2025陆家嘴论坛的一则重磅措施，让中国期货和衍生品市场的创新脉搏加速跳动。 从2011年外汇期货仿真交易开始，我国对人民币外汇期货的探索已经历了十多年的磨砺。如今，随着中 国在全球经济发展中的地位不断提升，人民币已成为全球第二大贸易融资货币、第三大支付货币。新兴 市场对多元化货币体系的需求，也在促使人民币国际地位不断提升。可以说，推出人民币外汇期货迫在 眉睫，不仅体现在利用人民币外汇期货服务实体经济、助力人民币国际化上，而且未来这一期货工具还 将在全球金融治理中发挥重要作用，为中国从"贸易大国"向"贸易强国"转型提供重要支撑。 （文章来源：期货日报网） 推出人民币外汇期货，将为外贸型企业提供一个金融"盾牌"。具体而言，相当于在期货市场购买了一 份"汇率保险"，可以实现一键锁定未来的交割价格。此外，期货保证金交易可以降低企业的外汇套保成 本，赋予中小企业更强的避险能力。期货合约的标准化特点，简化了交易流程，可以让企业更灵活地调 整对冲策略。 推出人民币外汇期货同时也有助于更多境外资本进入我国万亿级市场，并长期留下来。丰富多元的外汇 产品体系，将吸引更多国际投资者配置人民币资产。而当海量外资在我国期货市场对冲汇 ...

据期货日报记者了解，外汇期货作为成熟的金融工具，在全球主要货币市场中广泛应用，人民币外汇期 货在国际上已是非常成熟的业务，全球已有多地上市人民币外汇期货。 "境外市场的人民币期货主要以离岸人民币为标的，交易量逐年增长。这与人民币在全球支付、贸易融 资和外汇储备中的地位不断提升有着密不可分的关系。"格林大华期货首席专家王骏说。 当下，全球面临多极化走向和秩序重构，不确定性充斥市场，全球资产价格波动加剧，海外市场政策的 不确定性叠加美国长期的债务压力，"去美元化"加速下美元指数自年初以来持续贬值，全球外汇储备中 美元的占比也持续走低，而欧元、人民币等货币储备需求上升。 "在这样的背景下，人民币汇率波动备受关注。加快推进人民币期货上市，是人民币国际化进程中具有 标志性意义的关键一步，将填补境内标准化汇率避险工具的空白。"新湖期货副总经理、研究所所长李 强表示，一方面，人民币期货的上市，有利于金融机构和外贸企业更好地管理汇率风险，降低贸易中汇 率波动的不确定性，护航国际贸易发展。另一方面，通过拓展跨境交易结算场景，进一步普及未来人民 币在国际贸易中的使用，可以在激活离岸人民币市场流动性的同时，起到强化人民币作为计价单 ...

Group 1 - The core viewpoint of the news is that the Chinese government is enhancing financial support for technological innovation through a series of new policies aimed at facilitating the listing of unprofitable innovative companies on the stock market [1][2][4] - The establishment of a "growth layer" on the Sci-Tech Innovation Board (科创板) aims to provide more precise services for high-quality tech companies with significant breakthroughs and commercial prospects [2][4] - The introduction of a third standard on the ChiNext Board (创业板) will also support the listing of high-quality unprofitable innovative enterprises [3] Group 2 - The China Securities Regulatory Commission (CSRC) is implementing a "1+6" policy framework to deepen reforms on the Sci-Tech Innovation Board, which includes the reintroduction of the fifth listing standard for unprofitable companies [2] - The new measures will enhance information disclosure, risk disclosure, and investor suitability management, while also expanding the scope of the fifth standard to include more frontier technology sectors such as artificial intelligence and commercial aerospace [2][4] - The AIC (Asset Investment Company) equity investment pilot program is being accelerated, with efforts to promote direct equity investments and mergers and acquisitions loans for tech companies [5]

