Group 1 - The 2025 Lujiazui Forum opened on June 18, focusing on "Financial Openness and Cooperation in the Global Economic Landscape" [1] - The People's Bank of China announced eight significant financial opening measures, including the establishment of an interbank market trading report library and a digital RMB international operation center [1] - Ping An Securities highlighted that insurance capital continues to enter the market, with high dividend sectors attracting attention due to their value [1] Group 2 - The banking sector's static dividend yield ranks third among all industries, maintaining a high premium over the risk-free rate measured by the 10-year government bond [1] - Sufficient provisioning levels and increased policy focus on operations are expected to solidify the profitability foundation of the banking sector [1] - The Financial ETF (code: 510230) tracks the 180 Financial Index (code: 000018), which includes 180 large-cap, liquid stocks from the financial sector, covering banks, insurance, and securities [1]

6月18日，金融监管总局局长李云泽在2025陆家嘴论坛上表示，无论国际风云如何变幻，中国金融业扩 大高速开放的决心不会改变，构建共赢的金融发展格局的决心不会改变，推动建立更加包容的国际金融 体系的决心不会改变。金融监管总局将进一步拓展金融开放的广度和深度，为高质量发展注入更多活力 和动力。(人民财讯) ...

今日在2025陆家嘴论坛上，国家金融监管总局局长李云泽表示，前两天总局刚刚批准了友邦人寿、荷兰 全球人寿在沪筹建保险资管公司，我们将一如既往推动更多金融开放措施，在上海先行先试，全力支持 上海国际金融中心建设再上新台阶。(智通财经) ...

1. Report Investment Rating The document does not provide an overall industry investment rating. 2. Core Views - The 2025 Lujiazui Forum will be held from June 18 - 19 in Shanghai, focusing on topics like financial opening - up, monetary policy coordination, etc., and may release major financial policies [8]. - For Treasury bond futures, geopolitical disturbances support market recovery, with a mid - term outlook of high - level fluctuations. The bond market is expected to oscillate or rise slightly in the short - term, and it is still recommended to maintain a view of high - level oscillation in the bond market [9]. - For naphtha and LPG, near - end geopolitical conflicts drive up crude oil prices, squeezing downstream profits. There are potential risks from geopolitical situations, especially regarding the Strait of Hormuz [11]. 3. Summary by Related Catalogs 3.1 Treasury Bond Futures - Geopolitical disturbances support market recovery, and the market still has strong expectations for RRR cuts and interest rate cuts in Q3. The bond market is expected to oscillate or rise slightly in the short - term due to short - term geopolitical risks, with a continued flat curve [9]. - Net long positions in Treasury bond futures have increased since June, but have not exceeded previous highs. The 30Y contract has large intraday fluctuations, and short - term speculative sentiment has warmed up [9]. 3.2 Naphtha and LPG - Near - end geopolitical conflicts drive up crude oil prices, leading to a decline in the naphtha cracking center and increased losses in Asian ethylene cracking profits. The far - month demand outlook is weakening [11]. - Middle East and Russian exports are currently stable, but extreme geopolitical risks should be monitored. The volume of arbitrage goods between the East and the West will increase significantly from June to July, posing a threat to the Asian market [11]. - If the Strait of Hormuz is blocked, it may cause a significant impact on the supply of naphtha and propane, leading to production cuts in downstream chemicals [11]. 3.3 Other Commodities - Gold: Geopolitical conflicts are easing, and silver is falling from a high level. Gold trend strength is 0, and silver trend strength is 0 [19][24]. - Copper: The strong spot market of LME copper supports prices. The trend strength is 0 [26][28]. - Aluminum: Oscillating strongly; Alumina: Rebounding significantly. Aluminum trend strength is 1, and Alumina trend strength is 0 [29][31]. - Zinc: Under pressure. The trend strength is - 1 [32]. - Lead: Adjusting within a short - term range. The trend strength is 0 [34][35]. - Tin: Tight current situation but weak future expectations. The trend strength is 0 [37][41]. - Nickel: Concerns about the ore end have cooled, and smelting supply has high elasticity. Stainless steel: Negative feedback leads to increased production cuts, with a supply - demand imbalance and low - level oscillation. Both trend strengths are 0 [42][45]. - Lithium carbonate: Warehouse receipts are continuously decreasing. The trend strength is 0 [46][49]. - Industrial silicon: Warehouse receipts are continuously decreasing, and market sentiment should be monitored. Polysilicon: Warehouse receipts have not increased, and market sentiment should be monitored. Industrial silicon trend strength is - 1, and polysilicon trend strength is 0 [50][52]. - Iron ore: Expectations are fluctuating, and it will oscillate within a range. The trend strength is 0 [53]. - Rebar and hot - rolled coil: Affected by macro - sentiment, they will oscillate widely. Both trend strengths are 0 [54][58]. - Ferrosilicon and silicomanganese: Affected by sector sentiment, they will oscillate widely. Both trend strengths are 0 [59][62]. - Coke and coking coal: Safety inspections are becoming stricter, and they will oscillate widely. Both trend strengths are 0 [63][66]. - Steam coal: Demand needs to be released, and it will oscillate widely. The trend strength is 0 [68][71]. - Logs: Oscillating widely [72].

