I - 1754 r = 1 中国的西 STAL SAVINGS BANK OF CHINA RANCH T9005 In 0 2025年奥斯维吉利 0) 2025年震好生活要 上海 17 S BECARE 新闻中心 d 26 15 UL 2017 STATE 南方都市報 4 鬼一网OCCCCcom ler 11 25 - 7 B 廣等企业进 型、西乐健 2011 南方都市報 NEW 奥一网OCECL.com 深耕实体经济 筑牢城市发展根基 深圳市正全力推进新一代世界一流汽车城建设，在深汕特别合作区打造以新能源汽车为主导、新型储能 等为辅的 "一主三辅"现代产业体系。位于深汕合作区的储能产业园总面积19.36万平方米，比亚迪四 期项目入驻后将布局电池包PACK生产线，预计年产值达25亿元，带动600人就业。 今年是深圳经济特区成立45周年。45年来，深圳从边陲小镇蜕变为国际化创新型城市，金融力量的持续 赋能成为重要支撑。作为与深圳共同成长的金融伙伴，邮储银行深圳分行(以下简称"深圳邮储")始终扎 根特区沃土，紧扣城市发展脉搏，聚焦深圳市"20+8"产业集群规划，构建全方位科创金融服务体系，探 索服务"五篇大文 ...

Core Viewpoint - The "Qianhai Model" has been established over 15 years, focusing on cross-border flow of factors and rule alignment, contributing to high-level openness and quality development in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1: Cross-Border Data Flow - The successful test of the Shenzhen-Hong Kong cross-border data security and convenience channel on July 1 allows data from Hong Kong University Shenzhen Hospital to be transmitted to Hong Kong's "Medical Health" system [2] - The new internet exchange center in Qianhai supports a full-chain management model that is controllable, risk-aware, and traceable, laying the foundation for the "Health Bay Area" [2] - Over 30 small and medium-sized enterprises in mainland China have successfully verified credit data through the platform, obtaining loans totaling over 100 million HKD [2] Group 2: Cross-Border Financial Innovations - The first cross-border settlement of 200 million yuan using a digital currency bridge was achieved on April 10, 2025, marking a significant development in cross-border digital currency transactions [3] - The "30 Financial Support Policies for Qianhai" have been implemented with over 90% success rate, leading to numerous innovative financial achievements and enhancing Hong Kong's status as an international financial center [3][4] Group 3: Cross-Border Professional Practices - The Qianhai Ma Wan No. 19 unit school will implement a Hong Kong and international construction management model, serving as a pilot project for the new management approach [5] - 26 categories of professionals from Hong Kong and Macao can now practice in Qianhai without taking mainland qualification exams, facilitating their integration into the mainland market [6] - The establishment of a global professional talent service system is underway, promoting orderly recognition of professional qualifications from Hong Kong and Macao [6]

Group 1 - The core viewpoint of the news is that the People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch reported stable growth in credit volume and an optimized credit structure in Shenzhen, with significant support for key sectors such as technology innovation, inclusive small and micro enterprises, and green development [1][2][3] Group 2 - As of June 2025, the total balance of deposits in Shenzhen reached 14.16 trillion yuan, an increase of nearly 600 billion yuan since the beginning of the year, while the total balance of loans was 9.85 trillion yuan, up over 350 billion yuan [2] - The balance of loans for technology innovation reached 2.1 trillion yuan, inclusive small and micro loans nearly 2 trillion yuan, green loans 1.3 trillion yuan, and digital economy loans 1.3 trillion yuan, all growing faster than the overall loan growth rate [2] - The average interest rate for newly issued corporate loans in Shenzhen was 2.85% in June 2025, a year-on-year decrease of 0.52 percentage points, marking a historical low [2][3] Group 3 - A comprehensive monetary policy package was implemented in May 2025, releasing 61.4 billion yuan to support the real economy, with a focus on lowering policy interest rates and stabilizing bank net interest margins [3] - Over 1,850 technology enterprises and 89 projects received more than 41 billion yuan in loans through the technology innovation and technological transformation relending program [3] - The financial institutions in Shenzhen have provided loans exceeding 33 billion yuan to over 110,000 small and micro enterprises and individual businesses through various initiatives [4] Group 4 - The issuance of technology innovation bonds by nine technology enterprises and equity investment institutions in Shenzhen totaled 20.75 billion yuan [4] - Carbon reduction loans amounting to 18.75 billion yuan have been issued to support green infrastructure and energy projects, resulting in a reduction of 3.95 million tons of carbon emissions [4] - The digital RMB pilot has seen nearly 30 million digital wallets opened and 3,800 prepaid business institutions signed up, managing nearly 3.1 billion yuan in prepaid funds [4]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2][29]. Core Insights - The 2025 Lujiazui Forum indicates a direction for future financial reforms, emphasizing structural adjustments in investment and financing over mere quantitative stimulus. The forum highlighted eight financial opening measures announced by the central bank, suggesting that the market may have underestimated the implications of these measures on financial market openness and structural reforms [3][4]. - The forum reinforced the core function of financial services to support the real economy, particularly in technology innovation, while also deepening high-level financial openness. The international monetary system and cross-border payment systems are evolving towards diversification, with the renminbi becoming the third-largest payment currency globally [4][5][6]. Summary by Sections Financial Asset Investment Companies - The regulatory support for financial asset investment companies is increasing, allowing national banks to establish these companies to engage in equity direct investment and support technology innovation enterprises. As of now, five financial asset investment companies have been established, with significant capital commitments exceeding 350 billion yuan [8][10][24]. - The expansion of financial asset investment companies is expected to enhance the competitiveness of national banks, particularly state-owned banks and China Merchants Bank [25]. Capital Market Developments - The establishment of a "Growth Layer" in the Sci-Tech Innovation Board aims to better support high-quality technology enterprises in obtaining financing for innovation. The introduction of the "1+6" policy measures will facilitate the integration of technology innovation and industrial innovation [12][11]. - In 2025, the IPO landscape has been dominated by the Sci-Tech Innovation Board and the Growth Enterprise Market, with significant fundraising activities indicating strong market support for technology enterprises [11][12]. Insurance Sector - The long-term stock investment pilot program is progressing, expected to bring stable medium- to long-term incremental funds to the capital market. The total scale of the pilot program has reached 2.22 billion yuan, with major insurance companies participating [21][22]. - The long-term investment strategy is aimed at enhancing the equity investment scale and proportion of insurance companies, focusing on high-quality equity assets for long-term investment opportunities [25].

