原标题：【聚焦】充分用好各种有利条件，增强上海国际金融中心竞争力和影响力！市委金融委全体会 议举行 2026年度市委金融委第一次全体（扩大）会议今天（2月26日）举行。市委副书记、市长、市委金融委 主任龚正指出，要深入贯彻落实习近平总书记考察上海重要讲话精神，认真落实全国金融系统工作会议 和十二届市委八次全会部署，扎实推动金融高质量发展、推动上海国际金融中心加快向更高能级迈进， 为更好服务金融强国建设作出新的更大贡献。 敏锐把握外部环境的深刻复杂变化，做好风险防控预案，增强金融安全可控能力，充分用好各种有利条 件，增强上海国际金融中心竞争力和影响力，努力赢得战略主动 龚正指出，过去一年，上海金融改革发展取得扎实成效，国际金融中心核心功能进一步强化，金融支持 高质量发展力度进一步加大，金融发展环境进一步优化。今年是"十五五"开局之年，要敏锐把握外部环 境的深刻复杂变化，做好风险防控预案，增强金融安全可控能力，充分用好各种有利条件，增强上海国 际金融中心竞争力和影响力，努力赢得战略主动。 加力支持扩大内需、科技创新和中小微企业发展，推动更多金融"活水"流向绿色消费、智能消费、银发 消费等新兴消费领域，持续增强功能 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 2月3日，上海市第十六届人民代表大会第四次会议开幕，市长龚正作政府工作报告。在部署"着力加强 核心功能建设，持续提升'五个中心'能级"时，报告明确指出，要深化国际金融中心建设，配合中央金 融管理部门加强科创板制度建设，更大力度培育壮大长期资本、耐心资本，探索构建离岸金融体系，加 快建设自主可控的人民币跨境支付体系。这为上海国际金融中心在"十五五"时期的功能升级指明了方 向。 "十四五"期间，上海国际金融中心建设活力迸发，金融市场规模与能级持续提升。数据显示，2025年前 三季度，在沪主要金融要素市场合计成交2967.8万亿元，同比增长12.7%。 与此同时，上海金融业对外开放在国内引领潮头，是外资金融机构进入中国市场的首选地。截至2024年 底，上海各类持牌金融机构达到1782家，其中外资金融机构占三分之一，全球主要跨国金融机构基本在 上海设有分支机构。 "十五五"是上海国际金融中心功能全面提升的关键五年。上海的目标是明确的，经过5—10年的建设， 基本建成与我国综合国力和全球影响力相匹配的国际金融中心。 这意味着上海将不仅是中国的金融中心，更将成为全球金融治 ...

Core Viewpoint - The Shanghai government aims to enhance its international financial center during the 14th Five-Year Plan, focusing on deepening the construction of the international financial center, fostering long-term capital, and exploring an offshore financial system [1][2]. Group 1: Financial Market Growth - During the 14th Five-Year Plan, Shanghai's financial market has shown significant growth, with a total transaction volume of 296.78 trillion yuan, representing a year-on-year increase of 12.7% [1]. - By the end of 2024, Shanghai is expected to have 1,782 licensed financial institutions, with foreign institutions making up one-third of this total [1]. Group 2: Strategic Pillars for Development - The construction of the international financial center is seen as a strategic core that drives the city's overall development, focusing on enhancing its competitiveness and influence [4]. - Four strategic pillars are identified: 1. Deepening the new market system and expanding its functions to create a global asset allocation center and risk management center [5]. 2. Promoting high-quality institutional opening and enhancing hub capabilities by building an offshore financial system [5]. 3. Ensuring comprehensive financial services for the real economy and nurturing new productive forces [6]. 4. Building a secure and efficient infrastructure to optimize the business ecosystem [6]. Group 3: Transitioning to Higher Standards - The construction of the international financial center is transitioning from a focus on scale to enhancing quality and strength, emphasizing the importance of playing a core role in the digitalization and internationalization of the renminbi [8][9]. - The city aims to shift from a channel-based opening to a rules and standards-setting opening, establishing itself as a hub for international financial standards [9]. Group 4: Enhancing the Dual Center Strategy - The dual center strategy focuses on building a global renminbi asset allocation center and risk management center, marking a shift from scale expansion to functional upgrades [13]. - Key recommendations include: 1. Establishing an offshore financial system aligned with international standards [13]. 2. Breaking through financial product bottlenecks, particularly in renminbi foreign exchange futures [14]. 3. Upgrading financial infrastructure and regulatory systems using advanced technologies [14]. 4. Optimizing the global business environment to attract international financial organizations and talent [14][15].

