摩根资产管理环球主席白博文表示，"投资中国就是投资未来"这一口号，对全球投资者而言越来越具有 现实意义，未来的中国股市将展现出更强的稳定性、更强的周期、更低的波动。中国拥有多年来打下的 坚实基础，有能力实现"十五五"时期经济社会发展的主要目标，可以带来企业盈利的增长，股票市场的 良好回报，以及更具全球竞争力的资本市场。 近年来，通过一系列系统性、制度性改革，中国经济和中国资本市场的韧性与活力显著增强。特别是今 年，资本市场持续深化投融资综合改革，推出一批牵引性强、含金量高的标志性举措，有效促进上市公 司做优做强、实现高质量发展，增强了市场吸引力。 "中国经济基础稳、优势多、韧性强、潜力大，长期向好的支撑条件和基本趋势没有变，资本市场平稳 健康运行，具备良好的基础条件，证监会将深化投融资综合改革，着力提升资本市场制度的包容性、适 应性。"中国证监会副主席李明在会上说。 李明表示，在融资端，纵深推进"两创板"改革，加快落实科创板"1+6"政策举措，推动科创成长层平稳 运行。抓紧启动实施深化创业板改革，积极发展多元股权融资；在投资端，持续完善长钱长投的市场生 态，加力推动中长期资金入市实施方案落地见效，持续扩大社保 ...

面向下一阶段的资本市场建设，吴清在文章中明确了六方面任务举措：一是积极发展股权、债券等直接融资；二是推动培育更多体现高质量发展要求的上市 公司；三是营造更具吸引力的"长钱长投"制度环境；四是着力提升资本市场监管的科学性、有效性；五是稳步扩大资本市场高水平制度型开放；六是共同营 造规范、包容、有活力的资本市场生态。 近日，证监会主席吴清发表了题为《提高资本市场制度包容性、适应性》的署名文章。 ...

Market Overview - The Shanghai Composite Index reached a ten-year high, with the ChiNext Index rising by 2.55% and total market turnover exceeding 2 trillion yuan [1] - The recent U.S. government shutdown and subsequent fiscal spending halt have led to liquidity pressures in the money market, impacting foreign capital flows to emerging markets [1] - Despite the strengthening of the U.S. dollar, the liquidity pressure in the U.S. market is expected to ease as government spending resumes and the Federal Reserve is likely to halt balance sheet reduction in December [1] Policy Developments - The National Energy Administration released guidelines to promote the integration and development of renewable energy, aiming for a significant shift in the industry by 2030 [2] - The guidelines emphasize the importance of system efficiency and collaborative value in renewable energy, moving away from merely increasing installed capacity [2] - The U.S. government ended a 43-day shutdown with a temporary funding bill signed by President Trump, which will provide funding until January 30, 2026, alleviating immediate economic concerns [3] Market Performance - On November 13, A-shares saw an increase, with the Shanghai Composite Index closing at 4029.50 points, up 0.73%, and the Shenzhen Component Index rising by 1.78% [4] - The market turnover reached 20,658.28 billion yuan, showing an increase from the previous trading day [5] - The MACD indicator has formed a bullish crossover signal, suggesting positive momentum for certain stocks [6]

Group 1 - The core viewpoint is that the market capitalization held by foreign investors in A-shares has increased from over 3 trillion yuan at the end of 2020 to over 3.5 trillion yuan currently, indicating a growing confidence in China's capital market [1][3] - The A-share market indices have shown a steady upward trend over the past year, with the MSCI China Index outperforming global markets [1] - The Chinese government is committed to steadily and orderly advancing the opening of its capital markets, creating a favorable institutional environment for international investors [1][3] Group 2 - The Vice Chairman of the China Securities Regulatory Commission stated that foreign investors now hold over 3.5 trillion yuan in A-shares, highlighting their significant role in the market [3] - There is an expectation for further opening of China's capital markets, including the introduction of more futures and options products, which will enhance the convenience for foreign institutions to participate [3] - The quality and investment value of listed companies in China are continuously improving, with a concentration of leading technology firms in sectors such as integrated circuits, biomedicine, and new energy, providing high-quality assets for international investors [3]

