Group 1 - The core viewpoint of the article emphasizes the recent financial policies introduced by the central bank and the China Securities Regulatory Commission (CSRC) aimed at enhancing the financial market and supporting technology-driven enterprises [1][9]. - The first major point is the internationalization of the RMB, with the establishment of a digital RMB international operation center and bilateral currency swap agreements with over 30 countries [2]. - The second point focuses on the offshore market, highlighting reforms in offshore trade finance and the development of offshore bonds to attract offshore RMB back to the domestic market [4][5]. - The third point discusses the promotion of RMB futures trading in international markets, indicating a strategic move to enhance Shanghai's financial influence compared to Hong Kong [6][7][8]. Group 2 - The CSRC's announcement of the establishment of a new board for technology innovation, allowing companies to list even if they are not profitable, reflects a significant shift in policy to support tech startups [10][11]. - The fifth set of listing standards allows companies with a market value of over 4 billion and revenue of over 300 million to go public, indicating a more lenient approach to tech company listings [14][15]. - The article suggests that the integration of finance and technology is crucial for future investment opportunities, as seen in the U.S. tech market, which has significantly contributed to economic growth [21][22]. Group 3 - Despite recent downturns in the tech sector, the article argues that there is still substantial long-term potential for domestic tech stocks, especially when compared to U.S. tech giants [24][26]. - The current market conditions indicate a slow upward trend since the low point in September 2022, with fluctuations between 3100 and 3400 points in recent months [30][31]. - The recommended investment strategy is to prioritize stable assets like savings while cautiously investing a small portion in stocks and funds to preserve capital and prepare for future market opportunities [33][34][36].

Core Viewpoint - The 2025 Lujiazui Forum has concluded, marking a significant moment for China's financial reform and development, with a focus on intensive policies, expanded openness, and innovative development in the context of complex international dynamics [1][2]. Group 1: Intensive Policies - The Central Financial Committee issued an opinion to accelerate the construction of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities within five to ten years [2]. - The People's Bank of China announced eight financial opening measures to support the construction of the Shanghai International Financial Center, including establishing a trading report database and a digital RMB international operation center [2][3]. - The National Financial Regulatory Administration and the Shanghai Municipal Government released an action plan with practical measures to encourage innovation in technology finance and cross-border finance [3]. Group 2: Expanded Openness - Financial openness is a key theme, with the National Financial Regulatory Administration highlighting that China's financial openness benefits both itself and global capital [4]. - New initiatives, such as the establishment of a digital RMB international operation center and offshore trade financial service trials, are expected to reshape the global payment system [4][5]. - Shanghai is enhancing its international competitiveness in financial markets, with over 20 domestic and foreign reinsurance institutions now operating in the Shanghai Lingang New Area [5]. Group 3: Innovative Development - The forum emphasized the need for a financial service system that aligns with the rapid advancements in technology and industry, particularly in areas like artificial intelligence and biotechnology [6]. - The China Securities Regulatory Commission announced a series of reforms for the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of listings for unprofitable companies [6][7]. - Shanghai is focusing on integrating technology innovation with industry innovation, with significant financial support for technology enterprises, including a loan balance of approximately 1.3 trillion RMB for tech companies in 2024, reflecting a 22.6% year-on-year increase [8].

Group 1: Financial Policies Announced - The 2025 Lujiazui Forum opened with the theme "Financial Openness and Cooperation in the Global Economic Landscape" [1] - Eight policy measures will be implemented in Shanghai, including the establishment of a trading report database for interbank markets and a digital RMB international operation center [2][3] - A personal credit agency will be established to provide diversified credit products for financial institutions [3] Group 2: Offshore Trade and Financing - A pilot program for offshore trade financial services will be launched in the Lingang New Area of Shanghai [4] - Development of offshore bonds will follow international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [4] - The optimization of free trade account functions aims to enhance cross-border trade and investment [4] Group 3: Financial Opening and Foreign Investment - The National Financial Regulatory Administration plans to expand the breadth and depth of financial openness, optimizing the business environment for foreign investment [5] - The total assets of foreign banks and insurance institutions in China exceed 7 trillion yuan, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [5] - The administration will replicate successful practices from free trade zones to support foreign institutions in more financial business trials [5] Group 4: Support for Innovative Enterprises - The China Securities Regulatory Commission will enhance the STAR Market's role by introducing a growth tier and restarting the listing of unprofitable companies under the fifth set of standards [6][7] - New measures will include a pre-review mechanism for IPOs of quality tech companies and expanding the fifth set of standards to more frontier technology sectors [7] Group 5: Foreign Trade and Investment Facilitation - The State Administration of Foreign Exchange will support foreign trade enterprises and promote cross-border investment facilitation [8] - A series of foreign exchange innovation policies will be implemented in free trade pilot zones to stabilize employment and market expectations [9] - The administration will enhance the foreign exchange management system, focusing on convenience, openness, and security [9]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][29]. Core Insights - The 2025 Lujiazui Forum indicates a direction for future financial reforms, emphasizing structural adjustments in investment and financing over mere quantitative stimulus. The forum highlighted eight financial opening measures announced by the central bank, suggesting that the market may have underestimated the implications of these measures on financial market openness and structural reforms [3][4]. - The forum reinforced the core function of financial services to support the real economy, particularly in technology innovation, while also deepening high-level financial openness. The international monetary system and cross-border payment systems are evolving towards diversification, with the renminbi becoming the third-largest payment currency globally [4][5][6]. Summary by Sections Financial Asset Investment Companies - The regulatory support for financial asset investment companies is increasing, allowing national banks to establish these companies to engage in equity direct investment and support technology innovation enterprises. As of now, five financial asset investment companies have been established, with significant capital commitments exceeding 350 billion yuan [8][10][24]. - The expansion of financial asset investment companies is expected to enhance the competitiveness of national banks, particularly state-owned banks and China Merchants Bank [25]. Capital Market Developments - The establishment of a "Growth Layer" in the Sci-Tech Innovation Board aims to better support high-quality technology enterprises in obtaining financing for innovation. The introduction of the "1+6" policy measures will facilitate the integration of technology innovation and industrial innovation [12][11]. - In 2025, the IPO landscape has been dominated by the Sci-Tech Innovation Board and the Growth Enterprise Market, with significant fundraising activities indicating strong market support for technology enterprises [11][12]. Insurance Sector - The long-term stock investment pilot program is progressing, expected to bring stable medium- to long-term incremental funds to the capital market. The total scale of the pilot program has reached 2.22 billion yuan, with major insurance companies participating [21][22]. - The long-term investment strategy is aimed at enhancing the equity investment scale and proportion of insurance companies, focusing on high-quality equity assets for long-term investment opportunities [25].

