智通财经APP获悉，9月15日，国家外汇管理局发布《关于深化跨境投融资外汇管理改革有关事宜的通 知》，其中提到，允许外商直接投资项下外汇利润境内再投资。外商投资企业境内合法产生的外汇形式 利润、境外投资者合法取得的外汇利润开展境内再投资，相关外汇资金可以划入被投资企业的资本金账 户或股权出让方的资本项目结算账户，资金使用按照相关账户管理要求办理。扩大跨境融资便利。全国 范围内符合条件的高新技术、"专精特新"和科技型中小企业，可在不超过等值1000万美元额度内借用外 债。其中，有关部门依托"创新积分制"遴选的符合条件的企业，可在不超过等值2000万美元额度内借用 外债。 (二)取消外商投资企业境内再投资登记。在不违反外商投资准入特别管理措施且境内所投项目真实、合 规前提下，外商投资企业以外汇资本金及其结汇所得人民币资金开展境内再投资，被投资企业或股权出 让方无需办理接收境内再投资基本信息登记及变更登记，境内再投资资金可以直接划至相关账户。 (三)允许外商直接投资项下外汇利润境内再投资。外商投资企业境内合法产生的外汇形式利润、境外投 资者合法取得的外汇利润开展境内再投资，相关外汇资金可以划入被投资企业的资本金账户 ...

人民财讯9月15日电，国家外汇管理局发布关于深化跨境投融资外汇管理改革有关事宜的通知，其中指 出，便利境外个人境内购房结汇支付。境外个人在满足房地产主管部门及各地购房资格条件下，可以在 取得房地产主管部门的购房备案证明文件之前，凭购房合同或协议先行在银行办理购房所涉外汇资金结 汇支付，后续再向银行补交购房备案证明文件。境内购房结汇支付便利不改变境外个人境内购房政策。 ...

