Core Viewpoint - Former French Prime Minister Jean-Pierre Raffarin highly praises China's commitment to open cooperation and long-term planning, asserting that the "14th Five-Year Plan" will not only drive China's high-quality development but also provide new opportunities for global cooperation and win-win outcomes [3][4] Group 1: China's Development Strategy - Raffarin emphasizes the core value of the "14th Five-Year Plan" is to focus on future development rather than being distracted by current turmoil, highlighting the importance of strategic planning in an uncertain world [3] - He notes that the phrase "concentrate efforts on doing our own things well" in the plan reflects China's successful experience in achieving rapid development through reform and opening up [3] - The people-centered planning approach is seen as key to addressing current global uncertainties [3] Group 2: Open Cooperation and Global Trade - Raffarin agrees with the plan's call for "expanding high-level opening up and creating a new situation of win-win cooperation," stating that "closure inevitably leads to decline, while openness brings growth, development, and wealth" [3][4] - He commends China's commitment to steadily expanding institutional openness and maintaining a multilateral trade system, which he believes will inject stability into global trade [4] - The current rise of unilateralism and protectionism makes China's path of open cooperation and mutual benefit essential for global economic globalization [4] Group 3: Sino-French Cooperation - As a witness and promoter of Sino-French friendship, Raffarin suggests that cooperation between China and France can inspire international collaboration during the "14th Five-Year Plan" period [4] - He mentions existing nuclear cooperation in the UK and potential future collaborations in sectors like aviation, transportation, agricultural products, and healthcare, as well as exploring third-country markets [4] - Raffarin emphasizes that past trade was one-way, while future international cooperation should focus on joint creation [4] Group 4: Role of Youth in Global Cooperation - Raffarin expresses hope for global youth to break regional barriers and engage in cooperation in cultural exchange, environmental protection, and technological innovation [4] - He believes that young people are the bridge between the present and the future, and their actions will determine the direction of global development [4] - The "14th Five-Year Plan" is viewed not only as a blueprint for China's development but also as an invitation for global cooperation [4]

Group 1: Core Perspectives - The consensus among global investors is to invest in and deepen engagement with China, as highlighted by the upcoming Shanghai Stock Exchange International Investor Conference [2] - The China Securities Regulatory Commission (CSRC) emphasizes that the capital market will continue to open up, creating a favorable investment environment for international investors [2][3] - Major global asset management firms express optimism about the long-term value of investing in China, driven by a stable macroeconomic environment and ongoing policy improvements [2] Group 2: Policy and Market Reforms - The "14th Five-Year Plan" outlines a direction for expanding institutional openness in capital markets, aiming to enhance the inclusivity and adaptability of market systems [3] - The CSRC plans to deepen reforms in financing and investment, promoting the development of diverse equity financing and increasing the scale of long-term investments from social security and insurance funds [3][4] - Shanghai aims to enhance its international financial center status by improving the business environment and attracting more domestic and foreign institutions [5] Group 3: Mergers and Acquisitions (M&A) Trends - The A-share market has seen a surge in M&A activities, with over 1,000 transactions reported since the release of new reform guidelines, indicating a significant structural change in the economy [8] - Chinese companies are increasingly focusing on M&A to adapt to new industry dynamics, with state-owned enterprises expanding globally and private firms actively seeking international opportunities [8][9] - M&A is viewed as a golden opportunity for international investors to engage with Chinese companies, particularly in technology and traditional industries undergoing transformation [9][10] Group 4: Long-term Investment Strategies - Long-term funds are being encouraged to increase their allocation to equity assets, with a focus on technology stocks that have shown strong performance in the current market [12][13] - The importance of maintaining a long-term investment perspective is emphasized, particularly in the context of supporting technological innovation and national strategies [14] - Challenges remain in promoting long-term investments, including the need for improved dividend policies among listed companies and a more stable market environment [15]

