（原标题：又一家外资券商来了→） 9月30日，证监会官网显示，核准设立瑞穗证券（中国）有限公司（以下简称瑞穗证券（中国））。 这是获批设立的境内第三家日资券商，也是第六家外资独资券商。瑞穗证券（中国）由日本五大综合性 券商之一瑞穗证券株式会社出资设立，设立初期拟以债券业务为主，开拓国内债券的销售和交易。 此外，证券时报·券商中国记者独家获悉，瑞穗证券（中国）总经理由具有日资券商背景的，大和证券 （中国）原总经理耿欣担任。耿欣早年在中粮集团、中信证券等任职，后参与筹建了大和证券（中 国），并担任总经理一职约四年。 设立初期以债券业务为突破口 据证监会官网信息，核准设立瑞穗证券（中国）有限公司。瑞穗证券（中国）注册地为北京市，注册资 本为人民币23亿元，业务范围为证券承销、证券自营、证券资产管理（限于从事资产证券化业务）。 瑞穗证券（中国）是国内第三家日资证券公司，另外两家分别为野村东方国际证券和大和证券（中 国）。瑞穗证券（中国）由瑞穗证券株式会社100%控股，注册资本为23亿元人民币。 瑞穗证券株式会社属于日本最大的金融控股集团瑞穗金融集团旗下金融机构。瑞穗证券的发展历史最早 可追溯至1891年，原名为山叶证 ...

21世纪经济报道特约记者 庞华玮 "十四五"收官，中国资本市场交出了一份沉甸甸的开放"成绩单"。 "中国资本市场的'朋友圈'越来越大。"9月22日，在国务院新闻办公室"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清介绍了在"十 四五"期间中国资本市场对外开放情况。 "'十四五'期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿元，269家企业境外上市。"吴清说。 此外，证监会持续拓展外商可投资期货期权特定品种范少围，拓展ETF互联互通机制，丰富跨境投资产品，持续为境外投资者提供良好监管环境。 度型开放"为核心的深层次变革，正推动中国资市场扩大开放、与全球市场实现"双向奔赴"。 从外资机构抢滩布局到中资企业扬帆出海，一场以"制 制度型开放 过去五年，"十四五"规划下的中国资本市场开放以制度型开放为核心，从市场准入到规则对接，对外开放的步伐不断加大。 "资本市场高水平制度型开放稳步扩大。统筹开放与安全，稳妥有序推进市场、产品和机构双向开放。"吴清指出。 吴清介绍，"十四五"期间全面取消行业机构外资持股比例限制，完善合格境外投资者制度，优化沪深港通、沪伦通、基金 ...

合格境外投资者（包括合格境外机构投资者QFII和人民币合格境外机构投资者RQFII）资格许可申报持 续活跃。《证券日报》记者根据证监会官网统计，截至9月16日，今年以来已有澳大利亚国民银行国际 有限公司、第一资产管理有限公司等62家境外机构申报合格境外投资者资格许可。 合格境外投资者是经证监会批准，使用来自境外的资金进行境内证券期货投资的境外机构投资者。合格 境外投资者仅以自身名义在境内开展证券期货投资，不在境内开展经营性活动。 前海开源基金首席经济学家杨德龙向《证券日报》记者表示，境外机构踊跃申报合格境外投资者资格许 可，反映出中国资本市场的吸引力增强，也反映出中国资本市场对外开放步伐加快。 苏商银行特约研究员付一夫在接受《证券日报》记者采访时表示："新兴市场在全球金融版图中的地位 持续上升，中国资本市场凭借庞大体量、丰富层次及不断增强的稳定性，成为全球资金寻求新增长点的 重要目的地。同时，全球金融市场的关联性进一步增强，跨境投资愈发频繁，境外机构积极布局中国， 是对全球资产多元化配置的战略调整。" "尽管全球经济面临诸多不确定性，但中国经济展现出强大韧性，如国内消费市场的持续扩容、高端制 造业和科技创新领 ...

Group 1 - The core viewpoint is that foreign investment in Chinese assets is increasing, with the number of Qualified Foreign Institutional Investors (QFII) reaching 900 by the end of July, an increase of 40 this year [1] - The China Securities Regulatory Commission (CSRC) plans to introduce more reforms to optimize the QFII system, which will significantly promote high-level institutional opening of the capital market [1] - Recent signals from a CSRC meeting indicate that a new round of capital market reform and opening is expected to accelerate, enhancing cross-border investment and financing convenience [1] Group 2 - The expected reforms will likely include optimizing access management and investment operations, which could lead to increased foreign institutional investment in the Chinese market [1] - The market is anticipated to receive more "votes of confidence" from foreign institutions as a result of these reforms [1]

