Group 1 - The 2025 Lujiazui Forum is themed "Financial Openness and Cooperation in the Global Economic Landscape" and aims to discuss financial reform and international cooperation [1] - Over 70 financial professionals from more than 10 countries and regions are participating in the forum, which will last for two days [1] - Key discussion topics include enhancing global monetary policy coordination, promoting stable capital market development, and improving inclusive financial services [1] Group 2 - Major financial policies will be announced by central financial management departments during the forum [2] - Shanghai and Hong Kong will sign the "Coordinated Development Action Plan for International Financial Centers" during the forum [2] - The forum has a history of being a platform for significant policy announcements, such as the launch of the Science and Technology Innovation Board in 2019 and the initiation of the Shanghai Reinsurance "International Board" in 2023 [2]

Investment Rating - The industry investment rating is "Outperform the Market" [3][23]. Core Viewpoints - The market is experiencing increased volatility due to geopolitical risks, trade relationship disturbances, fluctuations in the ten-year treasury yield, and new public fund regulations. Attention is needed on the developments regarding the Israel-Iran conflict and potential countermeasures from the government [1][9]. - The insurance sector is showing signs of adjustment but is expected to trend upwards in the future. The first quarter of 2025 saw a steady growth in the scale of funds utilized by insurance companies, with the proportion of bonds and stocks reaching the highest levels in recent years [11][12]. - The report emphasizes the need for external forces to break the current market stagnation, with a focus on the upcoming political bureau meeting in July and potential further policies [2][10]. Summary by Sections 1. Main Points - The Shanghai Composite Index was at 3846.64 points (-0.45%), with the insurance index at 1232.37 points (0.27%) and the brokerage index at 6082.94 points (-1.73%) during the week of June 16-20, 2025 [7]. - The U.S. Federal Reserve maintained the federal funds rate between 4.25%-4.50%, indicating a cautious approach towards inflation [7][8]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is currently undervalued, presenting opportunities for valuation recovery. Recommended stocks include China Ping An, China Pacific Insurance, and New China Life Insurance [12]. 2.2 Brokerage Sector - Focus on mid-sized securities firms benefiting from innovation and transformation, such as East Money and Zhejiang Securities. Additionally, large firms with diversified revenue structures like Huatai Securities are recommended [13][14]. 3. Market Trends - The ten-year treasury yield is fluctuating around 1.64%, influenced by new public fund regulations, with the insurance sector expected to experience upward volatility [11]. - The first quarter of 2025 saw the insurance industry's fund utilization reach 34.9 trillion yuan, a year-on-year increase of 16.7% [11].

