Group 1 - By July 2025, 10 cross-border ETF products have been listed under the China-Singapore ETF mutual recognition mechanism, with total assets under management exceeding 3 billion RMB [1] - The Singapore Exchange (SGX) has seen a total revenue increase of 11.7% year-on-year to 12.982 billion SGD, with net profit reaching 6.480 billion SGD, marking a historical high [3] - Approximately 20% of the 600 listed companies on SGX, with a total market capitalization exceeding 600 billion USD, are from Greater China, covering various sectors including industrial, consumer, and REITs [3] Group 2 - The Singapore market is particularly suitable for companies looking to expand in Southeast Asia and seek medium to long-term growth opportunities, as evidenced by NIO's secondary listing on SGX [3][4] - Despite the limited liquidity and smaller market size compared to Hong Kong, SGX's regulatory advantages and currency flexibility are attractive for Chinese companies optimizing their international capital structure [4] - SGX is evolving into a strategic hub for Southeast Asia, allowing companies to leverage both Hong Kong and US markets for greater financing and global capital access [4] Group 3 - SGX has signed a memorandum of understanding with the Shanghai Stock Exchange for ETF mutual recognition, with the first Singapore dollar-hedged ChiNext Index ETF listed in July 2025 [5] - The mutual recognition of ETFs provides efficient investment channels for global investors and supports the internationalization of Chinese enterprises [5] - SGX is also focusing on enhancing liquidity for small-cap stocks and has allocated 20% of the 5 billion SGD "Securities Market Development Plan" to improve liquidity in this segment [5] Group 4 - SGX has optimized its framework for secondary listings, making it easier for companies listed on the Shanghai and Shenzhen stock exchanges to reach international investors [6] - The exchange emphasizes that an IPO is just a part of a company's journey, providing systematic and long-term support before and after the listing [6] Group 5 - International investors maintain a constructive view on the Chinese market, with increased activity in MSCI China A50 index futures and foreign exchange derivatives [7] - There is sustained interest in traditional sectors like manufacturing and infrastructure, as well as in new energy and technology innovation sectors [7] - Geopolitical factors and regulatory changes are key concerns for international investors, leading some to adopt selective investment strategies through ETFs and index products to mitigate risks [7] Group 6 - The ongoing deepening of China-Singapore capital market cooperation and product innovation in sectors like technology, consumption, and REITs positions SGX as an increasingly important player in the internationalization of Chinese enterprises [8] - The value of SGX as a "Southeast Asia springboard" is being reassessed by more companies in the context of changing geopolitical economic landscapes [8]

为吸引中国企业到新交所上市，新交所打出了一套"政策组合拳"，不仅将二次上市框架适用范围扩大到 在上交所和深交所上市的企业，还在流程透明度、时间确定性与投资者触达上提供更清晰的路径选择， 支持企业在全球市场建立更稳健的投资者基础。 凭借国际化平台与多元资产战略优势，新加坡交易所集团（新交所）近年来在全球金融市场中持续发挥 连接亚洲和世界、中国与全球资本市场的关键桥梁作用。 "深化中新资本市场合作是新交所的战略重点，我们致力于支持中国概念相关产品的双向资本流动，并 积极参与中国金融市场国际化进程。"新交所首席执行官（CEO）罗文才日前在接受中国证券报记者专 访时表示，除ETF与指数领域的合作外，新交所还致力于为有意在国际市场融资的中国企业提供支持。 在罗文才看来，新交所是中国企业拓展东南亚与亚洲布局的重要门户，同时新交所也能为全球投资者提 供通往中国市场的可靠通道。对于希望对接国际投资者的中国企业而言，新交所是一个切实可行的平 台。 "我们欢迎中国企业，尤其是有意拓展海外业务的中国企业前来布局。未来，我们也将进一步提升产品 与服务的国际化水平，构建更加强大的合作生态系统，助力中国企业走向全球化，也为全球投资者把握 ...

Core Viewpoint - Foreign investment in Chinese assets is increasing, supported by policy reforms and favorable market conditions [1][2][3] Group 1: Foreign Investment Trends - As of the end of July, the number of Qualified Foreign Institutional Investors (QFII) reached 900, with 40 new additions this year [1] - QFII has entered the top ten shareholders of 1,145 A-share listed companies, with a total holding value of 143.464 billion yuan, an increase of 21.29 billion yuan from the previous quarter [1] - In the first half of the year, foreign investors net increased their holdings in domestic stocks and funds by 10.1 billion USD, reversing a two-year trend of net reductions [1] Group 2: Market Confidence and Valuation - Goldman Sachs reported a net inflow of 4.076 billion USD into mainland Chinese stock funds from August 21 to August 27, leading among emerging markets [2] - The overall confidence of investors in Chinese investments has been steadily increasing this year, particularly in the context of global asset allocation trends [2] - The Chinese economy remains stable, with rapid industrial upgrades in sectors like renewable energy and AI, attracting foreign investment [2][3] Group 3: Policy Support and Market Outlook - The China Securities Regulatory Commission (CSRC) plans to accelerate the implementation of key measures for capital market opening by 2025, including optimizing the QFII system [3][4] - Suggestions include expanding investment scope and increasing foreign ownership limits to enhance foreign capital inflow while managing potential risks [4][5] - The establishment of cross-border asset management pilots and the issuance of RMB-denominated green bonds are recommended to attract long-term capital [5]

Group 1 - The recent policy document emphasizes the opening of the futures market, focusing on specific domestic futures products, which is expected to enhance market development and attract more domestic and foreign investors [1] - The current global commodity pricing power is dominated by Western markets, and there is a pressing need for China to enhance its influence in the international commodity futures market to stabilize its supply chain and promote high-quality economic development [2][3] - The authorization of domestic futures product settlement prices to foreign exchanges is seen as a way to increase the international dissemination and influence of Chinese futures prices, making "Chinese prices" a significant reference in global commodity trade [2] Group 2 - The diversification of the futures market is anticipated to improve its competitiveness, transparency, and stability, necessitating a gradual exploration of suitable opening paths based on market conditions and investor needs [3] - The China Securities Regulatory Commission has been steadily promoting the opening of the futures market, with plans to expand the range of tradable products for qualified foreign institutional investors, increasing the number of futures and options products available [4] - The number of effective foreign clients in China's futures market has seen a 17% year-on-year increase, while the participation of foreign clients in trading has also grown, with a 28% increase in their positions [4] Group 3 - The opening of the futures market is directly related to China's financial market competitiveness and influence, with expectations that it will attract more international capital and promote the prosperity of the domestic financial market [5] - The increasing diversity of opening paths for the futures market is expected to broaden its service scope for the national economy and enhance the influence of "Chinese prices" in international markets [5]