Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The central bank uses medium - and short - term liquidity management tools to maintain sufficient liquidity in the banking system. The transformation of the monetary policy framework is a gradual process and will be continuously evaluated and improved [4] - The LuJiaZui Forum focuses on the long - term development of the financial market, with limited short - term boost to the capital market. Domestic factors have weak driving force on stock indices, and overseas uncertainties remain. Stock indices are expected to oscillate weakly in the short term [6] 3. Summary According to Related Content 3.1 Macro - financial Data - **Interest Rates**: DRO01 closed at 1.37 with a - 0.06bp change, DR007 at 1.53 with a 0.40bp change, GC001 at 1.63 with a - 7.00bp change, GC007 at 1.64 with a 2.00bp change, SHBOR 3M at 1.63 with a - 0.40bp change, LPR 5 - year at 3.50 with a - 10.00bp change, 1 - year treasury at 1.36 with a - 1.00bp change, 5 - year treasury at 1.47 with a 0.25bp change, 10 - year treasury at 1.64 with a 0.50bp change, and 10 - year US treasury at 0.00 with a - 7.00bp change [3] - **Central Bank Operations**: The central bank conducted 1563 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40% yesterday. With 1640 billion yuan of reverse repurchases maturing, the net withdrawal was 77 billion yuan. This week, 8582 billion yuan of reverse repurchases are due, with 1193 billion and 2025 billion maturing on Thursday and Friday respectively [3][4] 3.2 Stock Index Data - **Index Performance**: The CSI 300 rose 0.12% to 3875, the SSE 50 fell 0.15% to 2680, the CSI 500 fell 0.09% to 5746, and the CSI 1000 fell 0.10% to 6135. The trading volume of the Shanghai and Shenzhen stock markets was 11911 billion yuan, a decrease of 161 billion yuan from the previous day. Industry sectors had more decliners than gainers [5] - **Futures Contracts**: IF volume increased 10.5% to 105667, and its open interest increased 0.2% to 238264; IH volume decreased 4.4% to 48430, and its open interest decreased 1.5% to 81317; IC volume increased 3.0% to 88945, and its open interest increased 0.4% to 219162; IM volume increased 4.6% to 188199, and its open interest decreased 2.4% to 321988 [5] - **Premium and Discount**: IF premium and discount rates were 13.05% for the current - month contract, 13.74% for the next - month contract, 7.43% for the current - quarter contract, and 5.22% for the next - quarter contract; similar data were provided for IH, IC, and IM contracts [7] 3.3 LuJiaZui Forum - The 2025 LuJiaZui Forum focused on promoting financial opening and enhancing the financial market's support for industries. It had limited short - term impact on the capital market, and expectations for further monetary policy easing and equity market rescue tools were not met [6]

Group 1: Market Overview - The Federal Reserve has maintained interest rates between 4.25% and 4.5% for the fourth consecutive time since January, with potential rate cuts expected later this year, which is seen as a slight positive for global markets [3] - U.S. stock indices showed mixed reactions, with the Nasdaq slightly up while the Dow and S&P 500 experienced minor declines, impacting the sentiment of Chinese concept stocks, which mostly fell, including JD.com and iQIYI, both down over 2% [3] - Geopolitical tensions in the Middle East, particularly between Israel and Iran, have led to rising international oil prices, with WTI crude reaching $74.84 and Brent crude at $76.70, presenting opportunities for A-share oil and gas sectors [3] Group 2: Policy and Technical Analysis - The Lujiazui Forum has indicated favorable signals for financial technology and brokerage sectors through discussions on digital RMB cross-border payments and optimization of the Sci-Tech Innovation Board, although market reactions have been muted as investors await concrete policy implementations [3] - The Shanghai Composite Index is currently fluctuating between 3378 and 3403 points, with a critical level at 3393 points; a significant increase in trading volume could lead to a breakout above 3400 points [4] - Recent trading volume has been weak, with a net outflow of 3.8 billion from northbound funds and 22.45 billion from domestic institutional investors, indicating a cautious market sentiment [4] Group 3: Investment Strategy - The market is expected to continue in a volatile state on June 19, with a breakthrough above 3400 points reliant on both policy support and increased trading volume [5] - It is suggested to maintain a 30% position to capitalize on structural opportunities, focusing on technology and energy sectors, while adjusting positions based on the Federal Reserve's future decisions [5]

Core Viewpoint - The signing of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan" aims to enhance Shanghai's competitiveness as an international financial center and consolidate Hong Kong's position, deepening cooperation between the two regions to support the national financial power strategy [1][4]. Group 1: Financial Cooperation Mechanisms - The action plan focuses on optimizing mechanisms such as "Bond Connect" and "Swap Connect" to create a global center for RMB asset allocation and risk management, supporting high-quality development of the Belt and Road Initiative and facilitating enterprises' international expansion [4]. - The plan emphasizes the importance of financial market connectivity and cross-border financial service innovation, including new initiatives for cross-border clearing cooperation and the application of digital RMB in cross-border payments [6][8]. Group 2: Innovation and Development - The action plan promotes innovation in financial services, particularly in green finance, digital finance, and technology finance, to support key national strategic areas and the real economy [5][7]. - It encourages the application of technologies such as AI and blockchain in asset management, insurance, and settlement, while also supporting financial policies that benefit technology innovation enterprises [7]. Group 3: Regulatory and Institutional Framework - The plan outlines the need for regular communication among financial regulatory bodies, cooperation among financial institutions, information sharing, standard alignment, and talent mobility to create a market-oriented, rule-of-law, and international business environment [6]. - It includes measures to enhance the financial infrastructure and service systems between Shanghai and Hong Kong, such as facilitating the establishment of non-resident accounts and promoting the use of RMB for trade settlements [8]. Group 4: Future Directions - The next steps involve leveraging the action plan as a new starting point to promote the complementary development of the Shanghai and Hong Kong financial centers, enhancing China's influence and voice in the global financial system [8].

Core Points - The implementation plan aims to enhance the brand influence of the "Global Digital Trade Port" by leveraging the synergy of the "Digital Free Trade Zone + Global Digital Trade Expo" [1] - By 2027, Hangzhou targets a digital trade volume of 440 billion yuan, over 350 outbound brands in the digital trade sector, more than 1,600 large-scale enterprises, and over 35 globally competitive platform companies [1] - The development framework includes a "one conference, three zones, and six bases" model, focusing on the Global Digital Trade Expo and three free trade zones (Binjiang, Xiaoshan, Qiantang) [1] Implementation Goals - The plan aims to establish the Global Digital Trade Expo as the leading global event in digital trade, with specialized areas for AI, humanoid robots, low-altitude economy, and aerospace [2] - Each exhibition is expected to drive a growth of over 10% in digital trade volume for participating companies [2] - The plan includes collaboration with international organizations and the enhancement of the "Digital Trade Night" event, along with the release of global digital trade development reports and rankings [2] Cross-Border E-commerce Initiatives - A major goal is to create the first national comprehensive pilot zone for cross-border e-commerce, with a proposal for the Hangzhou Cross-Border E-commerce 2.0 plan [2] - The plan aims to innovate systems for cross-border e-commerce export tax rebates and facilitate new reforms at the national level [2] - Hangzhou is set to strengthen its cross-border payment capabilities, attracting headquarters and management centers for bulk commodity enterprises [2] Future Projections - By 2027, the cross-border e-commerce payment settlement volume is expected to exceed 1 trillion yuan, establishing Hangzhou as a global cross-border payment settlement center [2] - The plan supports the exploration of digital RMB applications in cross-border payments and encourages local payment institutions to apply for overseas payment licenses [2]