Core Viewpoint - The implementation of the "Cross-Border Asset Management Pilot Business Implementation Rules" in Hainan Free Trade Port aims to attract global investment by allowing foreign institutions and individual investors to participate in the asset management market, with an initial pilot scale of 10 billion RMB [1][2]. Group 1: Pilot Business Details - The pilot program is open to qualified foreign institutions and individual investors, breaking geographical and identity limitations, thus broadening the participation in Hainan's asset management market [1]. - The investment products include a wide range of mainstream varieties, covering private asset management products, publicly raised securities investment funds, and insurance asset management products, catering to diverse risk and return preferences of foreign investors [1]. - Foreign investors can open RMB bank settlement accounts and free trade accounts in Hainan, providing flexibility in account usage and facilitating the purchase of pilot asset management products [1]. Group 2: Strategic Implications - The pilot program represents a unilateral proactive opening model, allowing global access without regional restrictions, highlighting Hainan's commitment to higher levels of openness [2]. - The initial net inflow limit for foreign investors purchasing pilot asset management products is set at 10 billion RMB, with potential for dynamic adjustments based on economic and market conditions [2]. - The pilot is expected to leverage the advantages of the Free Trade Port's institutional openness to enhance the "dual circulation" development strategy, attracting both domestic and foreign asset management institutions and positioning Hainan as a unique hub connecting domestic and international capital markets [2].

Core Viewpoint - The internationalization of the Renminbi (RMB) is a core issue for China's financial sector and a crucial support for the new dual circulation development pattern, with the Bank of China playing a leading role in this process through its extensive cross-border financial experience and service network covering 64 countries and regions [1][2]. Group 1: Clearing Network Foundation - The Bank of China has built a comprehensive cross-border clearing network over the past 20 years, becoming a key player in the global RMB clearing network, with operations in 16 countries and regions [1][2]. - The establishment of the RMB clearing bank in Mauritius in June further extends RMB services in Africa, while the bank also serves as a clearing bank in Malaysia, the Philippines, and Cambodia [2]. - In 2024, the Bank of China's cross-border RMB clearing business is expected to exceed 130 trillion yuan, marking a 40.05% year-on-year increase [2]. Group 2: Empowering Cross-Border Usage Scenarios - The Bank of China has actively promoted the use of RMB in trade settlements, particularly in countries involved in the Belt and Road Initiative and RCEP, enhancing the real demand for RMB [3][4]. - The bank has facilitated over 1.2 billion yuan in cross-border RMB settlements in the Sihanoukville Special Economic Zone in Cambodia, with a significant increase in RMB accounts and deposits [3]. - In the Guangxi region, the bank has launched innovative digital RMB payment solutions, including the first cross-border e-commerce payment system [4]. Group 3: Investment and Financing Innovations - The Bank of China has made significant strides in the investment and financing sector, including a landmark 14.2 billion yuan international syndicated loan for an Australian iron ore producer, marking the first RMB syndicated loan for a non-Chinese enterprise [4]. - The bank has maintained its leading position in the Panda bond market, assisting over 70 overseas issuers in raising more than 570 billion yuan [4]. Group 4: Global Ecosystem Collaboration - The Bank of China plays a vital role in building a collaborative ecosystem for RMB internationalization, engaging with foreign central banks, financial institutions, and international organizations [5][6]. - By the end of 2024, the bank's overseas institutions will cover 64 countries, with cross-border RMB settlement volumes reaching 43.06 trillion yuan, maintaining a global leadership position [5][6]. - The bank has been actively involved in promoting RMB internationalization through various forums and market outreach activities, enhancing the international acceptance of RMB [6].

周四（8月21日），A股市场全天震荡调整，三大指数涨跌不一。午后市场抛压逐渐加重，沪指在大金融顶盘靠近3800点失败后回落，场内炸板率激增。两 市全天成交额2.42万亿元，连续7个交易日突破2万亿元。盘面上，市场热点持续轮动，个股跌多涨少，全市场超3000只个股下跌。 展望后市，浙商证券认为，考虑到本轮牛市的性质是"系统性'慢'牛"，"雨露均沾"是行情"底色"，因此"大金融+泛科技"的搭配有望持续战胜基准。建议适度 忽略短线走势，在重要支撑附近分别增加短线、中线配置。行业配置方面，继续采取"大金融+泛科技"均衡配置（银行、非银等金融+国防军工/计算机//电子 等科技成长）。 【ETF全知道热点收评】重点聊聊化工、制药和金融科技等三个行业主题的交易和基本面情况。 一、化工板块狂飙，化工ETF（516020）摸高1.89%！机构：化工板块供需格局预期改善，估值底部弹性空间充足 化工板块今日继续猛攻！反映化工板块整体走势的化工ETF（516020）开盘后持续上攻，盘中场内价格涨幅一度达到1.89%，尾盘有所回落，但截至收盘， 仍有1.16%的涨幅。 成份股方面，钛白粉、复合肥、氮肥等板块部分个股涨幅居前。截至收盘， ...

