专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 责任编辑：江钰涵 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，申万菱信基金董事长陈晓升在2025分析师大会上接受独家访谈，就全球与中国科技力量的演 进及其影响展开深入解读。陈晓升指出，全球正处在以人工智能为代表的第四次科技与工业革命浪潮 中，其本质是一场关乎未来格局的全球科技竞争。 11月28日，申万菱信基金董事长陈晓升在2025分析师大会上接受独家访谈，就全球与中国科技力量的演 进及其影响展开深入解读。陈晓升指出，全球正处在以人工智能为代表的第四次科技与工业革命浪潮 中，其本质是一场关乎未来格局的全球科技竞争。 陈晓升分析，科技力量是国家竞争优势的底层逻辑，深刻影响经济增长、金融市场与全球地位。他以美 国经济为例，指出其约90%的增长贡献来自于科技"七姐妹"企业。同时，美国政府正通过"创世使命"计 划与《人工智能行动计划》，整合政府、企业与国际资本，以万亿级投资推动AI发展，其动员规模与 战略定位已引发全球广泛关注。 谈及中国，陈晓升认为DeepSeek的横空出世是一个全球现象级 ...

"科技力量是一个国家竞争优势的底层逻辑，深刻地影响着其经济增长、金融市场、国防军事乃至全球 治理地位。"陈晓升强调。他以美国为例，指出其经济增长约90%的贡献来自于科技"七姐妹"企业，同 时美国政府正通过"创世使命"计划和《人工智能行动计划》，以万亿级投资整合各方力量，积极推动AI 发展。 在这场全球竞赛中，陈晓升特别指出 DeepSeek的横空出世是一个"斯普特尼克时刻" ，标志着全球科技 力量格局正在发生深刻变革。 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，申万菱信基金董事长陈晓升在2025分析师大会上接受独家访谈，系统阐述了全球科技竞争新 态势、中国科技力量的系统性崛起，以及由此引发的中国资产在全球配置中角色的历史性转变。 全球竞赛：科技力量成为国家竞争底层逻辑 陈晓升指出，全球正经历以人工智能为代表的第四次科技与工业革命，其本质是一场新一轮的全球科技 力量竞争。 中国崛起：从要素驱动到创新驱动的系统重构 陈晓升表示，根据世界知识产权组织报告，中国全球创新排名从2020年的第14位跃升至2024年的第10 位，2025年有望再上台阶，是前十名中唯一的非 ...

Core Viewpoint - The recent notice from the State Administration of Foreign Exchange (SAFE) represents a significant reform in cross-border capital flow management, enhancing the structure for cross-border payments and the use of the renminbi, thereby supporting the internationalization of the renminbi during the 14th Five-Year Plan period [1][4][10]. Group 1: Policy Changes - The notice aims to improve the convenience of cross-border investment and financing, attract foreign investment, and promote high-quality financial services for the real economy [3][10]. - Key reforms include the cancellation of prior registration requirements for foreign direct investment (FDI) expenses and the facilitation of reinvestment of foreign exchange profits within China [3][4]. - The notice also simplifies the management of cross-border financing for high-tech and specialized small and medium-sized enterprises, raising the financing limit to the equivalent of $10 million, with some enterprises eligible for up to $20 million [4][10]. Group 2: Capital Project Adjustments - Adjustments in capital project income payments include reducing the negative list and removing restrictions on purchasing non-self-use residential properties [4][10]. - The notice allows for a more flexible approach to payment facilitation, enabling banks to set their own post-check ratios and frequencies [4][10]. - Foreign individuals can now settle payments for property purchases in China with just a purchase contract, streamlining the process [4][10]. Group 3: Cross-Border Payment System Development - The notice aligns with the 10th anniversary of the Cross-Border Interbank Payment System (CIPS), which has expanded significantly, processing transactions worth 175 trillion yuan annually with a compound annual growth rate of 43% over the past decade [7][8]. - CIPS now covers 189 countries and regions, processing 4.03 million transactions worth 9.02 trillion yuan in the first half of the year, highlighting its role in supporting the internationalization of the renminbi [8][9]. - The development of a diversified cross-border payment system is emphasized, with increasing use of local currencies and new payment infrastructures emerging [6][11]. Group 4: Strategic Implications - The notice is seen as a pivotal moment in China's financial strategy, aiming to balance development and security while enhancing cross-border investment and financing [10][11]. - Analysts suggest that the reforms may create a rare window for investors to benefit from duration premiums and institutional arbitrage, although caution is advised as these opportunities may diminish once the reforms are fully implemented [11].