专题：2025上海证券交易所国际投资者大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日-13日，上交所国际投资者大会举行。上海市委常委、常务副市长吴伟表示，站在"十四五"收 官与"十五五"开局的交汇点上，上海将深入贯彻中央决策部署，在中国证监会的指导下，携手各界，共 同推动上海国际金融中心建设不断迈上新台阶。 吴伟表示，上海将以更高质量改革创新，激发市场活力，做实金融大文章，进一步提高金融服务实体经 济的质效；以更高水平对外开放，集聚全球投资，深入打造市场化、法治化、国际化的一流营商环境， 积极吸引更多境内外机构来沪展业经营；更好地统筹开放与安全，积极参与国际金融监管交流协作，切 实增强金融风险防控能力，牢牢守住不发生系统性金融风险的底线。 "我们将全力为境内外金融机构、金融企业、金融人才创造更多市场机遇、发展机遇，诚挚欢迎大家来 沪展业、兴业，为上海国际金融中心建设作出贡献。"吴伟说。 责任编辑：常福强 ...

专题：2025上海证券交易所国际投资者大会 吴伟表示，上海将以更高质量改革创新，激发市场活力，做实金融大文章，进一步提高金融服务实体经 济的质效；以更高水平对外开放，集聚全球投资，深入打造市场化、法治化、国际化的一流营商环境， 积极吸引更多境内外机构来沪展业经营；更好地统筹开放与安全，积极参与国际金融监管交流协作，切 实增强金融风险防控能力，牢牢守住不发生系统性金融风险的底线。 "我们将全力为境内外金融机构、金融企业、金融人才创造更多市场机遇、发展机遇，诚挚欢迎大家来 沪展业、兴业，为上海国际金融中心建设作出贡献。"吴伟说。 责任编辑：常福强 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日-13日，上交所国际投资者大会举行。上海市委常委、常务副市长吴伟表示，站在"十四五"收 官与"十五五"开局的交汇点上，上海将深入贯彻中央决策部署，在中国证监会的指导下，携手各界，共 同推动上海国际金融中心建设不断迈上新台阶。 ...

专题：2025上海证券交易所国际投资者大会 责任编辑：常福强 11月12日-13日，上交所国际投资者大会举行。上海市委常委、常务副市长吴伟表示，站在"十四五"收 官与"十五五"开局的交汇点上，上海将深入贯彻中央决策部署，在中国证监会的指导下，携手各界，共 同推动上海国际金融中心建设不断迈上新台阶。 吴伟表示，上海将以更高质量改革创新，激发市场活力，做实金融大文章，进一步提高金融服务实体经 济的质效；以更高水平对外开放，集聚全球投资，深入打造市场化、法治化、国际化的一流营商环境， 积极吸引更多境内外机构来沪展业经营；更好地统筹开放与安全，积极参与国际金融监管交流协作，切 实增强金融风险防控能力，牢牢守住不发生系统性金融风险的底线。 "我们将全力为境内外金融机构、金融企业、金融人才创造更多市场机遇、发展机遇，诚挚欢迎大家来 沪展业、兴业，为上海国际金融中心建设作出贡献。"吴伟说。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ ...

Core Viewpoint - The global economic and trade landscape is undergoing profound changes, with finance playing an increasingly vital role in promoting trade and investment liberalization and deepening international economic cooperation [1][3]. Group 1: Financial Cooperation and Development - The Ministry of Commerce emphasizes the need for innovative thinking, inclusive consensus, and constructive actions to address the opportunities and challenges in global economic and financial cooperation [1]. - The Shanghai Municipal Government aims to enhance cross-border financial services and position Shanghai as a hub for global capital, leveraging the Free Trade Zone and the Lingang New Area [3]. - The Bank of China plans to strengthen its leading position in cross-border RMB settlement and expand its use in various sectors, supporting trade and investment liberalization [3]. Group 2: International Collaboration and Strategic Partnerships - The former French Prime Minister highlights the importance of deepening financial cooperation between France and China to address global challenges and promote peaceful development [4]. - Joseph Stiglitz, a Nobel laureate, advocates for enhancing financial system transparency and competition to break monopolies in global trading and payment platforms [4]. - A strategic cooperation memorandum was signed between the Bank of China and the Hong Kong Trade Development Council to assist enterprises in exploring international markets [4].

