2025年前三季度中国债券市场回顾 截至2025年9月30日， 境外机构在境内发行的熊猫债规模达到1377.5亿元，发行规模趋于稳定，与 去年同期相比减少14.44%。 2025年前三季度彭博中国债券承销排行榜 2025年前三季度彭博中国债券承销排行榜新鲜出炉，为您带来最新的市场趋势追踪。如需获取报 告，请在彭博终端加载 LEAG"报告"标签页 ，您可看到所有彭博全球和中国排行榜及排行标准。 2025年前三季度榜单亮点 熊猫债2020年至2025年季度发行情况 在彭博2025年前三季度 中国债券 排行榜中， 国泰海通证券表现亮眼，凭借6.058%的市场份 额登顶。中信证券（5.861%）、兴业银行（5.300%）紧随其后位列第二、第三。中国银行、 中信银行、中信建投证券、中国建设银行、中国工商银行、中金公司、招商银行则依次为第 四到十位。 在 中国企业债与公司债 排行榜中，中信证券（12.998%）、国泰海通证券（12.826%）和中 信建投证券（10.984%）位列前三。前十名其余机构依次为：华泰证券、中金公司、招商证 券、广发证券、申万宏源、中国平安、东方证券。 中国NAFMII债券 排行榜由前三名中信银 ...

Core Viewpoint - The article emphasizes the transformative impact of quantitative research on the asset management industry amidst a rapidly changing global macroeconomic landscape and increasing volatility in international financial markets [1]. Group 1: Event Overview - The event will feature discussions on macro quantitative scenario analysis, risk budgeting applications in the Chinese market, and Bloomberg's portfolio management and factor model solutions [1]. - A roundtable forum will explore how experiences from mature overseas markets can empower the development of quantitative strategy indices in China [1]. Group 2: Key Speakers - Notable speakers include Li Yongjin from CITIC Securities, Arun Verma from Bloomberg, Sue Li from Bloomberg, Wayne Curry from Bloomberg, and several other experts from Bloomberg's global and China teams [2][6]. Group 3: Topics of Discussion - The agenda includes leveraging machine learning strategies based on macro drivers and the application of cutting-edge intelligent technologies in quantitative research [1]. - The event aims to provide insights into best practices for asset allocation and risk management tailored to the characteristics of the Chinese market [1].

Core Viewpoint - Regeneron and Johnson & Johnson face challenges in the early intervention field for smoldering multiple myeloma (SMM), despite promising new data. The adoption of Regeneron's Lynozyfic and Johnson's Darzalex may be slow due to the need for physicians to balance the risks of overtreatment with the difficulty in identifying high-risk patients who may benefit [3][4]. Group 1: Regeneron's Lynozyfic - Lynozyfic shows a total response rate (ORR) of 100% and a complete response rate (CR) of 36.8% for high-risk SMM, but these rates may not be as significant for active myeloma. The key measure of success is whether the drug can delay disease progression and improve survival [4][5]. - The safety profile of Lynozyfic raises concerns, with a 12.5% incidence of grade 3-4 infections and a 25% incidence of grade 3-4 neutropenia, alongside a 42% occurrence of any grade cytokine release syndrome [4][5]. Group 2: Johnson & Johnson's Darzalex - The AQUILA trial indicates that Darzalex monotherapy extends progression-free survival (PFS) and overall survival (OS) for high-risk SMM patients, reducing disease progression rates from 41.8% in the observation group to 21.8%. This has led to EU approval and potential FDA approval [8]. - There are concerns regarding the definition of "high-risk" SMM in the AQUILA trial compared to existing SLiM standards, which may hinder the widespread application of Darzalex due to the asymptomatic nature of the disease [8]. Group 3: Patient Identification and Treatment Concerns - The Quiredex trial shows that lenalidomide combined with dexamethasone significantly delays the progression to multiple myeloma, with a PFS of 9.5 years compared to 2.1 years for the control group. However, many physicians remain cautious about early intervention due to overtreatment risks and challenges in accurately identifying high-risk patients [6][8]. - The use of circulating tumor DNA (ctDNA) detection technology is suggested to better identify patients at high risk of progressing to multiple myeloma, aiming to minimize overtreatment [6].

