Core Viewpoint - The 2025 Lujiazui Forum has concluded, marking a significant moment for China's financial reform and development, with a focus on intensive policies, expanded openness, and innovative development in the context of complex international dynamics [1][2]. Group 1: Intensive Policies - The Central Financial Committee issued an opinion to accelerate the construction of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities within five to ten years [2]. - The People's Bank of China announced eight financial opening measures to support the construction of the Shanghai International Financial Center, including establishing a trading report database and a digital RMB international operation center [2][3]. - The National Financial Regulatory Administration and the Shanghai Municipal Government released an action plan with practical measures to encourage innovation in technology finance and cross-border finance [3]. Group 2: Expanded Openness - Financial openness is a key theme, with the National Financial Regulatory Administration highlighting that China's financial openness benefits both itself and global capital [4]. - New initiatives, such as the establishment of a digital RMB international operation center and offshore trade financial service trials, are expected to reshape the global payment system [4][5]. - Shanghai is enhancing its international competitiveness in financial markets, with over 20 domestic and foreign reinsurance institutions now operating in the Shanghai Lingang New Area [5]. Group 3: Innovative Development - The forum emphasized the need for a financial service system that aligns with the rapid advancements in technology and industry, particularly in areas like artificial intelligence and biotechnology [6]. - The China Securities Regulatory Commission announced a series of reforms for the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of listings for unprofitable companies [6][7]. - Shanghai is focusing on integrating technology innovation with industry innovation, with significant financial support for technology enterprises, including a loan balance of approximately 1.3 trillion RMB for tech companies in 2024, reflecting a 22.6% year-on-year increase [8].

Group 1: Financial Forum Highlights - The 2025 Lujiazui Forum focused on "Financial Openness and High-Quality Development in the Global Economic Landscape," gathering international guests to discuss new development paths and financial empowerment for the economy [1] - The forum coincided with the first meeting of the Shanghai International Financial Center Construction Coordination Mechanism, emphasizing the need for enhanced financial risk management and offshore financial functions [1][2] - A series of significant policies and documents were released by Chinese financial authorities to support the construction of the Shanghai International Financial Center, including the establishment of the China Capital Market Society [1][2] Group 2: Central Government Support - The Central Financial Work Conference emphasized enhancing the competitiveness and influence of the Shanghai International Financial Center, with a goal to elevate its capabilities over the next five to ten years [2] - The Central Financial Committee issued opinions to support the construction of the Shanghai International Financial Center, aiming for a modern financial system with improved adaptability and competitiveness [2] Group 3: Financial Cooperation Between Shanghai and Hong Kong - The Shanghai and Hong Kong financial centers signed the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan," outlining specific directions for cooperation [5] - The collaboration aims to enhance the internationalization of the Renminbi and improve financial infrastructure connectivity between the two cities [5][6] Group 4: Capital Market Development - The capital market is seen as a core component of the modern economic financial system, with ongoing volatility due to global factors [6][7] - The Shanghai and Hong Kong stock exchanges are expected to leverage their strengths for mutual development, creating a multi-layered market system [7] Group 5: Technological and Green Finance - The forum highlighted the role of financial support in developing new productive forces, with policy banks emphasizing resource allocation and collaboration with enterprises [9] - Green finance was discussed as a crucial element for sustainable economic development, with calls for improved policies and standards [11][12] Group 6: Inclusive Finance and AI Integration - Discussions on inclusive finance focused on leveraging new technologies to enhance service accessibility and efficiency [13] - The integration of AI in finance was noted as a trend, with emphasis on regulatory cooperation to ensure balanced development [14]

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].

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Central Financial Committee has issued opinions to support the accelerated construction of Shanghai as an international financial center [4] - The China Securities Regulatory Commission (CSRC) is working to build a capital market ecosystem that is more conducive to comprehensive innovation [4] - The CSRC has released opinions on establishing a growth tier in the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability [4] Industry Updates - The China International Solid-State Battery Technology Conference is set to accelerate the industrialization of solid-state batteries, with related stocks including Putailai (603659) and Liyuanheng (688499) [5] - Cainiao's new unmanned vehicle has started pre-sales, indicating rapid growth in the commercial use of logistics unmanned vehicles, with related stocks including Xingwang Yuda (002829) and Xiangyou Technology (600476) [5] - Significant breakthroughs have been achieved in key systems of China's fusion reactor, marking an acceleration in nuclear fusion technology development, with related stocks including Xuguang Electronics (600353) and Nanfeng Co., Ltd. (300004) [5] Company Focus - Huayi Group (600623) has signed a strategic cooperation framework agreement with Zhenhua Heavy Industries [6] - Chongqing Department Store (600729) has seen a continuous increase in related deposits, with consumer finance yields significantly exceeding peers [6] - Kewei Medical (301087) has reached strategic cooperation with Zhihuiyan and Laolai Health to build a new ecosystem in healthcare [6] - Bank of China (601988) emphasizes the role of finance in supporting new productive forces, particularly in technology finance [6] Market Review and Outlook - On June 19, the market opened lower and continued to decline, with the ChiNext Index leading the drop. The total trading volume in the Shanghai and Shenzhen markets was 1.25 trillion, an increase of 596 billion from the previous trading day [7] - The report notes that the macro economy is expected to maintain a mild recovery, with policies emphasizing stability and activity in the capital market providing support [7] - Different sectors such as technology, consumption, and finance are highlighted for their respective advantages and development prospects, indicating potential for structural differentiation in the market [7] - The mid-term trend suggests that the market center may rise in Q4 2025, with potential for a bull market from 2025 to 2027 [7] - The report indicates that a phase of bottoming in the A-share market may have occurred, with attention needed on structural and rhythm changes in the second half of the year [7]

