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 ...

Group 1 - The core viewpoint emphasizes the importance of a financial service system that is more adaptable to technological innovation and industrial transformation, highlighting the significant role of capital markets in supporting both large tech giants and small innovative companies [1][3] - The China Securities Regulatory Commission (CSRC) is focusing on enhancing the inclusiveness and adaptability of its systems, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market as key strategies to create a more attractive and competitive market ecosystem [3][4] - The CSRC plans to implement a series of key measures to enhance capital market openness by optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [4] Group 2 - The CSRC will introduce a new "growth layer" on the Sci-Tech Innovation Board and restart the listing of unprofitable companies under the fifth set of standards, aiming to better serve high-quality tech firms with significant breakthroughs and strong commercial prospects [3] - Six innovative reform measures will be launched on the Sci-Tech Innovation Board, including the introduction of a professional institutional investor system and a pre-review mechanism for IPOs targeting quality tech companies [3] - The CSRC aims to facilitate smoother participation of global investors in China's capital market by enhancing the convenience of various foreign investment products, including the introduction of RMB foreign exchange futures [4]

Group 1 - The core viewpoint emphasizes the continuous and coordinated efforts in China's capital market to stimulate market vitality through both investment and financing [3] Group 2 - Significant achievements in the Sci-Tech Innovation Board (STAR Market) include a total R&D investment of 168.1 billion yuan in 2024, a year-on-year increase of 6.4%, and a compound annual growth rate of 10.7% over the past three years [3] - The median R&D intensity stands at 12.6%, leading all A-share sectors, with over 120,000 invention patents accumulated over six years [3] - The scale of Sci-Tech bonds has increased to 1.1 trillion yuan, with the proportion of corporate bonds rising from 5.2% to 9.2% [3] Group 3 - Mergers and acquisitions are facilitating the transition from old to new growth drivers, with over 700 asset restructuring plans disclosed in the Shanghai market in 2024, a 50% year-on-year increase [3] - 70% of the major asset restructuring targets focus on emerging industries such as semiconductors and new energy [3] - In 2024, 341 asset restructuring plans have been disclosed year-to-date, a 25% increase, with 49 major asset restructurings, a 206% year-on-year increase [3] Group 4 - The quality of listed companies continues to improve, with revenue and net profit from Shanghai-listed companies accounting for 70% and 80% of the entire market, respectively [3] - In 2024, net profit for the main board increased by 2%, and nearly 70% of companies on the STAR Market reported revenue growth [3] - Dividends from Shanghai-listed companies exceeded 1.9 trillion yuan, with over 300 billion yuan distributed before the Spring Festival, setting a historical high [3] Group 5 - The investment landscape is strengthening, with the market value of ETFs surpassing 3 trillion yuan, doubling since the beginning of 2024 [4] - Long-term funds, represented by social security and insurance, have increased their holdings in A-shares by 33% [4]

专题：2025陆家嘴论坛召开，央行、金融监管总局、证监会等发布重磅政策 6月18日，在2025陆家嘴论坛上，上海证券交易所理事长邱勇围绕"推动资本市场持续稳健发展"议题发 表演讲，系统总结上交所服务实体经济成效，并宣布下一阶段改革重点。他强调，资本市场需持续强化 枢纽功能，通过深化科创板改革、优化并购重组机制、引入长期资金等举措，进一步巩固市场回稳向好 态势。 发言实录如下： 邱勇指出，资本市场具有枢纽功能，面对这样的冲击，资本市场仍然有很大的发展前景，扮演着十分重 要角色。资本市场本身就包含债券市场，上交所除了股票以外，债券托管量达到18万亿，是全球最大的 交易所债券市场。上交所会承担起使命，努力做好资本市场工作，助力中国经济社会发展。顺着刘行长 提到两个方面的情况和大家沟通。 第一，中国资本市场作为一个枢纽所取得的成就，我聚焦于上交所 的情况。第二，下一步改革怎么进行。 从第一个方面来讲，中国资本市场推动了投融资两端共同发力，持续激发了市场的活力。去年我们也在 这里和大家交流，从去年以来的情况和大家交流。 第一，科创板改革效应不断放大，培育新质生产力的土壤更加肥沃。2024年，科创板全年研发投入总额 16 ...

