大众网记者 潘超 青岛报道 6月20日下午，由中国光晖投资控股有限公司（以下简称"光晖控股"）主办，国际金融研究协会 （IFRA）、中国企业报和盈达集团等联合主办的"金融变革，共探新途"国际金融论坛在青岛西海岸喜 来登酒店举行。本次论坛聚焦全球金融体系深度调整背景下的改革路径，吸引了来自政策机构、跨国银 行、产业资本及学术界的200余位代表，共同探讨金融开放、跨境协作与产业升级的协同发展之道。 光晖控股总经理崔允峰在致辞中表示，在当前全球经济市场低迷、企业全球化浪潮中，海外上市不仅是 企业获取资本的有效途径，更是展示中国经济韧性与创新实力的窗口。他认为国内企业要把握政策红 利，善用市场规则，以国际化视野拥抱机遇，才能在全球资本市场的舞台上书新篇章。 在圆桌会议阶段，与会专家认为，当前全球经济正经历"碎片化"与"重构"的双重挑战。国际货币基金组 织（IMF）最新预测显示，2025年全球经济增长率或低于3%，而中国作为世界第二大经济体，仍以5% 以上的增速为世界注入稳定力量。这一背景下，中国证监会近期明确"鼓励企业依法合规境外上市"的政 策导向，既是对企业全球化布局的支持，更是中国深化金融开放、参与国际规则制定的 ...

证券研究报告 金融行业周报 ——陆家嘴金融论坛聚焦开放与科技，证券公司分类评价修订 证券分析师 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 2 2 CONTENT 目录 重点聚焦 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年6月23日 1 核心观点 | 陆家嘴金融论坛聚焦开放与科技，证券公司分类评价修订 | | --- | | 1、陆家嘴金融论坛开幕，聚焦开放与科技。6月18日，2025年陆家嘴论坛在上海开幕，央行行长潘功胜、金融监管总局局长李云泽、证监会 | | 主席吴清、外管局局长朱鹤新出席会议并发表主题演讲，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"。货币政策方向上， | | 在上海开展离岸贸易金融服务综合改革试点、发展自贸离岸债、优化升级自由贸易账户功能、研究推进人民币外汇期货交易等措施不仅对内 | | 有助于丰富国内金融产 ...

Financial System - The international monetary system is evolving towards a structure with a few dominant sovereign currencies competing and balancing each other[5] - The global cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity[5] - International financial organizations need to enhance the representation and voice of emerging markets and developing countries[5] Financial Opening - China has significant potential for high-level financial opening, focusing on expanding consumption demand and financial services[13] - The technology finance sector is a vast blue ocean, with initiatives for equity investment in financial asset investment companies and loans for technology enterprise mergers[13] - Green finance is gaining momentum, with foreign institutions introducing ESG rating systems and climate risk management tools into China[13] Capital Market - The capital market aims to promote the integration of technological innovation and industrial innovation, with a focus on deepening reforms through a "1+6" policy framework[15] - The introduction of a growth layer on the Sci-Tech Innovation Board and the restart of the fifth listing standard for unprofitable companies are key measures[15] - There is a push to strengthen the linkage between equity and debt to support technological innovation[15] Foreign Exchange Management - A comprehensive and innovative foreign exchange management system will be established, focusing on convenience, openness, safety, and intelligence[19] - Ten facilitation policies will be implemented in the free trade pilot zones, including optimizing new international trade settlement methods[19] Risk Warning - External factors may cause disturbances in the financial system[22]

