中经记者 何莎莎 北京报道 在2025年陆家嘴论坛上，中国人民银行行长潘功胜宣布八项重磅金融举措，从设立银行间市场交易报告 库到推进人民币外汇期货交易，一系列政策组合拳引发市场高度关注。如何准确认识这些政策背后的深 层逻辑以及对未来的影响，《中国经营报》触角"零观财经"节目与浙商证券研究所宏观联席首席分析师 廖博，展开了深度对话。 "在外部环境存在不确定性的大背景下，陆家嘴论坛在金融领域从多个视角给予了决策层的指引，既着 眼于当下金融市场稳定，更致力于中长期金融体系改革与国际竞争力提升。"廖博指出，"'一行一局一 会'主要领导都提供了相应的增量政策信息，在这些政策组合拳的综合施策之下，无论是金融市场层 面，还是基本面层面，都将迎来更加积极的成果。" 筑牢金融防线 打开金融开放新空间 在廖博看来，八项举措出台的宏观背景呈现"双主线"特征：一方面，美国对华加征关税的90天缓冲期临 近结束，中东地缘政治风险升级，外部环境不确定性显著上升；另一方面，国内经济正处于结构转型关 键期，新质生产力培育与传统动能修复需要金融政策精准发力。"本质上，八项措施是为未来可能出现 的外部冲击筑牢了金融防线，同时通过制度创新打开金融开 ...

证券研究报告 | 行业周报 2025 年 06 月 24 日 行业走势 -9% 1% 12% 22% 33% 43% 54% 64% 2024-06 2024-10 2025-02 2025-06 非银行金融 沪深300 非银行金融 地缘风险扰动犹存，市场需外力破局-非银周观点 受伊以冲突、经贸关系扰动、十年期国债收益率波动、公募基金新规等持续 影响，市场振幅加大，需要关注伊以冲突、后续关税谈判进展及进一步可能 出台对冲政策。从近期市场交易定价看，公募考核新规基准回补效应持续引 发市场关注，市场持续缩量，演绎两端哑铃缩圈策略，银行板块波动创新高， 保险有所跟涨，除保险外的非银金融板块相对滞涨。中外经贸关系现波动， 市场聚焦伊以冲突，市场风偏或受压制，振幅料加大。复盘 2018 年的主要 贸易摩擦时间窗口，特朗普政府或可能单方面不遵守相关协议，后续对华的 动作预计不断，贸易谈判或反复。 短期来看，市场成交缩量，或对证券板块定价形成压力。交易节奏而言，需 要有外力打破此种低迷格局，具体可能要看 7 月份的政治局会议定调及潜在 进一步政策。并购线建议重点关注以信达证券、首创证券、浙商证券、国联 民生、中国银河等为代 ...

周家办大事件速览 2 0 | 6月23日 2 5 | 星 期 一 1 家办热点 2 宏观关注 3 投资洞察 4 企业要闻 Short CL Billie Lankle 德勤：全球逾四成家族办公室加速数字化转型AI应用率达12% ● 瑞银:2029年中国将新增超500万名百万富翁 ● 央行宣布八项重磅金融开放举措 ● 金融监管总局、上海市联合发文支持上海国际金融中心建设 . 沪港两地共同签署《沪港国际金融中心协同发展行动方案》 . 央行将设立银行间市场交易报告库，设立数字人民币国际运营中心 . 证监会将推出进一步深化科创板改革的"1+6"政策措施 ● 全球央行持续看好黄金储备，95%受访央行预计未来12个月增持黄金 . 高盛再次唱多：全球资金回归中国看好中国"十巨头"股票 . 德勤：2025年上半年A股IPO数量和融资额同比均上升14% ● 中国证监会：允许合格境外投资者参与ETF期权交易 ● 1. 德勤：全球逾四成家族办公室加速数字化转型AI应用率达12% 根据德勤民营企业与私人客户服务发表的一份报告，全球家族办公室正在加快数字化转型，有43%家办正制定或推出技术战 略，重点关注安全性与风险控制，而17%将技 ...

