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 ...

点击上图▲立即收听 " 两个大礼包，意味着中国正在推进金融业进一步开放，以掌控更大的国际金融话语权。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这几天，国家在金融领域派送了两个政策大礼包，新闻刷了屏，朋友圈也跟着热闹，但不少人看了两行就放弃了——术语太多、门槛太高，看起 来很厉害，但和普通人有什么关系，搞不清楚。 这两个礼包一个来自中国金融界最高级别的年度盛会之一陆家嘴金融论坛，央行行长潘功胜宣布了8项重磅金融政策，包含设立数字人民币国际 运营中心、发展自贸离岸债、优化升级自由贸易账户功能等。 2025陆家嘴论坛央行行长潘功胜 另一个则是由中办、国办印发的高规格文件《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》，其中提到，允许在港交所上市的 粤港澳大湾区企业，按照政策规定在深交所上市。 我们认为，对普通人而言，这些政策其实可以简化为两件大事： 第一，扶持外贸，并将上海打造成" 中国最大的资金池 "。 第二，让更多优质企业回到内地上市，并将深圳打造成金融领域支持科技强国的前沿阵地。 我们一件件来说。 ◎ 发展自贸离岸债； 其中，好几条都和外贸企业直接挂钩。 例如" 发展自贸离岸债 "。 所谓"自 ...

Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation in the context of global economic changes, with a focus on the introduction of RMB foreign exchange futures as a key initiative [1][3]. Group 1: Policy Initiatives - The People's Bank of China announced eight policy measures to enhance Shanghai's status as an international financial center, including the promotion of RMB foreign exchange futures trading to help manage exchange rate risks for financial institutions and foreign trade enterprises [1]. - Other measures include establishing a trading report database for the interbank market, setting up a digital RMB international operation center, and creating a personal credit institution to improve the social credit system [2]. Group 2: Financial Market Development - The National Financial Regulatory Administration highlighted the broad prospects for high-level financial openness in China, aiming to expand the depth and breadth of financial reforms and enhance the regulatory framework [3]. - The China Securities Regulatory Commission (CSRC) plans to improve the capital market's role in supporting technological and industrial innovation, focusing on creating a more attractive and competitive market ecosystem [4]. Group 3: Foreign Investment and Market Access - The CSRC will continue to deepen the opening of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investors [5]. - The People's Bank of China reported that the RMB has appreciated by 1.6% against the US dollar this year, indicating a stable foreign exchange market despite external shocks [6].

Core Viewpoint - China's futures market is undergoing a new round of opening, allowing qualified foreign institutional investors (QFII/RQFII) to expand their investment scope, particularly in ETF options trading starting from October 9, 2025, aimed at hedging purposes [1][2]. Group 1: Policy Changes and Market Expansion - The China Securities Regulatory Commission (CSRC) announced that from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, with a focus on hedging [1]. - The CSRC plans to introduce more reforms to optimize the QFII system, enhancing the attractiveness and convenience for foreign institutional investors [1][3]. - Following the announcement, domestic futures exchanges quickly responded by expanding the range of products available for qualified foreign investors, effective from June 20, 2025 [1][2]. Group 2: Increased Product Offerings - A total of 16 new commodity futures and options contracts have been added, increasing the number of tradable products for qualified foreign investors from 75 to 91, which now represents over 60% of the total listed futures and options products in China [2][4]. - The CSRC aims to expand the total number of tradable futures and options for QFII to 100, reflecting a strong commitment to opening up the capital market [2][4]. Group 3: Historical Context and Future Outlook - The opening of the futures market to foreign investors has been a gradual process, with significant policy changes occurring since September 2020, allowing for broader participation in financial futures, commodity futures, and options [3][4]. - The number of foreign clients participating in the futures market has steadily increased, with a 17% year-on-year growth in effective foreign clients and a 28% increase in foreign client positions by the end of 2024 [4][5]. - Experts believe that the recent policy changes signify a new phase of diversification in tools and refined risk management in China's futures and derivatives market, potentially positioning it as a global pricing center [5].

例如，银行间市场交易报告库主要用于高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等 各金融子市场交易数据，服务金融机构、宏观调控和金融市场监管；设立个人征信机构用于为金融机构 提供多元化、差异化的个人征信产品，进一步健全社会征信体系；发展自贸离岸债，主要遵循"两头在 外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资渠 道。 结构性货币政策工具创新方面，据潘功胜介绍，创新内容包括开展航贸区块链信用证再融资业务试点， 以信用方式发放再贷款，支持在沪商业银行向外贸企业提供融资。开展跨境贸易再融资业务试点，运用 再贴现支持在沪商业银行向进出口企业提供人民币跨境贸易融资。开展碳减排支持工具扩容试点，将支 持范围扩大至部分转型金融领域和地方特色产业。积极推动上海首批运用科技创新债券风险分担工具， 支持私募股权机构发行科创债券。 人们都在期待，货币工具箱里会上新哪些新工具，跨境金融能有什么创新政策，科创板将如何深化改 革，资本市场又会怎样进一步对外开放。6月18日，2025陆家嘴论坛开幕，中国证监会主席吴清、中国 人民银行行长潘功胜、国家金融监督管理总局局长李云泽、国家外 ...

【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].

报告导读： 2025陆家嘴论坛主题为"全球经济变局中的金融开放合作与高质量发展"，聚 焦四点：全球金融治理；更宽领域、大幅度金融开放；资本市场促进科创和产创融合； 一揽子外汇创新政策。 2025陆家嘴论坛于6月18日上午开幕，主题为"全球经济变局中的金融开放合作与高质量发展"。 金融体系：关注全球治理。国际货币体系可能继续朝着少数几个主权货币并存、相互竞争、相互制衡的格 局演进。 全球跨境支付体系朝着更加高效、安全、包容、多元的方向发展。国际金融组织需要提高新兴市 场和发展中国家的话语权和代表性。此外，关注结构性货币政策工具创新：航贸区块链信用证再融资业务 试点；跨境贸易再融资业务试点；碳减排支持工具扩容试点等。 风险提示： 外部因素扰动。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 全球变局下的金融：促改革、扩开放、重科创 ——2025年陆家嘴论坛政策解读 报告日期：2025.06.18 报告作者： 梁中华 （分析师)，登记编号： S0880525040019 侯欢（分析师），登记编号： S0880525040074 金融开放：更宽领域、更大幅度。 中国金融高水平开放前景广阔，聚 ...

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 ...