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 ...

宏观研究 /[Table_Date] 2025.06.23 2025-06-23 全球变局下的金融：促改革、扩开放、重科创 [Table_Authors] 侯欢(分析师) ——2025 年陆家嘴论坛政策解读 本报告导读： 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。 投资要点： 021-38676666 登记编号 S0880525040074 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 专 题 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 陆家嘴论坛于 6 月 18 日上午开幕，主题为"全球经济变局中的 金融开放合作与高质量发展"。 金融体系：关注全球治理。国际货币体系可能继续朝着少数几个主 权货币并存、相互竞争、相互制衡的格局演进。全球跨境支付体系 朝着更加高效、安全、包容、多元的方向发展。国际金融组织需要 提高新兴市场和发展中国家的话语权和代表性。此外，关注结构 ...

Core Viewpoint - The Chinese yuan exchange rate indices showed an overall increase in the week of June 20, with the CFETS index rising by 0.43% to 95.92, the BIS index increasing by 0.58% to 101.51, and the SDR index up by 0.39% to 90.75 [1][2]. Exchange Rate Indices - CFETS RMB Exchange Rate Index: 95.92 [2] - BIS Currency Basket RMB Exchange Rate Index: 101.51 [2] - SDR Currency Basket RMB Exchange Rate Index: 90.75 [2] Market Analysis - The US dollar index rebounded slightly by approximately 0.5% last week, while most non-US currencies depreciated, with the Norwegian krone dropping 1.89% due to an unexpected rate cut [5]. - The onshore RMB against the USD closed at 7.1820, a slight decrease of 0.01%, while the offshore RMB appreciated by 0.14% to 7.17939 [5]. - The RMB central parity rate against the USD increased by 0.11% to 7.1695, indicating a stable performance of the RMB against the USD [5]. Policy Signals - The People's Bank of China (PBOC) issued 300 billion yuan in offshore central bank bills, signaling a commitment to stabilize the exchange rate amid a strengthening dollar [6]. - Analysts suggest that the PBOC's actions may support the RMB's appreciation in the short term, as the implied volatility of the RMB remains low [6]. Domestic Financial Developments - The PBOC announced eight significant financial opening measures aimed at enhancing the international financial center in Shanghai, including the establishment of a digital RMB international operation center and a personal credit institution [7]. - The National Financial Supervision Administration plans to release an action plan to support Shanghai's development as an international financial center, focusing on innovation in technology finance and cross-border finance [7]. Economic Indicators - From January to May, China's general public budget revenue was 96,623 billion yuan, a slight decrease of 0.3% year-on-year, while non-tax revenue increased by 6.2% [8]. - In May, the total retail sales of consumer goods reached 41,326 billion yuan, growing by 6.4% year-on-year, indicating a recovery in consumer spending [9].

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].

Group 1: Core Financial Policies - The People's Bank of China announced eight significant financial opening measures aimed at enhancing the international competitiveness and risk management capabilities of China's financial market [1][8] - These measures include the establishment of an interbank market transaction reporting database and personal credit institutions to improve financial infrastructure and data governance [2][3] Group 2: Cross-Border Financial Policies - The policies aim to facilitate cross-border trade and investment by optimizing the functions of free trade accounts and launching pilot reforms for offshore trade finance services in the Shanghai Lingang area [5][6] - The "Cross-Trade Refinance" pilot program initiated by the Shanghai headquarters of the People's Bank of China is designed to support cross-border trade financing and alleviate financing difficulties for foreign trade enterprises [7] Group 3: Data Governance and Risk Management - The establishment of a personal credit institution is part of the credit system construction, emphasizing the importance of data governance in the digital economy [3][4] - Enhanced data technology capabilities are crucial for optimizing resource allocation and improving the efficiency and quality of financial services [4] Group 4: Shanghai as a Financial Reform Hub - The eight policies are primarily focused on Shanghai, highlighting its role as a testing ground for financial reforms and the integration of finance, trade, and regulation [8][9] - Shanghai's position as a pioneer in financial reform is underscored by the recent approval of upgrades to free trade account functions and pilot programs for offshore trade finance services [9]