Core Viewpoint - The article emphasizes the importance of technological innovation as a driving force for China's development and the goal of becoming a technological powerhouse by 2035, highlighting the need for self-reliance and strategic planning in achieving this objective [2][3][32]. Group 1: Innovation as a Driving Force - Innovation is identified as the primary driving force for development and a strategic support for building a modern economic system [2][3]. - The Chinese government has prioritized innovation-driven development as a core strategy since the 18th National Congress of the Communist Party [2][3]. - The goal is to achieve high-level technological self-reliance and to be at the forefront of innovative countries by 2035 [2][3]. Group 2: Achievements and Future Goals - Significant achievements in technological innovation have been made, with a focus on overcoming key core technology challenges through self-reliance [5][13]. - By 2024, China's R&D expenditure is expected to exceed 3.6 trillion yuan, maintaining its position as the second-largest in the world [33]. - The country aims to enhance its original innovation capabilities and address weaknesses in key technologies and talent shortages [36]. Group 3: Reform and Systematic Changes - The article discusses the need for continuous reform in the technology sector to enhance innovation and address fragmentation in resources [14][15]. - A new system for technology management has been established, including the formation of a Central Science and Technology Committee [18][19]. - The reforms aim to integrate technology innovation with industrial innovation, promoting the transformation of scientific achievements into practical applications [20][21]. Group 4: International Cooperation - China emphasizes the importance of international cooperation in technology, establishing partnerships with over 160 countries and regions [26][27]. - The country is committed to open collaboration, believing that innovation should not be isolated but rather integrated with global efforts [27][28]. - China's technological advancements are increasingly recognized globally, with significant contributions to various fields, including space exploration and agricultural technology [28][29]. Group 5: Call to Action - The article concludes with a strong call to action for continued efforts towards achieving the goal of becoming a technological powerhouse, emphasizing the urgency and importance of this mission [32][40]. - It highlights the collective responsibility of the current generation to advance China's technological capabilities and maintain momentum in innovation [37][39].

Group 1 - The core message of the news is the strong commitment of China to financial openness and reform, highlighted by multiple financial policies announced at the Lujiazui Forum [1][2] - Financial regulatory authorities emphasize that foreign investment has significantly improved corporate governance and operational management in Chinese banks, with 80% of national banks introducing foreign strategic investors [1][2] - The total investment of Oaktree Capital in Greater China has surpassed 47 billion RMB since entering the market in the 1990s, showcasing the benefits of China's financial openness [1][2] Group 2 - Eight new financial opening measures were announced, including offshore trade finance services and support for foreign institutions in various financial sectors, indicating China's determination for financial reform [2][5] - The importance of the Chinese market is underscored by foreign financial executives, noting that three-quarters of multinational companies investing in China have partnerships with local firms [2][3] - The introduction of new rules for futures and derivatives is seen as a milestone for China's position as a leading global financial center [3][4] Group 3 - The establishment of the Shanghai-London Stock Connect in 2019 has facilitated mutual market access, enhancing the internationalization of China's capital markets [4][5] - The total assets of foreign banks and insurance institutions in China exceed 7 trillion RMB, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [5][6] - The Chinese financial market is expected to expand significantly, driven by rising consumer demand and opportunities in technology and green finance [5][6] Group 4 - The Lujiazui Forum serves as a significant indicator of China's financial reform and global financial governance, promoting a cooperative and open economic environment [6][7] - The People's Bank of China plans to enhance the foreign exchange management system to facilitate cross-border investment and support the internationalization of the RMB [7][8] - As of May 31, the cumulative approved quota for Qualified Domestic Institutional Investors (QDII) reached approximately 167.79 billion USD, with 189 institutions granted investment quotas [8]

Group 1 - Shenzhen is advancing high-level opening-up initiatives, including the application of employee contract systems in new R&D institutions and exploring joint venture capital funds between mainland China and Hong Kong [1] - The Qianhai area will enhance foreign talent services and deepen the joint talent introduction mechanism with Hong Kong and Macau, while also facilitating the practice of professionals from these regions [1] - The He Tao area will strengthen collaboration between industry, academia, and research, introducing key research projects from renowned universities in Hong Kong and Macau [1] Group 2 - Qianhai plans to launch intellectual property securitization products and develop a nurturing base for companies going public in Hong Kong, while also exploring diversified data circulation and transaction methods [2] - The He Tao area aims to establish a cross-border dual-currency early-stage mother fund in collaboration with Hong Kong venture capital [2] - Qianhai will focus on developing cross-border e-commerce and other new business models, while enhancing existing advantages in transportation, finance, and telecommunications [2]