周四（8月21日），A股市场全天震荡调整，三大指数涨跌不一。午后市场抛压逐渐加重，沪指在大金 融顶盘靠近3800点失败后回落，场内炸板率激增。两市全天成交额2.42万亿元，连续7个交易日突破2万 亿元。盘面上，市场热点持续轮动，个股跌多涨少，全市场超3000只个股下跌。 展望后市，浙商证券认为，考虑到本轮牛市的性质是"系统性'慢'牛"，"雨露均沾"是行情"底色"，因 此"大金融+泛科技"的搭配有望持续战胜基准。建议适度忽略短线走势，在重要支撑附近分别增加短 线、中线配置。行业配置方面，继续采取"大金融+泛科技"均衡配置（银行、非银等金融+国防军工/计 算机//电子等科技成长）。 【ETF全知道热点收评】重点聊聊化工、制药和金融科技等三个行业主题的交易和基本面情况。 一、化工板块狂飙，化工ETF（516020）摸高1.89%！机构：化工板块供需格局预期改善，估值底部弹 性空间充足 化工板块今日继续猛攻！反映化工板块整体走势的化工ETF（516020）开盘后持续上攻，盘中场内价格 涨幅一度达到1.89%，尾盘有所回落，但截至收盘，仍有1.16%的涨幅。 成份股方面，钛白粉、复合肥、氮肥等板块部分个股涨幅居前。截至 ...

Core Viewpoint - The People's Bank of China (PBOC) is promoting the development of offshore bonds in Shanghai's free trade zone, transitioning from a "two ends inside" model to a "two ends outside" model, which aims to enhance the internationalization of the Renminbi and broaden financing channels for enterprises involved in the Belt and Road Initiative [1][2][4]. Group 1: Development of Offshore Bonds - The PBOC's recent meeting emphasized the need to develop offshore bonds in Shanghai, with a focus on enhancing the functionality of free trade accounts [1]. - Since June 18, 2023, major state-owned banks in Hong Kong have begun issuing offshore bonds, with the first two issuances being completed in July and August, marking a significant restart of the market [2][4]. - The first issuance by Bank of China Hong Kong was priced at 500 million RMB with an interest rate of 1.65%, while the first public issuance by Bank of Communications Hong Kong had a rate of 1.85% and a three-year term [2]. Group 2: Market Characteristics and Trends - The offshore bonds are characterized by strict adherence to the "two ends outside" principle, meaning both the issuers and investors must be from outside China, which is a shift from the previous model that relied heavily on domestic funding [5][6]. - The offshore bond market has seen a cumulative issuance of 189 bonds from 2019 to 2023, totaling over 120 billion RMB, primarily involving local government financing vehicles [4][6]. - The current trend indicates that the issuers and investors are mainly overseas branches or subsidiaries of Chinese institutions, with expectations for increased participation from foreign investors as the market matures [5][6]. Group 3: Implications for Renminbi Internationalization - The development of offshore bonds is seen as a crucial step in enhancing the Renminbi's role as a financing currency, particularly as global interest rates shift [6][7]. - The PBOC has identified the enhancement of the Renminbi's international monetary function as a key task, with a focus on improving its financing capabilities [6]. - The offshore bond market is expected to help establish Shanghai as a regional bond pricing center and attract foreign investment, thereby increasing the international influence of Renminbi-denominated bonds [5][6].

Group 1 - The implementation details of the cross-border asset management pilot business in Hainan Free Trade Port took effect on August 21, marking the official launch of the pilot [1] - The pilot business supports foreign investors in investing in financial products issued by financial institutions in Hainan, including wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products [1] - The pilot aims to enrich the supply of cross-border financial products and explore new channels for foreign investors to invest in the domestic market, while attracting domestic and foreign asset management institutions to operate in Hainan [1] Group 2 - The pilot business is subject to scale management, with an initial total scale limit set at 10 billion yuan for the net inflow of funds from foreign investors purchasing pilot asset management products [1] - The pilot is expected to promote the internationalization of the Renminbi by providing new channels for offshore Renminbi to flow back into the domestic capital market [2] - The pilot opens a new window for foreign investors to allocate Chinese assets and represents a significant step forward in China's financial opening-up [2]

