● 本报记者 连润 Wind数据显示，截至8月3日，今年以来银行间市场熊猫债发行规模为1166.50亿元。截至目前，熊猫债 累计发行规模已突破1万亿元。专家表示，近年来，熊猫债发行主体不断丰富，发行人数量稳步攀升， 持续获得国际知名机构青睐，熊猫债市场深度广度不断拓展。 多重因素推动 7月以来，熊猫债市场呈密集发行态势。 人民币国际化进程的深化则为熊猫债需求端注入动力。中诚信国际研究院研究员郝云龙说，目前，人民 币跨境支付占比升至全球第四，人民币作为跨境支付及贸易结算货币的国际地位逐渐提升。新兴市场主 权机构发行熊猫债，既是对人民币储备属性的认可，也是规避美元汇率风险的战略选择。 有望继续扩容 熊猫债作为境外机构在华发行的人民币计价债券，既是中国资本市场双向开放的重要成果，也是人民币 国际化进程中的关键载体，其发展脉络与未来前景备受市场关注。 熊猫债发行始于2005年，2023年开始快速扩容，当年发行规模达1544.50亿元；2024年发行量创下 1948.00亿元的年度纪录。 从熊猫债注册情况看，这一增长态势有望在2025年延续。中国银行间市场交易商协会数据显示，2025年 上半年熊猫债注册规模达1535亿 ...

□本报记者王鹤静 从卖方研究员做到公募基金经理，华富基金的基金经理廖庆阳一路以来都在和创新药产业打交道。从医 保政策推动到大额BD(商务拓展)交易出海，廖庆阳见证了中国创新药产业"十年磨一剑"的跨越式发展。 在第一轮创新药贝塔行情迅速爆发后，廖庆阳敏锐地将目光转向那些具备高成长潜质的"黑马"创新药公 司。在他看来，很多"水下"的创新药企业近年来都在经历起死回生的巨大转折，大额BD交易的出现， 不仅意味着全球大型跨国制药公司对中国创新药产品的认可，更昭示着中国创新药资产估值重塑的道路 还将继续。 创新药迭代周期迎来爆发 回顾这一轮创新药板块的行情，廖庆阳将今年2月至5月划分为第一波主升浪，5月以来划分为第二波主 升浪。在他看来，当前第二波主升浪行情仍在持续。 "第一波行情主要源于医保政策的推动，创新药不仅可以由医保支付，商业保险也逐步覆盖。在此过程 中，一些医药企业逐步有大额的BD项目出现，创新药在AI及机器人之后承接了市场的热点切换。而支 撑起第二轮行情的因素，一是在以ASCO年会为代表的全球创新药学术会议上，中国大量优秀的创新药 产品凭借出色的临床验证成果，获得了全球投资者的高度关注；二是全球大型跨国制药企 ...

数据显示，截至8月3日，今年以来银行间市场熊猫债发行规模为1166.50亿元。截至目前，熊猫债累计 发行规模已突破1万亿元。专家表示，近年来，熊猫债发行主体不断丰富，发行人数量稳步攀升，持续 获得国际知名机构青睐，熊猫债市场深度广度不断拓展。 多重因素推动 7月以来，熊猫债市场呈密集发行态势。 据Wind统计，7月11家发行主体合计发行16只熊猫债，规模达219.50亿元。其中，多只熊猫债发行创纪 录。亚洲基础设施投资银行发行2年期20亿元熊猫债，票面利率1.64%，发行认购倍数创亚投行熊猫债 发行纪录，并吸引了超30家机构参与，创下亚投行熊猫债发行参与机构数量纪录。摩根士丹利发行20亿 元熊猫债，发行期限5年，发行利率1.98%，这是首单由总部位于美国的公司发行的熊猫债。 中诚信国际研究院研究报告认为，融资成本优势是熊猫债密集发行的重要因素之一。"当前熊猫债票面 利率显著低于同期美元债，国际发行人通过置换存量美元债务，可直接降低融资成本，这一'性价比'优 势提升了发行意愿。"报告分析称。 中国债券市场开放持续释放吸引力是另一因素。中国银行间市场交易商协会7月28日表示："今年以来， 外国政府类机构、国际开发 ...

