"Accelerating high-level opening-up to the outside world" has become a hot topic in the capital market this year. Since the beginning of this year, regulatory authorities have made frequent statements regarding the opening up of the capital market to the outside world, and related new policies and measures have been steadily promoted. The Central Financial Work Conference held from October 30th to 31st proposed to focus on promoting high-level financial openness and ensuring national financial and economic security. We will adhere to the equal emphasis on "bringing in" and "going out", steadily expand institutional openness in the financial sector, enhance cross-border investment and financing facilitation, and attract more foreign financial institutions and long-term capital to come to China for business development. An open Chinese capital market is attracting more foreign institutions to actively enter. At the same time, domestic financial institutions are also accelerating their pace of going global, actively participating in global competition, and expanding long-term development space. The process of attracting foreign institutions has accelerated in recent years. China has continued to build a market-oriented, rule of law, and internationalized first-class business environment, and the policy dividends of financial openness have been intensively released. The high-level opening up of the financial industry to the outside world is steadily advancing. This year, foreign institutions actively participated in the construction of China's capital market. From the perspective of the securities industry, as of the end of the first half of the year, there were 17 foreign-owned securities firms, including 9 foreign-owned securities firms, including two foreign-owned sole proprietorships. In addition, 16 securities firms with foreign investment backgrounds are queuing up to apply for establishment. Recently, Standard Chartered Securities has become the first foreign-funded wholly-owned securities firm approved for establishment, and plans to officially expand its business in the first half of 2024. In November, the China Securities Regulatory Commission received the application materials for the establishment approval of securities companies from Mizuho Securities Co., Ltd. In the first half of the year, the total assets, net assets, operating income, and net profit of foreign-invested securities firms accounted for 5.6%, 6.56%, 7.15%, and 5.5% of the industry as a whole. Although the overall strength of foreign-owned securities firms is currently inferior to many large securities firms in the industry, they have advantages in business philosophy, product services, and other aspects. Through differentiated and boutique competition, foreign-owned securities firms are continuously improving their business systems, supplementing their business qualifications, and further stimulating market vitality. Under the trend of two-way opening of the capital market, more and more foreign institutions will expand their business in China in the future. Yang Chao, strategy analyst and team leader of China Galaxy Research Institute, stated in an interview with Securities Daily that the entry of foreign securities firms can increase the liquidity of China's capital market, make the market more attractive, and provide more financing channels for domestic enterprises. At the same time, the entry of high-quality and high standard foreign securities firms helps to promote Chinese securities firms to actively reduce trading costs and improve service quality. In addition, foreign securities firms can bring new financial products and service models, which can help promote innovation in financial products. The participation of foreign securities firms makes the domestic capital market more internationalized, which helps to attract more international investors to participate in A-shares and enhance the international influence of China's capital market. This year marks the 25th anniversary of the establishment of China's public fund industry and the 15th anniversary of the first batch of Chinese funds going global. China's fund industry has never stopped opening up to the outside world, starting from "learning from" foreign institutions, and moving towards "bringing in" and "going out" in both directions. Since the beginning of this year, foreign-funded public offerings have accelerated their approval and gradually started issuing products, injecting new energy into the Chinese public offering industry