1. 公开市场操作 央行 公告称， 2 月 3 日以固定利率、数量招标方式开展了 1055 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 1055 亿元，中标 量 1055 亿元。 Wind 数据显示，当日 4020 亿元 逆回购到期 ，据此计算，单日净回笼 2965 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面整体平稳，跨月后需求端压力暂时不大， D R001 加权平均利率降约 5bp 至 1.31% 附近。匿名点击（ X-repo ）系 统上，隔夜报价在 1.3% 有逾千亿供给；非银机构质押信用债融入隔夜报价则在 1.5% 附近。 （IMM） 海外方面，最新美国隔夜融资担保利率为 3.68% 。 // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） （*数据来源：Wind-成交统计BMW） 5. 近期城投债（AAA）各期限利差走势及数据 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约跌 0.10% 10 年期主力合约涨 0.02% 5 年期主力合约涨 0.06% 2 年期主力合约涨 0.03% 3. ...

上海2026年GDP增长目标定了。 报告提出，今年要建设国家服务贸易创新发展示范区，培育高端设计、研发等知识密集型服务贸易，支持跨境 电商、保税维修、再制造、二手车出口等新业态新模式发展。 深入实施"人工智能+"行动 2月3日，据上海发布，上海市第十六届人大四次会议2月3日上午在世博中心开幕。上海市市长龚正作《政府工 作报告》。龚正说，综合各方面因素，建议今年全市经济社会发展的主要预期目标是：全市生产总值增长5% 左右。 报告明确，在集成电路、生物医药、人工智能等领域加快实施一批重大产业项目，积极支持智能网联新能源汽 车、海洋经济、低空经济、航空航天、卫星互联网等产业发展，培育特色数字产业集群，大力推动服务业扩能 提质、集聚发展。 上海最新发布 今日（2月3日）上午，上海市市长龚正作《政府工作报告》。龚正说，综合各方面因素，建议今年全市经济社 会发展的主要预期目标是：全市生产总值增长5%左右，地方一般公共预算收入增长2%，全社会研发经费支出 相当于全市生产总值的比例达到4.6%左右，城镇调查失业率5%以内，居民人均可支配收入增长与经济增长保 持基本同步，居民消费价格涨幅2%左右。 报告指出，今年全年要完成重大 ...

Core Viewpoint - The issuance and settlement of the world's first offshore bond by a non-bank financial institution in the Shanghai Free Trade Zone marks a significant development in expanding the offshore financial system in Shanghai [1] Group 1: Bond Issuance Details - The bond issued by Guotai Junan Financial Holdings Co., Ltd. amounts to 500 million RMB with a maturity of 364 days and a coupon rate of 1.8% [1] - The bond follows a secured structure and is registered and custodied by the Shanghai Clearing House [1] Group 2: Market Impact and Investor Engagement - The issuance adheres to the principle of attracting foreign investment, with many overseas investors opening accounts at the Shanghai Clearing House and actively subscribing to the bonds [1] - This initiative supports the expansion of the investor base for offshore bonds in Shanghai, contributing to the development of an offshore financial system that aligns with Shanghai's status as an international financial center [1]

Core Viewpoint - The trial of the offshore bond default case in Shanghai is significant for establishing a compatible offshore financial system with the Shanghai International Financial Center, enhancing legal risk assessments of current offshore bond rules, and providing a legal framework for the construction of the offshore RMB market [1][2]. Group 1: Case Details - The case is the second test case since the release of the Shanghai Financial Court's financial market case testing mechanism [1]. - The trial panel consists of four judges from the Shanghai Financial Court and three external experts, including law professors from Hong Kong and finance professors knowledgeable in international financial systems [1]. - Key issues in the case include the legality of blockchain-issued offshore bonds, the independent litigation status of individual investors, cross-default and expected default conditions, and the reasonableness of domestic collateral disposal procedures and prices [1]. Group 2: Legal and Financial Implications - The trial is seen as a systematic legal risk pressure test of current offshore bond rules, aimed at enhancing compatibility between China's financial market infrastructure and international standards [2]. - The trial court will follow principles of independent voting, majority decisions, and dissent retention to issue judicial opinions based on the case facts [2]. - The case is expected to play a crucial role in preventing cross-border financial risks and promoting high-level financial market openness [2].

