近期，全球多家外资机构密集发布年度展望报告，普遍释放对中国经济发展的积极预期。这些外资机构认为，在中国经济稳中向好、产业升级加速推进以及 资本市场制度型开放持续深化等多重因素驱动下，中国资产的长期配置价值日益凸显。 上调经济增长预期 国际组织与跨国投行近期陆续上调对中国经济增长的预测，凸显国际社会对中国经济韧性与发展前景的普遍认同。 以高盛本周发布的《中国2026年展望：探索新动能》宏观报告为例，该报告预计，中国2026年实际GDP将增长4.8%，高于4.5%的市场共识预测。 以扩大制度型开放提升吸引力 外资加码布局中国资产，离不开中国资本市场制度型开放持续向纵深推进。证监会近期提出，稳步扩大制度型开放，优化合格境外投资者制度和互联互通机 制，提高境外上市备案质效。 市场人士预计，未来，在提升跨境投融资便利化、拓展互联互通渠道、加强境内外监管协作等方面，将有更多实质性措施落地。 报告分析认为，2026年，中国出口存在结构性上行空间；在政策支持下，投资有望反弹；政策更加重视服务消费，并鼓励增加假期和带薪休假。 世界银行、国际货币基金组织（IMF）、亚洲开发银行等近期也密集上调了2025年中国经济增速预期，凸显对 ...

近日，中国人民银行、国家外汇管理局联合发布《关于境内企业境外上市资金管理有关问题的通知》 (以下简称《通知》)，《通知》构建了"便利化+规范化"并重的管理框架，核心内容涵盖四大维度，系 统性优化境内企业境外上市资金管理政策，进一步便利企业在境外金融市场高效融资，为资本市场高水 平开放注入强劲动力。该通知自2026年4月1日起实施，标志着境内企业境外上市资金管理进入新阶段。 管理程序简化提升办理效率 管理程序简化是本次新政的一大亮点。《通知》将境外上市相关登记的办理主体由外汇管理部门调整为 银行直接办理，大幅提升业务办理效率。同时放宽登记时限要求，发行上市、增发登记时限由15个工作 日延长至30个工作日，减持登记时限由拟减持前20个工作日调整为减持后30个工作日，有效缓解企业操 作压力。 在募集资金规范管理方面，《通知》坚持"原则汇回、例外留存"的原则。明确境外上市募集资金、减持 或转让股份所得资金原则上应及时调回境内，股东因增持汇出的资金如有剩余或交易未达成，须及时汇 回且不得改变用途。同时兼顾企业实际需求，允许在境外上市前已获得发改、商务等部门批复或备案文 件的企业，将募集资金留存境外用于境外直接投资、境外 ...

本报记者 刘琪 三是简化管理程序，放宽登记时限要求。支持以银行为主为企业直接办理境内企业境外上市登记，适当放宽发行上市、增 发、减持等登记时限要求。 四是进一步规范募集资金管理。明确境外上市募集资金、减持或转让股份所得资金原则上应汇回境内，股东因增持汇出资 金如有剩余或交易未达成时，应及时汇回境内。允许符合一定条件的企业将募集资金留存境外使用。 下一步，中国人民银行、国家外汇管理局将继续加大金融支持实体经济力度，持续优化跨境资金管理政策，提升跨境投融 资便利化水平，为经济高质量发展提供有力支撑。 （编辑 郭之宸） 12月26日，中国人民银行发布消息，为深入贯彻落实党的二十届四中全会精神，提升资本项目开放水平，推动金融服务实 体经济高质量发展，2025年12月26日，中国人民银行、国家外汇管理局联合发布《关于境内企业境外上市资金管理有关问题的 通知》（银发〔2025〕252号，以下简称《通知》），进一步便利境内企业在境外金融市场高效融资。 从《通知》主要内容来看： 一是统一本外币资金管理政策。明确境外上市募集资金、减持或转让股份等所得可以外币或人民币调回，参与H股"全流 通"的上市主体对境内股东的分红款应在境内 ...

深圳在跨境投融资便利化上的又一关键表态。 从允许做升级为主动推广和深化，出台13年后，深圳的合格境外有限合伙人境内投资制度，将迎来更大 的调整完善。 12月23日，深圳市政府印发《深圳市进一步加大吸引和利用外资实施办法》（下称"办法"），提出深入 实施合格境外有限合伙人（QFLP）境内投资试点，加大QFLP总量管理制度经验推广，并支持符合条件 的基金管理企业发起设立由境外合伙人参与、以非公开方式募集并在境内开展投资活动的私募投资基 金。 这被视为深圳在跨境投融资便利化上的又一关键表态。 在全国范围内，QFLP已进入"多地赛跑"阶段，资本正加速流向人工智能、生物医药等硬科技赛道。 为何QFLP规则近年不断深化？原因是外资对中国科创机遇的迫切需求，与中国通过制度创新回应关切 的双向互动。从解决境外投资流程繁琐、资金使用不便的痛点，到拓宽至更多市场领域，QFLP正从单 一的引资通道，演进为连接全球资本与本土科创企业、推动产业升级与地方经济发展的重要桥梁。 深入实施QFLP试点 这一举措亦与国家层面的金融开放导向同频共振。24日，央行等八部门印发《关于金融支持加快西部陆 海新通道建设的意见》提出，探索境内外金融市场互 ...

