近日记者获悉，易方达基金申请在澳门设立公司已获证监会备案通过，后续将向澳门金融管理局提交申 请，获批后该公司将正式成立，这是易方达基金积极响应推进资本市场高水平对外开放、加快国际化布 局迈出的新的一步。据了解，该公司名称拟为易方达投资基金管理（澳门）股份有限公司，将致力于为 澳门等地区投资者提供资产管理及相关服务。 澳门作为世界上唯一以中文和葡文为官方语言的地区，是连接中国与葡语国家的桥梁，在促进中国同葡 语国家经贸合作中发挥着重要平台作用。随着对外合作持续扩大，澳门"一中心、一平台、一基地"的作 用日益彰显。易方达基金此次在横琴粤澳深度合作区执行委员会的指导下在澳门设立公司，可以充分发 挥其专业能力和区位优势，进一步加强与葡语地区的交流合作。2024年8月，易方达基金与葡语国家巴 西的伊塔乌资产管理公司签署了合作备忘录，近期伊塔乌资管旗下挂钩易方达MSCI中国A50互联互通 ETF的产品（代码：SILK11）已在巴西证券期货交易所上市。在澳门成立公司后，易方达基金将能更好 地立足粤港澳大湾区，持续探索跨境金融产品和业务创新，不断提升全球资产配置能力和境内外客户服 务能力，努力打造一流投资机构，助力中国资本市 ...

Group 1: Recent Trends in Hong Kong Listings - A surge in mainland companies seeking to list in Hong Kong has been observed, with 8 A-share companies completing IPOs since September last year, raising a total of 981.1 billion HKD [1] - Nearly 50 A-share companies are planning to list in Hong Kong, with over 20 already having submitted materials or received approval [1] - Policy support has been identified as a key factor driving this trend, particularly for technology companies [1][2] Group 2: Regulatory Support and Market Conditions - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level capital market openness and supporting technology companies in utilizing both domestic and international markets [2] - The Hong Kong Stock Exchange has optimized its listing system, lowering barriers and introducing mechanisms like "dual-class shares" to facilitate listings for new economy enterprises [2] - The implementation of new regulations for overseas listings has seen 242 mainland companies complete their registration, with 83 being technology firms [3] Group 3: Benefits of Listing in Hong Kong - Listing in Hong Kong allows companies to access global investors, broaden financing channels, and enhance international visibility and brand value [4] - The presence of more mainland companies in Hong Kong is expected to strengthen Hong Kong's position as an international financial center [5] - Hong Kong serves as a gateway for global investors to enter mainland China, benefiting from a diverse product and client ecosystem [6] Group 4: Banking Sector Support - Financial institutions are playing a crucial role in supporting mainland companies in their Hong Kong listing endeavors, providing comprehensive financial consulting and information services [7] - The introduction of the "18C" listing rules has lowered the entry barriers for technology companies, creating dedicated financing channels [7] - Banks are also offering various financial products post-listing to support companies in their growth and strategic initiatives [8]

申万宏源证券落地首单 北向商品期货收益互换交易 本内容最终解释权归申万宏源证券有限公司所有。 促进多元化主体多途径参与中国市场 免责 声 明 助力外资行参与境内商品期货市场 来源：申万宏源FICC 此次交易助力某外资银行成功参与境内商品期货市场。当前，伴随着中国商品期货市场国际化 进程的加速，境外机构参与中国商品期货市场的热情持续高涨，但总体来看存在参与路径较 少、便利化程度不高的制约。申万宏源证券从助力推进资本市场高水平对外开放、进一步完善 对外开放格局的角度出发，利用好北向跨境收益互换的金融工具服务境外客户。北向互换能够 高效实现境外客户参与境内市场的诉求，提升客户参与境内市场的交易效率，同时也补足了公 司一站式北向跨境金融服务的能力，助力推动大宗商品领域的国内国际双向循环。、 展望未来： 本次合作进一步彰显了公司在跨境衍生品领域的境内外协同效能和综合金融服务能力。展望未 来，FICC事业部将继续深化与申万宏源（国际）集团有限公司的交流与合作，深耕高质量客 户的综合金融服务需求，不断提升跨境交易能力和产品创设能力，不断优化跨境金融服务质 效，吸引境外主权基金、金融机构、产业客户、私募产品等多元化主体多途径 ...

