Market Overview - A-shares experienced narrow fluctuations on Wednesday, with major indices showing slight increases, while most individual stocks declined. The Shanghai Composite Index rose by 0.04% to 3388.81 points, and the Shenzhen Composite Index increased by 0.03% [1] - The total trading volume across A-shares was 12.218 trillion yuan, a slight decrease from 12.371 trillion yuan on Tuesday [1] Sector Performance - Bank stocks saw a broad increase, providing some support to the indices despite the decline in most individual stocks. Other sectors that performed relatively well included electronic components, consumer electronics, and wind power [1] - Conversely, sectors with significant declines included pesticides and veterinary drugs, beauty care, small metals, medical services, and household light industry [1] Financial Policy Announcements - The Lujiazui Forum opened on Wednesday, where the central bank governor announced eight financial opening measures, which likely contributed to the rise in bank stocks. The measures include establishing a trading report database for the interbank market and setting up a digital RMB international operation center [1] Market Sentiment and Future Outlook - The chairman of the China Securities Regulatory Commission discussed the Sci-Tech Innovation Board and the ChiNext at the Lujiazui Forum [2] - The U.S. stock market saw a slight decline overnight, with all three major indices dropping by less than 1%. The Hong Kong market experienced a general increase, although the Hang Seng Index fell by 1.12% [2] - The Federal Reserve's two-day interest rate meeting is ongoing, with expectations that there will be no interest rate cuts. Market focus is primarily on the Fed's statements [2] - Many institutions are adopting a defensive stance in their stock recommendations, indicating a cautious market sentiment. The A-share market is expected to continue its sideways trend until there is a noticeable improvement in the economic situation [2]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - Domestic fundamental data in May showed mixed results, with industrial growth slightly declining, social retail sales exceeding expectations, fixed - asset investment scale continuously shrinking, and the unemployment rate improving month - on - month. Financial data remained divided, with government bonds being the main support for social financing, and corporate credit demand weakening due to the cooling real estate market and hidden debt replacement. In the trade aspect, the pulling effect of pre - exported goods continued to weaken, and exports in May slightly declined [3]. - The central bank announced eight incremental policies at the Lujiazui Forum, which are helpful for the construction of a modern monetary policy system and enhancing the ability to manage exchange - rate risks. Overseas, the US labor market cooled, the number of initial jobless claims continued to increase, and the market expected the Fed's first interest - rate cut to be in September [3]. - Given that domestic domestic demand needs to be boosted and the central bank has carried out repurchase operations to maintain a balanced and loose capital market, treasury bond futures are expected to remain strongly volatile in the short term, and investors are advised to maintain a certain position [3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Volumes**: On June 18, 2025, the closing prices of T, TF, TS, and TL were 109.140, 106.280, 102.544, and 120.900 respectively, with changes of - 0.01%, - 0.01%, 0.01%, and 0.09%. The trading volumes of T, TF, TS, and TL were 48,250, 39,784, 27,708, and 52,815 respectively, with changes of - 429, + 194, + 1,018, and - 1,625 [2]. - **Futures Spreads**: The spreads of various contracts showed different changes. For example, the TL2512 - 2509 spread increased by 0.06 to - 0.13, and the T09 - TL09 spread decreased by 0.10 to - 11.76 [2]. - **Futures Positions**: The positions of T, TF, TS, and TL showed different trends. For example, the T main - contract position decreased by 2,200 to 203,959, and the TF main - contract position decreased by 804 to 155,973 [2]. 3.2 Bond Market - **CTD Bonds**: The net prices of some CTD bonds changed. For example, the net price of 250007.IB decreased by 0.0103 to 101.4059, and the net price of 250006.IB increased by 0.0037 to 100.3779 [2]. - **Active Bonds**: The yields of active bonds decreased. For example, the 1 - year yield decreased by 2.85bp to 1.3700%, and the 3 - year yield decreased by 2.50bp to 1.3825% [2]. 3.3 Interest Rates - **Short - term Interest Rates**: The short - term interest rates showed different trends. For example, the silver - pledged overnight rate decreased by 0.05bp to 1.3795%, and the Shibor overnight rate decreased by 0.30bp to 1.3660% [2]. - **LPR Rates**: The 1 - year and 5 - year LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.4 Industry News - **Central Bank Policies**: The central bank announced eight incremental policies at the Lujiazui Forum, including promoting RMB foreign - exchange futures trading and establishing an inter - bank market transaction report, which is conducive to the construction of a modern monetary policy system and enhancing exchange - rate risk management capabilities [2][3]. - **CSRC Reforms**: The CSRC will launch a "1 + 6" policy measure to further deepen the reform of the Science and Technology Innovation Board, including setting up a growth layer and restarting the listing of unprofitable enterprises under the fifth set of standards [2]. - **Financial Regulatory Policies**: The financial regulatory authority will replicate and promote the experience of the free - trade zone and free - trade port in expanding institutional opening, support foreign - funded institutions to participate in more financial business pilots, and optimize the business environment for foreign investment [2].

