12月9日，汇丰银行（中国）有限公司（下称汇丰中国）发布消息称，作为合格境外投资者（QFII）托 管行，已成功协助一家境外资管机构完成境内市场首笔以国债作为保证金的QFI商品期货交易。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示，国债作为商品期货保证金是债市与期市 基础设施"互联互通"的最新实践，为更多境外投资者参与境内商品期货市场提供了可复制的路径。不仅 为境外投资者提供了更高效的资金运用渠道，还能通过跨市场协同进一步丰富国债的使用场景。随着构 建多层次资本市场体系的不断加速，中国资本市场的吸引力和影响力持续提升，将吸引更多优质外资深 度参与其中。 瑞银期货董事长张家荣表示，此次首笔业务的落地，不仅标志着国债作为商品期货保证金业务向境外投 资者的开放正式落地，更体现出中国市场多元性和开放性的不断提升。 （文章来源：期货日报网） 本次交易中，汇丰中国为该机构提供了涵盖账户管理、担保品业务申请、国债交存及结算交收的全流程 服务。通过与中央国债登记结算有限责任公司、相关商品期货交易所以及期货公司的紧密合作，汇丰中 国协助该境外投资者将其在中国银行间债券市场持有的国债作为保证金，成功运用于境内商品期货交 ...

来源：中国新闻网 境外投资者参与中国商品期货市场迎来新进展 中新社北京12月9日电 (陶思阅)汇丰银行(中国)有限公司(下称"汇丰中国")9日宣布，作为合格境外投资 者(QFI)托管行，已成功协助一家境外资管机构完成境内市场首笔以中国国债作为保证金的QFI商品期货 交易。 本次交易中，该境外投资者将其在中国银行间债券市场持有的国债作为保证金，运用于境内商品期货交 易，提升了债券持仓的综合运用效率。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示，境外投资者首次通过QFI渠道以国债作 为商品期货保证金开展交易，是债券市场与期货市场基础设施"互联互通"的最新实践，为更多境外投资 者参与境内商品期货市场提供了可复制的路径。 "国债作为商品期货保证金，不仅为境外投资者提供了更高效的资金运用渠道，还能通过跨市场协同进 一步丰富国债的使用场景。"张劲秋说，随着构建多层次资本市场体系的不断加速，中国资本市场的吸 引力和影响力持续提升，将吸引更多优质外资深度参与其中。(完) 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编 ...

新华财经北京12月9日电（王菁）境外投资者参与我国商品期货市场迎来新进展。新华财经9日从汇丰银 行（中国）有限公司（简称"汇丰中国"）获悉，其作为合格境外投资者（QFI）托管行，当日已协助一 家境外资管机构完成境内市场首笔以国债作为保证金的QFI商品期货交易。 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示："境外投资者首次通过QFI渠道以国债 作为商品期货保证金开展交易，是债市与期市基础设施'互联互通'的最新实践，为更多境外投资者参与 境内商品期货市场提供了可复制的路径。国债作为商品期货保证金，不仅为境外投资者提供了更高效的 资金运用渠道，还能通过跨市场协同进一步丰富国债的使用场景。随着构建多层次资本市场体系的不断 加速，中国资本市场的吸引力和影响力持续提升，将吸引更多优质外资深度参与其中。" 近年来，中国人民银行、证监会等监管机构持续推进金融市场高水平制度型开放，推动资本高效流动， 期货市场向境外机构开放的步伐也在稳步提速。自2020年证监会允许QFI参与商品期货期权交易以来， 截至目前，各商品期货交易所已向QFI陆续开放91个商品期货期权品种合约。 本次交易中，汇丰中国为该机构提供了涵盖账户管理 ...

