本报记者 田鹏 "资本市场在我国金融市场体系中占据枢纽地位，对经济现代化与高质量发展、建设金融强国具有关键意义。"清华大学五 道口金融学院《中国金融政策报告》项目执行负责人、原国泰君安首席经济学家何海峰在2025清华五道口全球金融论坛上对 《证券日报》记者表示，新"国九条"连同后续出台的N项配套政策，标志着我国资本市场迈入高质量发展新阶段。强监管、防 风险、高质量发展成为资本市场及证监会的工作主线，凸显了通过完善市场机制、强化风险防控推动市场健康发展的顶层设计 思路。 and and and Killering p 875 何海峰表示，金融开放是建设大国开放经济金融政策框架的重要内容，需充分发挥内外两个金融市场、两种金融资源的作 用，涵盖行业准入、机构展业和资金流动等方面。 清华大学五道口金融学院《中国金融政策报告》项目执行负责人、原国泰君安首席经济学家何海峰接受证券日报记者采访 田鹏/摄 引导长期资本流入科创企业 当下，A股市场"科技叙事"逻辑越来越清晰，集聚效应日益明显，新质生产力发展的巨大潜力也将伴随着经济高质量发展 越来越显现，科技创新和产业创新深度融合发展，将为资本市场提供更多有价值的源头活水。 此 ...

Group 1 - The core viewpoint emphasizes the importance of expanding both domestic and international openness in Shaanxi, aiming to create a highland for reform and opening-up in the inland region, and actively participating in the Belt and Road Initiative [1][2][4] - In 2024, Shaanxi's high-tech product exports reached 177.34 billion yuan, a year-on-year increase of 11.7%, with electric vehicle exports reaching 150,000 units, valued at 19.87 billion yuan, marking a growth of over 1,200 times in quantity and 863 times in trade value [2][24] - The region has seen a significant increase in the operation of the China-Europe Railway Express, with the annual operating volume rising from over 100 trains initially to 4,985 trains in 2024, with local cargo value accounting for over 40% [7][8] Group 2 - The establishment of the China (Shaanxi) Free Trade Zone has led to innovative measures that enhance customs efficiency by 50% and save logistics costs by 30 million yuan, contributing significantly to the province's trade [14][15] - Shaanxi has actively engaged in international cooperation, establishing cross-border e-commerce pilot zones and enhancing logistics capabilities, which has resulted in a total import and export value of 454.07 billion yuan in 2024, a growth of 12.3% [3][6] - The province's exports to countries involved in the Belt and Road Initiative reached 263.98 billion yuan in 2024, a year-on-year increase of 20.2%, with trade with South Korea and ASEAN countries also showing significant growth [23][24] Group 3 - Shaanxi's logistics network has been optimized through the integration of various transport modes, including rail, air, and sea, enhancing the efficiency of international trade and logistics operations [9][12] - The province has implemented a "cross-border transportation corridor" that reduces transport time to Azerbaijan to 11 days, facilitating the efficient flow of bulk commodities [9][10] - The establishment of the "Shaanxi International Port" has attracted goods from various regions, enhancing the province's role as a logistics hub [8][22] Group 4 - The province's focus on technology and innovation has led to the establishment of a "green low-carbon development system," promoting the growth of high-tech and emerging industries [16][17] - Shaanxi has developed a collaborative mechanism for industries to "go global," with significant investments in overseas projects, such as a cement project in Uzbekistan [24][26] - The province's financial institutions have enhanced support for foreign trade, with private enterprises accounting for nearly 40% of the total trade volume in 2024 [25][26]

Core Insights - The implementation of new facilitation measures is expected to improve the average customs clearance time for single shipments by over 80%, with certain products like imported tableware potentially saving up to 2 weeks in clearance time [1][3] - Shanghai is positioning itself as a key economic hub and the largest port for imported consumer goods in China, leveraging institutional innovation to invigorate the consumption market [1][4] Group 1: Policy and Measures - The "First Release Shanghai 3.0" policy introduces three new initiatives and seven ongoing measures, focusing on the facilitation of customs clearance for newly imported products [1] - The new facilitation measures utilize an innovative "white list + differentiated qualification assessment" model, aimed at expediting the import process for various consumer goods [2] - The measures expand the scope of facilitation to include a wide range of imported consumer goods such as clothing, toys, tableware, and electronics, covering global and regional first-release products [2] Group 2: Market Impact - Since the pilot program began, 14 multinational brands have applied to be included in the "white list," encompassing over 20,000 global and regional first-release products [3] - In the first quarter of this year, the value of imported clothing and toys through Shanghai's port exceeded 5 billion yuan, representing a significant portion of the national market [3] - The new policies are expected to significantly reduce operational costs for companies and enhance the commercial conversion rate of design and research outcomes [4]

