近期，彭博澳门银行业研讨会在澳门成功举办。来自 澳门中央证券托管结算一人有限公司 （MCSD）、债券通有限公司、工银澳门、海通银行澳门分行 的特邀嘉宾，与彭博市场专家围绕 全球外汇市场、跨境债券投资、数据流动以及风险管理 等热门话题展开深度讨论，聚焦市场新机 遇。让我们一起回顾现场精彩发言！ 近年来，离岸人民币债券在澳门的发行规模不断增长，吸引了更多国际投资者的关注，推动了澳门与 全球金融市场的进一步融合。 汪大海 彭博大中华区总裁 全球外汇市场动态与交易策略 开场致辞 近期美联储降息25个基点，美元正如市场预期逐步走向宽松货币政策，"去美元化"成为市场讨论焦 点。 彭博大中华区总裁汪大海先生欢迎现场嘉宾的到来并发表开场辞。他表示， 澳门在国家发展与粤港 澳大湾区建设中有着独特且重要的战略地位，既有与国际标准接轨的制度环境，又有着与内地市场 紧密相连的区位优势，这让澳门在人民币国际化进程中发挥了重要作用。 特朗普的贸易政策正在不断加剧'去美元化'的趋势，通过对全球施加高关税来减少美国贸易逆差，就 会减少美元在全球输出中的流动性，改变原有美元体系循环。 正如IMF公布的数据来看，过去十年替 代美元的最核心资产就 ...

彭博今日宣布扩展其人民币债券回购交易解决方案，支持境外机构投资者从在岸市场获得人民币流 动性。此次扩展紧随中国监管机构的最新公告，允许所有可在中国债券市场开展现券交易的境外机 构投资者开展债券回购业务。 彭博于2025年2月推出人民币债券回购交易解决方案，支持境外投资者参与离岸人民币债券回购业 务，使用合格债券作为抵押品进行回购或逆回购交易。最近宣布的跨境债券回购业务推出后，该解 决方案将继续通过统一的电子交易流程，支持投资者与指定的境内外做市商开展债券回购交易。 东方汇理银行离岸中国交易主管卢元正 表示： " 交易开通首日，已有多家国际投资者通过彭博解决方案与境内做市商进行跨境债券回购交易，包括 中国农业银行股份有限公司香港分行、中国银行(香港)有限公司、中国银行股份有限公司澳门分 行、中国建设银行(亚洲) 、招商银行股份有限公司香港分行、中金国际、中信证券国际资本管理 有限公司、东方汇理银行、星展银行香港分行、香港上海汇丰银行有限公司、中国工商银行（亚 洲）、工银标准银行、中国工商银行股份有限公司迪拜国际金融中心分行、中国工商银行新加坡分 行、中国工商银行首尔分行、上海浦东发展银行股份有限公司香港分行、渣 ...

Private Equity Market Review - The private equity market is experiencing significant activity, with notable acquisitions such as Blackstone's purchase of a majority stake in South Korean hair care brand Juno and the acquisition of Australian FinTech software company Iress [10]. - TPG is shifting its focus towards mid-sized investment projects, emulating larger institutions in the industry [8]. Hedge Fund Market Overview - Bloomberg's preliminary data indicates that hedge funds rose by 1.6% last month, with the Bloomberg Equity Hedge Fund Index leading the gains [6]. - Year-to-date, hedge funds have increased by 7.1%, with equity funds showing the highest growth at 11% [6]. - As of August 29, 2025, the performance of various hedge fund strategies includes: - Equity Hedge: 11.46% YTD return - Credit Hedge: 5.20% YTD return - Event Driven Hedge: 6.65% YTD return - Macro Hedge: 2.24% YTD return [7]. Market Trends and Investor Behavior - In response to weak employment data in the U.S., hedge funds are increasing their bets on bullish options for the Chinese yuan against the U.S. dollar, with the premium for offshore yuan appreciation options nearing its highest level since August 2024 [6]. - A newly established hedge fund by former Goldman Sachs executive Qin Xiao has received investment from Millennium Management, with plans to launch trading later this year with initial capital of approximately $1 billion [6].

