◎记者 陈佳怡 在当下的全球经济变局中，开放，是一种自信，更是一种担当。 这样的故事还有很多：目前，全球前50大银行有42家在华设有机构，40家最大的保险公司近半数已进入 中国；八成全国性银行通过引入境外战略投资者，提升了公司治理效能和经营管理水平…… 当前，中国正以更加开放的姿态拥抱世界。在外部环境复杂多变的背景下，这显得尤其难能可贵。"中 国对外开放的程度越深，对中国越有利，对全球经济也越有利。"伦敦金融城政府政策与资源委员会主 席贺凯思对记者说。 之于世界而言，中国的开放姿态无疑为国际合作注入了一股暖流，也注入了信心，更是一颗定心丸。正 如潘功胜所说，完善全球金融治理，需要各方加强对话与合作。"我们将坚持走改革开放之路、多边主 义之路，积极发挥建设性作用，为构建更加公平、公正、包容、有韧性的全球金融治理体系贡献力 量。" 在2025陆家嘴论坛的聚光灯下，一条从金融开放引领到市场筑基的路径清晰可见。正值科创板开板6年 之际，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，以在科创板 设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的 制度改 ...

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the commitment to building Shanghai as an international financial center through a series of top-level designs, policy documents, and reform ideas, signaling a strong push for financial innovation and openness [2][3]. Group 1: Policy Initiatives - The Central Financial Committee has issued opinions to accelerate the construction of Shanghai as an international financial center, aiming to establish it within five to ten years to match China's comprehensive national strength and international influence [2]. - The People's Bank of China will implement eight measures to support the construction of the Shanghai International Financial Center, focusing on market openness, cross-border trade development, and innovation in financial infrastructure and policy tools [2][3]. Group 2: Capital Market Reforms - The Financial Regulatory Administration plans to release an action plan in collaboration with the Shanghai municipal government, focusing on the aggregation of financial institutions, enhancing regulatory standards, and expanding institutional openness [3][4]. - The China Securities Regulatory Commission (CSRC) will deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, aiming to create a more favorable capital market ecosystem for comprehensive innovation [3][4]. Group 3: International Financial Integration - The financial management departments will expand the breadth and depth of financial openness, promoting deep reforms in the foreign exchange sector and establishing a mutually beneficial financial development framework [4][5]. - The People's Bank of China will enhance foreign exchange management reforms to improve the convenience of cross-border trade and investment, while also deepening the interconnectivity of financial markets [5].

在稳步扩大金融制度型开放层面，金融监管总局将大力复制推广自贸区、自贸港扩大制度型开放的经验 做法，支持外资机构参与更多金融业务试点。对标国际高标准经贸协议中金融领域相关规则，探索在更 宽领域、更大幅度上加大开放力度。 上海作为中国金融高水平开放的窗口，一直走在金融业改革开放最前沿。金融监管总局还与上海市政府 联合发布了《关于支持上海国际金融中心建设行动方案》，提出了鼓励上海在科技金融、跨境金融等领 域开展创新试点，支持符合条件的全国性银行在沪设立金融资产投资公司，支持探索不动产、未上市股 权等非货币信托财产登记上海模式，提升上海国际再保险、航运保险承保能力和全球服务水平等27条具 体举措，支持上海国际金融中心建设再上新台阶。 金融监管总局有关部门负责人表示，未来还将通过建立健全金融创新监管工作机制、对标国际高标准经 贸规则、深化推进上海国际金融中心和国际科技创新中心联动建设、支持上海打造国际绿色金融枢纽等 方面的具体工作，更好发挥上海金融改革试验田作用。 "中国拥有充满活力和潜力的超大规模市场，过去是、现在是、将来也必然是全球金融机构展业兴业的 沃土。"6月18日，国家金融监督管理总局局长李云泽在2025陆家 ...

Group 1 - The article discusses two significant policy packages aimed at enhancing China's financial sector and increasing its international financial influence [1][2] - The first package includes eight major financial policies announced by the central bank, focusing on supporting foreign trade and establishing Shanghai as a major financial hub [2][6] - Key policies include the establishment of a digital RMB international operation center, development of offshore trade finance, and optimization of free trade account functions, which will facilitate cross-border financing for foreign trade enterprises [11][12][17][20] Group 2 - The second package, issued by the central government, allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, promoting the return of quality enterprises to the mainland [5][35] - This policy enables companies registered in the Guangdong-Hong Kong-Macao Greater Bay Area to issue depository receipts in Shenzhen, providing a pathway for companies like Tencent and Alibaba to access A-share markets [36][41] - The return of these companies is expected to invigorate the A-share market, enhance capital market openness, and potentially reduce foreign exchange outflows [52][55]

