6月17日，李家超在行政会议前会见记者时表示，正在考虑实施香港特区政府"高层官员责任制"。李家超透露，已 委派政务司司长陈国基对此进行研究。他希望政治任命官员的问责制和"高级公务员责任制"可以融合，加强整体 治理水平，让市民的生活更好。 6月17日，瑞士洛桑国际管理发展学院发布《2025年世界竞争力年报》（以下简称《年报》），香港的全球竞争力 继去年上升两位至第五后，今年再上升两位至全球第三。这也是2019年后香港首次在该榜单中重返全球前三。 繁华的尖沙咀东部商贸区。 竞争力增幅在前十名经济体中最高 《年报》显示，香港竞争力大幅提升，总得分99.2分（满分100分），增加7.7分，增长幅度在前十名经济体中最 高。在《年报》的4个竞争力因素中，香港"政府效率"和"营商效率"排名均上升至全球第二，"经济表现"和"基础 建设"排名分别上升至全球第六和第七。 在竞争力的子因素方面，香港"税务政策"和"商业法规"排名全球第一；"国际投资""教育""金融"排名全球第 二；"国际贸易"和"管理方式"排名全球第三。 尽管香港的"政府效率"排名位居全球前列，反映出香港特区公务员的高素质和高效能，但从香港特区行政长官李 家超的施 ...

报告导读： 《关于支持加快建设上海国际金融中心的意见》及《上海国际金融中心建设 行动方案》的发布，优化了市场基础设施、降低交易成本、增强市场流动性和弹性，对 证券、期货等领域构成实质性支持，非银多板块将受益。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 上海国际金融中心提能提速，非银板块受益——上海国际金融中心建设政策点评 报告日期：2025.06.18 报告作者： 刘欣琦 （分析师），登记编号： S0880515050001 肖尧 （分析师)，登记编号： S0880525040115 李嘉木 （分析师)，登记编号： S0880524030003 事件：6月18日，中央金融委员会发布了《关于支持加快建设上海国际金融中心的意见》，紧随其后，国 家金融监督管理总局会同上海市政府印发了《上海国际金融中心建设行动方案》。 《意见》明确提出在未 来5至10年内上海国际金融中心将全面提升能级；《行动方案》则从地方落地角度细化了支持举措。 《意见》和《行动方案》在内容上既有承接共通之处，也各有侧重。 中央层面的《意见》从顶层设计角度 勾画了上海国际金融中心建设的总体蓝图，提出了深化金融市场建设， ...

昨日北交所大跌近2个点，仅从北证50指数来看跌幅不算很大，自1500点以来只能排到第三，第一和第 二分别是5月22日的-6.15%和6月13日的-2.92%。然而从个股涨跌分布来看，昨日下跌股达到241只，明 显多余6月13日的213只，而与5月22日的245只相差无几。因此如果单看北证50指数，其实并没有完全反 映昨天下跌的"惨烈"， 昨天的行情可以看做近几日北交所情绪向下的一次集中释放 。 可见， 二级市场估值的大幅抬升并没有让IPO发得更贵 ，但板块总市值、交易量显著上升还是助力了募 资扩容步伐， 凸出了我国资本市场的核心定位 。 对比北交所的第一、二阶段（2024.9.13-至今），共发行了16只个股，平均发行PE为13.85X、平均募资 规模2.75亿，总共募了44亿，在阶段涨幅和二级估值与创业板接近的情况下，发行估值更低、募资规模 更小，随着未来估值进一步拔高、交投活跃，我们猜测 IPO加速的空间也会更大 ，有望再现"每两天发1 家"的节奏，与此同时IPO发行估值也有可能继续保持较为便宜的价格 。 免责声明： 文章中的数据和资料来自于公司财报、券商研报、行业报告、企业官网、公众号、百度百科等公开资 ...

中国证监会主席吴清18日在2025陆家嘴论坛开幕式上作主旨演讲时表示，证监会将加力推出进一步深化 科创板改革的"1+6"政策措施。中金公司管理委员会成员王曙光表示，通过完善资本市场基础制度、优 化多层次市场体系，有助于显著提升市场制度的包容性和适应性，为畅通"科技-产业-金融"良性循环、 培育新质生产力提供了强有力的制度保障。（上证报） ...