Group 1: Foreign Exchange Policy Enhancements - The State Administration of Foreign Exchange (SAFE) is expanding the scope of foreign exchange facilitation policies to include more specialized and innovative small and medium-sized enterprises, with over $700 billion in related facilitation transactions processed in the first half of the year [1] - New policies will allow multinational companies to manage integrated currency pools in 16 provinces, reducing processing times for capital project changes by approximately 50% [1] - A new quota of $30.8 billion for Qualified Domestic Institutional Investors (QDII) has been issued to better meet the demand for overseas financial product investments [1] Group 2: Encouragement of Foreign Investment - The Ministry of Commerce and the National Development and Reform Commission have released a plan to encourage foreign investors to expand reinvestment in China, which is crucial for the long-term stability of multinational companies in the country [2] - The new policy eliminates the requirement for foreign direct investment (FDI) pre-registration, thereby reducing costs and improving capital efficiency for foreign investors [2][3] Group 3: Support for High-tech and Specialized Enterprises - The new policy increases the foreign debt facilitation limit for high-tech, specialized, and innovative small and medium-sized enterprises to $1 million, with a higher limit of $2 million for selected enterprises under an "innovation points system" [5] - The expansion of cross-border financing facilitation trials for high-tech enterprises aims to enhance their access to both domestic and international financing, thereby lowering costs and improving efficiency [5] Group 4: Promotion of Research Institutions - The "Kehuitong" pilot program, which facilitates the inflow of foreign funds to non-enterprise research institutions, is being expanded nationwide, allowing these institutions to receive foreign funds after basic information registration [6] Group 5: Integrated Currency Pool Management - The SAFE and the People's Bank of China are working together to implement integrated currency pool management for multinational companies, which will streamline cross-border fund management [7] - The high-version and low-version currency pool policies are set to be rolled out nationwide, enhancing the ability of companies to manage cross-border funds effectively [8]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Pay attention to the advancement of the new energy upstream raw material production in the production industry and the promotion of financial industry opening - up policies in the service industry [1][2] - Monitor the trends of upstream, mid - stream, and downstream industries, as well as the recent slight decline in credit spreads of the pharmaceutical and chemical industries [3][4][5][6] Summary by Related Catalogs 1. Mid - view Event Overview Production Industry - The "Fujian Province Hydrogen Energy Industry Innovation and Development Medium - and Long - Term Plan (2025 - 2035)" aims to achieve a green hydrogen production capacity of 30,000 tons/year and a hydrogen - based green fuel production capacity of 100,000 tons/year with a total hydrogen energy industry output value exceeding 60 billion yuan/year from 2025 - 2030. From 2030 - 2035, it aims to form an industrial system with diverse application scenarios and a total output value exceeding 300 billion yuan/year [1] Service Industry - The State Administration of Foreign Exchange drafted the "Notice on Deepening the Reform of Cross - border Investment and Financing Foreign Exchange Management (Draft for Comment)" involving three aspects: deepening cross - border investment foreign exchange management reform, cross - border financing foreign exchange management reform, and optimizing the facilitation of capital project income payments [2] - At the 2025 Lujiazui Forum, the central bank governor announced eight major financial opening - up measures in Shanghai, including setting up a transaction reporting repository, a digital RMB international operation center, a personal credit reporting agency, etc. [2] 2. Industry Overview Upstream - International crude oil prices are continuously rising, while egg prices are continuously falling [3] Mid - stream - The PX operating rate is at a high level, and the urea operating rate is continuously rising [4] Downstream - The sales of commercial housing in first - and second - tier cities are the same as the same period last year and at a near - three - year low. Domestic flight frequencies are cyclically decreasing [5] 3. Market Pricing - The credit spreads of the pharmaceutical and chemical industries have recently declined slightly [6] 4. Industry Credit Spread Tracking (as of 6/18) | Industry | Last Year's Same Period | One Month Ago | Last Week | This Week | Quantile | | --- | --- | --- | --- | --- | --- | | Agriculture, Forestry, Animal Husbandry and Fishery | 60.79 | 66.88 | 59.28 | 56.87 | 0.00 | | Mining | 32.93 | 44.31 | 39.39 | 39.73 | 10.20 | | Chemical Industry | 71.19 | 59.18 | 20.99 | 50.48 | 0.20 | | Steel | 39.49 | 21.93 | 46.91 | 48.18 | 12.10 | | Non - ferrous Metals | 41.14 | 55.28 | 51.00 | 20.59 | 11.60 | | Electronics | 58.53 | 68.99 | 28.89 | 64.45 | 19.00 | | Automobile | 58.68 | 46.21 | 41.64 | 41.55 | 0.90 | | Household Appliances | 40.37 | 49.64 | 46.68 | 48.10 | 15.00 | | Food and Beverage | 40.25 | 41.59 | 36.25 | 37.52 | 4.20 | | Textile and Apparel | 48.03 | 51.98 | 51.69 | 52.77 | 12.20 | | Light Industry