2025 陆 家嘴 论坛 6 月 18 日正式开幕，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 " 。 证监 会主席吴清在 2025 陆 家嘴 论坛 上表示， 推出 进 一步深化科 创 板改革的 "1+6" 政策措施； 进 一步 强 化股 债联动 服 务 科技 创 新的 优势； 大力 发 展科 创债 ；引 导 更多中 长 期 资 金参与科技企 业 投 资。 以下 为 吴清 讲话 主要内容。 // 吴清：引 导 更多中 长 期 资 金参与科技企 业 投 资 // 吴清在2025 陆 家嘴 论坛上表示， 证监 会将 继续 充分 发挥 科 创 板示范效 应 ，加力推 出 进 一步深化改革的 1+6 政策措施，重启未盈利企 业 适用科 创 板第五套 标 准上市。 创业 板正式启用第三套 标 准，支持 优质 未盈利 创 新企 业 上市。 支持 编 制更多科技 创 新指数、开 发 更多科 创 主 题 公募基金 产 品，引 导 更多中 长 期 资 金参与科技企 业 投 资 。 吴清表示， 证监 会将 进 一步提升 协 作合力，充分 发挥 上海作 为 改革开放高地的 优势 ，推 动 更 ...

Research Views - The A-share market fluctuated and declined, with the Wind All A index down 0.1% and a trading volume of 1.24 trillion yuan. The CSI 1000, CSI 500, SSE 50, and CSI 300 indices also declined. The market is affected by the Israel-Iran conflict and potential policy changes in June [1]. - The performance of Chinese assets has been strong since June, with both stocks and bonds rising. Factors include the resumption of Sino-US communication, potential changes in long-term consumption stimulus policies, and the upcoming Lujiazui Forum [1]. - The recent PPI data shows that China's inflation level remains low, and the second-quarter fundamentals may turn into a situation of "weak reality, strong expectation". The consumer and technology sectors may still be dominant in the market style [1]. - In terms of corporate earnings, the decline in the revenue growth rate of A-share listed companies has narrowed for three consecutive quarters, but it is still lower than the policy interest rate. The net profit has increased by about 4% year-on-year, but the ROE is still in the stage of bottoming out [1]. - Treasury bond futures closed higher, with the 30-year, 10-year, 5-year, and 2-year main contracts up 0.24%, 0.14%, 0.15%, and 0.08% respectively. The central bank conducted 1973 billion yuan of 7-day reverse repurchase operations, with the interest rate remaining stable at 1.4%. The net withdrawal of funds was 1833 billion yuan [1][2]. - The bond market strengthened slightly due to the loosening of the capital market, but the economy shows strong resilience under the influence of the "rush to export" effect and stable growth policies. The bond market is expected to remain in a volatile pattern in the short term [2]. Price Changes Stock Index Futures | Contract | 2025-06-17 | 2025-06-16 | Change | Change Rate | | --- | --- | --- | --- | --- | | IH | 2,680.8 | 2,678.4 | 2.4 | 0.09% | | IF | 3,868.6 | 3,869.8 | -1.2 | -0.03% | | IC | 5,748.4 | 5,756.2 | -7.8 | -0.14% | | IM | 6,130.0 | 6,127.4 | 2.6 | 0.04% | Stock Indices | Index | 2025-06-17 | 2025-06-16 | Change | Change Rate | | --- | --- | --- | --- | --- | | SSE 50 | 2,684.0 | 2,685.0 | -1.1 | -0.04% | | CSI 300 | 3,870.4 | 3,873.8 | -3.4 | -0.09% | | CSI 500 | 5,750.9 | 5,767.8 | -16.9 | -0.29% | | CSI 1000 | 6,141.5 | 6,147.5 | -6.0 | -0.10% | Treasury Bond Futures | Contract | 2025-06-17 | 2025-06-16 | Change | Change Rate | | --- | --- | --- | --- | --- | | TS | 102.54 | 102.47 | 0.074 | 0.07% | | TF | 106.30 | 106.15 | 0.155 | 0.15% | | T | 109.16 | 109.02 | 0.145 | 0.13% | | TL | 120.82 | 120.52 | 0.3 | 0.25% | Market News - The Bank of Japan will conduct a mid-term review of its bond purchase program in June next year and will slow down the pace of reducing bond purchases due to concerns about market volatility [5]. - The Bank of Japan believes that inflation expectations are not yet stable and that there are two-way risks to prices. Trade policy is highly uncertain, and tariff issues may affect next year's spring wage negotiations [6]. Chart Analysis Stock Index Futures - The report provides charts showing the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of these contracts [8][9][11]. Treasury Bond Futures - The report includes charts of the trends of treasury bond futures main contracts, treasury bond yields, basis, inter - period spreads, cross - variety spreads, and funding rates [15][17][19]. Exchange Rates - The report presents charts of the central parity rates of the US dollar, euro, and other currencies against the RMB, as well as forward exchange rates, currency indices, and cross - currency exchange rates [22][23][26].

