周三（6 月 18 日）大盘探底回升，小幅收涨。截至收 盘，上证综指收于 3388.81 点，上涨 0.04%；深成指 收于 10175.59 点，上涨 0.24%；科创 50 上涨 0.53%； 创业板指上涨 0.23%，万得全 A 成交额共 12218 亿元， 较前一日略有下降。 行业方面，30 个中信一级行业有 9 个行业收涨，其中 电子、通信及国防军工涨幅居前，而综合金融、房地 产及轻工制造则跌幅较大。概念方面，电路板、光模 块 CPO 及军工信息化等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，VISA 跌近 5% 周三（6 月 18 日），美国三大股指收盘涨跌不一，道 指跌 0.1%，标普 500 指数跌 0.03%，纳指涨 0.13%。万 得美国科技七巨头指数涨 0.04%，特斯拉涨超 1%，英伟 达涨近 1%。中概股多数下跌，比特小鹿跌逾 7%。 新闻精要 1. 2025 陆家嘴论坛召开 国家金融管理部门主要领导 重磅发声 2. 中央金融委员会印发《关于支持加快建设上海国际 金融中心的意见》 3. 国家有关部门：剩余支持资金将有序下达 国内市场综述 探底回升 小幅收涨 6. 全球重要 ...

Core Viewpoint - The issuance of the "Opinions" by the Central Financial Committee aims to enhance the competitiveness and influence of Shanghai as an international financial center, signaling a strong push for high-level financial openness and innovation [1][3]. Summary by Relevant Sections Policy Objectives - The "Opinions" outline a five to ten-year goal for the Shanghai International Financial Center, focusing on improving the adaptability, competitiveness, and inclusiveness of the modern financial system, strengthening its role as a global hub for RMB asset allocation and risk management, and aligning its status with China's overall national strength and international influence [3][4]. Key Measures - Six major initiatives are proposed: 1. Deepening financial market construction 2. Enhancing the capabilities of financial institutions 3. Improving financial infrastructure 4. Expanding high-level bilateral financial openness 5. Increasing the quality and efficiency of services to the real economy 6. Effectively maintaining financial security under open conditions [3][4]. Current Achievements - Shanghai has made significant progress in its financial center development, being the city with the most comprehensive financial market system, the widest variety of financial institutions, and the highest degree of financial openness in China. In 2024, the financial sector's added value is projected to reach 807.273 billion yuan, a year-on-year increase of 7.9%, accounting for 15% of the city's GDP [3][4]. Institutional Framework - To implement the "Opinions," a coordination mechanism will be established between the Central Financial Office and local government bodies to ensure effective communication and collaboration, thereby enhancing Shanghai's competitiveness and influence [4]. Policy Actions - Multiple departments have initiated actions, including the announcement of eight policy measures by the People's Bank of China, such as establishing an interbank market transaction reporting system and a digital RMB international operation center. These measures are expected to reduce financing costs for foreign trade enterprises by 30% [4].

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]

Group 1: Core Policies Announced - The People's Bank of China (PBOC) announced eight policy measures to be implemented in Shanghai, focusing on enhancing financial infrastructure and services [2][3] - Establishment of an interbank market trading report database to analyze transaction data across various financial sub-markets [2] - Creation of a digital RMB international operation center to promote the internationalization of digital currency [2] Group 2: Support for Financial Center Development - The National Financial Regulatory Administration announced a joint action plan with the Shanghai government to support the construction of an international financial center [4] - Encouragement for innovation in technology finance and cross-border finance, including the establishment of financial asset investment companies in Shanghai [4] - Recent approvals for insurance asset management companies in Shanghai, indicating ongoing support for financial openness [4] Group 3: Innovation in Capital Markets - The China Securities Regulatory Commission (CSRC) introduced the "1+6" policy measures to enhance the STAR Market, including the establishment of a growth tier for technology companies [6][7] - Introduction of six reform measures aimed at improving the listing process and support for high-quality technology enterprises [6][7] - Plans to establish a specialized technology company in Shanghai to enhance asset management services and investment capabilities [7]