Group 1: ETF Performance - Communication ETFs (515880) and communication equipment ETFs led the market with weekly gains of 5.64% and 4.57% respectively [2] - Half of the top ten performing ETFs for the week were innovation drug-themed ETFs, with several exceeding 4% in weekly gains [2] - The largest decline was seen in the Science and Technology Innovation Index ETF, which dropped 14.16% [3] Group 2: Fund Flows - Multiple bond ETFs, including some science and technology bond ETFs, saw significant inflows, while several Hong Kong ETFs attracted substantial capital [4] - Among the top ten ETFs by net inflow, five were Hong Kong ETFs, with the Hong Kong Securities ETF and others seeing inflows exceeding 3 billion [4] - Conversely, broad index ETFs like the CSI 300 ETF experienced significant outflows [4] Group 3: Market Outlook - The market is expected to maintain a strong trend, supported by resilient fundamentals and ample micro liquidity [6] - Opportunities are identified in overseas computing power chains, non-bank financials, and independent industries [7] - The innovation drug sector is viewed as a promising area for growth, driven by policy and fundamental factors [7]

权益类基金发行大幅回暖 7月新发数量创今年新高 ...

Group 1 - In July, 657 private equity managers conducted intensive research on 358 A-share companies, with a total of 1,763 research instances, indicating a strong preference for technology growth sectors [1] - The technology sector emerged as the primary focus of research, with the computer industry leading with 260 research instances covering 36 companies [2] - Other notable sectors included power equipment (213 instances), pharmaceutical biology (206 instances), and electronics (205 instances), highlighting a significant interest in technology and healthcare [2] Group 2 - Among the 52 stocks with more than 10 research instances, technology growth stocks dominated, reflecting private equity's commitment to exploring innovation-driven opportunities [3] - Leading private equity firms maintain a positive outlook on market trends and structural opportunities, with a focus on sectors that align with China's economic transformation [4] - Investment opportunities are identified in innovative pharmaceuticals and consumer sectors, with a particular emphasis on structural opportunities in niche markets like sports apparel and toys [5]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has lowered the initial public offering (IPO) public holding threshold for "A+H" issuers to 10% or a market value of HKD 3 billion, signaling a supportive policy environment for more A-share companies to list in Hong Kong, potentially becoming a significant force in the 2025 Hong Kong IPO market [1][4]. Group 1: Market Trends - As of August 3, 2023, 10 A-share companies have listed in Hong Kong this year, including industry leaders like CATL, Hengrui Medicine, and Haitian Flavoring, indicating a trend of A-share companies seeking international market presence [2]. - The increase in "A+H" listings is attributed to a flexible and supportive policy environment, enhancing the international influence of these companies [2]. - The "A+H" listing group is expanding, with companies like Jinghe Integrated and Chipsea Technology planning to issue H-shares in Hong Kong to enhance their international competitiveness and brand image [2]. Group 2: Regulatory Improvements - The continuous improvement of regulatory collaboration mechanisms has contributed to the rising popularity of "A+H" listings, with expedited review processes for A-share companies seeking to list in Hong Kong [3]. - The Hong Kong Stock Exchange has committed to completing the review of A-share companies with a market value exceeding HKD 10 billion within 30 days, further facilitating the listing process [3]. - The introduction of the "Special Line for Science and Technology Companies" by the Hong Kong Securities and Futures Commission has improved the efficiency of listing applications for tech and biotech firms [3]. Group 3: Policy Support - There is an expectation of increased policy support for companies seeking to list overseas, with the recent adjustments to the IPO public holding threshold seen as a move to encourage more "A+H" cases [4][5]. - The People's Bank of China and the State Administration of Foreign Exchange have issued a draft notice to optimize the management of funds for domestic companies listing abroad, creating a more favorable environment for A-share companies [5]. - The China Securities Regulatory Commission has emphasized the importance of steadily advancing high-level institutional opening, signaling a commitment to enhancing the regulatory environment for overseas listings [5][6].

