Core Viewpoint - The expansion of the list of accounting firms qualified for H-share auditing is a strategic move to enhance the auditing capacity and reduce the costs for mainland enterprises seeking to list in Hong Kong, thereby facilitating cross-border financing and improving communication with international investors and regulatory bodies [1][3][4]. Group 1: Expansion of H-share Auditing Firms - The Ministry of Finance and the China Securities Regulatory Commission have added 2 more accounting firms to the existing list of 10 qualified for H-share auditing, responding to the needs of the capital market and enhancing regulatory collaboration between mainland China and Hong Kong [1][2]. - The new firms must meet strict criteria, including a minimum annual revenue of 1.5 billion yuan and at least 800 certified public accountants, ensuring that only high-quality firms are included [2][3]. - This expansion is expected to lower the costs associated with listing in Hong Kong and improve the overall auditing supply capacity [1][2]. Group 2: Addressing Financing Needs - The expansion aligns with the strong demand for cross-border financing from mainland enterprises, as quality auditing firms can enhance information disclosure and attract more international investors [3][4]. - The H-share auditing process is crucial for mainland companies looking to globalize, especially as the Hong Kong IPO market remains active [3][4]. - The new auditing firms will provide comprehensive financial, risk control, and compliance services, facilitating smoother communication between mainland enterprises and international stakeholders [1][3]. Group 3: Enhancing Global Competitiveness - The expansion of H-share auditing firms is a key measure to optimize the connectivity of China's capital markets, thereby enhancing the global competitiveness of Chinese enterprises [3][4]. - Recent reforms by the Hong Kong Stock Exchange, such as the "Special Line for Science and Technology Enterprises," complement this expansion, creating a more favorable environment for mainland companies to list in Hong Kong [3][4]. - The collaboration between mainland and Hong Kong regulatory bodies has improved, establishing a robust mechanism for information sharing and regulatory cooperation [4][5].

转自：新华社 新华财经法兰克福11月20日电（记者单玮怡 马悦然）在19日召开的一场以"资本联通——金融投资的新 丝绸之路"为主题的中欧金融高级别互动活动上，多位来自中国和欧洲的金融界人士表示，在当前动荡 多变的国际环境中，中欧依然拥有广阔的合作空间和持续增强的合作意愿，期待双方能够坚持对话与合 作，持续寻求双赢。 当前，全球经济面临严峻挑战，合作比以往任何时候都更加珍贵。齐佩利乌斯说，德国和欧洲应与中国 开展持续而深入合作，特别是应在全球发展、第三方市场投资合作等方面加强对接。 齐佩利乌斯举例说，德中两国已经在埃塞俄比亚和肯尼亚等地开展可持续生产或气候适应型农业方面的 合作，将技术应用、知识推广和融资有机结合，提升了当地的治理和风险管控水平。这类合作对欧洲和 德国来说是一个战略机遇。 上海证券交易所副总经理王泊表示，金融投资合作，从来不是单向的探索，而是中欧资本市场相向而 行、携手共赢的必然选择。他期待中欧双方进一步深化互信、拓展合作空间。 与会嘉宾普遍认为，中欧金融市场互联互通不仅是深化双边经贸合作的应有之义，更能发挥稳定全球市 场预期的重要作用。中欧应进一步发挥各自优势加强对接合作，共同应对全球性挑战。 ...

本场活动由德国联邦投资与资产管理协会与中国银行联合主办，吸引来自德国、中国、意大利、爱尔兰 等国政府机构、金融和法律行业近200位代表出席，围绕资本市场互联互通、绿色投资合作、资产管理 规则对接等热点议题深入交流，共同探讨中欧金融合作与资本互联的新路径。 "我们对彼此的金融市场都抱有兴趣。本次活动旨在搭建桥梁、建立信任并增进彼此了解。"德国联邦投 资与资产管理协会首席执行官托马斯·里希特在接受记者采访时表示，本场活动吸引了许多专业人士参 与，发出重视与中国合作的声音，对华财金合作前景广阔。 多位嘉宾表示，近期在北京举办的第四次中德高级别财金对话达成了许多重要共识，让金融从业者备受 鼓舞。 新华社法兰克福11月20日电 综述：中欧金融界期待财金合作再升级 中国银行法兰克福分行行长陈隆建表示，期待中欧双方市场参与者通过会谈交流更好地理解彼此市场的 真实需求，共同发掘跨境投融资的新空间、新产品、新机制，从而为未来建立更系统、更稳定的中欧资 本市场互联互通机制奠定基础。 新华社记者单玮怡 马悦然 在19日召开的一场以"资本联通——金融投资的新丝绸之路"为主题的中欧金融高级别互动活动上，多位 来自中国和欧洲的金融界人士 ...