本期主题： 日本央行清仓ETF：短期或可控 但长期压力难解 （彭博行业研究）——如果日本央行能够择时卖出其5 , 0 0 0亿美元ETF资产，将有助于缓解 对市场的短期冲击，但长期来看，股价下行压力与市场流动性减弱等问题可能更难应对。为 在合理时间内完成减持，日本央行或需加快减持步伐，这可能削弱日本在ETF市场中的地 位。 扫描二维码 立即订阅 更多ETF精彩内容 择机减持有助于缓解冲击 但长期挑战仍存 日本央行可以通过在市场反弹后择机减持ETF来限制该计划对市场造成的短期扰动，但长期 风险更难控制。日本央行可能会采用与2 0 1 0年至2 0 2 4年期间购买ETF时类似的策略--当时日 本央行通常在下午交易时段买入ETF，以应对隔夜及早盘的下跌。尽管此举有助于降低市场 波动，但也可能导致投资者参与度下降、市场流动性减弱。鉴于日本央行持有东京证券交易 所上市公司逾7%的市值，若ETF减持节奏加快，可能对股价形成持续下行压力。 日本央行购买ETF和JREIT的历史（10亿日元） 数据来源：彭博终端 ETF 流量追踪与分析功能 ETF 、彭博行业研究 本文来自彭博终端，终端用户可运行NSN T30GMGGPW ...

Core Insights - The global energy landscape is undergoing profound changes, driven by multiple factors, with battery storage, photovoltaics, electric mobility, and natural gas as the four key drivers of this transformation [2] - The BNEF event aims to discuss these critical issues with industry experts, focusing on the opportunities and challenges presented by the energy transition [2] Group 1: Global Energy Market Trends - The global energy storage market is rapidly expanding, with an expected annual growth rate of 14.7% by the end of 2035, and China is anticipated to maintain its leading position [4] - China is transitioning towards a market-oriented approach as mandatory storage requirements are phased out, raising questions about the future of large-scale and commercial storage [4] - The photovoltaic market is experiencing a policy-driven recovery in spot prices, yet the fundamental issue of oversupply remains unresolved, affecting pricing dynamics [4] Group 2: Electric Vehicles and Charging Infrastructure - New energy vehicle sales are reaching new highs, but regional markets are developing differently due to technological advancements, policy changes, and geopolitical factors [4] - The differentiated development of the new energy vehicle market will impact the demand and layout of charging infrastructure, highlighting the need for innovative technologies and business models [4] Group 3: Natural Gas Market Outlook - In the context of geopolitical instability and energy transition, energy planners are tasked with developing innovative procurement and utilization strategies to balance energy security and economic efficiency [4] - The evolution of the natural gas market in China and globally is anticipated during the 14th Five-Year Plan, with significant implications for LNG markets [4] Group 4: Event Agenda - The event features a series of presentations from BNEF analysts covering topics such as global energy storage, photovoltaic market outlook, charging infrastructure, and the natural gas market [5][6]

Core Viewpoint - The Greater Bay Area Financial Technology Talent Development Program aims to cultivate the next generation of fintech leaders in the Greater Bay Area, with a focus on AI applications in finance and technology services [2][3][5]. Group 1: Program Overview - The program will return in 2025 and expand to Shenzhen for the first time, responding to strong demand from students and the industry [2]. - This year's theme is "Empowering the Greater Bay Area: Moving Towards an AI-Driven Future," focusing on equipping participants with AI skills and insights relevant to the finance and technology sectors [2][3]. - A total of 20 leading financial and technology institutions will participate as corporate partners, including four new additions: Bank of East Asia, Fubon Bank (Hong Kong), Industrial and Commercial Bank of China (Asia), and Infinity Capital Management [2][3]. Group 2: Participation and Impact - The program will include 50 undergraduate students from top universities in Shenzhen, who will join Hong Kong students for cross-border training and activities [2]. - Over the past two years, the program has provided professional training, employment guidance, and practical opportunities in the fintech industry to more than 600 university students in Hong Kong [4]. - The total number of participants this year will reach 350, marking the program's third year [3]. Group 3: Institutional Support - The Hong Kong Monetary Authority emphasizes the program's role in establishing a sustainable fintech ecosystem in the region and enhancing digital connectivity [3]. - The Hong Kong Youth Association highlights the program's importance in helping youth acquire cutting-edge skills and expand their networks in the rapidly evolving fintech sector [3]. - Bloomberg's Asia-Pacific President underscores the significance of collaborative ecosystems and strong talent pools for the future development of the Greater Bay Area [3].

