【摩根大通获批中国银行间债市一般主承销商】近日，摩根大通银行（中国）有限公司正式获得中国银 行间市场交易商协会授予的非金融企业债务融资工具一般主承销商资格。这是摩根大通在华债券业务布 局里程碑式的突破，将推动公司继续全面深度参与中国债券市场的创新发展与高水平开放。 摩根大通银行（中国）有限公司行长熊碧华表示："从2004年摩根大通启动中国银行间市场债券交易， 2008年取得做市商资格，2017年荣获结算代理业务资格，到2018年成为债券通做市商，再到2025年年底 拿下银行间市场一般主承销商资质，摩根大通全程见证并参与了中国债券市场的持续高水平开放。此次 获批一般主承销商资质，将进一步拓宽我们服务境内外发行人和投资者的广度与深度，帮助我们发 挥'全球资源+本地专长'的双重优势，服务好客户，继续推动中国资本市场的国际化和包容性建设，提 升中国资本市场在全球金融体系中的定价影响力和资源配置效率。"中经记者 郝亚娟 夏欣 上海 北京报 道 ...

人民币国际化与资本市场国际化 吴晓求明确指出，金融强国的建设必须围绕两个指标展开。第一是人民币的自由化和国际化。"哪一天 在伦敦或纽约可以随意兑换所需金额的人民币，人民币国际化才算真正完成。"他强调，边境贸易、双 边或多边贸易中使用人民币结算只是阶段性步骤，不应满足于区域化成果。人民币的最终目标是在发达 国家作为支付或储备货币自由流通。 第二是资本市场的国际化。吴晓求认为，中国必须努力建设成为人民币计价资产的国际金融中心。他提 醒，金融强国的标志并非银行资产规模或"宇宙银行"的体量，而是资本市场能否承担资源配置、风险定 价和财富管理的核心功能。"没有这个载体，金融强国难以实现。" 资本市场改革三大方向 吴晓求提出，当前资本市场改革需从三个层面推进。首先是认知转变，市场不应被视作单纯的融资工 具，而应定位为投资市场，核心是建立激励机制。他肯定了近期资产端改革的方向，即推动科创型企业 成为市场主体，视为资本市场长期成长的基石。 （原标题：排雷、转型、国际化：吴晓求勾勒中国资本市场改革三大核心目标） 12月21日，在2025深圳香蜜湖金融年会上，中国人民大学原副校长、金融学家吴晓求就"金融强国建 设"发表主旨演讲。 ...

Group 1 - During the "14th Five-Year Plan" period, the cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 99 trillion yuan, representing a 275% increase compared to the "13th Five-Year Plan" [1] - Ten companies completed global depositary receipt issuances, raising a total of 33.5 million USD [1] - The scale of cross-border index products in the Shanghai market exceeded 320 billion yuan, indicating an increase in international influence [1] Group 2 - The Shanghai Stock Exchange (SSE) has actively promoted deep exchanges between international investors and companies listed in the Shanghai market to strengthen investor confidence [2] - In August, the SSE held an online roadshow titled "Focusing on SSE - Six Years of the Sci-Tech Innovation Board," with participation from nearly 50 institutions from major markets in Europe, America, and Asia-Pacific [2] - The SSE and the Singapore Exchange co-hosted the "SSE-SGX Deepening Cooperation Exchange Conference" in September, focusing on new opportunities for capital market cooperation [2]

Group 1 - ARC Group will host the 2025 Capital Markets and M&A Forum in Shenzhen on September 18, 2025, highlighting Shenzhen's growing importance in financial innovation [1] - The proposed changes to NASDAQ's listing standards will increase the minimum fundraising requirements for new companies primarily operating in China, drawing significant attention from various sectors [1] - The forum aims to provide a unique platform for Chinese companies to explore cross-border development opportunities and discuss challenges in the capital markets [1] Group 2 - Over the past three years, ARC Group has successfully provided advisory services for cross-border M&A transactions exceeding $1 billion, establishing itself as a leader in the global SPAC advisory rankings [2] - The company has branches in China, the United States, Southeast Asia, Europe, and the Middle East, offering integrated solutions in financial advisory, capital markets, cross-border acquisitions, and management consulting [2]

Core Insights - The appointment of Huo Ruirong as the Vice Chairman of the Shanghai Stock Exchange (SSE) is seen as a significant move towards enhancing the internationalization strategy of the exchange, coinciding with a critical phase of deepening openness in China's capital markets [1][4] Group 1: Leadership Changes - Huo Ruirong, aged 55 and an economist, has a diverse career spanning futures regulation, securities market monitoring, and cross-border cooperation [3] - Prior to this role, Huo held several key positions, including Deputy General Manager of the Shanghai Futures Exchange and General Manager of the China Financial Futures Exchange, where he focused on risk prevention and market data monitoring [3] - The SSE leadership team underwent optimization in August, with notable changes indicating a strong emphasis on international business [4] Group 2: Strategic Implications - Huo's experience in international regulatory frameworks and cross-border enforcement mechanisms is expected to accelerate SSE's connectivity with exchanges in London, Singapore, and Hong Kong [4] - The appointment is viewed as a signal for SSE to expand the coverage of the "Shanghai-London Stock Connect" and optimize the selection criteria for the "Shanghai-Hong Kong Stock Connect" [4] - There is potential for exploring cooperation with emerging markets in the Middle East and Latin America, further enhancing SSE's international presence [4]