今日2025陆家嘴论坛在上海举办，中国证券监督管理委员会主席吴清在开幕式上表示，近期将加快落实 2025年资本市场对外开放一揽子重点举措，包括发布QFII优化方案，进一步优化准入管理投资运作等， 将更多的产品纳入外资交易范围，尽快将QFII可交易期货期权品种总数扩展到100个。 新设科创成长层 资本市场包容性改革迈出重要步伐 吴清宣布，将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓手，着力打造更具 吸引力、竞争力的市场体系和产品服务矩阵。更好发挥科创板"试验田"作用，加力推出进一步深化 改革的"1+6"政策措施，统筹推进投融资综合改革和投资者权益保护，加快构建更有利于支持全面创 新的资本市场生态。 证监会主席吴清6月18日在2025陆家嘴论坛上表示，创业板正式启用第三套标准，支持优质未盈利创 新企业上市。将继续充分发挥科创板示范效应，加力推出进一步深化改革的1+6政策措施，重启未盈 利企业适用科创板第五套标准上市。 中国资本市场学会在沪成立 吴清宣布，中国资本市场学会已正式获批在上海注册成立，这是贯彻落实习近平总书记关于金融工 作重要论述的具体举措，也是我国资本市场发展中的一件大事。将广泛团结和 ...

据新华社，中国证监会主席吴清6月18日在2025陆家嘴论坛上宣布，中国资本市场学会已正式获批 在上海注册成立，这是贯彻落实习近平总书记关于金融工作重要论述的具体举措，也是我国资本市场 发展中的一件大事。将广泛团结和凝聚行业机构、上市公司、高校院所、政府部门等各方面研究力 量，全力把学会打造成具有重要影响力的资本市场理论研究、学术交流、决策咨询高端智库平台。 ...

6月18日上午，为期两天的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"。中国人民银行行长潘功胜、金融监管总局局长李云泽、中国证监会主席吴清、国家外汇局 局长朱鹤新出席会议并发表主题演讲。 吴清：推出进一步深化科创板改革的"1+6"政策措施 吴清在2025陆家嘴论坛上表示，将聚焦提升制度的包容性和适应性，以深化科创板、创业板改革为抓 手，更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施，统筹推进投融资综合改 革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 具体来看，"1"在科创板设置科创成长层，并且重启未盈利企业适用于科创板第五套标准上市，更加精准 服务技术有较大突破、持续研发投入大、商业前景广阔的优质科创企业，在强化信息披露、加强投资者适 当性管理方面作出安排。 "6"即在科创板创新推出6项改革措施，包括对于适用科创板第五套标准的企业，试点引入资深专业机构 投资者制度；面向优质科技企业试点IPO预先审阅机制；扩大第五套标准适用范围，支持人工智能、商业 航天、低空经济等更多前沿科技领域企业适用；支持在审未盈利科技企业面向老股 ...

今日2025陆家嘴论坛在上海举办，中国证券监督管理委员会主席吴清在开幕式上表示，近期将加快落实 2025年资本市场对外开放一揽子重点举措，包括发布QFII优化方案，进一步优化准入管理投资运作等， 将更多的产品纳入外资交易范围，尽快将QFII可交易期货期权品种总数扩展到100个。(智通财经) ...

