Group 1: Core Insights - The commitment from a state-owned bank in Shenzhen to not withdraw or reduce loans to private enterprises highlights the financial sector's support for foreign trade companies amid external challenges [1] - Shenzhen's foreign trade enterprises have seen a total import and export value of 990.1 billion yuan in Q1 2023, reflecting a year-on-year growth of 2.8% [1] - The implementation of the "Big Coverage" export credit insurance aims to provide comprehensive support to small and medium-sized foreign trade enterprises in Shenzhen [8] Group 2: Financial Support Measures - As of March 2025, loans to foreign trade enterprises in Shenzhen reached 1.1 trillion yuan, with a focus on enhancing financial support for these businesses [1] - Banks are conducting risk assessments and "stress tests" on foreign trade enterprises to evaluate their exposure to potential impacts from U.S. tariffs [2][3] - Various banks are introducing differentiated financial products and services to meet the specific needs of foreign trade enterprises, including "Cross-border E-loan" and "Export E-loan" [5][6] Group 3: Insurance Support - The "Cross-border E-commerce Insurance" initiative has been launched to help e-commerce businesses mitigate risks associated with global trade uncertainties [9][10] - Export credit insurance is being optimized to increase coverage limits for small and micro foreign trade enterprises, enhancing their risk protection [10] - Insurance institutions are prioritizing claims processing for cases related to U.S. tariffs to expedite support for affected enterprises [10]

Group 1 - Recently, Pudong Development Bank Nanchang Branch was awarded the title of "2024 Excellent Bank for Cross-Border RMB Business," being one of only two joint-stock commercial banks in the province to receive this honor [1] - The bank's cross-border RMB settlement volume grew by 83.6% year-on-year, ranking first among joint-stock banks in terms of the proportion of cross-border RMB settlement to total foreign and domestic currency [1] - In the first quarter of 2025, the bank's cross-border business volume increased by 231% compared to the same period last year, ranking fourth among all branches, and successfully launched its first offshore USD loan business [1] Group 2 - The bank has successfully executed its first offshore 1+N revolving loan, marking a breakthrough in providing diverse cross-border product services to enterprises in Jiangxi [2] - Leveraging its offshore license, the bank has established a comprehensive cross-border financial service system to meet the overseas settlement, cross-border fund management, and overseas financing needs of Jiangxi enterprises [2] - The bank provided a comprehensive foreign exchange risk management solution alongside the offshore loan, receiving high recognition from the client [2] Group 3 - The Nanchang Branch recently facilitated the first cross-border financing convenience business for a "specialized, refined, distinctive, and innovative" enterprise in Jiangxi, marking a significant milestone in supporting tech innovation [3] - The enterprise, engaged in electric motor manufacturing, required diverse financing channels for production expansion, and the bank promptly matched its financing needs with a combination of foreign debt facilitation, offshore direct lending, and currency swaps [3] - This type of financing solution features low net asset thresholds and quick processing within limits, effectively meeting the enterprise's needs for rapid financing, cost reduction, and exchange rate risk mitigation [3]

4月23日，中国人民银行在新闻发布会上介绍了《上海国际金融中心进一步提升跨境金融服务便利化行 动方案》的相关情况。副行长陆磊指出，借由《行动方案》的发布，央行将不断充实和完善跨境金融服 务政策工具箱，以构建一个更加贴合外向型经济需求的金融体系。此举旨在进一步增强上海国际金融中 心的竞争力与影响力。 【金融监管总局完善银行业高管任职资格管理】 金融监管总局发布《银行业金融机构董事（理事）和高级管理人员任职资格管理办法》，将于2025年6 月1日实施。该办法详细规定了任职资格条件、核准程序、金融机构的责任、监管机构的监管职责及法 律责任等内容，并明确了取消相关责任人任职资格的具体情形。 【澳门推出《2025年中小企业银行贷款利息补贴计划》】 澳门特区政府推出了《2025年中小企业银行贷款利息补贴计划》，旨在提高中小企业的资金流动性并减 轻其资金压力。符合条件的企业可在指定期间内向澳门持牌银行申请用于企业运营的资金贷款，并享受 贷款利息补贴。该计划规定了贷款金额上限、补贴期限及年补贴率上限等具体条款。 【央行等部门：支持在沪银行通过供应链金融更好服务长三角等地区"走出去"企业】 【央行宣布将持续优化跨境金融服务政策 ...