【导读】陆家嘴论坛开幕，潘功胜、李云泽、吴清、朱鹤新最新发声，多家机构解读 中国基金报记者 吴君 6月18日，在2025陆家嘴论坛上，中国人民银行行长潘功胜、国家金融监管总局局长李云 泽、中国证监会主席吴清、国家外汇管理局局长朱鹤新等发表演讲。 多位接受采访的机构人士表示，此次公布的政策举措立足长远，主要针对制度建设、金融开 放等领域，为中长期金融改革锚定了方向。深化科创板改革，在科创板设置科创成长层，并 且重启未盈利企业适用科创板第五套标准上市，将进一步发挥资本市场对科技创新的支持作 用。 政策利好有利于提振市场信心，中长期来看，将吸引更多资金进入中国权益市场。 政策为中长期金融改革锚定方向 有利于提振市场信心 "从陆家嘴论坛上公布的具体政策举措来看，促进金融对外开放和支持科技创新将是后续金融 监管工作的重要抓手。"重阳投资合伙人寇志伟说，各项政策立足长远，主要针对制度建设、 金融开放等领域，将金融开放从单纯的市场准入拓展至国际金融治理话语权的构建，为中长 期金融改革锚定了方向。 寇志伟表示，对外开放方面，这些政策通过创设人民币外汇期货和便利跨境自由贸易，帮助 中国企业走出去，提高其跨境投融资的便利程度，有 ...

Core Viewpoint - The Chinese foreign exchange market is expected to maintain stability, supported by economic recovery, balanced international payments, and enhanced market resilience [1][2]. Group 1: Economic Outlook - The RMB has appreciated by 1.6% against the USD this year, with overall stability against a basket of currencies [1]. - Economic operations are projected to continue on a recovery path, contributing to a stable foreign exchange market [1]. Group 2: Policy Initiatives - The central bank aims to deepen reforms in the foreign exchange sector, focusing on creating a more convenient, open, safe, and intelligent management system [1][2]. - Efforts will be made to enhance the foreign exchange policy framework, improving services for the real economy and increasing convenience for compliant entities [1][2]. Group 3: Open Market Strategies - The plan includes promoting high-level institutional openness in the foreign exchange sector, facilitating the internationalization of the RMB, and improving the investment environment for foreign entities [2]. - Reforms will streamline foreign direct investment processes and support enterprises in international cooperation within supply chains [2]. Group 4: Risk Management - A dual management approach combining macro-prudential and micro-regulatory measures will be implemented to maintain market stability and safeguard economic security [2]. - Monitoring and early warning systems for cross-border capital flows will be strengthened to prevent external shocks [2]. Group 5: Technological Integration - The use of AI and big data will be leveraged to enhance the digital and intelligent management of foreign exchange [2]. Group 6: Cross-Border Financing - Initiatives will be introduced to facilitate cross-border investment and financing, including pilot programs for green foreign debt and streamlined management for domestic companies raising funds abroad [3]. - A series of innovative foreign exchange policies will be implemented in free trade zones to support strategic enhancements [3].

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the acceleration of RMB internationalization and capital opening, with a focus on the integration of technology and industrial innovation as a main theme [1][2]. Summary by Sections RMB Internationalization and Financial Opening - The forum announced eight financial opening measures aimed at enhancing the infrastructure of the interbank market, promoting digital RMB internationalization, and innovating offshore financial services [2]. - Key issues such as the lag in financial system reform, insufficient financial product innovation, and lack of foreign exchange risk management tools have been identified [2]. - The central bank aims to reduce reliance on the US dollar and promote the Special Drawing Rights (SDR) as a leading international currency [2]. - The measures are expected to attract more international capital into the Chinese market, enhancing the certainty of RMB assets [2]. Technology and Industry Innovation - The "1+6" policy for the Sci-Tech Innovation Board was introduced, which includes the establishment of a growth tier and the reintroduction of listing standards for unprofitable companies [3]. - The policy aims to support various cutting-edge technology sectors, including artificial intelligence and commercial aerospace, enhancing the financing ecosystem for innovative companies [3]. - Since the implementation of the "8 Articles of Sci-Tech Innovation Board," there have been 106 new merger and acquisition transactions, totaling over 140 billion [3]. - A total of 479 companies have released action plans for 2025, with 433 companies launching equity incentive plans, indicating a robust investment and financing environment [3]. Financial Opening Initiatives in Shanghai - The forum highlighted initiatives to support offshore trade in Shanghai and innovate structural monetary policy tools [4]. - These measures are designed to build a financial system that aligns with Shanghai's status as an international financial center [4]. - The comprehensive policies are expected to enhance Shanghai's ability to attract international capital and improve its global asset pricing capabilities [4]. Market Outlook - The acceleration of institutional reforms and the opening of capital markets are seen as key drivers for the revaluation of Chinese assets [4]. - The certainty of the Chinese market is viewed as a foundation for stability and gradual growth in the stock market, with emerging technology as the main investment theme [4].