Core Viewpoint - Foreign investment in Chinese assets is increasing, driven by policy support and favorable market conditions [1][3][6] Group 1: Foreign Investment Trends - As of the end of July, the number of Qualified Foreign Institutional Investors (QFII) reached 900, with 40 new additions this year [1] - By the end of June, QFII had entered the top ten shareholders of 1,145 A-share listed companies, with a total holding value of 143.46 billion yuan, an increase of 21.29 billion yuan from the previous quarter [2] - In the first half of the year, foreign investors net increased their holdings in domestic stocks and funds by 10.1 billion USD, reversing a two-year trend of net reductions [2] Group 2: Market Confidence Factors - China's economic fundamentals remain strong, with rapid industrial upgrades in sectors like renewable energy and artificial intelligence [3] - High valuations and improving profitability of quality listed companies enhance the attractiveness of the stock market [3][4] - Investor sentiment towards the A-share market has significantly improved, driven by market rebounds and supportive policies [4] Group 3: Policy Support and Market Access - The China Securities Regulatory Commission (CSRC) plans to accelerate the implementation of key measures for capital market opening by 2025, including optimizing the QFII system [6] - Recommendations include expanding investment scope and increasing foreign ownership limits to facilitate foreign capital inflow [6][7] - The introduction of more cross-border financial products and improved access mechanisms is expected to enhance cross-border investment convenience [6][7]

Core Viewpoint - The establishment of法巴证券 (Société Générale Securities (China) Co., Ltd.) marks the fourth wholly foreign-owned securities firm in China, reflecting the ongoing opening of China's capital markets to foreign investment [1][2]. Group 1: Establishment of法巴证券 -法巴证券 is fully funded by the French bank BNP Paribas with a registered capital of RMB 1.1 billion, and its business scope includes securities brokerage, proprietary trading, investment consulting, and asset management [2]. - The approval process for法巴证券 took three years, with the application submitted in April 2021 and approval granted on April 15, 2023 [2]. Group 2: Expansion of Foreign Investment in China - The number of wholly foreign-owned securities firms in China has now reached four, joining JPMorgan Securities, Goldman Sachs Gao Hua Securities, and Standard Chartered Securities [2][6]. - As of the end of 2023, there are 17 foreign-controlled securities companies in China, with 9 being fully foreign-owned [6]. Group 3: BNP Paribas's Commitment to China - BNP Paribas has a long history in China, having established its first office in Shanghai in 1860, and currently employs over 500 staff across various cities [4]. - The bank has been actively expanding its business in China, including the establishment of法巴农银理财, a joint venture wealth management company, and strategic partnerships with several local banks [3][4]. Group 4: Regulatory Environment and Future Outlook - The Chinese government continues to emphasize the importance of foreign investment in the financial sector, as highlighted in the recent Central Financial Work Conference [5]. - The China Securities Regulatory Commission (CSRC) has been facilitating the establishment of foreign financial institutions, indicating a trend towards further opening of the market [5].

Group 1 - The core viewpoint of the article highlights the increasing attractiveness of Chinese assets to foreign investors, driven by a series of market stabilization and opening-up policies [1] - The market value of domestic bonds and stocks held by foreign investors has increased, indicating a growing interest in Chinese capital markets [1] - Several international investment banks have upgraded the rating of Chinese assets to overweight, reflecting a positive outlook on the market [1] Group 2 - The China Securities Regulatory Commission (CSRC) emphasizes the need for a steady advancement of high-level institutional opening-up and the exploration of new spaces for cross-border cooperation in capital markets [1] - The chief investment strategist at Standard Chartered's China Wealth Solutions, Wang Xinjie, points out that the resilience of the technology sector, a stable policy environment, and favorable economic fundamentals are key reasons for foreign institutions' optimism towards Chinese assets [1] - As China continues to expand its financial market openness and broaden cross-border investment channels, the attractiveness of Chinese assets to foreign capital is expected to increase [1]

Group 1 - The core viewpoint of the articles highlights the increasing attractiveness of Chinese assets to international investors, driven by a stable economic environment and ongoing financial market reforms [1][2][6] - In the first half of the year, foreign investors net increased their holdings in domestic stocks and funds by $10.1 billion, with a significant rise to $18.8 billion in June [2] - The proportion of foreign investors holding domestic bonds and stocks is approximately 3% to 4%, indicating a stable and sustainable growth potential for foreign investment in RMB assets [2][4] Group 2 - Major international investment banks have upgraded their ratings on Chinese assets, with Goldman Sachs maintaining an "overweight" stance on the Chinese stock market and expecting improved corporate earnings [3] - Morgan Stanley has raised its target for Chinese stock indices, predicting a 5% increase for the MSCI China Index and Hang Seng Index, and a 3% increase for the CSI 300 Index by June 2026 [3] - The focus of overseas investors is primarily on technology and consumer sectors, with several foreign institutions actively engaging in A-share company research [3] Group 3 - The convenience for foreign institutions to participate in China's financial markets has improved due to high-level openness and the enhancement of the capital market's connectivity mechanisms [4] - The number of foreign-owned securities firms in China has increased, with notable firms like JPMorgan Securities (China) and Goldman Sachs (China) establishing a presence [4] - Domestic securities firms are also expanding internationally, with plans for listings in Hong Kong and diversifying their international business strategies [5] Group 4 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of systematic research to enhance the overall layout and implementation of capital market openness [6] - Recommendations include expanding connectivity, optimizing cross-border tax policies, and enhancing risk control measures to attract more foreign financial institutions [6] - The ongoing trend of increasing foreign participation in China's capital market is expected to continue as the country opens its doors wider [6]