本次开幕式主题演讲主要围绕全球金融治理、金融高水平开放、资本市场推动科技创新和产业创新融合 发展、外汇改革服务经济高质量发展四个方面，并发布了一系列重要政策，体现了金融监管当局对当前 全球经济金融格局和发展趋势的深刻把握，以及对推进金融更高水平开放、更好推动新质生产力发展、 提高金融服务实体经济质效的长远谋划和政策落实。 外汇管理局局长表示将坚持深化外汇领域改革开放，建立健全"更加便利、更加开放、更加安全、更加 智慧"的外汇管理体制机制，未来还将积极推出多项支持性政策，多措并举支持外贸企业发展，积极推 进跨境投融资便利化，在自贸试验区实施一揽子外汇创新政策等。若相关举措能够有效落地，将进一步 提升我国在全球经济循环中的地位和加快人民币国际化的步伐。 央行行长展望了未来国际货币体系、跨境支付体系的演进趋势，并表达了对新格局下国际金融组织推动 占比份额调整、完善治理能力的期望。当前国际经济金融环境面临着较高的不确定性，中国需要积极应 对世界经济金融秩序的变化，并努力推动国际货币金融体系重回多元包容的发展方向。而央行推出的将 在上海实施的八项政策，既是对上海建设国际金融中心的有力支持，也是顺应全球化深入发展的时代趋 ...

2025年6月19日|中国内地 | 何康, PhD | 李雨婕 | 王伟光 | 孙瀚文 | 方正档 | | --- | --- | --- | --- | --- | | 研究员 | 研究员 | 研究员 | 研究员 | 研究员 | | SAC No. S0570520080004 | SAC No. S0570525050001 | SAC No. S0570523040001 | SAC No. S0570524040002 | SAC No. S0570524060001 | | SFC No. BRB318 | liyujie@htsc.com | wangweiguang@htsc.com | SFC No. BVB302 | fangzhengtao@htsc.com | | hekang@htsc.com | +(852) 3658 6000 | +(86) 21 2897 2228 | sunhanwen@htsc.com | +(86) 21 2897 2228 | | +(86) 21 2897 2202 | | | +(86) 21 2897 2228 | | 核心观点 证券研究报告 策略 ...

ETF Industry News Summary Core Insights - The three major indices experienced fluctuations and declines, while several oil and gas-related ETFs saw gains, indicating a potential shift in investor sentiment towards energy sectors amidst geopolitical uncertainties [1][4]. Market Performance - The Shanghai Composite Index fell by 0.79% to 3362.11 points, the Shenzhen Component Index decreased by 1.21% to 10051.97 points, and the ChiNext Index dropped by 1.36% to 2026.82 points [4]. - The oil and gas sector outperformed, with the Oil and Gas Resources ETF (563150.SH) rising by 1.24%, and the Oil and Gas Resources ETF (159309.SZ) increasing by 0.99% [1][13]. - Conversely, the gold sector faced declines, with the Gold Stocks ETF (517520.SH) down by 2.35% [1]. ETF Market Developments - The Shenzhen Stock Exchange held a meeting focused on the high-quality development of the bond ETF market, discussing improvements in institutional mechanisms and product systems [2]. - The China Securities Regulatory Commission announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, aimed at enhancing the investment landscape for foreign institutions [3]. ETF Category Performance - Among various ETF categories, bond ETFs showed the best performance with an average increase of 0.02%, while cross-border ETFs had the worst performance with an average decline of 1.80% [10]. - The top-performing ETFs included the Oil and Gas Resources ETFs and the Semiconductor ETF, with respective gains of 1.24%, 0.99%, and 0.93% [13][14]. Trading Volume Insights - The top three ETFs by trading volume were the A500 ETF (159351.SZ) with a volume of 2.964 billion, the A500 ETF Fund (512050.SH) at 2.734 billion, and the CSI 300 ETF (510300.SH) at 2.331 billion [17][18].