Core Insights - The 2025 Lujiazui Forum highlighted the focus of Chinese financial authorities on cross-border payment systems, emphasizing the need for innovation and efficiency in this area [1][2] Group 1: Digital Currency and Cross-Border Payments - The People's Bank of China announced the establishment of a digital RMB international operation center in Shanghai to promote the internationalization of the digital currency and financial market development [1] - The rise of central bank digital currencies (CBDCs) and stablecoins is reshaping traditional payment systems, significantly reducing the cross-border payment chain [1][2] - The RMB has become the second-largest trade financing currency and the third-largest payment currency globally, reflecting its increasing international status [2] Group 2: Challenges and Innovations in Cross-Border Payment Systems - Traditional cross-border payment systems face challenges such as low efficiency and high costs, prompting a global call for improvement and diversification [2] - The multilateral central bank digital currency bridge project has shown promising results, with payments processed in 6 to 9 seconds, compared to 2 to 5 days for traditional methods, and nearly halving transaction costs [3] - The interoperability of payment systems is improving, with countries extending operational hours and adopting international messaging standards to enhance cross-border payment efficiency [4] Group 3: Regional Cooperation and Future Trends - The renewal of the bilateral currency swap agreement between the People's Bank of China and the Central Bank of Turkey supports the use of local currencies for cross-border settlements [2] - The trend towards a more efficient, secure, inclusive, and diversified global cross-border payment system is expected to continue [4]

Core Viewpoint - The recent issuance of opinions by the Central Committee and the State Council emphasizes the innovation and expansion of digital RMB application scenarios in Shenzhen, highlighting its role in cross-border payments and trade [1][5]. Policy Development - Shenzhen has been actively implementing supportive policies for digital RMB, with various departments releasing measures to enhance its adoption [3][4]. - In 2022, the multi-central bank digital currency bridge project successfully completed its first real transaction pilot test, with Shenzhen enterprises accounting for one-third of the transaction volume [2]. Digital RMB Adoption - As of June, Shenzhen has opened nearly 30 million digital RMB wallets, with over 2 million merchants supporting digital RMB payments [1]. - The city aims to increase the number of digital RMB prepaid merchants by 2,100, with a regulatory scale exceeding 2 billion yuan [3]. Cross-Border Payment Innovations - The multi-central bank digital currency bridge project, initiated in February 2021, aims to create a low-cost, efficient cross-border payment model using central bank digital currencies [6]. - Shenzhen's foreign trade reached 4.5 trillion yuan in 2024, marking a 16.4% year-on-year increase, positioning it as the leading city in China for foreign trade [6]. Technological Integration - Shenzhen has introduced a visible hard wallet for digital RMB and has integrated it with mainstream foreign cards and Hong Kong's "Octopus" payment system [8]. - The city is exploring innovative applications of digital RMB in smart city construction, public services, and green low-carbon initiatives [9].