Group 1 - The "China-Europe Financial Summit" held in Frankfurt focused on the latest developments in the Chinese capital market and aimed to enhance cross-border financial cooperation between China and Europe [1][2] - The summit was co-hosted by the Bank of China and the German Federal Association of Investment and Asset Management, emphasizing the importance of mutual understanding and trust in financial collaboration [1][2] - The event coincided with the 50th anniversary of diplomatic relations between China and Europe, highlighting the timely nature of the discussions [1][2] Group 2 - The Chinese Consul General in Frankfurt noted that geopolitical risks and a sluggish global economic recovery have created a solid foundation for deepening financial cooperation between China and Europe [2] - The Bank of China, as a leading international commercial bank, aims to support European investors in accessing the Chinese market and enhance the use of the Renminbi in Europe [2][3] - German Federal MP emphasized the mutual dependency and complementarity between Germany and China, advocating for new cooperation models in finance, green development, and trilateral cooperation [3] Group 3 - The summit featured discussions among representatives from top European asset management institutions and Chinese financial organizations on topics such as capital market connectivity and investment opportunities in China [3] - European participants expressed a strong willingness to collaborate closely with their Chinese counterparts to deepen cross-border asset management cooperation and achieve tangible results [3]

Group 1: New Stock Offering - Jingchuang Electric will start subscription on November 18, with an issue price of 12.10 yuan and a price-to-earnings ratio of 13.47 times. The total fundraising is expected to be 175 million yuan [1] Group 2: Financial Market Cooperation - The fourth China-Germany high-level financial dialogue welcomed qualified Chinese and German enterprises to participate in each other's derivatives markets, aiming to enhance market depth, liquidity, and stability [3] Group 3: Industry Development Initiatives - Hubei Province is focusing on developing the Beidou industry by integrating it with low-altitude economy, humanoid robots, and artificial intelligence, aiming to enhance the overall competitiveness of the Beidou industry [4] - Guangdong Province has issued a plan to accelerate financial support for the elderly care service system, encouraging banks to develop long-term credit products tailored for elderly care facilities [5] Group 4: Automotive Industry - The China Automobile Industry Association called for the maintenance of normal export order and interests in the automotive industry, emphasizing the importance of self-discipline in internationalization efforts [6] Group 5: Cosmetics Industry - The National Medical Products Administration has released opinions to foster the development of internationally competitive domestic cosmetic brands, encouraging local regulatory bodies to support industry innovation [7] Group 6: Fiscal Revenue - From January to October, the national general public budget revenue reached 186.49 billion yuan, with a year-on-year growth of 0.8%. Tax revenue increased by 1.7%, while non-tax revenue decreased by 3.1% [8] Group 7: Semiconductor Sector - The semiconductor index has seen a year-to-date increase of 40.63%, with the total A-share market value reaching 5.76 trillion yuan, reflecting significant growth in leading semiconductor stocks [9]

Group 1 - The fourth high-level financial dialogue between China and Germany was co-hosted by Vice Premier He Lifeng and Vice Chancellor and Finance Minister Christian Lindner, emphasizing the importance of bilateral communication and policy coordination in the financial sector [1] - Both parties committed to enhancing macroeconomic policy coordination through various bilateral channels to promote global economic recovery and sustainable development, as well as to ensure global financial stability [1] - The dialogue resulted in several agreements, including the welcome of qualified companies listed on the Shanghai and Shenzhen Stock Exchanges to issue Global Depositary Receipts (GDRs) on the Frankfurt Stock Exchange, and vice versa for Frankfurt-listed companies to issue Chinese Depositary Receipts (CDRs) [1] Group 2 - The significance of developed derivatives markets in promoting market development, depth, liquidity, and stability was recognized, with both sides welcoming qualified Chinese and German enterprises to participate in each other's derivatives markets [2] - On the 10th anniversary of the China-Europe International Exchange, both parties acknowledged its role in facilitating financial cooperation between China and Germany, supporting the expansion of its business, including regulatory approval for A-share index derivatives [2] - Both sides encouraged qualified financial institutions to invest and operate in each other's markets, supporting enhanced cooperation in securities, futures, and derivatives, and fostering good conditions for addressing international economic and financial challenges [2]

本报记者 毛艺融 交投愈发活跃 在沪深港通推出之前，投资者可通过合格境外机构投资者计划（QFII）及人民币合格境外机构投资者计划（RQFII）买卖 中国内地市场股票，但仅限于符合条件的机构投资者。因此，2014年推出的沪港通是内地与香港市场之间首个可供广泛投资者 使用的市场互联互通机制。 过去11年，互联互通在产品覆盖范围、交易结算机制、投资者参与等多个维度都取得了显著成效，不仅为境内外投资者提 供了更加便捷高效的跨境资产配置渠道，也为两地资本市场注入了新的流动性与活力。 沪深港通成交活跃度稳步提升。Wind资讯数据显示，截至2025年11月16日，年内南向资金净买入额约1.3万亿港元，自开 通以来累计净买入规模超5万亿港元。 香港交易所三季报显示，2025年第三季度沪深股通及港股通成交量实现强劲增长，两者平均每日成交金额同创历季新高。 2025年前三季度，沪深股通和港股通的平均每日成交金额分别达2064亿元人民币和1259亿港元，分别同比上升67%和229%。 在内地和香港上市的合资格ETF于2022年7月份开始被纳入沪深港通。 2014年11月17日，沪港通正式运行，开创互联互通这一全新的资本市场开放模式 ...

