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工商银行行长刘珺:中国股权市场需“智慧”与“耐心”资本
Sou Hu Cai Jing· 2025-06-18 11:27
Group 1 - The core viewpoint emphasizes the need for a balanced perspective on capital market development, considering both international and Chinese contexts, with challenges including digital transformation and changes in investment styles [1][2] - The restructuring of capital market functions is highlighted, where large tech companies are increasingly internalizing financing functions traditionally held by exchanges, impacting the overall market dynamics [1][2] - The focus of China's capital market is on equity investment and financing, while also recognizing the importance of fixed-income financing in a diversified financing system to support high-quality growth [2] Group 2 - Two key recommendations for the future development of China's equity market are proposed: the need for "smart money" through professional institutional investors and the importance of patience in capital market investments [3] - The development of the capital market is likened to a marathon, emphasizing the need to attract long-term capital from insurance companies, pension funds, sovereign wealth funds, and asset management companies [3] - From a global perspective, the dominance of the dollar in capital markets is acknowledged, while suggesting that China should explore digitalization and the internationalization of the renminbi to enhance its capital market development [3]
新华视点|科创板加力服务优质科技企业 资本市场包容性改革迎来新突破
中泰证券资管· 2025-06-18 11:16
新华社"新华视点"记者刘慧 本次科创板改革提出设置科创板科创成长层,备受关注。设置后,科创板现有和新注册的未盈利科技型上 市公司将全部纳入其中。同时,改革也对企业入层和调出条件、强化信披和风险揭示、增加投资者适当性 管理要求等做了针对性安排。 科创板作为"试验田",为何又要开辟出科创成长层这个"新空间"? 中国证监会18日发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》,以设置专门层次 为抓手,重启未盈利企业适用科创板第五套标准上市,推出一揽子更具包容性、适应性的制度改革。 在科创板开板6年之际,科创板改革进一步深化,标志着资本市场包容性改革迎来新突破。 新设科创成长层 科创板"试验田"又迎诸多制度突破 自设立之初,科创板就承担了资本市场支持科技创新和制度"试验田"的重要使命。科创板改革持续深 化,"试验田"先行先试的成色更足。 证监会新闻发言人介绍,新设科创成长层一是有利于进一步彰显资本市场支持科技创新的政策导向,稳定 市场预期;二是有利于为增量制度改革提供更可控的"试验空间",可以试点一些更具包容性的政策举措; 三是有利于对未盈利科技型企业集中管理,便于投资者更好识别风险,更好保护投资者合法 ...
充分发挥多层次资本市场枢纽功能 推动科技创新和产业创新融合发展——吴清主席在2025陆家嘴论坛开幕式上的主旨演讲
中泰证券资管· 2025-06-18 11:16
金融开放合作与高质量发展"为主题,具有重要的现实意义。借此机会,我围绕更好发挥资本市场功能、 推动科技创新和产业创新融合发展,谈几点思考体会。 一、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 习近平总书记深刻指出,科技创新和产业创新是发展新质生产力的基本路径。当前,新一轮科技革命和产 业变革加速演进,以人工智能、生物科技、量子技术、商业航天等为代表的前沿技术蓬勃发展,全球科技 创新进入密集活跃期。从我国看,在深入实施创新驱动发展战略、加快构建现代化产业体系的引领下,科 技创新正在从点状突破向系统集成加快推进,技术突破向市场应用加快转化,诸多领域都迎来激动人心 的"DeepSeek时刻",出现了一批生而全球化的新兴科技企业,境内境外都开花。这也对加快构建与之相适 配的金融服务体系提出了新的更高要求。这方面,我们还存在不少短板弱项,主要体现在"三个不完善": 一是适应创新规律的资本形成机制不完善。与科技创新"十年磨一剑"的坚守相比,我们的金融供给仍存在 资金短期化、风险容忍度低等问题,长期资本、耐心资本远远不够。二是满足科技企业全生命周期金融需 求的产品服务体系不完善。科技企业不仅需要融资,还需 ...