Core Insights - Chinese biopharmaceutical companies are becoming significant players in both global and domestic M&A markets, accounting for 14% of all agreements in the first half of 2025 [3][4]. - The trend of "China-to-China" mergers is emerging, exemplified by the acquisition of Lixin Pharmaceutical by a Chinese biopharmaceutical company [3][8]. M&A Activity - In the first half of 2025, the number of licensing agreements from Chinese companies increased to 14%, up from 8% in 2024, with a notable rise in clinical-stage asset transactions [4]. - Clinical-stage drugs accounted for 42% of all licensing transactions, second only to preclinical assets [4]. - The average upfront payment for licensing agreements from Chinese companies exceeded $100 million, reaching a historical high of 40% in such transactions [5]. Licensing Trends - Chinese biopharmaceutical companies are increasingly favored for licensing agreements, with 87% of disclosed drug types in agreements involving Chinese licensors being biopharmaceuticals, compared to 51% outside China [4][5]. - The average total deal size for licensing agreements from Chinese companies reached $180 million, significantly higher than the $100 million average for other regions [5]. Notable Transactions - A significant transaction involved Merck and Kelun Pharmaceutical, valued at $9.3 billion for seven antibody-drug conjugates, marking a trend of increasing high-value licensing agreements with Chinese firms [5]. - The acquisition of Lixin Pharmaceutical for up to $951 million is a landmark deal in the "China-to-China" M&A landscape, allowing the acquirer to control Lixin's innovative pipeline [8].

Core Viewpoint - The article discusses the expansion of the "Southbound Bond Connect" and the introduction of a suite of tools by Bloomberg to assist domestic investors in navigating the offshore bond market and making informed investment decisions [2][11]. Group 1: Expansion of "Southbound Bond Connect" - The "Southbound Bond Connect" is set to expand its participant scope to include four types of non-bank institutions: brokerages, funds, insurance companies, and wealth management firms [2]. - The expansion is expected to enhance the international appeal of RMB assets and provide new offshore investment channels for domestic investors [2]. Group 2: Tools and Support Offered by Bloomberg - Bloomberg has launched a comprehensive suite of tools to support investment in the "Southbound Bond Connect," which includes market research, target search, price discovery, and pricing analysis [2][5]. - The Bloomberg terminal allows users to access the "Southbound" indicator for targeted bond searches and provides macroeconomic analysis, market data, and collaboration tools [5][8]. - Users can create worksheets based on the "Southbound" bond database to analyze bond performance, relative value, and liquidity, facilitating collaborative decision-making [13].

Core Viewpoint - The article discusses the launch of interest rate swap contracts linked to the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect," aimed at meeting the diverse risk management needs of overseas institutions [2][3]. Group 1: Introduction of LPR1Y Interest Rate Swaps - The People's Bank of China has approved the trading and centralized clearing of interest rate swap contracts linked to LPR1Y, effective immediately [2]. - Bloomberg has initiated support for the first day of trading for these LPR1Y-linked swap contracts [2]. Group 2: Bloomberg's Role and Enhancements - Bloomberg's IRS trading portal now supports various financial instruments in the onshore derivatives market, including the newly added LPR1Y interest rate swaps [2]. - Bloomberg has previously upgraded its "Swap Connect" solution to support IRS contracts with settlement dates aligned with the International Monetary Market (IMM) and to allow early exit from contracts through compression services [3]. - The integration of LPR1Y interest rate swaps into Bloomberg's existing "Swap Connect" solution provides investors with precise long-term investment matching tools without altering current workflows [3]. Group 3: RFQ Workflow - Authorized Bloomberg terminal users can initiate requests for quotes (RFQ) from a list of approved onshore dealers by the People's Bank of China, allowing them to receive pricing and necessary transaction execution information [6].

Core Viewpoint - Bloomberg has evolved from an explorer in the Chinese market to a comprehensive partner for clients and institutions over the past 30 years, focusing on innovation and technology to enhance financial services [2][12][19] Group 1: Market Development - The Chinese market has seen a continuous increase in openness, with foreign investors showing significant interest in Chinese bond markets, particularly government and policy bank bonds [3] - Bloomberg launched the Bloomberg China Policy Bank Bond 1-5 Year Index Fund in 2022, which has grown to a scale of 25.9 billion RMB by the end of 2024, outperforming similar funds [3] Group 2: Partnerships and Collaborations - Huatai Securities has established a global service network through international expansion, supported by Bloomberg's high-quality data and trading platforms, enhancing their international development and business innovation [11] - Huitianfu Fund has maintained a long-term partnership with Bloomberg, leveraging Bloomberg's terminal and AIM platform for integrated investment research and trading support [6][8] Group 3: Technological Innovation - Bloomberg has prioritized innovation since its inception, utilizing AI technologies such as machine learning and natural language processing to enhance information retrieval and transaction execution [12][14] - The financial industry is undergoing revolutionary changes due to the AI wave, particularly in investment research, quantitative strategies, and risk management [14] Group 4: Future Outlook - The company aims to continue its collaboration with partners in areas such as intelligent investment research and cross-border investment, seizing new opportunities in digital transformation [14][19]