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资本市场活水涌 宁波民营经济迎高质量发展新机遇
Zheng Quan Shi Bao Wang· 2025-06-20 08:38
Core Viewpoint - The implementation of the "Private Economy Promotion Law" in May 2023 is facilitating the transformation of private enterprises in Ningbo through capital market engagement, enhancing their innovation, industrial upgrades, and global expansion efforts [1] Group 1: Capital Market Support - Ningbo's local securities firms are building a comprehensive service system to assist private enterprises in accessing capital markets, with 19 projects completed since 2020, raising a total of 14.362 billion yuan [2] - Fujia Co., Ltd. has transformed from a single ODM manufacturer to a global enterprise with an annual output value of nearly 3 billion yuan, supported by its "one body, two wings" strategic layout focusing on clean small appliances, energy storage, and robotics [2] - Fujia's revenue before going public was approximately 1 billion yuan, with over 90% of sales coming from its largest customer [2] Group 2: Financial Stability and Governance - By the end of 2024, Fujia's four fundraising projects will be completed, with surplus funds of 85.2974 million yuan permanently added to its working capital, providing solid financial support for sustainable development [3] - The listing process has led to improved management focus on performance enhancement and shareholder value maximization, resulting in better corporate governance and transparency [3] Group 3: Technological Advancement - The capital market acts as a catalyst for technological iteration, as demonstrated by Deyue Co., Ltd., which recognized the need to expand production capacity in response to the booming photovoltaic industry [4] - Deyue's fundraising project, initiated in 2022, raised 1.992 billion yuan for inverter production line construction and working capital, with the funds fully in place by June 2024 [4] Group 4: Mergers and Acquisitions - The China Securities Regulatory Commission's recent guidelines aim to enhance the role of capital markets in mergers and acquisitions, with several Ningbo-based companies actively engaging in this trend [5] - Ningbo Jingda's acquisition of Wuxi Weiyan for 360 million yuan exemplifies innovative use of merger tools, combining share issuance and cash payments to optimize cash flow and maintain control [6] - The acquisition project is seen as a positive exploration of how state-owned enterprises can empower listed companies through capital operations, enhancing financing efficiency and supporting core business development [7] Group 5: Future Directions - The path for capital market empowerment of private enterprises is becoming clearer, with suggestions for dual empowerment through "capital + technology" and the establishment of an overseas investment policy information hub for private enterprises [7]
川观智库·金融研究院丨从陆家嘴到西部腹地,四川如何承接八项重磅金融开放举措?
Sou Hu Cai Jing· 2025-06-20 05:47
6月18日至19日,在中国人民银行、国家金融监督管理总局、中国证监会和上海市人民政府在沪共同主 办的2025陆家嘴论坛上,一系列重磅金融政策举措发布。 其中,中国人民银行行长潘功胜表示,将实施八项金融开放举措:设立银行间市场交易报告库,设立数 字人民币国际运营中心,设立个人征信机构,在上海临港新片区开展离岸贸易金融服务综合改革试点, 发展自贸离岸债,优化升级自由贸易账户功能,在上海"先行先试"结构性货币政策工具创新,会同证监 会研究推进人民币外汇期货交易。 作为西部经济大省与科技创新高地,四川面临着一方面加快布局先进制造、绿色能源、生物医药等战略 性新兴产业,另一方面推动中小科技企业"专精特新"化发展的双重任务,亟需更加精准的金融支持和制 度供给。 当陆家嘴的政策"暖风"吹至西部腹地,四川该如何承接?顾婧给出了四点建议: 这八项举措,既是国家深化金融改革、强化高水平开放的重要部署,也为地方金融体系提供了有力的政 策引导与现实启示。对于正处于"双转型"关键阶段的四川而言,不仅是信号,更是契机。究竟如何把握 契机、承接好重大政策机遇?川观智库邀请资深专家进行了分析解读。 看政策: 从"工具式开放"向"体系性开放" ...
