在6月18日开幕的2025陆家嘴论坛上，中国证监会主席吴清宣布，更好发挥科创板改革"试验田"作用， 将加力推出进一步深化改革的"1+6"政策措施，同时，将在创业板正式启用第三套标准，支持优质未盈 利创新企业上市。多位机构人士和专家表示，此次证监会提出一系列举措，将加快构建更有利于支持全 面创新的资本市场生态，更好发挥多层次资本市场枢纽功能，有力促进"科技-资本-产业"良性循环。 ...

// 债市综述 // 1. 公开市场操作 央行公告称， 6 月 18 日开展 1563 亿元 7 天期逆回购操作，操作利率 1.40% 。 Wind 数据显示，当日 1640 亿元逆回购到期，据此计算，单日净回笼 77 亿 元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 税期影响接近尾声，资金面平稳，存款类机构隔夜质押式回购利率微幅下行，目前位于 1.37% 附近，七天质押式回购利率则小幅上行。 海外方面，最新美国隔夜融资担保利率为 4.32% 。 （IMM） （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | （*数据来源：Wind-成交统计BMW） | | --- | 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约涨 0.09% 10 年期主力合约跌 0.01% 全国和主要股份制银行一年期同业存单最新成交在 1.65% 附近，较上日变化不大。 5 年期主力合约跌 0.01% 2 年期主力合约涨 0.01% （*数 ...

自2019年新《证券法》修订以来，全国首例因上市公司董监高未履行公开增持承诺引发的证券侵权纠纷 案判决近日生效，两位投资者告赢上市公司高管，拿到78.35万元赔款，引起市场关注。 案情并不复杂，但足够典型。某公司2021年6月公告称，两名高管将于6个月内增持不低于3亿元，结果 一拖再拖，最终一股未买，且在面对交易所质询时以过桥资金制作"虚假"存款证明，最终被上海金融法 院认定为虚假陈述行为成立且具有重大性。 制度上已筑起反忽悠、防欺骗的高墙，上市公司需以此为戒，深刻认识到自身一言一行与资本市场健康 发展休戚相关，完善公司治理，强化内部控制，明确关键少数的责任与义务，有效约束其行为，做到不 轻诺、诺必果。 对于"信息+信心"市的资本市场而言，诚信就像须臾不可离的空气，只有当每一次违规行为都被追责严 惩，每一位投资者的合法权益都得到有力保护，每一家上市公司都重诺守信，一个风清气正、规范透明 的资本市场才有望形成、才值得信任与期待。 （文章来源：经济日报） 承诺增持、分红、股份回购，传递的是看好公司长期投资价值的信号，是进行市值管理的有效工具。把 庄严承诺当成操纵股价的工具，败坏的不仅是上市公司自身的形象，"狼来了 ...

Group 1: Financial Cooperation and Global Economic Stability - Strengthening global monetary policy coordination is crucial for promoting global economic recovery and maintaining financial system stability, especially in light of rising uncertainties in the international economy [2] - Central banks need to enhance communication with markets and adapt their monetary policy frameworks to address structural changes, including geopolitical shifts and environmental factors [2][3] Group 2: Capital Market Development - The capital market is essential for optimizing capital allocation, fostering innovation, and enhancing financing channels, necessitating a multi-tiered market system in China [3] - Shanghai is positioned as a leading international financial center, benefiting from a comprehensive financial market system and regional industrial advantages, which can facilitate further financial market internationalization [3][4] Group 3: Shanghai and Hong Kong Collaboration - The collaboration between Shanghai and Hong Kong is increasingly important due to fundamental changes in capital flows and the need for diversified investment opportunities [4] - Both cities can provide a favorable regulatory environment for international investors, particularly in the context of RMB internationalization, which is vital for attracting foreign capital [4][6] Group 4: Investment Opportunities - Currently, approximately 10% of Chinese company stocks are held by international investors, indicating a significant interest in entering the Chinese market, which requires more financial futures products for risk management [6] - Hong Kong serves as a platform for global investors, while Shanghai is ideal for connecting with domestic investors, enhancing capital formation through their collaboration [5][6]

Group 1 - The core viewpoint emphasizes the need for China's capital market to enhance high-quality development through improving foundational systems, optimizing multi-layered structures, and deepening international openness [1][2] - Experts suggest introducing diverse investment forces to strengthen long-term capital supply and optimizing foreign investment access mechanisms to promote internationalization [1] - The CEO of Hong Kong Stock Exchange, Charles Li, highlights that the mainland capital market has secured the second-largest scale globally, and exchanges can achieve cooperation through complementary advantages and differentiated development [1] Group 2 - The Hong Kong Stock Exchange is actively preparing for the introduction of RMB government bond futures, which is seen as a crucial step in enhancing the market ecosystem and increasing the attractiveness of China's capital market to global funds [2] - The Vice Chairman and President of Industrial and Commercial Bank of China, Liu Jun, emphasizes the importance of "wisdom" and "patience" in the development of China's equity market, advocating for the inclusion of diverse investment forces from both domestic and international markets [2] - Howard Marks, Co-Founder and Co-Chairman of Oaktree Capital, suggests that opening more asset classes or business areas to international investors can facilitate the long-term healthy development of foreign-funded enterprises in China [2]

