端装备、新能源等战略性新兴产业占比约1/3。其中，科创板上市公 司95家，总市值约2.9万亿元，分别位列全国各辖区第二名、第一名，6家公司的市值超千亿元，形成头部引领、集群支撑的"链群式"发展格局。 ...

会议指出，2026年是"十五五"开局之年，上海金融系统要确保"十五五"开好局、起好步。要稳步扩 大金融高水平对外开放，重点推动跨境金融和离岸金融加快发展，更好服务企业"走出去"和共建"一带 一路"；深化金融供给侧结构性改革，全面提升现代金融体系的适应性、竞争力和普惠性；健全功能强 大的金融市场体系，打造分工协作的金融机构体系，形成多样化专业性的金融产品和服务体系，完善安 全高效的金融基础设施体系；全力提高金融服务实体经济质效，积极做好金融"五篇大文章"；着力构建 与金融开放创新相适应的风险监管和风险防控体系，坚持稳字当头、稳中求进，做到发展与安全并重、 创新与规范并行；努力营造一流金融营商环境，持续构建市场化、法治化、国际化一流营商环境和长 期、稳定、透明、可预期的制度环境；高质量编制好金融"十五五"规划，确保有力有效指引上海国际金 融中心建设不断提升能级。 为稳增长开好局，上海将加快政策落地，推动信贷投放、资本市场活跃度和保险产品创新协同发 力。同时，强化金融招商，中心城区重点引进重量级金融机构和国际金融组织，其他区域打造特色金融 品牌，以全域协同支撑全年经济目标。 市委常委、常务副市长吴伟出席会议并讲话。 ...

吴伟指出，2025年，上海市金融系统紧扣防风险、强监管、促高质量发展工作主线，体系化推进国际金 融中心建设，金融资源配置能力不断增强，金融服务实体经济质效稳步提升，金融开放枢纽门户功能持 续强化，金融发展生态继续优化，党对金融工作的全面领导显著加强，"十四五"规划目标任务全面完 成，上海国际金融中心的能级进一步提升，为"十五五"高质量发展打下了坚实基础。 吴伟指出，做好2026年工作，要稳步扩大金融高水平对外开放，重点推动跨境金融和离岸金融加快发 展，更好服务企业"走出去"和共建"一带一路"。要服务构建中国特色现代金融体系，深化金融供给侧结 构性改革，全面提升现代金融体系的适应性、竞争力和普惠性。要健全功能强大的金融市场体系，打造 分工协作的金融机构体系，形成多样化专业性的金融产品和服务体系，完善安全高效的金融基础设施体 系。要全力提高金融服务实体经济质效，积极做好金融"五篇大文章"。要着力构建与金融开放创新相适 应的风险监管和风险防控体系，坚持稳字当头、稳中求进，做到发展与安全并重、创新与规范并行。要 努力营造一流金融营商环境，持续构建市场化、法治化、国际化一流营商环境和长期、稳定、透明、可 预期的制度环境 ...

Core Viewpoint - The 2026 regulatory work meeting emphasizes the integration of risk prevention, strong regulation, and promotion of high-quality development as the main tasks for the year, marking the beginning of the "14th Five-Year Plan" [1][2]. Group 1: Five Key Tasks - The meeting outlined five key tasks for 2026: 1. Effectively and orderly advance the risk resolution of small and medium-sized financial institutions 2. Rigorously prevent and resolve risks in related fields 3. Significantly enhance the industry's high-quality development capabilities 4. Comprehensively strengthen and improve financial regulation 5. Continuously improve the quality and efficiency of financial services to the economy and society [3][5]. Group 2: Risk Resolution Focus - The emphasis on resolving risks in small and medium-sized financial institutions remains a priority, with a shift from "accelerating progress" to "effectively and orderly advancing risk resolution," focusing on controlling existing risks and preventing new ones [5]. - The meeting highlighted the need for a normalized operation of urban real estate financing coordination mechanisms and legal compliance in supporting the resolution of financing platform debt risks [5][6]. Group 3: High-Quality Development - The meeting stressed the importance of proper planning and steady advancement in reducing and improving small and medium-sized financial institutions, optimizing institutional layout, and addressing disorderly competition [6]. - It also called for banks and insurance institutions to focus on their main businesses and promote high-level financial openness [6]. Group 4: Strengthening Financial Regulation - The meeting focused on addressing substantive risks and practical issues, enhancing regulatory capabilities, and implementing classified and graded supervision [6]. - It emphasized the importance of consumer protection and active participation in international financial governance reform [6]. Group 5: Enhancing Financial Services - The meeting placed significant emphasis on improving the quality and efficiency of financial services, including support for major strategies, key areas, and weak links, as well as promoting consumption and investment [6]. - Compared to 2025, the focus for 2026 is more on structural support and guiding long-term capital [6]. Group 6: Achievements in 2025 - In 2025, significant progress was made in risk resolution, with 394 banking institutions approved for exit through mergers or dissolutions, doubling the number from 2024 [8]. - The urban real estate financing coordination mechanism was expanded, and illegal financial activities were actively combated, laying a foundation for 2026's risk resolution efforts [8][9].

