在"海湖庄园协议"隐含的制度重构趋势下，中国金融体系该往何处去？ 2024年11月，美国白宫经济顾问委员会（CEA）主席斯蒂芬·米兰（Stephen Miran）起草的《重构全球 贸易体系使用指南》报告，在特朗普私人地产海湖庄园正式发布。该报告随后被广泛称为"海湖庄园协 议"，其旨在通过高关税、美元贬值、债务置换与多边货币谈判、安全保护费等手段，重构全球经济治 理格局。 2025年7月5日，在对外经济贸易大学、新京报社和全国高校国际贸易学科协作组联合主办的"2025中美 贸易战略重构研讨会"上，12位国内高校专家学者围绕"'海湖庄园协议'对全球经贸重构的影响与中国应 对"展开深入探讨，多位专家对"中国金融体系该往何处去"作了分析和解答。 财富锚体系重构 南开大学副校长盛斌教授表示，"海湖庄园协议" 形式上是"重组全球贸易体系"，但本质上是一个全新 的全球金融与货币体系构想，体现了美国对全球治理方式从"多边主义"和"全球主义"向"单边主义"的明 显变化。 南开大学副校长、经济学院院长盛斌教授在会上发言。摄/新京报记者 王贵彬 盛斌分析，过去美国倾向于通过多边主义方式维护全球秩序，现在更多地转向了基于实力地位的单 ...

Market Overview - The Dow Jones Industrial Average increased by 0.43%, the Nasdaq by 0.09%, and the S&P 500 by 0.27%, with both the S&P 500 and Nasdaq reaching new closing highs [3] - Major technology stocks showed mixed results, with Tesla rising by 4.7% and Nvidia's market cap surpassing $4 trillion [3] - Bitcoin-related stocks saw gains, with Coinbase increasing by over 4% [3] - The initial jobless claims in the U.S. were reported at 227,000, lower than the expected 235,000 [3] Pension Adjustment - The Ministry of Human Resources and Social Security and the Ministry of Finance announced a pension adjustment for retirees starting January 1, 2025, with an overall increase of 2% based on the average monthly pension of retirees by the end of 2024 [4] U.S.-China Economic Relations - The Ministry of Commerce stated that since May, U.S. and Chinese economic teams have maintained close communication to stabilize trade relations, following agreements reached in Geneva and London [5] Industry Developments - The China Securities Regulatory Commission announced adjustments to the trading limits and margin requirements for polysilicon futures contracts starting July 14, 2025 [6] - The retail sales of new energy vehicles in China reached 135,000 units in early July, a year-on-year increase of 21%, with a cumulative retail of 6.583 million units for the year, up 37% [6] Corporate Announcements - Li Ping, Vice Chairman of CATL, donated 4.05 million shares to a foundation, completing the transfer process [9] - Saisir expects a net profit increase of 66.2% to 96.98% for the first half of 2025, projecting a profit of 2.7 billion to 3.2 billion yuan [10] - WuXi AppTec anticipates a 44.43% year-on-year increase in adjusted net profit for the first half of 2025, estimating around 6.315 billion yuan [10] - iFlytek expects a net loss of 200 million to 280 million yuan for the first half of 2025, an improvement from a loss of 400 million yuan in the same period last year [11] - China Shipbuilding Industry Corporation forecasts a net profit increase of 98.25% to 119.49% for the first half of 2025, estimating a profit of 2.8 billion to 3.1 billion yuan [12] - Limin Co., Ltd. announced plans for a share reduction by its controlling shareholder, not exceeding 3% of the company's total shares [13] Industry Outlook - The photovoltaic industry is experiencing discussions on self-discipline and supply-side reforms, with expectations for capacity reduction and potential recovery in the industry, although actual improvements depend on the effectiveness of supply-side measures [13] - The upcoming changes to the CIPS rules are expected to accelerate the internationalization of the renminbi, benefiting banks' cross-border business expansion [13]

近日，交通银行深圳分行成功助力中广核巴西公司完成了一项具有里程碑意义的跨境人民币商业贷款项 目——LAGOINHA光伏发电建设项目，为中巴两国在"一带一路"框架下的能源合作注入了强劲动力。 定制方案，破解痛点助力企业降本增效 （文章来源：证券时报） 政策引领，双边协议奠定合作基石 项目的顺利推进，得益于中巴两国在深化国际货币体系改革方面的共同努力。2023年，中巴两国签署了 具有里程碑意义的双边协议，正式确立在贸易与融资领域推行本币结算机制。该协议通过构建制度化的 本币清算安排，有效规避了第三方货币汇率波动风险，释放出明确的货币合作信号，促使巴西企业跨境 融资决策发生结构性转变。 跨境协同，精准营销助力项目落地 交通银行深圳分行充分发挥其跨境协同服务优势，在获悉中广核巴西公司Lagoinha项目尚在建设阶段 后，主动出击，向企业详细介绍了人民币贷款业务在融资成本、汇率管理、资金安全等方面的多重优 势。通过境内外资源的深度整合与联动，交通银行深圳分行携手交通银行巴西子行，共同开展精准营 销，为项目量身定制跨境金融解决方案，有效推动了项目的市场推广与落地实施。 此次中巴跨境金融合作项目的成功落地，不仅为人民币国际 ...

