早 报 精 选 1、 李强：坚持创新驱动发展，着力扩大有效需求，推动经济运行持续向好。 2、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》。 3、科创板新设科创成长层，重启未盈利企业上市。 4、证监会：将从从2025年10月9日起允许合格境外投资者参与场内ETF期权交易。 5、特朗普称将继续延长出售TikTok限期，外交部回应。 宏 观 新 闻 1、 中共中央政治局常委、国务院总理李强6月16日至18日在江苏调研。他强调，要 深入贯彻习近平总书记关于做好经济工作的重要指示精神，坚持创新驱动发展，着力 扩大有效需求，进一步营造干事创业浓厚氛围，在深化改革开放中激发高质量发展动 力活力，推动经济运行持续向好。 2、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》。《意 见》明确，经过五至十年的建设，上海国际金融中心能级全面提升，现代金融体系的 适应性、竞争力、普惠性显著提高，金融开放枢纽门户功能显著强化，人民币资产全 球配置中心、风险管理中心地位显著增强，基本建成与我国综合国力和国际影响力相 匹配的国际金融中心。 3、国家金融监督管理总局、上海市人民政府印发《关于支持上海国际金融中 ...

Domestic News - The People's Bank of China announced eight significant financial opening measures at the 2025 Lujiazui Forum [5] - The China Securities Regulatory Commission (CSRC) introduced the "1+6" policy measures to deepen reforms, establishing a new growth tier for technology innovation [5] - The CSRC will allow qualified foreign investors to participate in ETF options trading, effective from October 9, 2025 [5] - The State Administration of Foreign Exchange released a draft notice on deepening cross-border investment and financing foreign exchange management reforms [5] International News - The Federal Reserve maintained interest rates unchanged for the fourth consecutive time, with the dot plot indicating two rate cuts this year, but the number of officials not expecting cuts increased to seven [3] - Trump reiterated that the Federal Reserve should cut rates by 200 basis points, suggesting that a 250 basis point cut would be very beneficial [5] - Brazil's central bank unexpectedly raised interest rates by 25 basis points to 15%, while the market had anticipated a hold at 14.75% [5] - Foreign investors' holdings of U.S. Treasury securities are nearing record highs, with China reducing its holdings in April while the UK and Japan increased theirs [5]

Financial Policy Announcements - The People's Bank of China announced eight financial policies aimed at enhancing the openness and international competitiveness of China's financial markets, while also improving financial services for the real economy and cross-border trade [1] - The new policies are expected to attract more international capital inflow, boosting confidence in the stock and bond markets amid uncertain US-China trade policies [1] Key Financial Policies - Establishment of an interbank market trading report database to analyze transaction data across various financial sub-markets [2] - Creation of a digital RMB international operation center to promote the internationalization of digital RMB and support financial innovation [2] - Establishment of personal credit institutions to provide diversified credit products and improve the social credit system [2] - Pilot offshore trade financial services reform in Shanghai's Lingang New Area to support offshore trade development [2] - Development of offshore bonds to broaden financing channels for enterprises involved in the Belt and Road Initiative [2] - Optimization of free trade account functions to enhance efficient capital flow for quality enterprises [2] - Implementation of structural monetary policy tools in Shanghai to guide funds towards weak areas of the real economy [2] - Collaboration with the China Securities Regulatory Commission to promote RMB foreign exchange futures trading for better risk management [2] Support for Technology Innovation - The China Securities Regulatory Commission announced the establishment of a "growth layer" on the Sci-Tech Innovation Board to support high-quality, unprofitable technology companies [3][4] - The new growth layer aims to address the challenges faced by technology firms and enhance the capital market's support for innovation [4] - Specific requirements for investor protection and risk disclosure have been established to safeguard the interests of small and medium investors [5]

点击上图▲立即收听 " 两个大礼包，意味着中国正在推进金融业进一步开放，以掌控更大的国际金融话语权。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这几天，国家在金融领域派送了两个政策大礼包，新闻刷了屏，朋友圈也跟着热闹，但不少人看了两行就放弃了——术语太多、门槛太高，看起 来很厉害，但和普通人有什么关系，搞不清楚。 这两个礼包一个来自中国金融界最高级别的年度盛会之一陆家嘴金融论坛，央行行长潘功胜宣布了8项重磅金融政策，包含设立数字人民币国际 运营中心、发展自贸离岸债、优化升级自由贸易账户功能等。 2025陆家嘴论坛央行行长潘功胜 另一个则是由中办、国办印发的高规格文件《关于深入推进深圳综合改革试点深化改革创新扩大开放的意见》，其中提到，允许在港交所上市的 粤港澳大湾区企业，按照政策规定在深交所上市。 我们认为，对普通人而言，这些政策其实可以简化为两件大事： 第一，扶持外贸，并将上海打造成" 中国最大的资金池 "。 第二，让更多优质企业回到内地上市，并将深圳打造成金融领域支持科技强国的前沿阵地。 我们一件件来说。 ◎ 发展自贸离岸债； 其中，好几条都和外贸企业直接挂钩。 例如" 发展自贸离岸债 "。 所谓"自 ...