Report Summary 1. Core View - The central bank maintains a prudent monetary policy stance, using various tools to keep the liquidity of the banking system abundant. The transformation of the monetary policy framework is an ongoing process that will be continuously evaluated and improved [4]. - The 2025 Lujiazui Forum focuses on the long - term development of the financial market, with limited short - term boost to the capital market. The domestic factors driving the stock index are weak, and overseas uncertainties remain. The stock index is expected to be weakly volatile in the short term [6]. 2. Market Data Summary 2.1 Macro - financial Data - Interest rates: DRO01 closed at 1.37 with a - 0.06bp change; DR007 at 1.54 with a 1.75bp change; GC001 at 1.28 with a - 34.50bp change; GC007 at 1.56 with a - 8.00bp change; SHBOR 3M at 1.63 with no change; LPR 5 - year at 3.50 with a - 10.00bp change. Bond yields: 1 - year treasury at 1.36 with a 0.25bp change; 5 - year treasury at 1.48 with a 0.45bp change; 10 - year treasury at 1.64 with a 0.50bp change; 10 - year US treasury at 0.00 with a - 1.00bp change [3]. - Central bank operations: The central bank conducted 2035 billion yuan of 7 - day reverse repurchase operations, with 1193 billion yuan of reverse repurchases maturing, resulting in a net injection of 842 billion yuan [3]. - This week, 8582 billion yuan of reverse repurchases are due in the central bank's open - market operations, with 2025 billion yuan due on Friday [4]. 2.2 Stock Index Data - Index closing prices: CSI 300 closed at 3843, down 0.82%; SSE 50 at 2666, down 0.54%; CSI 500 at 5677, down 1.20%; CSI 1000 at 6048, down 1.42%. Futures closing prices: IF当月 at 3840, down 0.8%; IH当月 at 2659, down 0.7%; IC当月 at 5678, down 1.0%; IM当月 at 6050, down 1.2% [5]. - Trading volume and open interest: IF trading volume was 117508, up 11.2%; IF open interest was 242993, up 2.0%; IH trading volume was 56937, up 17.6%; IH open interest was 83607, up 2.8%; IC trading volume was 105878, up 19.0%; IC open interest was 227844, up 4.0%; IM trading volume was 228414, up 21.4%; IM open interest was 336516, up 4.5% [5]. - The total trading volume of the Shanghai and Shenzhen stock markets was 12506 billion yuan, an increase of 596 billion yuan from the previous day. Most industry sectors declined, while the mining, petroleum, and gas industries strengthened [5]. 2.3 Futures Contract Premium and Discount - IF: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 25.56%, 14.64%, 7.96%, and 5.59% respectively [7]. - IH: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were 86.54%, 21.40%, 7.13%, and 3.69% respectively [7]. - IC: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 6.23%, 13.18%, 12.05%, and 10.35% respectively [7]. - IM: The premium and discount rates for the current - month, next - month, current - quarter, and next - quarter contracts were - 13.13%, 16.03%, 15.89%, and 13.75% respectively [7]. 3. Event Summary - The 2025 Lujiazui Forum focused on promoting financial opening and enhancing the support of the financial market to industries, but did not significantly address further monetary policy tightening or equity market rescue tools [6].

Group 1 - The 2025 Lujiazui Forum concluded with a focus on "Financial Opening and Cooperation in Global Economic Changes and High-Quality Development" [1] - The People's Bank of China announced eight significant financial opening measures during the forum [1] - The forum raised questions about the advancement of RMB internationalization and the challenges that need to be addressed [1] Group 2 - A strong currency is identified as the first core element of a financial powerhouse, with internationalization being crucial for better resource utilization [3] - The current international status of the RMB does not match China's economic scale, indicating a need for further development of the currency [3] - Key challenges in RMB internationalization include balancing financial security and development, particularly regarding capital account convertibility [3] Group 3 - Offshore trade is essential for Chinese enterprises to engage in global supply chains without heavy asset investments [4] - The comprehensive reform of offshore trade financial services in Shanghai's free trade zone aims to enhance efficiency and convenience for companies involved in offshore trade [4] Group 4 - Effective risk management in financial globalization requires robust regulatory measures, including pre-emptive risk control and post-event monitoring [5] - Regulatory frameworks should align with international standards while considering local economic conditions to manage financial risks effectively [5] Group 5 - Strengthening international regulatory cooperation is emphasized as a necessity in the context of financial globalization [6] - Shanghai and Hong Kong are positioned to complement each other in the offshore RMB market, with Hong Kong offering more internationalized rules and products [8] - Shanghai's offshore market benefits from established economic cooperation in Southeast Asia, providing advantages for Chinese enterprises [8] - The People's Bank of China's regulatory approach in Shanghai's offshore market allows for stronger oversight compared to Hong Kong's offshore RMB market [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank uses medium - and short - term liquidity management tools to maintain sufficient liquidity in the banking system. The transformation of the monetary policy framework is a gradual process and will be continuously evaluated and improved [4] - The LuJiaZui Forum focuses on the long - term development of the financial market, with limited short - term boost to the capital market. Domestic factors have weak driving force on stock indices, and overseas uncertainties remain. Stock indices are expected to oscillate weakly in the short term [6] 3. Summary According to Related Content 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.37 with a - 0.06bp change, DR007 at 1.53 with a 0.40bp change, GC001 at 1.63 with a - 7.00bp change, GC007 at 1.64 with a 2.00bp change, SHBOR 3M at 1.63 with a - 0.40bp change, LPR 5 - year at 3.50 with a - 10.00bp change, 1 - year treasury at 1.36 with a - 1.00bp change, 5 - year treasury at 1.47 with a 0.25bp change, 10 - year treasury at 1.64 with a 0.50bp change, and 10 - year US treasury at 0.00 with a - 7.00bp change [3] - **Central Bank Operations**: The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 1640 billion yuan of reverse repurchases maturing, the net withdrawal was 77 billion yuan. This week, 8582 billion yuan of reverse repurchases are due, with 1193 billion and 2025 billion maturing on Thursday and Friday respectively [3][4] 3.2 Stock Index Data - **Index Performance**: The CSI 300 rose 0.12% to 3875, the SSE 50 fell 0.15% to 2680, the CSI 500 fell 0.09% to 5746, and the CSI 1000 fell 0.10% to 6135. The trading volume of the Shanghai and Shenzhen stock markets was 11911 billion yuan, a decrease of 161 billion yuan from the previous day. Industry sectors had more decliners than gainers [5] - **Futures Contracts**: IF volume increased 10.5% to 105667, and its open interest increased 0.2% to 238264; IH volume decreased 4.4% to 48430, and its open interest decreased 1.5% to 81317; IC volume increased 3.0% to 88945, and its open interest increased 0.4% to 219162; IM volume increased 4.6% to 188199, and its open interest decreased 2.4% to 321988 [5] - **Premium and Discount**: IF premium and discount rates were 13.05% for the current - month contract, 13.74% for the next - month contract, 7.43% for the current - quarter contract, and 5.22% for the next - quarter contract; similar data were provided for IH, IC, and IM contracts [7] 3.3 LuJiaZui Forum - The 2025 LuJiaZui Forum focused on promoting financial opening and enhancing the financial market's support for industries. It had limited short - term impact on the capital market, and expectations for further monetary policy easing and equity market rescue tools were not met [6]