Core Viewpoint - The Chinese government is implementing a comprehensive set of financial policies to stabilize the market and manage expectations amid external economic pressures, particularly from U.S. tariff policies [3][4][6]. Group 1: Market Stability Measures - The Central Political Bureau emphasized the importance of maintaining a stable and active capital market, reflecting the government's commitment to market stability and vitality [4]. - The China Securities Regulatory Commission (CSRC) is actively monitoring market conditions and enhancing risk assessment to support market stability, including the role of the Central Huijin Investment Ltd. as a stabilizing force [4][6]. - A significant number of listed companies are engaging in stock buybacks and other measures to maintain stock price stability, demonstrating confidence in their value and future prospects [3][8]. Group 2: Support for Companies - The CSRC is focused on helping companies adapt to the impacts of U.S. tariffs, with measures including increased regulatory flexibility for affected firms and support for mergers and acquisitions [9][11]. - The commission has conducted extensive outreach to listed companies to address challenges, having visited 2,352 companies and resolved over 3,300 issues [9]. - The CSRC is revising regulations to facilitate corporate restructuring and enhance the ability of companies to navigate external pressures [9][12]. Group 3: Long-term Investment Strategies - The CSRC is promoting the entry of long-term capital into the market, with initiatives aimed at increasing the scale and proportion of long-term funds [5][14]. - The newly released action plan for public fund development aims to align fund management with investor interests, emphasizing long-term performance and stability [14][16]. - The growth of equity funds has been significant, with the scale increasing from 7 trillion yuan to 8.3 trillion yuan since September of the previous year, indicating a strong focus on equity investment [16][17]. Group 4: External Market Engagement - The CSRC is committed to enhancing the openness of the capital market, facilitating foreign investment participation, and optimizing the Qualified Foreign Institutional Investor (QFII) system [11][12]. - Despite external uncertainties, the strategic direction for high-quality economic development remains clear, bolstering foreign confidence in the Chinese capital market [12]. - The commission plans to expand institutional openness and product offerings, including futures and options for qualified foreign investors, to further integrate with global markets [12].

证监会主席吴清：巴菲特即将退休，但"价值投资、长期投资、理性投资、努力回报投资 者"的基本理念不会退出舞台 "巴菲特是广受尊敬的投资家，他今年即将退休，但我想大家从他那取到最重要的经验就是'价值投资、 长期投资、理性投资、努力回报投资者'，这些基本理念不会退出舞台。这也正是公募基金改革所要致 力推进的。"中国证监会主席吴清5月7日在国务院新闻办公室举行的新闻发布会上说。 他表示，巴菲特退休以后，这个时代也在呼唤新的伟大投资家。"我们这个市场有着一批非常优秀的企 业和企业家，相信也一定会产生一批优秀的投资家、投资机构，也许不是一两个'股神'，但肯定会有百 年老店投资机构、优秀的投资团队，这需要重要的规则去催生这些优秀的投资机构。"他说。 据吴清介绍，本次公募基金改革主要强调以下几个突出： 中国证监会主席吴清5月7日在国务院新闻办公室举行的新闻发布会上表示，下阶段，证监会将坚定不移 推进资本市场高水平对外开放，进一步完善对外开放格局，稳步推进一系列对外开放务实举措。 他从以下方面进行了介绍： 一是持续扩大机构开放，进一步优化合格境外机构投资者准入服务，进一步扩大投资范围，支持符合条 件的外资机构申请证券基金投资咨 ...

Monetary Policy Measures - The People's Bank of China (PBOC) will implement a package of monetary policy measures to stabilize the market and expectations, including a 0.5% reduction in the reserve requirement ratio, expected to provide approximately 1 trillion yuan in long-term liquidity [10][12][14] - The policy interest rate will be lowered by 0.1%, with the 7-day reverse repurchase rate decreasing from 1.5% to 1.4%, which is anticipated to lead to a similar decline in the Loan Prime Rate (LPR) [10][14][35] - Structural monetary policy tool rates will be reduced by 0.25%, including rates for various special structural tools and re-lending rates for agriculture and small enterprises, from 1.75% to 1.5% [10][14][45] Financial Regulatory Policies - The National Financial Regulatory Administration will introduce eight incremental policies, including accelerating the introduction of financing systems compatible with new real estate development models to stabilize the real estate market [20][21] - There will be an expansion of the pilot scope for long-term investment by insurance funds to introduce more incremental capital into the market [20][22] - Policies will be adjusted to lower the investment risk factors for insurance companies in the stock market, supporting a stable and active capital market [20][23] Support for Enterprises - A comprehensive policy package will be launched to support financing for small and private enterprises, enhancing the financing coordination mechanism to stabilize businesses and the economy [20][24] - Specific measures will be implemented to assist foreign trade development, providing precise services to market entities significantly affected by tariffs [20][25] Capital Market Development - The China Securities Regulatory Commission (CSRC) will promote high-level opening of the capital market, including expanding institutional access and optimizing the Qualified Foreign Institutional Investor (QFII) system [20][26][51] - The CSRC will enhance product supply by promoting futures and options for qualified foreign investors and deepening the opening of the bond market [20][26][52] - Measures will be taken to support the return of quality Chinese concept stocks to domestic and Hong Kong markets, while protecting investors' legal rights [20][26][52] Fund Management Reforms - The upcoming public fund reforms will focus on strengthening the alignment of interests between fund managers and investors, optimizing the fee structure, and enhancing the stability of fund investment behavior [20][26][37] - The reforms will also emphasize improving investor service capabilities and promoting the growth of equity funds [20][26][39]

Group 1 - The core viewpoint is that foreign investment in A-shares remains stable at around 3 trillion yuan [1] - The China Securities Regulatory Commission (CSRC) is committed to promoting high-level opening of the capital market [1]