Core Points - The China Securities Regulatory Commission (CSRC) announced a comprehensive package of measures to deepen capital market reforms and open up, aimed at creating a more supportive ecosystem for innovation [1] - The reforms include enhancements to the STAR Market and the introduction of a third set of standards for the ChiNext board, facilitating the listing of quality tech companies [2][3] - The CSRC's new policies aim to improve the inclusivity and adaptability of the capital market, particularly for unprofitable tech firms [2][4] Group 1: STAR Market and ChiNext Reforms - The STAR Market will implement a "1+6" policy to deepen reforms, enhancing its role as a testing ground for innovative companies [2][3] - The introduction of the fifth set of listing standards on the STAR Market will allow unprofitable tech companies to be managed under a differentiated disclosure and risk warning system [3][4] - The ChiNext board will officially adopt a third set of standards to support the listing of high-quality, unprofitable innovative enterprises [2][3] Group 2: Cultivating Patient Capital - The CSRC aims to cultivate patient and long-term capital by addressing bottlenecks in the private equity investment cycle [5][6] - Initiatives include encouraging social security funds, insurance capital, and industrial capital to participate in private equity investments [5][6] - The development of more technology innovation indices and public funds focused on tech themes is intended to attract more long-term capital into tech investments [5][6] Group 3: Enhancing Foreign Investment Participation - The CSRC is working to facilitate foreign investment in the Chinese capital market by optimizing the Qualified Foreign Institutional Investor (QFII) system [7][8] - New measures will expand the range of products available for foreign investors, including allowing participation in onshore ETF options trading starting October 9 [7] - The reforms are expected to enhance the confidence of foreign financial institutions in the Chinese market and support the global expansion of domestic companies [8]

1. Fed Interest Rate Decision - The Fed maintained the benchmark interest rate at 4.25%-4.50% in its June rate decision, staying on hold for the fourth consecutive meeting, in line with market expectations [1]. - The Fed indicated that the uncertainty about the outlook has diminished but remains at a high level, lowered the 2025 GDP forecast to 1.4%, and raised the inflation forecast to 3% [1]. - The Fed's dot - plot shows two 25 - basis - point rate cuts in 2025, consistent with March expectations, but only a 25 - basis - point cut in 2026, down from the previous forecast of 50 basis points [1]. 2. US President's Statement on Iran - Israel Conflict - US President Trump stated that the US is seeking a "complete victory," meaning "Iran without nuclear weapons," and that "an agreement is still possible" [1]. - Trump has not decided whether to take military action against Iran and mentioned that Iran wants to negotiate and is willing to come to the White House [1]. 3. Expansion of Qualified Foreign Investors' Participation - Starting from the trading on June 20 (the night session on June 19), qualified foreign investors can participate in glass, soda ash, ferrosilicon, ethylene glycol, liquefied petroleum gas, natural rubber, lead, and tin futures and options contracts [1]. - From October 9, qualified foreign investors will be allowed to participate in on - exchange ETF options trading for hedging purposes to promote long - term investment in A - shares [2]. 4. Zhengzhou Commodity Exchange Policy Adjustments - Starting from the settlement on June 20, the trading margin standard for jujube futures contracts will be adjusted to 9%, and the daily price limit will be adjusted to 8% [2]. - Starting from the night session on June 19, the minimum order quantity for rapeseed meal futures contracts 2507, 2508, 2509, 2511, and 2601 will be adjusted to 4 lots [2]. 5. Key Commodities to Watch - The report highlights urea, crude oil, PP, coking coal, and rebar [3]. 6. Night - session Performance of Commodity Futures - The night - session performance of commodity futures includes information on price changes and position - increasing ratios [3]. 7. Sector Performance - Different commodity sectors have varying performance, with precious metals at 29.95%, non - metallic building materials at 2.55%, etc. [6]. 8. Performance of Major Asset Classes - Different asset classes such as stocks, bonds, commodities, and others have different daily, monthly, and yearly price changes. For example, the Shanghai Composite Index has a daily change of 0.04%, a monthly change of 1.23%, and a yearly change of 1.11% [8][9].

