为贯彻落实中国资本市场高水平对外开放，进一步完善对外开放格局，便利跨境资本投融资合作，上海 证券交易所近日组织沪市优质上市公司代表赴英国伦敦和瑞士日内瓦，开展资本市场推介与国际交流活 动。此次活动通过公司集中路演、机构一对一拜访等维度深入交流，全面展示中国资本市场的开放成果 与发展潜力。 今年以来，以DeepSeek为代表的中国科技企业受到市场关注，也推动了国际投资者对中国科技资产价 值重估。作为"硬科技"企业的集聚地，科创板对外资的吸引力大幅增强。数据显示，2025年一季度，沪 股通资金科创板持仓占比较去年四季度上升0.62个百分点。今年5月，200余家外资机构对A股公司累计 调研逾500次，澜起科技、奥普特、奥比中光等科创板公司均吸引了超过30家外资机构的调研。 本次推介活动中，上交所结合科创板的设立初衷、发展历程，介绍了科创板在支持研发创新、助力业务 出海、推动持续发展、引入长期资金、优化投资生态、引领制度改革等方面的举措和成效。外资机构普 遍表示，以科创板为代表的A股优质上市公司代表了中国经济发展和科技创新的潜力，在当前大国博弈 和经济不确定性增加的背景下，不断涌现的科技创新成果以及快速增长的公司业绩 ...

Group 1 - Chinese brokerage stocks collectively rose, with notable increases: Guolian Minsheng up 5.4% to HKD 3.92, Everbright Securities up 4.46% to HKD 8.66, CICC up 3.88% to HKD 16.6, CITIC Securities up 2.86% to HKD 10.08, and Huatai Securities up 2.56% to HKD 15.24 [1] - The recent issuance of the "Opinions on Deepening Reform and Innovation in the Shenzhen Comprehensive Reform Pilot" by the Central Committee and the State Council allows companies in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [1] - This policy is expected to enhance the connectivity between the capital markets of mainland China and Hong Kong, increasing trading activity and opening growth opportunities for brokerage investment banking businesses [1] - Current brokerage valuations are at historical lows, and with market recovery and favorable policies, brokerage businesses such as brokerage, investment banking, and capital intermediary services are likely to benefit, leading to further valuation recovery in the brokerage sector [1] Group 2 - The 2025 Lujiazui Forum will be held in Shanghai on June 18-19, where major financial policies are expected to be announced by central financial management departments [2] - It is anticipated that more policies aimed at activating the capital market will be released, focusing on enhancing the quality of listed companies, market activity, and investor returns [2] - The market sentiment is expected to be catalyzed by the policy announcements during the Lujiazui Forum, according to Donghai Securities [2]

申万宏源策略 . 我们强调体系性、实战性 一、区域冲突再升级，触发全球风险偏好下行，A股顺势休整。这背后，区域冲突可能只是脉 冲式影响，短期休整的核心，还是结构性行情已演绎至低性价比区域，市场内在稳定性下降。 我们继续提示，稳定资本市场政策为A股提供了对宏观扰动的"隔离墙"。判断中短期市场，可 适当降低宏观分析权重，提升强势板块节奏判断的权重。 本周，区域冲突再升级，触发全球风险偏好下行。A股休整是全球股市普跌的一部分。目前的 冲突，对中美广泛竞争的格局，尚不会产生方向性影响。那么，区域冲突对资产价格的影响， 主要体现为直接影响风险偏好，以及通过油价和通胀预期扰动资产配置环境，且大概率是脉冲 式影响。 以下文章来源于申万宏源策略 ，作者申万宏源策略 三、新消费(珠宝钻石、IP潮玩、新零食新饮品、美妆个护)和创新药龙头仍在景气叙事中。短 期高位波动加剧，但不是中级别风险，基本面趋势投资高举高打仍能维持。短期海外扰动增 加，油气和贵金属是对冲资产。继续提示，港股是潜在牛市中的领涨市场。 短期海外扰动增加，贵金属和油气出现脉冲式修复。我们继续提示，新消费(珠宝钻石、IP潮 玩、新零食新饮品、美妆个护)和创新药龙头本 ...

