中金公司自20世纪90年代诞生于中国深化改革开放的浪潮中，便注定与国家发展同频共振、与资本市场 共生共荣。中金的30年，是中国资本市场从萌芽到成熟的生动缩影，更是金融力量赋能国家发展的实践 样本。从参与电信改革拉开国企改制序幕，到助力石油石化、银行体系等重点领域改革攻坚；从科创板 开板、公募REITs试点到全面注册制落地，中金始终以先行者姿态，深度参与资本市场重大改革实践。 截至2025年上半年，中金累计支持境内外市场直接融资约75万亿元，连续9年14次牵头承销财政部境外 美元债，化解企业债务风险超8万亿元。 在引领市场发展的进程中，持续锻造专业标杆。凭借创新精神与专业能力，中金在投资银行、私募股权 投资、跨境并购等领域长期位居市场前列，完成众多具有里程碑意义的"首单"项目和技术首创。例如， 公司在国内最早实践了发行路演、估值模型、发行簿记等国际通行做法，并引入市场化发行定价机制、 吸收合并、A+H同步发行、港股"同股不同权"创新上市、资产证券化、可分离交易债等，推动中国资本 市场进一步与国际接轨。又如，在盛京能源债务重组项目中，公司创新性地引入共益债融资，顺利保障 重整期间盛京能源供热业务稳定运营，以创新践 ...

Group 1 - Dalian Bank has established a specialized and comprehensive one-stop service platform for cross-border payment settlement, investment financing, and transactions, leveraging the innovative policies of the Shanghai Free Trade Zone (FTZ) [1] - As of the end of 2024, the asset scale of Dalian Bank's Shanghai FTZ platform has exceeded 22 billion RMB, ranking 4th among city commercial banks [1] - The bank has obtained the qualification for the FTZ accounting unit business in 2019, becoming the 9th city commercial bank in China and the only local bank in Northeast China with this qualification [1] Group 2 - Dalian Bank actively integrates into the "Belt and Road" initiative by leveraging FTZ account functions, focusing on high-tech industries such as integrated circuits, biomedicine, and artificial intelligence [2] - The bank participated in a silver syndicate project in the China-Pakistan Economic Corridor, facilitating a cross-border loan of 8.8 million USD through the FTZ accounting unit [2] - Dalian Bank has issued a 300 million RMB offshore RMB bond for a state-owned enterprise, marking the first "climate financing" pilot bond in China [2] Group 3 - Dalian Bank aims to deepen financial innovation and continue to support the "Belt and Road" initiative, providing one-stop cross-border financial services for enterprises in the Bohai Rim, Yangtze River Delta, and Chengdu-Chongqing economic circles [3] - The bank plans to enhance cross-border services and digital platforms to create a "financial bridge" connecting domestic and international dual circulation [3]

Core Viewpoint - The official notification on March 28, 2025, marks Xinhua Securities' entry into the club of wholly foreign-owned brokerages in China, reflecting the deep logic of China's capital market opening [1] Group 1: Shareholding Evolution - The process of Xinhua Securities' transition to full ownership aligns with the opening rhythm of China's securities industry, with foreign ownership limits gradually lifted since China's WTO accession in 2001 [3] - Xinhua Group strategically increased its stake from 51% in 2018 to 67% in 2022, and finally to 100% in 2025, effectively navigating policy risks while seizing market opportunities [3] Group 2: Industry Restructuring - The independent status of Xinhua Securities is part of a broader trend, with the number of foreign-controlled brokerages rising to 11 in early 2025, indicating a strategic focus on three major opportunities in China's capital market: wealth management, technological innovation, and deepening institutional openness [6] - The CEO of Xinhua Group emphasized the company's commitment to investing in China, citing the resilience of the Chinese economy and significant growth in foreign investment in high-tech manufacturing [6] Group 3: Competitive Dynamics - The influx of foreign-owned brokerages is reshaping the Chinese securities industry ecosystem, driving innovation in business models and enhancing service capabilities [6] - Foreign institutions are attracting top talent through global rotation and equity incentives, leading to a talent drain from domestic firms [6] Group 4: Regulatory Response - The regulatory framework is evolving in response to competitive pressures, with the China Securities Regulatory Commission lowering investment thresholds for foreign investors and introducing new mechanisms to facilitate foreign participation in the bond market [7] - The entry of foreign firms is seen as a means to enhance the overall quality and scale of the market, rather than merely redistributing existing resources [7] Conclusion - The transition of Xinhua Securities to full foreign ownership signifies a deeper phase in China's capital market opening, emphasizing the importance of both attracting foreign investment and fostering innovation [7]