Core Insights - The construction of Shanghai as an international financial center is progressing rapidly, with significant achievements in financial market infrastructure and foreign investment [1][4] - Shanghai has become one of the most comprehensive cities for financial elements globally, hosting a wide range of financial markets and institutions [1][4] Financial Market Development - Shanghai has established a "one-stop" financial ecosystem, including stock, bond, futures, foreign exchange, gold, and insurance markets, with total stock market capitalization and interbank bond market size ranking among the top globally [1] - As of June this year, there are 1,796 licensed financial institutions in Shanghai, with 556 foreign institutions, accounting for nearly one-third of the total [1] Foreign Exchange and Bond Markets - The China Foreign Exchange Trading Center serves as the main platform for RMB-related products and pricing, catering to nearly 6,000 institutions from over 70 countries and regions [2] - The center has introduced "Bond Connect" programs, facilitating international investment in Chinese bonds and allowing domestic investors to access overseas bond assets [2] Futures and Reinsurance Markets - The Shanghai Futures Exchange has listed 25 futures and 18 options products, with the recent listing of "Shanghai Natural Rubber Futures" in Japan marking a significant step in international price dissemination [3] - The Shanghai International Reinsurance Registration and Trading Center has processed a total premium of 4.392 billion yuan as of August this year, enhancing the efficiency of cross-border reinsurance transactions [3]

2025年以来，全球经济在多重挑战中呈现"低增长、高风险"的新常态。中央金融委印发的《关于支持加 快建设上海国际金融中心的意见》，明确提出在确保金融安全的前提下持续强化上海金融开放枢纽门户 功能，增强人民币资产全球配置中心、风险管理中心地位，推动上海国际金融中心建设不断实现新突破 新提升。上海凭借政策优势、开放生态与创新活力，正成为全球资管行业的"稳定器"与"创新源"。 2025年是"十四五"规划的收官之年，也是"十五五"规划的谋篇布局之年，承担着总结前期成果与锚定未 来目标的"双重使命"。在此背景下，第一财经、中国银行联合主办"2025上海全球资产管理论坛"，邀请 监管机构、经济学家、金融基础设施、全球知名资管机构、国内龙头资管机构等，共同呈现一场推进资 管行业高质量发展、构建服务实体经济生态圈的国际化论坛。 每年10月举办的这一场高规格的资管论坛，一直都是上海资产管理协会主办的"全球资产管理中心·上海 国际活动周"的首发活动，并始终致力于将论坛打造成 一系列重磅的行业报告、指南和服务方案等重要 成果的发布平台 。相较于往届，今年的发布环节呈现出项目更多元、信息更丰富、覆盖更广泛的特 点，包含一系列在 研究 ...

陈吉宁：携手做好金融 " 五篇大文章 " ，共同促进金融创新转型 推动上海国际金融中心建设取得新成效 调研中国人民银行上海总部并座谈，就下一步业务创新拓展、政策服务支持等听取意见建议 ■ 希望中国人民银行上海总部聚焦重大命题和重要任务，同上海同题共答、携手共建，把握窗口期、增 强紧迫性，加快提升功能、优化布局、创新突破，支持打造人民币金融资产配置中心和风险管理中心， 推动上海国际金融中心建设再上新台阶 市委书记陈吉宁9月9日下午在调研中国人民银行上海总部时指出，要深入学习贯彻习近平总书记关于上 海国际金融中心建设的重要指示精神，切实肩负起落实国家战略、维护国家利益、保障国家安全的使命 任务，加快提升国际金融中心功能，携手做好金融"五篇大文章"，共同促进金融创新转型，更好发 挥"先手棋"作用，推动上海国际金融中心建设不断取得新成效，为金融强国建设作出更大贡献。 作为党中央、国务院完善中央银行体制的重大决策和支持上海国际金融中心建设的标志性举措，中国人 民银行上海总部成立20年来，充分发挥贴近金融市场优势，助力金融体系日益完善，服务实体经济成效 显著，推动金融改革开放不断向纵深推进。陈吉宁在中国人民银行上海总部听 ...