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]

Core Viewpoint - The speech emphasizes the need for continuous financial opening to better support enterprises in their development and international expansion [1] Group 1: Financial Reform and Development - The year marks the beginning of the "14th Five-Year Plan" and sets higher demands for the construction of Shanghai as an international financial center [1] - There will be a focus on deepening financial reforms to better serve technological innovation [1] - The aim is to leverage the advantages of being an international financial and technological innovation center to accelerate the establishment of a comprehensive, diversified, and sequential technology-finance service system [1] Group 2: Cross-Border Financial Services - The implementation of the "18 measures" for facilitating cross-border financial services will be a priority [1] - There is a commitment to expand financial openness to better support enterprises in their international ventures [1] - The strategy includes adapting to changes in foreign trade conditions and promoting increased cross-border trade credit [1] Group 3: Legal and Risk Management - There will be efforts to improve the financial legal environment and enhance risk management [1] - The goal is to better coordinate financial development with safety considerations [1]

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。 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。 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。 七是在上海"先行先试"结构性货币政策工具创新 。包括开展航贸区块链信用证再融资业 务、"跨境贸易再融资"业务、碳减排支持工具扩容等试点。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。 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。 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。 八是会同证监会研究推 ...

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

Index Performance - The A-share market showed a complex situation on June 17, with major indices exhibiting mixed performance and frequent rotation among sectors [2] - The Shanghai Composite Index slightly decreased by 0.04% to 3387.40 points, while the Shenzhen Component fell by 0.12% to 10151.43 points, and the ChiNext Index dropped by 0.36% to 2049.94 points [4][5] - The overall trading volume shrank to approximately 1.23 trillion yuan, indicating a cautious market sentiment and a strong observation mood among investors [6] Sector Highlights - The technology sector displayed significant differentiation, with sub-sectors like brain-computer interfaces and AI glasses maintaining their momentum, while semiconductor equipment and optical modules faced profit-taking [9] - Geopolitical tensions in the Middle East led to a rise in oil and gas prices, benefiting companies like Beiken Energy, while gold and nuclear protection concepts experienced volatility [10] - High-profile themes such as IP economy and innovative drugs faced selling pressure, indicating a cooling enthusiasm for high-priced themes [10] Capital Flow - Northbound funds recorded a net outflow of 1.83 billion yuan, marking three consecutive days of net selling, although there was a late-stage increase in technology stocks [12] - Domestic capital saw a net outflow of approximately 45 billion yuan, shifting from consumer and pharmaceutical sectors to defensive sectors like oil and military [13] Influencing Factors - The upcoming Lujiazui Forum is expected to provide significant policy signals, which could boost market confidence if favorable policies are announced [15] - The escalation of conflicts in the Middle East has caused fluctuations in oil prices, impacting investor sentiment and the broader financial market [17] - The uncertainty surrounding the Federal Reserve's monetary policy continues to influence global capital flows and the A-share market [17] Market Outlook - The market's shrinking volume indicates a significant divergence between bulls and bears, with a cautious sentiment prevailing [19] - Positive economic data from May suggests a solid foundation for the A-share market, supported by ongoing policy initiatives [19] - Investors are advised to remain cautiously optimistic, focusing on volume changes, policy dynamics, and geopolitical developments as key factors influencing market direction [19]