Core Viewpoint - The article outlines the strategic direction for China's capital market development over the next five years, emphasizing the importance of deepening reforms, enhancing inclusivity, and fostering long-term investments to support economic growth [2][3][4]. Group 1: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, focusing on enhancing the inclusivity and adaptability of capital market systems [2]. - Key initiatives include advancing the reforms of the two innovation boards, implementing the "1+6" policy for the Sci-Tech Innovation Board, and promoting the stable operation of the Sci-Tech Growth Layer [2]. - The CSRC plans to expand the scale and proportion of equity investments from social security, insurance, and pension funds, while also deepening public fund reforms to better support long-term investments [2]. Group 2: Internationalization and Openness - The CSRC is committed to expanding the openness of the capital market, improving the Qualified Foreign Institutional Investor (QFII) system, and enhancing cross-border investment products [3]. - Efforts will be made to facilitate foreign institutional participation in the Chinese capital market and strengthen regulatory capabilities to protect investor rights [3]. - Shanghai aims to enhance its international financial center status by attracting global investors and improving the business environment through higher quality reforms [3]. Group 3: Focus on Innovation and Governance - The Shanghai Stock Exchange (SSE) will focus on fostering new productive forces by optimizing key systems related to issuance, refinancing, and mergers and acquisitions [4]. - The SSE aims to cultivate a market ecosystem that promotes rational, value, and long-term investments, encouraging more medium to long-term capital inflow [4]. - There will be an emphasis on improving corporate governance and information disclosure quality among listed companies, as well as expanding institutional openness and enhancing global competitiveness [4]. Group 4: Mergers and Acquisitions - The article highlights a new active cycle in mergers and acquisitions (M&A) within the A-share market, with over 1,000 disclosed transactions since the introduction of the "M&A Six Guidelines," including 115 major asset restructurings, marking a 138% year-on-year increase [4]. - The SSE plans to create a conducive environment for M&A that respects market innovation while ensuring effective regulation [5]. - The M&A market is viewed as a golden channel for investing in China's future, with ongoing efforts to attract high-quality companies to list [5].

Core Insights - The Shanghai Stock Exchange International Investor Conference has commenced, aiming to bridge communication between international investors and domestic regulatory bodies, exchanges, listed companies, and financial institutions to capture new investment and merger opportunities [1][1] - The theme of this year's conference is "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] Group 1: Regulatory and Market Environment - The China Securities Regulatory Commission (CSRC) emphasizes the stability and potential of the Chinese economy, asserting that the capital market operates smoothly and has a solid foundation for long-term growth [4] - The CSRC plans to enhance the inclusiveness and adaptability of capital market systems, aiming to improve the convenience for foreign institutions participating in the Chinese capital market [4][5] Group 2: Local Government Initiatives - Shanghai's government aims to attract more domestic and foreign institutions to operate in the city, enhancing the quality of financial services to the real economy [7] - The city is focused on creating a market-oriented, law-based, and international business environment to facilitate investment [7] Group 3: Exchange Development Goals - The Shanghai Stock Exchange (SSE) aims to build a world-class exchange by optimizing key systems related to issuance, refinancing, and mergers to direct capital towards advanced technologies and future industries [9] - SSE is committed to expanding cross-border investment channels and enriching its international product offerings to enhance global competitiveness [9] Group 4: Investment Trends - The investment landscape in China is characterized by three main themes: innovation, restructuring, and international expansion, which are seen as drivers of consumption upgrades [11] - International investors are increasingly recognizing the vibrancy of the Chinese economy, with a focus on sustainable growth driven by innovation [13]

11月12日，上海证券交易所国际投资者大会正式启幕。中国证监会副主席李明在开幕式上表示，中国经 济基础稳、优势多、韧性强、潜力大，长期向好支撑条件和基本趋势没有变，资本市场平稳健康运行， 具备良好的基础条件，证监会将深化投融资综合改革，着力提升资本市场制度的包容性、适应性。 融资端，纵深推进两创板改革，加快落实科创板"1+6"政策举措，推动科创成长层平稳运行。抓紧启动 实施深化创业板改革，积极发展多元股权融资。 李明称，展望未来，中国资本市场对外开放的大门只会越来越大，证监会将坚持市场化、法治化、国际 化的方向，稳步扩大资本市场高水平制度型开放，为国际投资者打造良好的投资环境。完善合格境外投 资者制度，稳慎拓展互联互通，加快建设世界一流交易所，丰富跨境投资产品，推动更多期货期权品种 纳入对外开放品种范围，提高外资机构参与中国资本市场的便利度。同时加强开放环境下监管能力和风 险防范能力建设，深化跨境监管执法合作，切实保护各类投资者的合法权益。 来源：上海证券报 投资端，持续完善长钱长投的市场生态，加力推动中长期资金入市实施方案落地见效，持续扩大社保、 保险、年金等权益类投资规模和比例，深化公募基金改革，丰富适配 ...