Group 1: Financial Policies in Shanghai - The People's Bank of China announced 8 financial policy measures to be implemented in Shanghai, including the establishment of an interbank market trading report database and a digital RMB international operation center [1] - The policies aim to support offshore trade, enhance cross-border trade and investment facilitation, and promote structural monetary policy innovation [1] - The National Financial Regulatory Administration and Shanghai government jointly released an action plan to support the construction of Shanghai as an international financial center, focusing on risk management and legal construction in finance [1] Group 2: Reforms in the Sci-Tech Innovation Board - The China Securities Regulatory Commission (CSRC) announced the establishment of a Sci-Tech Growth Tier on the Sci-Tech Innovation Board, allowing unprofitable companies to apply for listing under the fifth set of standards [2] - Six reform measures were introduced, including the introduction of professional institutional investors and a pre-review mechanism for IPOs of quality tech companies [2] - The CSRC emphasized the protection of small and medium investors' rights, requiring companies to disclose reasons for unprofitability and associated risks [2] Group 3: Supportive Policies from the State Administration of Foreign Exchange - The State Administration of Foreign Exchange introduced multiple supportive policies to stabilize employment, enterprises, and market expectations, encouraging banks to include more trade entities in facilitation policies [3] - Policies aim to enhance cross-border investment and financing convenience, including support for research institutions to attract foreign investment and streamline capital project management [3] - A new batch of Qualified Domestic Institutional Investor (QDII) investment quotas will be issued to meet the reasonable overseas investment needs of domestic entities [3]

Core Viewpoint - The release of the "Opinions on Supporting the Acceleration of Building Shanghai International Financial Center" and the "Action Plan for the Construction of Shanghai International Financial Center" optimizes market infrastructure, reduces transaction costs, and enhances market liquidity and resilience, providing substantial support to the securities and futures sectors, benefiting multiple non-bank segments [1]. Summary by Sections Policy Framework - On June 18, the Central Financial Committee issued the "Opinions on Supporting the Acceleration of Building Shanghai International Financial Center," followed by the State Financial Supervision Administration and Shanghai Municipal Government's "Action Plan." The "Opinions" outline a comprehensive blueprint for the next 5 to 10 years to enhance Shanghai's financial center capabilities, while the "Action Plan" details specific support measures from a local implementation perspective [2]. - The "Opinions" propose six core measures: deepening financial market construction, enhancing financial institution capabilities, improving financial infrastructure, expanding high-level financial openness, improving service quality for the real economy, and effectively maintaining financial security under open conditions. The "Action Plan" complements this by focusing on financial institution aggregation, implementing service measures for the real economy, expanding institutional openness, enhancing regulatory standards, and improving policy support [2]. Market Impact - The joint release of the "Opinions" and "Action Plan" signals that building Shanghai as an international financial center has become a national strategic priority. This alignment provides clear direction for financial institutions and market participants, significantly boosting market expectations. Various measures will gradually relax market access, increase openness, and foster innovation, which will attract capital inflows and enhance trading activity [3]. - Over the long term, the construction over the next 5 to 10 years is expected to elevate Shanghai's international capital market influence and risk pricing capabilities [3]. Sector Benefits - The policy benefits multiple non-bank sectors by deepening financial market construction and expanding high-level financial openness, directly creating new business opportunities for non-bank institutions. Securities firms will benefit from accelerated listings of "hard tech" companies on the Sci-Tech Innovation Board, increased demand for mergers and acquisitions, and cross-border financing services driven by offshore finance [4]. - Insurance institutions will focus on building Shanghai as an international reinsurance center and pilot projects for pension finance, enhancing the asset management capabilities and risk pricing advantages of leading insurance companies [4]. - Futures companies will benefit from the policy support for building a world-class trading platform at the Shanghai Futures Exchange, with the listing of internationalized products such as gold and shipping driving trading volume and commission growth [4].