更多精彩内容请关注专题： 本期编辑 金珊 刚刚，央行宣布8项重磅金融举措！ SFC 21君荐读 据新华社报道，吴清6月18日在2025陆家嘴论坛上宣布，将聚焦提升制度的包容性和适应性， 以深化科创板、创业板改革为抓手，着力打造更具吸引力、竞争力的市场体系和产品服务矩 阵。更好发挥科创板"试验田"作用，加力推出进一步深化改革的"1+6"政策措施，统筹推进投 融资综合改革和投资者权益保护，加快构建更有利于支持全面创新的资本市场生态。 来源 | 新华社 ...

Group 1 - The meeting aimed to promote deep cooperation between private equity funds and companies listed on the New Third Board in Ningxia, focusing on high-quality development of the real economy [1] - A total of 26 New Third Board companies and 17 private equity funds participated in the event, which served as a platform for precise matching of capital and enterprise needs [1][4] - Ningxia Environmental, a high-tech enterprise listed on the New Third Board, has been recognized as a "technology-based small and medium-sized enterprise" and aims to list on the Beijing Stock Exchange [2][3] Group 2 - As of now, Ningxia has 26 companies listed on the New Third Board, with 16 classified as specialized and innovative enterprises [3] - In 2024, these companies contributed 246 million yuan in taxes and provided increasing employment opportunities, demonstrating their role in supporting livelihoods and job creation [3] - Five companies have disclosed or implemented dividend plans for 2024, with total cash dividends amounting to 428 million yuan, reflecting a significant year-on-year increase of 239.68% [3] Group 3 - Private equity funds in Ningxia are primarily focused on traditional industries, with investments spanning 34 sectors including machinery manufacturing and agriculture [3] - By the end of the first quarter, there were 104 projects in Ningxia's small and medium-sized enterprises with a total investment scale of 6.929 billion yuan [3] - The Ningxia Securities Regulatory Bureau plans to continue facilitating connections between private equity funds and New Third Board companies to enhance financing channels [4]

吴清6月18日在2025陆家嘴论坛上宣布，中国资本市场学会已正式获批在上海注册成立。将广泛团结和 凝聚行业机构、上市公司、高校院所、政府部门等各方面研究力量，全力把学会打造成具有重要影响力 的资本市场理论研究、学术交流、决策咨询高端智库平台。(新华社) ...

Core Viewpoint - The construction of national reserve forests in Zhejiang embodies the "Two Mountains" theory, promoting ecological civilization and sustainable development through innovative practices and resource optimization [1][8]. Group 1: Ecological Capital Marketization - The establishment of a market-oriented mechanism for ecological capital aims to unlock the value potential of forestry resources through clear property rights, market transaction systems, and financial innovation [2]. - Zhejiang's "Three Rights Separation" reform addresses the inefficiencies of fragmented collective forests, enabling large-scale integration and efficient utilization of forest resources [2]. - Innovative financial products like "Lin Yi Dai" leverage ecological compensation rights to secure loans, transforming collective forest rights into capital [3]. Group 2: Ecological Industry Collaboration - The core drivers of ecological industry collaboration include resource optimization, technological innovation, and industry integration, leading to high-quality development in forestry [4]. - The promotion of "one acre of mountain, ten thousand yuan" model in the under-forest economy opens new avenues for income generation through diverse agricultural activities [4]. - Collaboration with academic institutions has led to the development of value-added products, significantly increasing the overall industry output [4]. Group 3: Inclusive Ecological Benefits - A multi-entity revenue distribution framework is essential for internalizing the positive externalities of ecological protection, enhancing the economic incentives for conservation [6]. - The concentration of land leasing and the establishment of standard forestry land models ensure stable income for farmers, reinforcing both ecological protection and livelihood security [7]. - The introduction of shareholding cooperative models in forestry has resulted in significant income increases for farmers, with some regions reporting over 50% of farmers' income derived from forestry [7]. Group 4: Three-Dimensional Collaborative Development - The project emphasizes the dialectical unity of ecological value and economic efficiency, ensuring the transformation of forest resources into development capital [8]. - Institutional innovation through the "Three Rights Separation" framework provides systematic solutions for national forestry reform [8]. - The dual empowerment of strategic reserves and livelihood improvement addresses both national timber security needs and rural income enhancement [8].