在中央的大力支持和粤港澳三地的共同努力下，湾区建设至今已是成果丰硕，硕果累累，正如今天成果 展的展示，一批批成功的政策大大促进了湾区的一体化进程和高质量发展，例如在促进跨境人员流动方 面，"港车北上"、人才"南下、北上"便利、大湾区青年创新创业和就业等计划相继出台，深受各界欢 迎；而大湾区律师执业考试、建筑及工程相关专业人员的备案制度，以及"港资、港法、港仲裁"等，亦 大大便利香港专业服务业开拓大湾区的中国内地市场。 在推动物流发展方面，香港机场管理局与东莞共同推展"海空货物联运"，大大提高了跨境航空货物中转 的效率；而香港机管局按市场化规则入股珠海机场，更推动了两地高端航空产业的合作和发展。 智通财经APP获悉，8月26日，香港政制及内地事务局局长曾国卫在出席"2025粤港澳大湾区新质生产力 暨高质量发展成果巡展"时表示，香港将积极推动粤港澳三地高水平互联互通，并持续深化三地的规则 衔接和机制对接，争取更多惠港利民、促进湾区融合发展的政策突破。同时，香港也会继续充分发挥背 靠祖国、联通世界的独特优势，将一些创新和与世界接轨的先进管理理念和做法引进湾区，进而辐射全 国，助力国家进一步深化改革和高水平对外开放， ...

破亿！截至8月4日上午8时，作为连接粤澳的重要跨境通道，青茂口岸累计通关客流量突破1亿人次。自 2021年9月开通以来，这串数字不仅是青茂口岸的客流量统计，更是一幅粤港澳大湾区深度融合的生动 图景。 从"一码通溯源"让澳门牛油曲奇等特色食品飘香内地，到"港车北上""澳车北上"电子牌证为"一脚油 门"加速度；从政务服务跨境通办让"数据跑"代替"群众跑"，到"跨境理财通"助力提升大湾区市场一体 化水平……科技应用，持续助力畅通湾区要素流动"毛细血管"，人流如织，车流如梭，数据高速流转， 资金活水奔流，湾区融合动能更加澎湃强劲。 当规则机制"软联通"与科技管理"硬实力"深度融合，大湾区"一小时生活圈"更加可感，要素奔涌，活力 激荡，一个更具活力、创新力和竞争力的国际一流湾区正拔节生长，昂然挺立。 《 人民日报 》（ 2025年08月24日 06 版） (责编：赵欣悦、袁勃) 每天近10万人次穿梭往来，平均20秒完成珠澳两地出入境手续，24小时不打烊——"珠澳双城生活"已是 触手可及的日常。正如澳门居民李女士所言，"我们一家经常趁周末来珠海品尝特色美食，青茂口岸全 天通关，说走就走"。一句轻描淡写，道尽双城生活的从容 ...

【编者按】随着中国经济与全球经济发展日益融合，以及中国资本市场开放程度不断提升， 跨境财富管理迎来黄金时代！ 中国基金报和深圳市财富管理协会共创"跨境财富谈"栏目，采访境内外财富管理知名机构， 助力投资者更全面了解跨境财富管理面临的机遇和风险，洞悉金融机构全球资产配置最新策 略。 8月4日，香港金融管理局总裁余伟文撰文表示，"跨境理财通2.0"优化措施自实施以来，市场 反应良好，截至今年6月底，参与的个人投资者超过16万人，与"跨境理财通1.0"相比录得超 过120%的增幅；南向通方面，香港参与机构的投资者持仓市值超过160亿元人民币，与"跨 境理财通1.0"相比录得两倍的增幅。 "跨境理财通"2.0启动以来，投资者参与度为何会显著提升？券商成为新一类试点机构，面对 新的竞争对手，银行会如何应对？投资者应如何选择"跨境理财通"产品？就此，中国基金报 记者独家专访了 工行深圳市分行 相关负责人。 此外，效率需求凸显。 客户对开户、交易、资金划转的便捷性和时效性要求极高。这正是我 行今年优化南向通线上开户办理流程的直接驱动力。我们观察到，线上化、无纸化、快速审 批成为客户的核心诉求之一。 而且，服务需求也在升级。 ...

