八是会同证监会研究推进人民币外汇期货交易。 推动完善外汇市场产品序列，便利金融机构和外贸企 业更好管理汇率风险。 二是设立数字人民币国际运营中心。 推进数字人民币的国际化运营与金融市场业务发展，服务数字金 融创新。 三是设立个人征信机构。 为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体 系。 四是在上海临港新片区开展离岸贸易金融服务综合改革试点。 创新业务规则，支持上海发展离岸贸 易。 2025陆家嘴论坛今天开幕 央行宣布八项重磅金融开放举措 五是发展自贸离岸债。 遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一 路"共建国家和地区优质企业的融资渠道。 2025年陆家嘴论坛开幕式上， 中国人民银行行长潘功胜宣布八项重磅金融开放举措 。 六是优化升级自由贸易账户功能。 实现优质企业与境外资金高效融通，提升跨境贸易投资自由化便利 化水平，助力上海高水平对外开放。 一是设立银行间市场交易报告库。 高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等各 金融子市场交易数据，服务金融机构、宏观调控和金融市场监管。 七是在上海"先行先试"结构性货币政策工具创新。 包括开展航贸 ...

Core Viewpoint - The article discusses eight significant financial opening measures announced by the People's Bank of China at the 2025 Lujiazui Forum, aimed at enhancing Shanghai's financial market and promoting internationalization of the Renminbi. Group 1: Financial Infrastructure Development - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets, aiding financial institutions and regulatory bodies [2][3][10] - Creation of a digital Renminbi international operation center to facilitate the internationalization of digital currency and support financial market innovation [2][4][11] - Formation of a personal credit agency to provide diversified credit products and improve the social credit system [2][5][12][13] Group 2: Offshore Trade and Financing - Launch of a comprehensive reform pilot for offshore trade financial services in the Lingang New Area of Shanghai, aimed at innovating business rules to support offshore trade [2][6][14] - Development of free trade offshore bonds, adhering to international standards to expand financing channels for enterprises involved in the Belt and Road Initiative [2][6][15] Group 3: Trade and Investment Facilitation - Optimization and upgrading of free trade account functions to enhance efficient capital flow between quality enterprises and foreign funds, improving the liberalization of cross-border trade and investment [2][6][16] - Implementation of innovative structural monetary policy tools in Shanghai, including pilot projects for blockchain credit refinancing and cross-border trade refinancing [2][7][18] Group 4: Currency Risk Management - Collaboration with the China Securities Regulatory Commission to promote Renminbi foreign exchange futures trading, enhancing the product offerings in the foreign exchange market to better manage exchange rate risks for financial institutions and foreign trade enterprises [2][7][19]

Core Viewpoint - The speech emphasizes the need for continuous financial opening to better support enterprises in their development and international expansion [1] Group 1: Financial Reform and Development - The year marks the beginning of the "14th Five-Year Plan" and sets higher demands for the construction of Shanghai as an international financial center [1] - There will be a focus on deepening financial reforms to better serve technological innovation [1] - The aim is to leverage the advantages of being an international financial and technological innovation center to accelerate the establishment of a comprehensive, diversified, and sequential technology-finance service system [1] Group 2: Cross-Border Financial Services - The implementation of the "18 measures" for facilitating cross-border financial services will be a priority [1] - There is a commitment to expand financial openness to better support enterprises in their international ventures [1] - The strategy includes adapting to changes in foreign trade conditions and promoting increased cross-border trade credit [1] Group 3: Legal and Risk Management - There will be efforts to improve the financial legal environment and enhance risk management [1] - The goal is to better coordinate financial development with safety considerations [1]

四是在上海临港新片区开展离岸贸易金融服务综合改革试点 。创新业务规则，支持上海发展 离岸贸易。 五是发展自贸离岸债 。遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业 及"一带一路"共建国家和地区优质企业的融资渠道。 六是优化升级自由贸易账户功能 。实现优质企业与境外资金高效融通，提升跨境贸易投资自 由化便利化水平，助力上海高水平对外开放。 七是在上海"先行先试"结构性货币政策工具创新 。包括开展航贸区块链信用证再融资业 务、"跨境贸易再融资"业务、碳减排支持工具扩容等试点。积极推动上海首批运用科技创新 债券风险分担工具，支持私募股权机构发行科创债券。 2025年陆家嘴论坛开幕式上，中国人民银行行长潘功胜宣布八项重磅金融开放举措。 一是设立银行间市场交易报告库 。高频汇集并系统分析银行间债券、货币、衍生品、黄金、 票据等各金融子市场交易数据，服务金融机构、宏观调控和金融市场监管。 二是设立数字人民币国际运营中心 。推进数字人民币的国际化运营与金融市场业务发展，服 务数字金融创新。 三是设立个人征信机构 。为金融机构提供多元化、差异化的个人征信产品，进一步健全社会 征信体系。 八是会同证监会研究推 ...