Core Viewpoint - The "Action Plan" aims to enhance the competitiveness and influence of Shanghai as an international financial center, reflecting China's commitment to financial reform and opening up [2][4]. Group 1: Competitiveness and Influence of Shanghai International Financial Center - The financial market system in Shanghai is increasingly complete, with a total cross-border RMB payment amount expected to reach 29.8 trillion yuan in 2024, a 30% year-on-year increase, accounting for 47% of the national total [3]. - The internationalization level of Shanghai's financial institutions is rising, with 1,782 financial institutions, one-third of which are foreign [3]. - Shanghai is leading in financial technology innovation, enhancing the application of fintech to empower the real economy [3]. - The ability to serve the real economy has significantly improved, with Shanghai becoming a key funding allocation center supporting various national initiatives [3]. Group 2: Pain Points in Cross-Border Financial Services - Companies face three main pain points in cross-border financial services: inefficient cross-border fund turnover, inadequate foreign exchange risk management tools, and limited cross-border financing channels [4][5]. Group 3: Optimization Measures in the Action Plan - The Action Plan includes 18 innovative measures across five areas, such as optimizing foreign exchange business management and enhancing the global fund management system for enterprises [6]. - It expands the range of participants in the foreign exchange market and enriches hedging tools to improve the functionality of the RMB cross-border payment system [6]. - The plan supports banks in increasing cross-border trade credit issuance, thereby reducing the cost of RMB trade financing for enterprises [6]. Group 4: Highlights of the Action Plan - A notable innovation is the pilot program in Shanghai to support RMB cross-border trade financing through the rediscount window, which will lower financing costs for enterprises [7]. - The optimization of the full-function fund pool in the Shanghai Free Trade Zone allows for automated cross-border payment processing, enhancing global fund management efficiency [7]. - These measures reflect a focus on enhancing the convenience of cross-border financial services and demonstrate China's commitment to financial openness and institutional innovation [8]. Group 5: Regulatory and Safety Measures - The regulatory framework should be categorized and layered, simplifying approval processes for high-credit-rated enterprises while maintaining strict oversight on high-risk activities [9]. - A unified data collection and sharing platform for cross-border financial business can enhance regulatory efficiency and identify abnormal fund flows [9]. - The introduction of regulatory technology and international regulatory cooperation will help balance financial openness with risk prevention [9].

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights that the non-bank financial sector is expected to benefit from policy changes, particularly the marginal easing of IPO regulations on the Sci-Tech Innovation Board, which will favor brokerage investment banking and direct investment businesses [3] - The report emphasizes the importance of regulatory measures that link the dividend levels of insurance products to investment returns and risk ratings, which is expected to enhance the performance of large insurance companies [3] - The brokerage sector is anticipated to see continued growth in performance, supported by low valuations and institutional holdings, with a focus on retail brokers and financial technology companies [3] Summary by Sections Industry Trends - The non-bank financial sector is projected to outperform the overall market, with a focus on the positive impact of regulatory reforms and market conditions [1][3] - The average daily trading volume for stock funds was 1.46 trillion, showing a week-on-week decrease of 7.7% [3] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced new measures to deepen reforms on the Sci-Tech Innovation Board, which includes the establishment of a growth tier to support technology companies that are not yet profitable [3] - New regulations on the classification of brokerages aim to promote differentiated development and enhance the functional assessment of brokerages [3] Recommended and Beneficiary Stocks - Recommended stocks include Jiangsu Jinzheng, Hong Kong Stock Exchange, and China Pacific Insurance [4] - Beneficiary stocks include Guosen Securities, Jiufang Zhitu Holdings, and China Galaxy Securities [4]

Key Developments - The cross-border payment platform officially launched its first transaction in Shenzhen on June 22 [1] - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum [1][2] - The China Securities Regulatory Commission (CSRC) introduced a series of reforms to enhance the Science and Technology Innovation Board (STAR Market) [1][2] - The National Financial Supervisory Administration and Shanghai government issued a plan to support the construction of Shanghai as an international financial center [1][2] - The National Development and Reform Commission and other departments initiated actions to promote the digital transformation of manufacturing [2][3] Financial Market Updates - The CSRC will allow qualified foreign investors to participate in on-market ETF options trading starting October 9, 2025 [2] - The fiscal expenditure in the first five months exceeded 11 trillion yuan, with a year-on-year increase of 4.2% [1][2] - The total retail sales of consumer goods in May reached 41,326 billion yuan, growing by 6.4% year-on-year [2] - The fixed asset investment from January to May was 191,947 billion yuan, with a year-on-year increase of 3.7% [2] Industry-Specific Initiatives - The Ministry of Industry and Information Technology emphasized the importance of product quality and safety in the new energy vehicle sector [1][2] - The State Administration for Market Regulation announced a nationwide quality supervision inspection for 164 types of products in 2025 [3] - The trading association issued guidelines to regulate bond market issuance and underwriting practices [3] - The "old for new" subsidy program for consumer goods will continue, with central funds being allocated in batches [1][3] Investment and Financing - Yushut Technology completed its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan [1][3] - The Shanghai Futures Exchange is being supported to become a world-class trading venue [3]

证券研究报告——晨会聚焦 2025 年 6 月 22 日 | 6 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 688019.SH | 安集科技 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600600.SH | 青岛啤酒 | | 688507.SH | 索辰科技 | | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3362.11 | (0.79) | | 深证成指 | 10051.97 | (1.21) | | 沪深 300 | 3843.09 | (0.82) | | 中小 100 | 6338.05 | (0.87) | | 创业板指 | 2026.82 | (1.36) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 石油石化 | 0.86 | 纺织服饰 | (2.36) | | 银行 | (0.15) | 美 ...