瑞达期货研究院 「2025.06.20」 国债期货周报 期债震荡走强，长短分化明显 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 关 注 我 们 获取更多资讯 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管： 1、6月18日，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，包括 设立银行间市场交易报告库、同证监会研究推进人民币外汇期货交易等。2、6月18日，中国证监会发布公告称，经商中 国人民银行、国家外汇局，将从2025年10月9日起允许合格境外投资者参与场内ETF期权交易，交易目的限于套期保值。 3.金融监管总局会同上海市人民政府联合印发《关于支持上海国际金融中心建设行动方案》。 基本面：1、国内:1）5月经济数据偏弱，工增小幅回落，社零超预期回升，固投规模持续收敛，失业率环比改善；2） 出口前置的拉动作用持续弱化，5月出口同比增长4.8%，较前值回落3.3个百分点；3）5月金融数据小幅超预期，财政持 续发力，政府债有力支撑社融，但企业信贷需求走弱，经济内生动能仍待提振。 海外： ...

Core Viewpoint - The recent financial policy measures announced at the 2025 Lujiazui Forum signify China's commitment to deepen financial reform and enhance high-level openness, providing strong policy guidance for local financial systems, particularly for regions like Sichuan that are undergoing a critical transformation phase [1][2]. Policy Analysis - The eight financial opening measures reflect a clear signal of China's intention to maintain high-level openness and improve the modern financial system amidst global economic adjustments, focusing on stabilizing market expectations, deepening institutional reforms, and sustaining growth momentum [2]. - Among the eight measures, five are related to foreign finance, while three focus on domestic aspects, indicating a balanced approach to both internal and external financial development [2]. Key Directions - The measures emphasize three key areas: enhancing financial infrastructure for better resource allocation, facilitating cross-border capital flow through innovations like digital RMB and free trade accounts, and enriching risk management tools to improve market stability and service capabilities [3]. - The shift from "tool-based opening" to "systematic opening" is evident, indicating a long-term focus on institutional modernization and functional restructuring [3]. Opportunities for Sichuan - Sichuan, as a major western economic province, needs precise financial support and institutional supply to accelerate the development of strategic emerging industries and promote the specialization of small and medium-sized tech enterprises [4]. - The implementation of structural monetary policy tools and risk-sharing mechanisms for tech innovation can help establish a "Western Financial Innovation Corridor," enhancing financing accessibility for tech enterprises [4]. Recommendations for Sichuan - The establishment of a digital RMB international operation system and cross-border payment mechanisms will support Sichuan's economic interactions with the Chengdu-Chongqing economic circle and RCEP countries, enhancing local industries' efficiency in global value chains [5]. - Strengthening financial infrastructure, such as interbank transaction reporting and personal credit systems, is crucial for improving financial resource allocation and credit transparency in Sichuan [5]. - Innovations in offshore trade finance and offshore bonds can provide new opportunities for Sichuan as a hub for the Belt and Road Initiative, enhancing cross-border financing capabilities and attracting international capital [5].

