煤化工、氧化铝等行业的治理思路则有所不同，主要通过遏制产能盲目扩张来实现控制目标。相关部门 将对新增产能项目进行科学论证，防止低水平重复建设，避免进一步加剧产能过剩局面。 加速整治"内卷式"竞争， 炼油钢铁等六大行业进行分类调控 国家发改委近期表态，针对"内卷式"竞争的整治政策正在加速推进。据悉，分行业化解产业结构性矛盾 的具体措施有望尽快落地，涉及炼油、钢铁、煤化工、氧化铝、新能源汽车、光伏等多个重点领域。 不同行业将采取差异化的整治手段。炼油、钢铁等传统产能过剩行业，政策重点聚焦化解存量过剩产 能，通过淘汰落后产能实现产业优化升级。这些行业长期面临产能利用率偏低的困扰，亟须通过结构性 调整提升整体效率。 《方案》提出，在提高投资促进水平方面，山东省将精心打造以跨国公司领导人青岛峰会、儒商大会、 港澳山东周、新加坡山东周等为支撑的重大活动矩阵，提升国际影响力；聚焦欧洲、新加坡、日韩、香 港等主要投资来源地，用好"投资中国"、进博会等国家级平台，实施精准靶向招商；深化与央企合作， 一体推进利润再投资、跨国股权并购、新能源和金融领域引资等创新利用外资方式，全力稳住外资基本 盘。 在增强开放平台效能等方面，山东省 ...

投资咨询业务资格：证监许可【2011】1778 号 资讯早班车 资讯早班车-2025-07-03 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250630 | 2025/06 | 制造业 PMI | % | 49.70 | 49.50 | 49.50 | | 20250630 | 2025/06 | 非制造业 PMI:商务活 动 | % | 50.50 | 50.30 | 50.50 | | 20250613 | 2025/05 | 社会融资规模增量:当 | 亿元 | | 22870.00 11599.00 | 20623.00 | | | | 月值 | | | | | | 20250613 | 2025/05 | M0(流通中的现金):同 比 | % | 12.10 | 12.00 | 11.70 | | 202506 ...

证券时报记者孙璐璐 近期，中国人民银行、金融监管总局、国家外汇局、上海市人民政府联合印发了《上海国际金融中心进 一步提升跨境金融服务便利化行动方案》（下称《行动方案》）。为便于外界更好理解《行动方案》的 政策举措，4月23日，央行召开新闻发布会对新政"划重点"。 央行副行长陆磊表示，《行动方案》有两个核心要点。一是突出上海国际金融中心建设，二是聚焦提升 跨境金融服务便利化。当前，上海国际金融中心建设稳步前进、成效显著，特别是在跨境金融服务领域 先行先试，形成了一批可复制、可推广的"上海经验"。《行动方案》推出系列金融支持政策，形成赋能 企业"走出去"的强大支撑体系，有利于提升上海国际金融中心国际化水平，持续增强上海国际金融中心 的竞争力和影响力，更好地服务金融强国建设。 在当前外部环境发生深刻变化的背景下，提升跨境金融服务便利化具有更为重要的意义。《行动方案》 从提高跨境结算效率、优化汇率避险服务、强化融资服务、加强保险保障、完善综合金融服务等五方面 提出了18条重点举措。 央行研究局局长王信表示，《行动方案》以业务流程优化和技术赋能为支撑，兼顾效率与安全，有四个 方面的亮点。一是多项政策先行先试，《行动方案 ...

据介绍，上期所业务规则国际化改造旨在打通境外参与者参与期货交易全流程，修订完善市场准入、交 易、结算、风险控制、交割五大板块内容，明确境外参与者准入规范，优化期货期权交易流程，构建委 托结算分级结算制度，强化风险控制体系，健全交割机制。 本次业务规则国际化改造总体思路为：一是实现上期所平台国际化，全面引入境外参与者，打通境外参 与者参与期货交易全流程。二是助力提升人民币国际化程度，实行人民币计价，外汇作为保证金等制 度。三是探索中国特色期货监管制度和业务模式，完善交割制度，为未来上期所品种国际化提供可借鉴 可复制经验。 上期所表示，为服务国家高水平对外开放战略，助力上海国际金融中心建设，提升重要大宗商品价格影 响力，上期所围绕加强监管、防范风险、促进期货市场高质量发展这一主线，立足中国特色期货监管制 度，拟对现行业务规则进行系统性国际化改造，全面引入境外参与者全流程参与境内期货市场，着力构 建一套与上期所平台国际化相适应的安全、规范、透明、开放、可预期的制度体系，推动上期所高水平 制度型开放。 证券时报记者沈宁 上期所规则国际化改造主要涉及制定、修订34项第二层级业务规则。在市场准入制度方面，全面规定境 外参 ...