Group 1: Financial Policy Initiatives - The People's Bank of China announced eight major financial opening-up measures to be implemented in Shanghai, including the establishment of a trading report database for the interbank market and a digital RMB international operation center [3][4] - The measures aim to enhance financial services, facilitate cross-border trade settlement, and innovate monetary policy tools, providing a detailed development strategy for Shanghai's financial openness [3][4] - Specific initiatives include a pilot for offshore trade finance services in the Lingang New Area and the development of free trade offshore bonds to broaden financing channels for enterprises involved in the Belt and Road Initiative [3][4] Group 2: Support for Technology and Innovation - The China Securities Regulatory Commission (CSRC) plans to strengthen the linkage between equity and debt financing to support technological innovation, including the development of technology innovation bonds and the introduction of a technology innovation bond ETF [6][7] - The first two data center REITs were approved, which will help unlock the value of existing assets in the data center sector and provide new financing avenues for technology enterprises [6][7] - The CSRC aims to promote asset securitization and REITs based on new asset types such as intellectual property and data assets, further enhancing financing in the technology sector [6][7] Group 3: Foreign Investment and Regulatory Environment - The Financial Regulatory Administration is promoting foreign investment in areas such as wealth management and asset allocation, creating strategic opportunities for foreign institutions [9][10] - A new action plan was released to support the construction of Shanghai as an international financial center, emphasizing the need for institutional openness and international standards [5][9] - The regulatory framework will be optimized to create a transparent and stable environment for foreign institutions, enhancing their ability to operate in China [10][11] Group 4: Cross-Border Financing and Trade Facilitation - The State Administration of Foreign Exchange (SAFE) plans to introduce multiple policies to facilitate cross-border trade and investment, including expanding high-level open pilot programs for cross-border trade [12][13] - New policies will support the financing of technology enterprises and streamline capital project income usage, enhancing international economic cooperation [12][14] - SAFE will also implement a series of foreign exchange innovation policies in free trade pilot zones to support strategic initiatives [14]

【导读】陆家嘴论坛开幕，潘功胜、李云泽、吴清、朱鹤新最新发声，多家机构解读 中国基金报记者 吴君 6月18日，在2025陆家嘴论坛上，中国人民银行行长潘功胜、国家金融监管总局局长李云 泽、中国证监会主席吴清、国家外汇管理局局长朱鹤新等发表演讲。 多位接受采访的机构人士表示，此次公布的政策举措立足长远，主要针对制度建设、金融开 放等领域，为中长期金融改革锚定了方向。深化科创板改革，在科创板设置科创成长层，并 且重启未盈利企业适用科创板第五套标准上市，将进一步发挥资本市场对科技创新的支持作 用。 政策利好有利于提振市场信心，中长期来看，将吸引更多资金进入中国权益市场。 政策为中长期金融改革锚定方向 有利于提振市场信心 "从陆家嘴论坛上公布的具体政策举措来看，促进金融对外开放和支持科技创新将是后续金融 监管工作的重要抓手。"重阳投资合伙人寇志伟说，各项政策立足长远，主要针对制度建设、 金融开放等领域，将金融开放从单纯的市场准入拓展至国际金融治理话语权的构建，为中长 期金融改革锚定了方向。 寇志伟表示，对外开放方面，这些政策通过创设人民币外汇期货和便利跨境自由贸易，帮助 中国企业走出去，提高其跨境投融资的便利程度，有 ...

Core Viewpoint - The 2025 Lujiazui Forum focuses on "Financial Openness and Cooperation in the Global Economic Changes and High-Quality Development," emphasizing global financial governance, extensive financial openness, capital market integration with technology and industry, and a comprehensive foreign exchange innovation policy [1][2]. Financial System - The international monetary system is likely to evolve towards a scenario where a few sovereign currencies coexist, compete, and balance each other. The global cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity. There is a need for international financial organizations to enhance the representation and voice of emerging markets and developing countries. Additionally, structural monetary policy tool innovations are being highlighted, including pilot programs for blockchain letters of credit refinancing, cross-border trade refinancing, and expansion of carbon reduction support tools [2][3]. Financial Openness - China is poised for significant financial openness, focusing on several areas: - Expansion and upgrading of consumer demand, creating vast financial service opportunities - Broad prospects in technology finance, promoting pilot programs for equity investments in financial asset investment companies and loans for technology enterprise mergers - Strong momentum in green finance, with foreign institutions introducing ESG rating systems and climate risk management tools - Opportunities in pension finance, with plans to expand pension wealth management, savings, exclusive insurance, and commercial pension pilot programs - A golden period for wealth management, supporting foreign institutions in investment, asset allocation, and insurance planning [2][3]. Capital Market - The capital market aims to enhance the integration of technology innovation and industrial creation through the introduction of the "1+6" policy measures, which include: - Establishing a growth layer for the Sci-Tech Innovation Board - Restarting the fifth set of listing standards for unprofitable companies on the Sci-Tech Innovation Board - Introducing a pre-review mechanism for IPOs of high-quality technology companies - Expanding the applicability of the fifth set of standards and strengthening the linkage between stocks and bonds to support technological innovation [3]. Foreign Exchange Management - A comprehensive innovation policy for foreign exchange management is being established, focusing on creating a system that is more convenient, open, secure, and intelligent. This includes implementing ten facilitation policies in free trade pilot zones, such as optimizing new international trade settlement methods and expanding the Qualified Foreign Limited Partner (QFLP) pilot [3].

