《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 ...

FICC周报 | 2025-06-22 成交平稳，银行板块再度活跃 市场分析 金融举措推动开放。宏观方面，6月18日至19日，2025陆家嘴论坛在上海举行，央行、金融监管总局、证监会、外 汇局等部门发布多项金融举措，助力高水平开放。央行将推出8项政策举措支持上海国际金融中心建设，包括设立 数字人民币国际运营中心、"先行先试"结构性货币政策工具创新等；金融监管总局将支持外资机构参与更多金融 业务试点；证监会将在科创板设置科创成长层，同时推出6项更具包容性、适应性的改革措施；外汇局将在全国实 施支持科研机构吸引利用外资、扩大科技型企业跨境融资便利等政策。海外方面，美国与欧盟正接近达成一项涵 盖多领域的互惠贸易协议，包括数字监管、环境政策及产业合作等领域。协议草案拟为美国科技企业提供监管合 规宽限期，以配合欧盟《数字市场法》实施进程，同时深化在造船业、关键矿产等战略产业的协作机制。但因未 纳入关税条款，协议最终落地仍存变数。 股指回调。现货市场，A股三大指数周度收跌，上证指数收盘跌0.51%收于3359.9点，创业板指跌1.66%。行业方面， 板块指数跌多涨少，仅银行、通信、电子行业收红，美容护理、纺织服饰、医药生 ...

英国贸易部长雷诺兹：保持霍尔木兹海峡的开放是我们与盟国讨论的一个基本部分。 ...

中新社深圳6月22日电 (记者索有为)中共中央办公厅、国务院办公厅日前对外发布《关于深入推进深圳 综合改革试点深化改革创新扩大开放的意见》(下称《意见》)，在新起点上赋予深圳一系列重大改革任 务。深圳多位专家22日接受中新社记者采访时表示，深圳通过制度创新将推动技术跃升，打造中国深化 改革、扩大开放的制度先导样板城市，而推进高水平对外开放，前海是一个核心点位。 王达表示，前海可探索建设"人才特区"，以香港金融、法律、税务等专业人士为样本，探索执业资格互 认与跨境服务标准对接。这种"稳中有序"的开放模式，既可降低高端人才来华成本，也将为更广泛的国 际人才引进积累经验。(完) （文章来源：中国新闻网） 香港中文大学(深圳)前海国际事务研究院助理院长、副研究员梅阳表示，今天的深圳必须在外部压力中 主动锻造制度优势，以综合改革推动更高水平开放型经济体制建设，实现从货物贸易转向以服务贸易、 规则制度、科技标准输出综合集成的系统性开放。 梅阳认为，深圳一方面要在巩固制造业和货物贸易基础同时，加快推动服务贸易、知识产权、数字规则 等新型要素开放，打造"中国品牌""中国服务""中国质量""中国标准"；另一方面要深化数据跨境流 ...

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 ...

Core Viewpoint - Wenzhou, a hub of private economy in Zhejiang, showcases a unique blend of traditional culture and innovative spirit, driving economic development and cultural confidence [1][3][12]. Group 1: Cultural Heritage and Economic Development - Wenzhou's rich cultural history, including the Yuyuan School's practical philosophy, has significantly influenced its entrepreneurial spirit [2][3]. - The city has been a pioneer in various economic reforms, such as the first individual business license and the first specialized market in China, marking its importance in the country's economic landscape [3][4]. - The "Four Thousand" spirit, representing perseverance and innovation among Wenzhou entrepreneurs, continues to inspire local businesses [4]. Group 2: Openness and Global Engagement - Wenzhou has a long history of openness, dating back to its role in the Maritime Silk Road, which facilitated trade and cultural exchange [5][6]. - The city is enhancing its global connectivity through initiatives like the operation of 16 near-ocean routes and the establishment of the Wenzhou-Kean University, promoting international collaboration [6][7]. - Recent events, such as the World Youth Scientist Summit, have positioned Wenzhou as a center for attracting global talent and fostering innovation [7]. Group 3: Cultural Innovation and Preservation - Wenzhou is actively exploring innovative ways to preserve and promote its cultural heritage, such as through the revitalization of traditional arts and crafts [9][11]. - The city has initiated cultural events like the "Southern Opera Cultural Week," which aims to enhance the visibility and appreciation of local traditional arts [11]. - Efforts to integrate cultural elements into economic development are evident in initiatives like the Qing Deng Market, which promotes local aesthetics and supports artists [12].

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]

6月20日，由昆明市商务局主办的"开放春城 贸联世界暨昆明市对外贸易协会成立大会"在昆明南亚风情 园豪生大酒店举行。本次大会旨在深入落实市委贸易高质量发展推进会精神，抢抓南博会开放新机遇， 加快构建南向开放新格局，推动昆明市对外贸易事业迈上新台阶。 今年1月3日，昆明市贸易高质量发展推进会召开，对"贸易富市"进行了全面部署安排。会议提出以货物 贸易、服务贸易、数字贸易为重点，着力培育外贸竞争新优势、增强外贸发展新动能，为"贸易富市"落 地落实提供了具体路径。 今年1-5月，昆明市外贸进出口总额达666亿元，在全国27个省会城市中排名第12位，在西部省会城市中 位居第3位。昆明"国际朋友圈"持续扩大，昆明市共有1600多家实际开展业务的外贸企业，贸易伙伴遍 布全球169个国家和地区。昆明的开放优势越来越明显：长水机场南亚东南亚通航点全国第一，中老铁 路这条"黄金通道"累计运送货物超6000万吨，"澜湄快线"让跨境货物实现当日达……昆明市外贸发展呈 现蓬勃生机。 会上还举行了签约仪式，马来西亚国际商务促进协会、老挝国家工商会、泰国中小企业委员会中国代表 处、广东省民营经济国际合作商会、重庆市国际物流口岸服务协会、 ...