每经记者｜杨欢 每经编辑｜刘艳美 据杭州日报消息，8月21日，国家发展和改革委员会官网发布信息——新建上海至杭州高速铁路（以下简称"沪杭高铁"）可行性研究报告获批。项目线路长 约223.8公里，总投资约670.97亿元，标志着这条西起杭州西站、东达上海东站的高速铁路距离开工又近了一大步。 当前南京与上海之间已有多条高铁直通，且沪宁之间的高铁车次远多于沪杭。再来看杭州，2010年开通的沪昆高铁沪杭段，其作为我国"八纵八横"高铁主通 道之一沪昆高铁重要组成部分，要承担起我国高铁大动脉的作用，时常"一票难求"。沪苏湖高铁则需北上湖州绕行，对客流压力缓解作用有限。 《"十四五"现代综合交通运输体系发展规划》中明确指出，围绕京津冀、长三角、粤港澳大湾区、成渝、长江中游等城市群，加强核心城市快速直连。眼 下，这条新建沪杭高铁将以更短的距离直接连通沪杭这两座长三角超大城市。 去年，大上海都市圈"扩容"，新增包括杭州在内的5座城市。彼时，杭州方面就曾表示，要主动接轨和服务大上海，积极对接上海大都市圈，全面融入长三 角一体化，通过优势互补、协同创新，形成错位发展、共同进步的强大动能。 图片来源：摄图网_501623069 沪杭 ...

《实施细则》主要内容聚焦如何支持境外投资者投资海南自贸港内金融机构发行的资管产品，也就是哪些境外投资者可以投、可以投资哪 些产品、用什么账户投资、资金如何进出等。 此外，投资账户也较灵活。境外投资者可在海南自贸港内银行开立人民币银行结算账户及自由贸易账户等，通过这些账户购买试点资管产 品，并鼓励以人民币计价及结算。 央视网消息：中国人民银行海南省分行等五部门联合印发的《海南自由贸易港跨境资产管理试点业务实施细则》8月21日起正式实施。这 一《实施细则》有哪些政策亮点？来看专家的解读。 记者了解到，此次初始试点设定了总规模，也就是说境外投资者购买的试点资管产品资金净流入规模上限为100亿元人民币，后续可根据 海南自贸港经济金融发展形势、国际收支形势、市场实际需求等，动态调整规模上限。 根据细则规定，海南自贸港跨境资管试点面向全球的境外机构和符合条件的境外个人投资者，投资主体多元化。同时，投资产品范围涵盖 海南自贸港内金融机构发行的风险等级在R1—R4的证券基金期货经营机构私募资产管理产品、公开募集证券投资基金，保险资产管理产品 等。 招联首席研究员董希淼称："对境外投资者而言，试点开辟投资中国金融产品的新通道， ...

海南跨境资管试点开闸将产生多方面的深远影响。对于海南本地而言，这有助于打造对外开放门户。随 着自贸港封关运作日益临近，贸易投资自由化便利化政策持续发力，经济外向型程度不断加深，对金融 开放的需求愈发迫切。跨境资管试点的落地，能够吸引更多境外投资者参与海南金融市场，提升市场活 力，助力高水平对外开放。同时，试点也有望吸引境内外资产管理机构入驻海南，带动相关产业链发 展，如法律、会计等专业服务领域，为海南构建区域性资产管理中心奠定基础。 从全国范围来看，海南跨境资管业务试点是我国资本项目开放的重要探索。此次试点涉及的几类资管产 品，也是我国目前资本项目开放程度相对较低的领域。通过在海南自贸港先行先试，有利于为我国分阶 段开放资本项目乃至资本市场积累宝贵经验，为后续进一步扩大开放提供新思路。海南跨境资管业务试 点不是无条件、无边界的资本项目开放，而是在国家宏观审慎管理框架下，有监管、有隔离、有控制的 开放。 21世纪经济报道记者 唐婧 今日，海南跨境资管试点正式开闸，100亿人民币额度开启境外资金投资境内市场新通道，为人民币国 际化注入新动能。随着《海南自由贸易港跨境资产管理试点业务实施细则》在 8 月 21 日起 ...

Core Viewpoint - The implementation of the cross-border asset management pilot business in Hainan Free Trade Port aims to enhance the investment opportunities for foreign investors and attract asset management institutions to the region, effective from August 21, 2025 [1]. Group 1: Pilot Business Implementation - The pilot business supports foreign investors in investing in financial products issued by financial institutions in Hainan Free Trade Port, including wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products [1]. - Specific arrangements are made regarding pilot institution conditions, reporting procedures, product scope, investor suitability management, account opening, fund transfer and exchange, scale management, investor protection, dispute resolution, and monitoring [1]. Group 2: Benefits of the Pilot Business - The pilot business is expected to enrich the supply of cross-border financial products and explore new channels for foreign investors to invest in the domestic market [1]. - It is anticipated to attract both domestic and foreign asset management institutions to operate in Hainan, contributing to the development of Hainan Free Trade Port [1].