Investment Rating - The report maintains an "Accumulate" rating with a target price of 28.54 CNY [6][13]. Core Insights - In H1 2025, the company achieved revenue and net profit of 1.047 billion CNY and 228 million CNY, respectively, representing year-on-year increases of 4.49% and 66.49% [13]. - The company's investment business net income increased by 69.72% to 213 million CNY, contributing 73.54% to the adjusted revenue growth [13]. - The asset management business saw a significant increase in fee income, up 278.80% to 42 million CNY, driven by growth in asset management scale [13]. - The company is expected to benefit from the expansion of the futures market under the internationalization of the RMB, leveraging its comprehensive service capabilities in risk management and asset management [13]. Financial Summary - Revenue is projected to grow from 926 million CNY in 2023 to 1.913 billion CNY by 2027, with a peak in 2024 at 1.810 billion CNY [4][14]. - Net profit attributable to shareholders is expected to rise from 244 million CNY in 2023 to 412 million CNY in 2027, with a notable increase of 56.9% in 2024 [4][14]. - Earnings per share (EPS) is forecasted to increase from 0.55 CNY in 2023 to 0.93 CNY in 2027 [4][14]. - The return on equity (ROE) is expected to remain strong, peaking at 13.0% in 2024 before gradually declining to 10.7% by 2027 [4][14].

据路透社，中国正考虑首次允许使用人民币支持的稳定币，以促进人民币在全球范围内的更广泛采用，这是其对数字资产立场的重大转变；中国可能将于 本月晚些时候审查并可能批准一项路线图，以促进全球范围内人民币的使用，包括跟上美国对稳定币的推动；该计划预计将包括人民币在全球市场上的使 用目标，并概述国内监管机构的职责，并补充说，该路线图还将包括风险预防指南；中国预计最早将于本月底举行一次学习会议，重点讨论人民币国际化 和稳定币问题，这两个问题在全球范围内正日益受到关注；会议可能会发表讲话，为稳定币定下基调，并明确其在商业中的应用和发展的界限；在与美元 挂钩的加密货币在全球金融中的影响力日益增强的背景下，北京方面认为金融创新，特别是稳定币，是人民币国际化的有希望的工具。 （来源：吴说） ...

Core Viewpoint - China is considering a significant policy shift by reviewing a roadmap for the use of stablecoins linked to the renminbi, aiming to enhance the internationalization of the currency [1][2]. Group 1: Policy and Regulatory Developments - The State Council of China is expected to review and potentially approve a plan to expand the global use of the renminbi, which includes measures to address the development of stablecoins in the U.S. and guidelines for risk prevention [2]. - The potential use case for a renminbi-backed stablecoin includes facilitating cross-border trade and payments with certain countries [2]. Group 2: Market Position and Competition - The entry of China into the stablecoin market could enhance the competitiveness of the renminbi against major global reserve currencies like the U.S. dollar and the euro [3]. - As of June, the renminbi ranks as the sixth most active currency in global payments, accounting for approximately 2.9% of the total global payment volume [3]. Group 3: Stablecoin Market Dynamics - Dollar-backed stablecoins dominate the market, holding nearly 98% of the total market capitalization of stablecoins, which amounts to $288 billion [6]. - The global concern regarding the influence of dollar-backed stablecoins has prompted various jurisdictions, including China, to consider their own stablecoin initiatives [6]. - In June, officials from the People's Bank of China acknowledged the transformative potential of emerging technologies like stablecoins in the global payment system, increasing calls for regulatory approval of renminbi-backed stablecoins [6].

Core Viewpoint - The launch of the Hainan cross-border asset management pilot program marks a significant step in financial openness, providing a new channel for foreign capital to invest in the domestic market and injecting new momentum into the internationalization of the Renminbi [1][4]. Investment Subject - The pilot program targets global foreign institutions and eligible foreign individual investors, breaking geographical and identity limitations, thus allowing a broader range of foreign investment to participate in Hainan's asset management market [1][2]. Investment Products - The range of investment products is extensive, including publicly offered securities investment funds and private asset management products across various risk levels (R1 to R4), catering to different risk preferences of foreign investors [1][2]. Currency and Settlement - The asset management products are required to be denominated in Renminbi, which not only supports the internationalization of the currency but also provides a standardized and predictable trading environment for foreign investors [2][3]. Local Impact - The pilot program is expected to enhance Hainan's role as an open gateway, attracting more foreign investors and boosting market vitality, which is crucial as the free trade port approaches its operational closure [2][4]. National Significance - The pilot program represents an important exploration of capital account openness in China, providing valuable experience for further opening up capital projects and markets across the country [3][4]. Challenges and Regulatory Framework - The implementation of the pilot may face challenges such as financial risk management and investor protection, but these can be addressed through a robust regulatory framework and enhanced monitoring of capital flows [3]. Future Outlook - The ongoing development of the pilot program is anticipated to lead to greater breakthroughs in financial openness, positioning Hainan as a key hub connecting domestic and international financial markets [4].