Group 1 - The core viewpoint is that foreign securities firms are increasingly entering the Chinese market, benefiting from the country's high-level financial openness and significant growth potential [1][2] - The continuous opening-up policies of China's capital market have created a favorable environment for foreign securities firms, with 16 foreign-controlled securities firms currently operating in the market [2][3] - The performance of foreign securities firms has shown strong growth, with total assets of 53.28 billion and net assets of 29.63 billion, reflecting a year-on-year increase of 10% and 6.96% respectively [3][4] Group 2 - The significant growth in scale and business of foreign securities firms indicates their enhanced service capabilities and optimized profit models in the Chinese market [4][5] - Foreign securities firms are not only participants in the Chinese securities market but also contributors to the high-quality development of the industry, bringing management experience and innovative business models [5][6] - The development of foreign securities firms in China demonstrates the country's commitment to financial openness and the actual results achieved, with expectations for greater roles in serving the real economy and promoting capital market development [6]

Group 1 - The launch of the ETF trading under the Stock Connect mechanism marks a significant milestone in the capital markets, enhancing cooperation between mainland China and Hong Kong [1] - As of July 4, 2023, northbound capital has accumulated a net purchase amount exceeding 1.7 trillion yuan, while southbound capital has surpassed 2 trillion yuan since the launch of the Stock Connect [1] - The inclusion of ETFs in the Stock Connect is expected to attract long-term allocation funds to both markets, furthering the internationalization of the A-share market [1] Group 2 - A total of 87 ETFs have been officially included in the Stock Connect, comprising 53 from the Shanghai Stock Exchange, 30 from the Shenzhen Stock Exchange, and 4 from the Hong Kong Stock Exchange [2] - The diverse range of ETFs includes core broad-based products and thematic industry ETFs, such as those focused on advanced manufacturing, digital economy, and green low-carbon sectors, appealing to international investors [2][3] - The growing number of industry-themed ETFs in mainland China, which now account for a significant portion of the market, presents strong allocation attractiveness for foreign investors [2] Group 3 - The ETF market is anticipated to welcome incremental capital as the Stock Connect mechanism enhances the variety of investable products for foreign investors [4] - The total scale of ETFs listed on the Hong Kong Stock Exchange that invest in A-shares has exceeded 50 billion yuan, indicating strong demand from overseas markets [4] - The first batch of 83 northbound eligible ETFs involves a total scale of over 671.7 billion yuan from 20 public funds, with leading firms like GF, Huaxia, and E Fund having the highest number of products [4] Group 4 - The ETF inclusion in the Stock Connect is a crucial step in the ongoing internationalization of China's capital markets, facilitating cross-border investment opportunities [5][6] - The Shanghai Stock Exchange has reported a cumulative transaction volume of 52 trillion yuan since the launch of the Stock Connect, indicating growing market activity [5] - The move to include ETFs is part of a broader strategy to deepen the opening-up of China's capital markets, enhancing the international financial center status of Hong Kong [6]

Group 1 - The core viewpoint of the articles highlights the continuous innovation in the exchange bond market this year, which has increased financing support for technology innovation and private enterprises, while also optimizing rules for high-quality development [1][2][4] - In the first half of the year, the total bond financing amount in the Shanghai and Shenzhen exchanges reached 2.67 trillion yuan, with corporate bonds accounting for 1.97 trillion yuan, asset-backed securities for 495 billion yuan, and local government bonds for 204.2 billion yuan [1] - The introduction of new bond varieties, such as technology innovation bonds and low-carbon transition bonds, aims to provide precise support for specific sectors, improving the financing environment for private enterprises [2][3] Group 2 - The exchange bond market has implemented various measures to enhance credit support and reduce costs for private enterprise bond financing, including a special support plan for private enterprise bonds and the exemption of transaction fees [4][5] - The introduction of foreign capital into the exchange bond market marks a significant step in China's capital market internationalization, which is expected to lower corporate financing costs and enhance corporate transparency and international brand image [6]

Group 1 - A significant influx of foreign capital is focusing on Chinese assets, driven by China's economic recovery, capital market openness, and attractive asset valuations [1][3] - Korean investors have emerged as key players, with their trading volume in A-shares and Hong Kong stocks exceeding $5.4 billion this year, making China their second-largest overseas investment destination [1][2] - Sovereign wealth funds globally are planning to increase allocations to Chinese assets, with approximately 60% of Middle Eastern funds targeting China for the next five years [1][3] Group 2 - Foreign institutional investors have a substantial presence in the A-share market, with a total holding value of approximately 23,977.57 billion yuan as of July 21 [2] - Preferred investment targets for foreign capital include stable dividend-paying stocks and growth stocks in emerging industries, with companies like Kweichow Moutai and CATL being heavily favored [2] - The valuation gap and economic recovery are attracting foreign investments, with A-share and Hong Kong stocks offering strong appeal due to their low risk premiums and historical valuation levels [3]

Group 1 - The core viewpoint of the article emphasizes the unique structural advantages of the Chinese economy despite recent global market volatility, as articulated by Howard Marks during the 2025 Lujiazui Forum [3] - Marks identifies a shift towards high-quality growth in China, characterized by two key transformations: green transformation and digital transformation, which have shown significant progress [3] - To achieve leaps in both quality and quantity, Marks suggests the need for three coordinated strategies: monetary policy, fiscal policy, and structural reform policy [3] Group 2 - Marks expresses strong long-term confidence in the Chinese economy, highlighting four fundamental advantages: a highly educated and willing workforce, the largest middle-class market globally, top-notch infrastructure, and a comprehensive supply chain [3] - He notes that China's manufacturing accounts for 30% of the global total, reinforcing its competitive edge [3] - To further promote the internationalization of financial markets, Marks recommends deepening the opening of investment asset categories to foreign investors and optimizing the foreign product access mechanism [4] - The introduction of more asset classes for international participation is seen as beneficial for the long-term health of foreign enterprises in China [4] - Marks advocates for a market-demand-driven approach to introduce foreign products, which would create a favorable business environment and attract high-quality foreign institutions to the Chinese market [4]