Core Viewpoint - The recent developments in the Middle East have led to a decline in the Asia-Pacific markets, with A-shares experiencing a downward trend. However, the market showed signs of recovery on June 20, with the CSI A500 Index ETF (563880) slightly increasing by 0.31% as of 9:50 AM [1]. Group 1: Market Performance - On June 19, the Asia-Pacific markets experienced a broad decline due to escalating tensions in the Middle East, resulting in a single downward trend for A-shares [1]. - On June 20, the CSI A500 Index ETF (563880) opened higher and showed a slight increase of 0.31% by 9:50 AM, indicating a potential market recovery [1]. Group 2: Financial Forum Insights - The 2025 Lujiazui Forum opened on June 18, focusing on financial openness and high-quality development amid global economic changes. This forum is expected to promote capital market reforms and development, providing a favorable environment for the long-term outlook of the equity market [2][3]. - The People's Bank of China announced eight significant financial policies during the forum, including the establishment of a trading report database and a digital RMB international operation center, aimed at enhancing the financial market environment [3]. Group 3: Policy Implications - The forum's policies are expected to support long-term investment strategies, particularly in the context of the ongoing U.S.-China strategic competition, enhancing the international competitiveness of Chinese manufacturing [4][5]. - The reforms in the Sci-Tech Innovation Board (STAR Market) are designed to support high-quality technology enterprises, reflecting a commitment to developing new productive forces [5][6]. Group 4: Investment Opportunities - The CSI A500 Index ETF (563880) is highlighted as a key investment vehicle, focusing on core assets and new productive forces, which are expected to attract foreign capital amid a weak dollar environment [5][6]. - The ETF offers a low comprehensive fee rate and a monthly dividend assessment mechanism, providing investors with predictable returns and enhancing its appeal as a financing tool [7].

Group 1: Global Financial Governance and Reform - The evolution of the international monetary system is shifting towards a multi-polar structure, reducing reliance on a single sovereign currency and promoting competition among a few strong currencies [2][3] - The International Monetary Fund's Special Drawing Rights (SDR) is discussed as a potential super-sovereign currency, but faces challenges in achieving international consensus and market depth [2][3] - The global financial safety net is being strengthened through multi-layered support systems, including the IMF and regional initiatives, while regulatory frameworks are evolving to address emerging financial risks [4][5] Group 2: Cross-Border Payment Systems - Traditional cross-border payment systems are facing challenges such as inefficiency and high costs, prompting a call for a diversified payment system that enhances interoperability and leverages new technologies [3] - The rise of digital currencies and blockchain technology is reshaping the cross-border payment landscape, significantly shortening payment chains and posing regulatory challenges [3] Group 3: Financial Opening and Cooperation - Financial opening is a key theme in China's financial reform, with significant foreign investment in the banking and insurance sectors, enhancing governance and service diversity [10][11] - China's financial market is becoming increasingly integrated with global markets, with foreign banks and insurance companies holding substantial assets and contributing to market growth [10][11] Group 4: Capital Market Development - The capital market is evolving to support technological and industrial innovation, with a focus on creating a financial service system that meets the needs of innovative enterprises [17][18] - The multi-tiered capital market structure is effectively supporting technology innovation, with significant R&D investments from listed companies [19][20] Group 5: Foreign Exchange Market and Reform - The foreign exchange market in China is operating steadily, with the RMB showing resilience against external shocks and maintaining a balanced current account [26][27] - Future reforms in the foreign exchange sector aim to enhance convenience, openness, and security, while promoting cross-border financial facilitation [27][29] Group 6: Shanghai as a Financial Hub - Shanghai is positioned as a leading financial center in China, with ongoing support for its development through various policy initiatives aimed at enhancing cross-border financial services [30][31]

Report Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The forum focuses on institutional - level content such as financial opening. On the opening day of the forum, the changes in treasury bond yields were generally stable, with medium - and long - term yields rising slightly and the 1 - year yield still falling. The current bond market sentiment remains optimistic, and short - term bonds are a new rotation hot - spot [4][6]. - From a medium - term perspective, the signals released by the Lujiazui Forum are in line with the trend of a more stable monetary policy rhythm under the background of the easing of China - US tariff frictions. The situation of low bond market volatility but positive sentiment is likely to continue [4][9]. Summary by Related Content Event - On June 18, 2025, the 2025 Lujiazui Forum opened. At the opening ceremony, PBOC Governor Pan Gongsheng announced eight major financial opening measures [5]. Comment - The forum's emphasis on financial opening and other institutional aspects led to stable changes in treasury bond yields on the opening day. The current bond market sentiment is optimistic, with limited opportunities for going long, but low opportunity costs and risks in a loose capital environment and low - volatility bond market. Short - term bonds are strong as a new rotation focus [4][6]. - With the easing of China - US tariff frictions and a more stable monetary policy rhythm, the low - volatility and positive - sentiment situation in the bond market is likely to continue [9].

国债期货日报 2025/6/19 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否 符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。 如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 端在期货 | | 周四国债现券收益率集体走弱，到期收益率1-7Y上行0.2-1.1bp左右，10Y与30Y分别上行 | | --- | --- | | | 0.60bp、0.20bp至1.64%、1.85%。国债期货短弱长强，TS、TF主力合约分别下跌0.01、 | | | 0.02%，T、TL主力合约分别上涨0.01%、0.16%。DR007加权利率持续上行至1.68%附近震 | | | 荡。国内基本面端，5月经济数据偏弱，工增小幅回落，社零超预期回升，固投规模持续收 | | | 敛，失业率环比改善。金融数据延续分化态势，政府债仍为社融主要支撑，受地产降温、隐债 | | 观 ...