香港证监会行政总裁梁凤仪日前在出席"债券通周年论坛2025"表示，香港证监会一直与内地监管机构积 极合作，持续推动将人民币股票交易柜台纳入港股通。 "目前，相关的技术准备工作进展顺利，我们力争近期向市场公布实施细则。"梁凤仪表示，希望当市场 了解到清晰的时间表后，更多的企业会考虑发行人民币股票交易柜台。在南向资金带动下，以人民币计 价的港股交易规模有望一路向上。 有力推进人民币国际化 今年5月7日，中国证监会主席吴清在国新办新闻发布会上提到，"稳步推进人民币股票交易柜台纳入港 股通"。今年6月份，香港交易所集团行政总裁陈翊庭在2025陆家嘴论坛上表示，港交所在推进互联互通 机制，将人民币柜台纳入港股通交易。 "人民币股票交易柜台纳入港股通，对推进人民币国际化具有加速效应。"田利辉认为，预计将提升人民 币在跨境投资中的作用，实现人民币计价场景扩容。此外，AH股的价差有望收窄，提升人民币资产全 球定价一致性。 在相关配套规则方面，刘英提到，港交所与券商需完成系统对接，以适应单股多柜台的安排。同时，还 需推进印花税制度改革，提升汇率透明度；进一步优化流动性与市场机制，如引入双柜台的做市商机制 等。 港交所在2023 ...

■苏向杲 近日，中国人民银行和香港金管局宣布了多项债券通优化扩容措施，包括将扩大"南向通"参与机构范 围，加入券商、保险公司、理财及资产管理公司等四类非银行金融机构(以下简称"非银机构")。 通俗理解，债券通"南向通"是内地机构投资者投资香港债券市场的一种机制安排。结合当前内地金融机 构面临的资产配置困境来看，债券通"南向通"参与机构扩容正当其时，其对非银机构自身的发展、内地 与香港债券市场的长期稳定繁荣具有深远意义。 从这一视角来看，债券通"南向通"参与机构扩容，相当于为内地债券市场需求端安装了一个"减压阀"， 能在一定程度上分流内地债市部分优质券种需求端的压力，起到平衡内地债市供求的作用。当前，债券 通"南向通"年度总额度达5000亿元等值人民币，香港债券市场丰富的港元债、离岸人民币债、G3货币 债(美元、欧元或日元计价债券)等选项，能够对内地债市的部分同类券种形成替代效应。 其三，有助于为香港债券市场引入中长期资金，增强交易活跃度。 债券通"南向通"参与机构扩容，有利于保险资金等长线资金流入香港债券市场，增强二级市场流动性。 对于国际投资、发行机构而言，更广泛、更活跃的投资者基础意味着更具吸引力、更便利 ...

7月10日，中国银行董事长葛海蛟与首钢集团有限公司董事长赵民革在北京举行工作会谈，共同见证双 方签署战略合作协议。葛海蛟表示，以此次签约为契机，中国银行将进一步统筹境内外、商投行资源， 依托全球化、综合化、专业化特色优势，积极对接首钢集团各项金融需求，在科技金融、绿色金融、个 人金融等领域深化合作，在贸易结算、境外项目融资、人民币国际化等领域加强互动，在投行、租赁、 供应链融资等领域密切协同，助力打造中国式现代化的首钢场景，为钢铁行业加快转型升级注入更多动 能。赵民革表示，首钢集团和中国银行是长期战略合作伙伴，近年来在首钢园区建设开发、跨境资金结 算、资本市场等领域合作持续提质扩面。希望双方充分发挥各自优势，不断夯实合作基础，进一步加强 总对总统筹对接及机构协同联动，围绕债券、人民币国际化、跨境结算、海外项目投资、产融结合等重 点领域，探索创新合作路径，有效实现互利共赢。(人民财讯) ...

