每经编辑｜张锦河 | 期限 | 操作量 | | --- | --- | | 3个月(91天) | 4000亿元 | | 6个月(182天) | 3000亿元 | 5月30日，央行公告，为保持银行体系流动性充裕，2025年5月中国人民银行以固定数量、利率招标、多重价位中标方式开展了7000亿元买断式逆回购操作。 同日，央行还公告称，2025年5月30日中国人民银行以固定利率、数量招标方式开展了2911亿元逆回购操作，期限7天。操作利率1.40%，与前一交易日保持 一致。 此外，2025年5月，中国人民银行未开展公开市场国债买卖操作。 | 期限 | 操作利率 | 投标量 | | --- | --- | --- | | 7天 | 1.40% | 2911亿元 | 每日经济新闻综合自上海证券报、证券时报、央行官网、上海发布 据上海证券报5月30日消息，昨日，各期限资金利率涨跌不一。上海银行间同业拆放利率（Shibor）隔夜不变报1.411%，7天Shibor上行2.4个基点报1.602%。 截至昨日收盘，从回购利率表现看，DR007加权平均利率上升至1.633%，高于政策利率水平。上交所1天国债逆回购利率（GC001 ...

5月30日，上海市政府举行新闻发布会，邀请上海市委金融办、中国人民银行办公厅、上海金融监管 局、上海证监局等相关负责同志出席，介绍2025陆家嘴论坛有关情况，并答记者问。 新闻发布会信息量很大：中央金融管理部门将发布若干重大金融政策；中国人民银行行长潘功胜，中国 人民银行副行长、国家外汇管理局局长朱鹤新将出席论坛并作主题演讲；上海金融监管局、上海证监局 等相关负责人介绍了我国金融业高水平对外开放和高质量发展成果、提升上海国际竞争力影响力等相关 情况。 若干重大金融政策将发布 【导读】2025陆家嘴论坛将于6月举行，现场将发布若干重大金融政策 中国基金报记者李树超 上海市委金融办常务副主任周小全在发布会上表示，2025陆家嘴论坛期间，中央金融管理部门将发布若 干重大金融政策。 周小全介绍，2025陆家嘴论坛将于6月18日至19日在上海举办，主题为"全球经济变局中的金融开放合作 与高质量发展"。本届论坛由中国人民银行、国家金融监督管理总局、中国证监会和上海市人民政府共 同主办，由中国人民银行行长与上海市人民政府市长共同担任轮值主席。 周小全表示，未来将充分发挥陆家嘴论坛在中国金融改革开放中的风向标作用，继续向国内 ...

5月30日，上海市举行市政府新闻发布会，介绍2025陆家嘴论坛有关情况。上海市委金融办常务副主任 周小全在发布会上透露， 2025陆家嘴论坛期间，中央金融管理部门将发布若干重大金融政策。 中国人民银行办公厅副主任李克歆在发布会上透露， 中国人民银行行长潘功胜将出席论坛的开幕式，致 开幕辞并作主题演讲。另外，中国人民银行副行长、国家外汇局局长朱鹤新也将出席并作主题演讲。 李克歆同时透露，中国人民银行加快推进支持上海国际金融中心建设的相关政策储备。今年以来，中国人 民银行与上海市政府研究出台了支持上海国际金融中心建设的一系列政策举措，近期部分政策已经发布。 比如，联合出台了《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》，并举行了新闻发布 会。支持上海落地债券市场"科技板"，在上海开展跨国公司跨境资金池业务试点，支持上海出台《上海市 浦东新区促进中国（上海）自由贸易试验区自由贸易账户业务发展若干规定》等。"还有一些政策，我们 正在紧锣密鼓加快推进。"李克歆说。 来源：证券时报 百万用户都在看 香港，重磅利好！这个板块，集体飙涨！ 刚刚，直线跳水！美国，重磅发布！ 集体飙升！半导体，突传重磅！ 深夜！中国资 ...

人民银行加快推进支持上海国际金融中心建设的相关政策储备 智通财经5月30日电，上海市政府5月30日举行新闻发布会，介绍2025陆家嘴论坛有关情况。中国人民银 行办公厅副主任李克歆在发布会上透露，人民银行加快推进支持上海国际金融中心建设的相关政策储 备。今年以来，人民银行与上海市政府研究出台了支持上海国际金融中心建设的一系列政策举措，近期 部分政策已经发布。比如，联合出台了《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》，并举行了新闻发布会。支持上海落地债券市场"科技板"，在上海开展跨国公司跨境资金池业务试 点，支持上海出台《上海市浦东新区促进中国（上海）自由贸易试验区自由贸易账户业务发展若干规 定》等。"还有一些政策，我们正在紧锣密鼓加快推进。"李克歆说。李克歆同时透露，中国人民银行行 长潘功胜将出席论坛的开幕式，致开幕辞并作主题演讲。另外，中国人民银行副行长、国家外汇局局长 朱鹤新也将出席并作主题演讲。 ...