Core Viewpoint - The People's Bank of China and eight other departments have jointly issued opinions to support the construction of the Western Land-Sea New Corridor, emphasizing the facilitation of cross-border investment and financing [1] Group 1: Cross-Border Financing - The initiative promotes the convenience of cross-border investment and financing [1] - Pilot programs for integrated currency pools for multinational companies will be conducted in qualified regions [1] - Simplification of foreign exchange registration procedures for capital projects is proposed [1] Group 2: Foreign Investment Support - Foreign-invested enterprises are allowed to reinvest in China without registration [1] - The policy aims to utilize the relaxed limits on preliminary expenses for outbound direct investment (ODI) [1] - Support is provided for the transfer of equity under domestic reinvestment and the use of funds raised from overseas listings [1] Group 3: Support for High-Tech Enterprises - The policy facilitates cross-border financing for qualified high-tech, "specialized and innovative," and technology-based small and medium-sized enterprises [1] - Banks are encouraged to process capital project business through online review of electronic documents [1]

责任编辑：王馨茹 12月24日金融一线消息，近日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融 监管总局、中国证监会、国家外汇局联合印发《关于金融支持加快西部陆海新通道建设的意见》（以下 简称《意见》）。《意见》提出，促进跨境投融资便利。在有条件地区开展高低版本的跨国公司本外币 一体化资金池业务试点。简化资本项目外汇登记手续，在有条件地区允许符合条件的非金融企业外债业 务外汇登记直接在银行办理，支持外商投资企业境内再投资免于登记。用好放宽境外直接投资（ODI） 前期费用规模限制政策。便利外商投资企业境内再投资项下股权转让资金和境外上市募集资金支付使 用。支持符合条件的高新技术、"专精特新"和科技型中小企业跨境融资便利化。支持银行通过线上审核 电子单证的方式办理资本项目业务。 12月24日金融一线消息，近日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融 监管总局、中国证监会、国家外汇局联合印发《关于金融支持加快西部陆海新通道建设的意见》（以下 简称《意见》）。《意见》提出，促进跨境投融资便利。在有条件地区开展高低版本的跨国公司本外币 一体化资金池业务试点。简化资本项目外汇登记 ...

聚焦发展玉兰债 共促开放新格局 -2025年青岛银行金融研讨会 成功举办- 供稿：青岛银行 上海清算所指出，"玉兰债"业务是上海清算所在人民银行指导下研究推出的基于境内外金融基础设施互联互通、统筹安全与开放的中资离岸债券发行创新 模式，也是重要的跨境金融创新产品。"玉兰债"是中资企业面向国际市场发行的境外债券，以人民币、美元、欧元等多币种计价，依托上海清算所与欧洲 清算银行建立的跨境托管联通机制，为发行人与投资者提供安全、高效的登记结算服务。"玉兰债"自2020年12月推出以来，已成为我国债券市场高水平对 外开放的重要创新载体，不仅拓宽了中资企业境外融资渠道，也为全球投资者配置人民币资产提供了便利，在服务实体经济、推动上海国际金融中心建 设、促进人民币国际化等方面具有积极意义。 中信证券团队则从实操层面分享了"玉兰债承销与发行的实务经验"，为与会机构提供了从产品理解到业务落地的全链条知识赋能。 本次研讨会的成功举办，为"玉兰债"等创新产品的推广应用拓宽了路径。搭建了政策解读、市场分析与业务对接的多元平台，既为金融机构把握开放机 遇、防范跨境风险凝聚了共识。会议还围绕宏观市场环境展开了广泛讨论。中信证券专家就国 ...

