Group 1 - The establishment of an international operating center for digital RMB in Shanghai will significantly enhance the usage rate of digital RMB in cross-border finance and reduce transaction costs, marking an important step for the internationalization of the RMB [2][4] - The introduction of a "green channel" for the Sci-Tech Innovation Board allows hard-tech companies to go public even if they are not profitable, facilitating easier access to capital markets for innovative enterprises [5][7] - The optimization of free trade account functions will enhance the efficient connection between quality enterprises and foreign capital, improving the level of liberalization and convenience in cross-border trade and investment [9] Group 2 - The joint release of the "Action Plan to Support the Construction of Shanghai International Financial Center" by the Financial Regulatory Bureau and the Shanghai Municipal Government will accelerate the development of Shanghai as an international financial center, particularly in technology and cross-border finance [11] - The recent policies signal a strong commitment to financial openness in China, showcasing the country's determination to embrace the world and innovate in the financial sector [13]

Core Insights - The A-share market saw collective gains on Wednesday, with the Shanghai Composite Index rising by 0.04%, the Shenzhen Component Index increasing by 0.24%, and the ChiNext Index up by 0.23%. The total market turnover was 1,221.7 billion, a decrease of 15.4 billion from the previous day, with over 1,800 stocks rising. Key sectors that performed well included military equipment, components, CPO, and consumer electronics, while the rare earth permanent magnet sector saw declines [3][8]. Important News - The National Financial Supervision Administration and the Shanghai Municipal Government jointly issued a plan to support the construction of Shanghai as an international financial center, focusing on five main areas: promoting the aggregation of financial institutions, enhancing financial services for the real economy, expanding institutional openness, improving regulatory standards, and enhancing policy support for financial services [4][9]. - The China Securities Regulatory Commission (CSRC) released opinions on establishing a growth tier on the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability. This includes six reform measures aimed at supporting high-quality technology enterprises, such as introducing seasoned professional institutional investors and expanding the applicability of listing standards to more frontier technology sectors [10][11]. Selected Research - The report highlights the emphasis on financial openness and high-quality development, particularly during the 2025 Lujiazui Forum, where significant financial policies were announced. Key measures include establishing a trading report database, a digital RMB international operation center, and enhancing the infrastructure of the financial market [11][12]. - The focus on internationalization, improvement, and innovation in financial policies aims to enhance the international influence of the RMB and streamline cross-border transactions, thereby supporting the Belt and Road Initiative and the development of Shanghai as an international financial hub [12][13]. - The CSRC's initiatives to deepen capital market reforms and enhance the integration of technology and industry are expected to attract quality cross-border capital into technology enterprises, fostering a virtuous cycle among technology, industry, and finance [14][15].

其 他 报 告 2025年06月19日 晨会纪要 | 国内市场 | 涨跌幅（%） | | | | --- | --- | --- | --- | | 指数 | 收盘 1日 | | 上周 | | 上证综合指数 | -- | -- | -- | | 深证成份指数 | -- | -- | -- | | 沪深300指数 | -- | -- | -- | | 创业板指数 | -- | -- | -- | | 上证国债指数 | -- | -- | -- | | 上证基金指数 | -- | -- | -- | | | | 资料来源:同花顺iFinD | | 今日重点推荐： 【平安证券】策略点评*深化金融对外开放，加大科创融资支持 *20250618 研究分析师 : 魏伟 投资咨询资格编号 : S1060513060001 研究分析师 : 张亚婕 投资咨询资格编号 : S1060517110001 研究分析师 : 蒋炯楠 投资咨询资格编号 : S1060524120002 核心观点 : 金融改革开放深化，看好权益市场中期向上空间，建议关注政策支持 的科技创新+产业创新主线。在外部不确定性增加的背景下，此次监管部门深化 金融改 ...