2025陆家嘴论坛点评:对外开放更加确定,金融助力科创包容性提升
Orient Securities· 2025-06-20 01:36
宏观经济 | 动态跟踪 对外开放更加确定,金融助力科创包容性 提升 2025 陆家嘴论坛点评 研究结论 首次明确平准基金定位,关注稳定资本市 场的战略力量 2025-04-11 报告发布日期 2025 年 06 月 20 日 | 有关分析师的申明,见本报告最后部分。其他重要信息披露见分析师申明之后部分,或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 | | --- | 陈至奕 021-63325888*6044 chenzhiyi@orientsec.com.cn 执业证书编号:S0860519090001 香港证监会牌照:BUK982 孙金霞 021-63325888*7590 sunjinxia@orientsec.com.cn 执业证书编号:S0860515070001 孙国翔 sunguoxiang@orientsec.com.cn 执业证书编号:S0860523080009 ⚫ 5 月末陆家嘴论坛公告即将举行之际,曾对"中央金融管理部门将发布若干重大金融 政策"作过预告,市场对金融继续支持宏观总量增长的期待有所抬升,但从论坛公 布的政策内容看,更加侧重将对外开放与科技转型置于更关 ...
中金 | “科特估”系列(3):以开放促改革,以改革助创新,以创新促发展——陆家嘴论坛点评
中金点睛· 2025-06-20 00:10
Core Viewpoint - The 2025 Lujiazui Forum emphasizes the importance of financial openness and cooperation in the context of global economic changes, focusing on high-quality development and the restructuring of the international monetary system [2][3]. Group 1: Global Financial Governance - The Governor of the People's Bank of China, Pan Gongsheng, discussed four key areas for reforming global financial governance and announced eight financial policy measures aimed at addressing the instability of the current dollar-dominated international monetary system [2]. - Proposed directions for reform include reducing reliance on a single sovereign currency and promoting a competitive environment among a few strong sovereign currencies, with the RMB recognized as the third-largest payment currency globally [2]. - Emphasis on diversifying the cross-border payment system and enhancing interoperability among payment systems, alongside the accelerated application of emerging technologies in cross-border payments [2]. Group 2: Financial Openness - The Director of the Financial Regulatory Bureau, Li Yunzhe, highlighted the vast potential for high-level financial openness in China, particularly in consumer finance, technology finance, green finance, pension finance, and wealth management [3]. - The government plans to promote high-level financial openness through institutional reforms, optimizing the business environment, and strengthening the financial safety net [3][4]. Group 3: Capital Market Reforms - The Chairman of the China Securities Regulatory Commission, Wu Qing, outlined five new measures for capital market reform aimed at enhancing the market's role in supporting technological innovation and the real economy [5]. - Key measures include deepening reforms in the Sci-Tech Innovation Board, enhancing the synergy between equity and debt markets, and fostering long-term capital [5][6]. - The focus on creating a more open and inclusive capital market ecosystem, including optimizing the Qualified Foreign Institutional Investor (QFII) system and expanding the range of products available for foreign investment [5]. Group 4: Investment Opportunities - The forum's positive policy direction is expected to enhance the resilience of the A-share market and improve the quality of listed companies, making A-shares more attractive to investors [6]. - Key investment areas identified include artificial intelligence, high-end manufacturing, and innovative pharmaceuticals, with a focus on fundamental analysis, valuation, and market sentiment [7].
每日债市速递 | 央行公开市场单日净投放842亿
Wind万得· 2025-06-19 22:29
海外方面,最新美国隔夜融资担保利率为 4.31% 。 // 债市综述 // 1. 公开市场操作 央行公告称, 6 月 19 日以固定利率、数量招标方式开展了 2035 亿元 7 天期逆回购操作,操作利率 1.40% ,投标量 2035 亿元,中标量 2035 亿元。 Wind 数据显示,当日 1193 亿元逆回购到期,据此计算,单日净投放 842 亿元。 (*数据来源:Wind-央行动态PBOC) 2. 资金面 资金面略显敛意,央行公开市场转为净投放驰援,存款类机构隔夜质押式回购利率微幅上行,目前仍位于 1.37% 附近,七天质押式回购利率则上行近 2 个 bp 。 (IMM) (*数据来源:Wind-国际货币资金情绪指数、资金综合屏) 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近,较上日略有下行。 (*数据来源:Wind-同业存单-发行结果) 4. 银行间主要利率债收益率 | (*数据来源:Wind-成交统计BMW) | | --- | 5. 近期城投债(AAA)各期限利差走势及数据 (*数据来源:Wind-利差分析) 6. 国债期货收盘 30 年期主力合约涨 0.16% ...
