全国人大代表、北京大学博雅特聘教授田轩表示，目前A股现行交易时间难以满足市场主体多元交易需求，也无法适配资本市场投 融资综合改革与高水平开放的发展要求，亟须调整优化。 田轩建议分步延长交易时长，先实现与港股交易同步。 第一阶段， 将A股下午交易闭市时间延后至16点，与港股形成交易同步并与欧洲证券交易所产生时间交集 ，该调整成本低、易实 施。 第二阶段， 将上午交易闭市时间延长至12点，实现与港股时间同步，使A股每日交易时长达到5.5小时，与亚太地区主要交易所接 轨。 同时， 将A股上午开市时间提前至9点 ，实现与新加坡等亚太主要证券交易所的交易时间重叠，使交易时长增至6小时、接近纽交 所水平，强化与国际市场的联动性。 记者丨崔文静 编辑丨李新江 巫燕玲 更多详情点击进入专题↓ 出品丨21财经客户端 21世纪经济报道 编辑丨黎雨桐 见习编辑林芊蔚 2 1君荐读 全球最牛股市大跌7%，挂钩ETF涨幅大幅缩水 霍尔木兹海峡停摆，一图速看航运受益股 黄金失守5200美元，白银急跌超11% 此外，田轩建议以数字化为抓手，做好监管和券商配套准备。监管层推进监管大数据平台建设，运用智能化风险分析工具完善风险 早期预警模块， ...

本报讯 （记者吴晓璐）2月27日，证监会召开资本市场"十五五"规划外资机构座谈会。为深入学习贯彻党的二十届四中全 会有关部署和习近平总书记关于"十五五"规划编制实施的重要讲话精神，进一步研究做好资本市场"十五五"规划工作，当日， 证监会党委书记、主席吴清在北京召开座谈会，与8家在华外资证券基金期货机构代表深入交流，充分听取意见建议。 座谈中，参会机构一致认为，新"国九条"发布实施以来，中国资本市场在完善基础制度、健全市场功能、提升上市公司投 资价值、扩大高水平开放等方面取得积极成效，外资和外资机构参与中国资本市场的意愿和积极性明显提升。参会机构一致表 示，对中国经济和中国资本市场长期向好发展充满信心。会上，大家围绕"十五五"时期如何提高资本市场制度包容性适应性、 稳步扩大高水平制度型开放、加快建设一流投资银行和投资机构等提出了具体意见建议。主要包括：持续提升资本市场服务实 体经济的适配性和覆盖面，提高政策的连续性和可预期性；进一步提升上市公司投资价值，强化投资者保护和公司治理；不断 提高跨境投融资便利化水平，加强与国际标准和监管规则对接；推动行业机构"引进来"和"走出去"双向开放，支持外资机构差 异化、特色化 ...

Core Viewpoint - The visit of the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, to France and Brazil aims to strengthen cross-border regulatory cooperation and showcase investment opportunities in China's capital market, thereby promoting high-level institutional opening-up [1][5]. Regulatory Cooperation - Wu Qing held closed-door meetings with key financial regulatory figures in France and Brazil, focusing on the latest regulatory developments in their securities markets and discussing cross-border listing regulations, accountability for violations, and financial risk management [3]. - The discussions led to several agreements that enhance practical cooperation pathways, facilitating Chinese enterprises' financing in Europe and South America, as well as foreign investment in China's capital market [3]. Market Engagement - During his visit, Wu Qing met with representatives from top international institutional investors, promoting the spirit of the 20th Central Committee's Fourth Plenary Session and highlighting investment opportunities in technology innovation and industrial upgrades within China's capital market [4]. - He actively gathered feedback from international investors regarding the optimization of foreign investment access and the diversification of cross-border investment products, which will inform future regulatory improvements [4]. Support for Chinese Enterprises - Wu Qing engaged with representatives from Chinese enterprises and financial institutions in France and Brazil to understand the financing challenges and compliance issues they face overseas, encouraging them to leverage bilateral cooperation mechanisms for cross-border business expansion [4]. - The CSRC aims to enhance the "bring in" and "go out" dual channels to support the international development of Chinese enterprises and facilitate international capital participation in the Chinese market [4]. Implications for Capital Markets - The visit exemplifies China's commitment to high-level opening-up of its capital market, reinforcing the institutional foundation for cross-border investment and creating a more stable and predictable environment for global capital flows [5]. - As bilateral cooperation deepens, it is expected that more international long-term capital will flow into the Chinese market, while financing channels for Chinese enterprises in Europe and South America will also improve, fostering a mutually beneficial scenario [5]. - The visit sends a clear signal that China's capital market is increasingly integrating into the global financial system with a more open stance, enhancing its core competitiveness through institutional opening-up [5].