中国银行始终坚持金融服务实体经济的根本宗旨，积极支持高水平对外开放，依托强大的跨境资金清 算、专业的反洗钱管理以及完备的境外服务能力，实现7×24小时跨境资金调拨自动化处理和实时到 账，为众多跨国公司提供以现金管理为核心的全球综合金融服务，积累了广泛声誉与专业影响力。特别 是，在央企司库建设中，中国银行实现对有境外财资管理需求的央企客户境外现金管理服务全覆盖，为 跨国公司提供各版本跨境资金池超过1000个，在多地首发本外币一体化资金池3.0业务，跨境资金池数 量和交易量牢牢占据市场领先地位。 近日，中国人民银行、金融监管总局、国家外汇局、上海市人民政府印发《上海国际金融中心进一步提 升跨境金融服务便利化行动方案》，旨在更好发挥上海国际金融中心在服务构建新格局中的特殊作用， 在提高跨境结算效率，完善企业全球资金管理等方面赋予了市场主体更多政策便利。作为服务高水平对 外开放的排头兵，中国银行在监管部门指导下，以上海分行为桥头堡，在跨境金融服务领域不断先行先 试，为上海国际金融中心建设提供坚定助力。 助力企业"走出去"，打造央企司库服务新标杆 中国银行上海分行全面对接服务某在沪央企集团司库体系建设，助力企业在上海自 ...

Group 1: Banking Industry Analysis - The six major state-owned banks achieved a net profit growth of 1.8% year-on-year in 2024, with Agricultural Bank leading at 4.7% [8][9] - Asset allocation is stable, with an increase in the proportion of loans and bond investments, while the overall asset scale growth rate rose to 7.9% [9] - The asset quality remains stable, with a slight increase in retail non-performing loan ratios, while the overall capital adequacy ratio is improving [9] Group 2: Pharmaceutical Company Analysis - Kelun-Biotech - The company has over 30 products in development and three commercialized products, with its core product, Lukanasa, approved for two indications in China [11][15] - Revenue is projected to reach 1.824 billion, 2.875 billion, and 4.521 billion yuan from 2025 to 2027, with a "recommend" rating given for the stock [15] - The company is transitioning towards an integrated model of innovative research and commercial sales, with significant global partnerships enhancing its clinical research capabilities [12][15] Group 3: Pharmaceutical Company Analysis - Kailaiying - The company reported a revenue of 1.541 billion yuan in Q1 2025, reflecting a growth of 10.10%, with a net profit of 327 million yuan, up 15.83% [16][18] - The emerging business segments, including peptides and ADCs, have shown over 80% growth, contributing significantly to revenue [17] - The company maintains a strong recommendation rating, with profit forecasts of 1.126 billion, 1.378 billion, and 1.740 billion yuan for 2025 to 2027 [19] Group 4: Biotechnology Company Analysis - Aopumai - The company achieved a revenue of 297 million yuan in 2024, a growth of 22.26%, but faced a net profit decline of 61.04% [25] - The core business of culture media is growing rapidly, with participation in 247 research pipelines, indicating strong future demand [26] - The company maintains a "recommend" rating, with adjusted profit forecasts of 65 million, 92 million, and 126 million yuan for 2025 to 2027 [26]

Core Viewpoint - The article emphasizes the importance of high-quality capital project openings for enterprises seeking to expand globally, highlighting the shift from single-market strategies to multi-regional collaboration in response to market competition and external challenges [1] Group 1: Cross-Border Financial Services - The demand for cross-border financial services is expected to accelerate due to increasing international market competition and the restructuring of global trade patterns caused by tariff wars [2] - The "Action Plan" introduces 18 measures aimed at improving cross-border settlement efficiency, optimizing exchange rate hedging services, enhancing financing services, strengthening insurance protection, and refining comprehensive financial services [2] - Specific measures include supporting RMB cross-border trade refinancing through rediscount windows and promoting full-function corporate group cross-border cash pool services to reduce time and funding costs for enterprises [2] Group 2: Financial System Reform - The "Action Plan" is designed to optimize practical operations within the existing institutional framework, enhancing the sensitivity and adaptability of China's financial system to international economic and trade conditions [3] - The article discusses the need for proactive preparations by the People's Bank of China to address challenges posed by the U.S. in the international financial system, particularly in light of the ongoing tariff wars and the implications for the RMB [3][4] - Recommendations for reform include establishing an endogenous stability anchor for the RMB, improving the market-based RMB exchange rate formation mechanism, and accelerating the opening of the foreign exchange market [4] Group 3: Support for Enterprises - The article stresses the necessity of reducing costs and improving efficiency through the "Action Plan" to support enterprises in their global expansion efforts [5] - It highlights the importance of believing in the capabilities of enterprises to explore international markets, suggesting that confidence is essential for achieving remarkable outcomes [5]

