香港发布固定收益及货币市场路线图，利好点心债

Report Industry Investment Rating No relevant content provided. Report's Core View - The release of the Fixed Income and Money Market Development Roadmap in Hong Kong is beneficial to the dim - sum bond market. Policy support may boost the issuance activity of dim - sum bonds, and attention should be paid to the allocation opportunities of new supplies in 1 - 3 years [1][23] Summary According to Related Catalogs Hong Kong Releases Fixed Income and Money Market Roadmap, Beneficial to Dim - sum Bonds - On September 25, 2025, the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly released the "Fixed Income and Money Market Development Roadmap", aiming to make Hong Kong a global fixed - income and currency hub [8] - The roadmap proposes ten measures around four aspects: bond issuance, liquidity, offshore RMB business, and infrastructure. For example, in bond issuance, it includes issuing government bonds, promoting Hong Kong's advantages to target markets, and expanding the investor base [8] - As of September 22, 2025, the issuance amount of Chinese dim - sum bonds this year was 4879.85 billion yuan, basically the same as the same period last year. The first - time issuance scale of dim - sum bonds was 966.69 billion yuan, accounting for about 20% of the total issuance scale [11] - Newly issued dim - sum bonds are mainly industrial bonds, followed by urban investment bonds. About half of the maturities are 3 - year bonds, and the issuance amount of ESG dim - sum bonds accounts for nearly 20%. The coupon rate is mostly between 1 - 3%, and the short - term coupon rate is higher [13][16][17][19] Market Review: Bond Funds Sell Medium - and Long - Term Credit Bonds, Credit Bond Yields Rise Across the Board - From September 19 to September 26, 2025, the new regulations on bond fund redemption fees were negative for the bond market. Bond funds sold 110 billion yuan of 1 - 5Y credit bonds throughout the week, and the yields of credit bonds rose across the board, with the supplementary decline of secondary and perpetual bonds being more obvious [2][24] - The yields of general credit bonds rose by 4 - 12BP, and the yields of medium - and long - term bonds rose by more than 6BP. The yields of secondary and perpetual bonds generally rose by 5 - 18BP, and the yields of medium - and long - term bonds rose by more than 10BP [2][24] - Last week, the buying demand weakened. Wealth management products had a net purchase of 166 billion yuan, and funds had a net purchase of 70 billion yuan. The scale of credit bond ETFs was 3642 billion yuan, a 2.22% increase compared with the previous week [2][24] Primary Issuance: Net Financing of Credit Bonds Declines Month - on - Month, and Most Issuance Interest Rates Rise - From September 22 to September 26, 2025, the total issuance of corporate credit bonds was 428.4 billion yuan, a 25% month - on - month increase; the total issuance of financial credit bonds was 132.8 billion yuan, a 36% month - on - month decrease [3][52] - The total net financing of corporate credit bonds was 69.5 billion yuan, a 35% month - on - month decrease. Among them, urban investment bonds had a repayment of 9.1 billion yuan, and industrial bonds had a net financing of 74.2 billion yuan. Financial credit bonds had a total net repayment of 84.6 billion yuan [3][52] - In terms of issuance interest rates, the average issuance interest rate of medium - and short - term notes showed an upward trend except for AAA, and the average issuance interest rate of corporate bonds showed an upward trend except for AA [3][52] Secondary Trading: Medium - and Short - Term Maturities Are Actively Traded, and Long - Term Maturities Remain at a Low Level - Active trading entities are mainly medium - and high - grade, medium - and short - term, central and state - owned enterprises [4][62] - For urban investment bonds, active trading entities are mainly from strong economic and financial provinces and relatively high - spread areas in large economic provinces. Real estate bonds and private enterprise bonds' active trading entities are still mainly AAA, and the trading maturities are mostly medium - and short - term [4][62] - There were no transactions of urban investment bonds with a maturity of more than 5 years among actively traded bonds, which was the same as the previous week [4][62]