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Southbound Connect is an important exploration of China's financial market interconnection. Banks' proprietary trading is the most important investor under the current mechanism and is expected to expand. The annual quota for Southbound Connect is RMB 50 billion equivalent, and investors can choose either multi - level direct connection custody or domestic custody and clearing banks to hold their bond assets, with strict cross - border capital supervision. - As of the end of 2024, the total scale of the Hong Kong bond market exceeded USD 900 billion. It includes the offshore RMB bond market, the Hong Kong dollar bond market, and the Asian G3 currency bond market. G3 currency bonds, especially US dollar bonds issued by Chinese - funded institutions, are an important part of the Hong Kong market. - In the future, with the expansion of the scope of institutions, Southbound Connect will become an important starting point for domestic institutions' overseas bond investment. It is recommended to actively seize overseas opportunities and carefully manage exchange - rate risks [1]. 3. Summary According to Relevant Catalogs 3.1 China's Financial Market Opening and the Birth of Bond "Southbound Connect" - China's capital market opening process can be divided into three stages: "early opening attempts - expansion of cross - border investment channels - capital market interconnection". Bond "Southbound Connect" is an important exploration in the interconnection stage. - In 2016, the concept of Bond Connect was first proposed. In 2017, Northbound Connect was officially launched, and in 2021, Southbound Connect was launched. Since 2025, regulators have repeatedly mentioned Southbound Connect, clarifying that investors will be expanded to four types of non - bank institutions: securities firms, funds, insurance, and wealth management [4]. 3.2 Analysis of the Bond Southbound Connect System - Participants in Southbound Connect include market - makers and investors. Banks' proprietary trading is the most important investor under the current mechanism. The trading service variety is initially spot bond trading, and the investable bonds are all bond types issued overseas and traded in the Hong Kong bond market. - The annual quota for Southbound Connect is RMB 50 billion equivalent, and the daily quota is RMB 20 billion equivalent. Domestic investors participate in Southbound Connect transactions through the request - for - quote method. - Southbound Connect adopts the nominee holder system. Investors can choose to hold their bond assets through multi - level direct connection custody or domestic custody and clearing banks, with strict cross - border capital supervision. The expansion of Southbound Connect is beneficial for optimizing the investor structure [5]. 3.3 Introduction to the Hong Kong Bond Market - Classified by currency, the Hong Kong bond market includes the offshore RMB bond market, the Hong Kong dollar bond market, and the Asian G3 currency bond market. The Hong Kong dollar bond market has grown steadily in recent years; the offshore RMB bond market expanded significantly in 2024; the issuance scale of the G3 currency bond market rebounded in 2024, with Chinese - funded issuers being the main ones. - Classified by issuer, the Hong Kong bond market can be divided into (quasi -) sovereign bonds and corporate bonds. The former includes Hong Kong government bonds, bonds issued by the Hong Kong Monetary Authority, bonds issued by mainland (quasi -) sovereign institutions, and bonds issued by overseas (quasi -) sovereign institutions. The latter includes bonds issued by recognized institutions, public institutions, and private institutions [6].

Group 1 - The article emphasizes the importance of enhancing the investment value of listed companies and implementing major asset restructuring management methods while preventing profit transfer and financial fraud [1] - It highlights the need for stronger regulatory enforcement, focusing on significant violations and improving technological regulatory capabilities to effectively punish illegal activities in the capital market [1] - The article discusses the necessity of precise risk prevention in key areas of the capital market, including addressing real estate company bond defaults and illegal activities in private equity and securities [1] Group 2 - The article outlines the importance of enhancing the authority and influence of research on major capital market issues to better serve national strategies and regulatory needs [2] - It stresses the need for continuous improvement in political construction within the regulatory body, emphasizing political awareness and capability [2] - The article calls for a comprehensive approach to strengthen the leadership and workforce of the regulatory body, ensuring proper guidance in personnel selection and encouraging accountability among staff [2]