Core Viewpoint - The article discusses the recent visit of the Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, to France and Brazil, focusing on bilateral discussions regarding securities market regulation and investment opportunities in China [5]. Group 1: Bilateral Meetings - Wu Qing held bilateral talks with Marie-Anne Barbat-Layani, the Chair of the French Financial Markets Authority (AMF), and Otto Lobo, the Acting Chair of the Brazilian Securities and Exchange Commission (CVM), to exchange views on regulatory dynamics in France, the EU, and Brazil [5]. - The discussions aimed to deepen and expand practical cooperation in capital markets between China and these countries [5]. Group 2: Engagement with International Investors - During the visit, Wu Qing met with representatives from major international financial institutions, including Société Générale, BNP Paribas, Barclays, UBS, and Credit Suisse, to promote investment opportunities in the Chinese capital market [5]. - The meetings also included discussions with Chinese enterprises and financial institutions operating in France and Brazil, gathering feedback on advancing the high-level opening of China's capital market [5].

Group 1 - The China Securities Regulatory Commission (CSRC) aims to steadily expand the high-level institutional opening of the capital market, creating a favorable investment environment for international investors [1] - China's economic foundation is strong, with many advantages and resilience, supporting a long-term positive trend for the capital market [1] - The CSRC plans to deepen comprehensive reforms in investment and financing, enhance the inclusiveness and adaptability of capital market systems, and promote diverse equity financing [1] Group 2 - The Shanghai Stock Exchange (SSE) has nearly 2,300 listed companies with a total market capitalization exceeding 60 trillion yuan, making it a hub for blue-chip and technology innovation companies in China [2] - During the 14th Five-Year Plan period, the cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 103 trillion yuan, a 288% increase compared to the 13th Five-Year Plan [2] - The SSE continues to enhance its internationalization service level and deepen the mutual connectivity mechanism, with over 3.2 trillion yuan in cross-border index products [2]

Core Insights - The 2025 Shanghai Stock Exchange International Investors Conference opened with a focus on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and M&A" [1] - The conference attracted over 100 renowned investment institutions and nearly 400 representatives from regions including Europe, America, Asia-Pacific, and the Middle East, signaling a positive outlook for China's capital market development [1] Group 1: Capital Market Opening - China's capital market is steadily advancing high-level institutional openness, with significant achievements in internationalization [2] - Shanghai aims to enhance its international financial center status by improving financial services and creating a market-oriented, law-based, and international business environment [2] - The Shanghai government emphasizes the importance of balancing openness and security while enhancing financial risk prevention capabilities [2] Group 2: Shanghai Stock Exchange Achievements - The Shanghai Stock Exchange (SSE) has made progress in three key areas: deepening market reforms, improving company quality, and advancing high-level institutional openness [3] - SSE's future focus includes fostering new productive forces, promoting rational and long-term investment, enhancing corporate governance, expanding institutional openness, and ensuring a balance between development and security [3] Group 3: International Capital Inflow - The A-share market has shown a stable upward trend, with increased investor confidence and continuous inflow of international capital [5] - Global asset management firms express optimism about China's long-term investment value due to improving macroeconomic conditions and policy environments [5] - The SSE has launched the China-Singapore Exchange's Asia 100 Index series, reflecting its commitment to international cooperation [5] Group 4: Focus on Innovation and M&A - The SSE has received recognition for its role in supporting technological innovation and new productive forces [6] - The conference featured discussions on sectors like artificial intelligence, new consumption, biomedicine, and advanced manufacturing, promoting high-quality participation in M&A activities [6] - The SSE released a compilation of typical cases of cross-border M&A to assist market participants in navigating these opportunities [6]

Core Insights - The 2025 Shanghai Stock Exchange International Investor Conference opened on November 12, focusing on "Value Leadership, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - The conference attracted over 100 renowned investment institutions and nearly 400 representatives from regions including Europe, America, Asia-Pacific, and the Middle East, discussing new opportunities in Chinese investment and mergers, technology innovation, and high-level capital market openness [1][2] - Global asset management leaders expressed optimism about the long-term investment value in China, citing a stable macroeconomic environment, improved policy conditions, and accelerated technological innovation [1][2] Market Developments - China's capital market is steadily expanding its institutional openness, with ongoing optimization of the Qualified Foreign Institutional Investor (QFII) system, which has received high recognition for its stability, transparency, and predictability [2] - The Shanghai Stock Exchange and Singapore Exchange launched the China Securities Index Singapore Exchange Asia 100 Index series during the conference, marking a significant step in international cooperation [2] - The conference highlighted the achievements of the Shanghai Stock Exchange in supporting technological innovation and the development of new productive forces, particularly in the context of the seventh anniversary of the Sci-Tech Innovation Board [2] Future Outlook - The Shanghai Stock Exchange aims to enhance market inclusivity and adaptability while improving its attractiveness and competitiveness in response to complex internal and external changes in the capital market [3] - The exchange plans to leverage favorable opportunities for open cooperation to promote the long-term and stable development of the capital market in collaboration with global investors [3]

