Group 1: Research Views - The performance of Chinese assets has been strong since June, with both stocks and bonds rising, pricing in possible policy changes in June. The views on stock index futures and treasury bond futures are both "volatile" [1] - For stock index futures, there are three main factors affecting the market: Sino-US communication may help resolve trade disputes; long - term consumption stimulus policies are attracting attention; and the upcoming Lujiazui Forum may bring news on capital market reform. The PPI data shows low inflation, and the market style may still favor consumption and technology. In Q1, the decline in the revenue growth rate of A - share listed companies has narrowed for three consecutive quarters, net profit has increased by about 4% year - on - year, but ROE is still at the bottoming stage [1] - For treasury bond futures, on June 18, the 30 - year main contract rose 0.09%, the 10 - year and 5 - year main contracts fell 0.01%, and the 2 - year main contract rose 0.01%. After the cross - month, the liquidity has eased marginally. In June, the bond market is unlikely to have a trending market and shows a sideways volatile pattern [1] Group 2: Daily Price Changes - For stock index futures on June 18, IH was at 2,677.4 (down 0.13% from the previous day), IF was at 3,872.2 (up 0.09%), IC was at 5,738.0 (down 0.18%), and IM was at 6,124.2 (down 0.09%) [2] - For stock indices on June 18, the Shanghai Composite 50 was at 2,679.9 (down 0.15% from the previous day), the CSI 300 was at 3,875.0 (up 0.12%), the CSI 500 was at 5,745.9 (down 0.09%), and the CSI 1000 was at 6,135.4 (down 0.10%) [2] - For treasury bond futures on June 18, TS was at 102.54 (unchanged), TF was at 106.28 (down 0.02%), T was at 109.14 (down 0.02%), and TL was at 120.90 (up 0.07%) [2] Group 3: Market News - At the 2025 Lujiazui Forum, the governor of the People's Bank of China announced eight major financial policies, including setting up an inter - bank market transaction reporting library, a digital RMB international operation center, and a personal credit investigation agency; carrying out a comprehensive reform pilot of offshore trade financial services in the Lingang New Area of Shanghai; developing free - trade offshore bonds; optimizing and upgrading the functions of free - trade accounts; innovating structural monetary policy tools in Shanghai; and promoting RMB foreign exchange futures trading [4][5] Group 4: Chart Analysis - **Stock Index Futures**: The report provides charts of the trends of IH, IF, IM, and IC main contracts, as well as the basis trends of corresponding contracts [6][7][8] - **Treasury Bond Futures**: Charts include the trends of treasury bond futures main contracts, treasury bond spot yields, basis, inter - period spreads, cross - variety spreads, and funding rates [12][13][17] - **Exchange Rates**: Charts show the central parity rates of the US dollar, euro against the RMB, forward exchange rates, the US dollar index, euro - US dollar exchange rate, pound - US dollar exchange rate, and US dollar - yen exchange rate [19][20][24]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the development of "free trade offshore bonds" as part of eight major financial opening measures announced by Governor Pan Gongsheng at the 2025 Lujiazui Forum, aiming to address debt rollover needs and support enterprises involved in the Belt and Road Initiative [2][3] Group 1: Development of Free Trade Offshore Bonds - "Free trade offshore bonds" are defined as bonds issued to domestic and foreign institutional investors with free trade accounts within the free trade zone, allowing issuers to be from domestic, free trade zone, or foreign entities, and can be denominated in both RMB and foreign currencies [3] - The issuance of these bonds, also known as "pearl bonds," began in 2016 with a successful issuance of 3 billion RMB in local government bonds, marking the inception of the bond market in the Shanghai Free Trade Zone [3] - The market for free trade offshore bonds saw a significant increase in issuance, surpassing 100 billion RMB for the first time in 2022, and by mid-2023, the issuance scale had already exceeded twice that of the entire previous year, with city investment companies accounting for 77% of the market [3][4] Group 2: Regulatory Environment and Market Concerns - Concerns about potential defaults have arisen due to the rapid growth of free trade offshore bonds, leading to stricter regulations that limit issuance to enterprises within the free trade zone and foreign entities [4] - In May 2023, regulatory guidance restricted banks to only invest in bonds issued by enterprises within the free trade zone, resulting in a significant decrease in new issuances [4] Group 3: Financing Opportunities for City Investment Companies - The PBOC's push for free trade offshore bonds is seen as a response to the need for debt rollover and a way to provide stable, diversified RMB financing channels for enterprises involved in the Belt and Road Initiative [5] - City investment companies facing challenges in domestic financing and USD bond issuance may find new financing options through free trade offshore bonds, provided they have overseas infrastructure project assets or can rely on overseas income for repayment [6] - Despite regulatory tightening, the market for city investment companies' offshore bonds showed resilience, with a significant increase in issuance expected in 2024, driven by the need to address domestic funding gaps [7]

刚刚，在2025陆家嘴论坛上，中国人民银行行长潘功胜宣布8项重磅金融政策。 八是会同证监会研究推进人民币外汇期货交易。推动完善外汇市场产品序列，便利金融机构和外贸企业 更好管理汇率风险。 本文来源：央视新闻 作者孙艳 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 三是设立个人征信机构。为金融机构提供多元化、差异化的个人征信产品，进一步健全社会征信体系。 四是在上海临港新片区开展离岸贸易金融服务综合改革试点。创新业务规则，支持上海发展离岸贸易。 五是发展自贸离岸债。遵循"两头在外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一路"共 建国家和地区优质企业的融资渠道。 六是优化升级自由贸易账户功能。实现优质企业与境外资金高效融通，提升跨境贸易投资自由化便利化 水平，助力上海高水平对外开放。 七是在上海"先行先试"结构性货币政策工具创新。包括开展航贸区块链信用证再融资业务、"跨境贸易再 融资"业务、碳减排支持工具扩容等试点。积极推动上海首批运用科技创新债券风险分担工具，支持私 募股权机构发行科创债券。 一是设立银行间市场交易报告 ...

Core Viewpoint - The People's Bank of China announced the development of offshore bonds for free trade, aiming to enhance financing channels for enterprises involved in the Belt and Road Initiative and improve the functionality of free trade accounts [1] Group 1 - The initiative follows the principle of "two ends outside" and adheres to international standards and rules [1] - The goal is to facilitate efficient capital flow between high-quality enterprises and foreign funds [1] - This move is expected to enhance the level of liberalization and convenience in cross-border trade and investment [1] Group 2 - The development of offshore bonds is part of efforts to support Shanghai's high-level opening up to the outside world [1] - The optimization of free trade account functions is aimed at better serving enterprises engaged in international trade [1]