精彩回顾 | 彭博投资亚洲系列:聚焦中国(新加坡站)
彭博Bloomberg· 2025-06-19 10:29
近年来,亚洲经济发展势头强劲,对全球GDP贡献率接近40%,不断重塑着全球宏观经济格局,而中国则 是该地区经济增长的关键引擎之一。中国债券市场已成为世界第二大债券市场,在推动实体经济发展、优 化资源配置、增强金融稳定等方面发挥着重要作用。随着利率市场化改革的深化、定价机制的完善以及债 券通等举措的实施,中国债券市场为全球投资者提供了不容错过的机遇。 彭博投资亚洲系列活动 于6月17日在新加坡圆满举办。围绕 "聚焦中国" 的主题,各位专家同业政商领袖齐 聚一堂,各抒灼见。让我们一起回顾精彩瞬间! 本次活动很荣幸邀请到 中国驻新加坡大使曹忠明先生 发表主旨演讲。他表示 2025年第一季度, 中国经济顶住压力,实现了同比增长5.4%的好成绩,在全球主要经济体中继续保持领先。中国经 济韧性强大、创新强劲、结构优化,持续发展的动力在于不断迸发的创新能力和活力,在于不断释 放的超大规模市场,在于不断涌现的新产业、新业态、新商业模式。中国政府长期以来致力于通过 扩大市场准入、完善优惠政策、优化投资环境等措施吸引外资、鼓励外国企业来华投资兴业,中国 市场处处都是投资机遇。今年是中新建交35周年,感谢彭博举办这场聚焦中国研讨会 ...
2025陆家嘴论坛开幕 聚焦“全球经济变局中的金融开放合作与高质量发展” 龙头带动 为金融强国建设作新贡献
Jie Fang Ri Bao· 2025-06-19 01:54
记者 张骏 2025陆家嘴论坛昨天上午在沪开幕,本次论坛主题为"全球经济变局中的金融开放合作与高质量发 展"。上海市委书记陈吉宁出席开幕式暨第一次全体大会并致辞。十二届全国政协副主席周小川,中央 金融办分管日常工作的副主任王江出席,中国人民银行行长、论坛共同轮值主席潘功胜,国家金融监督 管理总局局长李云泽,中国证券监督管理委员会主席吴清,上海市委副书记、市长、论坛共同轮值主席 龚正,中国人民银行副行长、国家外汇管理局局长朱鹤新分别作了演讲。陈吉宁、王江、吴清、龚正和 民政部副部长胡海峰共同为中国资本市场学会揭牌。 陈吉宁在致辞时说,上海深入贯彻习近平总书记重要指示精神和党中央决策部署,充分发挥央地协 调机制作用,推动上海国际金融中心建设取得积极进展,金融市场稳步发展,金融机构加快集聚,金融 产品与服务不断丰富,金融高水平开放持续深化。今年是"十五五"规划编制之年。在新起点上全面推进 中国式现代化建设,推动高质量发展,对上海国际金融中心建设提出更高要求。我们将胸怀"国之大 者",坚持"四个放在",按照发挥龙头带动和示范引领作用要求,以金融中心建设新成效,为金融强国 建设作出新贡献。 陈吉宁说,我们将深化金融改革 ...