智通财经记者 | 冯赛琪 4月24日，上海市金融服务企业"走出去"推进大会暨"百园千企送金融"（浦东专场）活动举办。 "事实上中国银行在上海分行已经建立了境内首个跨境银团中心，联动我们的银行同业，联动我们在纽 约、伦敦、新加坡、香港国际金融中心的机构，为我们走出去的企业提供全球的银团业务和服务。同时 未来根据行动方案，可能在非居民并购贷款，在各方面创新业务方面，我们也会再加大力度。" 此外他还谈到，要着眼于贸易韧性建设，提供金融服务。中国的外贸现在走遍全世界，金融服务也要跟 上。在帮助企业应对外汇波动方面，助力企业采用各类的近远期以及期权等等方式，为企业提供保值增 值的服务。 4月23日，中国人民银行、金融监管总局、国家外汇局和市政府共同发布了《上海国际金融中心进一步 提升跨境金融服务便利化行动方案》（以下简称《行动方案》）。 上海市委常委、常务副市长吴伟在致辞时表示，上海将以《行动方案》出台为契机，进一步强化金融 对"走出去"企业和"一带一路"建设的支持能力，形成更加适配外向型经济的金融体系，不断增强上海国 际金融中心的竞争力和影响力。 吴伟指出，金融机构要主动对接国家战略，将服务企业"走出去"作为自身发展 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents the latest market data, macro news, and morning meeting views on various commodity futures and financial markets. It analyzes the supply - demand situation, price trends, and investment suggestions for different sectors such as agriculture, energy and chemicals, industrial metals, and financial options [4][6][12]. Summary by Related Catalogs 1. Market Data - **Chemical Products**: On April 24, 2025, most chemical product futures prices declined compared to the previous day. For example, crude oil dropped by 3.255% to 487.40, and fuel oil decreased by 2.640% to 2,987.00 [4]. - **Agricultural Products**: The prices of some agricultural products rose, while others fell. Yellow soybean No.1 increased by 1.226% to 4,292.00, and rapeseed meal rose by 1.306% to 2,714.00. Meanwhile, white sugar decreased by 0.819% to 5,937.00 [4]. 2. Macro News - Diplomatic responses were given to the US statements on tariffs and trade agreements. China hopes the US to stop threats and conduct dialogues on an equal, respectful, and reciprocal basis [6]. - China and Azerbaijan established a comprehensive strategic partnership, including cooperation in trade, investment, and other fields, and signed a visa - exemption agreement [6]. - The EU appealed against a WTO dispute case, and China will handle it according to relevant rules to safeguard its legitimate rights [6]. - The Fed's "Beige Book" showed little change in economic activity, with uncertainties in international trade policies [6]. - The US President may exempt some tariffs on automakers and steel and aluminum, and the US Commerce Department launched a truck import investigation [7]. - International oil prices weakened due to concerns about OPEC+ production increases and global economic uncertainties [8]. - Zhengzhou plans to adjust the upper age limit for housing provident fund loans [8]. 3. Morning Meeting Views on Main Varieties Agricultural Products - **Peanuts**: The spot market is stable with increased supply. Focus on the 5 - 10 positive spread and consider short - selling on rebounds [12]. - **Oils and Fats**: The overall commodity atmosphere is weak, and the oil market is expected to decline. Palm oil and soybean oil inventories have changed, and total trading volume decreased [12]. - **Sugar**: The market has both long and short factors. It is recommended to buy low and sell high in the 5950 - 6050 range, with key levels at 5950 and 6050 [12]. - **Corn**: The market is also mixed. Technically, pay attention to the 2300 support level, and consider going long lightly if it holds, with a stop - loss for inventory pressure [12]. - **Pigs**: Spot prices are stable with fluctuations. Futures are in high - level oscillations, and short - term operations are recommended [13]. - **Eggs**: Spot prices are falling. There is short - term support from pre - May Day demand, but medium - term pressure is increasing, and short - selling opportunities can be considered [13]. Energy and Chemicals - **Urea**: Supply is high, and demand is weak. Futures prices may continue to oscillate weakly, and weather and macro factors should be monitored [13]. - **Caustic Soda**: The market is relatively stable, and the 2509 contract continues to operate at a low level [13]. - **Coking Coal and Coke**: The coking coal market is weakening, and there is still an expectation of a second - round price increase for coke. Short - term, they are in low - level oscillations [13]. Industrial Metals - **Copper and Aluminum**: Prices rebounded on April 23. Pay attention to the filling of the gap. Copper and aluminum inventories have decreased [13][16]. - **Alumina**: The supply - demand fundamentals are still in surplus. In the medium - to - long - term, prices are under pressure, and a bearish approach is recommended [16]. - **Steel Products**: Spot market transactions improved, and prices rebounded in a range. Pay attention to the 3200 pressure for rebar and 3300 for hot - rolled coils [16]. - **Ferroalloys**: They are in short - term low - level oscillations. Steel tenders are approaching the end [16]. - **Lithium Carbonate**: The market is in a situation of weak supply and demand. Technically, it is recommended to wait and see, and consider going long lightly if the 69500 pressure is broken [16]. Financial Options - **Stock Indexes**: Driven by policy benefits, relevant concept sectors are active. The market shows resilience, and trading volume is above 1 trillion yuan. Consider short - term opportunities for index futures and combination arbitrage strategies [18]. - **Options**: Different index options have different performance in terms of volume, open interest, and implied volatility. Trend investors can defend or use arbitrage strategies, and volatility investors can buy wide - straddles after volatility reduction [20].