Group 1 - Hainan Province is implementing a three-year action plan (2025-2027) to accelerate the construction of a modern industrial system with unique advantages, focusing on financial reforms and expanding the EF account pilot program [1] - The cross-border asset management pilot program, with a net inflow limit of 10 billion RMB, will start on August 21, 2023, and aims to attract global investors [2][5] - The pilot program allows for a diverse range of investment products, including private asset management products and publicly offered securities investment funds, targeting both institutional and individual foreign investors [2][3] Group 2 - The pilot program requires asset management products to be settled in RMB, with funds directed towards the domestic market, and foreign investors can open RMB settlement accounts in Hainan [3] - The People's Bank of China has set an initial cap on the pilot program's scale, which may be adjusted based on economic and market conditions [5][6] - The cross-border asset management pilot is expected to enhance the internationalization of the RMB by providing new channels for offshore RMB to flow back into the domestic market [5] Group 3 - The expansion of the EF account business has seen significant growth, with 273 new EF accounts added in the first half of the year, totaling a transaction volume of approximately 91.8 billion RMB [9] - The cross-border capital centralized operation center has been established to optimize cross-border fund allocation for enterprises, enhancing efficiency and reducing costs [8] - Several companies, including Yuan Cheng Technology and Hainan Natural Rubber Industry Group, have been recognized as cross-border capital centralized operation centers, benefiting from the new financial policies [8]

Group 1 - The "Implementation Rules for Cross-Border Asset Management Pilot Business" will officially take effect on August 21 [1] - Haima Automobile, a listed company, announced its participation in the cross-border asset management business through Hainan Bank, which is preparing application materials [1] - Major state-owned banks and some joint-stock banks in Hainan are also preparing to apply for the cross-border asset management pilot business, focusing on selling securities fund products [1] Group 2 - The cross-border asset management business involves pilot banks, issuing institutions, and sales institutions, with pilot banks providing account services for foreign investors [2] - The People's Bank of China and Hainan financial regulatory authorities will oversee the management and regulation of the pilot institutions [2] - This pilot program represents a unique financial opening policy for Hainan Free Trade Port, allowing foreign investors to access China's financial markets [2] Group 3 - The pilot program is expected to diversify investment channels for foreign investors and attract asset management institutions to Hainan [3] - The implementation rules highlight diverse investment subjects and a wide range of investment products, including public and private asset management products [3] - Foreign investors can open various types of accounts in Hainan to purchase pilot asset management products [3]

Core Viewpoint - The pilot program for cross-border asset management in Hainan Free Trade Port provides a new channel for offshore RMB to flow back into the domestic capital market, facilitating the internationalization of the RMB [2][8][10] Group 1: Pilot Program Details - The implementation details of the cross-border asset management pilot program were jointly issued by the People's Bank of China and five other departments, allowing foreign investors to invest in various financial products within Hainan [2][3] - The initial pilot program has a total scale limit of 10 billion RMB, effective from August 21, 2025, and will include RMB-denominated products across different risk levels [2][3][9] - The pilot program aims to attract offshore funds and enhance the financial infrastructure in Hainan, with a focus on creating a unique connection between domestic and international capital markets [4][9] Group 2: Historical Context and Development - The exploration of cross-border asset management in Hainan has been ongoing since the release of the overall plan for Hainan Free Trade Port in June 2020, with further details provided in subsequent policies [3][5] - The pilot program is part of a broader strategy to open up capital projects in China, following previous initiatives like QFII and various stock connect programs [5][7] Group 3: Strategic Importance - The pilot program is seen as a significant step towards enhancing Hainan's role as an open gateway for foreign investment, aligning with the broader goals of the Hainan Free Trade Port [4][6] - It is expected to attract more domestic and foreign asset management institutions to Hainan, thereby boosting the local economy and financial services sector [6][9] - The program's single-sided proactive opening model distinguishes it from other regional initiatives, allowing for a broader range of foreign investment opportunities [7][9] Group 4: Future Adjustments and Risk Management - The initial limit of 10 billion RMB for the pilot program can be dynamically adjusted based on market demand and risk exposure, allowing for a controlled and gradual opening [8][10] - The pilot serves as a pressure test for regulatory capabilities in managing risks associated with increased foreign investment in the domestic market [10]