Core Insights - The Shanghai Clearing House and Guotai Junan Securities engaged in discussions to enhance collaboration in clearing and custody services, promote RMB internationalization, and contribute to the financial sector's development [1] Group 1 - The meeting was led by Ma Jianyang, Chairman of the Shanghai Clearing House, and included discussions with Zhu Jian, Chairman of Guotai Junan Securities [1] - Both parties emphasized their commitment to the goal of building a strong financial nation and recognized their roles as key financial infrastructure and comprehensive financial service providers [1] - There was a consensus on accelerating business innovation and coordination to support high-quality financial development and the construction of Shanghai as an international financial center [1]

Core Viewpoint - The conference focused on the development of the bond market in Shanghai and its role in enhancing the city's status as an international financial center, emphasizing the importance of standardization and internationalization of bonds [1][4]. Group 1: Bond Market Growth and Development - The issuance of agricultural development bonds (农发债) has shown strong growth, increasing from 1.3886 trillion yuan in 2022 to 2.5342 trillion yuan in the first half of 2025, surpassing the net increase of policy bank bonds [2]. - The issuance of 10-year agricultural development bonds rose from 343.7 billion yuan to 1.4812 trillion yuan, indicating a rapid growth trend, although the individual bond size remains small and valuations are relatively high [2]. - To enhance liquidity and optimize valuation mechanisms, the Agricultural Development Bank plans to focus on creating benchmark bonds, increasing single bond sizes, improving issuance transparency, and encouraging market participation [2][3]. Group 2: Standardization and Internationalization - The Agricultural Development Bank has implemented several innovative measures for bond standardization and internationalization, such as unifying bond maturity dates and coupon rates to simplify structures and enhance investor understanding [3]. - The bank has adopted a "twin bond" mechanism, issuing green bonds alongside regular bonds, which facilitates pricing and trading while supporting green finance [3]. - Plans to restart overseas issuance of agricultural development bonds aim to expand the international investor base and enhance recognition in global markets [3]. Group 3: Role of Shanghai as an International Financial Center - Shanghai's bond market is crucial for establishing the city as a key hub for international finance, leveraging policy advantages and a favorable business environment to attract international capital [4][5]. - Despite significant growth, challenges remain, including market fragmentation, regulatory coordination costs, and a low proportion of foreign investors, which need to be addressed to enhance global competitiveness [5]. - Recommendations for improving the bond market include promoting market integration, establishing unified infrastructure, and enhancing legal frameworks to align with international standards [5][6]. Group 4: Digital Finance and Innovation - Digital finance, driven by new technologies, is identified as a key component in the competition among international financial centers, with blockchain and cryptocurrency reshaping financial transactions [6][7]. - The rise of Bitcoin and stablecoins highlights the need for China to enhance its participation and influence in the digital asset space, recognizing their practical financial uses beyond speculation [7][8]. - Shanghai is encouraged to leverage its advantages to become a leading international digital finance center, balancing innovation with risk control [8]. Group 5: Contributions of Commercial Banks - Commercial banks are positioned as foundational elements in the bond market, supporting Shanghai's international financial center development through innovation, green finance, and openness [9][10]. - They can facilitate the development of technology-driven financial products and enhance support for green bonds, thereby contributing to the establishment of an international green finance hub [11]. - Efforts to attract long-term capital and improve services for foreign investors are essential for increasing participation in the Chinese bond market [11][12].

编者按：8月16日，"2025资产管理年会"在上海举办。"资产管理年会"始于2007年，历经十余年积淀， 目前已是国内资管行业最具影响力的盛事之一。本届年会聚焦主题"破局与重构——大资管再造竞争 力"，金融监管部门、权威专家学者、各大机构的负责人等千余名资管人士参加会议并围绕大资管发展 趋势、多元资产配置等重要议题展开分享和讨论，本专题特刊精选了部分会议内容予以刊发。 本报记者 吴霜 8月16日，由南方财经全媒体集团指导，21世纪经济报道主办、浦发银行联合主办的"2025资产管理年 会"在上海浦东隆重举办。 "肩负金融强国的使命、践行金融为民的责任，是资管行业回归初心，再造竞争力的力量之源"，在主论 坛上，浦发银行董事长、党委书记张为忠表示，近年来，资管行业迎来了"天时、地利、人和"的发展契 机，正加快从"规模扩张"向"质量提升"转变，浦发银行将以"一个中心、四化发展"，全面融入到上海国 际金融中心建设的大局之中。 近年来，浦发银行确立了"数智化"战略，明确深耕科技金融、供应链金融、普惠金融、跨境金融、财资 金融五大赛道，强化数字基建、数字产品、数字运营、数字风控与数字生态"五数"建设，打造差异化竞 争优势。 ...

