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 2025 Lujiazui Forum focuses on "Financial Openness and Cooperation in the Global Economic Changes and High-Quality Development," emphasizing global financial governance, extensive financial openness, capital market integration with technology and industry, and a comprehensive foreign exchange innovation policy [1][2]. Financial System - The international monetary system is likely to evolve towards a scenario where a few sovereign currencies coexist, compete, and balance each other. The global cross-border payment system is developing towards greater efficiency, security, inclusiveness, and diversity. There is a need for international financial organizations to enhance the representation and voice of emerging markets and developing countries. Additionally, structural monetary policy tool innovations are being highlighted, including pilot programs for blockchain letters of credit refinancing, cross-border trade refinancing, and expansion of carbon reduction support tools [2][3]. Financial Openness - China is poised for significant financial openness, focusing on several areas: - Expansion and upgrading of consumer demand, creating vast financial service opportunities - Broad prospects in technology finance, promoting pilot programs for equity investments in financial asset investment companies and loans for technology enterprise mergers - Strong momentum in green finance, with foreign institutions introducing ESG rating systems and climate risk management tools - Opportunities in pension finance, with plans to expand pension wealth management, savings, exclusive insurance, and commercial pension pilot programs - A golden period for wealth management, supporting foreign institutions in investment, asset allocation, and insurance planning [2][3]. Capital Market - The capital market aims to enhance the integration of technology innovation and industrial creation through the introduction of the "1+6" policy measures, which include: - Establishing a growth layer for the Sci-Tech Innovation Board - Restarting the fifth set of listing standards for unprofitable companies on the Sci-Tech Innovation Board - Introducing a pre-review mechanism for IPOs of high-quality technology companies - Expanding the applicability of the fifth set of standards and strengthening the linkage between stocks and bonds to support technological innovation [3]. Foreign Exchange Management - A comprehensive innovation policy for foreign exchange management is being established, focusing on creating a system that is more convenient, open, secure, and intelligent. This includes implementing ten facilitation policies in free trade pilot zones, such as optimizing new international trade settlement methods and expanding the Qualified Foreign Limited Partner (QFLP) pilot [3].

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 ...

Report Industry Investment Rating - Not provided Core View - The opening of the Lujiazui Forum today announced a series of measures, such as eight financial opening - up initiatives. Overall, the released information had no obvious unexpected highlights, so the market reaction was flat, maintaining a volatile state with no significant change in trading volume. The current economic fundamentals are still in a weak recovery state, lacking a clear trend and having limited driving force for the index. Coupled with the turbulent external situation and the sharp escalation of geopolitical risks in the Middle East, there are still uncertainties overseas, posing significant resistance to the short - term upward movement of the index. However, the management is determined to stabilize the market, so the downside space of the stock index is limited. In the short term, the stock index is expected to fluctuate within a range, waiting for new driving factors [4]. Market Review - Today, except for the CSI 300 Index, all other stock indexes closed down. In terms of capital flow, the trading volume of the two markets decreased by 1.6146 billion yuan. In the futures index market, IF and IC increased in volume and price, while IH and IM increased in price with reduced volume [2]. Important Information - The central bank governor, Pan Gongsheng, announced eight major financial opening - up initiatives, including setting up a trading report repository in the inter - bank market, a digital RMB international operation center, and a personal credit information agency; conducting a comprehensive reform pilot of offshore trade financial services in the Lingang New Area of Shanghai; developing free - trade offshore bonds; optimizing and upgrading the functions of free - trade accounts; piloting innovative structural monetary policy tools in Shanghai; and promoting RMB foreign exchange futures trading in conjunction with the CSRC [3]. - The CSRC announced that starting from October 9, 2025, qualified overseas investors will be allowed to participate in on - site ETF options trading for hedging purposes only [3]. Strategy Recommendation - Hold and wait and see [5] Market Observation Futures Index Market | Index | Main Contract Intraday Change (%) | Trading Volume (10,000 lots) | Trading Volume MoM (10,000 lots) | Open Interest (10,000 lots) | Open Interest MoM (10,000 lots) | | --- | --- | --- | --- | --- | --- | | IF | 0.23 | 10.5667 | 1.0037 | 23.8264 | 0.0486 | | IH | 0.01 | 4.843 | - 0.2249 | 8.1317 | - 0.1259 | | IC | 0.03 | 8.8945 | 0.2632 | 21.9162 | 0.0926 | | IM | 0.10 | 18.8199 | 0.8241 | 32.1988 | - 0.7768 | [5][6] Spot Market | Name | Value | | --- | --- | | Shanghai Composite Index Change (%) | 0.04 | | Shenzhen Component Index Change (%) | 0.24 | | Ratio of Rising to Falling Stocks | 0.52 | | Trading Volume of the Two Markets (100 million yuan) | 1191.067 | | Trading Volume MoM (100 million yuan) | - 1.6146 | [6]

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 ...