5月30日，上海举行市政府新闻发布会，介绍2025陆家嘴论坛有关情况。上海市委金融办常务副主任周小全在发布会上透露，2025陆家嘴论坛期间，中央金 融管理部门将发布若干重大金融政策。 张淑贤/摄 李克歆同时透露，中国人民银行行长潘功胜将出席论坛的开幕式，致开幕辞并作主题演讲。另外，中国人民银行副行长、国家外汇局局长朱鹤新也将出席并 作主题演讲。 责编：叶舒筠 校对： 刘星莹 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 昨夜中概股大涨！鲍威尔与特朗普会面，详情公布→ 丨 最新！美国上诉法院暂时恢复实施特朗普政府关税政策 丨 今夜，中概股大涨！英伟达，市值全球第一 丨 过会！"重组新规"后首单！ 丨 突发！正部级毕 井泉被查 丨 宇树科技，更名！回应来了→ 丨 刚刚！中办、国办印发！ 丨 尾盘！批量涨停！ 丨 中方就特朗普政府关税政 ...

Core Viewpoint - The development of offshore finance in China should be explored with a higher perspective and broader vision, focusing on domestic economic needs while deeply integrating into the international financial system to form a new pattern of coordinated development between domestic and foreign markets [1] Group 1: Role of Offshore Finance - Offshore finance enhances the international influence of financial markets, attracting global financial resources and increasing the trading activity and liquidity of financial markets [2] - The introduction of various offshore financial products enriches the financial market functions in international financial centers like Shanghai, meeting diverse investor needs and strengthening resource allocation capabilities [3] - Engaging in offshore finance requires familiarity with international rules and laws, prompting financial institutions to innovate products and improve risk management, thereby enhancing their international competitiveness [4] Group 2: Promotion of Offshore Trade and Economic Growth - Offshore finance promotes the development of offshore trade by providing essential services such as cross-border payments and trade financing, which helps businesses expand their market competitiveness [5] - Offshore finance supports the growth of offshore economies by offering services to domestic enterprises expanding into international markets, creating a mutually beneficial relationship that drives sustainable economic development [6] Group 3: Challenges in Offshore Finance Development - There is insufficient coordination between domestic and foreign offshore finance, leading to inconsistencies in standards and operations, which can result in regulatory and interest rate arbitrage [8] - Domestic offshore financial accounts still have functional deficiencies compared to international standards, hindering the support for RMB internationalization [9] - The range of offshore financial products in domestic free trade zones needs to be further diversified, as current explorations remain theoretical without substantial pilot testing [10] - The legislative progress for offshore finance needs to accelerate, particularly in areas like offshore banking and trade dispute resolution [11] Group 4: Pathways for Strengthening Offshore Finance - It is recommended to establish offshore banks in free trade zones, which would operate under international standards and primarily serve domestic enterprises' cross-border transactions [12] - Accelerating the pilot and innovation of offshore financial products is essential, with a focus on adapting international best practices to local conditions [13] - Coordinating the development of domestic and foreign offshore finance markets is crucial, including enhancing market connectivity and regulatory collaboration [14] - Tax optimization measures should be implemented to reduce operational costs for financial institutions and attract more international business [15] - Strengthening legal frameworks and international regulatory cooperation is necessary to ensure compliance and stability in offshore finance [16] - Legislative efforts should be made to support various offshore financial activities, promoting legal and compliant operations within the domestic market [17]

[Table_Title] 研究报告 Research Report 19 May 2025 香港策略 Hong Kong Strategy 中美关税博弈下的香港：挑战与对策 Hong Kong in the US-China Tariff War: Challenges and Responses 周林泓 Amber Zhou 黄雨昕 Yuxin Huang amber.lh.zhou@htisec.com yx.huang@htisec.com 2. 对投资环境的影响 1) 外资区域总部减少：外资撤离与区域总部减少的趋势近年显著。根据香港政府统 计处数据，2024 年母公司在海外及内地的驻港公司数目为 9960 家（+10.2%）。 按母公司所在地分析，内地驻港公司数目最多(2620 家)，其次为日本(1430 家)、 美国(1390 家)、英国(720 家)及新加坡(520 家)。驻港跨国公司地区总部数也在 2019 年达到 1541 家的峰值后逐年下跌，2023 年仅余 1336 家，创 11 年来新低； 2024 年数量增至 1410 家（+5.5%），实现过去 5 年来的首次增长。外资出走与地 缘 ...