Core Insights - The convenience and flexibility of RMB cross-border trade financing are expected to improve, promoting the internationalization of the RMB [1][12] - The construction of Shanghai as an international financial center is accelerating [1] Financial Policies and Measures - The People's Bank of China (PBOC) announced eight policy measures at the 2025 Lujiazui Forum, focusing on enhancing financial openness and RMB internationalization [3][4] - Key measures include establishing an interbank market transaction reporting system, a digital RMB international operation center, and offshore trade finance service reforms in the Shanghai Lingang New Area [1][3] Digital RMB Development - The establishment of the digital RMB international operation center aims to facilitate the internationalization of digital RMB and support financial market development [4][7] - The digital RMB can optimize cross-border payment systems by shortening payment chains and improving settlement efficiency [4][12] Offshore Bonds and Trade Financing - The development of offshore trade finance and self-trade offshore bonds is highlighted as a significant opportunity, enhancing the international influence of RMB-denominated bonds [8][9] - The self-trade offshore bond, known as "Pearl Bond," is a key innovation in Shanghai's free trade zone, allowing for both onshore and offshore financing [8] Structural Monetary Policy Innovations - The PBOC proposed to pilot structural monetary policy tools in Shanghai, including blockchain credit refinancing and cross-border trade refinancing [10][11] - These innovations aim to guide funds to key sectors of the real economy and alleviate financing challenges for foreign trade enterprises [11] RMB Foreign Exchange Futures - The PBOC plans to collaborate with the China Securities Regulatory Commission to advance RMB foreign exchange futures trading, enhancing the foreign exchange market product system [13][14] - This initiative is expected to provide better risk management tools for enterprises and reduce reliance on offshore markets [13][14]

周三（6 月 18 日）大盘探底回升，小幅收涨。截至收 盘，上证综指收于 3388.81 点，上涨 0.04%；深成指 收于 10175.59 点，上涨 0.24%；科创 50 上涨 0.53%； 创业板指上涨 0.23%，万得全 A 成交额共 12218 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 9 个行业收涨，其中 电子、通信及国防军工涨幅居前，而综合金融、房地 产及轻工制造则跌幅较大。概念方面，电路板、光模 块 CPO 及军工信息化等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，VISA 跌近 5% 周三（6 月 18 日），美国三大股指收盘涨跌不一，道 指跌 0.1%，标普 500 指数跌 0.03%，纳指涨 0.13%。万 得美国科技七巨头指数涨 0.04%，特斯拉涨超 1%，英伟 达涨近 1%。中概股多数下跌，比特小鹿跌逾 7%。 新闻精要 1. 2025 陆家嘴论坛召开 国家金融管理部门主要领导 重磅发声 2. 中央金融委员会印发《关于支持加快建设上海国际 金融中心的意见》 3. 国家有关部门：剩余支持资金将有序下达 国内市场综述 探底回升 小幅收涨 6. 全球重要 ...

Core Viewpoint - The issuance of the "Opinions" by the Central Financial Committee aims to enhance the competitiveness and influence of Shanghai as an international financial center, signaling a strong push for high-level financial openness and innovation [1][3]. Summary by Relevant Sections Policy Objectives - The "Opinions" outline a five to ten-year goal for the Shanghai International Financial Center, focusing on improving the adaptability, competitiveness, and inclusiveness of the modern financial system, strengthening its role as a global hub for RMB asset allocation and risk management, and aligning its status with China's overall national strength and international influence [3][4]. Key Measures - Six major initiatives are proposed: 1. Deepening financial market construction 2. Enhancing the capabilities of financial institutions 3. Improving financial infrastructure 4. Expanding high-level bilateral financial openness 5. Increasing the quality and efficiency of services to the real economy 6. Effectively maintaining financial security under open conditions [3][4]. Current Achievements - Shanghai has made significant progress in its financial center development, being the city with the most comprehensive financial market system, the widest variety of financial institutions, and the highest degree of financial openness in China. In 2024, the financial sector's added value is projected to reach 807.273 billion yuan, a year-on-year increase of 7.9%, accounting for 15% of the city's GDP [3][4]. Institutional Framework - To implement the "Opinions," a coordination mechanism will be established between the Central Financial Office and local government bodies to ensure effective communication and collaboration, thereby enhancing Shanghai's competitiveness and influence [4]. Policy Actions - Multiple departments have initiated actions, including the announcement of eight policy measures by the People's Bank of China, such as establishing an interbank market transaction reporting system and a digital RMB international operation center. These measures are expected to reduce financing costs for foreign trade enterprises by 30% [4].

Group 1 - The establishment of an international operating center for digital RMB in Shanghai will significantly enhance the usage rate of digital RMB in cross-border finance and reduce transaction costs, marking an important step for the internationalization of the RMB [2][4] - The introduction of a "green channel" for the Sci-Tech Innovation Board allows hard-tech companies to go public even if they are not profitable, facilitating easier access to capital markets for innovative enterprises [5][7] - The optimization of free trade account functions will enhance the efficient connection between quality enterprises and foreign capital, improving the level of liberalization and convenience in cross-border trade and investment [9] Group 2 - The joint release of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government will accelerate the development of Shanghai as an international financial center, particularly in technology and cross-border finance [11] - The recent policies signal a strong commitment to financial openness in China, showcasing the country's determination to embrace the world and innovate in the financial sector [13]