科创板为何要设科创成长层?证监会详细解读
Sou Hu Cai Jing· 2025-06-18 11:04
Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced significant reforms to the Sci-Tech Innovation Board (STAR Market), including the establishment of a "Sci-Tech Growth Layer" to support high-quality, unprofitable technology companies seeking to go public [1][2]. Group 1: Reform Details - The "1+6" policy measures aim to enhance the inclusivity and adaptability of the STAR Market, with the Sci-Tech Growth Layer being a key highlight [1][2]. - The new layer will focus on technology companies with significant breakthroughs, broad commercial prospects, and substantial ongoing R&D investments, even if they are currently unprofitable [2]. - The CSRC has previously implemented various policies to support technological innovation, including the "16 Technology Measures," "8 STAR Market Measures," and "6 Merger Measures" [1]. Group 2: Implementation and Investor Protection - The "Sci-Tech Growth Layer" will include all existing and newly registered unprofitable technology companies, providing a structured environment for their management [2]. - Specific requirements for companies in the Sci-Tech Growth Layer include enhanced information disclosure, risk warnings, and a special identifier "U" for their stock names [3]. - The CSRC emphasizes the importance of protecting the rights of small and medium investors while ensuring the quality of listed companies by maintaining strict entry standards [3].
直通部委|央行将设立数字人民币国际运营中心 791名中国公民自伊朗转移至安全地区
Sou Hu Cai Jing· 2025-06-18 10:58
Group 1 - The National Financial Regulatory Administration encourages Shanghai to conduct innovative pilot projects in cross-border finance and technology finance [2] - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including optimizing the Qualified Foreign Institutional Investor (QFII) system [3] - The People's Bank of China announced eight significant financial policies, including the establishment of a digital RMB international operation center and offshore trade finance reform pilot in Shanghai [3] Group 2 - The State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in free trade pilot zones, including optimizing international trade settlement [4] - The Ministry of Industry and Information Technology, along with other departments, released a plan for the digital transformation of the textile industry, aiming for over 70% digitalization in key business processes by 2027 [6]
新质金融体系的蓝图构建与未来展望:评陆家嘴金融论坛“一行两局一会”负责人讲话
Huafu Securities· 2025-06-18 10:55
Tabl e_First|Tabl e_Summary 华福证券 策略点评报告 2025 年 6 月 18 日 策略点评报告:评陆家嘴金融论坛"一行两局一会"负责人讲话 新质金融体系的蓝图构建与未来展望 投资要点: ➢ 事件:6月18日,陆家嘴论坛召开。"一行两局一会"四位金融核心 部门负责人联袂发声,推出了一系列兼具战略高度与实操深度的政策措 施。 ➢ 2025陆家嘴论坛的召开恰逢全球经济格局深度调整、科技革命加速 演进的关键节点。在这场以"全球经济变局中的金融开放合作与高质量发 展"为主题的盛会上,"一行两局一会"四位金融核心部门负责人联袂发 声,推出了一系列兼具战略高度与实操深度的政策措施。这不仅是一次政 策宣示,更勾勒出中国金融体系面向未来、引领变革的清晰路径——以科 技赋能、制度开放、结构优化、风险可控为核心特征的新质金融体系正在 加速构建。 ➢ 风险提示:相关政策落地不及预期 团队成员 1、《历史上的供给侧改革,对市场影响几何?》 2024.6.1 2、《黄金这轮回调会有多深?》 2024.5.26 3、《继续聚焦"轻复苏"、"再通胀"下的投资 机会》 2024.5.12 策 略 点 评 报 告 ...
证监会最新公告!