智通财经APP获悉，11月14日，香港政府公布，香港行政长官根据《证券及期货条例》（第571章）， 再度委任梁凤仪为香港证券及期货事务监察委员会（香港证监会）行政总裁，任期两年，由2026年1月1 日至2027年12月31日。 此外，香港证监会亦积极推动资产及财富管理、固定收益及货币市场，以及数字资产等新兴领域的发 展，助推香港金融服务的创新和高质量发展。陈茂波深信，梁凤仪女士将继续带领香港证监会积极作 为，为巩固和提升香港国际金融中心的功能和地位作出更大贡献。 据悉，梁凤仪于2015年3月加入香港证监会，先后获委任为投资产品部和中介机构部的执行董事，及于 2018年3月至2022年12月期间兼任副行政总裁。她自2023年1月起出任香港证监会行政总裁。在加入香港 证监会之前，梁凤仪女士于1994年至2008年期间在香港金融管理局工作，并于2008年8月至2013年12月 期间出任香港财经事务及库务局副局长。 就这项任命，香港财政司司长陈茂波表示，梁凤仪女士在任内带领香港证监会公正、高效和稳健地履行 其稳慎监管与促进市场发展的双重使命，表现出色。在她的领导下，香港证监会与市场、香港特区政府 以及海内外的监管机构 ...

Core Viewpoint - The successful issuance of offshore RMB bonds by Kazakhstan's national oil and gas company marks a significant milestone for both the company and the Central Asian region, reflecting growing confidence in the offshore RMB capital market [1][2] Group 1: Bond Issuance Details - The bond issuance was led by Industrial Bank's Urumqi branch, with a total underwriting scale of 170 million RMB, representing the first 5-year offshore RMB bond for a Central Asian issuer [1] - This issuance provides a crucial pricing reference for future financing operations in the offshore RMB bond market for Central Asian enterprises [1] Group 2: Strategic Implications - The successful bond issuance is expected to invigorate the long-term strategic partnership between China and Kazakhstan in the energy sector [1] - It serves as a substantial achievement in deepening financial cooperation and promoting connectivity in capital markets between the two regions [1] - The issuance sets a new benchmark for cross-border financial collaboration and industrial capital synergy [1] Group 3: Bank's Commitment - Industrial Bank's Urumqi branch has maintained a leading position in the Xinjiang bond underwriting market and is committed to supporting diverse financing projects, including overseas bond issuances [2] - The bank plans to continue its efforts in the Central Asian market, providing efficient and professional financial services to various issuers in the region [2]

Core Insights - The collaboration between Shenzhen and Hong Kong stock exchanges has significantly enhanced financial connectivity, information sharing, and technological integration, reinforcing Hong Kong's status as an international financial center [1] Group 1: Deepening Interconnectivity - Since the launch of the Shenzhen-Hong Kong Stock Connect in 2016, the trading volume has rapidly increased, with a cumulative transaction amount reaching 125 trillion yuan by the end of September [1] - The Shenzhen Stock Connect accounted for 98 trillion yuan of this total, with an average daily trading volume of 47.7 billion yuan, making it the primary channel for foreign investment in A-shares [1] - The Hong Kong Stock Connect contributed 27 trillion yuan, with an average daily trading volume of 13.3 billion yuan, injecting liquidity into the Hong Kong market [1] Group 2: Bond Market Cooperation - The establishment of the Greater Bay Area Bond Platform in 2022 has enhanced cross-border bond trading cooperation, improving transparency in cross-border financing information disclosure [2] - As of September, the platform has showcased 46 products, including 35 offshore local government bonds and 10 cross-border bonds from policy financial institutions [2] - The platform aims to leverage the "dual zone" policy for innovative practices in capital market connectivity [2] Group 3: Financial Infrastructure Development - The Shenzhen and Hong Kong exchanges have initiated a collaboration project to provide stable and low-latency market data services, with a communication forwarding system for Hong Kong stock market data set to launch in 2024 [3] - A comprehensive fund platform has been established to enhance the efficiency of the Hong Kong fund market, with 42 financial institutions already participating [3] - Future plans include further reforms and expansions to enhance market attractiveness and support high-quality economic development [3]