Group 1 - China International Capital Corporation (CICC) has officially opened its branch in the Dubai International Financial Centre (DIFC), enhancing the strategic partnership between the UAE and China [1] - The bilateral economic and trade relationship between China and the UAE has been deepening over the past 40 years, expanding from energy trade to emerging sectors like financial markets [1] - The issuance of a $2 billion bond by the Chinese Ministry of Finance, which was listed on Nasdaq Dubai, marks a significant milestone as the first Chinese sovereign bond to be roadshowed, priced, and listed in the Middle East [1] Group 2 - The Abu Dhabi Future Energy Company (Masdar) successfully issued $1 billion in green bonds, with over 22% of the investors being from Asia, demonstrating the active role of Chinese financial institutions in facilitating communication between Middle Eastern issuers and Asian investors [2] - The Beijing Financial Street Business Association has initiated its overseas expansion by establishing its first liaison office in Dubai, aimed at building new financial cooperation bridges between the two regions [2] - Financial technology is highlighted as a key area of cooperation, with several Chinese companies showcasing their fintech innovations at the 2025 Dubai Fintech Summit [2] Group 3 - The UAE is focusing on economic transformation and creating an environment conducive to innovation and investment, with China being one of its most important trading partners [3]

事实上，商业银行在货币桥项目落地中扮演着核心角色。王蓬博向北京商报记者解释到，技术上，它们共同参与和推进底层 技术架构，并完成交易验证、清算等核心功能，同时在场景上不断拓展，在外贸等领域落地数字货币产品。未来，随着代币 化资产的兴起，银行还可利用货币桥的原子结算功能，实现数字资产与数字货币的同步交割。 北京商报讯（记者 岳品瑜 董晗萱）进入最小可行性产品（MVP）阶段后，多边央行数字货币桥（mBridge，以下简称"货币 桥"）接连落地应用。5月26日，北京商报记者注意到，近日，兴业银行温州分行通过货币桥为当地某企业成功办理跨境人民 币支付业务。该笔交易不仅是温州市首笔货币桥跨境支付交易，同时也是浙江省截至目前金额最大的货币桥业务。 货币桥是由中国人民银行数字货币研究所同中国香港金管局、泰国央行、阿联酋央行联合发起的，在国际清算银行（BIS） 的支持和协调下共同探索央行数字货币跨境支付应用的项目，旨在通过区块链/分布式账本（DLT）技术，实现点对点跨境支 付，打造以央行数字货币为核心的高效率、低成本、高可扩展性且符合监管要求的跨境支付解决方案，推动数字货币国际合 作及人民币国际化。 回顾货币桥项目起源，可追溯 ...

Group 1 - The digital currency system offers near "real-time" transaction settlement and significantly reduces fees by bypassing intermediary banks [1][7] - The system is based on blockchain technology, providing traceability and potential automatic compliance features, presenting an alternative to the USD and SWIFT systems [1][7] - The successful implementation of the digital currency system may encourage traditional cross-border payment systems to upgrade their technology and services [1][7] Group 2 - The digital RMB system supports point-to-point real-time transactions, reducing intermediary steps, thus lowering payment costs and enhancing efficiency compared to the SWIFT system [3][4] - The digital currency bridge project connects the digital RMB system with multiple currency wallets, allowing for automatic transfers without manual approval [4] - The digital currency system is expected to play a significant role in the ongoing trend of "de-dollarization," providing a Chinese solution for the reconstruction of international financial settlement orders [3][4][10] Group 3 - The digital currency system's cross-border clearing speed is significantly faster, with transactions completed in under 10 seconds, making it attractive for commercial and trade activities [8] - Central Bank Digital Currencies (CBDCs) are likely to replace the USD, with China's early research and testing of the digital RMB positioning it advantageously in international trade [9][10] - The digital RMB's emergence may signal the beginning of the end for the current reserve currency model, as it leverages speed and cost advantages in international trade [10]

Group 1 - The core viewpoint is that multiple cities in China are actively promoting the pilot programs for digital currency, expanding application scenarios, and optimizing the ecosystem for digital renminbi [1][4] - Financial institutions are encouraged to participate in the construction of the multilateral central bank digital currency bridge, which aims to enhance cross-border payment services [2][3] - The People's Bank of China and other regulatory bodies have issued various plans to support the innovation and application of digital renminbi, indicating a strategic shift towards digital finance [2][4] Group 2 - Recent initiatives from various regions, including Guangdong and Shanghai, emphasize the importance of cross-border payment facilitation and the role of digital renminbi in international financial services [2][3] - The digital renminbi's transaction scale has significantly increased, and its application scenarios are entering a more in-depth phase, reflecting a shift from early development to practical implementation [4] - The ongoing pilot programs are expected to accumulate valuable practical experience for the comprehensive promotion of digital renminbi in the future [4]