转自：北京日报客户端 11月初，备受瞩目的第八届中国国际进口博览会如约而至，开放的中国再次牵动世界目光。作为首都国 际交往重要窗口和对外开放的前沿阵地，北京朝阳携手300余家企业，共赴"进博之约"，以进博为窗展 朝阳活力，聚全球商机。 与世界交朋友，是朝阳区一直以来的发展底色。在进博会的舞台上彰显开放姿态，仅仅是朝阳区开放征 程的一个缩影。近年来，朝阳区立足区位优势，紧密围绕北京国际交往中心建设，持续提升国际化环 境、推进制度型开放，积极打造向世界展示中国高水平开放的窗口。"十四五"期间，朝阳区开放型经济 不断强化，累计落地外资项目406个，预计吸引外资金额达255.6亿美元，金额位居全市第一。外交外事 活动承载能力不断提升，高水平对外开放迈上新台阶。此外，朝阳区不断优化城市国际化服务环境，外 籍人士的日常所需，在朝阳区皆触手可及。 构建全球优质资源"引力场" 拥有"中国涉外第一区"美誉的朝阳区，汇聚了近100%的外国驻华使馆、全市90%的外国驻京新闻媒 体、80%的国际组织和国际商会、70%的跨国公司地区总部、65%的外资金融机构，形成了独特的国际 化禀赋。朝阳区锚定北京国际交往中心的城市战略定位，主动融入 ...

一是聚焦催生新质生产力，不断优化发行上市、再融资、并购重组等关键制度，引导资本投向前沿 技术、先进制造和未来产业，推动科技创新和产业创新深度融合。二是聚焦培育理性投资、价值投资、 长期投资的市场生态，引导更多中长期资金入市，促进投融资协调发展。三是聚焦推动上市公司提升治 理水平和信息披露质量，强化分红回购，以稳健业绩和持续回报增强投资价值。四是聚焦稳步扩大制度 型开放，拓展跨境投融资渠道，丰富国际化产品体系，提升全球竞争力与吸引力。五是聚焦更好统筹发 展和安全，持续强化科技赋能监管和服务，完善全链条风险监测预警与处置机制，为市场平稳运行和投 资者权益保护提供坚实保障。 邱勇表示，上海证券交易所将以更加开放、包容的市场生态，更加多元、丰富的产品体系，更加高 效、便捷的服务能力，为全球投资者拓展更为广阔的跨境投资机遇。 并购重组带来新投资机会 本报记者 田 鹏 毛艺融 11月12日，上海证券交易所国际投资者大会如期而至，汇聚全球资本市场精英共话投资机遇。与会 嘉宾围绕中国经济韧性、资本市场改革、上市公司质量提升、高水平制度型开放及并购重组新机遇等核 心议题，系统解读了中国资本市场的发展成果、制度优势与长期价值，为 ...

Core Viewpoint - The 2025 Shanghai Stock Exchange International Investor Conference emphasizes the long-term investment value of China's capital market and its high-level opening-up, marking a significant moment as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" prepares to commence [1][2]. Group 1: Capital Market Development - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of capital market systems [1]. - The CSRC plans to advance the "Two Innovation Boards" reform and implement the "1+6" policy measures for the Sci-Tech Innovation Board, promoting stable operations of the Sci-Tech Growth Layer [1]. - There will be a focus on expanding the scale and proportion of equity investments from social security, insurance, and pension funds, while also deepening public fund reforms to better support long-term investments [1][2]. Group 2: Corporate Governance and Market Structure - The CSRC intends to optimize the structure of listed companies to enhance their investment value, including promoting mergers and acquisitions and improving corporate governance and information disclosure [2]. - A continuous improvement of the delisting mechanism will be pursued to ensure a market environment that allows for orderly entry and exit, fostering a competitive ecosystem [2]. Group 3: Internationalization and Investor Engagement - The capital market will progressively open up, focusing on market-oriented, legal, and international approaches to create a favorable investment environment for international investors [2][3]. - The Shanghai Stock Exchange aims to enhance its global competitiveness by expanding cross-border investment channels and enriching the international product system [3][4]. Group 4: Future Outlook - The "15th Five-Year Plan" period is seen as crucial for achieving socialist modernization and high-quality development in the capital market, with a commitment to a more open and inclusive market ecosystem [4]. - The conference encourages global investors to actively engage with and allocate resources to Chinese assets, capitalizing on the opportunities presented by China's economic growth [4].

