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].

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]

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 ...

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 ...

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]

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 ...

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]

港交所CEO陈翊庭表示，当前，市场正积极拓宽投资者群体范围。对于企业而言，A股公司赴H股上市 需搭建境外业务平台，这为其拓展海外业务提供了更多融资渠道，逻辑清晰；而H股公司回归A股上市 的趋势也愈发明显，原因在于内地投资者对这类企业认知度高，渴望获得直接投资机会。近期众多 A+H股标的呈现出显著的良性联动效应，两地交易相互带动，成为境内外交易所互补发展、错位竞争 的典型案例，进一步凸显了资本市场协同发展的积极态势。 ...

Group 1 - The Shanghai Stock Exchange (SSE) aims to maintain market stability and enhance internal stability mechanisms, including risk monitoring and supporting listed companies in utilizing various capital market tools [1][2] - SSE plans to deepen the reform of the Sci-Tech Innovation Board to improve inclusivity and adaptability, facilitating the identification of quality tech enterprises and expanding the application of the fifth set of standards [1][2] - SSE will implement the "Six Guidelines for Mergers and Acquisitions" to enhance the role of the capital market in M&A activities, improving review efficiency and creating a favorable M&A ecosystem [1][2] Group 2 - SSE is focused on attracting long-term capital to build a long-term investment ecosystem, enhancing product offerings, and developing a robust index system to meet investor needs [2] - The capital market has significantly stimulated both investment and financing, with the Sci-Tech Innovation Board showing substantial growth in R&D investment and patent generation [2][3] - In 2024, the SSE reported over 700 asset restructuring plans, with a notable increase in major asset restructurings, particularly in emerging industries like semiconductors and new energy [3] Group 3 - The financial performance of listed companies on the SSE is strong, with significant contributions to overall market revenue and profit, and a record high in dividends distributed [3] - The market capitalization of ETFs has doubled, and long-term capital holdings in A-shares have increased significantly, indicating a growing interest from institutional investors [3]

2025 陆家嘴论坛主题为"全球经济变局中的金融开放合作与高质量发 展",聚焦四点:全球金融治理;更宽领域、大幅度金融开放;资本市场 促进科创和产创融合;一揽子外汇创新政策。 梁中华(分析师) 021-38676666 S0880525040019 观 研 宏观研究 / 2025.06.18 全球变局下的金融:促改革、扩开放、重科创 侯欢(分析师) 021-38676666 -2025年陆家嘴论坛政策解读 登记编号 S0880525040074 本报告导读: 投资要点: 观步 再融资业务试点;碳减排支持工具扩容试点等。 金融开放:更宽领域、更大幅度。中国金融高水平开放前景广阔, O 聚焦以下方面:第一,消费需求扩容升级,金融服务空间巨大。第 二,科技金融蓝海宽广。大力推进金融资产投资公司股权投资、科 技企业并购贷款等试点。第三,绿色金融动能强劲。外资机构陆续 将 ESG 评级体系、气候风险管理等工具引入中国。第四,养老金融 大有可为。有序扩大养老理财、养老储蓄、专属养老保险和商业养 老金试点。第五,财富管理迎来黄金期。支持外资机构在理财投资、 资产配置、保险规划等方面加大布局。此外,发布支持上海国际金 融中心 ...