Group 1 - China's financial reform is transitioning from "access opening" to "rule alignment," with significant measures announced at the "2025 Lujiazui Forum" aimed at attracting foreign financial institutions and optimizing cross-border payment systems [1][2] - The recent policies emphasize invigorating the financial market domestically while supporting enterprises' internationalization and the internationalization of the Renminbi [2][3] - The China Securities Regulatory Commission (CSRC) has introduced further reforms to the Sci-Tech Innovation Board, including the establishment of a growth tier and the resumption of listing standards for unprofitable companies [2][3] Group 2 - The measures aim to enhance the interconnectivity of financial markets, providing more convenient cross-border investment channels and promoting two-way capital flow [3][5] - Foreign financial institutions have shown increasing interest in the Chinese market, with the CSRC allowing compliant foreign investors to participate in onshore ETF options trading starting from October 9, 2025 [3][5] - The financial opening is expected to drive economic growth, with opportunities arising in cross-border trade finance, asset management, and insurance sectors [3][6] Group 3 - The total assets of foreign banks and insurance institutions in China exceed 7 trillion yuan, with a significant presence of global top banks and insurance companies [5][6] - The banking sector is expected to enhance risk management capabilities and expand business boundaries through recent policy initiatives [6][7] - The asset management industry is evolving towards diversification and professionalization, with foreign institutions encouraged to accelerate their presence in investment and asset allocation [6][7]

Core Viewpoint - The approval of AIA Life and Netherlands Global Life to establish insurance asset management companies in Shanghai reflects China's commitment to financial openness and the growing interest of foreign institutions in the Chinese insurance market [1][2]. Group 1: Financial Market Developments - The insurance industry has been a key component of China's financial opening, with the average annual growth rate of entrusted assets in trust, wealth management, and insurance asset management reaching approximately 8% over the past five years, making China the second-largest asset and wealth management market globally [1][6]. - Foreign insurance companies' market share in China has increased from 4% in 2013 to 9% currently, indicating a growing presence and confidence in the market [1]. - As of June 18, 2025, there were 330 registered insurance asset management products, with a significant increase in the first quarter of 2025, where 156 products were registered, marking a 108% increase compared to the same period in 2024 [7]. Group 2: Company Strategies and Goals - AIA Life aims to create a flexible insurance asset management product system tailored to the Chinese market, focusing on long-term stable returns and supporting the development of the real economy [3][4]. - The CEO of Netherlands Global Life has emphasized that the establishment of an insurance asset management company will complement existing business operations and enhance their market presence in China [5][4]. - AIA Life's commitment to long-term investment strategies aligns with the growing demand for diversified and professional wealth management solutions in China, driven by the expanding middle-income group [3][8]. Group 3: Performance Metrics - Domestic insurance asset management companies have reported strong performance in the first quarter of 2025, with China Life Asset achieving a revenue of 1.718 billion yuan, a year-on-year increase of 27.35% [8]. - The net profit of China Life Asset reached 946 million yuan, reflecting a growth of 27.32% compared to the previous year [8]. - The overall market for insurance asset management products is thriving, with 91.05% of products showing positive net value returns this year [7].

Core Viewpoint - The 20th Central Committee of the Communist Party of China emphasizes "improving the high-level open system and mechanism," with a focus on "steadily expanding institutional openness" as a key deployment for financial reform and development in China [1]. Financial Policies Overview - Eight financial opening measures will be implemented in Shanghai, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit institution [3][5]. - The aim of these policies is to enhance financial market openness, reduce cross-border capital flow settlement costs, and attract more foreign investment into China [3][5]. Digital RMB International Operation Center - The establishment of the digital RMB international operation center is a first for China, aimed at promoting the international use of the digital RMB and enhancing its position in the global monetary system [7][9]. - The digital RMB leverages blockchain and smart contract technology for real-time cross-border payment settlements, significantly reducing transaction times from 3-5 days to seconds [9][11]. Personal Credit Institution - The new personal credit institution in Shanghai will complement the existing central bank credit system by incorporating a wider range of data sources, thus enriching credit profiles for consumers [11][13]. - This initiative is expected to facilitate easier access to credit for consumers, particularly benefiting young individuals and stimulating consumption [13]. Science and Technology Innovation - The China Securities Regulatory Commission announced the introduction of a "growth layer" on the Sci-Tech Innovation Board, providing a "green channel" for tech companies to access capital markets [15][17]. - This policy aims to support innovative and high-growth tech enterprises, allowing them to secure funding even if they are not yet profitable [15][17]. Shanghai International Financial Center - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in the next 5-10 years [19]. - The shift from policy-based to institutional openness is intended to create a stable investment environment for international capital, thereby driving economic growth in China [19].