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 ...

宏观经济 | 证券研究报告 — 总量点评 2025 年 6 月 19 日 科创领航改革与开放 2025 年陆家嘴论坛金融政策点评 6 月 18 日，2025 陆家嘴论坛在上海开幕，中国人民银行行长潘功胜、金融监 管总局局长李云泽、中国证监会主席吴清、国家外汇局局长朱鹤新出席会议 并发表主题演讲。 相关研究报告 《策略点评》20250618 《5 月经济数据点评》20250616 《市场点评报告》20250616 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：张晓娇 xiaojiao.zhang@bocichina.com 证券投资咨询业务证书编号：S1300514010002 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 "一行两局一会"重磅发声。央行宣布八项重磅金融政策：一是设立银 行间市场交易报告库；二是设立数字人民币国际运营中心；三是设立个 人征信机构；四是在上海临港新片区开展离岸贸易金融服务综合改革试 点；五是发展自贸离岸；六是优化升级自由贸易账户功能；七是在上海 ...

在中国经济不断发展、持续书写现代化新篇章的进程中，坚定不移地推进金融创新已经成为推动经济增长 和繁荣的基石。一段时间以来，中国相继出台一系列政策举措，不断增强金融服务业韧性，完善高水平对 外开放体制机制，促进贸易和投资自由化便利化，营造法治化、市场化的营商环境。 6月18日，2025陆家嘴论坛在上海开幕。自2008年以来，陆家嘴论坛已成功举办15届。今年，全球金融市 场波动加剧，陆家嘴论坛更是备受关注。持续深化金融高水平开放、提升金融资源配置能力，关乎中国在 全球金融领域的竞争力和化解风险挑战的反应力。 本届陆家嘴论坛为期两天，以"全球经济变局中的金融开放合作与高质量发展"为主题，参会嘉宾包括来自 世界各地的政府官员、专家学者及金融机构高管。中国人民银行行长潘功胜出席开幕式并发表主题演讲。 期间，潘功胜宣布将在上海设立数字人民币国际运营中心，推进数字人民币的国际化运营与金融市场业务 发展，服务数字金融创新。这一举措充分彰显了中国推进金融数字化、驾驭数字货币变革潜力的坚定决 心。 据悉，数字人民币国际运营中心将致力于稳步推进人民币国际化，促进人民币的跨境贸易和投资便利化。 目前，在中国金融机构、企业和个人开展的 ...

Group 1 - The core viewpoint of the news highlights the performance of the securities industry, particularly focusing on the decline of the Guozheng Securities Leading Index and the significant inflow of funds into the Securities ETF Leader [1] - As of June 19, 2025, the Guozheng Securities Leading Index (399437) has decreased by 1.59%, with China Galaxy (601881) leading the decline among component stocks [1] - The Securities ETF Leader has reached a new high in scale at 1.852 billion yuan and a new high in shares at 1.605 billion, indicating strong investor interest [1] Group 2 - The recent Lujiazui Forum announced eight major financial opening measures aimed at accelerating the high-quality development of the financial industry, with a focus on building an innovative ecosystem centered around the capital market [1] - Guosen Securities maintains an "outperform the market" rating for the securities industry, predicting increased industry concentration and enhanced institutional pricing power under strict regulations [1] - The top ten weighted stocks in the Guozheng Securities Leading Index account for 80.15% of the index, indicating a concentrated investment landscape [2]