Core Viewpoint - Wuhan Municipal Government has released an action plan to promote high-quality development of technology finance, aiming to establish itself as a national technology finance center by 2027 [1] Group 1: Action Plan Overview - The action plan includes five major actions with a total of 20 measures to accelerate the construction of a national technology finance center in Wuhan [1] - By 2027, the plan aims to establish over 50 specialized technology finance institutions, with a target of exceeding 300 billion yuan in equity investment fund scale and 500 billion yuan in loans for technology enterprises [1] Group 2: Government Investment Fund Guidance - The plan emphasizes the guiding role of government investment funds, aiming to broaden long-term capital sources for technological innovation and optimize the evaluation mechanism for government investment funds [2] - It allows seed funds and angel funds to incur losses of up to 80% and 60% of total investment, respectively, with the possibility of 100% loss for individual projects based on due diligence assessments [2] - Government investment funds are encouraged to participate in venture capital funds with a contribution ratio of over 50% and can have a maximum duration of 15 years [2] Group 3: Technology Credit Quality Improvement - As of the end of 2024, the loan balance for technology enterprises in Wuhan is projected to reach 370.91 billion yuan, reflecting a year-on-year growth of 14.78% [3] - The plan includes actions to enhance the technology credit service system, expand credit issuance, and promote innovative credit products [3] - Financial institutions are encouraged to offer first loans and credit loans to technology enterprises, with a maximum credit loan of 10 million yuan supported by government risk compensation [3] Group 4: Multi-level Capital Market Development - The action plan proposes to strengthen the cultivation of technology enterprise listings and support mergers and acquisitions, as well as expand technology innovation bond financing [4] - It aims to categorize "gold seed" and "silver seed" enterprises into different nurturing layers and support those achieving key technological breakthroughs to go public [4] Group 5: Risk Compensation and Insurance Innovation - The plan includes initiatives to build a high-level East Lake technology insurance innovation demonstration zone and enhance the coverage of technology insurance services [5] - New technology insurance products will be developed for various stages of innovation and production, with a target of 60 insurance products in the library [5] - The plan encourages government financing guarantee institutions to innovate business models and expand guarantee balances for technology enterprises [5] Group 6: Optimizing Technology Finance Ecosystem - Wuhan will optimize the technology finance ecosystem by improving the recommendation mechanism for technology enterprises and creating a platform for regular technology finance activities [6] - The plan aims to promote open cooperation in technology finance and establish a performance evaluation mechanism [6]

Core Viewpoint - The article discusses the deepening of the "H+A" listing channel between Hong Kong and mainland China, highlighting the potential for more companies from the Guangdong-Hong Kong-Macao Greater Bay Area to achieve dual listings in both markets as a result of recent policy changes [2][10]. Group 1: Policy Changes and Market Impact - The recent policy document released on June 10 aims to enhance the financial, technological, and data integration to support high-quality economic development, allowing companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [2][5]. - The new regulations are expected to strengthen the synergy between the Shenzhen and Hong Kong exchanges, promoting a more integrated capital market and facilitating the dual listing of quality enterprises from the Greater Bay Area [7][10]. Group 2: Potential Companies for Dual Listing - Currently, there are 249 companies from the Greater Bay Area listed on the Hong Kong Stock Exchange, with only 27 achieving dual listings. The total number of companies in the region is 1,593, with a significant portion in new economy sectors [4][5]. - Among the 1,593 companies, 436 are expected to meet the financial standards for the Shenzhen Stock Exchange's main board, while 910 could qualify for the growth enterprise market [5]. Group 3: Historical Performance of H+A Listings - Historical data shows that companies returning from Hong Kong to A-shares have generally performed well, with average price increases of 7.0% after one week, 18.6% after one month, and 19.9% after three months [9]. - The performance of these companies in the A-share market has outperformed both the A-share market and their Hong Kong counterparts, indicating strong investor interest and potential for future listings [9]. Group 4: Investment Opportunities - The article suggests that the new policies will create investment opportunities as more companies from the Greater Bay Area are expected to list on the A-share market, enhancing the quality and diversity of investment options available to domestic investors [10]. - The collaboration between the Hong Kong and Shenzhen exchanges is anticipated to foster a "Hong Kong incubation + mainland acceleration" model, benefiting both markets and attracting long-term capital [8][10].

Group 1 - The Lujiazui Forum will be held on June 18, 2025, where significant financial policies are expected to be announced by central financial management departments [1] - The forum has become a platform for the national financial management departments to release important signals and policies since its inception in 2008, influencing the financial and capital markets [1] - Donghai Securities predicts that with the introduction of more active capital market policies, the quality of listed companies, market activity, and investor returns will improve, further advancing the construction of Shanghai as an international financial center [1] Group 2 - Securities firms are expected to benefit directly from the new "National Nine Articles" guiding the top-level design for cultivating first-class investment institutions [1] - The new "National Ten Articles" focuses on high-quality development under a strong regulatory and risk prevention framework for the insurance sector, optimizing product design and enhancing channel value [1] - Financial technology is set to accelerate with the introduction of revolutionary stablecoins, presenting layout opportunities for the financial IT sector as major financial policies are anticipated [1] Group 3 - The recent issuance of opinions by the Central Office and State Office allows enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange [2] - Shenzhen is reportedly developing listing rules to facilitate a trial for red-chip companies to have secondary listings, providing a more efficient channel for tech companies [2] - The dual listing path will likely lead to more technology companies listed in Hong Kong returning to the Shenzhen Stock Exchange, which is expected to boost the investment banking business of leading securities firms [2]

Group 1 - The cultivation of patient capital is crucially dependent on effective government guidance, which should be based on scientific policy design and precise resource allocation to align with national strategies [1] - Optimizing fiscal and tax incentive policies is essential to enhance the attractiveness of long-term investments [1] - Government-guided funds should act as catalysts and indicators, focusing on early innovation fields and key core technology projects that the market is reluctant to enter, while emphasizing the "patient" nature of these funds [1] Group 2 - A healthy, efficient, and vibrant capital market environment is necessary for the cultivation of patient capital, which requires adherence to market rules and minimizing unnecessary administrative intervention [2] - A smooth exit mechanism is a key prerequisite for attracting long-term investments, necessitating the establishment of diversified and market-oriented exit channels [2] - The continuity and stability of policies are vital for fostering patient capital, ensuring a fair competitive environment and protecting the rights of innovators [2]