Core Insights - The Shanghai Stock Exchange (SSE) is hosting its annual International Investor Conference, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - This marks the seventh consecutive year for the SSE to hold this international event, aimed at facilitating communication between foreign investors and domestic regulatory bodies, exchanges, and listed companies [1] - The conference spans two days, featuring speeches from key figures in the China Securities Regulatory Commission (CSRC), Shanghai government, and international investment institutions [1] Group 1: Conference Structure and Themes - The conference includes two main forums: one focusing on investment topics such as asset allocation, ESG, and new consumption industries, and the other on mergers and acquisitions [2] - The agenda for November 13 will center on investment opportunities in technology innovation, highlighting sectors like artificial intelligence, biomedicine, and high-end equipment manufacturing [2] - The SSE has been actively enhancing its international business since 2025, improving mechanisms for international investor engagement and expanding global roadshow activities [2] Group 2: International Collaboration and Market Development - The SSE is integrating into the national strategy for opening up, promoting the inclusion of stock ETFs in the Hong Kong Stock Connect program, and facilitating cross-border ETF cooperation with Brazil [3] - During the "14th Five-Year Plan" period, the cumulative trading volume of the Hong Kong Stock Connect reached 99 trillion yuan, a 275% increase from the previous five-year period [3] - The SSE has established capital market cooperation with the Middle East, signing a memorandum of cooperation with the Muscat Securities Market in Oman to enhance market promotion and information exchange [3] Group 3: Investor Engagement and Future Outlook - The SSE is committed to deepening communication between international investors and Shanghai-listed companies to bolster investor confidence [4] - Recent online roadshows have attracted participation from nearly 50 institutions across major markets, showcasing investment opportunities in the STAR Market [4] - The SSE plans to continue enhancing services for international investors and promoting China's economic resilience and openness to foreign capital participation [4]

Core Insights - The Shanghai Stock Exchange International Investor Conference will be held on November 12-13, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers and Acquisitions" [1] - This marks the seventh consecutive year the SSE has hosted this conference, providing a platform for foreign institutions to communicate with domestic regulatory bodies, exchanges, listed companies, and financial institutions [1] Group 1: Conference Overview - The opening ceremony will feature speeches from leaders of the China Securities Regulatory Commission (CSRC), Shanghai Municipal Government, and the SSE [1] - Discussions will cover topics such as capital market institutional openness, investment and merger opportunities in the Chinese market, and value investing [1] Group 2: Sub-forums - The first sub-forum will focus on investment topics, including asset allocation in China, ESG, new consumption industry development, exchange-traded funds (ETFs), and the bond market, along with the release of cross-border index investment cooperation results [1] - The second sub-forum will address the development and reform of the Chinese merger and acquisition market and cross-border mergers and acquisitions [1] Group 3: Day Two Highlights - The second day will present the latest developments in the Sci-Tech Innovation Board, emphasizing the investment value of high-quality Chinese assets [1] - Discussions will involve industry leaders and representatives from Shanghai-listed companies and domestic and foreign financial institutions, focusing on sectors such as artificial intelligence, biomedicine, and high-end equipment manufacturing [1]

Core Points - The Shanghai Stock Exchange International Investor Conference will be held from November 12 to 13, focusing on "Value Leading Open Empowerment - New Opportunities for International Capital Investment and Mergers and Acquisitions" [1] - This marks the seventh consecutive year the Shanghai Stock Exchange has hosted this conference, providing a platform for foreign institutions to engage with domestic regulatory bodies, exchanges, listed companies, and financial institutions [1] Group 1: Conference Overview - The opening remarks will be delivered by representatives from the China Securities Regulatory Commission, Shanghai Municipal Government, and the Shanghai Stock Exchange on the first day of the conference [1] - Discussions will include topics such as capital market institutional opening, investment and merger opportunities in the Chinese market, and value investing [1] Group 2: Sub-forums - The first sub-forum will focus on investment topics, including asset allocation in China, ESG, new consumption industry development, exchange-traded funds (ETFs), and the bond market, along with the release of cross-border index investment cooperation results [1] - The second sub-forum will address the development and reform of the Chinese merger and acquisition market and cross-border mergers and acquisitions [1] Group 3: Day Two Highlights - The second day will showcase the latest developments in the Sci-Tech Innovation Board, emphasizing the investment value of high-quality Chinese assets [1] - Discussions will revolve around industries such as artificial intelligence, biomedicine, and high-end equipment manufacturing, featuring industry leaders and representatives from Shanghai-listed companies and domestic and foreign financial institutions [1]