Group 1 - The core viewpoint is that multiple national policies have been introduced to support the high-quality development of Shanghai's financial industry, which will have a profound impact on the higher-level development of Shanghai as an international financial center [1][8] - Shanghai will become more competitive in attracting international financial institutions and multinational companies due to a favorable business and financial service environment, leading to an increase in the establishment of branches or expansion of operations by international financial institutions [1][8] Group 2 - The People's Bank of China announced eight significant financial opening measures, including the establishment of a digital RMB international operation center to promote the internationalization of digital RMB and the development of financial market business [4][5] - Other measures include the establishment of a personal credit agency, comprehensive reform pilot for offshore trade finance services in the Lingang New Area, and the development of offshore bonds to enhance financing channels for enterprises involved in the Belt and Road Initiative [4][5] - The measures also involve innovative structural monetary policy tools in Shanghai, such as blockchain credit certificate refinancing and cross-border trade refinancing, as well as promoting RMB foreign exchange futures trading to improve the foreign exchange market product series [5]

"感受到中国所展现出的创新活力" 韩国希杰集团已多次参加峰会。该集团会长孙京植说，跨国公司领导人青岛峰会已成功举办6届，通过 持续的开放对话机制，促进了跨国公司与中国市场之间的互惠共赢与可持续发展，成为跨国公司了解中 国、投资中国的重要平台。中国通过推进高水平对外开放，积极应对世界经济的不确定性，将为全球经 济稳定与发展注入强大动力。 日本瑞穗金融集团董事长今井诚司第二次参加峰会。他说，国际局势深刻变化，全球市场面临单边主 义、保护主义冲击。中国坚定不移推进市场化改革和国际化进程，致力于打造世界一流的营商环境，为 跨国企业投资发展提供了广阔的空间。 深交老朋友，广交新朋友。本届峰会得到跨国公司的积极响应：首次参会的"新面孔"达131人、占总数 的23%，越南、埃及等9个国家企业首次参会，报名参会的新兴市场企业占比超过50%，峰会的"朋友 圈"越来越大。 首次参会的埃及众议院副议长、克利奥帕特拉集团主席穆罕默德·阿布·埃奈因表示，埃中两国在高质量 共建"一带一路"框架下开展了卓有成效的合作，进一步拓展了经贸往来、产业融合及人文交流的空 间。"峰会展示了跨国合作的新机遇，我们期待与中国企业开展深入合作，共同打造具 ...

本期导读： 淡马锡、Earnest Partners等外资巨头加速布局中国私募市场，全球资本"东升西落"趋势下中国市场 正成为战略要地。 作者丨FOFWEEKLY 公开资料显示，淡明资本成立于2021年，总部位于新加坡，上海设有办公室。不同于淡马锡以自 有资金投资的模式，淡明资本独立运营并对外募集资金。其首期基金True Light Fund I于2023年10 月完成33亿美元（约合240亿元人民币）募资，重点投向大中华区生命科学、科技、消费及工业服 务等领域。此前，淡明资本已投资节卡机器人、环动机器人、维亚生物等中国企业。 淡明私募的掌舵人许晔背景颇具深意——在中国建设银行体系内工作长达24年，曾任建信信托副 总裁等职，2021年才加入淡马锡体系。 有业内人士指出：这种"国际资本+本土老将"的组合，已成为外资GP入华的标配模式。 本期推荐阅读5分钟 在全球资本市场风云变幻的背景下，中国科技企业的崛起与政策环境的优化，正引发外资对中国市 场的重新评估。 一方面，一部分外资LP对中国市场持积极态度，另一方面，外资GP也在加速入 华。 就在近期，又有两家外资在中国成立私募股权管理机构，其中一家还是赫赫有名的超级 ...

证券研究报告 | 2025年06月23日 深圳加快推进综改试点 ——深圳贯彻落实《关于深入推进深圳综合改革试点深化改革创新扩大开放的 意见》工作大会解读 经济研究·宏观快评 | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | --- | --- | --- | --- | --- | | 证券分析师： | 薛冰 | 0755-81982126 | xuebing1@guosen.com.cn | 执证编码：S0980524060002 | 事件： 6 月 20 日，深圳召开贯彻落实中办、国办《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》 工作大会。 解读： 6 月 10 日中办、国办印发《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》（以下简称《意 见》）以来，深圳积极谋划布局综合改革试点、深化改革创新扩大开放。6 月 12 日，国务院新闻办公室针 对《意见》召开新闻发布会，邀请国家发展改革委、科技部、广东省、深圳市的领导介绍《意见》的有关 情况。6 月 13 日，深圳召开深入推进综 ...