【编者按】随着中国经济与全球经济发展日益融合，以及中国资本市场开放程度不断提升，跨境财富管 理迎来黄金时代！ 此外，效率需求凸显。客户对开户、交易、资金划转的便捷性和时效性要求极高。这正是我行今年优化 南向通线上开户办理流程的直接驱动力。我们观察到，线上化、无纸化、快速审批成为客户的核心诉求 之一。 中国基金报和深圳市财富管理协会共创"跨境财富谈"栏目，采访境内外财富管理知名机构，助力投资者 更全面了解跨境财富管理面临的机遇和风险，洞悉金融机构全球资产配置最新策略。 8月4日，香港金融管理局总裁余伟文撰文表示，"跨境理财通2.0"优化措施自实施以来，市场反应良 好，截至今年6月底，参与的个人投资者超过16万人，与"跨境理财通1.0"相比录得超过120%的增幅；南 向通方面，香港参与机构的投资者持仓市值超过160亿元人民币，与"跨境理财通1.0"相比录得两倍的增 幅。 "跨境理财通"2.0启动以来，投资者参与度为何会显著提升？券商成为新一类试点机构，面对新的竞争 对手，银行会如何应对？投资者应如何选择"跨境理财通"产品？就此，中国基金报记者独家专访了工行 深圳市分行相关负责人。 该负责人表示，"跨境理财通"日益 ...

Core Viewpoint - The article highlights the significant growth and opportunities in cross-border wealth management in China, particularly following the implementation of "Cross-Border Wealth Management Connect 2.0" which has seen a substantial increase in investor participation and market engagement [1] Group 1: Market Response and Participation - As of June 30, over 160,000 individual investors participated in "Cross-Border Wealth Management Connect 2.0," representing an increase of over 120% compared to the previous version [1] - The market response has been positive, with the value of holdings by Hong Kong participating institutions in the southbound scheme exceeding 16 billion RMB, marking a twofold increase from the earlier version [1] Group 2: Service Enhancements and Customer Demand - The demand for online, paperless, and rapid approval processes has surged, prompting banks like ICBC Shenzhen to upgrade their services to meet these customer expectations [2][3] - The optimization of the southbound scheme's personal investor admission standards has broadened the customer base, particularly attracting young professionals and small business owners [3] Group 3: Product Preferences and Risk Appetite - There is a growing diversification in the investment preferences of the Greater Bay Area investors, with a notable demand for both low-risk, stable products and an increasing interest in medium to high-risk products [5] - Fixed income products, particularly low to medium-risk options, remain the mainstream choice for mainland investors, while southbound investors show a strong interest in global products with higher yield potential [6] Group 4: Investor Guidance and Risk Awareness - Investors are advised to assess their financial situation, investment goals, and risk tolerance when selecting cross-border wealth management products, with a focus on matching product risk ratings to their own risk capacity [6][7] - Understanding the characteristics of cross-border products, including potential currency risks, is crucial for making informed investment decisions [7]

Core Insights - The actual foreign investment in Qianhai reached 12.326 billion yuan in the first half of the year, a year-on-year increase of 15.9%, accounting for 59.0% of Shenzhen's total [1] - The Qianhai Shekou Free Trade Zone attracted 10.702 billion yuan in foreign investment, marking a significant year-on-year growth of 40.5% [1] - Qianhai has established itself as a preferred destination for foreign investment through institutional openness centered on regulatory alignment [1] Investment Landscape - The top three industries for foreign investment in Qianhai are finance (29.5%), business services (29.4%), and software and information technology services (17.5%) [2] - Foreign investment in the finance sector grew by 19.5%, while high-tech services saw a remarkable increase of 72.4% [2] - Over 1.2 million foreign enterprises have settled in the Qianhai Cooperation Zone, with 52 companies recognized as multinational headquarters, representing 30.8% of Shenzhen's total [2] Future Developments - Qianhai aims to deepen institutional openness in finance, cross-border data, and healthcare sectors [2] - The Qianhai business environment is considered top-notch in the Guangdong-Hong Kong-Macao Greater Bay Area, attributed to high transparency in government governance and simplified business registration processes [2] - More than 52% of member companies from the South China American Chamber of Commerce plan to establish new offices in Qianhai soon [2]

