Group 1 - The 2025 Global Investor Conference held by the Shenzhen Stock Exchange highlighted the increasing interest of global investors in the Chinese capital market, emphasizing the certainty of the Chinese economy and institutional openness as key factors for investment [1] - Since September 26 of the previous year, the market value of foreign-held stocks in strategic emerging industries in Shenzhen has increased by 40%, with trading volume rising by 90% [1] - The Vice Chairman of the China Securities Regulatory Commission (CSRC) stated that a stable Chinese economy will provide irreplaceable investment opportunities for global investors, supported by a robust economic foundation [1] Group 2 - Over 90% of newly listed companies in 2024 are high-tech enterprises, indicating a strong focus on innovation within the Chinese market [2] - The CSRC plans to introduce policies to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to provide more suitable and inclusive institutional support for enterprise innovation and growth [2] - As the effects of high-quality economic development and the vitality of reform and opening-up become more evident, the Chinese capital market is expected to become an important platform for more foreign investment [2]

Group 1: Economic Growth and Trade - Henan's foreign trade has shown significant growth, with a total import and export value exceeding 270 billion yuan in the first four months of the year, marking a year-on-year increase of 29.5% [2] - The province has implemented 27 measures to stabilize and enhance foreign trade, providing practical support for enterprises to explore new markets [2] - The recent Canton Fair saw 575 enterprises from Henan achieve over 100 million USD in export transactions with 15 countries, injecting new momentum into the province's foreign trade development [2] Group 2: Investment Attraction - Henan has actively promoted investment, forming a delegation to Hong Kong and signing 52 projects with a total investment of 51 billion yuan at the 2025 Global Henan Business Conference [2] - The establishment of a factory by Brazil's BRF company in Xihua County, with an investment of nearly 600 million yuan, marks a significant foreign investment in the province [2] - In the first four months of the year, 148 new foreign enterprises were established in Henan, representing a year-on-year increase of 38.3% [2] Group 3: Infrastructure and Logistics - The Zhengzhou Comprehensive Bonded Zone has attracted major e-commerce companies, enhancing the province's logistics capabilities and connecting it to global markets [4] - Henan is focusing on developing its hub economy by improving transportation networks, including high-speed rail and air transport, to facilitate domestic and international trade [5] - The "Air Silk Road" now covers over 200 cities globally, and the China-Europe Railway Express reaches more than 40 countries and regions, showcasing Henan's expanding logistics network [6] Group 4: Regulatory Innovations - Henan has successfully launched the first cross-border e-commerce TIR card train to Moscow, indicating progress in optimizing regulatory frameworks [8] - The province's Free Trade Zone has produced 615 institutional innovation results since its establishment, with 25 of these being promoted nationwide [8] - A new regulation aimed at supporting institutional innovation in the Free Trade Zone has been implemented, highlighting Henan's commitment to high-level openness [8] Group 5: Overall Development Strategy - Henan is transforming from an inland region to a competitive frontier through continuous openness, aiming to participate more actively in global competition [9] - The province's strategy includes deepening integration into global industrial divisions and enhancing its open economic environment [3][9]