Group 1 - The core viewpoint emphasizes the role of the bond market's "technology board" in broadening financing channels for innovative enterprises, enabling them to secure funding based on their technological value and innovation capabilities, thus facilitating the industrialization of technological achievements [1] - The "technology board" creates a comprehensive financial ecosystem that includes various issuers and investors, enhancing the integration of the bond market with technological innovation, allowing finance to better serve technological advancements [1] - Securities firms play a crucial role as "tree planters" for financing technology companies and as "investment experts" in the capital market, providing a comprehensive financial service model that activates the ecosystem of the bond market's "technology board" [1] Group 2 - The focus on comprehensive reform of capital market financing is highlighted, with an emphasis on enhancing the long-term investment environment and increasing the proportion of medium- and long-term funds entering the market [2] - The need for improving the overall quality of listed companies is stressed to enhance market attractiveness and investor return expectations, fostering a virtuous cycle of strong returns, ample funds, and market stability [2] - The importance of adapting and being inclusive towards new productive forces in the financing sector is discussed, with ongoing reforms in the Science and Technology Innovation Board and the Growth Enterprise Market to enhance the capital market's adaptability to innovative enterprises [2] Group 3 - Recommendations include optimizing listing conditions and issuance review mechanisms to support high-quality technology companies, particularly unprofitable but core technology-driven "hard tech" firms [3] - The establishment of a bond financing system that aligns with the development characteristics of technology companies is suggested, along with improving the multi-tiered structure of the bond market to broaden direct financing channels [3] - Financial institutions are encouraged to focus on long-term strategies and actively support national strategies, optimizing financial resource allocation to promote high-quality and sustainable economic development [3]

Core Viewpoint - The People's Bank of China, along with financial regulatory authorities, has launched a comprehensive financial policy package aimed at stabilizing and invigorating the capital market in response to external uncertainties and pressures on foreign trade [1][2]. Group 1: Financial Policy Characteristics - The financial policy package is characterized by being timely, well-planned, and precise in its measures, addressing various aspects such as providing medium to long-term liquidity, stabilizing the real estate market, and supporting technological innovation [1]. - The policy includes both aggregate measures and targeted structural policies to effectively support specific sectors and industries [1]. Group 2: Impact on Capital Markets - The policy is expected to stabilize market sentiment, especially during global market volatility, by mobilizing state-backed entities to support the market [1]. - On the investment side, the policy aims to strengthen the alignment of interests between investors and funds, promoting the growth of equity funds and enhancing the long-term stability of investment behaviors [2]. - The financing side of the policy accelerates reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, enhancing the efficiency of mergers and acquisitions and improving the capital market's resource allocation capabilities [2]. Group 3: Role of Securities Firms - Securities firms are positioned as "tree planters" for financing technology enterprises, providing comprehensive financial services that include underwriting and investment [3][4]. - They are tasked with identifying high-potential technology companies and customizing financing solutions to support innovation and growth [4]. Group 4: Recommendations for Future Actions - The industry should focus on enhancing the institutional environment for long-term investments, increasing the proportion of medium to long-term funds entering the market, and improving the overall quality of listed companies [5]. - There is a need to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, optimizing listing conditions and supporting high-quality technology companies, particularly those with core technologies [5][6]. - Financial institutions should align their services with national strategies, optimizing resource allocation to support sustainable economic development [6].

非银行业周报 20250615 蚂蚁有望入局稳定币业务探索非银金融新边界 2025 年 06 月 15 日 ➢ 蚂蚁国际有望启动稳定币发行资质申请，稳定币发行参与者扩容有望多层面 利好非银金融机构业务开展和创新。6 月 12 日，蚂蚁集团披露旗下香港和新加 坡分支机构将启动稳定币的发行资质申报工作，将在两地监管框架下开展相关牌 照申请。5 月底香港立法会通过了《稳定币条例》，目前蚂蚁表态参与稳定币发 行牌照，有望成为继京东之后第二家在香港布局稳定币业务的内地科技公司。伴 随稳定币的发展，相关非银机构有望受益稳定币锚定法币的托管、跨境支付、数 字贸易、真实世界资产代币化（RWA）、供应链金融等业务。 ➢ 中国太保和新华保险发布 2025 年前 5 月保费数据，二季度寿险业务保持稳 健增长态势，财险保费基本持平。1）太保寿险 2025 年前 5 月保费收入 1347.87 亿元，同比+10.2%，其中 5 月单月保费收入 194 亿元，同比+9.4%；太保财险 前 5 月保费收入 923.82 亿元，同比+0.5%，其中 5 月单月保费收入 147 亿元， 同比-0.3%；中国太保前 5 月合计保费收入 2271 ...