Domestic News - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum [5] - The China Securities Regulatory Commission (CSRC) introduced the "1+6" policy measures to deepen reforms, establishing a new growth tier for technology innovation [5] - The CSRC will allow qualified foreign investors to participate in ETF options trading, effective from October 9, 2025 [5] - The State Administration of Foreign Exchange released a draft notice on deepening cross-border investment and financing foreign exchange management reforms [5] International News - The Federal Reserve maintained interest rates unchanged for the fourth consecutive time, with the dot plot indicating two rate cuts this year, but the number of officials not expecting cuts increased to seven [3] - Trump reiterated that the Federal Reserve should cut rates by 200 basis points, suggesting that a 250 basis point cut would be very beneficial [5] - Brazil's central bank unexpectedly raised interest rates by 25 basis points to 15%, while the market had anticipated a hold at 14.75% [5] - Foreign investors' holdings of U.S. Treasury securities are nearing record highs, with China reducing its holdings in April while the UK and Japan increased theirs [5]

Open Market Operations - The central bank announced a reverse repurchase operation of 156.3 billion yuan for 7 days at an interest rate of 1.40% on June 18, with 164 billion yuan of reverse repos maturing on the same day, resulting in a net withdrawal of 7.7 billion yuan [1]. Funding Conditions - The impact of the tax period is nearing its end, leading to a stable funding environment. The overnight pledged repo rate for deposit-taking institutions slightly decreased to around 1.37%, while the 7-day pledged repo rate saw a slight increase. In the overseas market, the latest overnight financing rate in the US is 4.32% [3]. Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.65%, showing little change from the previous day [6]. Government Bond Futures - The closing prices for government bond futures are as follows: the 30-year main contract increased by 0.09%, the 10-year main contract decreased by 0.01%, the 5-year main contract decreased by 0.01%, and the 2-year main contract increased by 0.01% [10]. Key Financial Policies - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of a trading report database for the interbank market and a digital RMB international operation center, among others [11]. - The Chairman of the China Securities Regulatory Commission emphasized enhancing the inclusiveness and adaptability of the system, focusing on deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [11]. Bond Market Events - The 2025 Lujiazui Forum opened with announcements of major financial policies, including the development of Sci-Tech bonds and the acceleration of the launch of Sci-Tech bond ETFs [15]. - Recent negative events in the bond market include downgrades in ratings for several companies, indicating potential risks in the non-standard assets of local government financing vehicles [16].

Group 1 - US stock market closed mixed, with investors focusing on Federal Reserve policies and Middle East tensions. The Fed maintained interest rates but hinted at two rate cuts this year, while also reducing future rate cut expectations. Economic forecasts indicate increasing stagflation pressures, with GDP growth downgraded and inflation rates raised [2] - According to UBS's "2025 Global Wealth Report," the US is expected to add 379,000 millionaires in 2024, accounting for nearly 40% of the global total. The Americas saw a private wealth net worth growth of 11%. The Greater China region ranks first globally with 28.2% of the middle class having net assets between $100,000 and $1 million [2] - Guangzhou has implemented significant measures to stimulate the housing market by canceling "three limits" and lowering down payment ratios and interest rates. The city has been heavily reliant on land finance, and current pressures on local fiscal balance necessitate these actions [2] Group 2 - At the 2025 Lujiazui Forum, the People's Bank of China announced eight major financial opening measures, including the establishment of an interbank market trading report database and a digital RMB international operation center [3] - The Chairman of the China Securities Regulatory Commission announced a set of "1+6" policy measures to deepen the reform of the Sci-Tech Innovation Board, including the introduction of a third set of standards for the Growth Enterprise Market and support for unprofitable companies to go public [3] - The semiconductor industry is experiencing a resurgence, driven by a 53% price increase in DDR4 memory in May, the largest since 2017, and advancements in integrated chip technology from the Shanghai Institute of Optics and Fine Mechanics [3] Group 3 - NIO reported an expanded net loss attributable to shareholders and a rising debt-to-asset ratio in Q1, prompting concerns about its financial health. The company is undergoing self-transformation and management adjustments while planning to launch nine new models by 2025, although profitability remains a challenge [5] - The market price of Moutai has declined significantly since mid-May, with trading prices approaching 2,000 yuan. This decline is attributed to economic downturns, policy factors, and changing consumer preferences among younger generations [5]