Group 1 - The Tianjin Free Trade Zone has achieved a 73% growth in import and export value over the past 10 years, surpassing 300 billion yuan, with nearly 90,000 operating entities in the area [2] - The zone has implemented 49 institutional innovations that have been replicated nationwide, maintaining a top-three position in the institutional innovation index among 22 free trade zones in China [2][3] - The customs authority has introduced innovative customs clearance models, such as the "one item, one vehicle" sampling method for imported vehicles, enhancing efficiency and reducing costs [3][5] Group 2 - The new "extension of classification pre-determination" policy allows companies to extend the validity of their classification decisions by three years without reapplying, streamlining the process and saving time [4] - In 2024, Tianjin enterprises applied for 59,000 certificates of origin, a 9% increase year-on-year, with export value benefiting from tariff reductions amounting to 26.81 billion yuan [5] Group 3 - The Tianjin customs has facilitated cross-regional art exhibitions through a bonded display model, significantly improving logistics efficiency and reducing costs for high-value items [6] - The introduction of a direct shipping line for cherries from Chile to Tianjin has reduced transportation time by one week, showcasing the effectiveness of the "zero waiting time" measures for fresh produce [7] Group 4 - The launch of bonded mixed ore business at Tianjin port is expected to bring an annual increase of approximately 2 million tons of iron ore imports, translating to nearly 200 million USD in trade value [8] - The "bonded leasing + bonded display + re-leasing" model allows companies to avoid costly return logistics, enhancing operational flexibility and customer engagement [9] Group 5 - The integration of bonded processing, maintenance, leasing, and display trading has fostered the development of new business models in Tianjin, enhancing its open economy [10] - The Tianjin Free Trade Zone has become a hub for the aviation leasing industry, accounting for 90% of the national aircraft leasing business and 80% of the ship leasing business, with financing leasing value reaching approximately 75.77 billion yuan [10][11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of enhancing the stability and attractiveness of China's capital market for global investors, highlighting the ongoing reforms and measures to improve cross-border investment opportunities [1][2]. Group 1: Market Stability and Investment Opportunities - The CSRC aims to enhance the transparency and predictability of regulations, improve communication with international investors, and support foreign institutions in applying for new business and products [1][4]. - In response to global market fluctuations, China has implemented a series of stabilizing measures, including increased support from the Central Huijin Investment Ltd. and the People's Bank of China, which have bolstered market confidence [2][3]. - Long-term funds, such as social security and insurance, have net purchased over 200 billion yuan of A-shares this year, indicating a positive cycle of capital inflow and market stability [2][3]. Group 2: Corporate Performance and Investor Returns - A significant portion of A-share listed companies are focusing on returning value to investors through cash dividends, share buybacks, and mergers, with 2024 seeing a record 2.4 trillion yuan in dividends and 147.6 billion yuan in share repurchases [3][4]. - The proportion of high-tech enterprises among newly listed companies has exceeded 90%, with a notable increase in R&D spending, totaling 1.6 trillion yuan in 2024, reflecting a strong innovation drive [3][4]. - The current valuation of A-shares remains relatively low, with the CSI 300 index's price-to-earnings ratio at 12.6 times, which is significantly lower than major overseas indices, highlighting the investment value [3][4]. Group 3: Cross-Border Financial Services - The CSRC is actively expanding cross-border connectivity and has eliminated foreign ownership limits in various sectors, enhancing the participation of foreign institutions in futures and options markets [4][5]. - The regulatory body is committed to systematic openness, focusing on aligning rules and standards to facilitate mutual access between domestic and international markets [4][5]. - Strengthening bilateral and multilateral cross-border regulatory cooperation is a priority, along with enhancing collaboration between mainland and Hong Kong markets to maintain Hong Kong's status as an international financial center [5].

李明表示，接下来，中国证监会将着力增强制度的透明度和可预期性，完善与国际投资者的沟通机制， 进一步提高境外上市备案管理质效，优化合格境外投资者等机制安排，支持符合条件的外资机构申请新 业务、设立新产品，不断健全跨境金融服务体系。将着力增强对外开放的系统性，加强股票、债券、期 货市场开放的相互协同，加大期货期权国际化品种供给，丰富资产配置和风险管理等工具。将着力增强 双边和多边跨境监管合作，积极参与国际标准规则制定，进一步加强内地与香港市场合作，巩固香港国 际金融中心地位。 首先，投资中国意味着更高的确定性。这种确定性来自稳健的经济基本面，中国具有完整的产业体系、 齐备的基础设施、超大的市场规模、不断积聚的发展动能、长治久安的社会环境，在世界经济增长放缓 的背景下，中国坚持扩大内需与扩大开放并重，加快构建新发展格局，一直是全球GDP增长的主要贡献 者，今年一季度中国GDP同比增长5.4%，取得"开门红"，展现出强大的韧性。 其次，充满活力的上市公司群体是投资中国的价值源泉。近年来，中国证监会牢牢把握上市公司作为资 本市场基石的定位，着力强化产品和服务支持，规范活跃并购重组市场，督促完善治理结构，引导提升 ESG ...