Market Overview - A-shares and Hong Kong stocks continued to adjust, with major indices in A-shares showing slight declines: Shanghai Composite Index down 0.2%, Shenzhen Component down 0.15%, and ChiNext down 0.36% [2][3] - The trading volume in the A-share market decreased by 28.5 billion yuan, totaling 743 billion yuan [2] - In Hong Kong, the Hang Seng Index and other indices fell by over 1% [3] Banking Sector - Multiple bank stocks reached historical highs, including CITIC Bank, Beijing Bank, Shanghai Pudong Development Bank, and others [4] Financial Policies - At the 2025 Lujiazui Forum, the People's Bank of China announced eight significant financial policies aimed at innovation in structural monetary policy tools, including blockchain credit refinancing and cross-border trade refinancing [6] - The financial regulatory authority emphasized the removal of restrictive measures in the banking and insurance sectors, promoting foreign investment participation in more financial business trials [6] Military Industry - The military sector showed strong performance, with stocks like Northern Long Dragon and others experiencing significant gains [7][9] - The 55th Paris Air Show showcased key Chinese aviation products, indicating potential growth in military trade [9] Oil and Gas Sector - Jixing New Energy saw a dramatic increase of over 370% amid rising oil prices due to geopolitical tensions [10] - The company reported a total net income of 272.34 million Canadian dollars for Q1 2025, a decrease of 2.72% year-on-year, with a loss of 3.576 million Canadian dollars [10] - High oil prices are expected to continue, with Brent crude potentially rising above $90 per barrel if Iranian supply is disrupted [10] Stock Performance - Several oil and gas stocks experienced significant price increases, including Yuanheng Gas and others, with gains ranging from 14.79% to 45.45% [11][12]

Core Viewpoint - The article discusses the opening of the 2025 Lujiazui Forum and highlights key financial opening measures announced by the Governor of the People's Bank of China, Pan Gongsheng, aimed at enhancing Shanghai's status as an international financial center. Group 1: Financial Opening Measures - Eight financial opening measures were announced, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution in Shanghai [2] - Additional measures include offshore trade financial service pilot programs, development of offshore bonds, optimization of free trade account functions, and innovation in structural monetary policy tools [2][3] Group 2: Currency and Payment Systems - The RMB has become the second-largest trade financing currency globally and the third-largest payment currency [4] - China has established a multi-channel, widely covered RMB cross-border payment clearing network, addressing issues in traditional cross-border payment systems [5] Group 3: Technological Advancements - New technologies such as blockchain and distributed ledger technology are accelerating the development of central bank digital currencies and stablecoins, reshaping traditional payment systems and posing challenges for financial regulation [6] Group 4: Global Economic Oversight - Major international financial organizations should enhance their economic oversight functions and guide countries to support economic globalization [7] - The People's Bank of China has signed bilateral currency swap agreements with over 30 countries and regions, contributing to the global financial safety net [8] Group 5: IMF and Global Financial Governance - The current IMF quota distribution does not reflect the relative positions of member countries in the global economy, and adjustments are necessary for legitimacy and representation [9] Group 6: Monetary Policy Framework - The transformation of the monetary policy framework is a gradual and ongoing process, with the People's Bank of China implementing supportive measures to stabilize the economy and financial markets [10]

综合自央视新闻、人民财讯 央行潘功胜：推动上海国际金融中心建设发布八项举措 6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，为进一步推进上海国际金融中心的建设，一是在 上海设立银行间市场交易报告库，二是在上海设立数字人民币国际运营中心；三是在上海设立个人征信 机构，四是在上海临港（600848）新片区开展离岸贸易金融服务综合改革试点，五是在上海发展自贸离 岸债；六是在上海优化升级自由贸易账户功能；七是在上海"先行先试"结构性货币政策工具创新；八是 会同证监会研究推进人民币外汇期货交易。 央行行长潘功胜：在上海"先行先试"结构性货币政策工具创新 6月18日，央行行长潘功胜在2025陆家嘴论坛上表示，在上海"先行先试"结构性货币政策工具创新，包 括开展航贸区块链信用证再融资业务试点，以信用方式发放再贷款，支持在沪商业银行向外贸企业提供 融资。开展跨境贸易再融资业务试点，运用再贴现支持在沪商业银行向进出口企业提供人民币跨境贸易 融资。开展碳减排支持工具扩容试点，将支持范围扩大至部分转型金融领域和地方特色产业。积极推动 上海首批运用科技创新债券风险分担工具，支持私募股权机构发行科创债券。 2025年陆家嘴论坛开 ...