Group 1 - The core viewpoint of the article highlights the strategic partnership between the Hong Kong Monetary Authority and the Asian Infrastructure Investment Bank (AIIB), marking a significant move into the venture capital market with a focus on emerging markets in Asia [1] - The AIIB, managing $100 billion in funds, will act as a Limited Partner (LP) in various venture capital funds aimed at supporting innovation and green transformation in emerging economies [1] - The partnership aims to leverage the resources, knowledge, and networks of both institutions to foster a more vibrant venture capital ecosystem in the region, enhancing Hong Kong's position as an international financial and innovation center [1] Group 2 - The collaboration is expected to address the substantial funding needs for green transformation and infrastructure development in the Global South, emphasizing the importance of technological applications [1] - The Hong Kong Monetary Authority is also working to enhance the offshore RMB business ecosystem by increasing RMB liquidity and diversifying investment products, which supports the internationalization of the RMB [1]

截至2025年7月10日 13:10，中证红利低波动100指数(930955)上涨0.67%，成分股民生银行(600016)上涨7.59%，工商银行(601398)上涨3.44%，招商银行 (600036)上涨2.86%，华夏银行(600015)上涨2.73%，平安银行(000001)上涨2.65%。红利低波100ETF(159307)上涨0.47%， 冲击8连涨。最新价报1.08元。拉长 时间看，截至2025年7月9日，红利低波100ETF近1周累计上涨1.90%，涨幅排名可比基金1/5。 流动性方面，红利低波100ETF盘中换手1.09%，成交1111.65万元。拉长时间看，截至7月9日，红利低波100ETF近1周日均成交1731.12万元，居可比基金前 2。 消息面上，7月6日，央行就《人民币跨境支付系统业务规则（征求意见稿）》公开征求意见。修订的主要方向为健全参与者管理机制，并仅对参与者业务行 为提出原则性要求，确保规则的前瞻性与科学性。 规模方面，红利低波100ETF近1月规模增长3454.03万元，实现显著增长，新增规模位居可比基金2/5。 份额方面，红利低波100ETF近3月份额增长8400.0 ...

湘财证券表示，随着稳定币使用规模的不断上升，且美国为有效处理其大量发行国债问题，将稳定币与 美债相结合，而中国为推进人民币国际化，未来大概率会推进人民币相关的稳定币，这些都极大地打开 了稳定币未来发展空间。所以，稳定币对传统银行的影响，也逐渐步入投资者思考范畴。 首先，稳定币在跨境支付方面的成本和速度等方面，都明显优于传统银行，随着稳定币的发展，这将冲 击传统银行在跨境支付方面的业务。其次，若银行自身发行稳定币，将促进传统存款向稳定币转移，一 方面降低银行的负债端成本，扩大净息差；另一方面，由于稳定币使用区块链技术，还有助于银行减少 合规成本支出。再次，在中国目前的金融环境下，银行依然是金融稳定的核心，未来发展稳定币，也大 概率会在银行的范畴内进行，预期在一定程度上将有助于银行体系的"进化"，最终提升整体银行板块的 竞争力。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。 ...

Core Viewpoint - The Bond Connect has reached its eighth anniversary, showcasing significant growth in international participation in China's bond market and announcing new optimization measures to enhance cross-border investment opportunities [1][2][3]. Group 1: Market Growth and Participation - As of May 2025, over 1,169 international investors from more than 70 countries and regions have participated in China's interbank bond market, with foreign institutions holding onshore bonds worth 4.35 trillion yuan, reflecting a compound annual growth rate of approximately 12% over the past five years [1]. - In 2024, the total trading volume of the "Northbound" Bond Connect reached 10.4 trillion yuan, setting a new record, with a year-to-date trading volume of 4.66 trillion yuan as of the end of May, an increase of 205 billion yuan compared to the same period last year [3]. Group 2: New Optimization Measures - The People's Bank of China announced three new measures to enhance the Bond Connect, including improving the "Southbound" mechanism to allow more domestic investors to invest in offshore bond markets, expanding the eligible investor categories to include non-bank financial institutions [3][4]. - The optimization of offshore repurchase business mechanisms will facilitate liquidity management for foreign investors, allowing transactions in multiple currencies such as USD, EUR, and HKD, and simplifying operational processes [5]. - The "Swap Connect" will also be optimized to better meet investors' interest rate risk management needs, with plans to expand the range of products and adjust daily trading limits [5][6]. Group 3: Future Outlook - The Bond Connect is expected to continue serving as a bridge between China's bond market and international investors, promoting the diversification of onshore and offshore RMB product ecosystems [2][8]. - The Hong Kong Monetary Authority emphasizes the importance of these new measures in solidifying Hong Kong's role as an international financial center and offshore RMB hub, enhancing the liquidity of offshore RMB products [8]. - Industry experts anticipate increased inflows of foreign capital, particularly long-term funds, as China's bond market continues to develop and diversify [9].