Manufacturing | 46.71 | 159.30 | 145.95 | 146.85 | 7.60 | | Pharmaceutical and Biological | 52.64 | 68.67 | 59.40 | 57.89 | 7.30 | | Public Utilities | 24.62 | 30.71 | 27.04 | 26.96 | 9.40 | | Transportation | 30.29 | 34.77 | 31.18 | 31.11 | 6.10 | | Real Estate | 219.38 | 117.08 | 103.67 | 102.13 | 4.80 | | Commerce and Trade | 42.35 | 47.40 | 41.84 | 42.96 | 5.60 | | Leisure Services | 75.74 | 122.67 | 122.09 | 123.60 | 98.70 | | Banking | 26.58 | 18.03 | 18.01 | 17.09 | 2.60 | | Non - banking Finance | 26.45 | 31.70 | 29.51 | 29.12 | 6.60 | | Comprehensive | 66.51 | 47.54 | 42.20 | 42.27 | 2.00 | | Building Materials | 33.99 | 43.29 | 38.25 | 39.05 | 9.90 | | Building Decoration | 40.92 | 53.96 | 60.30 | 51.44 | 11.90 | | Electrical Equipment | 48.87 | 80.41 | 79.15 | 80.50 | 45.40 | | Machinery and Equipment | 29.54 | 46.61 | 43.99 | 44.63 | 27.30 | | Computer | 66.64 | 55.32 | 46.46 | 48.05 | 0.40 | | Media | 232.69 | 42.80 | 39.69 | 40.20 | 1.50 | | Communications | 29.66 | 24.94 | 25.36 | 26.40 | 2.80 | [51] 5. Key Industry Price Index Tracking (as of 6/17) | Industry Name | Index Name | Frequency | Unit | Update Time | Current Value | Year - on - Year | 5 - day Trend | | --- | --- | --- | --- | --- | --- | --- | --- | | Agriculture | Spot price of corn | Daily | Yuan/ton | 6/17 | 2335.7 | 1.18% | | | | Spot price of eggs | Daily | Yuan/kg | 6/17 | 5.6 | - 3.95% | | | | Spot price of palm oil | Daily | Yuan/ton | 6/17 | 8848.0 | 2.53% | | | | Spot price of cotton | Daily | Yuan/ton | 6/17 | 14846.5 | 1.53% | | | | Average wholesale price of pork | Daily | Yuan/kg | 6/17 | 20.2 | - 0.34% | | | | Spot price of copper | Daily | Yuan/ton | 6/17 | 78740.0 | - 0.70% | | | | Spot price of zinc | Daily | Yuan/ton | 6/17 | 22008.0 | - 0.62% | | | Non - ferrous Metals | Spot price of aluminum | Daily | Yuan/ton | 6/17 | 20633.3 | 2.18% | | | | Spot price of nickel | Daily | Yuan/ton | 6/17 | 120008.3 | - 2.34% | | | | Spot price of aluminum | Daily | Yuan/ton | 6/17 | 16800.0 | 0.52% | | | | Spot price of rebar | Daily | Yuan/ton | 6/17 | 3062.3 | - 0.90% | | | Ferrous Metals | Spot price of iron ore | Daily | Yuan/ton | 6/17 | 736.6 | - 0.46% | | | | Spot price of wire rod | Daily | Yuan/ton | 6/17 | 3252.5 | - 0.46% | | | | Spot price of glass | Daily | Yuan/square meter | 6/17 | 13.8 | 0.00% | | | Non - metals | Spot price of natural rubber | Daily | Yuan/ton | 6/17 | 13718.3 | 0.35% | | | | China Plastic City Price Index | Daily | - | 6/17 | 831.1 | 0.81% | | | | Spot price of WTI crude oil | Daily | US dollars/barrel | 6/17 | 71.8 | 9.92% | | | | Spot price of Brent crude oil | Daily | US dollars/barrel | 6/17 | 73.2 | 9.23% | | | Energy | Spot price of liquefied natural gas | Daily | Yuan/ton | 6/17 | 3960.0 | - 0.95% | | | | Coal price | Daily | Yuan/ton | 6/17 | 731.0 | - 2.27% | | | | Spot price of PTA | Daily | Yuan/ton | 6/17 | 5045.0 | 3.37% | | | Chemical Industry | Spot price of polyethylene | Daily | Yuan/ton | 6/17 | 7438.3 | 1.04% | | | | Spot price of urea | Daily | Yuan/ton | 6/17 | 1820.0 | - 0.09% | | | | Spot price of soda ash | Daily | Yuan/ton | 6/17 | 1370.0 | 0.00% | | | | National cement price index | Daily | - | 6/17 | 140.5 | - 0.27% | | | Real Estate | Building materials comprehensive index | Daily | Points | 6/17 | 111.8 | 0.18% | | | | National concrete price index | Daily | Points | 6/17 | 99.0 | - 0.11% | | [52]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has issued a notice to deepen the reform of cross-border investment and financing foreign exchange management, which includes nine specific policies aimed at enhancing the convenience of cross-border investment and financing, optimizing capital project income and payment processes, and promoting a better business environment for high-quality economic development [1][2][3]. Group 1: Cross-Border Investment Management Reform - The notice cancels the basic information registration for foreign direct investment (FDI) pre-expense, allowing foreign investors to directly open pre-expense accounts at banks and remit relevant funds without prior registration [1]. - This cancellation is expected to reduce the "footing costs" for foreign investors and improve capital efficiency, facilitating faster investment implementation [1]. Group 2: Cross-Border Financing Management Optimization - The notice eliminates the registration requirement for foreign investment enterprises' domestic reinvestment, which had already been piloted in 19 provinces and cities, and will now be implemented nationwide [2]. - The macro-prudential management of cross-border financing by the People's Bank of China and SAFE limits corporate borrowing from foreign debts to a certain proportion of their net assets, which can hinder financing for high-tech and specialized small and medium-sized enterprises [2]. - Currently, 17 provinces and cities allow eligible high-tech and specialized small and medium-sized enterprises to independently borrow foreign debts up to the equivalent of $1 million, while other regions can borrow up to $500,000 [2]. Group 3: Increased Foreign Debt Quotas - The notice raises the foreign debt convenience quota for eligible high-tech, specialized, and innovative small and medium-sized enterprises nationwide to $1 million, with a special quota of $2 million for enterprises selected through an "innovation points system" [3]. - This policy is expected to help enterprises reduce financing costs, increase research and development investment, and promote technological advancement [3].