Core Points - The 2025 Lujiazui Forum in Shanghai announced eight measures to promote the construction of an international financial center, highlighting China's commitment to welcoming foreign investment in its financial market [2][3] - Shanghai aims to enhance its global financial resource allocation capabilities and build world-class exchanges, while continuing to optimize its financial market structure and deepen market connectivity [4][7] - The National Financial Regulatory Administration emphasized its unwavering determination to expand high-level financial openness and create a mutually beneficial financial development framework [5][6] Group 1: Measures to Attract Foreign Investment - The forum revealed multiple policies aimed at boosting foreign financial investment in China, providing significant confidence to foreign financial institutions [3][5] - Specific initiatives include optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable products for foreign investors [5][6] - The introduction of a series of facilitation policies, such as reducing the negative list for capital project income usage, aims to support international economic cooperation [2][6] Group 2: Financial Market Development - The Shanghai government plans to enhance the efficiency and activity of its financial market, focusing on internationalization and structural optimization [4][7] - The National Financial Regulatory Administration will replicate successful practices from free trade zones to promote greater openness in the financial sector [4][6] - Future initiatives will include promoting cross-border capital pooling for multinational corporations and encouraging green foreign debt policies [7][8] Group 3: Regulatory Environment and Support - The regulatory bodies are committed to creating a transparent, stable, and predictable policy environment for foreign investors [5][9] - Continuous optimization of the foreign investment business environment is a priority, with a focus on legal construction and maintaining fair market order [5][10] - The forum highlighted the importance of foreign institutions in China's capital market, emphasizing their role in enhancing governance and operational efficiency [7][9]

证券研究报告·行业点评报告·非银金融 ◼ 风险提示：宏观经济不及预期；政策趋紧抑制行业创新；市场竞争加剧。 2025 年 06 月 18 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 非银金融行业点评报告 金融开放与资本市场改革迈出新一步，推动 金融更好服务实体经济 增持（维持） [投资要点 Table_Summary] 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/18 2024/10/17 2025/2/15 2025/6/16 非银金融 沪深300 相关研究 《广发中证港股通非银 ETF （513750.SH）：低估值筑基，高业绩 领航，稳健收益与优质配置并进 》 2025-06-17 《金融新基建的崛起，香港监管框架 下的机遇与挑战》 2025-06-16 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声 ...

Report Industry Investment Rating - Not provided Core View - The opening of the Lujiazui Forum today announced a series of measures, such as eight financial opening - up initiatives. Overall, the released information had no obvious unexpected highlights, so the market reaction was flat, maintaining a volatile state with no significant change in trading volume. The current economic fundamentals are still in a weak recovery state, lacking a clear trend and having limited driving force for the index. Coupled with the turbulent external situation and the sharp escalation of geopolitical risks in the Middle East, there are still uncertainties overseas, posing significant resistance to the short - term upward movement of the index. However, the management is determined to stabilize the market, so the downside space of the stock index is limited. In the short term, the stock index is expected to fluctuate within a range, waiting for new driving factors [4]. Market Review - Today, except for the CSI 300 Index, all other stock indexes closed down. In terms of capital flow, the trading volume of the two markets decreased by 1.6146 billion yuan. In the futures index market, IF and IC increased in volume and price, while IH and IM increased in price with reduced volume [2]. Important Information - The central bank governor, Pan Gongsheng, announced eight major financial opening - up initiatives, including setting up a trading report repository in the inter - bank market, a digital RMB international operation center, and a personal credit information agency; conducting a comprehensive reform pilot of offshore trade financial services in the Lingang New Area of Shanghai; developing free - trade offshore bonds; optimizing and upgrading the functions of free - trade accounts; piloting innovative structural monetary policy tools in Shanghai; and promoting RMB foreign exchange futures trading in conjunction with the CSRC [3]. - The CSRC announced that starting from October 9, 2025, qualified overseas investors will be allowed to participate in on - site ETF options trading for hedging purposes only [3]. Strategy Recommendation - Hold and wait and see [5] Market Observation Futures Index Market | Index | Main Contract Intraday Change (%) | Trading Volume (10,000 lots) | Trading Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | 0.23 | 10.5667 | 1.0037 | 23.8264 | 0.0486 | | IH | 0.01 | 4.843 | - 0.2249 | 8.1317 | - 0.1259 | | IC | 0.03 | 8.8945 | 0.2632 | 21.9162 | 0.0926 | | IM | 0.10 | 18.8199 | 0.8241 | 32.1988 | - 0.7768 | [5][6] Spot Market | Name | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.04 | | Shenzhen Component Index Change (%) | 0.24 | | Ratio of Rising to Falling Stocks | 0.52 | | Trading Volume of the Two Markets (100 million yuan) | 1191.067 | | Trading Volume MoM (100 million yuan) | - 1.6146 | [6]