"我们希望统筹管理全球银行账户，增强账户的可控性，提升跨境资金的调度效率，加强数据驱动的决 策支持。"华峰集团有限公司财务部经理黄玮玮说。 近年来，为更好应对市场竞争与外部挑战，我国企业对外投资正在从单一贸易向产业链布局延伸，从单 一市场向多区域协同转变，这对跨境金融服务提出了更高要求——企业更倾向于利用境内境外两个市场 两种资源，借助跨境资金池、跨境融资等服务，提升资金运营效能，降低财务成本。 完善跨境金融服务 党中央、国务院高度重视跨境金融服务工作。党的二十届三中全会强调，建立健全跨境金融服务体系， 丰富金融产品和服务供给。"提升跨境金融服务便利化，是扩大国际贸易合作、促进经济高质量发展、 服务国家战略布局的关键举措。"中国人民银行副行长陆磊说。 中央政治局近期召开会议提出，要加大服务业开放试点政策力度，加强对企业"走出去"的服务。此前， 国务院已批复《加快推进服务业扩大开放综合试点工作方案》，明确155项试点任务。在金融领域， 《工作方案》提出优化升级跨国公司本外币跨境资金集中运营管理政策，支持跨国公司以人民币开展跨 境资金集中运营业务等，这将为稳外贸提供跨境金融保障。 企业诉求更趋多元 "今年一季度， ...

其三，拿出更多务实管用举措稳存量、扩增量，让外资从"被吸引"到"深扎根"。 当下，生物医药、人工智能等前沿领域已经是外资企业布局重点。例如，阿斯利康吸入气雾剂生产供应 基地等项目纷纷迎来新进展，特斯拉上海储能超级工厂投产后仅一个多月就实现出口澳大利亚，可见外 资在华投资持续提质升级，印证了中国产业链升级与外企技术优势的深度耦合，中国正加速从"世界工 厂"向全球创新链"关键节点"跃升。 笔者建议，各地可把握这一趋势，着力培育"外资研发+本土链主"创新联合体。在生物医药、新能源等 重点领域，可以支持外资企业与本土龙头企业共建联合实验室，优化研发人员跨境流动便利化措施；建 立知识产权联合保护机制，加速创新成果产业化进程；对联合攻关项目给予定向研发补贴，促进创新要 素高效流动。 其二，依托标志性展会、重点活动、重点平台等，引入更多高质量外资项目。 今年以来，一系列展会活动火热举办，显示出超大规模市场的蓬勃生机，也向外国投资者更好地展示了 中国的投资环境、市场发展机遇。例如，2025上海车展吸引了26个国家和地区近千家企业参展，规模创 下历届之最；中国制冷展等展会规模同样刷新纪录。笔者认为，各地可以根据当地特色打造国际 ...

Core Viewpoint - The "Nansha Financial 30 Measures" aims to enhance financial support for the Guangdong-Hong Kong-Macao Greater Bay Area, positioning Nansha as a key financial hub and innovation center in China, with a focus on entrepreneurship and cross-border financial services [1][2][3] Group 1: Financial Innovation and Support - The measures include 27 financial reform and innovation initiatives across six areas, emphasizing the development of green finance, digital finance, and cross-border asset management [1][2] - The initiative encourages collaboration between banks and external investment institutions to explore new business models, such as "loans + external direct investment" [1] Group 2: Regional Cooperation and Financial Services - The measures aim to facilitate financial services for residents and businesses in Hong Kong and Macau, enhancing cross-border payment systems and supporting the development of cross-border insurance products [2] - The initiative seeks to deepen cooperation among the three regions, making Nansha a vital platform for integrating Hong Kong and Macau into national development [2] Group 3: Global Engagement and High-Level Opening - The measures focus on high-level institutional openness, promoting cross-border financial innovation and attracting diverse investment institutions, including sovereign wealth funds and venture capital [2][3] - The initiative includes plans to establish an international commercial bank in the Greater Bay Area and support foreign financial institutions in pilot projects [2] Group 4: Implementation and Future Outlook - The People's Bank of China and relevant departments will actively support the financial industry in Nansha, ensuring effective financial services for the real economy [3][4] - The emphasis is on leveraging policy support while fostering self-reliance and innovation among financial institutions and businesses in Nansha [4]