在推动中长期资金入市，着力构建长钱长投生态方面，邱勇表示，上交所要进一步加大力度引入长期资 金，持续丰富产品体系，不断完善ETF产品布局和配套机制，推动科技创新债券、绿色债券市场建设， 健全股票期权产品体系，着力打造"中国品牌"的指数体系，更好满足投资者需求。 "资本市场具有枢纽功能，面对冲击，资本市场仍然具有发展前景。"邱勇表示，上交所会承担起使命， 努力做好资本市场工作，助力中国经济社会发展。 中国资本市场推动投融资两端共同发力，持续激发了市场活力。据介绍，去年以来，上交所多措并举活 跃并购重组市场，2024年，沪市披露各类资产重组方案700余单，其中重大资产重组60单，同比增长 50%，七成并购标的为半导体、新能源等新兴产业领域；今年以来披露资产重组方案341单，同比增长 25%，其中重大资产重组49单，同比增长206%。在投资端建设方面，2024年ETF市值突破3万亿元，以 社保、保险为代表的长期资金A股持仓金额增长33%。 （文章来源：证券时报） 证券时报记者张淑贤 如何加快构建投融资协调的市场生态，进一步巩固市场回稳向好态势？ 在昨日举行的2025陆家嘴论坛"全体大会三：推动资本市场持续稳健发展" ...

Group 1 - The core viewpoint of the news is the introduction of a third listing standard on the ChiNext board to support high-quality, unprofitable innovative enterprises in China [1][2] - The new listing standard aims to enhance the inclusiveness and adaptability of the capital market, facilitating a more favorable ecosystem for comprehensive innovation [1][3] - The third listing standard is a response to the long-standing demand for institutional breakthroughs, allowing unprofitable innovative companies to access capital markets more easily [2][3] Group 2 - The existing listing standards for general enterprises include three options based on profitability and revenue thresholds, with specific criteria for red-chip and special voting rights companies [2] - The introduction of the third standard is expected to address the financing challenges faced by high-quality innovative companies that have technology but lack profits [3] - This initiative is anticipated to shift the valuation logic in China's capital market from profit-oriented to growth-oriented, accelerating the monetization of technology for innovative enterprises [3]

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation in the context of global economic changes, with a focus on the introduction of RMB foreign exchange futures as a key initiative [1][3]. Group 1: Policy Initiatives - The People's Bank of China announced eight policy measures to enhance Shanghai's status as an international financial center, including the promotion of RMB foreign exchange futures trading to help manage exchange rate risks for financial institutions and foreign trade enterprises [1]. - Other measures include establishing a trading report database for the interbank market, setting up a digital RMB international operation center, and creating a personal credit institution to improve the social credit system [2]. Group 2: Financial Market Development - The National Financial Regulatory Administration highlighted the broad prospects for high-level financial openness in China, aiming to expand the depth and breadth of financial reforms and enhance the regulatory framework [3]. - The China Securities Regulatory Commission (CSRC) plans to improve the capital market's role in supporting technological and industrial innovation, focusing on creating a more attractive and competitive market ecosystem [4]. Group 3: Foreign Investment and Market Access - The CSRC will continue to deepen the opening of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investors [5]. - The People's Bank of China reported that the RMB has appreciated by 1.6% against the US dollar this year, indicating a stable foreign exchange market despite external shocks [6].

科创板第五套上市标准跟随整个IPO市场收紧于2023年8月，2024年"科创板八条"、2025年全国两会均释放政策转向信号，在2025年陆家嘴论坛上 正式重启 文｜《财经》记者 张欣培 编辑 | 郭楠 陆玲 6月18日，在2025陆家嘴论坛上，证监会主席吴清在致辞中总结了中国资本市场发生的深刻结构性变化，并公布了推动科技创新和产业创新融合发 展的一系列重要举措。 吴清表示，推动科技创新和产业创新融合发展，需要更好发挥资本市场枢纽功能。在新的形势下，构建以资本市场为枢纽的创新生态、提升创新 资本形成效率，对于加快科技创新和产业创新融合发展意义重大。 实际上，经过近几年的发展，中国资本市场已经发生了深刻的结构性变化。吴清总结，一方面，中国证监会认真落实创新驱动发展战略，引导各 类要素资源加快向创新领域集聚，为支持科技创新和产业转型升级提供了重要支撑；另一方面，资本市场在有力服务科技创新和产业转型升级过 程中，也反过来促进了自身结构、效率和投资价值的不断改善，为强本强基、高质量发展注入了源头活水。 为加快构建更有利于支持全面创新的资本市场生态，吴清在论坛上透露，将推出科创板进一步深化改革的"1+6"政策措施。"1" ...

■谢若琳 另一方面，科创成长层彰显资本市场支持科技创新的政策导向。2024年以来，监管部门聚焦服务实体经 济特别是支持科技创新，先后发布实施"科技十六条""科创板八条""并购六条"，以及《关于资本市场做 好金融"五篇大文章"的实施意见》等政策文件，不断完善支持科技创新的制度体系和市场生态，形成资 本市场支持科技型企业发展的良好氛围。 科创成长层为增量制度改革提供更可控的"试验空间"，覆盖科技企业"初创—成长—成熟"全生命周期的 资本市场服务体系日趋完善，市场内在稳定性和吸引力进一步增强。 当然，改革之路从无坦途。科创成长层的成功落地，仍需直面几重挑战，如企业分层标准的科学界定， 需兼顾成长性与科技成色的真实度量；不同层级间的转板机制设计，须确保灵活与稳定间的平衡；投资 者保护工作更需同步强化，谨防风险在层级间无序传导。这要求监管智慧与市场实践在动态磨合中不断 校准。 "试验田"精神正是破解挑战的密钥。以科创成长层为新的支点，撬动一场更具系统性的生态革新，从包 容性制度到适应性服务，从融资端优化到投资端保护。让资本市场的土壤养分更足、阳光更充沛，中国 科创企业"成长的烦恼"便能转化为"蜕变的动力"。我们有理由相 ...