Group 1 - The 14th "Shanghai Financial Talent" selection has commenced, with media evaluation involving 50 mainstream and professional financial journalists voting on candidates [1] - This year's selection features three awards: "Annual Person of the Shanghai International Financial Center Construction," "Leading Figures in Shanghai's Financial Industry," and "Innovative Figures in Shanghai's Financial Industry," with candidates required to be from licensed financial institutions and have worked full-time in Shanghai for at least two years [1][2] - The selection process includes self-nomination, committee nominations, media evaluation, online voting, and expert reviews, with results to be announced in September 2025 [3] Group 2 - A strong financial talent pool is identified as a key element for a financial powerhouse, with the revised 2024 "Shanghai International Financial Center Construction Regulations" emphasizing the need for policies that support financial talent development and evaluation [2] - Nearly 100 financial professionals have registered for this year's selection, showcasing a broad representation across traditional sectors like banking, securities, and insurance, as well as emerging fields such as green finance and financial information [2] - The candidates exhibit international diversity, including foreign financial professionals and those with extensive overseas experience, contributing to initiatives like the Belt and Road and cross-border financial infrastructure [2] Group 3 - The event is organized by several prominent institutions, including the China Economic Information Service and Xinhua News Agency, with support from various financial regulatory bodies and organizations [4] - The selection has been held for thirteen consecutive years, with over 200 financial talents recognized, enhancing Shanghai's international financial center's soft power and cultural atmosphere [3]

Group 1 - The asset management industry is transitioning from "scale expansion" to "quality improvement," driven by favorable economic conditions, structural diversity, and a growing middle-income population in China [1][2] - In the first half of the year, China's GDP grew by 5.3%, indicating stable economic progress and the continuous expansion of the asset management market [1] - By the end of 2024, Shanghai is expected to have 1,782 licensed asset management institutions, with foreign financial institutions accounting for one-third of this total, showcasing Shanghai's attractiveness and clustering effect [1] Group 2 - Shanghai Pudong Development Bank (SPDB) has established a "digital intelligence" strategy focusing on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and financial asset management [2] - SPDB's total assets have surpassed 9.6 trillion yuan, ranking 19th in the "Global Bank 1000" list by "Banker" magazine for 2025 [2] - The bank aims to provide comprehensive and friendly services by adhering to the principles of brand globalization, diversified asset allocation, long-term value, and digital ecological development [2]

21世纪经济报道记者 吴霜 上海报道 价值长期化，坚持"为客户创造价值"，为市场和客户提供"完备、友好、亲和、向善"的服务。 生态数智化，携手财富管理，共同打造大资管服务生态，提升投研、配置、营销、管理的数智化水平。 张为忠表示，从天时来看，上半年，我国经济稳中有进，主要经济指标表现良好，GDP 同比实现5.3%的增长，高质量发展不断 取得新的成效。中国资管市场规模持续扩大，行业结构更加多元，呈现"百花齐放"的局面。从地利来看，上海国际金融中心建 设不断取得新的进展。截至 2024年末，上海持牌的各类资管机构达到1782家，其中外资金融持牌机构 555家，占比1/3，体现了 上海的集聚效应和吸引力。从人和来看，我国拥有全球最大规模且持续壮大的中等收入群体，为大资管行业带来庞大且稳定的 客户基础。 近年来，浦发银行确立了"数智化"战略，明确深耕科技金融、供应链金融、普惠金融、跨境金融、财资金融五大赛道，强化数 字基建、数字产品、数字运营、数字风控与数字生态"五数"建设，打造差异化竞争优势。当前，浦发银行总资产已突破9.6万亿 元，位列2025年《银行家》杂志"全球银行1000强"第19位。 展望未来，张为忠强调 ...

Core Viewpoint - The issuance of the world's first public offshore bond from the Shanghai Free Trade Zone by the Bank of Communications Hong Kong branch marks a significant step in promoting offshore financial development and enhancing Shanghai's international financial center status [1][2] Group 1: Bond Issuance Details - The offshore bond has a term of 3 years and a coupon rate of 1.85% [1] - The bond is listed on both the Macau Financial Assets Exchange and the Luxembourg Stock Exchange [1] - The issuance attracted significant interest from overseas institutional investors from regions including Hong Kong, the Middle East, and Central America [1] Group 2: Strategic Importance - The issuance aligns with the Shanghai Free Trade Zone's offshore financial construction requirements and aims to facilitate high-level financial openness [1] - The Central Securities Depository Company plays a crucial role in supporting the offshore market's investment and financing system, contributing to the construction of Shanghai as an international financial center [1] Group 3: Future Plans - The Central Securities Depository Company will continue to fulfill its responsibilities as a financial infrastructure provider and optimize services for offshore bonds [2] - There are plans to expand financing channels for "going out" enterprises and high-quality overseas companies, promoting the development of the offshore financial ecosystem in Shanghai [2]