炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近日，市场传言证监会两大重要职能部门——国际司与机构司的司长职务发生重要调整。对此，新浪证 券向相关人士求证确认，中国证券业协会党委书记、会长赵山忠已正式就任机构司司长，而机构司原司 长申兵则将回归国际司，担任司长一职。 在去年上海证券交易所国际投资者大会上，申兵指出，"代表新质生产力方向的企业在A股、H股及境外 上市中国企业中的占比正持续提升。从估值水平来看，相较于其他新兴经济体，这类企业仍处于历史相 对低位，为外资长期配置提供了良好机会。" 分析认为，此次调整体现出证监会强化机构监管、推进高水平对外开放的连续性和稳定性，亦有利于进 一步巩固监管合力、提升监管效能。 股市慢牛来了，你准备好了吗？备好账户跟进牛市，更有五大福利领取>> 责任编辑：公司观察 资料显示，赵山忠，2023年2月，出任证券业协会党委书记、会长。历任深圳证监局副局长、证监会办 公厅副主任，重庆证监局党委书记、局长。他曾在公开发言中表示，"资本市场是一个多方参与的复杂 生态系统，其功能的有效发挥离不开投资者的支持与参与。实现高质量发展，需通过持续深化改革，全 面提升 ...

7月24日，中国证监会召开证监会系统党的建设暨2025年年中工作会议，会议提出，稳步推进高水平制 度型开放。系统研究完善资本市场对外开放总体布局、实施路径，稳妥有序抓好自主开放重点举措落实 落地，推动在岸与离岸市场协同发展，持续拓展资本市场跨境合作新空间。 近年来，我国资本市场高水平开放步伐稳健，外资机构积极投身中国市场，中国企业也踊跃"走出去"拓 展国际版图。南开大学金融学教授田利辉对《证券日报》记者表示，当前中国市场对全球资本的吸引力 与日俱增，为全球投资者打开了一扇分享中国新质生产力红利的窗口。 东源投资首席分析师刘祥东在接受《证券日报》记者采访时表示，总体来看，在政策支持下，外资机构 加速布局中国市场，外资持股占比稳步上升。 在田利辉看来，中国资本市场制度型开放成效显著，主要得益于"规则接轨"与"市场吸引力"双轮驱动。 通过互联互通机制扩容、外资准入门槛持续降低、监管规则与国际对标，A股总市值突破100万亿元， 外资持仓稳定在3万亿元以上。可以说，制度型开放的核心是"市场化"与"法治化"，通过规则透明化和 产品多元化，中国资本市场正成为全球资本配置的战略高地。 刘祥东进一步分析称，随着中国市场吸引力不 ...

金十数据7月25日讯，证监会：稳步推进高水平制度型开放。系统研究完善资本市场对外开放总体布 局、实施路径，稳妥有序抓好自主开放重点举措落实落地，推动在岸与离岸市场协同发展，持续拓展资 本市场跨境合作新空间。增强资本市场重大问题研究的权威性和影响力，更好服务国家战略和监管需 要。 证监会：稳步推进高水平制度型开放 ...

Core Viewpoint - The recent policy allows Hong Kong-listed companies based in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange, and those not based in the area can issue depositary receipts to achieve A-share listing, indicating a clearer path for "H+A" listings [1][2][8] Group 1: Policy Implications - The policy supports over 200 Hong Kong-listed companies based in the Greater Bay Area, including major firms like Tencent and Alibaba, providing new opportunities for these companies to return to the A-share market [1][4] - The policy clarifies the types of companies eligible for the "H+A" listing, potentially expanding to red-chip and overseas companies [2][5] Group 2: Company Types Affected - Two main categories of companies will benefit: 1. Companies registered in the Greater Bay Area that are listed on the Hong Kong Stock Exchange, with 250 such companies identified, of which 220 have not yet listed on A-shares [4] 2. Hong Kong-listed companies that may include red-chip and overseas firms, with 796 companies identified that are registered overseas but operate in mainland China [5] Group 3: Listing Mechanisms - The policy outlines two listing methods: 1. Direct listing for eligible companies registered in the Greater Bay Area on the Shenzhen Stock Exchange [9] 2. Issuance of depositary receipts (CDR) for eligible Hong Kong-listed companies, providing a clear path for red-chip and overseas firms to enter the A-share market [10][11] Group 4: Market Expectations - The policy is seen as a potential shift in the IPO landscape, with expectations for increased A-share listings from Hong Kong companies, although the pace and number of listings will depend on market conditions [13][14] - The policy aims to enhance the integration of capital markets between Hong Kong and mainland China, with a focus on regulatory collaboration and investor protection [15]

Core Viewpoint - The recent joint issuance of policies by multiple Chinese government departments aims to accelerate the construction of a technology finance system to support high-level technological self-reliance and strength, which has garnered market attention [1][3]. Group 1: Financial Mechanisms for Technology Innovation - The new policies shift focus from the supply side of finance to the demand side of technological innovation, facilitating faster and cheaper financial support for technology innovation [3]. - A "green channel" mechanism for capital markets is established to enhance direct financing for technology enterprises, alongside the innovative proposal of a "technology board" in the bond market to raise long-term, low-interest, and easily accessible bond funds [3][4]. - The China Securities Regulatory Commission has signaled a push for high-quality red-chip technology companies to return to domestic capital markets, indicating readiness to welcome back companies previously listed abroad [3]. Group 2: Credit Support and Investment - The policies address the challenges faced by technology enterprises, particularly small and medium-sized private tech firms, in securing loans due to their asset-light nature and the difficulty in assessing the "expected value" of technological achievements [4]. - Structural monetary policy tools will be utilized to encourage financial institutions to increase support for technological innovation, addressing the pain points of financing for tech startups [4]. - A series of new measures will enhance the entire chain of venture capital fundraising, investment, management, and exit, while also establishing a comprehensive technology insurance product and service system to stabilize technology insurance [4].

Core Viewpoint - The Chinese government is committed to a series of financial policies aimed at stabilizing the market and expectations, particularly in light of concerns regarding trade tensions affecting financial products [1][3]. Group 1: Policy Initiatives - The China Securities Regulatory Commission (CSRC) emphasizes that opening up is a fundamental national policy and essential for the high-quality development of the capital market [3]. - The CSRC plans to advance high-level opening of the capital market and improve the framework for foreign investment [3]. Group 2: Specific Measures - Continuous expansion of institutional reforms, including optimizing services for qualified foreign institutional investors and expanding investment scopes [4]. - Enrichment of product offerings by promoting futures and options for qualified foreign investors and deepening the opening of the bond market [4]. - Ongoing deepening of market openness, including streamlining the overseas listing filing process and supporting the construction of the Shanghai International Financial Center [4]. - Strengthening cross-border regulatory cooperation to create a stable and transparent regulatory environment [4][5].