Core Viewpoint - The Chinese government is accelerating the approval and establishment of new policy financial instruments to boost infrastructure investment and support economic stability in the second half of the year [1][4]. Group 1: New Policy Financial Instruments - Various regions, including Guangzhou and Yibin, are holding meetings to discuss the implementation of new policy financial instruments, with Yibin's scale set at 500 billion yuan [2]. - The new policy financial instruments are expected to be led by policy development banks, similar to the 2022 initiative that established 740 billion yuan in infrastructure investment funds [2]. - The investment focus of these new instruments includes traditional infrastructure as well as emerging sectors like digital economy and artificial intelligence [2]. Group 2: Monetary Policy Support - The new policy financial instruments will be supported by the central bank's PSL (Pledged Supplementary Lending), which aims to address capital shortages in key projects [3]. - The PSL rate was recently reduced from 2.25% to 2%, enhancing the cost-effectiveness of funding for policy development banks [3]. Group 3: Investment Expansion Factors - The National Development and Reform Commission has allocated 800 billion yuan for "two heavy" construction projects this year, with 735 billion yuan of central budget investment already distributed [4]. - The issuance of special government bonds, including ultra-long-term bonds, is set to accelerate, with an increase of 300 billion yuan in the quota compared to last year [4]. - In July, local governments issued a record 616.9 billion yuan in new special bonds, indicating a faster pace of issuance [5]. Group 4: Efficiency in Fund Utilization - There is a strong emphasis on improving the efficiency of fund utilization and accelerating project readiness to ensure quick implementation of new policy financial instruments [6]. - The new policy financial instruments are expected to leverage 1.5 trillion to 2.5 trillion yuan in infrastructure investment, contributing to a projected increase in infrastructure investment growth to 6.0% for the year [6]. - The ongoing issuance of special bonds and local government bonds is anticipated to further support infrastructure investment, particularly in equipment manufacturing and high-tech sectors [6].

在屡创今年以来新高后，本周A股市场三大股指出现回调。对于市场波动，业内机构认为，支撑市场上 涨的核心逻辑未出现变化，短期扰动带来震荡休整，建议坚定多头思维。 8月1日，中国人民银行召开2025年下半年工作会议暨常态长效推动中央巡视整改工作推进会，提出综合 运用多种货币政策工具，保持流动性充裕；引导金融机构保持信贷合理增长，使社会融资规模、货币供 应量增长同经济增长和价格总水平预期目标相匹配；用好科技创新和技术改造再贷款政策，推动科技型 中小企业贷款较快增长。 国家发展改革委：在可持续基础上研究稳妥接续"两新"政策 8月1日，国家发展改革委多位有关部门负责人在新闻发布会上表示，今年"两重"建设项目清单8000亿元 已全部下达完毕；今年第三批690亿元支持消费品以旧换新的超长期特别国债资金已下达完毕，将于10 月份按计划下达第四批690亿元资金；在全方位扩大内需、增强国内大循环韧性方面，重点是自上而 下、软硬结合、高质量推进"两重"建设，在可持续的基础上，研究稳妥接续"两新"政策。 国家外汇管理局：优化完善境内企业境外上市资金管理 国家外汇管理局8月1日以视频形式召开的2025年下半年外汇管理工作交流会要求，积极 ...

芯导科技一季度净利同比下滑 8月3日，芯导科技（688230）发布发行可转换公司债券以及支付现金购买资产并募集配套资金预案公告 称，公司拟向盛锋、李晖、黄松、王青松、瞬雷优才发行可转换公司债券及支付现金，购买吉瞬科技 100%股权、瞬雷科技17.15%的股权（下称"标的公司"或"标的资产"），从而直接及间接持有瞬雷科技 100%股权，实现对瞬雷科技的100%控制。交易价格暂定4.026亿元。本次交易预计构成重大资产重组。 交易价格暂定4.026亿元 预案公告显示，标的资产交易价格暂定为4.026亿元，其中，现金对价12653.72万元，可转债对价 27606.28万元。 同时，本次配套募集资金金额不超过5000万元，最终发行数量将以经上交所审核通过并经中国证监会同 意注册的发行数量为上限。本次募集配套资金拟用于支付本次交易的部分现金对价、中介机构费用等， 募集配套资金具体用途及金额将在重组报告书中予以披露。 对于业绩承诺和业绩补偿，公告提到，根据《发行可转换公司债券及支付现金购买资产协议》，转让方 承诺，标的资产2025年、2026年和2027年实现的经审计的净利润分别不低于3500万元、3650万元和400 ...