Core Insights - The 2025 Lujiazui Forum focused on the construction of Shanghai as an international financial center, with experts and international entrepreneurs sharing insights and strategies for advancing this goal [1][2] Group 1: Financial Opening and Reform - China is prioritizing institutional opening to promote high-level financial openness, with Shanghai positioned as a leading area for financial reform and opening due to its comprehensive financial market system and industrial cluster advantages [2] - The forum highlighted the need for cooperation among various financial markets and discussed opportunities for developing capital market products, aligning with international best practices, and enhancing financial infrastructure and risk prevention mechanisms [2] Group 2: Government Support and Future Directions - The Shanghai municipal government expressed gratitude to the speakers and emphasized the positive outcomes achieved in the construction of the international financial center, supported by the central government and global investors [2] - Future efforts will focus on deepening financial openness, improving the financial business environment, aligning with international standards, and enhancing financial regulatory measures to effectively mitigate risks [2]

Geopolitical Developments - Iran's Islamic Revolutionary Guard Corps announced the use of the "Mudstone" missile against Israel, marking the 13th phase of the "Real Commitment 3" operation [2] - Iranian Supreme Leader Khamenei declared that the conflict with Israel has entered a new phase, stating "the great war has begun" [3] - U.S. President Trump commented on the situation, expressing support for Israeli Prime Minister Netanyahu to continue actions against Iran [3][17] U.S. Policy Changes - The U.S. government has resumed processing foreign student visas, requiring applicants to make their social media accounts public for scrutiny [4] - The Federal Reserve maintained the federal funds rate at 4.25%-4.50%, with expectations of two rate cuts this year, while raising inflation forecasts [6] Financial Sector Developments - The Central Financial Committee of China issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability and competitiveness over the next five to ten years [7] - The People's Bank of China announced eight major financial policies, including the establishment of a digital RMB international operation center and a personal credit institution [9] Market Reactions - On June 18, institutional investors showed varied activity, with 14 stocks experiencing net buying and 20 stocks facing net selling, highlighting market dynamics [23][24] E-commerce Trends - Reports indicated that some products on e-commerce platforms saw price increases instead of decreases during the promotional period, affecting various categories including clothing and electronics [27]

Core Viewpoint - The 2025 Lujiazui Forum highlighted significant policy signals aimed at enhancing financial openness and cooperation, with a focus on high-quality development in the context of global economic changes [1][2]. Group 1: Financial Policies and Innovations - The People's Bank of China (PBOC) announced eight innovative policies for Shanghai, including the establishment of a bank interbank market trading report library and a digital RMB international operation center [2][3]. - A series of favorable policies were introduced, such as the pilot program for green foreign debt and the expansion of Qualified Domestic Institutional Investor (QDII) investment quotas [1][14]. - As of May 31, 2025, the cumulative approved QDII quota reached $167.79 billion, with 189 institutions approved for QDII investment quotas [16]. Group 2: Global Financial Governance - PBOC Governor Pan Gongsheng emphasized the need for reform in the global monetary and payment systems, noting that the RMB has become the second-largest trade financing currency and the third-largest payment currency globally [3][5]. - The international monetary system is evolving towards a structure where a few sovereign currencies coexist and compete, necessitating responsible governance from the issuing countries [5][6]. Group 3: Cross-Border Payment Systems - The cross-border payment system is shifting towards diversification, with an increasing number of countries using local currencies for settlements, thereby changing the dominance of a single sovereign currency [6][7]. - Emerging technologies like blockchain and distributed ledger are reshaping traditional payment systems, significantly shortening cross-border payment chains [7]. Group 4: Foreign Investment and Market Opportunities - Foreign banks and insurance institutions in China have total assets exceeding 7 trillion yuan, with foreign insurance companies' market share increasing from 4% in 2013 to 9% currently [11]. - The Chinese market presents vast opportunities in consumer finance and technology sectors, with significant growth potential in service consumption [11][12]. Group 5: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) announced a series of reforms for the Sci-Tech Innovation Board, including the introduction of a growth layer for technology companies that are not yet profitable [19][20]. - The CSRC will expand the application of the fifth listing standard to support more cutting-edge technology sectors, including artificial intelligence and commercial aerospace [21][22].