Core Viewpoint - The People's Bank of China announced eight significant financial policies aimed at enhancing the financial market infrastructure, promoting digital currency, and improving credit systems, which are expected to facilitate international trade and investment [1][2]. Group 1: Financial Market Infrastructure - Establishment of an interbank market trading report database to systematically analyze trading data across various financial sub-markets, aiding financial institutions and regulatory bodies [1] - Launch of a digital RMB international operation center to promote the internationalization of digital currency and support financial market development [1] Group 2: Credit and Trade Innovations - Creation of a personal credit institution to provide diversified credit products for financial institutions, enhancing the social credit system [1] - Implementation of comprehensive reform pilot for offshore trade finance services in the Shanghai Lingang New Area to support offshore trade development [1] Group 3: Financing and Investment Channels - Development of offshore bonds following international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [1] - Optimization of free trade account functions to facilitate efficient capital flow between quality enterprises and foreign funds, enhancing cross-border trade and investment [1] Group 4: Monetary Policy Innovations - Introduction of structural monetary policy tools in Shanghai, including pilot projects for blockchain credit refinancing and cross-border trade refinancing [1] - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading, improving the product offerings in the foreign exchange market [2]

Index Performance - The A-share market showed a complex situation on June 17, with major indices exhibiting mixed performance and frequent rotation among sectors [2] - The Shanghai Composite Index slightly decreased by 0.04% to 3387.40 points, while the Shenzhen Component fell by 0.12% to 10151.43 points, and the ChiNext Index dropped by 0.36% to 2049.94 points [4][5] - The overall trading volume shrank to approximately 1.23 trillion yuan, indicating a cautious market sentiment and a strong observation mood among investors [6] Sector Highlights - The technology sector displayed significant differentiation, with sub-sectors like brain-computer interfaces and AI glasses maintaining their momentum, while semiconductor equipment and optical modules faced profit-taking [9] - Geopolitical tensions in the Middle East led to a rise in oil and gas prices, benefiting companies like Beiken Energy, while gold and nuclear protection concepts experienced volatility [10] - High-profile themes such as IP economy and innovative drugs faced selling pressure, indicating a cooling enthusiasm for high-priced themes [10] Capital Flow - Northbound funds recorded a net outflow of 1.83 billion yuan, marking three consecutive days of net selling, although there was a late-stage increase in technology stocks [12] - Domestic capital saw a net outflow of approximately 45 billion yuan, shifting from consumer and pharmaceutical sectors to defensive sectors like oil and military [13] Influencing Factors - The upcoming Lujiazui Forum is expected to provide significant policy signals, which could boost market confidence if favorable policies are announced [15] - The escalation of conflicts in the Middle East has caused fluctuations in oil prices, impacting investor sentiment and the broader financial market [17] - The uncertainty surrounding the Federal Reserve's monetary policy continues to influence global capital flows and the A-share market [17] Market Outlook - The market's shrinking volume indicates a significant divergence between bulls and bears, with a cautious sentiment prevailing [19] - Positive economic data from May suggests a solid foundation for the A-share market, supported by ongoing policy initiatives [19] - Investors are advised to remain cautiously optimistic, focusing on volume changes, policy dynamics, and geopolitical developments as key factors influencing market direction [19]