Core Viewpoint - Bloomberg has expanded its RMB bond repurchase trading solution to support offshore institutional investors in obtaining RMB liquidity from the onshore market, following recent announcements from Chinese regulators allowing all eligible offshore investors to engage in bond repurchase transactions [2]. Group 1 - The Bloomberg bond repurchase trading solution was officially launched in February 2025, built on the connection between Bloomberg and the China Foreign Exchange Trading Center, making it a pioneering product in the market [2]. - This solution enables global investors to use bonds held under the "Bond Connect" as collateral for electronic RMB repurchase transactions between mainland China and Hong Kong, addressing the demand for efficient repurchase trading [2]. - The innovation provides new financing and liquidity management tools for both domestic and foreign investors using RMB bonds as collateral [2]. Group 2 - In May of this year, the Bloomberg bond repurchase trading solution won the "Best New Product/Service Launched in the Past 12 Months" award at the 2025 WatersTechnology Asia Awards [4]. - In an award interview, Ashlesh Gosain, head of Bloomberg's electronic trading products for the Asia-Pacific region, discussed the driving factors behind the solution's launch and its role in helping market participants seize trading opportunities and meet diverse trading needs [4]. - Bloomberg offers a comprehensive range of trading and trading-related solutions globally, recognized as an offshore electronic trading platform by the People's Bank of China, facilitating cross-border investment through mechanisms like "Bond Connect" and "Swap Connect" [4].

Group 1 - The wind power industry is at a critical juncture of restructuring and technological leap, influenced by the conclusion of the "14th Five-Year Plan" and the acceleration of global wind power development [2] - There is a persistent onshore boom while offshore presents both challenges and opportunities, prompting a strategic reshaping of enterprises in the wind and solar market [2] - The article discusses how Chinese wind power can break through in the global competition and shape new competitive advantages amid an accelerating internationalization process [2] Group 2 - The article highlights the need for insights into the key breakthroughs in wind power industry policies, technologies, and global markets during a seminar scheduled for October 20 [2] - The seminar will focus on domestic wind power transformation and international expansion, indicating a significant shift in the industry's strategic direction [2] - The involvement of BloombergNEF experts suggests a comprehensive analysis of the global wind power supply chain and the new dynamics emerging from supply-demand imbalances [4]

全球与离岸市场ETF趋势与资金流洞察 巅峰对话1 - ETF未来蓝图前瞻: 多元视角下的增长机遇 定制化指数如何赋能ETF投资策略 量化投研BQuant实践分享：机会不错过、风险不放过 巅峰对话2 - 穿越周期，策略优化：ETF、量化与QIS的实践探索 汪洋 王伟 摩根资产 穿越波动，布局未来： 彭博ETF市场展望研讨会 北京站：10月20日（星期一）15:00 – 18:00 上海站：10月21日（星期二）15:00 – 18:00 (15:00 注册签到，15:30活动开始) 近年来，伴随全球资本加速流入，ETF市场正迎来前所未有的机遇。而中国市场尤其迅猛的发展趋 势不仅推动亚太地区ETF资产规模跃升，更引领着产品与策略的创新。据彭博行业研究最新分析， 2025年中国ETF交易量预计将继续增长，吸引更多全球做市商加入，提升市场流动性与定价效 率。与此同时，量化投资研究的广泛应用也为中国、亚太乃至全球ETF市场注入新的增长动能。 邴彤彤 未来资产 中国区ETF销售主管 庞亚平 易方达 指数研究部总经理、基金经理 景顺长城 在此背景下，彭博诚挚邀请您参加本次研讨会。集结行业资深专家，本次研讨会将聚焦于ETF中 ...

本期主题：OPEC+可能重新考虑增产计划，因中国原油进口疲软 （彭博行业研究）——由于中国能源需求疲软，原油进口显现出谨慎信号，OPEC+ 11月可能 暂停增产计划。全球原油供应过剩导致库存上升，可能会在第四季度将WTI原油价格压低至每 桶60美元以下。 中国需求冲击原油进口 根据我们基于彭博每日原油进口数据的计算，中国在9月1日至21日期间的原油进口量为每日 1,090万桶，同比下降7.1%，环比下降15%。 中国原油进口量同比变化 本文来自彭博终端，终端用户可运行NSN T1IRK9GQ7L65 阅读原文。非终端用户可点击文末" 阅读原文 "预约演示。 伴随行业飞速发展、地缘政治博弈、供需天平摇摆…全球能源市场时刻处于动荡之中。彭博行 业研究（Bloomberg Intelligence）为您及时传递行业动态，并基于高质量数据、模型与分析 助您解读市场变化，看见全局、看向前景。 扫描二维码 立即订阅 彭博能源行业研究双周报 2025年全球原油库存变化 数据来源：彭博行业研究 美国原油库存继续上升 根据我们的可比价格-库存回归分析，当30周美国原油、汽油和柴油库存平均为7.62亿桶时，9 月18日当周WTI ...