例如，银行间市场交易报告库主要用于高频汇集并系统分析银行间债券、货币、衍生品、黄金、票据等 各金融子市场交易数据，服务金融机构、宏观调控和金融市场监管；设立个人征信机构用于为金融机构 提供多元化、差异化的个人征信产品，进一步健全社会征信体系；发展自贸离岸债，主要遵循"两头在 外"的原则和国际通行的规则标准，拓宽"走出去"企业及"一带一路"共建国家和地区优质企业的融资渠 道。 结构性货币政策工具创新方面，据潘功胜介绍，创新内容包括开展航贸区块链信用证再融资业务试点， 以信用方式发放再贷款，支持在沪商业银行向外贸企业提供融资。开展跨境贸易再融资业务试点，运用 再贴现支持在沪商业银行向进出口企业提供人民币跨境贸易融资。开展碳减排支持工具扩容试点，将支 持范围扩大至部分转型金融领域和地方特色产业。积极推动上海首批运用科技创新债券风险分担工具， 支持私募股权机构发行科创债券。 人们都在期待，货币工具箱里会上新哪些新工具，跨境金融能有什么创新政策，科创板将如何深化改 革，资本市场又会怎样进一步对外开放。6月18日，2025陆家嘴论坛开幕，中国证监会主席吴清、中国 人民银行行长潘功胜、国家金融监督管理总局局长李云泽、国家外 ...

本文字数：2050，阅读时长大约4分钟 作者 | 第一财经 亓宁 经历日前大幅下行之后，6月18日，国债收益率多数反弹。此前，基于宏观基本面表现和宽货币政策 预期，债市做多情绪有所升温。 2025.06. 18 对于央行何时重启国债买卖，上述债市研究人士认为，结合去年央行启动国债买卖时点和实际情况需 要，最合适的时机预计在今年下半年尤其是三季度，"预计早于去年"。"相关操作都会有相应的公告 流程，拿这个去炒作也不合理。"该人士提示，宽货币预期及其对债市的支撑依然存在，但也要避免 被非理性力量带偏。 后市怎么走 市场对央行国债买卖或将重启的预期基于多方面因素，其中一大考虑仍是季末月银行同业存单到期规 模较大，且近期大行买入短债规模持续增加。 对于此前市场上关于"中短期国债纳入存款准备金"、央行重启国债买卖等的猜测，有智库资深金融研 究员对第一财经表示，前者目前仍存在不少争议，存款准备金制度改革需要一个过程，不应作为短期 炒作点。"重启国债买卖的最佳窗口期预计在下半年，会有相应公告程序。"一位债市研究人士称。 国债收益率多数反弹 18日，债市全天以震荡为主，国债期货走势分化，其中30年期主力合约涨0.09%，盘中 ...

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 张瑜（微信 deany-zhang） 陆银波（15210860866） 报告目录 | PART2:资产观点,量价下的投资展望. | | --- | | 六、权益: 从"量"中寻找确定性 | | (一)自上而下:低波有底, 上行待验 | | (二)自下而上:确定性在四个"量" | | (三)特殊关注: 下半年的宏观大事 | | 七、债券:多股"力量"框定区间 . | | (一)利率区间: 来自央行的"力量" | | (二)利率点位: 来自配置的"力量" …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 45 | | (三)利率节奏: 来自切换的"力量" …………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 46 | | 八、汇率: ...

央行公开市场开展1563亿元7天期逆回购操作，今日有1640亿元逆回购到期，净回笼77亿元。 资金面均衡偏松，资金利率平稳，DR001在1.37%附近，DR007在 1.53%附近。 | | | | 银行间资金 | (2025. 06. 18) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交中 (亿 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | 元) | (亿元) | 比 (%) | | R001 | 1.43 | | m | 2. 04 | -46 | 75184. 56 | 2618. 89 | 89.07 | | R007 | 1.58 | 2 | | 2. 05 | 0 | 7299.72 | -446. 24 | 8. 65 | | R014 | 1.75 | | | 2. 10 | 0 | 1727. 42 | 601. 20 | 2. 05 | | R1M | 1.7 ...

Group 1 - The core focus of the Lujiazui Financial Forum was on financial market openness and supporting the technology industry through the existing financial system [1][4] - Key measures discussed included the establishment of an international operational center for digital RMB, offshore trade financial pilots, and the issuance of offshore bonds [1][2] - The forum highlighted the potential for the RMB to play a more significant role in the international financial system, suggesting a trend towards a more stable or appreciating RMB in the near future [2][3] Group 2 - The support for technology industry upgrades is expected to increase, with innovative financial tools and a new growth tier on the Sci-Tech Innovation Board to facilitate financing for tech companies, even those that are not yet profitable [4][5] - The market reaction to the forum was relatively calm, with major indices showing slight increases, indicating that investors are looking for progress in domestic economic indicators rather than relying solely on the forum's outcomes [6][7] - External factors, such as the upcoming Federal Reserve decisions and geopolitical tensions, are seen as potential market disruptors, but the domestic market is expected to maintain its own trajectory [7][8]

Group 1 - The National Financial Regulatory Administration encourages Shanghai to conduct innovative pilot projects in cross-border finance and technology finance [2] - The China Securities Regulatory Commission plans to accelerate the implementation of key measures for capital market opening by 2025, including optimizing the Qualified Foreign Institutional Investor (QFII) system [3] - The People's Bank of China announced eight significant financial policies, including the establishment of a digital RMB international operation center and offshore trade finance reform pilot in Shanghai [3] Group 2 - The State Administration of Foreign Exchange will implement a package of foreign exchange innovation policies in free trade pilot zones, including optimizing international trade settlement [4] - The Ministry of Industry and Information Technology, along with other departments, released a plan for the digital transformation of the textile industry, aiming for over 70% digitalization in key business processes by 2027 [6]