和讯自选股写手 风险提示：以上内容仅作为作者或者嘉宾的观点，不代表和讯的任何立场，不构成与和讯相关的任何投 资建议。在作出任何投资决定前，投资者应根据自身情况考虑投资产品相关的风险因素，并于需要时咨 询专业投资顾问意见。和讯竭力但不能证实上述内容的真实性、准确性和原创性，对此和讯不做任何保 证和承诺。 股票名称 板块名称 "科创板" 陆家嘴论坛、人民币国际化、科创板改革 看多看空 2025陆家嘴论坛召开，人民币国际化与资本开放加快，能吸引更多国际资本参与中国市 场，人民币资产确定性优势有望上升；科创板'1+6'政策落地，优化了科创板市场投融资生态，强 化了中长期配置价值；全方位推动金融开放举措在上海先行先试，能提高对国际资本的吸引能力 和对全球资产的定价能力。中国的确定性是股市稳定和阶梯式上升的重要基础，所以继续看好中 国股市。 （原标题：改革进入提速期） 2025陆家嘴论坛6月18日开幕，主题为"全球变局中的金融开放合作与高质量发展"。央行宣布八项金融 开放举措，聚焦金融体系改革等关键问题，加速人民币国际化，弱化对美元依赖，吸引国际资本，提升 人民币资产确定性优势。同时推出深化科创板改革"1 + 6"政策， ...

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.67% as of June 19, 2025, with mixed performance among constituent stocks [1] - The top-performing stocks included Furan Energy (002911) up 1.76%, Zhongnan Media (601098) up 1.69%, and Changjiang Media (600757) up 1.65% [1] - The worst-performing stocks were China Steel International (000928) down 2.74%, Hualing Steel (000932) down 2.67%, and Jinkong Coal Industry (601001) down 2.09% [1] Group 2 - The National State-Owned Enterprises Dividend ETF (159515) fell by 0.82%, with the latest price at 1.09 yuan [1] - The index reflects the overall performance of 100 listed companies selected for high cash dividend yields, stable dividends, and certain scale and liquidity [1] - The top five industries represented in the index are banking, coal, transportation, real estate, and media [1] Group 3 - At the 2025 Lujiazui Forum, eight significant financial opening policies were announced, focusing on promoting digital finance, expanding financial openness, and advancing the internationalization of the Renminbi [2] - Current policies are expected to have a greater impact on the funding side of banks rather than the investment side, leading to a more favorable outlook for interest margins in 2025 compared to 2024 [2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index as of May 30, 2025, include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), with a combined weight of 15.83% [2]

Core Insights - The discussion at the Lujiazui Forum highlighted the importance of collaboration between Shanghai and Hong Kong as key financial centers in China, especially in the context of global economic changes [1][4] - AIA Group's CEO emphasized the company's active role in financial innovation and openness since its listing in Hong Kong in 2010, particularly in supporting the internationalization of the Renminbi [2] - The CEO proposed three key recommendations for enhancing financial cooperation between Shanghai and Hong Kong, focusing on regulatory coordination, long-term savings solutions, and increased policy support for innovation [3] Company Insights - AIA Group has been a pioneer in establishing Renminbi trading counters in Hong Kong, showcasing its commitment to financial innovation and responsiveness to market trends [2] - The company plans to continue its innovation efforts in various financial sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, aiming to provide comprehensive and sustainable financial services [2][3] - AIA Group expressed its unwavering support for the opening and innovation of the Chinese financial market, contributing to the high-quality development of the economy [4] Industry Insights - The collaboration between Shanghai and Hong Kong is seen as vital for injecting new vitality into the Chinese financial market and providing new models for global financial stability and development [1] - The establishment of a robust green finance ecosystem is crucial for international cooperation and achieving broader sustainable development goals in China [3] - Talent development is highlighted as a core element in financial openness and cooperation, with both cities having unique strengths in innovation and financial services [3]

Core Viewpoint - The financial industry plays a crucial role in promoting the development of new quality productivity, with Shanghai and Hong Kong as key international financial centers facilitating the integration of these enterprises into global markets and supply chains [1][4]. Group 1: Macro Changes - Supply chains are rapidly upgrading, leading to adjustments in industrial chains and changes in trade and capital flows, significantly enhancing regional trade and promoting "South-South cooperation" [2]. - Global capital is being reallocated, with significant potential for both overseas funds to invest in Chinese assets and Chinese capital to invest in overseas assets [2]. - There is an increase in risk aversion among investors [3]. - The development of financial technology is creating new trade payment systems and operational models [4]. Group 2: Role of Financial Institutions - Financial institutions are essential in driving supply chain innovation and promoting industrial upgrades, requiring a more efficient, precise, and systematic financial system to support new quality productivity [4]. - Financial support for startups and technology projects can be provided through equity investments, venture capital, and green bonds, helping them transition from laboratory to large-scale commercial application [4]. Group 3: Shanghai and Hong Kong as Financial Hubs - Shanghai and Hong Kong are positioned as dual engines of China's financial industry, with significant roles in the national financial development strategy and collaborative potential [4]. - Shanghai is a key layout for international financial center construction, boasting a comprehensive financial market system and significant breakthroughs in financial technology innovation [4]. - Hong Kong serves as a bridge connecting international markets with mainland China, featuring a robust financial ecosystem, regulatory framework, and global perspective [4]. Group 4: Standard Chartered Bank's Commitment - Standard Chartered Bank has been deeply rooted in Shanghai and Hong Kong for over 165 years, actively participating in China's financial opening and benefiting from it [4]. - As the first foreign bank to directly participate in the cross-border RMB payment system in both mainland China and Hong Kong, Standard Chartered can provide RMB services in 35 global markets, enhancing support for new quality productivity enterprises in their international endeavors [5]. - The demand for cross-border financial services and products from new quality productivity enterprises is continuously rising, and Standard Chartered aims to grow alongside these clients while contributing to their development [5].