会议要求，要切实提高政治站位，强化责任担当，主动作为、靠前谋划，扎实推动监管工作取得更大成 效。一是有力有序有效推进中小金融机构风险化解。着力处置存量风险，坚决遏制增量风险，牢牢守住 不"爆雷"底线。二是严密防范化解相关领域风险。推动城市房地产融资协调机制常态化运行，助力构建 房地产发展新模式。依法合规支持融资平台债务风险化解。严防严打严处非法金融活动。三是切实提高 行业高质量发展能力。做好统筹规划，稳妥推进中小金融机构减量提质，合理优化机构布局。深入整治 无序竞争，持续规范行业秩序。督促银行保险机构专注主业、错位发展。推进金融高水平对外开放。四 是全面加强和完善金融监管。聚焦实质风险、解决实际问题，不断强化"五大监管"，提高依法监管能 力，做实分类分级监管。加快推进"金监工程"设计和建设。扎实履行统筹金融消费者保护职责。有效发 挥"四级垂管"整体效能。积极参与国际金融治理改革。五是不断提升金融服务经济社会质效。做好金 融"五篇大文章"，坚持投资于物和投资于人紧密结合，持续加大对重大战略、重点领域和薄弱环节的支 持力度。强化促消费、扩投资的金融供给，高效服务扩大内需战略。优化科技金融服务，积极培育耐心 资本， ...

Group 1 - Shanghai is focusing on becoming a world-class modern metropolis with an emphasis on five key centers, enhancing its international financial center's competitiveness and influence [1] - UBS has hosted 26 Greater China seminars in Shanghai, discussing investment opportunities presented by China to global investors, and is committed to strengthening its operations in China [2] - UBS is one of the largest wealth management institutions globally, ranked 139th in the Fortune Global 500, and has established 11 branches in Shanghai [3] Group 2 - The Shanghai government is encouraging UBS to increase its investment in the city, bringing long-term capital and innovative solutions to support local enterprises [1] - UBS aims to act as a bridge for international investors looking to invest in China and assist Chinese investors in expanding globally [2]

瑞银集团是全球最大的财富管理机构之一，在世界500强中位列139位，在沪设立了11家机构。 龚正说，当前，上海正以"五个中心"为主攻方向，加快建成具有世界影响力的社会主义现代化国际大都 市。金融是上海最重要的城市功能之一，我们正按照中央要求，深入实施金融高水平对外开放，着力完 善金融市场体系、产品体系、机构体系、基础设施体系，持续增强上海国际金融中心的竞争力和影响 力。感谢瑞银集团在沪连续举办26届大中华研讨会，期待"十五五"时期继续深化合作。欢迎瑞银加大在 沪投资布局，把更多长期资本、核心功能、重要平台、关键业务等资源放在上海，持续加强与本土企业 合作，提供更多差异化的解决方案和创新型产品，助力上海国际金融中心建设。上海是中资企业进军国 际市场的桥头堡，希望瑞银更好服务中国企业"走出去"，也期待瑞银积极向全球合作伙伴推介上海，引 导各类基金投资上海，推动更多金融机构和优质企业深耕上海。上海将一如既往地打造一流营商环境， 支持各类经营主体在沪发展壮大。 安思杰说，近年来全球经历了各种挑战，但中国尤其是上海取得的成绩令人敬佩，中国成功实现了从制 造到创造的转型。瑞银在上海举办了26届大中华研讨会，每次都会探讨中 ...

Core Viewpoint - The recent announcement by the Shanghai and Shenzhen Stock Exchanges, in collaboration with China Securities Depository and Clearing Corporation, to support foreign institutional investors in engaging in bond repurchase transactions is a significant step towards enhancing China's financial openness and market functionality [1][6]. Group 1: Market Liquidity and Depth - The introduction of bond repurchase business will fundamentally change the current situation where foreign investors primarily adopt a "buy and hold" strategy, allowing them to easily access RMB funds without having to sell bonds under liquidity pressure [2][7]. - This mechanism will enhance the flexibility and willingness of foreign investors to hold RMB-denominated bonds, injecting continuous liquidity into the market [2][7]. - The involvement of diverse international participants in the repurchase market will improve price discovery, making funding prices more reflective of global capital supply and demand, thus transitioning the domestic bond market from a "financing venue" to an internationally influential "pricing center" [2][7]. Group 2: Broadening Foreign Financing Channels - The availability of repurchase tools will optimize the investment ecosystem for foreign capital, allowing for more flexible leverage management and liquidity adjustment, which is crucial for long-term investors like sovereign wealth funds and pension funds [3][8]. - This development is expected to significantly enhance the attractiveness and stickiness of the bond market, guiding cross-border capital to become stable capital that supports China's long-term economic growth [3][8]. - The optimization of capital structure will play a vital role in maintaining financial market stability and managing foreign exchange market expectations [3][8]. Group 3: Supporting the Real Economy - The enhancement of bond liquidity will lower the financing costs for enterprises, particularly for private and technology-driven companies that rely on direct financing [4][9]. - As foreign investors find it easier to liquidate or finance their bond holdings through repurchase agreements, their willingness to hold these bonds will increase, leading to lower yield requirements and thus reduced interest costs for companies issuing bonds [4][9]. - Increased foreign participation and a more active repurchase market will introduce more capital into the real economy, while also encouraging domestic issuers to improve corporate governance and financial transparency [4][9]. Conclusion - The support for foreign institutions to participate in bond repurchase transactions, while focused on a specific business, has far-reaching implications for market functionality, investment ecosystem optimization, and enhancing the effectiveness of services to the real economy [10].