Core Points - The 2025 Lujiazui Forum in Shanghai announced eight measures to promote the construction of an international financial center, highlighting China's commitment to welcoming foreign investment in its financial market [2][3] - Shanghai aims to enhance its global financial resource allocation capabilities and build world-class exchanges, while continuing to optimize its financial market structure and deepen market connectivity [4][7] - The National Financial Regulatory Administration emphasized its unwavering determination to expand high-level financial openness and create a mutually beneficial financial development framework [5][6] Group 1: Measures to Attract Foreign Investment - The forum revealed multiple policies aimed at boosting foreign financial investment in China, providing significant confidence to foreign financial institutions [3][5] - Specific initiatives include optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of tradable products for foreign investors [5][6] - The introduction of a series of facilitation policies, such as reducing the negative list for capital project income usage, aims to support international economic cooperation [2][6] Group 2: Financial Market Development - The Shanghai government plans to enhance the efficiency and activity of its financial market, focusing on internationalization and structural optimization [4][7] - The National Financial Regulatory Administration will replicate successful practices from free trade zones to promote greater openness in the financial sector [4][6] - Future initiatives will include promoting cross-border capital pooling for multinational corporations and encouraging green foreign debt policies [7][8] Group 3: Regulatory Environment and Support - The regulatory bodies are committed to creating a transparent, stable, and predictable policy environment for foreign investors [5][9] - Continuous optimization of the foreign investment business environment is a priority, with a focus on legal construction and maintaining fair market order [5][10] - The forum highlighted the importance of foreign institutions in China's capital market, emphasizing their role in enhancing governance and operational efficiency [7][9]

证券研究报告·行业点评报告·非银金融 ◼ 风险提示：宏观经济不及预期；政策趋紧抑制行业创新；市场竞争加剧。 2025 年 06 月 18 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 何婷 执业证书：S0600524120009 heting@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 非银金融行业点评报告 金融开放与资本市场改革迈出新一步，推动 金融更好服务实体经济 增持（维持） [投资要点 Table_Summary] 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/18 2024/10/17 2025/2/15 2025/6/16 非银金融 沪深300 相关研究 《广发中证港股通非银 ETF （513750.SH）：低估值筑基，高业绩 领航，稳健收益与优质配置并进 》 2025-06-17 《金融新基建的崛起，香港监管框架 下的机遇与挑战》 2025-06-16 东吴证券研究所 1 / 2 请务必阅读正文之后的免责声 ...

Core Viewpoint - Shanghai is accelerating its transformation into a globally influential international financial center, focusing on areas such as RMB internationalization, cross-border capital flows, and financial technology innovation [1] Group 1: Policy Initiatives - Eight policy measures will be implemented in Shanghai, including the establishment of an interbank market trading report database and a digital RMB international operation center [1][2] - The establishment of a personal credit agency aims to enhance the social credit system and provide diversified credit products for financial institutions [3][4] - The development of offshore trade finance services in the Lingang New Area will support Shanghai's offshore trade [5][6] Group 2: Financial Infrastructure and Risk Management - The interbank market trading report database will serve as a crucial financial infrastructure, improving data transparency and risk monitoring [2] - The digital RMB international operation center is expected to enhance the RMB's status in the international monetary system and facilitate cross-border trade [3] - The establishment of personal credit agencies will contribute to the high-quality development of inclusive finance [4] Group 3: Economic Support and Innovation - The policies are designed to support the real economy, enhance financial resource allocation, and promote financial innovation [1][2] - The introduction of structural monetary policy tools aims to deepen financial reforms and increase market competitiveness [6][7] - The promotion of offshore bonds and the optimization of free trade account functions will broaden financing channels for enterprises [5][6] Group 4: Currency and Risk Management Tools - The research and promotion of RMB foreign exchange futures will help financial institutions and foreign trade enterprises manage exchange rate risks [7][8] - The structural monetary policy tools will provide targeted support to key sectors, avoiding systemic risks associated with traditional monetary expansion [7]

金十数据6月18日讯，中国证券监督管理委员会原副主席、中国金融学会副会长方星海在2025陆家嘴论 坛上表示，人民币国际化最需要做的一件事，就是要提供足够多的人民币资产供境外持有人民币的机构 投资。方星海认为，上海可以提供更多可供国际投资的人民币资产，而香港则可以作为国际持有人民币 的机构投资上海人民币资产的渠道，通过这种方式，上海和香港能实现更深的合作。 （上证报） 方星海：人民币国际化需要提供足够多的人民币资产供境外机构投资 ...