Group 1: Financial Policies Announced - The 2025 Lujiazui Forum opened with the theme "Financial Openness and Cooperation in the Global Economic Landscape" [1] - Eight policy measures will be implemented in Shanghai, including the establishment of a trading report database for interbank markets and a digital RMB international operation center [2][3] - A personal credit agency will be established to provide diversified credit products for financial institutions [3] Group 2: Offshore Trade and Financing - A pilot program for offshore trade financial services will be launched in the Lingang New Area of Shanghai [4] - Development of offshore bonds will follow international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [4] - The optimization of free trade account functions aims to enhance cross-border trade and investment [4] Group 3: Financial Opening and Foreign Investment - The National Financial Regulatory Administration plans to expand the breadth and depth of financial openness, optimizing the business environment for foreign investment [5] - The total assets of foreign banks and insurance institutions in China exceed 7 trillion yuan, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [5] - The administration will replicate successful practices from free trade zones to support foreign institutions in more financial business trials [5] Group 4: Support for Innovative Enterprises - The China Securities Regulatory Commission will enhance the STAR Market's role by introducing a growth tier and restarting the listing of unprofitable companies under the fifth set of standards [6][7] - New measures will include a pre-review mechanism for IPOs of quality tech companies and expanding the fifth set of standards to more frontier technology sectors [7] Group 5: Foreign Trade and Investment Facilitation - The State Administration of Foreign Exchange will support foreign trade enterprises and promote cross-border investment facilitation [8] - A series of foreign exchange innovation policies will be implemented in free trade pilot zones to stabilize employment and market expectations [9] - The administration will enhance the foreign exchange management system, focusing on convenience, openness, and security [9]

Group 1 - The number of newly established foreign-invested enterprises in China increased by 10.4% year-on-year, reaching 24,018 from January to May 2025, indicating strong confidence from foreign investors in long-term investments in China [1] - The actual foreign investment amount decreased by 13.2% year-on-year to 358.19 billion RMB during the same period, highlighting a divergence between the number of new enterprises and the actual investment amount [1] - The manufacturing sector attracted 91.52 billion RMB in actual foreign investment, while the service sector received 259.64 billion RMB, with high-tech industries drawing 109.04 billion RMB [1] Group 2 - The service industry has become the primary area for foreign investment inflows, with the Chinese government expanding pilot programs to promote service sector openness in nine additional cities [2] - Investment from ASEAN countries grew by 20.5%, while Japan and the UK saw increases of 70.2% and 60.9%, respectively, reflecting the positive impact of regional economic integration [2] - The implementation of RCEP has contributed to stable growth in foreign investment from ASEAN and Japan, emphasizing the benefits of regional economic cooperation [2] Group 3 - Future efforts should focus on optimizing the business environment, expanding open sectors, and enhancing service guarantees for foreign investors [3] - Reducing the negative list for foreign investment access will allow foreign enterprises to fully benefit from China's growing market [3] - Strengthening government services and legal protections will provide a more stable and predictable development environment for foreign investments [3]

Group 1 - The sixth Qingdao Summit of Multinational Company Leaders concluded with three strategic cooperation agreements and 35 economic and trade projects signed, totaling approximately $20 billion in investment [1] - The 9th China-South Asia Expo featured 16 exhibition halls and over 2,500 participating companies, showcasing products from various countries, indicating a vibrant market [2] - The fourth China-Africa Economic and Trade Expo signed 176 projects worth $11.39 billion, reflecting a 45.8% increase in signed projects and a 10.6% increase in total value compared to the previous edition [2] Group 2 - The events serve as a bridge for international cooperation, with participants expressing optimism about opportunities in the Chinese market and a commitment to deepening market engagement [4] - New products and technologies were prominently featured, with a focus on innovations such as digital payment solutions and agricultural machinery, highlighting the evolving landscape of international trade [5] - China is enhancing its appeal as an investment destination, with infrastructure improvements and a large domestic market creating significant business opportunities [3][6] Group 3 - China is implementing policies to support trade with developing countries, including zero-tariff treatment for products from 33 African countries and several South Asian nations, facilitating greater market access [6] - The sixth Qingdao Summit introduced new forums and activities, emphasizing practical engagement and collaboration among multinational companies [7] - Upcoming international trade events, such as the Summer Davos Forum and the China-ASEAN Expo, are expected to further enhance China's role in global economic cooperation [7]