2025陆家嘴金融论坛于6月18日开幕，证监会主席吴清在聚焦支持科技创新的主旨发言中，划出了资本 市场改革的关键落点——深化科创板"1+6"一揽子计划，该计划核心涵盖设立科创成长层、优化再融资 通道、接纳优质未盈利企业上市等举措，意在精准适配科创企业全生命周期的差异化融资诉求。民生证 券研究院首席经济学家陶川对此进行了全面解读。 陶川认为，资本市场与科技创新的有效融合，将深度影响创新效率、推动创新成果快速转化。此前中国 在融资广度(金融市场体量)、融资成本(美国直接融资比重更高、融资成本相应更低)、融资灵活性(中国 金融结构以银行为导向，更偏好固定资产抵押融资，难以满足科技创新需要)等方面仍存在优化空间。 但随着科创成长层的创设、科创债的发展以及新型结构性货币政策的推出，中国正不断以政策势能弥补 市场短板。科创板、新三板、创业板等市场层次愈发完善，科技企业进入资本市场的渠道被打通，可以 激发市场创新活力，加快推动科技成果的市场化落地和拓展。 同时，陶川认为，吴清主席的讲话定调了资本市场长期"稳中向好"的清晰脉络。深化改革的种种举措， 将激活企业创新动能、重振投资者信任并拓宽外资参与路径，多重力量合力编织"科技 ...

Group 1 - The financial industry inherently possesses an open gene, and financial activities should embrace openness [1][10] - Since early April, external shocks have increased, causing significant volatility in international financial markets, which has also pressured the Chinese capital market; however, the long-term positive development trend of the Chinese economy remains unchanged [1] - The resilience and risk resistance of the Chinese capital market have been demonstrated despite the challenges [1] Group 2 - The Shanghai Stock Exchange (SSE) aims to maintain market stability and enhance internal stability mechanisms, deepen the reform of the Sci-Tech Innovation Board, and promote long-term capital inflow [4][6] - The SSE reported a compound annual growth rate of 10.7% in R&D investment over the past three years, with a median R&D intensity of 12.6%, leading A-shares [5] - The SSE has seen a 25% year-on-year increase in disclosed asset restructuring plans, with significant growth in major asset restructurings [5] Group 3 - The Hong Kong Stock Exchange (HKEX) plans to enhance its product offerings and risk management tools, including the preparation of RMB government bond futures [7] - HKEX aims to facilitate mainland investors' participation in the Hong Kong market by incorporating RMB counters into the Stock Connect trading mechanism [7] Group 4 - Howard Marks highlighted China's structural advantages, including a highly educated workforce, a large middle-class market, and a robust manufacturing sector [8] - To further internationalize the financial market, Marks suggested opening more asset classes and optimizing foreign investment product access mechanisms [9] Group 5 - The importance of regulatory predictability and consistency with local demands and global practices was emphasized to attract more foreign capital [9][10] - The need for regulatory frameworks to evolve alongside market innovations was also discussed, ensuring that regulations keep pace with market developments [10]

Core Insights - The core message emphasizes the role of the capital market in promoting the integration of technological innovation and industrial innovation, with a focus on deepening reforms in the Sci-Tech Innovation Board and enhancing the openness of the capital market [1] Group 1: Capital Market's Role in Innovation - The capital market provides comprehensive financial services throughout the entire lifecycle of technological innovation, facilitating the needs of companies at various stages from startup to maturity [2] - Capital markets can stimulate entrepreneurial spirit and innovation by effectively pricing key elements and assets, leading to better integration of talent, technology, and data [2][3] - The collaboration between scientists, entrepreneurs, and investors is crucial for fostering innovation, highlighting the importance of a capital market-driven innovation ecosystem [3] Group 2: Structural Changes and Support for Innovation - Recent structural changes in the capital market have positively impacted the virtuous cycle between technology, capital, and industry, enhancing the market's efficiency and investment value [4] - The proportion of technology companies in the A-share market has increased from 12% to 27% over the past decade, indicating a significant shift towards supporting innovation [4] - Continuous high investment in R&D by listed companies has contributed to improved market structure and investment value, with certain sectors experiencing compound annual growth rates of 12.5% and 17.9% [4] Group 3: Reform Measures and Institutional Adaptability - The introduction of the "1+6" policy measures aims to deepen reforms in the Sci-Tech Innovation Board, including the establishment of a growth tier and the reintroduction of listing standards for unprofitable companies [7] - The reforms focus on enhancing the inclusivity and adaptability of the capital market, ensuring that it better serves technological and industrial innovation [8] - Strong regulatory measures will be implemented to protect the rights of small investors and ensure that the benefits of policies reach innovative practitioners [8] Group 4: Opening Up the Market - The capital market will continue to promote comprehensive openness, facilitating the participation of foreign capital and institutions, which are seen as vital players in the Chinese capital market [9] - Recent developments have led to a reassessment of China's technological innovation capabilities by global investors, increasing interest in Chinese assets, particularly in high-tech sectors [9] - Upcoming measures will enhance the convenience for foreign investors in the A-share market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable products [9]