在近日召开的第十三届(2025)上海国际金融中心研究院(SIIFC)国际研讨会上，SIIFC国际金融中心城市 指数正式发布。该指数选取纽约、伦敦、新加坡、上海、东京5个城市，从金融体系建设、金融国际化 程度、金融服务实体经济、金融监管与风险防范以及金融人才与营商环境等五方面进行比较，最终上海 综合排名第二，仅次于纽约。 其中，金融体系建设方面，上海从2022年、2023年排名第二到2024年反超纽约，升至第一。"这是因为 上海已形成涵盖股票、债券、货币、外汇、黄金、期货、保险、票据、碳市场等门类齐全的金融市场， 并集聚了登记、托管、结算、清算等金融基础设施。"上海财经大学上海国际金融中心研究院院长马文 杰说。 然而，上海金融国际化程度在五个城市中却排名第五。其中，投资维度，境外投资者的参与度严重不 足；市场建设维度，发行人和投资者主体过于国内化，导致缺乏定价权；离岸金融方面，市场供给不 足，产品占比低；绿色金融国际化方面，也存在对企业"走出去"需要的绿色金融国际化服务支持不足， 境内绿色市场开放度不足等情况。"上海金融国际化还有很大的上升空间。"马文杰说。 金融服务实体经济方面，上海相比纽约差距变大，但领先伦 ...

Group 1 - Hong Kong's new stock fundraising has exceeded HKD 60 billion this year, ranking first globally, with a significant increase of over 6 times compared to the same period last year [1] - The upcoming listing of CATL (宁德时代) on May 20 is expected to be the largest IPO globally this year, further boosting market confidence and highlighting the rapid development of the renewable energy sector [1][2] - The strong performance of Hong Kong's stock market, particularly in the new stock market, reflects its attractiveness as an international financial center [1] Group 2 - CATL's H-share price is set at HKD 263, with 17.68 million additional shares to be issued, representing approximately 15% of the total shares available for subscription [2] - The listing of CATL is a significant milestone for the global renewable energy market, enhancing Hong Kong's position in this sector and increasing CATL's international influence [2] Group 3 - MetaLight has passed the listing hearing for the Hong Kong Stock Exchange, aiming to list on the main board, despite facing losses in recent years [3] - The company's revenue has shown steady growth, indicating strong market demand and potential for expansion in the public transportation digital services sector [3] Group 4 - Midea Group and ZTO Express will be included in the Hang Seng Index, reflecting structural changes in the Hong Kong stock market and the growing importance of the consumer and logistics sectors [4] - BYD will be added to the Hang Seng Tech Index, highlighting strong growth in technology and renewable energy sectors [4] Group 5 - Ferretti reported a net profit of EUR 2.39 million in Q1 2025, a 7.7% increase from Q1 2024, driven by strong performance in the custom yacht segment [5] - The increase in new orders by 1.5% year-on-year indicates sustained demand in the high-end yacht market despite global economic challenges [5] Group 6 - The Hang Seng Index closed at 23,345.05, with a decline of 0.46% on May 16, reflecting a slight downturn in the market [6] - The Hang Seng Tech Index and the National Enterprises Index also experienced minor declines of 0.31% and 0.49%, respectively [6]

Core Viewpoint - The report emphasizes the need for continuous deepening of financial system reforms and the construction of a financial system with Chinese characteristics, while analyzing the challenges and opportunities facing China's financial development [1][3]. Group 1: Challenges and Opportunities - The report identifies three main challenges and opportunities for China's financial development: 1. The current financial reform is at a critical juncture due to severe external conditions, increased global economic volatility, restructuring of international trade order, and rising geopolitical risks [3]. 2. Financial security and regulatory challenges are present, including the impact of regulatory reforms in various countries, particularly in the U.S., on global financial stability, as well as challenges posed by advancements in digital currencies [3]. 3. The ongoing technological revolution is reshaping the competitive landscape of finance, with widespread applications of AI technology leading to a period of technological updates in the global financial system [3]. Group 2: Recommendations for Financial System Reform - The report proposes five key recommendations for deepening financial system reforms: 1. Optimize the allocation of financial resources, with a focus on maintaining a stable financial environment [3]. 2. Accelerate the improvement of the central bank system to enhance the transmission mechanism of monetary policy [3]. 3. Strengthen financial stability guarantees by enhancing regulation, promoting a regulatory safety net, and ensuring all financial activities are subject to oversight [3]. 4. Adhere to the essence of finance to improve the quality and efficiency of financial services [3]. 5. Promote high-level financial openness and accelerate the construction of a strong financial nation, emphasizing the internationalization of the Renminbi and the development of international financial centers [3].