Investment Rating - The report maintains a "Recommendation" rating for Guotai Haitong, expecting it to outperform the benchmark index by 10%-20% in the next six months [5][10]. Core Views - Guotai Haitong's total assets have surpassed 2 trillion yuan, with significant growth across various business segments driven by market conditions [5][10]. - The company reported a notable increase in return on equity (ROE) to 6.8%, up by 1.1 percentage points year-on-year, with a net profit growth of 131.8% year-on-year [2][10]. - The report highlights the company's strong performance in proprietary trading and brokerage services, with proprietary business income reaching 20.37 billion yuan, and brokerage income increasing by 269.3% year-on-year [3][4][10]. Financial Performance Summary - Total revenue for the reporting period was 45.1 billion yuan, a year-on-year increase of 99.3%, with a quarterly revenue of 21.7 billion yuan [10]. - The net profit attributable to shareholders was 22.07 billion yuan, reflecting a year-on-year increase of 131.8% [10]. - The company's financial leverage ratio was reported at 4.39 times, a slight decrease of 0.08 times year-on-year [2][9]. Business Segment Performance - Proprietary trading income was 20.37 billion yuan, with a quarterly income of 11.02 billion yuan, showing a significant increase [3]. - Interest income from credit business was 20.35 billion yuan, with a quarterly income of 7.74 billion yuan [3]. - Brokerage business revenue reached 10.81 billion yuan, with a quarterly income of 5.08 billion yuan, marking a substantial increase [4]. Valuation and Price Target - The target price for Guotai Haitong is set at 25.19 yuan, with the current price at 19.38 yuan, indicating potential upside [5][10]. - The report projects earnings per share (EPS) for 2025, 2026, and 2027 to be 1.53, 1.35, and 1.45 yuan respectively, with corresponding price-to-book (PB) ratios of 1.04, 1.00, and 0.96 [10].

Core Insights - Shanghai's GDP for the first three quarters of 2023 reached 40,721.17 billion yuan, reflecting a year-on-year growth of 5.5% at constant prices [1] - The financial sector in Shanghai has shown rapid growth, with key financial metrics indicating a robust expansion and solidifying its status as an international financial center [1][3] Financial Market Performance - The total transaction volume in Shanghai's major financial markets increased by 12.7% year-on-year [1] - The Shanghai Stock Exchange saw a significant increase in transaction volume, with a growth of 38.4% [1] - The Shanghai Futures Exchange and the Shanghai Gold Exchange also reported transaction volume increases of 11.5% and 40.2%, respectively [1] Financial Sector Contribution - The financial sector's value added reached 6,965.27 billion yuan, marking a year-on-year growth of 9.8% [4] - The financial sector accounted for 17.1% of Shanghai's GDP, indicating its critical role in economic growth [4] - The growth rate of the financial sector outpaced the overall GDP growth by 4.3 percentage points, highlighting its importance as a driver of economic expansion [4] Banking Sector Dynamics - By the end of Q3, the total deposits of financial institutions in Shanghai reached 23.84 trillion yuan, with an 8.4% year-on-year increase [5] - The loan balance stood at 12.89 trillion yuan, reflecting a 7.1% year-on-year growth, which is 0.6 percentage points higher than the national average [5] - The demand for credit in Shanghai's real economy remains strong, particularly in long-term loans for enterprises and households [5] Real Estate Market Trends - Recent policy adjustments have positively impacted the real estate market, with new home sales maintaining momentum and second-hand home transactions exceeding 15,000 units for 11 consecutive months [6] - The introduction of the "Shanghai Six" policies has notably increased activity in the outer ring new housing market [6] Securities and Insurance Sector Growth - The securities sector's value added is primarily driven by the growth in transaction volumes, with a remarkable 95.2% increase in trading volume in Q3 [6] - The insurance sector reported a 10.1% growth in original premium income, which is an improvement of 3.9 percentage points compared to the first half of the year [7] - Innovations in financial products and increased openness in the financial market are contributing to the sector's growth [7]

Core Insights - The core viewpoint emphasizes the importance of technological competition as a frontier for future development, highlighting the need for financial support in technology innovation, industrial upgrading, and green development while also accelerating the digitalization of finance [1][2]. Group 1: Financial Reform and Development - The construction of the Shanghai International Financial Center should focus on comprehensive financial reform, enhancing top-level design, policy formulation, and implementation to address existing challenges and improve the pricing mechanisms of financial markets [1][2]. - There is a need for institutional openness, simplifying the approval processes for foreign financial institutions to facilitate their entry into the RMB business and enhance Shanghai's position as a hub for RMB asset allocation [2][3]. Group 2: Supporting the Real Economy - The five center constructions in Shanghai should work collaboratively to support the high-quality development of the real economy, particularly in areas like equity investment ecosystems, the Sci-Tech Innovation Board, and green finance [2][3]. Group 3: Offshore Financial System - An offshore financial system centered around the RMB should be established in Shanghai, promoting the free flow of legal funds across borders and facilitating the financial management of Chinese enterprises operating overseas [2][3]. Group 4: Financial Technology Development - There is a strong emphasis on developing financial technology by integrating various financial data resources in Shanghai, creating platforms for both general and specialized financial models to empower financial services and regulation [3]. Group 5: Global Financial Cooperation - Support for Chinese enterprises going global and the Belt and Road Initiative is crucial, alongside enhancing global financial cooperation and governance, which will expand the use of the RMB as an international currency [3].