证券时报· 2025-06-18 10:23
最新公告。 中国证监会近日发布公告称,经商中国人民银行、国家外汇局,将从2025年10月9日起允许合格境外投资者参 与场内ETF期权交易,交易目的限于套期保值。 这是中国证监会落实党的二十届三中全会"优化合格境外投资者制度"决策部署的具体举措之一。今年以来,中 国证监会先后放宽合格境外投资者参与境内商品期货、商品期权和ETF期权等产品的限制。此举旨在持续拓展 合格境外投资者可投资范围,发挥合格境外投资者制度的优势和吸引力,便利境外机构投资者特别是配置型资 金运用适配的风险管理工具,有利于提升外资机构投资行为的稳定性,促进其对A股的长期投资。 后续,中国证监会还将出台更多优化合格境外投资者制度的改革举措,有力推进资本市场高水平制度型开放。 此外,郑商所6月18日发布公告,自2025年6月20日交易(即6月19日晚夜盘)起,郑州商品交易所将扩大合 格境外机构投资者和人民币合格境外机构投资者(统称"合格境外投资者")可交易品种范围,新增开放以下商 品期货、期权合约:一、玻璃、纯碱、硅铁期货合约。二、玻璃、纯碱、硅铁期权合约。 同日,上期所发布公告称,自2025年6月20日交易(即6月19日晚夜盘)起,上海期货交易所 ...
刚刚新增16个!期货市场对外开放提速,QFII可交易品种将扩至100个
Di Yi Cai Jing· 2025-06-18 10:14
Group 1 - The core viewpoint is that China's futures market is accelerating its opening-up measures, with plans to expand the range of products available for foreign investment [1][2] - The China Securities Regulatory Commission (CSRC) aims to increase the number of QFII tradable futures and options to 100, with recent announcements adding 16 new products [1][2] - Currently, there are 91 QFII tradable products in China's futures market, including 83 commodity products, 7 financial products, and 1 index product, covering major sectors of the national economy [2] Group 2 - The CSRC plans to collaborate with the central bank to introduce RMB foreign exchange futures to help financial institutions and enterprises manage exchange rate risks [2] - Future initiatives include the launch of liquefied natural gas futures and options, enhancing foreign participation in China's capital market [2] - The CSRC has already relaxed restrictions for qualified foreign institutional investors (QFIIs) in participating in domestic commodity futures, options, and ETF options, with more reforms expected [3]
证监会,权威解读!事关科创成长层
券商中国· 2025-06-18 10:13
中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》 为深入贯彻党的二十届三中全会精神,认真落实中央金融工作会议、中央经济工作会议和《国务院关于加强监 管防范风险推动资本市场高质量发展的若干意见》部署要求,深化资本市场投融资综合改革,增强科创板制度 包容性、适应性,更好服务科技创新和新质生产力发展,中国证监会制定了《关于在科创板设置科创成长层 增强制度包容性适应性的意见》(以下简称《科创板意见》)。 《科创板意见》在持续抓好"科创板八条"落地实施的基础上,以设置专门层次为抓手,重启未盈利企业适用科 创板第五套标准上市,推出一揽子更具包容性、适应性的制度改革,着力打通支持优质科技型企业发展的堵点 难点,同时进一步加强投资者合法权益保护。一方面,设置科创板科创成长层,在科创成长层的定位、企业入 层和调出条件、强化信息披露和风险揭示、增加投资者适当性管理等方面明确具体要求。另一方面,围绕增强 优质科技型企业的制度包容性适应性,推出6项改革举措,主要包括:一是对于适用科创板第五套上市标准的 企业,试点引入资深专业机构投资者制度。二是面向优质科技型企业试点IPO预先审阅机制,进一步提升证券 交易所预 ...
新华财经晚报:上期所进一步扩大合格境外投资者可交易品种范围
Xin Hua Cai Jing· 2025-06-18 10:01
Key Points - The 2025 Lujiazui Forum highlighted significant financial reforms and initiatives aimed at enhancing China's capital market and international financial center status [1][2][3] - The People's Bank of China announced eight major financial opening measures, including the establishment of a trading report database and a digital RMB international operation center [1][2] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of the capital market, particularly through reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1][3] - The Financial Supervision Administration is collaborating with the Shanghai government to release an action plan to support the construction of Shanghai as an international financial center, promoting innovation in technology finance and cross-border finance [2][3] - The CSRC has announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, limited to hedging purposes [2][3] - The Shanghai Futures Exchange is expanding the range of commodities available for qualified foreign institutional investors, adding natural rubber, lead, and tin futures and options [5] - The joint action plan between Shanghai and Hong Kong aims to enhance cross-border financial services and facilitate the establishment of non-resident accounts [4][5]