Shanghai Gold Exchange Gold T+D closed June 23 down 1.65% at 898.4 yuan/gram; Silver T+D fell 5.56% to 15,020 yuan/kg.

CITIC Securities says this edition of the Lujiazui Forum should exert three constructive forces on non-bank finance: capital markets supplying incremental financing, an improved regulatory framework, and liquidity measures to curb risk. Securities firms are the most direct beneficiaries: the STAR Market’s fifth-set standards have been widened to cover AI large models, and combined with derivatives liberalization and cross-border business innovation, investment banking and FICC show clear upside. Insurance reforms to align reporting and banking (reporting-and-banking unification) should compress channel fees and liability costs; cleanup of disorderly competition will accelerate consolidation and reinforce compliance advantages at top insurers. The PBOC has created a liquidity support facility for non-banks, building a multi-layered risk-mitigation mechanism. Direct financing’s share has overtaken bank loans for the first time, providing structural support to brokers’ long-term ROE. Analysts recommend focusing on leading brokerages and insurers with compliance strength. Insurance sector valuations look attractive; current share prices overstate near-term earnings drag from low rates and high base effects, while asset-side recovery could boost Q2 profit growth and trigger price repair.

歐洲央行管委卡茲米爾：中東衝突造成的損害無法一夜之間消除，必須根據數據進行調整。