◎记者 陈佳怡 在当下的全球经济变局中，开放，是一种自信，更是一种担当。 这样的故事还有很多：目前，全球前50大银行有42家在华设有机构，40家最大的保险公司近半数已进入 中国；八成全国性银行通过引入境外战略投资者，提升了公司治理效能和经营管理水平…… 当前，中国正以更加开放的姿态拥抱世界。在外部环境复杂多变的背景下，这显得尤其难能可贵。"中 国对外开放的程度越深，对中国越有利，对全球经济也越有利。"伦敦金融城政府政策与资源委员会主 席贺凯思对记者说。 之于世界而言，中国的开放姿态无疑为国际合作注入了一股暖流，也注入了信心，更是一颗定心丸。正 如潘功胜所说，完善全球金融治理，需要各方加强对话与合作。"我们将坚持走改革开放之路、多边主 义之路，积极发挥建设性作用，为构建更加公平、公正、包容、有韧性的全球金融治理体系贡献力 量。" 在2025陆家嘴论坛的聚光灯下，一条从金融开放引领到市场筑基的路径清晰可见。正值科创板开板6年 之际，中国证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，以在科创板 设置专门层次为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的 制度改 ...

2025陆家嘴论坛开幕式现场 新华社图 ◎记者 张琼斯 汤立斌 当天下午，证监会发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，上交所就同 步制订的两项配套业务规则公开征求意见。证监会还发布了允许合格境外投资者参与ETF期权交易的公 告，以推进资本市场高水平制度型开放。 在论坛上，证监会、民政部和上海市政府联合举办中国资本市场学会揭牌仪式。据悉，中国资本市场学 会定位于打造资本市场理论研究、学术交流、决策咨询高端智库平台，围绕资本市场战略性基础性前瞻 性重大课题开展研究交流和宣传。 央行将以8项举措，助力上海国际金融中心建设。论坛上，中国人民银行行长潘功胜逐一介绍：设立银 行间市场交易报告库，发展自贸离岸债，在上海"先行先试"结构性货币政策工具创新，会同中国证监会 研究推进人民币外汇期货交易……八箭齐发，既关乎金融市场开放，又助力跨境贸易发展，还涉及金融 基础设施和政策工具的创新。 金融监管总局局长李云泽在会上"剧透"，将会同上海市政府联合发布《关于支持上海国际金融中心建设 行动方案》。随后，方案正式出炉，提出推动金融机构集聚、做实"五篇大文章"、扩大制度型开放、提 高监管水平等五方面内容。 ...

在稳步扩大金融制度型开放层面，金融监管总局将大力复制推广自贸区、自贸港扩大制度型开放的经验 做法，支持外资机构参与更多金融业务试点。对标国际高标准经贸协议中金融领域相关规则，探索在更 宽领域、更大幅度上加大开放力度。 上海作为中国金融高水平开放的窗口，一直走在金融业改革开放最前沿。金融监管总局还与上海市政府 联合发布了《关于支持上海国际金融中心建设行动方案》，提出了鼓励上海在科技金融、跨境金融等领 域开展创新试点，支持符合条件的全国性银行在沪设立金融资产投资公司，支持探索不动产、未上市股 权等非货币信托财产登记上海模式，提升上海国际再保险、航运保险承保能力和全球服务水平等27条具 体举措，支持上海国际金融中心建设再上新台阶。 金融监管总局有关部门负责人表示，未来还将通过建立健全金融创新监管工作机制、对标国际高标准经 贸规则、深化推进上海国际金融中心和国际科技创新中心联动建设、支持上海打造国际绿色金融枢纽等 方面的具体工作，更好发挥上海金融改革试验田作用。 "中国拥有充满活力和潜力的超大规模市场，过去是、现在是、将来也必然是全球金融机构展业兴业的 沃土。"6月18日，国家金融监督管理总局局长李云泽在2025陆家 ...

Group 1 - The article discusses two significant policy packages aimed at enhancing China's financial sector and increasing its international financial influence [1][2] - The first package includes eight major financial policies announced by the central bank, focusing on supporting foreign trade and establishing Shanghai as a major financial hub [2][6] - Key policies include the establishment of a digital RMB international operation center, development of offshore trade finance, and optimization of free trade account functions, which will facilitate cross-border financing for foreign trade enterprises [11][12][17][20] Group 2 - The second package, issued by the central government, allows companies listed on the Hong Kong Stock Exchange to also list on the Shenzhen Stock Exchange, promoting the return of quality enterprises to the mainland [5][35] - This policy enables companies registered in the Guangdong-Hong Kong-Macao Greater Bay Area to issue depository receipts in Shenzhen, providing a pathway for companies like Tencent and Alibaba to access A-share markets [36][41] - The return of these companies is expected to invigorate the A-share market, enhance capital market openness, and potentially reduce foreign exchange outflows [52][55]