市场全天震荡调整，三大指数小幅下跌。沪深两市全天成交额1 . 2 1万亿，较上个交易日缩 量7 8.7亿。 盘面上，超 3 5 0 0 只个股上涨，但涨停家数减少，跌停个股增多，市场情绪偏向谨慎。军 工、黄金等避险板块逆势走强，消费电子、创新药等板块回调。 01 潘行长出席重要会议 2 0 25陆家嘴论坛将于2 0 2 5年6月18日至19日在上海举办。 中国人民银行、国家金融监督管理总局、中国证监会、国家外汇管理局和上海市人民政府 的领导将在论坛上发表演讲。 论坛期间，中央金融管理部门还将发布若干重大金融政 策。 陆家嘴论坛议程已经发布，从政策的角度，明天是重头戏。 1 9日有新质生产力、人工智能的议题，估计是科技+金融结合起来。 2 0 25陆家嘴论坛期间，中央金融管理部门将发布若干重大金融政策！ 我们先来看看历年陆家嘴论坛过去5年（2020- 2024）的核心主题。 0 9 : 30 - 11 : 3 0开幕式，主题是《全球经济变局中的金融开放合作与高质量发展》，聚 焦"金融开放"。开放不难理解，就是放宽市场准入、还有就是走出去，推动人民币国际 化。 1 5 : 45 - 17 : 1 5，主题《推动资 ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Views - The non-bank financial sector is expected to benefit from the recovery of public fund benchmarks, while the Hong Kong Stock Exchange is likely to continue benefiting from the expansion of both asset and funding sides [3][4] - The brokerage sector has seen a rebound in trading volume, with daily average stock fund transaction amounting to 1.59 trillion, a week-on-week increase of 11.4% [3] - The insurance sector is allowed to defer the implementation of new accounting standards for certain non-listed insurance companies, which is expected to ease the transition costs [4] Summary by Sections Non-Bank Financial Sector - The sector is anticipated to benefit from the recovery of public fund benchmarks and the expansion of the Hong Kong Stock Exchange [3] - The report highlights the steady growth in profitability and high dividend yields of Jiangsu Jinzu [3] Brokerage Sector - Trading volume has improved, with a daily average stock fund transaction of 1.59 trillion, reflecting a 11.4% week-on-week increase [3] - The sector's valuation and institutional holdings are at low levels, with macro measures supporting the stock market [3] Insurance Sector - The Ministry of Finance and the Financial Regulatory Authority have allowed certain non-listed insurance companies to defer the new accounting standards, which will reduce the difficulty and cost of switching [4] - The insurance sector is expected to see an increase in new business value (NBV) growth in the second half of the year, despite a decline compared to 2024 [4] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzu, Hong Kong Stock Exchange, and China Pacific Insurance [5] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy [5]

65%的背后，是国际金融机构的加速聚集，朝阳区凭借 "首都国际金融主聚集区""国际保险 + 再保险中 心""国际创投集聚区" 的清晰定位，众多国际知名金融机构纷纷落户。 2025北京CBD论坛年会朝阳区"两区"建设五周年成果新闻发布会6月10日举行。截至目前，朝阳区金融 发展交出亮眼成绩单，区内金融机构数量已突破 1800 家，其中外资(合资)机构近 400 家，占全市总量 约 65%。 而在跨境贸易方面结算方面，宁波银行北京分行为朝阳注册企业中国船舶燃料(香港)有限公司发放1400 万美元贷款，为山海国际有限公司发放1340万美元贷款，实现境外企业境内账户无缝获取信贷支持(外 币NRA账户与境内账户发生收支视同跨境)。 而在政策方面，众多创新实践建立起制度型开放新优势，朝阳区创新金融政策先行先试，不断提升跨境 金融便利化水平。中信银行、德意志银行、中金公司等机构入围"北向互换通"首批报价商名单；宝马 (中国)落地全市首笔外资汽车金融行业数字人民币车贷还款试点；西门子财务落地全市首笔外资企业数 字人民币大额缴税…… "下一步，朝阳区将持续提升金融产业能级，打造金融高质量发展示范区。加大力度吸引国内外知名金 融 ...

Core Viewpoint - The upcoming trade talks between the U.S. and China in London are significant, with potential implications for technology sanctions and tariffs, as well as the broader economic landscape [1][2][6]. Group 1: Trade Talks - The meeting will take place in London, a neutral location, symbolizing equality and historical significance as the first country to reach a trade agreement with Trump [2]. - The U.S. delegation includes key figures: Treasury Secretary Mnuchin, Commerce Secretary Ross, and Trade Representative Lighthizer, indicating a serious approach to negotiations [3][4]. - The involvement of Commerce Secretary Ross suggests that technology sanctions will be a topic of discussion, which could indicate a shift in U.S. policy [3][6]. Group 2: Economic Implications - There is speculation that the U.S. may make concessions during the talks, such as easing technology sanctions or extending tariff suspension periods, which could positively impact the market [6]. - The outcome of these negotiations is expected to influence market movements, particularly in the A-share market [6]. Group 3: Federal Reserve and Interest Rates - Trump has been pressuring Federal Reserve Chairman Powell to lower interest rates significantly, citing the need to reduce government borrowing costs [7][11]. - The U.S. national debt has surpassed $36 trillion, with a debt-to-GDP ratio exceeding 120%, raising concerns about fiscal sustainability [11][12]. - The urgency for rate cuts is driven by the impending maturity of a substantial amount of U.S. debt, which could lead to increased interest expenses if rates remain high [12].