专题：2025陆家嘴论坛召开，央行、金融监管总局、证监会等发布重磅政策 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！ 6月18日，在2025陆家嘴论坛上，橡树资本联席创始人及联席董事长Howard MARKS围绕"推动资本市场 持续稳健发展"议题发表讲话。 Howard MARKS指出，尽管全球市场近期面临显著波动，中国经济仍展现出独特结构性优势。Howard MARKS将其概括为"1234"特征。"1"代表一个目标，中国正在逐渐转向高质量的增长模式，而定义高质 量增长模式需要2个转型，即绿色转型和数字化转型。在这两个转型方面，Howard MARKS认为中国已 经实现了显著进展，表现出了巨大的进步，但是要在质和量上均实现飞跃，还需要3策协同，即货币政 策、财政政策和结构性改革政策，在周期波动中进行引导和辅助。至于"4"，从长期来看，Howard MARKS非常看好中国的经济，4个基本面仍然非常完好。比如中国拥有受教育程度最高以及最为重要 最愿意工作的劳动力之一。中国仍然拥有世界最庞大的中产阶级市场，拥有一流的基础设施，中国的供 应链非常全面齐全。中国的制造业占全球总量的30%，这 ...

Core Viewpoint - The 2025 Lujiazui Forum highlighted significant policies aimed at promoting the stable development of the capital market in China, with a focus on enhancing market functions and maintaining stability [1][2]. Group 1: Market Stability and Development - The Shanghai Stock Exchange aims to maintain market stability by strengthening internal stability mechanisms, enhancing market monitoring, and supporting listed companies in utilizing monetary policy tools [1]. - There is an emphasis on improving regulatory frameworks to solidify the foundation for market development and to boost market confidence through effective expectation management [1]. Group 2: Innovation and Reform - The forum discussed deepening reforms in the Sci-Tech Innovation Board to enhance inclusivity and adaptability, including better identification mechanisms for high-quality tech enterprises [2]. - The expansion of the fifth set of standards is intended to facilitate resource allocation towards new industries, business models, and technologies, thereby supporting technological innovation [2]. Group 3: Mergers and Acquisitions - The implementation of six key measures for mergers and acquisitions aims to enhance the capital market's role as the primary channel for M&A activities, improving review efficiency and creating a favorable M&A ecosystem [2]. - The focus is on facilitating the acquisition of quality unprofitable assets and promoting typical cases of mergers among listed companies to support transformation and upgrading [2]. Group 4: Long-term Investment - There is a strong push to attract long-term capital into the market, with efforts to enrich product offerings and improve the ETF product layout [2]. - The development of technology innovation bonds and green bonds, along with a robust stock options product system, is aimed at better meeting investor needs and supporting the construction of Shanghai as a financial center [2].

6月18日，在2025陆家嘴论坛"全体大会三：推动资本市场持续稳健发展"上，上交所理事长邱勇表示， 2024年，沪市披露各类资产重组方案700余单，其中重大资产重组60单，同比增长50%，7成并购标的属 于半导体、新能源等新兴产业领域，今年以来披露的资产重组方案341单，同比增长25%，其中重大资 产重组49单，同比增加206%。(人民财讯) ...

在上海"先行先试"结构性货币政策工具创新 在上海设立银行间市场交易报告库 * 在上海设立数字人民币国际运营中心 米 在上海设立个人征信机构 米 在上海临港新片区开展离岸贸易金融服务综合改革试点 米 在上海发展自贸离岸债 米 在上海优化升级自由贸易账户功能 米 在上海"先行先试"结构性货币政策工具创新 米 会同证监会研究推进人民币外汇期货交易 * Reaffers is to 新媒体 实验室 日式 时报图说 LUJIVAZUI E- BRUM 2025 陆家 嘴论坛 第497胜、 朱智新 李云淮、吴清、 重磅发声 中国人民银行行长 潜力加生 2025陆家嘴论坛6月18日召开,中国人民银行行长潘 功胜、国家金融监督管理总局局长李云泽、中国证券 监督管理委员会主席吴清、国家外汇管理局局长朱鹤 新出席会议并发表主题演讲。 图读览! 推动上海国际金融中心建设,发布八项举措 主要国际金融组织应主要强化经济的监督职能 积极 引导各国坚定支持经济的全球化 人民银行已与30多个国家和地区央行或货币当局签 订双边本币互换协议 维护全球金融监管规则的一致性和权威性是应该继续 坚持的方向 货币政策框架的转型是渐进、持续的过程 未来将 ...