来源：全国银行间同业拆借中心 银行间质押式回购市场方面，DR001仍在1.4%下方低位震荡，7D、14D资金利率走高。具体看，DR001、R001加权平均利率分别与前日持平、上行 0.7BP，报1.3706%、1.4307%，成交额分别增加225亿元、2619亿元；DR007、R007加权平均利率分别上行0.4BP、2.5BP，报1.5267%、1.5773%，成交额 分别减少168亿元、446亿元；DR014、R014加权平均利率分别上行7.2BP、0.5BP，报1.673%、1.7464%，成交额分别增加100亿元、601亿元。 货币市场利率（6月18日） 新华财经北京6月18日电（刘润榕）人民银行18日开展1563亿元7天期逆回购操作，操作利率持平1.40%；鉴于当日有1640亿元7天期逆回购到期，公开市 场实现净回笼77亿元。 上海银行间同业拆放利率（Shibor）仅14天品种小幅走升。具体来看，隔夜Shibor下跌0.30BP，报1.3660%；7天Shibor下跌0.30BP，报1.5050%；14天 Shibor上涨8.40BP，报1.6550%。 | | | | 2025-06-18 11:0 ...

Core Viewpoint - The People's Bank of China announced eight financial opening measures aimed at enhancing the internationalization of the digital renminbi and improving cross-border financial services [1][12]. Group 1: Financial Market Opening - The new measures include the establishment of a digital renminbi international operation center to promote its international use and financial market development [1]. - Initiatives such as developing offshore bonds and optimizing free trade account functions will expand financing channels for Belt and Road enterprises and improve cross-border capital flow efficiency [3]. Group 2: Cross-Border Financial Support - Increasing the usage of digital renminbi in cross-border finance will simplify transaction processes and reduce costs, providing safer and more convenient payment methods for international trade [4]. - Enhanced cross-border financial policies will offer more support to foreign trade enterprises, especially amid uncertain US-China trade policies, and attract more international capital, boosting confidence in the stock and bond markets [6]. Group 3: Product Innovation and Risk Control - The establishment of an interbank market transaction reporting database and personal credit institutions will improve the precision of financial services [8]. - These measures will provide financial institutions with better data support to create differentiated and personalized financial products, enhance transaction data transparency, and improve macroeconomic regulation and financial market supervision [10]. Group 4: Overall Impact - Overall, the eight measures will help financial institutions provide more effective services to the real economy and cross-border trade, while further enhancing the openness and international competitiveness of China's financial market [12].

Financial Policy Initiatives - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of an interbank market trading report database to analyze trading data across various financial sub-markets [2][3] - A digital RMB international operation center will be set up to facilitate the use of digital currency in international transactions [2] - The establishment of personal credit institutions aims to provide diversified credit products and enhance the social credit system [2] Offshore Trade and Financing - A pilot program for offshore trade financial services will be launched in the Shanghai Lingang New Area to support the development of offshore trade [3] - The development of offshore bonds will follow international standards to broaden financing channels for enterprises involved in the Belt and Road Initiative [3] - The optimization of free trade account functions will enhance the efficient flow of funds between quality enterprises and foreign capital [3] Digital Transformation in Textiles - By 2027, over 70% of key business processes in large-scale textile enterprises are expected to be fully digitized, as part of a digital transformation initiative led by six government departments [7] - The initiative aims to create over 150 digital transformation scenarios and 60 benchmark enterprises, promoting high-quality development in the textile industry [7] Silver Economy Development - The city of Foshan is focusing on the silver economy, with plans to hold a high-quality development conference to discuss strategies for enhancing the welfare of the elderly [11] - Foshan has over 1,000 enterprises related to elderly products, indicating a growing market in this sector [11] Software Industry Growth - The 2025 Nanjing Software Conference aims to support the development of a trillion-level software city, focusing on industrial software innovation and collaboration [13] - The conference will launch several reports and initiatives to promote high-quality development in the software industry [13] Hong Kong-Shanghai Financial Cooperation - The signing of the "Hong Kong-Shanghai International Financial Center Collaborative Development Action Plan" aims to deepen financial cooperation between the two cities [15] - The plan includes measures to enhance connectivity, support mainland enterprises in going global, and promote financial innovation [15] Monetary Policy Support in Chongqing - A new monetary policy tool with a total scale of 50 billion yuan has been launched in Chongqing to support high-quality economic development in various sectors [17] - The initiative will provide low-cost credit funding to high-tech and specialized small and medium-sized enterprises [17]