随着内地与香港往来日益密切，经贸合作更加频繁，居民南下北上消费需求旺盛，对跨境支付的高效安 全以及资金的快速流通的更高要求是跨境支付通推出的重要背景。 据悉，作为中央政府支持香港发展和便利民生、推动内地与香港合作的又一项重要举措，跨境支付通于 今日（6月22日）正式上线运行。首批参与跨境支付通的内地机构包括：工商银行（601398）、农业银 行（601288）、中国银行（601988）、建设银行（601939）、交通银行（601328）、招商银行 （600036）；香港机构包括：中银香港、东亚银行、建银亚洲、恒生银行、汇丰银行、工银亚洲。 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通（以下简 称"跨境支付通"）启动仪式。 一是境内居民个人汇出至香港地区银行账户的"南向便利化汇款业务"，可选择人民币汇出、人民币或港 币到账。二是香港居民个人汇入至内地银行账户的"北向便利化汇款业务"，可选择港币或人民币发起、 人民币到账。三是个人与机构间的"双向跨境人民币支付业务"，如留学缴费、公共事业缴费、就医、薪 资和补贴发放等，可选择双边本币或双边人民币汇款。 "跨境支付通业务的推出， ...

Group 1 - The sixth Multinational Corporation Leaders Qingdao Summit was held from June 18 to 20, signaling China's commitment to expanding openness and welcoming foreign investment amidst rising unilateralism and protectionism [1] - The summit featured 570 guests from 135 Fortune 500 companies and 330 industry-leading enterprises, highlighting the importance of the Chinese market and the confidence in China's economic prospects [1][2] - The report released at the summit indicated that profits of foreign-invested industrial enterprises in China are projected to increase from 1.6 trillion RMB to 1.8 trillion RMB from 2019 to 2024, with profit margins consistently outperforming the national industrial average [2] Group 2 - The theme of the summit was "Multinational Corporations and China - Linking the World for Win-Win Cooperation," reflecting a new trend of multinational companies exploring opportunities in China [3] - Factors contributing to this trend include a stable policy environment, a multi-dimensional opening-up strategy, a large-scale consumer market, a complete supply chain system, and the maturation of new sectors such as digital economy and green technology [3] - China is positioned as an ideal, safe, and proactive investment destination for foreign businesses, with an increasingly favorable business environment and expanding opportunities regardless of international changes [3]

《关注陆家嘴金融论坛表态，港交所 受益于金融开放 — 行 业 周 报 》 -2025.6.15 非银金融 2025 年 06 月 22 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-06 2024-10 2025-02 非银金融 沪深300 相关研究报告 《科创板 IPO 边际宽松，利好券商投 行 、 直 投 业 务 — 行 业 点 评 报 告 》 -2025.6.18 《5 月新开户数延续增长，非银持续受 益于基准回补—行业周报》-2025.6.8 规范分红险分红水平，券商分类评价新规突出功能性 ——行业周报 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn lukun@kysec.cn 证书编号：S0790520050001 证书编号：S0790524040002 周观点：关注陆家嘴金融论坛表态，港交所受益于金融开放 政策面看，险企分红险分红水平应与投资收益率和风险评级挂钩，预计投资能力 突出的中大型险企分红险收益率长期表现更加突出，马太效应加剧。券商分类评 价新规引导行业集约化、差异化发展，突出券商功能性考核。 券商： ...

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]

贯彻新发展理念是扎实推进全体人民共同富裕、促进人的全面发展的必然要求。习近平总书记指出，共 享是中国特色社会主义的本质要求，必须坚持发展为了人民、发展依靠人民、发展成果由人民共享，使 全体人民在共建共享发展中有更多获得感，朝着共同富裕方向稳步前进。中国式现代化是全体人民共同 富裕的现代化，必须把满足人民对美好生活的新期待作为发展的出发点和落脚点，把促进全体人民共同 富裕摆在更加重要的位置。中国式现代化进程中决不能允许贫富差距越来越大、出现两极分化，必须贯 彻新发展理念，既要做大蛋糕，也要分好蛋糕，使发展成果更多更公平惠及全体人民。 文/ 中央财办分管日常工作的副主任、中央农办主任 韩文秀 展望未来，基本实现社会主义现代化时间紧、任务重。新征程上将面临许 多 新 形 势 新 挑 战 ， 需 要 解决 不 少 新 矛盾 新问 题 ，新 发 展 理 念 是 一 把 金 钥 匙。要紧密团结在以习近平同志为核心的党中央周围，增强"四个意识"、 坚定"四个自信"、做到"两个维护"，完整准确全面贯彻新发展理念，加快 构建新发展格局，着力推动高质量发展，为以中国式现代化全面推进强国 建设、民族复兴伟业作出新的更大贡献。 《习 ...