Core Viewpoint - Multiple foreign institutions are optimistic about the long-term allocation value of the Chinese stock market, with firms like UBS and Morgan Stanley raising their target index levels for 2026 [1][2] Group 1: Target Index Adjustments - Morgan Stanley has slightly raised its target for the CSI 300 index to 4,840 points by December 2026, citing moderate profit growth and stable valuations [1] - UBS has set a target of 100 points for the MSCI China Index by the end of 2026, indicating potential upside from current levels [2] Group 2: Investment Preferences - The technology sector remains a primary investment focus, with UBS and Morgan Stanley recommending overweight positions in high-quality internet and technology stocks [2] - High-dividend assets are also favored, particularly quality state-owned enterprises, due to their stable cash flows and policy support [2] Group 3: Foreign Capital Inflows - There is a noticeable trend of foreign institutions increasing their allocation to Chinese assets, with UBS reporting a slight increase in Chinese positions across various fund types in Q3 [2][3] - Over 1,300 instances of foreign institutional research on A-share companies have been recorded since the beginning of Q4 [2] Group 4: QFII System Enhancements - The QFII system is expected to continue improving, enhancing the convenience of cross-border investments, with recent measures aimed at optimizing access and management [3][4] - The China Securities Regulatory Commission (CSRC) is working on enhancing the legal framework for foreign investment, aiming for a transparent and comprehensive system [4]

Core Viewpoint - Multiple foreign securities and fund companies have released outlook reports for 2026, indicating that the current Chinese stock market has medium to long-term allocation value driven by ample liquidity and improving profitability [1] Group 1: Market Outlook - UBS sets the MSCI China Index target for the end of 2026 at 100, representing a 14% upside from current levels [3] - Morgan Stanley raises its target for the CSI 300 Index to 4840 points by December 2026, citing moderate corporate profit growth and a more favorable external environment [3] Group 2: Investment Strategies - Foreign institutions favor sectors such as technology, internet, and high-dividend assets [4] - UBS is optimistic about technology stocks, internet stocks, and the brokerage sector, while Morgan Stanley recommends a "barbell strategy" focusing on high-quality internet and technology leaders alongside some high-dividend assets for stable cash returns [4] - Goldman Sachs has identified 50 stocks across 21 sub-industries, including 30 A-shares and 20 overseas-listed Chinese stocks, expected to outperform the market in the future [4] Group 3: Cross-Border Investment Facilitation - Foreign institutions express confidence in China's capital market due to a series of landmark opening measures aimed at enhancing cross-border investment and financing convenience [5] - The recent approval of Huafu International Asset Management Co., Ltd. as a qualified foreign investor by the China Securities Regulatory Commission (CSRC) exemplifies the expedited approval process [6] - The CSRC has introduced an optimization plan for the qualified foreign investor system, aiming to streamline the investment pre-approval process and enhance efficiency in various related procedures [6][7]

Core Viewpoint - The speech by the Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Ming, at the 2025 International Financial Leaders Investment Summit emphasized China's commitment to deepening institutional openness in its capital markets and introduced a series of new measures aimed at enhancing cross-border investment and regulatory cooperation [1][2]. Group 1: New Measures for Capital Market Openness - The primary initiative is to enhance the convenience of cross-border investment and financing, with an optimized Qualified Foreign Institutional Investor (QFII) system launched to improve access, investment efficiency, and support for foreign investors [3]. - There will be a deepening of practical cooperation between mainland and Hong Kong capital markets, focusing on improving the efficiency of overseas listing filings and expanding the scope of the Shanghai-Hong Kong Stock Connect [4]. - The CSRC supports Hong Kong in launching government bond futures to enrich offshore RMB risk management tools, aiming to strengthen Hong Kong's position as an international financial center [5]. Group 2: Strengthening Regulatory Capabilities - The CSRC will enhance regulatory capabilities and risk prevention in tandem with market openness, establishing a cross-border regulatory cooperation mechanism with the Hong Kong Securities and Futures Commission [6]. - This includes information sharing, policy discussions, and coordinated responses to ensure effective monitoring of capital flows and prevent cross-border risk transmission [6]. Group 3: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, significant achievements in capital market openness were noted, including the removal of foreign ownership limits in securities, funds, and futures institutions, attracting more foreign financial institutions to operate in China [7]. - A total of 269 companies successfully listed overseas in the past five years, supported by improved regulations for overseas listings and optimized mechanisms for foreign investors to participate in A-shares [7]. - The expansion of mutual recognition of domestic and foreign funds and the introduction of the first A-share index futures in Hong Kong have diversified cross-border investment products [7]. Group 4: Future Cooperation Initiatives - Li Ming proposed three cooperation initiatives for international financial institutions: to become "discoverers of investment value," leveraging improved market conditions and increased corporate quality [9]. - He encouraged institutions to be "contributors to reform and development," sharing expertise and insights amid new technological revolutions and industrial transformations [9]. - Lastly, he urged institutions to act as "maintainers of market stability," emphasizing compliance with laws and regulations and collaboration with regulatory bodies to build a robust risk prevention framework [9].