证券研究报告——晨会聚焦 2025 年 6 月 22 日 | 6 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 688019.SH | 安集科技 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600600.SH | 青岛啤酒 | | 688507.SH | 索辰科技 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3362.11 | (0.79) | | 深证成指 | 10051.97 | (1.21) | | 沪深 300 | 3843.09 | (0.82) | | 中小 100 | 6338.05 | (0.87) | | 创业板指 | 2026.82 | (1.36) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 石油石化 | 0.86 | 纺织服饰 | (2.36) | | 银行 | (0.15) | 美 ...

Group 1 - China's financial reform is transitioning from "access opening" to "rule alignment," with significant measures announced at the "2025 Lujiazui Forum" aimed at attracting foreign financial institutions and optimizing cross-border payment systems [1][2] - The recent policies emphasize invigorating the financial market domestically while supporting enterprises' internationalization and the internationalization of the Renminbi [2][3] - The China Securities Regulatory Commission (CSRC) has introduced further reforms to the Sci-Tech Innovation Board, including the establishment of a growth tier and the resumption of listing standards for unprofitable companies [2][3] Group 2 - The measures aim to enhance the interconnectivity of financial markets, providing more convenient cross-border investment channels and promoting two-way capital flow [3][5] - Foreign financial institutions have shown increasing interest in the Chinese market, with the CSRC allowing compliant foreign investors to participate in onshore ETF options trading starting from October 9, 2025 [3][5] - The financial opening is expected to drive economic growth, with opportunities arising in cross-border trade finance, asset management, and insurance sectors [3][6] Group 3 - The total assets of foreign banks and insurance institutions in China exceed 7 trillion yuan, with a significant presence of global top banks and insurance companies [5][6] - The banking sector is expected to enhance risk management capabilities and expand business boundaries through recent policy initiatives [6][7] - The asset management industry is evolving towards diversification and professionalization, with foreign institutions encouraged to accelerate their presence in investment and asset allocation [6][7]

Core Viewpoint - The approval of AIA Life and Netherlands Global Life to establish insurance asset management companies in Shanghai reflects China's commitment to financial openness and the growing interest of foreign institutions in the Chinese insurance market [1][2]. Group 1: Financial Market Developments - The insurance industry has been a key component of China's financial opening, with the average annual growth rate of entrusted assets in trust, wealth management, and insurance asset management reaching approximately 8% over the past five years, making China the second-largest asset and wealth management market globally [1][6]. - Foreign insurance companies' market share in China has increased from 4% in 2013 to 9% currently, indicating a growing presence and confidence in the market [1]. - As of June 18, 2025, there were 330 registered insurance asset management products, with a significant increase in the first quarter of 2025, where 156 products were registered, marking a 108% increase compared to the same period in 2024 [7]. Group 2: Company Strategies and Goals - AIA Life aims to create a flexible insurance asset management product system tailored to the Chinese market, focusing on long-term stable returns and supporting the development of the real economy [3][4]. - The CEO of Netherlands Global Life has emphasized that the establishment of an insurance asset management company will complement existing business operations and enhance their market presence in China [5][4]. - AIA Life's commitment to long-term investment strategies aligns with the growing demand for diversified and professional wealth management solutions in China, driven by the expanding middle-income group [3][8]. Group 3: Performance Metrics - Domestic insurance asset management companies have reported strong performance in the first quarter of 2025, with China Life Asset achieving a revenue of 1.718 billion yuan, a year-on-year increase of 27.35% [8]. - The net profit of China Life Asset reached 946 million yuan, reflecting a growth of 27.32% compared to the previous year [8]. - The overall market for insurance asset management products is thriving, with 91.05% of products showing positive net value returns this year [7].

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].

Group 1 - A-shares experienced a decline this week, with the Shanghai Composite Index falling 0.51% to 3359.90 points, while other indices such as the Shenzhen Composite, ChiNext, Sci-Tech 50, and Northbound 50 dropped by 1.60%, 1.69%, 1.55%, and 2.55% respectively [1] - The decline in A-shares is attributed to both internal and external factors, with positive consumption data released by the National Bureau of Statistics providing slight support to market sentiment [1] - On Wednesday, despite most stocks declining, the index saw a slight increase due to rising bank stocks, influenced by the announcement of eight financial opening measures by the central bank during the "2025 Lujiazui Forum" [1] Group 2 - On Thursday, A-share indices saw an expanded decline, indicating a clear weakening of market technical patterns, while Hong Kong stocks underperformed A-shares amid unfavorable Middle East news [2] - On Friday, A-shares initially rebounded but weakened again in the afternoon, with all major indices recording slight declines, while Hong Kong stocks showed some recovery [2] - In the absence of significant internal and external positive factors, it is speculated that A-shares may continue to trend weakly in the short term, although substantial declines are unlikely, suggesting investors should remain patient and observant for potential turning points [2]

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： ...