Core Viewpoint - The rise of stablecoins is becoming a critical issue globally, with countries needing to address the potential negative impacts on their financial systems while also seizing opportunities for currency globalization [1][2]. Group 1: Importance of Stablecoins - Stablecoins have surpassed a market size of $250 billion globally, indicating their growing significance in the payment system [2]. - Visa's data predicts that by June 2025, adjusted stablecoin payment transactions will reach 1.6 billion, with a transaction value of $7.3 trillion [2]. - Citibank estimates that stablecoin market value could reach $3.7 trillion by 2030 under optimistic scenarios [2]. - Stablecoins offer advantages over traditional payment methods, such as fewer payment steps, shorter processes, and lower costs, especially in cross-border payments [2][3]. Group 2: Regulatory Developments - The U.S. and Hong Kong have enacted legislation to regulate fiat-backed stablecoins as payment tools, emphasizing the need for compliance and anti-money laundering measures [1][2]. - Countries like the UK and South Korea are also incorporating stablecoins into their legislative frameworks [1][2]. - The regulation aims to protect and promote fiat currency sovereignty while addressing risks posed by foreign stablecoins linked to local currencies [3][4]. Group 3: Implications for the Renminbi - The internationalization of the Renminbi is being supported by the development of Renminbi stablecoins, which could enhance its global competitiveness [1][4]. - The potential risks from foreign stablecoins linked to the Renminbi necessitate regulatory measures to mitigate impacts on the domestic financial system [4][6]. - The issuance of Renminbi stablecoins should focus on supporting emerging economic development rather than competing directly with U.S. dollar stablecoins [4][5]. Group 4: Central Bank Digital Currency (CBDC) and Stablecoins - The People's Bank of China is leveraging CBDC to address challenges in cross-border payments, with the CBDC bridge project processing payments in 6 to 9 seconds, significantly reducing costs [5]. - CBDCs and stablecoins serve complementary roles, with stablecoins primarily used for cross-border settlements and CBDCs for domestic transactions [5][6]. - The development of offshore Renminbi stablecoins could enhance the use of Renminbi in international payments, particularly in transactions involving non-Chinese enterprises [5][6].

Group 1 - The uncertainty of US tariff policies and expectations of economic slowdown have heightened market panic and increased volatility in international financial markets since 2025 [1] - The share of non-US dollar currencies, such as the Renminbi and Euro, in sovereign reserves is continuously rising, and their use in trade settlements is becoming more widespread [1] - Experts at the Summer Davos Forum indicated that the world is undergoing a "de-dollarization" process, but it is still far from challenging the dollar's dominance [1] Group 2 - The absolute dominance of the US dollar has weakened, but it remains the leading currency; challenges from non-dollar sovereign currencies are still premature [2] - Current US tariff and immigration policies may have long-term impacts, increasing trade costs and reducing consumption, investment, and merger intentions [2] - Stablecoins are gaining significant attention in the global financial community, with the US potentially using stablecoin development to reinforce the dollar's international status [2]

Core Insights - The Bond Connect "Northbound" trading volume reached 915.6 billion RMB in May 2025, with a daily average of 48.2 billion RMB, reflecting a 30-fold increase since its launch [1] - The Bond Connect has been a significant milestone in China's financial market opening, facilitating foreign investors' access to the Chinese bond market [2][3] - The total trading volume for the "Northbound" channel in the first five months of 2025 was 4.66 trillion RMB, indicating high market activity and increased foreign participation [3] Group 1: Development and Growth of Bond Connect - The Bond Connect was launched in July 2017, marking an important step in China's financial market opening, with the "Southbound" channel introduced in September 2021 and the "Swap Connect" in May 2023 [2] - As of May 2025, foreign institutions held 4.35 trillion RMB in interbank market bonds, accounting for 2.6% of the total custody volume [2] - The number of foreign institutional participants in the bond market has increased, with 1,169 entities entering the market by May 2025 [2] Group 2: Market Impact and Investor Participation - The Bond Connect has diversified the types of bonds that foreign investors are willing to invest in, expanding beyond traditional government and policy bank bonds to include credit bonds and asset-backed securities [3] - The introduction of the "Swap Connect" has further enhanced the ability of foreign investors to manage RMB interest rate risks, with over 12,000 transactions and a nominal principal amount of approximately 6.5 trillion RMB by April 2025 [7] - The ongoing optimization of the Bond Connect mechanism, including a 60% reduction in service fees, has made it more attractive for foreign investors [6] Group 3: Future Prospects and Recommendations - Experts suggest that expanding the "Southbound" channel to include non-bank financial institutions could enhance global asset allocation opportunities and stimulate innovation in financial products [10][11] - The Bond Connect is expected to continue to play a crucial role in increasing market liquidity and facilitating the internationalization of the RMB [5][9] - There is a call for further simplification of the bond settlement process to improve the efficiency of transactions for foreign investors [11]