【大河财立方 记者 王宇】10月19日，在全球财富管理论坛·2025上海苏河湾大会上，中国人民银行原副行长、 国经中心副理事长胡晓炼发布上海国际金融中心建设课题报告，上海市原常务副市长、证监会原副主席屠光 绍，中国人民银行上海总部主任金鹏辉对课题进行点评和解读。 上海国际金融中心建设取得进展， 六条路径提升全球竞争力 为实现这一目标，胡晓炼提出六条关键路径：一是全面深化金融改革；二是推进制度型开放；三是"五个中 心"协同推进；四是构建离岸金融体系；五是大力发展金融科技；六是加强全球金融合作。 专家解读报告四大亮点， 建议成果纳入"十五五"规划 屠光绍在点评中提到，该报告有四个显著的亮点。第一，从报告整体内容和战略高度层面看，该报告具有鲜明 的时代性。报告不仅从国内发展阶段出发，还着眼于全球金融格局深刻变革，有利于推动新兴经济体和发展中 国家在全球金融中心体系中发挥更多作用。 上海国际金融中心建设经过三十多年的持续推进，已在市场体系、金融机构、产品服务、基础设施、法规制度 和人才队伍等方面取得重大进展。 "上海已建成覆盖外汇、货币、股票、债券、期货、黄金等在内的全业态金融市场体系，是全球金融业态最丰富 的中心之 ...

Core Viewpoint - The construction of Shanghai as an international financial center is of significant importance and urgency, with a rich market structure compared to other global financial centers [3]. Group 1: Current Status and Challenges - Shanghai's international financial center has shortcomings, including the need to enhance its international influence and the degree of market internationalization [3]. - The financial market structure in Shanghai is unbalanced, and there is a lack of high-quality supporting services necessary for a financial center [3]. - The leadership in financial technology needs improvement to support the development of the financial center [3]. Group 2: Recommendations for Development - Comprehensive deepening of financial reforms is necessary to accelerate the construction of Shanghai's international financial center [4]. - A strong emphasis on developing financial technology is recommended to enhance the center's capabilities [4]. - Expanding openness with a focus on institutional openness is crucial, including simplifying the approval process for foreign financial institutions to engage in RMB business [3][4]. Group 3: Specific Strategies - Implementing "block-style openness" to allow specific long-term investors, such as foreign central banks, greater access to financial markets is suggested [4]. - Creating a hub for RMB asset allocation in Shanghai by prioritizing channels for overseas RMB holders to invest in the local financial market is recommended [4]. - Establishing an offshore financial system centered on RMB, which includes exploring digital technology and enhancing the free flow of legal funds across borders, is proposed [4].

Core Insights - The report presented by Hu Xiaolian emphasizes the significant progress made in the construction of Shanghai as an international financial center over the past 30 years, achieving major milestones by 2020 [1] - However, the report also highlights existing shortcomings and challenges, including the need to enhance international influence, improve market internationalization, and strengthen high-quality supporting services [1][2] Summary by Sections Progress and Achievements - By the end of 2024, the Shanghai Stock Exchange is projected to have 2,278 listed companies, with a trading volume of 108 trillion yuan, ranking fifth globally [1] - The bond custody balance is expected to reach 177 trillion yuan, placing Shanghai second in the world [1] - There are currently 1,782 licensed financial institutions in Shanghai, with foreign institutions accounting for over 30% [1] Challenges and Shortcomings - The international influence of Shanghai's financial center needs to be improved [1][2] - The internationalization level of the financial market requires enhancement [1][2] - There is an imbalance in the development of the financial market structure [1][2] - The quality of supporting services necessary for a financial center is insufficient [1][2] - The leadership in financial technology needs to be strengthened [1][2] Future Goals - The report outlines a long-term goal for Shanghai to become a top global financial center dominated by the renminbi by the middle of this century, comparable to New York and London [2] - This goal aligns with China's broader objective of becoming a modern socialist power by the same timeframe [2]