Group 1: Financial Data Overview - 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 [1] - The total balance of loans in Shenzhen was 9.85 trillion yuan, growing by over 350 billion yuan since the start of the year [1] Group 2: Credit Structure and Financing Costs - The credit structure in Shenzhen is continuously optimizing, with significant loan allocations to key sectors such as technology innovation (2.1 trillion yuan), inclusive small and micro enterprises (nearly 2 trillion yuan), green development (1.3 trillion yuan), and digital economy (1.3 trillion yuan) [2] - The weighted 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] Group 3: Bond Market Developments - By July 15, 2025, Shenzhen facilitated the issuance of 14 technology innovation bonds by 9 companies, including Luxshare Precision, ZTE, and BYD, totaling 20.75 billion yuan [3] Group 4: Cross-Border Financial Services - Since the launch of the "Cross-Border Wealth Management Connect" 2.0, approximately 30,000 new individual investors have been added in Shenzhen, with total cross-border payment amounts reaching 47.2 billion yuan [4] - Over 1,700 enterprises in Shenzhen participated in high-level open pilot projects for cross-border trade and investment, with a business scale exceeding 170 billion USD as of June 2025 [4] Group 5: Foreign Payment Trends - From January to June 2025, foreign nationals in Shenzhen conducted 85.875 million non-cash payment transactions totaling 11.81 billion yuan, reflecting year-on-year growth of 29% and 35% respectively [5] - The primary consumption areas for foreign visitors were supermarkets and dining, with South Korea, the USA, and Singapore being the top three source countries for inbound consumption [5]

Core Insights - The People's Bank of China Guangdong Branch reported a 4.8% year-on-year increase in the balance of domestic and foreign currency loans, reaching 29.6 trillion yuan by the end of June 2025, with growth accelerating for three consecutive months [2][5][6] - The average interest rate for newly issued general loans in Guangdong was 3.04% in June 2025, marking a historical low and a decrease of 38 basis points year-on-year [2][6] Financial Performance - As of June 2025, the social financing scale in Guangdong increased by 1.33 trillion yuan from January to May, with a total loan balance of 29.6 trillion yuan, which is 1.2 trillion yuan more than at the beginning of the year [5][6] - Manufacturing loans increased by 278.7 billion yuan, accounting for 22.6% of the total loan increment, with a year-on-year growth of 7.8% in medium and long-term loans [5][7] Sectoral Support - The Guangdong financial sector has strengthened support for key industries, with loans in technology, inclusive finance, and green finance growing faster than the overall loan growth [5][7] - The balance of technology loans reached 5.6 trillion yuan by the end of May 2025, with a year-on-year increase of 7.3% [7][8] Inclusive Finance - By the end of June 2025, the balance of inclusive small and micro loans in Guangdong was 4.8 trillion yuan, up 9.8% year-on-year, while agricultural loans reached 2.6 trillion yuan, growing by 11.0% [8][9] - The balance of loans for the elderly care industry surged by 89.3% year-on-year, reaching 10.3 billion yuan [8] Digital Finance - The Guangdong branch has facilitated the opening of 44.9 million personal wallets, with 3.82 billion transactions totaling 157.6 billion yuan, ranking first in the country for transaction volume [9][10] - The "Cross-border Wealth Management Connect" program saw over 160,000 investors involved, with cross-border fund transfers amounting to 118 billion yuan [10] Future Outlook - The People's Bank of China Guangdong Branch plans to continue implementing a moderately loose monetary policy, focusing on technology innovation, consumption stimulation, and support for small and micro enterprises [10][11] - The branch aims to enhance the market interest rate pricing self-discipline mechanism and improve the efficiency of financial services for the real economy [10][11]