盘面上，跨境支付、智谱AI板块在盘初涨幅靠前，核污染防治、人脑工程板块在盘初跌幅靠前。能源 金属、电池、PCB概念、半导体、人形机器人等板块在盘中显著上涨，但伴随指数走低，均出现不同程 度的回落。可控核聚变、核污染防治、超导概念、海洋经济、减肥药等板块则出现较大幅度调整。 至午间收盘时，上证指数报3359.78点，跌幅0.86%，成交额约2913亿元；深证成指报10072.42点，跌幅 1.01%，成交额约4965亿元；创业板指报2032.19点，跌幅1.10%，成交额约2485亿元；科创综指报 1171.61点，跌幅0.67%，成交额约582亿元；北证50指数报1379.67点，跌幅0.99%，成交额约182亿元。 新华财经北京6月19日电（罗浩）沪深两市三大股指19日早间普遍小幅低开，深成指和创业板指在回补 与上一交易日之间缺口后震荡下行，沪指则在未能回补与上一交易日之前缺口的情况下震荡走低，各股 指在午间收盘时普遍显著下跌。 机构观点 华泰证券：复盘来看，历年陆家嘴金融论坛对短期市场影响相对有限，且无显著规律，大金融板块通常 在论坛发布一周前异动，反映资金提前博弈；中长期来看，论坛对金融改革和开放、资本 ...

南华期货宏观外汇创新分析师周骥表示，从深层次剖析，这一政策的出台绝非偶然，而是中国经济在全球地位 显著提升过程中，市场内生变革需求的必然结果。 随着中国 经济的快速发展 ，人民币国际化进程不断加速，跨境资本流动愈发频繁且深入，极大地提升了人民 币在国际间的兑换需求。与此同时，国际社会对人民币的关注度持续上升，人民币汇率的双向波动特征也愈发 明显。 "境内企业在这样的环境下，面临的汇率风险急剧增加，其避险需求呈现出指数级的增长态势。市场对多样 化、精准化的人民币汇率风险管理工具的需求也变得愈发迫切。"周骥说。 6月18日，在2025年陆家嘴论坛上，中国人民银行行长潘功胜公布八项重要金融政策，其中明 确提出将会同证监会研究推进人民币外汇期货交易，推动完善外汇市场产品序列，便利金融机构 和外贸企业更好管理汇率风险，备受市场关注。 据证券时报·券商中国记者了解，人民币外汇期货是学术界、企业界呼吁已久的人民币汇率风险管理工具。相 较现有工具体系，外汇期货能够承载更加多元化的交易主体，为境内外贸企业应对汇率风险带来了新的解决方 案，尤其是涉及外贸的中小企业期盼这一工具已久，同时也标志着我国外汇市场建设进入全新阶段。 中小 ...

一是聚焦金融服务实体经济，做实"五篇大文章"，突出金融服务的多样性、普惠性、可及性，全方位展 示金融改革发展新成效。 二是牢牢把握守正创新，安全稳妥有序推进人工智能模型，量子计算等新一代信息技术金融应用，加快 自主可控、安全高效金融基础设施体系建设，推动科技金融与金融科技双向奔赴，打造数字化、智能化 转型新引擎。 三是坚持引进来和走出去并重，重点围绕人民币国际化跨境金融服务，展现金融领域制度性开放成果， 助力上海国际金融中心建设，为金融高水平对外开放注入新动能。 值得注意的是，在6月18日下午的成果展示及新品发布环节，央行科技司司长李伟致辞时提到，人工智 能是引领新一轮科技革命和产业变革的战略性技术，始终伴随算法、算力、数据三要素交替演进、协同 作用，也是技术与应用相互促进、螺旋迭代的过程。 6月18日，第31届中国国际金融展开幕式在上海世博展览馆举行。 本届金融展以"开放创新，科技赋能，共创金融新未来"为主题，紧紧围绕金融"五篇大文章"，首设金融 基础设施、金融产品与服务、金融科技、国际、地方特色金融五大展区，从地方、国家、国际等多维角 度展示金融发展的成果。 据中国金融电子化集团董事长谢汉立介绍，本届展会 ...