Core Viewpoint - The offshore bond business in free trade zones has seen significant development, but it also faces challenges that need to be addressed for sustainable growth [4][8]. Development Status of Offshore Bonds - The overall structure of the offshore bond market is gradually optimizing, with a cumulative issuance amount of approximately 130 billion yuan by June 2025, primarily from urban investment companies, with participation from financial, real estate, leasing, and industrial companies [6]. - The service model for overseas investors is becoming more diverse, with the introduction of a "primary custody + tiered service" model by the central clearing company, enhancing outreach to overseas investors [6]. - The trading functions are improving, allowing transactions through platforms like Bloomberg and Tradeweb, and facilitating automatic bond settlement [6]. - Theoretical research on offshore bonds is deepening, with collaborations between banks and academic institutions to create research platforms [7]. - There is an increasing expectation from various sectors regarding the significance of offshore bonds in Shanghai's financial system development, with multiple supportive measures being introduced [7]. Challenges and Reasons - The offshore bond business faces several challenges, including insufficient policy supply, with delays in financial legislation and unclear policy directives [9]. - The business scale is under pressure, with no new issuances since November 2023 and a peak period for principal and interest repayments approaching in 2025-2026, with approximately 116.8 billion yuan of bonds maturing [9]. - There is a need for improved communication between regulators and the market, as misunderstandings about regulatory policies persist [9]. - The growth of dim sum bonds has created a competitive environment, with an average annual growth rate of 62% in new issuances from 2022 to 2024, impacting the demand for offshore bonds [10]. - Concerns about the risks associated with innovative businesses are rising, particularly due to the high proportion of urban investment companies among issuers [11].

Core Insights - The core viewpoint emphasizes the importance of technological competition as a frontier for future development, highlighting the need for financial support in technology innovation, industrial upgrading, and green development while also accelerating the digitalization of finance [1][2]. Group 1: Financial Reform and Development - The construction of the Shanghai International Financial Center should focus on comprehensive financial reform, enhancing top-level design, policy formulation, and implementation to address existing challenges and improve the pricing mechanisms of financial markets [1][2]. - There is a need for institutional openness, simplifying the approval processes for foreign financial institutions to facilitate their entry into the RMB business and enhance Shanghai's position as a hub for RMB asset allocation [2][3]. Group 2: Supporting the Real Economy - The five center constructions in Shanghai should work collaboratively to support the high-quality development of the real economy, particularly in areas like equity investment ecosystems, the Sci-Tech Innovation Board, and green finance [2][3]. Group 3: Offshore Financial System - An offshore financial system centered around the RMB should be established in Shanghai, promoting the free flow of legal funds across borders and facilitating the financial management of Chinese enterprises operating overseas [2][3]. Group 4: Financial Technology Development - There is a strong emphasis on developing financial technology by integrating various financial data resources in Shanghai, creating platforms for both general and specialized financial models to empower financial services and regulation [3]. Group 5: Global Financial Cooperation - Support for Chinese enterprises going global and the Belt and Road Initiative is crucial, alongside enhancing global financial cooperation and governance, which will expand the use of the RMB as an international currency [3].

Core Viewpoint - The construction of Shanghai as an international financial center is of significant importance and urgency, with a rich market structure compared to other global financial centers [3]. Group 1: Current Status and Challenges - Shanghai's international financial center has shortcomings, including the need to enhance its international influence and the degree of market internationalization [3]. - The financial market structure in Shanghai is unbalanced, and there is a lack of high-quality supporting services necessary for a financial center [3]. - The leadership in financial technology needs improvement to support the development of the financial center [3]. Group 2: Recommendations for Development - Comprehensive deepening of financial reforms is necessary to accelerate the construction of Shanghai's international financial center [4]. - A strong emphasis on developing financial technology is recommended to enhance the center's capabilities [4]. - Expanding openness with a focus on institutional openness is crucial, including simplifying the approval process for foreign financial institutions to engage in RMB business [3][4]. Group 3: Specific Strategies - Implementing "block-style openness" to allow specific long-term investors, such as foreign central banks, greater access to financial markets is suggested [4]. - Creating a hub for RMB asset allocation in Shanghai by prioritizing channels for overseas RMB holders to invest in the local financial market is recommended [4]. - Establishing an offshore financial system centered on RMB, which includes exploring digital technology and enhancing the free flow of legal funds across borders, is proposed [4].