浙江大学黄达业、深圳大学陈海强、西班牙对外银行亚洲首席经济学家夏乐以及深圳市金融稳定发展研 究院院长本力等四位专家对报告进行点评。黄达业建议优化科技金融评价指标体系，融入业界实践经 验；陈海强提出需构建可信数据体系，客观评估企业创新能力；夏乐警示区域竞争过度可能导致资源浪 费，呼吁大湾区加强跨域协调；本力则强调，科技金融发展的核心是"科技金融产业"一体化生态建设， 需通过提升治理能力降低交易成本。 第二阶段，中国人民大学应用数学研究中心（深圳）首席专家龙永红发布《深圳金融科技竞争力报告 （2025）》。报告显示，深圳已形成以腾讯、平安为引领，微众银行为支撑的多元产业生态，在数字支 付渗透率、5G基建等指标上表现突出，但在研发投入占比、人才密度等方面存在短板。面对数据安全 风险与制度协同障碍，深圳正通过区块链电子发票、数字人民币跨境支付等技术创新寻求突破。 中国数字金融合作论坛秘书长张健华等业界大咖参与点评。张健华指出，中国金融科技在应用端全球领 先，移动支付等领域实现跨越式发展；王志峰认为，金融科技重心正转向企业端，供应链金融将成为服 务实体经济的关键增长点；邱志刚强调，金融数智化需平衡价值创造与数据安全风险 ...

陆磊表示，就金融支持共建"一带一路"而言，关键是要推动资金融通不断扩大，同相关国家开展多种形 式的金融合作，形成层次清晰、具备规模的金融合作网络 文 | 《财经》记者 唐郡 编辑 | 张威 中国将探索推进内地与新加坡数字人民币跨境支付试点。 12月25日，中国人民银行（下称"央行"）举行新闻发布会，介绍金融支持加快西部陆海新通道建设有关 情况。 近日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融监管总局、中国证监会、 国家外汇局等八部门联合印发《关于金融支持加快西部陆海新通道建设的意见》（下称《意见》）。 上述发布会现场，央行党委委员、副行长陆磊表示，党的二十届四中全会提出，"高质量共建'一带一 路'"，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（下称"'十五五'规划建 议"）明确要"加快西部陆海新通道建设"，为未来五年新通道发展明确了前进方向、提供了行动纲领。 目前，西部陆海新通道覆盖了中国西部12个省区市以及海南省、怀化市、湛江市，通达东盟国家、辐射 全球127个国家的580多个港口。 陆磊表示，西部陆海新通道向南连通广西北部湾和印度洋海路，向西连通古丝绸之路中亚诸国直 ...

12月24日，中国人民银行、国家发展改革委、财政部、交通运输部、商务部、金融监管总局、中国 证监会、国家外汇局联合印发《关于金融支持加快西部陆海新通道建设的意见》（以下简称《意 见》）。围绕相关内容，12月25日，中国人民银行举行新闻发布会。 西部陆海新通道向南联通广西北部湾和印度洋海路，向西联通古丝绸之路中亚诸国直达欧洲，是共 建"一带一路"的关键节点。"金融支持共建'一带一路'，关键是要推动资金融通不断扩大，同相关国家开 展多种形式的金融合作，形成层次清晰、具备规模的金融合作网络。"中国人民银行党委委员、副行长 陆磊表示，随着我国加入《区域全面经济伙伴关系协定》（RCEP），与东盟各国贸易联系日益紧密， 金融高水平双向开放需要加快推进，应当抓住陆海新通道建设的契机，守正创新、扎实推进。《意见》 的出台，彰显了中国"开放的大门越开越大"的决心，对于打造顺畅联通的国内国际双循环，助力形 成"陆海内外联动、东西双向互济"对外开放新格局意义重大。 重庆市委副书记、市政府常务副市长陈新武表示，中国人民银行牵头国家八部门联合出台首个国家 层面支持西部陆海新通道建设的金融专项政策文件，这既是贯彻落实党的二十届历次全会精 ...

Group 1 - The People's Bank of China and the Ministry of Science and Technology held a meeting to promote a coordinated mechanism for technology finance, emphasizing the importance of technology innovation and the construction of a high-quality bond market "technology board" [1] - The meeting aims to enhance private equity and venture capital cycles, strengthen the development of technology insurance, and improve mechanisms for financing, information sharing, and intellectual property conversion [1] - The Global Fintech Center Development Index (2025) ranks New York, Shanghai, Beijing, and San Francisco as the top four global fintech centers, with Shanghai leading in areas such as AI wealth management and digital credit for small businesses [1] Group 2 - Financial technology is now considered a "basic infrastructure" within the mainstream financial system, shifting the competition from product-based to ecosystem-based [2] - The relationship among banks, tech companies, startups, and regulatory bodies is becoming more complex, with a focus on balancing security and innovation [2] - The Shanghai Fintech Industry Alliance projects the financial technology industry in Shanghai to reach approximately 440.5 billion yuan by 2024, driven by advancements in digital currency and AI applications [5]

"中国城市呈现典型的政策引领，资本先行产出发展路径，正处于从政策和资本起步阶段向应用和产业产出的加速阶段过渡。未 来的竞争关键就是要把投入转化成产出，同时要把这双向的产出反哺新的投入，让两个飞轮真正的转动起来，"华东师范大学上 海人工智能金融学院院长、教授邵怡蕾在第七届上海金融科技国际论坛上表示。 近日，上海金融科技产业联盟（简称"联盟"）主办的第七届上海金融科技国际论坛在沪开幕。本届论坛以"数智无界，共创未来 ——以金融科技赋能上海国际金融中心能级跃升"为主题。 主论坛上，上海金融科技产业联盟发布了"全球金融科技中心发展指数（2025）"和《上海金融科技发展白皮书（2025）》（以 下简称"白皮书"）。 本期指数结合人工智能等金融科技发展前沿态势，对金融科技发展指标进行优化，并探索构建衡量人工智能金融发展的子指 数，从产业、技术、人才、制度及环境等评价维度，利用客观数据对全球22个城市进行量化评价。 21世纪经济报道记者 吴霜 金融科技价值重估 本次论坛上发布的《上海金融科技发展白皮书（2025）》自2020年以来首次通过营业收入与社保缴纳人数合理估算上海金融科 技产业规模，首次全面展示上海金融科技投融资最 ...

Core Insights - Shanghai has risen to the second position in the global fintech center ranking, with New York at the top, followed by Beijing and San Francisco in third and fourth places respectively, while London has dropped to fifth [1] - The rise in Shanghai's ranking is attributed to its advantages as an international financial center, a complete financial market system, and large-scale application scenarios, particularly in the integration of AI and finance [1] - The introduction of the global AI financial center sub-index in the evaluation system highlights Shanghai's strong performance in AI capabilities, including policy support, computing power reserves, and data integration [2] Industry Trends - The Shanghai fintech industry is projected to reach approximately 440.5 billion RMB in 2024, with significant R&D investment and steady growth in various sectors, including banking, securities, and insurance [3] - The number of regulatory innovation projects in Shanghai's fintech sector is also among the highest in the country, indicating a robust regulatory environment [3] - Future integration of technological innovation, scenario empowerment, ecological collaboration, and innovative regulation is expected to position Shanghai as a leading global fintech center, supporting the construction of a strong financial nation [3]

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]