Core Viewpoint - Zhongtai Securities is providing a guarantee of HKD 350 million for its wholly-owned subsidiary Zhongtai International to enhance its strength and promote overseas business development [2][3]. Group 1: Guarantee Details - The total guarantee amount provided by Zhongtai Securities for Zhongtai International has reached HKD 1 billion, including the recent guarantee [2]. - The guarantee is part of a cooperation agreement signed with China Merchants Bank Jinan Branch, aimed at facilitating overseas bank loans for Zhongtai International [2]. - The guarantee period is set for 12 months [2]. Group 2: Financial Condition of Zhongtai International - As of the first quarter of this year, Zhongtai International reported an operating income of HKD 1.1 billion and a net loss of HKD 48.24 million [3]. - The company has been experiencing continuous losses, with a total operating income of HKD 4.35 billion and a net loss of HKD 5.29 billion in 2024 [3]. - Zhongtai International's total assets amount to HKD 79.29 billion, with total liabilities of HKD 74.91 billion, resulting in a high debt ratio of 94.47% [3]. Group 3: Strategic Outlook - Zhongtai International is focusing on transforming its wealth management business and enhancing financial technology capabilities to expand its customer base [4]. - The company aims to strengthen its investment banking business, particularly in the areas of Hong Kong IPO sponsorship and offshore bond issuance [4]. - In 2024, Zhongtai International ranked 11th in Hong Kong for IPO sponsorship projects, with a total underwriting amount of USD 64 million [4].

Core Viewpoint - The recent issuance of a total of $3.08 billion in investment quotas for Qualified Domestic Institutional Investors (QDII) by the State Administration of Foreign Exchange (SAFE) aims to enhance the functionality of the QDII system, reflecting a significant step towards expanding overseas investment opportunities for domestic investors [1][10]. Group 1: Historical Development of QDII Quotas - The QDII system, launched in 2006, has evolved through several phases, with quota issuance closely tied to domestic and international economic conditions [2]. - The first phase (2006-2008) saw limited quota trials, but the global financial crisis led to tightened regulations and a period of reflection [2]. - The second phase (2009-2014) focused on regulatory improvements, expanding investment options beyond stocks to include bonds and REITs, while the total quota remained frozen at $90 billion [3]. - The third phase (2015-present) has been characterized by regular quota expansions, with the total reaching $170 billion by 2025, reflecting a growing demand for global asset allocation [4]. Group 2: Details of the Recent Quota Issuance - The recent quota distribution involved 82 institutions across five categories, including banks, insurance, trusts, securities, and funds, showcasing a comprehensive allocation strategy [6]. - Notable winners among fund companies include E Fund, GF Fund, and others, each receiving $50 million, while several institutions received varying amounts down to $10 million [6][7]. - The total approved QDII quota for E Fund exceeds $7 billion, indicating its leading position in the market [7]. Group 3: Market Reactions and Innovations - Following the quota announcement, many fund companies adjusted their QDII product subscription limits, with several increasing the minimum investment amounts significantly [8]. - New product innovations are emerging, such as thematic funds focusing on specific sectors like consumption and technology, indicating a shift towards more diversified investment strategies [9]. Group 4: Macroeconomic and Regulatory Context - The increase in QDII quotas is driven by the growing demand for asset diversification among domestic investors, as well as the need to enhance China's financial market participation on the global stage [10][11]. - The stable foreign exchange market conditions have created a favorable environment for the issuance of new quotas, supporting the healthy operation of the QDII system [11][13]. Group 5: Unmet Demand and Alternative Investment Channels - Despite the recent quota issuance, over 50% of the 676 QDII funds still face various subscription restrictions, highlighting a persistent gap between supply and demand [15][16]. - Alternative investment channels such as Northbound Mutual Recognition Funds and Cross-Border Wealth Management Connect are available, providing additional pathways for domestic investors to access overseas markets [17]. Group 6: Importance of Global Diversification - Expanding investment beyond domestic markets is crucial for investors to access attractive global opportunities and reduce portfolio volatility through diversification [18]. - Research indicates that combining assets with low correlation can lower overall portfolio risk, emphasizing the value of a diversified investment approach [19].