Group 1 - The core viewpoint of the news is the joint issuance of opinions by five departments to enhance financial support for the development of the Nansha area in Guangzhou, focusing on marine industries, commercial aerospace, and unmanned industries [1][2][3] - The initiative aims to establish Nansha as a financial hub for the Guangdong-Hong Kong-Macao Greater Bay Area, promoting high-quality development and international financial cooperation [2][3] - Financial institutions are encouraged to invest in high-tech marine industries and provide financial services for major marine infrastructure projects [1][3] Group 2 - The plan includes exploring institutional openness in the financial sector, aligning with international standards such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership [3] - The initiative promotes the facilitation of cross-border RMB business and simplifies the process for foreign-invested enterprises to handle RMB capital account transactions [5][8] - There is a focus on establishing a cross-border asset management center and accelerating the establishment of an international commercial bank in the Greater Bay Area [6] Group 3 - The Guangdong provincial government plans to allocate approximately 13.6 billion RMB over three years to support the construction of a modern industrial system [9] - The policy aims to lower financing costs for manufacturing and high-tech enterprises, with a maximum annual interest subsidy loan scale of 200 billion RMB [9] - The government is also optimizing incentive policies to attract foreign investment, including rewards for multinational company headquarters and foreign R&D centers [9] Group 4 - The number of private equity firms managing over 10 billion RMB has increased to 87, indicating a competitive landscape in the private equity sector [10] - The industry is experiencing a reshuffling, with some firms exiting and new entrants emerging, reflecting ongoing changes in the market dynamics [10]

Group 1: Financial Policy and Regulation - The People's Bank of China and other regulatory bodies support Guangzhou Nansha in exploring institutional financial openness, aligning with international standards [1] - The visit of the Financial Regulatory Bureau's deputy director to Macau aims to enhance the industry's dialogue and improve foreign investment recognition in China's insurance market [2] Group 2: Investment and Asset Management - China Life Insurance and other institutions have established a private equity fund with a capital of 13 billion yuan, indicating a strategic shift towards equity asset allocation [3] - The establishment of this fund may catalyze the insurance asset management industry to transition from traditional fixed income to a "fixed income plus" model, benefiting asset management institutions with quality project reserves [3] Group 3: Commodity Market Dynamics - COMEX gold futures experienced a significant drop, with prices falling over 3%, impacting the profitability of gold mining companies and retail jewelers [4] - The decline in gold prices may lead to a dynamic reassessment of valuations in the precious metals sector, while industrial metals may gain attention due to the gold substitution effect [4] Group 4: Currency Exchange and Economic Impact - The offshore RMB appreciated against the USD, reaching a six-month high, which may reshape the cost-benefit structure for export-oriented companies [5] - The strengthening of the RMB could enhance the valuation of consumer blue-chip and financial sectors, while alleviating the repayment pressure on real estate companies' dollar-denominated debts [6]

厢式货车"低吼"着往来穿梭，奔忙中不失沉稳、有序；"大个头"机械吊臂有"柔身段"，旋转灵活、抓提 有力……广东东莞虎门港码头，繁忙而有序。 "没问题！装船！"一声令下，打包完毕的货物被吊运上船；随即班轮离港，沿狮子洋一路南下，直达香 港国际机场码头。装机起飞不过12个小时，这批产自东莞及周边工厂的高端饰品、手机配件等，便能抵 达荷兰、比利时等国，送到当地消费者手中。 东莞港的这一幕，已成为"东莞—香港国际空港中心"（以下简称"空港中心"）运行的日常。作为全球首 个直达机场空侧的跨境海空联运项目，空港中心自2023年4月启动以来，进出口总值突破256亿元，服务 超1000家粤港澳大湾区企业"买全球、卖全球"，有力支撑起东莞外贸稳定增长。今年一季度，东莞进出 口同比增长21.2%，再次展现出外贸的韧性和活力。 面积不过10万平方米的空港中心，因何迸发出大能量？正是粤港之间深入推进机制"破壁"、规则衔接， 才闯出了这条"湾区制造"出海新路径，释放出对外开放新活力。 用好改革促联通。以空港中心为例，黄埔海关深化嵌入式监管改革，创新实施出口"先查验后打板"和进 口"先拆板后申报"方式。由此，实现了出口"直装"和进口"直 ...

Core Viewpoint - The People's Bank of China, along with other regulatory bodies, has issued a set of opinions aimed at enhancing financial support for the Nansha area, emphasizing its role in the high-quality development of the Guangdong-Hong Kong-Macao Greater Bay Area [1][2]. Group 1: Financial Support Initiatives - The opinions propose 30 key measures to strengthen financial support for Nansha, focusing on innovative financial services and cross-border financial cooperation [2][5]. - New business models such as "loans + external direct investment" will be explored to support technology innovation and high-end manufacturing [5][6]. - The establishment of a cross-border asset management center in Nansha is encouraged to facilitate international leasing and factoring services [7]. Group 2: Cross-Border Financial Services - The opinions aim to enhance cross-border payment services and credit financing, including the expansion of pilot banks for Hong Kong and Macao residents [6][8]. - There is a focus on simplifying processes for cross-border equity investment and exploring new models for international cooperation in futures trading [8][9]. Group 3: International Standards and Open Finance - The opinions support aligning Nansha with international standards such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Digital Economy Partnership Agreement (DEPA) [9][10]. - Efforts will be made to attract diverse investment institutions, including sovereign wealth funds and venture capital, to participate in the financial market [9][10].