Macro News - The 2025 Lujiazui Forum announced significant financial opening measures, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit agency [1] - The head of the Financial Regulatory Bureau stated that efforts are underway to promote pilot projects for financial asset investment companies and technology enterprise merger loans, along with a joint action plan with the Shanghai government to support the construction of an international financial center [1] - The chairman of the China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board as a "testing ground," introducing a growth tier and restarting the listing standards for unprofitable companies [1] - The deputy governor of the People's Bank of China announced the upcoming release of additional investment quotas for qualified domestic institutional investors and a package of foreign exchange innovation policies in free trade pilot zones [1] Industry News - The Central Financial Committee issued opinions to accelerate the construction of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities and competitiveness over the next five to ten years [3] - The China Securities Regulatory Commission has developed opinions to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the reintroduction of listing standards for unprofitable companies [3] Cross-Border Payment - The RMB Cross-Border Payment System (CIPS) held a signing ceremony with six foreign institutions, marking the first direct participation of foreign entities from Africa, the Middle East, Central Asia, and Singapore in CIPS [4]

Group 1 - The central financial committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability, competitiveness, and inclusiveness over the next five to ten years [1] - The opinions emphasize enhancing Shanghai's role as a global hub for RMB asset allocation and risk management, aligning its status with China's comprehensive national strength and international influence [1] Group 2 - The first meeting of the Shanghai International Financial Center Construction Coordination Promotion Mechanism was held, attended by key financial leaders, discussing the support from central financial institutions [2] - The meeting reviewed the progress of the Shanghai International Financial Center construction and deliberated on related topics [2] Group 3 - The 2025 Lujiazui Forum opened with a theme focused on financial openness and high-quality development amid global economic changes, featuring speeches from prominent financial officials [3] Group 4 - The China Securities Regulatory Commission (CSRC) announced the formal implementation of a third set of standards for the ChiNext board, allowing unprofitable companies to list under specific conditions [4] - The CSRC is also promoting the development of sci-tech bonds and accelerating the launch of sci-tech bond ETFs [4] Group 5 - The CSRC announced that qualified foreign investors will be allowed to participate in ETF options trading starting from October 9, 2025, with a focus on hedging [5] - Further reforms to optimize the qualified foreign investor system are expected to enhance the capital market's openness [5] Group 6 - The Financial Regulatory Bureau and Shanghai Municipal Government jointly issued an action plan to support the construction of the Shanghai International Financial Center, aiming to enhance its competitiveness and influence [6] Group 7 - The Shanghai Futures Exchange will expand the range of commodities available for trading by qualified foreign institutional investors, including natural rubber, lead, and tin [8]

Group 1 - The central financial committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for a comprehensive upgrade in financial capabilities within five to ten years [2] - The first meeting of the Shanghai International Financial Center Construction Coordination Mechanism was held, discussing the support from central financial institutions and reviewing progress reports [3] - The 2025 Lujiazui Forum opened with a theme focused on financial openness and high-quality development amid global economic changes [4] Group 2 - The chairman of the China Securities Regulatory Commission announced the formal implementation of a third set of standards for the ChiNext board, allowing unprofitable companies to list under specific conditions [5] - The China Securities Regulatory Commission announced that qualified foreign investors will be allowed to participate in ETF options trading starting from October 9, 2025, aimed at enhancing capital market openness [6] - The financial regulatory authority and Shanghai municipal government jointly issued an action plan to support the construction of the Shanghai International Financial Center [7] Group 3 - The Ministry of Industry and Information Technology issued a digital transformation implementation plan for the textile industry, aiming for over 70% digitalization in key business processes by 2027 [8] - The Shanghai Futures Exchange will expand the range of commodities available for qualified foreign institutional investors to trade, including natural rubber, lead, and tin futures and options starting June 20, 2025 [8] Group 4 - The National Foreign Exchange Administration is seeking public opinion on a draft notice to facilitate cross-border investment and financing activities, including nine specific policies [9] - The Fujian Provincial Development and Reform Commission issued a long-term plan for the hydrogen energy industry, targeting a production capacity of 30,000 tons of green hydrogen and 100,000 tons of hydrogen-based green fuel by 2035 [11]