" * * " 0 学习卡片 什么是 功能完善的资本市场? 功能完善的资本市场,核心在 于公平、透明、高效,让资金顺畅 流动,推动实体经济发展。 其应该具备的核心特点包括: 强化监管，保护投资者权益。 构建"长牙带刺"监管体系,严厉 打击违规减持、操纵市场、内幕交 易等行为。完善信息披露制度。强 化上市公司现金分红,引导企业提 升投资价值。 公平透明。确保所有参与者都 能获得真实、及时的信息,投资者 能看清企业真实情况，做出理性决 策。 融资高效。能让企业依法依规 获得发展所需资金,特别是科技创 新型企业。 多层次匹配。主板、科创板、 创业板、北交所共同构成了一个功 能互补、有机联系的多层次资本市 场体系,让不同发展阶段的企业都 能找到合适的融资渠道。 风险可控。通过股票、债券、 衍生品等多样化工具,帮助企业管 理风险,投资者也能根据风险偏好 选择合适的投资产品。 服务实体经济。真正引导资金 流向科技创新、绿色发展等国家需 要的领域。 l l l l l l l l l l 学习卡片 如何建立健全 功能完善的资本市场? 夯实基础制度。严把"入 口",压实中介机构"看门人"责 任 ル） 源头上提升上市公司质量。 ...

Group 1 - The core viewpoint is that the A-share IPO financing amount has returned to the trillion yuan scale in 2025, reaching 100.36 billion yuan, indicating a recovery in the capital market's support for the real economy [1][2] - The A-share IPO financing amount in 2025 is significantly lower compared to the historical high of over 500 billion yuan in 2021 and 2022, showing that this year's performance is not particularly outstanding [2] - The main board contributed over half of the IPO financing amount, totaling 52.38 billion yuan, driven primarily by the IPO of Huadian New Energy, which raised 18.17 billion yuan [2] Group 2 - The IPO financing growth has positively impacted investment banks' earnings, with five investment banks surpassing 10 billion yuan in IPO sponsorship amounts [2] - The value of IPOs extends beyond capital supply, as they play a crucial role in supporting enterprise growth, industrial upgrading, and economic structure optimization [2] - The future outlook suggests that the improvement of a multi-level capital market system will provide stronger capital support for the development of new productive forces and industrial upgrades [3]

Core Insights - The Beijing Stock Exchange (BSE) has achieved significant milestones in its four years of operation, focusing on serving innovative small and medium-sized enterprises (SMEs) and enhancing market functions [1][2][3] Group 1: Market Performance - As of November 14, 2025, the BSE has 282 listed companies, a threefold increase from 81 at its inception, with over 80% being SMEs and nearly 90% being private enterprises [2] - The average revenue of 279 companies that disclosed their Q3 reports is 5.20 billion, reflecting a year-on-year growth of 6%, while the average net profit stands at 32.99 million [2] - The total market capitalization of listed companies is approximately 900.83 billion, with the top companies being Better Ray (42.04 billion) and Jinbo Biological (27.59 billion) [2] Group 2: Institutional Arrangements - The BSE has established inclusive market access for growth-stage and unprofitable companies, with a focus on balancing regulatory costs for SMEs [3] - The introduction of the "920" code signifies the BSE's transition to an independent code era, enhancing market recognition and attracting quality enterprises [3][4] Group 3: Market Ecosystem - The BSE has issued over 13 trillion in government bonds and supported local government bond issuance exceeding 990 billion, contributing to regional economic development [5] - More than 90% of listed companies have distributed dividends, with over 9.5 million qualified investors participating in the market [6] Group 4: Future Directions - The BSE plans to enhance its functions by improving support for technology innovation and refining its listing review system [7] - The focus will also be on stabilizing the market by improving the quality of listed companies and fostering long-term capital investment [8] - The BSE aims to optimize its product offerings and enhance market services, including the introduction of the North Certificate 50 ETF and after-hours fixed-price trading [9]

Group 1 - The event "Path to New Opportunities - Wuxi Enterprises A-share and Hong Kong Stock IPO Professional Training" was held, focusing on IPO-related matters and capital market policies [1] - Wuxi has 167 listed companies, ranking second in Jiangsu Province, with 46 companies planning to list on A-shares [1] - The A-share market is vibrant, with ongoing reforms and a multi-tiered capital market system that supports companies at different lifecycle stages [1] Group 2 - The Beijing Stock Exchange (BSE) features a high proportion of private enterprises and over 80% of companies are technology-oriented, with more than 50% classified as national-level "specialized and innovative" small giants [2] - The Hong Kong market serves as a crucial link for mainland enterprises to access global capital, with compliance and listing scheme design being key concerns for companies [2] - Key factors for successful overseas listings include understandable business models, verifiable compliance, and sustainable profitability [2] Group 3 - Representatives from participating companies expressed that the training enhanced their understanding of listing options, paths, and standards [3]