Macro Strategy - The report indicates that exports are expected to show a trend of high in the first half and low in the second half of the year, with a warning about the risk of negative export growth in the fourth quarter due to high base effects [1][9][10] Fixed Income - Anker Convertible Bond is projected to have a listing price between 127.29 and 141.30 RMB, with a subscription rate of 0.0036%. The bond has a solid debt protection and is rated AA+/AA+ [2][12] - Electric Chemical Convertible Bond is expected to list between 131.46 and 145.94 RMB, with a subscription rate of 0.0022%. The bond also has good debt protection and is rated AA/AA [2][14] Industry Analysis - The non-bank financial sector is currently undervalued, providing a safety margin. The insurance industry is expected to benefit from economic recovery and rising interest rates, with a focus on health and pension insurance [3][15][16] - The defense and military industry is highlighted for the CJ-1000A engine, which is crucial for the C919 aircraft, showcasing significant technological advancements and potential market growth in the commercial aviation sector [4][17][19] - The computer industry is experiencing a surge in demand for consumer-grade 3D printers, with a reported 40% year-on-year increase in production. This sector is expected to grow rapidly due to the rise of creative industries and lower user barriers [6][20][21] Recommended Stocks - The report recommends Kuaijishan (601579) for its growth potential, projecting net profits of 2.3 billion, 2.8 billion, and 3.3 billion RMB for 2025-2027, with corresponding PE ratios of 44, 36, and 31 [7][22]

新华财经北京6月19日电根据2025年陆家嘴论坛披露的信息，中国人民银行与证监会研究推进人民币外 汇期货交易，这是2025年金融开放战略的重要举措。双方将围绕完善外汇市场产品序列展开合作，重点 探索以美元兑人民币为标的的期货合约，计划在上海中国金融期货交易所（CFFEX）试点上市。这一 动作旨在通过标准化衍生品工具，增强汇率风险管理能力，推动人民币汇率形成机制市场化改革。 人民币外汇期货的发展不仅与人民币国际化进程密切相关，也满足了企业在汇率风险管理方面的需求。 境内市场方面，上海期货交易所曾于2018年开展人民币外汇期货仿真交易，但境内一直尚未正式推出外 汇期货产品。一般投资者参与外汇期货买卖时，可通过芝商所（CME）等境外合规交易平台，且需遵 守国家外汇管理局关于个人购汇用于境外投资的相关规定。需注意的是，中国对跨境金融交易监管严 格，投资者需避免通过非法平台参与，以防资金安全风险，同时外汇期货属杠杆交易，需具备相应风险 承受能力。 期货市场的开放还将增强人民币资产的吸引力。截至2024年，境外机构持有境内人民币债券规模达4.8 万亿元，但汇率避险工具的不足制约了配置意愿。衍生品交易能吸引投机资金入场，扩 ...

Group 1: Macro Overview - The 2025 Lujiazui Forum focused on "Financial Openness and High-Quality Development in the Context of Global Economic Changes," highlighting global financial governance, extensive financial openness, capital market support for technological innovation, and a comprehensive foreign exchange innovation policy [2][11]. - The forum emphasized the need for international financial organizations to enhance the representation of emerging markets and developing countries, and to innovate structural monetary policy tools [3][11]. Group 2: Financial System and Openness - China's financial high-level openness has vast prospects, focusing on expanding consumer demand, promoting fintech, strengthening green finance, and enhancing pension finance [3][12]. - The report outlines ten facilitation policies for foreign exchange management, aiming to create a more convenient, open, secure, and intelligent foreign exchange management system [4][13]. Group 3: Capital Market and Technology Innovation - The introduction of the "1+6" policy measures aims to deepen reforms in the Sci-Tech Innovation Board, including the establishment of a growth layer for unprofitable companies and the introduction of seasoned professional investors [4][5][29]. - The report indicates that the Sci-Tech Innovation Board will support a broader range of sectors, including artificial intelligence and commercial aerospace, enhancing the financing pathways for high-quality tech companies [6][29]. Group 4: IPO and Market Dynamics - The IPO approval process has accelerated, with 19 companies accepted for listing in 2025, signaling a positive trend for new listings [7][29]. - The report notes that the introduction of a third listing standard on the ChiNext board is expected to facilitate the listing of unprofitable companies and those from the Guangdong-Hong Kong-Macao Greater Bay Area [7][29]. Group 5: Industry Insights - The railway investment in China showed a year-on-year growth of 5.9% from January to May 2025, indicating a stable investment environment in the railway sector [18][19]. - The pharmaceutical industry is experiencing a favorable policy environment, with multiple departments issuing supportive measures for innovative drug development [21][22]. Group 6: Company-Specific Updates - Meinuo's revenue from the formulation business is expected to grow significantly, with a projected increase of 84% in 2024, driven by new product registrations and strategic partnerships [35][36]. - Didi's financial outlook remains positive, with projected net profits of 53.52 billion RMB for 2025, reflecting stable demand and improved profitability in international operations [39][40].