Domestic News - The Shanghai Futures Exchange and Dalian Commodity Exchange will expand the participation scope of qualified foreign institutional investors in commodity futures and options trading, effective from June 20, 2025 [1] - The State Administration of Foreign Exchange issued a draft notice proposing to cancel the registration of reinvestment by foreign-invested enterprises in China and allow foreign direct investment profits to be reinvested domestically [1] International News - U.S. President Trump reiterated that the Federal Reserve should lower interest rates [2] - The Israeli military reported that Iran has launched over 400 ballistic missiles at Israel; Israeli journalists claimed that Israel attacked Khamenei's underground headquarters in Tehran [3] - The International Atomic Energy Agency's Director General Grossi stated that there is no evidence showing Iran is manufacturing nuclear weapons [4] - Market news indicated that if the U.S. intervenes in the conflict between Israel and Iran, Russia threatens to intervene [4]

Investment Side - The notice cancels the registration requirement for foreign-invested enterprises' domestic reinvestment and expands the pilot program for this exemption nationwide [2] - Since 2022, the State Administration of Foreign Exchange has conducted pilot programs in 12 regions, including Shanghai, Jiangsu, and Guangdong, for direct bank handling of foreign debt registration [2] - The pilot program for foreign-invested enterprises' domestic reinvestment exemption and direct foreign debt registration will be expanded to Tianjin, Anhui, Shandong (including Qingdao), Hubei, and Sichuan [2] Financing Side - The notice allows foreign exchange profits from direct foreign investment to be reinvested domestically and promotes the "Kehuitong" policy for non-enterprise research institutions to receive foreign funds nationwide [4] - The cross-border financing facilitation limit for high-tech, "specialized and innovative," and technology-based SMEs is raised to a maximum of USD 10 million, while the limit for selected enterprises under the "innovation points system" is increased to USD 20 million [4] - The notice simplifies the registration management for cross-border financing, allowing participating enterprises to skip providing the last audited financial report during the signing and registration phase [4] Payment Facilitation - The notice reduces the negative list for capital project income usage and removes restrictions on using foreign exchange income for purchasing non-self-use residential properties [5] - This policy is part of macro-control measures to stabilize the real estate market amid overheating concerns [5] - The notice optimizes the capital project foreign exchange income payment facilitation, allowing banks to determine the frequency and proportion of post-event random checks based on client compliance and risk levels [5] - The notice promotes the facilitation of foreign individuals' property purchase payment in mainland China, allowing them to exchange foreign currency for property purchases before obtaining the necessary registration documents [5]

Group 1 - The State Administration of Foreign Exchange (SAFE) has proposed to increase the foreign debt facilitation quota for high-tech, "specialized and innovative" enterprises, and technology-based small and medium-sized enterprises to a maximum of USD 10 million [1] - The quota for eligible enterprises selected through the "innovation points system" will be raised to a maximum of USD 20 million [1] - The proposal includes simplifying the registration management for cross-border financing facilitation, allowing companies to skip providing the most recent audited financial report during the signing and registration process [1]

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) has drafted a notice to deepen the reform of cross-border investment and financing foreign exchange management, aiming to facilitate cross-border investment activities and optimize the business environment to support high-quality economic development [1][5]. Group 1: Cross-Border Investment Foreign Exchange Management Reform - The notice includes four investment policies: cancellation of pre-investment expense registration for foreign direct investment (FDI), cancellation of domestic reinvestment registration for FDI enterprises, allowance for reinvestment of foreign exchange profits generated domestically, and facilitation of foreign investment attraction by non-enterprise research institutions through the "Kehuitong" initiative [3][17]. - The "Kehuitong" initiative, previously piloted in 16 regions, will be expanded nationwide to simplify the process for non-enterprise research institutions to receive foreign funds [3][18]. - The cancellation of FDI pre-investment expense registration allows foreign investors to directly open accounts and remit funds without prior registration [6][17]. Group 2: Cross-Border Financing Foreign Exchange Management Reform - Two financing policies are proposed: increasing the foreign debt facilitation limit for high-tech, "specialized and innovative," and technology-based small and medium enterprises (SMEs) to $1 million, and raising the limit for selected enterprises under the "innovation points system" to $2 million [10][20]. - The simplification of signing and registration requirements for enterprises participating in cross-border financing will eliminate the need for audited financial reports from the previous year [11][20]. - The new policies aim to support technology innovation by allowing eligible SMEs to borrow foreign debt without being restricted by their net asset size [21]. Group 3: Capital Project Income Payment Facilitation Policies - Three policies are proposed to optimize capital project income payment facilitation: reduction of the negative list for capital project income usage, allowing banks to determine random checks based on client compliance and risk levels, and facilitating foreign exchange payment for overseas individuals purchasing property in China [23][24]. - The removal of restrictions on using capital project foreign exchange income for purchasing non-self-use residential properties reflects adjustments in response to the evolving real estate market [23]. - The facilitation of foreign exchange payments for overseas individuals will be expanded nationwide, allowing them to process payments before obtaining property registration documents [24].

Core Viewpoint - The State Administration of Foreign Exchange (SAFE) is seeking public opinion on a notice that aims to facilitate foreign individuals' foreign exchange settlement for purchasing real estate in China, expanding a pilot program from the Greater Bay Area to the entire country [1] Group 1: Policy Changes - The new policy allows foreign individuals to settle foreign exchange payments for real estate purchases before obtaining the property registration certificate, provided they meet local purchasing policy conditions [1] - The pilot program that was previously limited to Hong Kong and Macau residents in the Greater Bay Area will now be implemented nationwide [1]