【钛媒体综合】4月23日下午，中国人民银行举行新闻发布会，解答了围绕《上海国际金融中心进一步 提升跨境金融服务便利化行动方案》的一系列热点问题。 对于方案的亮点，中国人民银行研究局局长王信指出，多项政策先行先试，为在其他地区复制推广提 供"上海经验"。例如，试点通过再贴现窗口支持人民币跨境贸易再融资，这项举措已于2024年12月在上 海正式启动，可以缓解外贸企业投资以及盘活资产，鼓励引导商业银行进一步提升对外贸企业的支持力 度。 优化业务流程，力求为"走出去"企业构建一个安全、便捷、高效参与国际竞争与合作的金融服务环境。 例如，完善上海自贸区全功能资金池跨境资金调拨，鼓励银行逐步实现资金跨境支付自动化处理，延长 对重点企业集团跨境资金池等业务的服务时间，实现全球资金实时调拨。 针对企业融资、外汇风险管理等多个场景进行产品创新。例如，支持银行不断增加境内市场人民币外汇 衍生品种类，开发汇率避险专项担保产品，由财政提供担保费补贴。支持具备条件的银行参照国际惯 例，探索在上海自贸区为"走出去"企业提供非居民并购贷款服务，将贷款金额放宽至并购交易价款的 80%，期限也延长到10年。 对于上海将如何推进方案的落地，上海 ...

Group 1 - The People's Bank of China announced that the Renminbi has become the fourth largest payment currency and the third largest trade investment currency globally, indicating its growing international monetary functions [1] - In 2024, the total amount of cross-border Renminbi payments in Shanghai is projected to reach 29.8 trillion yuan, a year-on-year increase of 30%, accounting for 47% of the national total [2] - The Inner Mongolia Autonomous Region has achieved a computing power scale of approximately 120,000 P, ranking first in the country, with over 90% being intelligent computing power [7] Group 2 - The China Securities Association is conducting research on the unified interface standard system construction for securities firms' core business systems, focusing on system architecture, interface specifications, and business challenges [6] - Fujitsu and RIKEN in Japan have developed a superconducting quantum computer with 256 quantum bits, quadrupling the computing power of the previous generation [5] - The Ministry of Water Resources has launched a three-year action plan for the construction and management of flood retention areas, aiming to complete the engineering tasks for 72 national flood retention areas by the end of 2027 [8] Group 3 - U.S. President Trump stated that tariffs on Chinese goods will "significantly decrease, but will not go to zero," reflecting ongoing discussions about trade relations between the two largest economies [4] - Storage suppliers have raised DRAM prices by 8% to 10% as OEM manufacturers increase inventory levels ahead of clearer tariff policies, while NAND Flash prices remain stable due to slowing demand [10]