金融监管“一把手”释放多个重磅信号
第一财经· 2025-06-19 01:15
2025.06. 19 本文字数:3738,阅读时长大约6分钟 作者 | 第一财经 周艾琳 黄思瑜 2025陆家嘴论坛于6月18日至19日在上海举办,主题为"全球经济变局中的金融开放合作与高质量发 展"。 在论坛的"开幕式暨全体大会一"期间,多位金融监管部门一把手分别发表演讲,传递重磅政策信号, 包括:中国人民银行行长潘功胜,中国人民银行副行长、国家外汇局局长朱鹤新,金融监管总局局长 李云泽,中国证监会主席吴清。 论坛首日,一揽子利好政策陆续公布,充分展现出深化改革、服务实体经济的决心。比如,朱鹤新提 及开展绿色外债政策试点、新发QDII投资额度等;吴清表示将在科创板创新推出6项改革措施,包括 对于适用科创板第五套标准的企业,引入资深专业机构投资者制度,面向优质科技企业试点IPO预先 审阅机制,扩大第五套标准适用范围,支持人工智能、商业航天、低空经济等更多前沿科技领域企业 适用。 陆家嘴论坛在上海举办之际,为贯彻落实党的二十届三中全会"加快建设上海国际金融中心"和中央金 融工作会议"增强上海国际金融中心的竞争力和影响力"的部署要求,近日,中央金融委员会印发《关 于支持加快建设上海国际金融中心的意见》(下称《意 ...
6月19日证券之星早间消息汇总:美联储宣布利率不变
Zheng Quan Zhi Xing· 2025-06-19 00:54
Macro News - The 2025 Lujiazui Forum announced significant financial opening measures, including the establishment of an interbank market trading report library, a digital RMB international operation center, and a personal credit agency [1] - The head of the Financial Regulatory Bureau stated that efforts are underway to promote pilot projects for financial asset investment companies and technology enterprise merger loans, along with a joint action plan with the Shanghai government to support the construction of an international financial center [1] - The chairman of the China Securities Regulatory Commission emphasized the role of the Sci-Tech Innovation Board as a "testing ground," introducing a growth tier and restarting the listing standards for unprofitable companies [1] - The deputy governor of the People's Bank of China announced the upcoming release of additional investment quotas for qualified domestic institutional investors and a package of foreign exchange innovation policies in free trade pilot zones [1] Industry News - The Central Financial Committee issued opinions to accelerate the construction of the Shanghai International Financial Center, aiming for a comprehensive enhancement of its capabilities and competitiveness over the next five to ten years [3] - The China Securities Regulatory Commission has developed opinions to enhance the inclusiveness and adaptability of the Sci-Tech Innovation Board, including the reintroduction of listing standards for unprofitable companies [3] Cross-Border Payment - The RMB Cross-Border Payment System (CIPS) held a signing ceremony with six foreign institutions, marking the first direct participation of foreign entities from Africa, the Middle East, Central Asia, and Singapore in CIPS [4]
新华财经早报:6月19日
Xin Hua Cai Jing· 2025-06-18 23:55
Financial Policy and Market Developments - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum, including the establishment of an interbank market trading report library and a digital RMB international operation center [3] - The China Securities Regulatory Commission (CSRC) introduced a "1+6" policy to deepen the reform of the Sci-Tech Innovation Board, aiming to enhance market attractiveness and competitiveness [3][4] - The State Administration of Foreign Exchange (SAFE) will implement a package of foreign exchange innovation policies in the free trade pilot zone, including optimizing international trade settlement [3][4] Regulatory and Institutional Support - The Financial Regulatory Bureau and Shanghai Municipal Government jointly released an action plan to support the construction of Shanghai as an international financial center, promoting innovation in technology finance and cross-border finance [3][4] - The CSRC announced that starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-market ETF options trading, aimed at expanding investment opportunities for foreign institutions [3][4] Market Expansion and Investment Opportunities - The Shanghai Futures Exchange will expand the range of commodities available for qualified foreign institutional investors, including natural rubber and lead futures contracts [4] - The Shanghai Stock Exchange is drafting guidelines to support the listing of unprofitable technology companies, enhancing the inclusivity and adaptability of the capital market [3][4] International Financial Cooperation - The Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan was signed, supporting the optimization of free trade account functions and encouraging the use of RMB for cross-border transactions [4] - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, promoting high-quality development of multi-level equity markets [4]