Economic Insights - Structural highlights in consumption: The "trade-in" policy stimulated retail sales of home appliances, furniture, and communication equipment, with year-on-year growth ranging from 19.9% to 38.8%. Jewelry sales increased by 25.3% due to fluctuations in gold prices, indicating a short-term focus on policy-benefiting consumption sectors [3] - Investment growth driven by equipment upgrades: From January to April, equipment purchase investment rose by 18.2% year-on-year, contributing 64.5% to overall investment growth, with manufacturing investment leading at 8.8% [3] - Export window period clarified: In April, exports increased by 9.3% year-on-year, benefiting from the "temporary suspension" of US-China tariffs and transshipment trade, with a focus on capitalizing on export benefits before June [3] - Urban renewal presents trillion-level opportunities: Policies have outlined six major guarantees for urban renewal, with expected annual investments exceeding one trillion, prioritizing smart infrastructure, green buildings, and underground pipeline networks [3] - Policy intensification focuses on "four stabilizations": Extraordinary counter-cyclical adjustments will accelerate, with a focus on supporting technology research and development, consumption expansion, and foreign trade upgrades [3] Investment Trends - Foreign capital continues to heavily invest in A-shares: Foreign investors hold a stable market value of A-shares at 3 trillion yuan, with policies clarifying directions for "institutional opening" [3] - Accelerated inflow of medium to long-term funds: Social security, insurance, and annuities have net bought over 200 billion yuan in A-shares this year, reinforcing market expectations of "steady growth" [3] - Policy catalyzes mergers and acquisitions: The new "Major Asset Restructuring Management Measures" have been implemented, alongside cash dividends and buybacks, prioritizing central enterprise integration and cross-industry mergers and acquisitions [3] Industry Developments - Smart manufacturing equipment industry scale surpasses 3.2 trillion yuan: There is an urgent demand for technological upgrades, focusing on breakthroughs in robotics, CNC machine tools, and automated production lines [5] - Industrial mother machines require breakthroughs in thermal error compensation technology: AI real-time monitoring and error control technologies will be key investment directions for improving processing accuracy [5] - Domestic industrial robots enter the "software-defined performance" stage: Software algorithms and common technologies are core breakthroughs for domestic replacements, with a focus on companies with foundational algorithm development capabilities [5] - Automation rate in new energy vehicle assembly is only 25%-30%: Embodied intelligent technologies will drive a market worth hundreds of billions, focusing on smart equipment and adaptive production solutions [5] - The demand for intelligent equipment in shipbuilding is surging: Intelligent welding and coating equipment can shorten manufacturing cycles by over 30%, with a focus on suppliers of intelligent devices in the shipbuilding industry [5] Entertainment Industry in Saudi Arabia - Saudi Arabia's entertainment industry aims for a clear target by 2030: Expected to contribute 4.2% to GDP and create 450,000 jobs, becoming a core pillar of economic diversification [9] - Young consumer power drives local entertainment explosion: 33% of consumers plan to increase outdoor entertainment spending, focusing on high-frequency, diverse experiential consumption scenarios [9] - "Entertainment + real estate" integration model significantly enhances value: Projects combining entertainment facilities with residential functions increase land value and long-term leasing demand [9] - Foreign capital layout window opens: Saudi entertainment is one of the few "greenfield" markets among G20 countries, with policy support and localized cooperation providing low-competition, high-growth opportunities [9] - Immersive experiences become a new growth point: Extending traditional entertainment boundaries, focusing on differentiated products like esports venues and adventure tourism [9]

Core Viewpoint - The construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has faced new opportunities and challenges after six years since the release of the development plan in 2019, particularly in the context of global uncertainties exacerbated by trade tensions initiated by the U.S. [1] Group 1: Guangdong's Role - Guangdong is actively promoting deep integration and cooperation within the GBA, establishing a solid foundation for collaborative development among the three regions [3] - The Shenzhen Financial Bureau has initiated four specialized teams to enhance financial cooperation with Hong Kong, focusing on areas such as enterprise overseas expansion and financial technology [3] - There is a strong emphasis on supporting GBA enterprises to list in Hong Kong and facilitating the return of qualified Hong Kong companies to the Shenzhen Stock Exchange [3] Group 2: Hong Kong's Contribution - Hong Kong plays an irreplaceable role in the GBA as an international financial center, focusing on four financial areas: innovative finance, green finance, livelihood finance, and Silk Road finance [5] - The introduction of the 18A listing rule has positioned Hong Kong as the second-largest biotech financing center globally, with potential for around 70,000 tech companies in the GBA to seek funding through this platform [5] - Hong Kong aims to enhance its role as a "super connector" for mainland enterprises seeking to expand internationally, leveraging its unique legal advantages and high-quality professional services [5][8] Group 3: Macao's Strategic Position - Macao is positioned as a "precise connector" targeting Portuguese-speaking countries, complementing Hong Kong's role [6][7] - The Macao Financial Management Bureau is focusing on enhancing connectivity with mainland and Hong Kong financial markets, including plans for a rapid payment system and digital currency integration [7] Group 4: Common Strategies Amid Uncertainty - Key strategies discussed by participants from Guangdong, Hong Kong, and Macao include open innovation to address global uncertainties and trade tensions [8] - Emphasis on strengthening the dual circulation hub function, enhancing domestic demand, and promoting deep integration with the mainland market [8] - The importance of leveraging the "One Country, Two Systems" advantage to enhance international cooperation and trade investment links, particularly with ASEAN and BRICS countries [8][9]

