净融资规模创年内单月新高，点心债发行或将提速

Core Viewpoint - The offshore RMB bond market, known as "dim sum bonds," is experiencing a new wave of expansion driven by increasing demand from global investors for RMB asset allocation [1] Group 1: Market Performance - In August 2025, the net financing amount for dim sum bonds reached nearly 70 billion RMB, marking the highest monthly figure of the year [2] - The issuance of dim sum bonds has accelerated, with 105 bonds issued in August 2025, totaling 123.56 billion RMB, and a net financing scale of 69.54 billion RMB, achieving the best monthly financing performance of the year [5] - The total issuance scale of dim sum bonds in 2024 is projected to exceed 1 trillion RMB, reaching 1.27 trillion RMB, with net financing close to 480 billion RMB [5][6] Group 2: Government Initiatives - The Shenzhen Municipal Government successfully issued 1 billion RMB of offshore RMB local government bonds in Macau, with a subscription rate of 6.62 times, setting a historical high for RMB bond issuance in Macau [4] - The Guangdong Provincial Government has also issued 2.5 billion RMB of offshore RMB local government bonds in Macau, continuing its trend for five consecutive years [4] Group 3: Factors Driving Expansion - The relative attractiveness of financing rates in China has been a macroeconomic factor driving the growth of dim sum bond issuance [9] - The divergence in monetary policy between China and the U.S. has made dim sum bonds a more appealing financing option in the overseas bond market [10] - Various policy measures by the Chinese government have promoted the use of offshore RMB, supporting the continuous growth of the dim sum bond market [10]