Core Viewpoint - The event highlighted the challenges and opportunities in global trade, emphasizing the need for multilateral cooperation amidst rising protectionism and unilateralism [1][2][4]. Group 1: China's Trade Policies - Zhao Jinping outlined China's recent policies aimed at service trade openness, including the implementation of "three negative lists" for cross-border service trade, investment, and market access [1]. - The cooperation between China and ASEAN has deepened, with bilateral trade growing by 9.6% year-on-year from January to September 2025, serving as a stabilizing anchor for China's foreign trade relations [1]. Group 2: Global Trade Dynamics - Pascal Lamy identified three new norms in global trade: the rise of protectionism, the strengthening of preventive measures, and the weaponization of trade [2]. - Lamy emphasized the importance of maintaining a multilateral system and suggested that China and the EU should seek cooperation in areas like climate change and biodiversity [2]. Group 3: WTO and Multilateralism - The discussion highlighted the U.S.'s shift from a proponent of free trade to a disruptor of the multilateral trading system, impacting the WTO's effectiveness [3][4]. - Zhao Jinping reaffirmed China's commitment to multilateralism and the necessity for structural reforms within the WTO to enhance its dispute resolution efficiency [4]. Group 4: Strategic Choices for China - Zhao Jinping proposed that external pressures could lead to greater willingness for regional economic cooperation, advocating for deeper market reforms and proactive multilateral and regional collaboration [5].

Core Viewpoint - The Shanghai Stock Exchange (SSE) International Investor Conference emphasizes new opportunities for international capital investment and mergers and acquisitions, with a focus on enhancing the inclusiveness and adaptability of the capital market system [3][4]. Group 1: Regulatory and Market Reforms - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the capital market's system inclusiveness and adaptability [5][6]. - Specific reforms include advancing the "1+6" policy for the Sci-Tech Innovation Board and promoting multi-tiered equity financing [5][6]. - The CSRC will also focus on optimizing the structure of listed companies to improve investment value and enhance stability in the capital market [6][7]. Group 2: Market Growth and Achievements - The SSE has seen significant growth, with the total market capitalization of the stock market exceeding 60 trillion yuan, and stock trading volume reaching 546 trillion yuan, marking increases of 40% and 96% respectively [8]. - The Sci-Tech Innovation Board has become a preferred listing venue for hard-tech companies, with a total market capitalization of approximately 10 trillion yuan and 379 new listings during the "14th Five-Year Plan" period [8][9]. Group 3: Cross-Border Investment and Cooperation - The SSE continues to enhance cross-border investment products and deepen the mutual connectivity mechanism, with the cumulative trading volume of the Shanghai-Hong Kong Stock Connect reaching 103 trillion yuan, a 288% increase from the previous five-year period [9][10]. - The SSE has launched the China Securities Index Singapore Exchange Asian 100 Index series, further expanding its international influence [4][9]. Group 4: Mergers and Acquisitions - The SSE has seen a surge in merger and acquisition activities, with over 1,000 disclosed transactions since the introduction of the "Six Merger Guidelines," including 115 major asset restructurings, a 138% year-on-year increase [11][12]. - The focus of these mergers has shifted towards emerging and future industries, with technology-related mergers increasing by 287% [11][12]. Group 5: Future Outlook - The SSE plans to continue fostering a market environment conducive to rational, value, and long-term investments, while enhancing corporate governance and information disclosure [10][11]. - The SSE aims to expand its high-level institutional openness and improve the convenience for foreign investors participating in the Chinese capital market [7][10].