Group 1 - The event "Path to New Opportunities - Wuxi Enterprises A-share and Hong Kong Stock IPO Professional Training" was held, focusing on IPO-related matters and current domestic and foreign capital market policies [1] - Wuxi has 167 listed companies, ranking second in Jiangsu Province, with 46 companies preparing for A-share listings, indicating a strong pipeline of potential IPOs [1] - The A-share market is thriving, with a multi-tiered capital market system that supports companies at different lifecycle stages, providing various options for potential listings [1] Group 2 - The Beijing Stock Exchange (BSE) features a high proportion of private and technology-oriented enterprises, with nearly 90% being private and over 80% being tech-focused [2] - The Hong Kong stock market serves as a crucial link for mainland enterprises to access global capital, with compliance and listing scheme design being key concerns for companies planning to list in Hong Kong [2] - Key factors for successful overseas listings include understandable business models, verifiable compliance, and sustainable profitability, as discussed by industry experts [2] Group 3 - Representatives from participating companies expressed that the training provided valuable insights into listing options, paths, and standards [3]

Group 1 - The event "Path to New Opportunities - Wuxi Enterprises A-share and Hong Kong Stock IPO Professional Training" was held, focusing on IPO-related matters and capital market policies [1] - Wuxi has 167 listed companies, ranking second in Jiangsu Province, with 46 companies in the pipeline for A-share listings [3] - The A-share market is thriving, with ongoing reforms enhancing its inclusivity, adaptability, and competitiveness, providing various options for companies at different lifecycle stages [3] Group 2 - The Hong Kong stock market serves as a crucial bridge for mainland enterprises to connect with international markets, becoming a popular choice for companies seeking to go public [4] - Compliance and listing plan design are key concerns for companies planning to list in Hong Kong, necessitating a dual regulatory framework [4] - Recent training highlighted the importance of understanding listing standards and pathways, with participants expressing significant gains in knowledge [4]

Group 1 - The core viewpoint of the articles emphasizes the launch of the reform of the ChiNext board, which aims to provide more precise and inclusive financial services for innovative enterprises in emerging fields, aligning with China's "14th Five-Year Plan" for technological self-reliance and innovation [1][2][3] - The reform is seen as a crucial step in enhancing the capital market's ability to support technological innovation and high-quality economic development, facilitating the flow of resources towards innovation-driven sectors [2][4][5] - Industry experts highlight that the reform will improve the listing standards for innovative companies, thereby creating smoother financing channels for emerging industries and enhancing the capital market's role in serving the real economy [3][4][5] Group 2 - The articles indicate that the ChiNext board's reform will help attract more patient capital and create a more flexible financing environment, essential for nurturing innovation and supporting the growth of new industries [2][3][4] - The reform is expected to optimize the market structure, allowing more potential technology companies to access financing opportunities, and guide funds towards key sectors such as new information technology, renewable energy, and high-end manufacturing [4][10] - The articles also discuss the positive performance of ChiNext companies, with a reported revenue of 3.23 trillion yuan and a net profit growth of 16.4% year-on-year in the third quarter, indicating a recovery in profitability and strong momentum in emerging industries [10][11][12] Group 3 - The articles highlight the increasing allocation of institutional investments towards the ChiNext board, with a reported allocation weight of 19.29% for the ChiNext compared to 47.54% for the main board, reflecting a growing confidence in high-tech and strategic emerging industries [13][14] - The investment focus is shifting towards sectors with significant domestic replacement potential and clear policy support, such as artificial intelligence, semiconductors, and renewable energy technologies [14][15] - The articles note that the ChiNext board's theme funds have shown strong performance, with an average return of 40% year-to-date, driven by the capital market reforms and the ongoing technology innovation cycle [16][17][18]