Group 1 - The China Securities Financial Technology Theme Index (930986) decreased by 1.29% as of June 19, 2025, with mixed performance among constituent stocks [1] - Dongxin Peace (002017) led the gains with an increase of 10.02%, while Hengyin Technology (603106) experienced the largest decline at 6.24% [1] - The Financial Technology ETF (516860) fell by 1.39%, with the latest price at 1.28 yuan and a turnover rate of 5.94% during the trading session [1] Group 2 - The 2025 Lujiazui Forum held on June 18 in Shanghai focused on "Financial Opening and Cooperation in Global Economic Changes and High-Quality Development," with a keynote speech by the Chairman of the China Securities Regulatory Commission [2] - Policies introduced at the forum emphasize openness and technology, aiming to enhance the efficiency of cross-border payments and attract foreign investment in domestic assets [2] - The latest financing buy-in amount for the Financial Technology ETF reached 12.57 million yuan, with a financing balance of 52.24 million yuan [2] Group 3 - As of June 13, 2025, the Financial Technology ETF had a Sharpe ratio of 1.45, indicating strong risk-adjusted returns [3] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [3] - The ETF closely tracks the China Securities Financial Technology Theme Index, which includes companies involved in financial technology [3] Group 4 - As of May 30, 2025, the top ten weighted stocks in the China Securities Financial Technology Theme Index accounted for 52.03% of the index, with Tonghuashun (300033) having the highest weight at 9.50% [3][5] - The performance of the top ten stocks varied, with some experiencing declines, such as Dongfang Caifu (300059) down by 1.67% and Hengsheng Electronics (600570) down by 2.71% [5]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index (000680) increased by 0.63% as of June 18, 2025, with notable gains in constituent stocks such as New Light Optoelectronics (688011) up 20.01%, Qingyue Technology (688496) up 16.17%, and Shengyi Electronics (688183) up 14.84% [3] - The Huaxia Sci-Tech Innovation Index ETF (589000) rose by 0.54%, with a latest price of 0.94 yuan, and had a turnover rate of 4.11% during the trading session, with a transaction volume of 92.8137 million yuan [3] - The average daily transaction volume of the Huaxia Sci-Tech Innovation Index ETF over the past month was 127 million yuan, ranking it first among comparable funds [3] Group 2 - The 2025 Lujiazui Forum commenced on June 18, 2025, focusing on "Financial Opening and Cooperation and High-Quality Development in the Context of Global Economic Changes," featuring eight plenary sessions and three specialized events addressing issues like reinsurance market construction and fintech [3] - Huaxi Securities views the Lujiazui Forum as a significant policy observation window, anticipating the release of major financial policies by central financial management departments during the forum, which is expected to positively influence market sentiment and support a stable rise in A-shares [3] - The Huaxia Sci-Tech Innovation Index ETF closely tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index, focusing on hard technology sectors, including new generation information technology, high-end equipment, biomedicine, new energy, new materials, and energy conservation and environmental protection [4]