八年前的今天，债券通"北向通"正式上线。经过八年的快速成长，债券通已经成为连接境内外金融市场 的重要桥梁，也是外资持续流入中国金融市场的重要渠道。 债券通有限公司发布的运行报告显示，今年5月份，债券通"北向通"累计成交9156亿元，日均成交482亿 元。与开通首月的日均成交15亿元相比，增长超31倍。截至今年5月末，通过债券通"北向通"入市投资 者达835家。 景顺董事总经理、亚太区固定收益主管黄嘉诚在接受《证券日报》记者采访时认为，这些数据表明，债 券通推动了外资持有中国债券的规模快速增长，促进了中国债券市场的国际化进程。从债券市场的深度 来看，债券通也推动了中国债券市场的多层次发展，促进了市场的创新和发展。 "北向通"日均成交增长超31倍 回望来路，2017年7月3日，债券通"北向通"正式启动，为全球投资者参与中国债券市场提供了更加便利 的通道。 彭博大中华区总裁汪大海对《证券日报》记者表示，未来随着债券通"南向通"合格境内投资者范围的扩 大，有望进一步助力投资机构优化资产配置，为香港债券市场引入更多增量资金，提升市场流动性，深 化境内外债券市场的互联互通。 2023年5月15日，内地与香港利率互换市场互 ...

结合外部环境来看，港股市场以国际机构投资者为主，容易受到国际环境影响，造成市场大幅波动。南 向资金的流入，一方面能够有效应对外资流出风险，平滑市场波动，稳定市场预期；另一方面也能推动 港股市场走出与中国经济基本面联动的独立行情，优化市场定价逻辑，强化价值发现功能，提升对全球 资本的吸引力。 其二，南向资金重点流向科技、新消费等领域，促进两地产业协同发展，推动新质生产力发展。 ■邢萌 今年上半年，南向资金净流入港股超7300亿港元，创下历史同期最高纪录，显示出内地投资者对于港股 市场的青睐。 南向资金是内地投资者通过港股通投资港股市场的资金，其波动轨迹直观反映出内地投资者对于港股市 场投资价值的动态判断，也是观察两地资本市场联动效应的重要窗口。 今年以来，两地资本市场政策不断优化，引导南向资金流入港股，促进两地产业协同发展，巩固中国香 港国际金融中心地位，释放出多重积极效应。 其一，南向资金为港股市场输入大量资金，增强内地资金定价权，缓解市场流动性压力，提升市场交易 活跃度，提高市场定价效率。 在此之前，由于流动性不足、投资者结构差异等原因，港股市场长期估值偏低、交易情绪低迷，南向资 金买入优质资产后，能够推动 ...

Core Viewpoint - The recent issuance of a total of $3.08 billion in QDII (Qualified Domestic Institutional Investor) quotas by the State Administration of Foreign Exchange represents a significant step in supporting cross-border investment by qualified institutions, reflecting China's commitment to financial market openness and enhancing investor confidence [1] Group 1: Impact on Financial Market - The expansion of QDII quotas promotes the two-way opening of China's financial market, enhancing its influence in the global financial system and signaling China's determination to integrate into the global financial landscape [2] - The QDII system, alongside the QFII (Qualified Foreign Institutional Investor) system, facilitates the dual flow of capital, optimizing global capital allocation and creating a new pattern of coordinated development between "bringing in" and "going out" [2] Group 2: Internationalization of Renminbi - Certain QDII products allow for investments in offshore RMB-denominated assets, which helps expand the use and acceptance of the Renminbi abroad, enhancing its attractiveness as an international investment currency [3] - The healthy development of the QDII system contributes to the steady rise of the Renminbi's status in the international monetary system [3] Group 3: Investor Demand and Asset Management - The growing demand for cross-border investment has led to an increase in the scale of QDII funds, with the latest net asset value reaching 654.28 billion yuan, reflecting investor recognition and demand for QDII products [4] - The issuance of new QDII quotas provides strong support for asset management institutions to meet the increasing global asset allocation and risk diversification needs of domestic residents [4] Group 4: Competitiveness of Domestic Financial Institutions - The recent QDII quota expansion allows financial institutions, particularly fund companies and brokerages, to enhance their international competitiveness and global asset management capabilities [5] - The expansion is not merely about increasing scale; it aims to guide domestic funds to invest abroad, fulfilling various investor needs while strengthening the integration of the Chinese economy into the global financial system [5]