Core Viewpoint - The implementation of the "Cross-Border Asset Management Pilot Business Implementation Rules" by the People's Bank of China and other departments aims to enhance cross-border financial product offerings and attract both domestic and foreign asset management institutions to Hainan Free Trade Port [1][2][3]. Group 1: Pilot Business Implementation - The pilot business includes specific arrangements regarding the conditions for pilot institutions, reporting procedures, the scope of asset management products, and investor protection measures [1][2]. - The pilot is part of a broader financial opening policy unique to Hainan Free Trade Port, which was initiated following the release of the overall plan for the port's construction in June 2020 [2][3]. Group 2: Investment Product Scope - The pilot encompasses four categories of asset management products: wealth management products, private asset management products from securities and futures institutions, publicly offered securities investment funds, and insurance asset management products [3]. - This initiative is expected to expand the channels for foreign capital to invest in the domestic market, thereby promoting further opening of China's capital market [3]. Group 3: Investor Access - The pilot allows both foreign institutional and individual investors to participate, with a broader scope compared to previous capital market connectivity channels [3]. - Foreign individual investors must provide proof of residence, employment, or study in Hainan for at least one year, along with evidence of income from within China to invest in pilot asset management products [3]. Group 4: Financial Infrastructure and Internationalization - The launch of multi-functional free trade accounts and the establishment of cross-border capital operation centers are expected to facilitate the free flow of cross-border funds and support global capital allocation [4]. - The pilot is anticipated to enhance the internationalization of the Renminbi by providing new channels for offshore Renminbi to flow back into the domestic capital market [5].

Market News - The three major US stock indices closed mixed, with the Dow Jones down 0.04%, the Nasdaq up 0.38%, and the S&P 500 up 0.14%. The metals and mining sectors saw significant gains, with Century Aluminum rising over 9% and Americas Silver and Pan American Silver up nearly 5% [1] - International precious metal futures generally rose, with COMEX gold futures up 1.55% at $3410.3 per ounce and COMEX silver futures up 2.02% at $39.24 per ounce. International oil prices slightly declined, with WTI crude down 0.41% at $65.78 per barrel and Brent crude down 0.36% at $69.03 per barrel [1] - European stock indices closed mixed, with Germany's DAX up 0.08% at 24307.8 points, France's CAC40 down 0.31% at 7798.22 points, and the UK's FTSE 100 up 0.23% at 9012.99 points [1] Industry Insights - The implementation of cross-border asset management pilot business in Hainan Free Trade Port aims to enhance cross-border securities investment and exchange convenience for foreign investors. This initiative supports investment in various financial products and is expected to attract asset management institutions to Hainan [2] - The China Securities Regulatory Commission announced that Yushu Technology has begun its listing guidance with CITIC Securities as the advisor. Several leading robotics companies are planning to go public, which may drive technological innovation and capacity expansion in the sector [3] - The first International Low Altitude Economy Expo will be held from July 23 to 26 in Shanghai, showcasing over 300 exhibitors and revolutionary breakthroughs in low-altitude technology, particularly in drones and eVTOLs. The event will feature numerous global and national product launches [4][5] - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, driven by applications in logistics, tourism, and emergency services. This sector is becoming a new growth engine for urban economies [5]

Core Insights - The insurance asset management industry is undergoing a significant transformation, shifting from traditional debt financing to equity financing to meet the demands of the new economy [1] - Insurance funds, characterized by long duration, large scale, and stable sources, are well-positioned to become patient capital [1] Group 1: Shift to Equity Investment - Insurance asset management institutions are accelerating their transition to equity investment, with a notable decline in debt investment plans while equity investment plans and private equity funds have seen substantial growth [3] - The successful IPO of Huadian New Energy exemplifies the effectiveness of insurance capital in equity investment, with major shareholders like China Life and Ping An Life witnessing a stock price increase of over 125% on the first day of trading, nearly doubling the valuation of their holdings [3] - Insurance asset management's equity investments tend to favor mature and later-stage projects, with a preference for targets that provide stable cash flow and periodic returns, focusing on sectors aligned with national strategies such as hard technology, green energy, and health care [3] Group 2: Need for Capability Building - The insurance asset management sector is still in the early stages of capability building and experience accumulation in equity investment, facing challenges such as a cooling market and increased exit difficulties [4] - The entry of foreign institutions, like Dutch Global Life, introduces new development ideas, focusing on long-tail asset investment opportunities in infrastructure and renewable energy [4] - Insurance asset management is actively exploring cross-border investment capabilities, with the Hainan Free Trade Port pilot program opening new avenues for foreign investors to access domestic insurance asset management products, initially capped at 10 billion RMB [4]