八是会同证监会研究推进人民币外汇期货交易。 推动完善外汇市场产品序列，便利金融机构和外贸企 业更好管理汇率风险。 二是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。 三是设立个人征信机构。 为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体 系。 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。 创新业务规则，支持上海发展离岸贸 易。 2025陆家嘴论坛今天开幕 央行宣布八项重磅金融开放举措 五是发展自贸离岸债。 遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一 路"共建国家和地区优质企业的融资渠道。 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 。 六是优化升级自由贸易账户功能。 实现优质企业与境外资金高效融通，提升跨境贸易投资自由化便利 化水平，助力上海高水平对外开放。 一是设立银行间市场交易报告库。 高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等各 金融子市场交易数据，服务金融机构、宏观调控和金融市场监管。 七是在上海"先行先试"结构性货币政策工具创新。 包括开展航贸 ...

Core Viewpoint - The article discusses eight significant financial opening measures announced by the People's Bank of China at the 2025 Lujiazui Forum, aimed at enhancing Shanghai's financial market and promoting internationalization of the Renminbi. Group 1: Financial Infrastructure Development - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets, aiding financial institutions and regulatory bodies [2][3][10] - Creation of a digital Renminbi international operation center to facilitate the internationalization of digital currency and support financial market innovation [2][4][11] - Formation of a personal credit agency to provide diversified credit products and improve the social credit system [2][5][12][13] Group 2: Offshore Trade and Financing - Launch of a comprehensive reform pilot for offshore trade financial services in the Lingang New Area of Shanghai, aimed at innovating business rules to support offshore trade [2][6][14] - Development of free trade offshore bonds, adhering to international standards to expand financing channels for enterprises involved in the Belt and Road Initiative [2][6][15] Group 3: Trade and Investment Facilitation - Optimization and upgrading of free trade account functions to enhance efficient capital flow between quality enterprises and foreign funds, improving the liberalization of cross-border trade and investment [2][6][16] - Implementation of innovative structural monetary policy tools in Shanghai, including pilot projects for blockchain credit refinancing and cross-border trade refinancing [2][7][18] Group 4: Currency Risk Management - Collaboration with the China Securities Regulatory Commission to promote Renminbi foreign exchange futures trading, enhancing the product offerings in the foreign exchange market to better manage exchange rate risks for financial institutions and foreign trade enterprises [2][7][19]

Group 1 - The People's Bank of China announced the establishment of an international operation center for digital RMB to promote its internationalization and support digital financial innovation [1] - The central bank's governor emphasized the "pilot first" approach in Shanghai for innovative structural monetary policy tools, including blockchain credit certificate refinancing trials [2] - Initiatives include cross-border trade refinancing trials and expanding carbon reduction support tools to cover more financial sectors and local industries [2] Group 2 - The governor highlighted the importance of supporting commercial banks in Shanghai to provide financing to foreign trade enterprises through innovative credit methods [2] - The first batch of technology innovation bonds risk-sharing tools will be promoted to support private equity institutions in issuing technology innovation bonds [2]

Core Viewpoint - The People's Bank of China announced eight significant financial policies aimed at enhancing the financial system, promoting digital currency, and supporting international trade and investment. Group 1: Financial Market Enhancements - Establishment of an interbank market trading report database to collect and analyze trading data across various financial sub-markets, aiding financial institutions and regulatory oversight [1] - Creation of a digital RMB international operation center to facilitate the internationalization of digital currency and support financial market innovation [1] Group 2: Credit and Trade Innovations - Establishment of a personal credit institution to provide diversified credit products, improving the social credit system [2] - Launch of a comprehensive reform pilot for offshore trade finance services in the Shanghai Lingang New Area to support offshore trade development [3] Group 3: Financing and Investment Facilitation - Development of offshore bonds following international standards to expand financing channels for enterprises involved in the Belt and Road Initiative [3] - Optimization of free trade account functions to enhance efficient capital flow between quality enterprises and foreign funds, promoting cross-border trade and investment [4] Group 4: Monetary Policy Innovations - Implementation of structural monetary policy tool innovations in Shanghai, including blockchain credit refinancing and cross-border trade refinancing initiatives [4] - Collaboration with the China Securities Regulatory Commission to advance RMB foreign exchange futures trading, improving the foreign exchange market product offerings [4]

Core Viewpoint - The People's Bank of China announced innovative structural monetary policy tools to be piloted in Shanghai, focusing on enhancing trade and supporting technology innovation bonds [1] Group 1: Structural Monetary Policy Innovations - The introduction of blockchain letter of credit refinancing business in the Shanghai Free Trade Zone [1] - Launch of "cross-border trade refinancing" initiatives to facilitate international trade [1] - Expansion of carbon reduction support tools as part of the pilot programs [1] Group 2: Support for Technology Innovation - Promotion of the first batch of technology innovation bonds in Shanghai, utilizing risk-sharing tools for private equity institutions [1]