[Table_Title] 策略研究报告 证券研究报告 2025 年 06 月 20 日 以金融制度型改革开放推动高质量发展 ——2025 年陆家嘴论坛学习体会 事件 6 月 18 日上午，2025 陆家嘴论坛正式开幕，本届论坛的主题为"全球经 济变局中的金融开放合作与高质量发展"。 中国人民银行：深化改革，扩大开放，加强全球金融治理 中国人民银行行长潘功胜发表主题演讲时表示，将在上海实施八项创新 政策。这些政策覆盖广泛、内容细致，涵盖金融基础设施建设、跨境贸易金融、 征信监管等多个关键领域。与此同时，措施兼顾当前与长远，既紧扣当前复杂 的国际经贸环境，又着眼未来，服务于更高水平的金融创新与开放，有望推动 上海向更高能级国际金融中心迈进。此次潘功胜行长"关于全球金融治理的若 干思考"的主题演讲主要围绕国际货币体系、跨境支付体系、全球金融稳定体 系、国际金融组织治理四个方面。我们认为，在当前国际经贸变局背景下，潘 功胜行长呼吁调整 IMF 成员国的份额占比结构。这一呼吁具有现实紧迫性和 战略指向，因为 IMF 份额直接决定了成员国在 SDR 普遍分配中的权重。这既 是推进人民币国际化的重要步骤，也是改善当前国际 ...

Group 1 - The China Securities Regulatory Commission (CSRC) is seeking public opinions on the revised draft of the "Securities Company Classification Evaluation Regulations" to optimize the classification evaluation system for securities companies [2] - The Ministry of Commerce reported that from January to May 2025, the number of newly established foreign-invested enterprises reached 24,018, a year-on-year increase of 10.4%, while the actual use of foreign capital amounted to 358.19 billion yuan, a year-on-year decrease of 13.2% [7] - The People's Bank of China and the Hong Kong Monetary Authority launched the "Cross-Border Payment Link," which will enhance cross-border payment efficiency and service levels between the mainland and Hong Kong, set to go live on June 22, 2025 [4] Group 2 - The Ministry of Finance reported that from January to May 2025, the national fiscal revenue totaled 966.23 billion yuan, a decrease of 0.3%, with tax revenue at 791.56 billion yuan, down 1.6% [6] - The National Medical Products Administration approved measures to support the innovation and development of high-end medical devices, including optimizing special approval procedures and enhancing post-market supervision [10] - The CSRC announced that starting from October 9, qualified foreign institutional investors will be allowed to trade a total of 100 futures and options products, including all 9 ETF options listed on the Shanghai and Shenzhen stock exchanges [5]

Core Viewpoint - The recent policies and initiatives from the Central Financial Committee aim to accelerate the construction of Shanghai as an international financial center, enhancing its competitiveness and global influence over the next five to ten years [2][4]. Group 1: Policy Initiatives - The Central Financial Committee issued an opinion outlining six major initiatives to support the development of Shanghai's international financial center, including deepening financial market construction and enhancing financial institution capabilities [2]. - Eight specific policy measures were announced by the People's Bank of China to be implemented in Shanghai, focusing on structural monetary policy innovations and enhancing financial services [6][7]. Group 2: Economic Performance - In 2024, Shanghai's financial sector is projected to achieve a value-added of 807.273 billion yuan, reflecting a year-on-year growth of 7.9%, and accounting for 15% of the city's GDP [4]. - The proportion of foreign financial institutions in Shanghai has reached 31.1%, with cross-border RMB settlement volume making up 47% of the national total, indicating a robust financial market [4]. Group 3: Global Positioning - Shanghai is positioned as a leading international financial center, with its stock exchange ranking third globally by market capitalization and its bond custody scale leading among global exchanges [8]. - The city is recognized for its significant trading volumes in various financial instruments, including being a leader in spot gold trading and having the highest trading volume for multiple commodity futures [8].

Group 1 - A significant trend is the unprecedented reallocation of capital, with a notable increase in investment funds in the U.S. reaching $62 trillion, up approximately $30 trillion over the past decade, indicating a growing desire for diversification among investors [1] - External risks, such as fluctuating U.S. tariff policies and high equity valuations, have led to a global rebalancing of capital, prompting investors to sell off dollar assets and seek opportunities elsewhere, particularly in China [2][3] - China's financial market is seen as a major opportunity for foreign capital due to its policy stability, complete industrial structure, and technological advancements, marking a shift in foreign investment from marginal participation to core allocation [4] Group 2 - To capitalize on the influx of foreign capital, China needs to implement institutional reforms, including improving market access, removing foreign ownership limits, and optimizing cross-border investment policies [4][5] - Strengthening monetary policy is essential, with the central bank having introduced various structural monetary tools to support key sectors and stabilize the economy [5] - Enhancing connectivity with international financial markets and improving financial infrastructure is crucial for risk management and financial stability [5][6] Group 3 - There is a need to deepen the two-way opening of capital markets to facilitate foreign investment, including expanding the coverage of mutual market access mechanisms and increasing the range of investment products available to foreign investors [5][6] - Specific areas for improvement include the inclusion of small-cap stocks and illiquid stocks in mutual access programs, as well as expanding the types of bonds and futures available for foreign investment [6]