此外，投资中国就是投资未来。"2024年以来新上市的公司中，高新技术企业占比超过九成，先进制 造、数字经济、绿色低碳等领域快速涌现出一批龙头企业；2024年实体上市公司研发费用合计1.6万亿 元，同比增长3.1%，超过800家上市公司研发强度超过10%。"他列举的一系列数据显示，A股上市公司 的科技成色和创新动能不断提升，这反映了中国新质生产力发展的最新成效。 在他看来，制度型开放将为投资中国创造更好的生态条件。接下来，中国资本市场开放的步伐将始终坚 定，具体包括以下措施： ——按照制度型开放的部署要求，加强对外开放顶层制度设计，着力推进规则、规制、管理、标准相容 相通，让制度在推进双向开放中更好发挥固根本、利长远的基础性作用； 专题：深交所2025全球投资者大会：新质生产力 投资中国新机遇——开放创新的深圳市场 5月19日至20日，深交所2025全球投资者大会在深圳举行。中国证监会副主席李明向全球投资者发出了 投资邀约，李明表示："当下，更加稳健的中国经济和更有韧性的A股市场，将为全球投资者提供不可 替代的投资机遇。希望全球投资者提出宝贵意见、分享有益经验，与我们共同打造各类资金'愿意来、 留得住、发展得好 ...

每经记者｜王砚丹 每经编辑｜叶峰 深交所2025全球投资者大会今日举行，摩根士丹利董事总经理、中国在岸股票业务主管沈黎在接受采访 时表示，随着中国资本市场制度型开放不断深化，叠加市场估值吸引力凸显，外资机构正迎来在华发展 的黄金窗口期。 一是政策"工具箱"储备充足：财政空间充裕，为一揽子货币和财政增量政策提供保障，增量超长期国债 的发行以及央行的降息降准都能对冲部分关税带来的扰动，给经济发展提供新的动能。 "中国不断推出高水平制度型开放政策，如明确支持符合条件的外资机构在境内设立机构，持续提升金 融市场开放程度，包括取消外资持股比例限制、放宽外资机构和业务准入条件、扩大外资机构业务范围 等，使得对外开放的广度和深度不断扩展，让外资进得来也留得住。"沈黎指出，"近年来已经有近百家 外资资产管理机构纷纷布局中国市场，成立理财子公司、公募基金管理公司或者是外商独资企业 （WOFE）, 外商控股券商的名单也越来越长，达到11家。" 沈黎还认为，从微观层面看，交易所近些年也在不断完善交易细则和交易行为的管理，以"趋利避害、 突出公平、从严监管、规范发展"为总体思路，为市场注入更多的透明性、公平性，这对于外资机构长 期布 ...

证监会副主席李明5月19日在深交所2025全球投资者大会开幕式上表示，近年来，中国证监 会坚决贯彻落实党中央、国务院关于推动金融高水平开放的重要部署，深入推进市场、产 品、机构双向开放，持续提升跨境投融资的便利性、稳定性。 "外资是中国资本市场重要的参与者、建设者。中国证监会将始终坚持市场化、法治化、国际 化方向，以更实的举措推进资本市场改革开放。"李明说。 着力增强双边和多边跨境监管合作，积极参与国际标准规则制定，进一步加强内地与 香港市场合作，巩固香港国际金融中心地位 近期，将出台深化科创板、创业板改革政策措施，为企业创新成长提供更加适配、更 加包容的制度支撑 持续引导上市公司积极通过现金分红、回购增持、并购重组等方式提升投资价值，不 断打造高质量、有活力的上市公司群体，为全球投资者提供更多优质的投资标的 李明表示，对外开放是中国长期坚持的一项基本国策。无论外部环境如何变化，始终坚持对外开放 不动摇。近年来，中国证监会坚决贯彻落实党中央、国务院关于推动金融高水平开放的重要部署， 深入推进市场、产品、机构双向开放，持续提升跨境投融资的便利性、稳定性。目前，各类境外投 资者持有A股流通市值稳定在3万亿元左右， ...