Group 1: Market Opening and Investment Opportunities - The Shanghai Stock Exchange (SSE) is committed to creating a more open and inclusive market ecosystem, expanding cross-border investment opportunities for global investors [1][2] - The China Securities Regulatory Commission (CSRC) emphasizes the steady expansion of high-level institutional opening in the capital market, aiming to create a favorable investment environment for international investors [1][3] - Global asset management firms express increasing confidence in the long-term value of investing in China, driven by a stable macroeconomic environment and ongoing policy optimization [1][2] Group 2: Capital Market Reforms - The "15th Five-Year Plan" suggests a steady expansion of institutional opening, providing guidance for capital market cooperation [2] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of capital market systems [2][4] - The SSE aims to optimize key systems related to issuance, refinancing, and mergers and acquisitions to guide capital towards advanced technologies and future industries [4] Group 3: Mergers and Acquisitions (M&A) Trends - The A-share market has entered a new active cycle for mergers and acquisitions, with over 1,000 disclosed transactions since the release of new M&A reform opinions [5] - M&A activities reflect profound changes in China's economic development dynamics, with emerging industries accelerating their layout through acquisitions [5][6] - International investors are presented with new opportunities in the M&A market, particularly in technology and advanced manufacturing sectors [6][7] Group 4: Long-term Capital Investment Strategies - Long-term capital is increasingly being allocated to equity assets, with a focus on high-dividend assets in a low-interest-rate environment [9][10] - The importance of maintaining a long-term investment perspective is emphasized, particularly in the context of high volatility in technology stocks [9][10] - The need for a systematic approach to enhance the integration of long-term capital into the market is highlighted, including improving the stability of dividend mechanisms among listed companies [10][11] Group 5: Future Outlook - Experts predict that China's stock market is attractive for long-term investors, driven by manufacturing, innovation, and talent [11] - The capital market is expected to enter a golden development period amid ongoing reforms and innovations [11] - Current conditions present a significant opportunity for strategic investments in China's high-quality development [11]

Core Viewpoint - The 2025 Shanghai Stock Exchange International Investor Conference emphasizes the theme of "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" and highlights the growing interest of global investors in China's market due to improving macroeconomic conditions and policy environments [1][2]. Group 1: Conference Highlights - The conference attracted over 100 renowned investment institutions and nearly 400 representatives from regions including Europe, America, Asia-Pacific, and the Middle East [1]. - Key executives from leading global asset management firms expressed optimism about the long-term investment value in China, citing stable macroeconomic conditions and accelerated technological innovation [2]. - The Shanghai Stock Exchange (SSE) announced the release of the China Securities Index Singapore Exchange Asia 100 Index series during the conference, showcasing its international cooperation efforts [2]. Group 2: Market Developments - The A-share market has shown a steady upward trend this year, with major indices rising and investor confidence improving, leading to continued inflow of international capital [2]. - The SSE has made significant progress in serving technological innovation and the development of new productive forces, with successful initiatives in green finance and high-level openness [3]. - The conference included discussions on various sectors such as artificial intelligence, new consumption, biomedicine, and high-end manufacturing, as well as a dedicated session on mergers and acquisitions [3]. Group 3: Future Directions - The SSE aims to enhance market inclusivity and adaptability while continuously improving its attractiveness and competitiveness in the context of complex internal and external changes [4]. - The "14th Five-Year Plan" suggests a steady expansion of institutional openness, providing guidance for the capital market's open cooperation [4].

Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance its global competitiveness and attractiveness by focusing on risk prevention, strong regulation, and high-quality development in line with national policies [1] Group 1: Strategic Focus Areas - SSE will optimize key systems such as issuance, refinancing, and mergers and acquisitions to guide capital towards cutting-edge technologies and future industries [1] - SSE emphasizes the cultivation of a market ecosystem that promotes rational, value, and long-term investments, encouraging more long-term capital to enter the market [1] - SSE plans to enhance corporate governance and information disclosure quality among listed companies, reinforcing dividend repurchase practices to increase investment value through stable performance and continuous returns [1] Group 2: Internationalization and Risk Management - SSE is committed to gradually expanding institutional openness, broadening cross-border investment channels, and enriching its international product system [1] - SSE will strengthen technology-enabled regulation and services, improving risk monitoring, early warning, and disposal mechanisms to ensure market stability and protect investor rights [1]