证券研究报告 | 2025年06月20日 投融资结构调整胜于总量刺激 ——从 2025 陆家嘴论坛看下一步金融改革动向 优于大市 |  | 行业研究·行业快评 |  | 非银金融 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 王剑 | 021-60875165 | wangjian@guosen.com.cn | 执证编码：S0980518070002 | | 证券分析师： | 孔祥 | 021-60375452 | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 证券分析师： | 陈俊良 | 021-60933163 | chenjunliang@guosen.com.cn | 执证编码：S0980519010001 | | 证券分析师： | 张绪政 | 021-60875166 | zhangxuzheng@guosen.com.cn | 执证编码：S0980525040003 | | 证券分析师： | 王德坤 | 021-61761035 | wangdekun@guo ...

瑞达期货研究院 「2025.06.20」 国债期货周报 期债震荡走强，长短分化明显 研究员 廖宏斌 期货从业资格号 F30825507 期货投资咨询从业证号 Z0020723 关 注 我 们 获取更多资讯 目录 1、行情回顾 2、消息回顾与分析 3、图表分析 4、行情展望与策略 周度要点总结 政策及监管： 1、6月18日，2025年陆家嘴论坛开幕式上，中国人民银行行长潘功胜宣布八项重磅金融开放举措，包括 设立银行间市场交易报告库、同证监会研究推进人民币外汇期货交易等。2、6月18日，中国证监会发布公告称，经商中 国人民银行、国家外汇局，将从2025年10月9日起允许合格境外投资者参与场内ETF期权交易，交易目的限于套期保值。 3.金融监管总局会同上海市人民政府联合印发《关于支持上海国际金融中心建设行动方案》。 基本面：1、国内:1）5月经济数据偏弱，工增小幅回落，社零超预期回升，固投规模持续收敛，失业率环比改善；2） 出口前置的拉动作用持续弱化，5月出口同比增长4.8%，较前值回落3.3个百分点；3）5月金融数据小幅超预期，财政持 续发力，政府债有力支撑社融，但企业信贷需求走弱，经济内生动能仍待提振。 海外： ...

Core Insights - The Shanghai International Reinsurance Registration Trading Center has achieved a trading scale of 2.1 billion yuan, marking a significant breakthrough in its development from "0 to 1" [1][2] - The center is moving towards a new development stage with a complete business model of "inward + outward + brokerage" [1][2] Development Milestones - The "International Board" of Shanghai Reinsurance officially launched in June 2023, with the establishment of the Shanghai International Reinsurance Registration Trading Center in October 2024 [2] - The Shanghai Financial Office has reported significant progress in institutional aggregation, platform construction, and regulatory improvement [2] Future Development Focus - The Shanghai Insurance Exchange has outlined a three-phase development path: Phase 1 focuses on domestic transactions, Phase 2 on cross-border transactions, and Phase 3 on global risk governance [2] - The focus is on attracting institutions to register and conduct business through differentiated regulatory policies and local incentives [2] Data Cross-Border Solutions - The Lingang New Area has introduced the world's first operational guidelines for cross-border data flow in the reinsurance sector, establishing a complementary mechanism for efficient and secure data solutions [3] - The area is also developing industry clusters with high growth potential, such as new energy vehicles and integrated circuits, which increase the demand for risk protection [3] Regulatory and Market Environment - Suggestions for a differentiated regulatory system include support in solvency frameworks, investment management, and reporting requirements to attract international reinsurance capabilities [4] - Continuous efforts are needed from market, protection, and regulatory perspectives to enhance the operational rules of the reinsurance registration trading center [4][5] Collaborative Environment - The Shanghai Financial Office emphasizes the importance of a coordinated regulatory environment to support the establishment of a comprehensive and differentiated regulatory system [5][6] - The goal is to create a market-oriented, rule-of-law, and international financial business environment to position Shanghai as a leading hub for reinsurance [6]