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 ...

今天市场最大的事，就是在上海的陆家嘴论坛。 从出席阵容来看，蛮豪华的， 央妈、金管局、村里、外汇局 的一把手全部出席，牌面拉满了。 事实上，央妈的八箭齐发、金管局支持外资在华展业、吴主席深化科创板改革 1+6 、外汇局推出一揽子政 策包，核心其实都是寓意深远的金融市场体制改革，对我们未来的资本市场影响很大。 我挑重点说一下。 先说和股民关系最大的科创板改革 1+6 。 这个1+6，最重要的当然是这个1。 具体来看， 1 是指在科创板设置 科创成长层 ，可以理解成，吸引 还没有盈利的科技公司来科创板上市， 给他们单独设立一个预科班。 大家在平时听新闻的时候，都能听到科技创新是国家竞争力的核心，但是一个科技企业从研发到商业化， 在这个过程之中，都是在不停投入的，要搞科技，难道不需要融资烧钱？ 但是， 这类公司又因为没有经营利润，不符合当前的上市标准，在最需要钱研发的时候融不到资， 最后的结果 就是一些资质很好的科技类公司只能到美国或者香港去上市，等他们真的成长成参天大树的时候，赚钱的都是境 外的钱， A 股的股民们享受不到伴随优秀企业由小到大带来的丰厚回报。 阿里、小米、京东、网易、拼多多这些因为制度没法在 A ...

全媒体记者/王占全 （上海，2025年6月18日） 在全球经济格局深度调整、金融治理面临多重挑战的背景下，以"全球经济变局中的金融开放合作与高质量发展"为主 题的2025陆家嘴论坛于今日在上海开幕。中国人民银行、国家金融监督管理总局、中国证监会、国家外汇管理局等中 央金融管理部门负责人齐聚黄浦江畔，密集发布多项重磅政策，全面展现中国以高水平开放推动金融高质量发展的决 心，为上海国际金融中心建设注入新动能。 一、金融开放：制度型突破与工具创新双轮驱动 1. 央行八项举措构建开放新框架 中国人民银行行长潘功胜在开幕式上宣布八项金融开放举措，涵盖金融基础设施、数字金融、跨境贸易等关键领域。 其中，银行间市场交易报告库的设立尤为瞩目，通过高频汇集债券、货币、衍生品等多市场数据，将有效打破信息壁 垒，提升跨市场风险监测能力，为宏观审慎管理提供支撑。此举回应了当前商业银行多元化资产配置带来的风险传导 隐忧，标志着中国金融监管从分业监管向穿透式监管的重要跨越。 在数字金融领域，数字人民币国际运营中心的落地将加速人民币国际化进程。该中心将推动数字人民币在跨境支付、 贸易融资等场景的应用，尤其联动香港、东盟等区域，探索"数字人 ...

Core Viewpoint - The People's Bank of China announced eight policy measures aimed at enhancing Shanghai's status as a global financial center, focusing on the internationalization of the Renminbi and financial innovation [2]. Group 1: Policy Measures - Establishment of an interbank market trading report database [2] - Creation of a digital Renminbi international operation center [2] - Formation of a personal credit institution [2] - Launch of offshore trade finance service reform pilot in Shanghai's Lingang New Area [2] - Development of offshore bonds in the free trade zone [2] - Optimization of free trade account functions [2] - Innovation of structural monetary policy tools in Shanghai [2] - Collaboration with the China Securities Regulatory Commission to promote Renminbi foreign exchange futures trading [2][3] Group 2: Implications for Renminbi Internationalization - The introduction of Renminbi foreign exchange futures is a significant step towards the internationalization of the Renminbi, enhancing its global pricing power and reducing foreign market influence [3][5]. - The current lack of foreign exchange products in China's futures market highlights the need for this development, as other markets like Singapore and Hong Kong have already established active trading in Renminbi futures [3][5]. Group 3: Market Demand and Supply - Increased volatility in the Renminbi's exchange rate has heightened the demand for effective risk management tools, particularly among small and medium-sized enterprises [4]. - Existing tools for managing exchange rate risk are limited and often costly, making the introduction of standardized and transparent foreign exchange futures particularly beneficial [4]. Group 4: Benefits for Enterprises - Renminbi foreign exchange futures will help enterprises manage exchange rate risks by locking in costs and providing a comprehensive product chain for different risk preferences [5]. - The new tools will lower the barriers for small and medium-sized enterprises to participate in the foreign exchange derivatives market, which has previously favored larger companies [5]. Group 5: Future Considerations - The policy must balance marketization with risk prevention to avoid exacerbating exchange rate volatility through speculative trading [6]. - The introduction of these futures is expected to enhance the competitiveness of Chinese foreign trade enterprises and provide a more robust infrastructure for exchange rate risk management in the context of the Belt and Road Initiative [6].

Group 1 - United Overseas Bank (UOB) and its wholly-owned subsidiary in China have officially signed on as direct participants in the Cross-Border Interbank Payment System (CIPS) [1] - UOB will leverage CIPS to provide a "one-stop" cross-border RMB clearing, settlement, and payment services for domestic and foreign enterprises and financial institutions [1] - UOB's connection to CIPS allows it to interface with over 1,600 global participants, enhancing its ability to process cross-border payments and settlements efficiently [1] Group 2 - East Asia Bank (China) has opened its flagship branch in Beijing, which is the first retail demonstration outlet following its brand renewal [1] - The new branch will offer specialized wealth management and cross-border financial services, catering to personalized customer needs [1] - The opening of this branch marks a significant step in East Asia Bank's transformation journey [1] Group 3 - American Express has announced that eligible cardholders can now use contactless "tap-to-pay" functionality for tickets on the Shanghai Maglev Line and all Beijing rail transit lines, including the suburban S2 line [2] - This initiative aims to enhance convenience for both local residents and visitors traveling in China [2] - The CEO of the joint venture in China emphasized the importance of providing more choices and greater convenience for American Express card members [2]

Group 1 - The core focus of the Lujiazui Financial Forum was on financial market openness and supporting the technology industry through the existing financial system [1][4] - Key measures discussed included the establishment of an international operational center for digital RMB, offshore trade financial pilots, and the issuance of offshore bonds [1][2] - The forum highlighted the potential for the RMB to play a more significant role in the international financial system, suggesting a trend towards a more stable or appreciating RMB in the near future [2][3] Group 2 - The support for technology industry upgrades is expected to increase, with innovative financial tools and a new growth tier on the Sci-Tech Innovation Board to facilitate financing for tech companies, even those that are not yet profitable [4][5] - The market reaction to the forum was relatively calm, with major indices showing slight increases, indicating that investors are looking for progress in domestic economic indicators rather than relying solely on the forum's outcomes [6][7] - External factors, such as the upcoming Federal Reserve decisions and geopolitical tensions, are seen as potential market disruptors, but the domestic market is expected to maintain its own trajectory [7][8]