Group 1 - Standard Chartered Securities (China) appointed Wang Yunlai as CEO, responsible for overall management and reporting to the board [1] - The company remains optimistic about the long-term development of the Chinese economy and the opportunities in the Chinese market, reaffirming its commitment and investment [2] - Wang Yunlai has over 20 years of experience in financial markets and has held senior positions in well-known financial institutions, particularly in securities, asset management, and banking [2] Group 2 - Standard Chartered has a long history in China, having established its first branch in Shanghai in 1858, and has maintained uninterrupted operations in the country [2] - The China Securities Regulatory Commission approved the establishment of Standard Chartered Securities (China) in January 2023, making it the first wholly foreign-owned securities company in China [2] - Future high-level opening measures targeting the capital market are anticipated, with the CSRC aiming to enhance cross-border investment and financing facilitation [3]

Core Viewpoint - The high-level opening of the capital market is an inevitable choice for the maturity of China's financial market and a strategic measure to enhance global resource allocation capabilities and support high-quality development [1] Group 1: Capital Market Opening - The China Securities Regulatory Commission emphasizes promoting deeper and higher-level capital market opening while balancing openness and security [1] - The introduction of foreign medium- and long-term capital will improve market liquidity and pricing efficiency, guiding capital towards national strategic priorities like technological innovation [1] - The removal of foreign ownership limits in various sectors during the 14th Five-Year Plan period and the optimization of cross-border investment mechanisms are significant steps towards enhancing Hong Kong's status as an international financial center [1] Group 2: Investment Trends - As of September 2025, the Shanghai-Hong Kong Stock Connect holds A-shares worth 2.58 trillion RMB, accounting for 2.69% of the A-share circulating market value [2] - From January to September this year, southbound funds net purchased 1.17 trillion HKD in Hong Kong stocks, becoming a crucial liquidity provider for the market [2] - The optimization of the Qualified Foreign Institutional Investor (QFII) system aims to create a more transparent, convenient, and efficient market ecosystem, responding to international investors' concerns about stability and predictability [2] Group 3: Risk Management - High-level opening of the capital market must be accompanied by a robust risk prevention system to manage cross-border risks effectively [3] - The balance between "institutional opening" and "regulatory resilience" is essential for sustainable development, with international regulatory cooperation serving as a safety valve [3] - The establishment of a sensitive market risk monitoring system through technology is crucial for enhancing risk prevention capabilities [3]

Core Viewpoint - The high-level opening of China's capital market is a necessary choice for the maturity of the financial market and a strategic measure to enhance global resource allocation capabilities and support high-quality development [1] Group 1: Capital Market Opening - The China Securities Regulatory Commission emphasizes promoting deeper and higher-level capital market opening while balancing openness and security [1] - The removal of foreign ownership limits in various sectors during the 14th Five-Year Plan period and the optimization of cross-border investment mechanisms are significant steps towards enhancing the international competitiveness of China's capital market [2] - As of September 2025, the Shanghai-Hong Kong Stock Connect holds a market value of 2.58 trillion RMB, accounting for 2.69% of the A-share market [2] Group 2: Risk Management and Regulatory Framework - The introduction of the "Qualified Foreign Investor System Optimization Work Plan" aims to streamline the approval and account opening processes for foreign investors, enhancing the attractiveness of China's capital market [3] - Emphasizing the importance of safety, the capital market must develop a risk prevention system that matches the high-level opening to avoid disruptions caused by risks [3] - The dynamic balance between "institutional opening" and "regulatory resilience" is crucial for sustainable development, with international regulatory cooperation being a key safeguard [3][4] Group 3: Future Outlook - The ongoing optimization of the cross-border investment environment and enhancement of risk prevention capabilities are expected to increase the global attractiveness of Chinese assets [5] - A new development pattern of positive interaction between openness and security in the capital market is anticipated as the market continues to adhere to institutional opening principles [5]