Market Overview - On June 18, the A-share market experienced a slight rebound after a day of bottom testing, with the three major indices showing minor increases. The Shanghai Composite Index rose by 0.04%, the Shenzhen Component Index increased by 0.24%, and the ChiNext Index gained 0.23% [1][2] - The total trading volume in the Shanghai and Shenzhen markets was 1.19 trillion yuan, a decrease of 16.1 billion yuan compared to the previous trading day [1] Sector Performance - The market showed a mixed performance with over 3,400 stocks declining. Notable sectors included strength in computing hardware stocks, with companies like Huadian Co. hitting the daily limit [1] - AI glasses concept stocks remained active, with Bi Yi Co. also reaching the daily limit. Conversely, rare earth permanent magnet stocks experienced a downturn, with Zhongke Magnetic Materials dropping over 10% [1] International Market - In the U.S. stock market on June 18, the Dow Jones Industrial Average fell by 44.14 points (0.10%) to close at 42,171.66 points, while the S&P 500 decreased by 1.85 points (0.03%) to 5,980.87 points. The Nasdaq Composite, however, rose by 25.18 points (0.13%) to 19,546.27 points [3][4] - European markets showed mixed results, with the FTSE 100 up by 9.44 points (0.11%) while the CAC 40 and DAX indices fell by 27.61 points (0.36%) and 116.84 points (0.50%) respectively [3][4] - International oil prices saw a slight increase, with WTI crude oil futures rising by $0.30 (0.4%) to $75.14 per barrel, and Brent crude oil futures up by $0.25 (0.33%) to $76.70 per barrel [3][4] Policy Developments - The China Securities Regulatory Commission (CSRC) released opinions on establishing a growth layer in the Sci-Tech Innovation Board to enhance institutional inclusivity and adaptability, allowing unprofitable companies to list under the fifth set of standards [5][6] - The Central Financial Committee issued opinions to accelerate the construction of Shanghai as an international financial center, aiming for significant improvements in financial system adaptability and competitiveness over the next five to ten years [7] - The CSRC announced that qualified foreign investors will be allowed to participate in ETF options trading starting October 9, 2025, as part of efforts to optimize the foreign investor system [8] Industry Insights - According to Guohai Securities, the coal mining industry continues to face supply constraints, with demand expected to fluctuate. Leading coal companies exhibit strong asset quality and cash flow, characterized by high profitability and dividends [12] - Guolian Minsheng Securities anticipates a positive outlook for the insurance sector, with life insurance new business value expected to improve and property insurance profitability gradually increasing [12] - CITIC Securities noted that the recent bidding for wind turbine procurement by State Power Investment Corporation indicates a rising trend in domestic wind turbine prices, suggesting a potential for sustained performance in the wind energy sector [12] Automotive Market - Data from the China Passenger Car Association indicated that retail sales of new energy vehicles reached 402,000 units in the first half of June, marking a 38% year-on-year increase. The retail penetration rate for new energy vehicles stood at 57% [11]