Core Insights - The article discusses the launch of the "Family Office Playbook," a comprehensive guide for family offices looking to establish or expand their operations in Hong Kong, highlighting the city's commitment to becoming a global hub for family offices [1][3]. Summary by Sections Overview of the Guide - The "Family Office Playbook" provides practical advice on various key areas such as regulatory environment, financial markets, and operational conditions for family offices [1][2]. Government and Institutional Support - The Hong Kong government, through the Financial Services and the Treasury Bureau, emphasizes its commitment to promoting the family office industry, marking the guide's release as a significant milestone [3]. - The Investment Promotion Agency highlights Hong Kong's strategic position as a hub connecting East and West, making it an ideal location for family offices [3]. Key Areas Covered in the Guide - **Strategy Development**: Steps and frameworks for establishing family offices, including governance, legal structures, and strategic planning [4]. - **Regulatory Environment Navigation**: Guidance on regulatory requirements related to wealth management and compliance standards in Hong Kong [4]. - **Investment Management**: Insights into investment opportunities, asset allocation strategies, and the diverse financial market in Hong Kong [4]. - **Operational Efficiency**: Best practices for daily operations, technology integration, and talent management [4]. - **Legacy and Philanthropy**: Recommendations for intergenerational wealth transfer, estate planning, and charitable activities relevant to Hong Kong [4]. Additional Activities - The article mentions a workshop organized by Bloomberg and the Hong Kong Wealth Legacy Institute aimed at enhancing communication skills for family office representatives, complementing the guide's content [8]. Future Initiatives - The "Hong Kong Family Office Hub" initiative, launched in collaboration with Bloomberg and the Hong Kong government, aims to build a family office ecosystem and support industry growth by providing tailored resources [9].

Core Insights - The article highlights a series of upcoming Bloomberg seminars and workshops aimed at enhancing users' understanding of various financial tools and market analysis techniques [3][10]. Group 1: Seminar and Workshop Details - The seminars cover a range of topics including fund screening and analysis workflows, liquidity analysis tools for fixed income products, and investment portfolio performance analysis and risk management [5][6][8]. - Specific sessions include "Fund Screening and Analysis Workflow Introduction" on October 14, "Liquidity Analysis Tools for Fixed Income Products" on October 16, and "Investment Portfolio Performance Analysis and Risk Management" on October 21 [5][6][8]. - A special focus on green bonds will be presented in the session titled "Data-Driven Trend Analysis of China's Green Bonds" on October 15 [9]. Group 2: Additional Learning Opportunities - The article also mentions introductory sessions for Bloomberg terminal users, such as "Introduction to Charting Tools" on October 23, aimed at helping new users navigate the terminal's functionalities [4][10]. - Other specialized sessions include "Using Bloomberg Economic BECO Model to Track Macroeconomics" on October 28 and "Energy Products Analysis Tools Introduction" on October 30 [12].

Core Viewpoint - Bloomberg has announced that Yongying Fund Management Co., Ltd. has adopted its leading order and investment management technology solution, AIM, to optimize the entire process of overseas investments, enhance operational efficiency, strengthen compliance management, and deepen insights into investment portfolios [1] Group 1: Yongying Fund Management Co., Ltd. - Yongying Fund is a leading asset management company in China, supported by strong shareholders such as Ningbo Bank and Oversea-Chinese Banking Corporation Limited, which provide robust capital, technology, and brand support for diversified business development [3] - As of the end of Q2 2025, Yongying Fund's non-monetary asset management scale reached 358.6 billion yuan, ranking 18th among 162 fund companies according to data from Galaxy Securities [4] Group 2: Bloomberg's AIM Solution - Bloomberg's AIM solution covers the entire investment lifecycle and possesses multi-asset management capabilities, including research management, order and execution management, portfolio and risk analysis, trading compliance, and operational support [2] - The AIM solution is used by over 900 institutional clients and nearly 15,000 professionals globally, managing a total of over 22 trillion dollars in assets [1]