Group 1 - The 2025 Lujiazui Forum will be held from June 18 to 19, focusing on financial openness and high-quality development with eight plenary sessions [1] - The 2025 Shanghai World Mobile Communication Conference will take place from June 18 to 20, emphasizing the integration of 5G, artificial intelligence, and IoT technologies [2] - A press conference titled "Vigorously Promote the Spirit of Educators and Accelerate the Construction of a Strong Education Nation" will be held by the State Council Information Office on June 18 [3] Group 2 - On June 18, a total of 11 companies will have their restricted shares unlocked, with a total unlock volume of 9.3643 million shares, amounting to a market value of 1.423 billion yuan [4] - 31 companies disclosed stock repurchase progress on June 18, with significant proposals from several companies, including Qizhong Technology and Huahai Qingke [5] - A total of 1.64 billion yuan in 7-day reverse repos will mature today, following a central bank operation on June 11 with an interest rate of 1.40% [6]

Group 1 - The 2025 Lujiazui Forum is themed "Financial Openness and Cooperation in the Global Economic Landscape" and aims to discuss financial reform and international cooperation [1] - Over 70 financial professionals from more than 10 countries and regions are participating in the forum, which will last for two days [1] - Key discussion topics include enhancing global monetary policy coordination, promoting stable capital market development, and improving inclusive financial services [1] Group 2 - Major financial policies will be announced by central financial management departments during the forum [2] - Shanghai and Hong Kong will sign the "Coordinated Development Action Plan for International Financial Centers" during the forum [2] - The forum has a history of being a platform for significant policy announcements, such as the launch of the Science and Technology Innovation Board in 2019 and the initiation of the Shanghai Reinsurance "International Board" in 2023 [2]

Core Viewpoint - The upcoming Lujiazui Forum emphasizes China's commitment to deepening financial reform and expanding institutional openness in the context of global economic changes [1] Group 1: Financial Open Cooperation - The Bank of China Shanghai Branch actively promotes high-level openness in cross-border trade and investment, aiding industrial upgrades and integrating facilitation policies with real-world scenarios [1][2] - The branch has been recognized as one of the "Top Ten Excellent Global Investment Partners" at the Shanghai Global Investment Promotion Conference, supporting over 5,300 cooperation intentions with a total intended cooperation amount exceeding 50 billion USD [2] Group 2: Enhancing Cross-Border Financial Services - The Shanghai International Financial Center is entering a new phase of enhanced capabilities and innovation, with the Bank of China Shanghai Branch supporting various financial innovation pilot projects [4] - The branch has established the first domestic cross-border syndication center, providing financial support for major projects and facilitating cross-border RMB settlement services [4] Group 3: Empowering Global Business Expansion - The Bank of China Shanghai Branch offers comprehensive cross-border financial infrastructure and risk prevention measures to assist Chinese enterprises in navigating foreign political and regulatory environments [5] - The branch has successfully implemented a cross-border foreign currency pool for an automotive company, alleviating financing difficulties, and provided tailored solutions for a shipbuilding group to manage long-term exchange rate risks [5] Group 4: Focus on Inclusive Finance - The Bank of China Shanghai Branch is committed to inclusive finance, utilizing various online and cooperative financing solutions to address the challenges faced by small and micro foreign trade enterprises [6] - Future plans include building a more efficient and secure cross-border financial service system to continuously support financial openness and high-quality development [6]