Core Viewpoint - The article highlights the acceleration of China's futures market opening to foreign investors, with significant measures being implemented to expand the range of products available for Qualified Foreign Institutional Investors (QFII) [1][2]. Group 1: Expansion of QFII Trading Products - The China Securities Regulatory Commission (CSRC) plans to increase the number of QFII tradable futures and options to 100, with recent announcements adding 16 new products [1][2]. - The newly added products include natural rubber, lead, tin futures and options from the Shanghai Futures Exchange, as well as ethylene glycol and liquefied petroleum gas from the Dalian Commodity Exchange, and glass, soda ash, and silicon iron from the Zhengzhou Commodity Exchange [2]. Group 2: Current Market Statistics - As of now, the total number of QFII tradable products has reached 91, comprising 83 commodity products (45 futures and 38 options), 7 financial products (4 futures and 3 options), and 1 index product [2]. Group 3: Future Developments - The CSRC is collaborating with the central bank to introduce RMB foreign exchange futures, which will help financial institutions and enterprises manage exchange rate risks more effectively [2]. - Plans are also in place to promote the listing of liquefied natural gas futures and options, enhancing the ease of foreign participation in China's capital market [2]. Group 4: ETF Options Trading - Starting from October 9, 2025, qualified foreign investors will be allowed to participate in on-exchange ETF options trading, with the purpose limited to hedging [3]. Group 5: Ongoing Reforms - The CSRC has been progressively relaxing restrictions for qualified foreign investors in domestic commodity futures, options, and ETF options this year, with more reforms expected to enhance the institutional opening of the capital market [4].

Group 1 - The China Securities Regulatory Commission (CSRC) announced that starting from October 9, 2025, qualified foreign institutional investors (QFIIs) will be allowed to participate in on-exchange ETF options trading, with the purpose limited to hedging [1] - This initiative is part of the CSRC's efforts to implement the decisions made during the 20th National Congress of the Communist Party of China, aimed at optimizing the QFII system [1] - The CSRC has already relaxed restrictions for QFIIs in participating in domestic commodity futures and options earlier this year, aiming to expand the investment scope for foreign investors and enhance the stability of their investment behavior in A-shares [1] Group 2 - The Zhengzhou Commodity Exchange announced that starting from June 20, 2025, it will expand the range of tradable products for QFIIs to include futures and options contracts for glass, soda ash, and silicon manganese [2] - The Shanghai Futures Exchange will also expand its tradable products for QFIIs from June 20, 2025, adding futures and options contracts for natural rubber, lead, and tin [2] - The Dalian Commodity Exchange will similarly expand its offerings for QFIIs from June 20, 2025, to include futures and options contracts for ethylene glycol and liquefied petroleum gas [2]

Group 1 - The core viewpoint is that China's futures market is accelerating its opening-up measures, with plans to expand the range of products available for foreign investment [1][2] - The China Securities Regulatory Commission (CSRC) aims to increase the number of QFII tradable futures and options to 100, with recent announcements adding 16 new products [1][2] - Currently, there are 91 QFII tradable products in China's futures market, including 83 commodity products, 7 financial products, and 1 index product, covering major sectors of the national economy [2] Group 2 - The CSRC plans to collaborate with the central bank to introduce RMB foreign exchange futures to help financial institutions and enterprises manage exchange rate risks [2] - Future initiatives include the launch of liquefied natural gas futures and options, enhancing foreign participation in China's capital market [2] - The CSRC has already relaxed restrictions for qualified foreign institutional investors (QFIIs) in participating in domestic commodity futures, options, and ETF options, with more reforms expected [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) will allow qualified foreign institutional investors to participate in on-exchange ETF options trading starting from October 9, 2025, with the purpose limited to hedging [1] Group 1: Regulatory Changes - The announcement is part of the CSRC's implementation of the decision made during the 20th National Congress to optimize the qualified foreign investor system [1] - This year, the CSRC has already relaxed restrictions for qualified foreign investors in domestic commodity futures, commodity options, and ETF options [1] Group 2: Market Impact - The initiative aims to expand the investment scope for qualified foreign investors and enhance the attractiveness of the qualified foreign investor system [1] - It is expected to facilitate the use of risk management tools by foreign institutional investors, particularly those with allocation-focused capital [1] - The move is anticipated to improve the stability of foreign investment behavior and promote long-term investment in A-shares [1] Group 3: Future Developments - The CSRC plans to introduce more reform measures to further optimize the qualified foreign investor system [1] - These reforms are intended to advance the high-level institutional opening of the capital market [1]