来源：进出口银行 来源：进出口银行 近日，中国进出口银行副行长杨东宁在孟加拉国开展工作调研。期间，拜会我驻孟大使，与孟政府首席 顾问及官员会谈，实地调研有关园区项目并召开园区中资企业座谈会。 近日，中国进出口银行副行长杨东宁在孟加拉国开展工作调研。期间，拜会我驻孟大使，与孟政府首席 顾问及官员会谈，实地调研有关园区项目并召开园区中资企业座谈会。 在我驻孟大使姚文陪同下，杨东宁副行长拜会孟政府首席顾问尤努斯，分别与孟投资发展局主席，财政 部经济关系司、财政司常秘会谈，就双方合作事宜交换意见。孟方高度评价中国进出口银行在孟大型基 础设施项目建设方面发挥的作用，表示这些项目有力地促进了孟经济社会发展、惠及了当地民众。杨东 宁副行长表示，在当前全球经济发展新形势下，中国投资者应积极考虑投资孟绿色技术、黄麻产业、数 字以及医药等领域，推动中孟合作模式由传统"基建+贸易"向"基建+产业"转型升级。作为官方出口信用 机构，中国进出口银行愿发挥自身优势，在高质量共建"一带一路"框架下，为中孟深化互利合作、实现 共同发展贡献力量。 在孟期间，杨东宁副行长还实地调研了孟第二大港口蒙格拉港及配套产业园区，并与园区内相关中资企 业深 ...

金砖国家新开发银行微信公众号"新开发银行"消息，12月4日，新开发银行在中国银行间债券市场成功 发行30亿元人民币3年期熊猫债，票面利率1.88%。新开发银行发行的熊猫债总额达到785亿元人民币。 中国建设银行担任此次发行的主承销商。中国农业银行、中国银行、中国进出口银行、中国工商银行、 中金公司及中信建投证券担任联席承销商。 此次发行吸引了包括央行在内的境内外机构投资者踊跃认购，再次彰显新开发银行作为中国银行间债券 市场优质发行人的吸引力。 新开发银行副行长兼首席财务官莫纳莱·拉特索马（Monale Ratsoma）表示，"新开发银行持续加强本币 融资，为成员国的基础设施和可持续发展项目提供有力的资金支持。扩大本币融资使我们能够有效对冲 外汇风险，同时为推动成员国资本市场的发展作出贡献。" 熊猫债是指境外机构在我国发行的以人民币计价的债券。 ...

Group 1 - The core viewpoint of the article emphasizes the importance of deepening financial cooperation between China and France, focusing on sustainable financing and international debt governance [1] - Both parties agreed to maintain close communication at all levels and enhance policy coordination and project alignment to turn cooperation consensus into practical results [1] - The meeting aimed to contribute to global financial stability, trade facilitation, and economic development [1]

来源：进出口银行 11月25日至27日，中国进出口银行董事长陈怀宇在肯尼亚开展工作调研。期间，拜会我驻肯尼亚大使郭海燕；与肯尼亚财政和经济计划部部长恩戈恩戈举 行会谈；与驻肯中资企业座谈交流；实地考察中国进出口银行在肯支持的重点项目。 在与肯尼亚财政和经济计划部会谈时，陈怀宇董事长表示，中国进出口银行作为落实中非合作和共建"一带一路"倡议的排头兵和主力融资行，与肯方在交 通、能源、电力、教育培训等多个领域开展了富有成效的互利合作，有力支持了肯经济社会发展。未来，中国进出口银行愿与肯方继续推动重点项目落地 实施，促进双方合作提质增效，为打造新时代全天候中非命运共同体典范作出积极贡献。 在与驻肯中资企业座谈时，陈怀宇董事长宣介中国共产党二十届四中全会精神，详细了解企业海外经营发展状况以及对金融服务的需求建议。他表示，中 国进出口银行将深入贯彻落实全会精神，进一步发挥跨境金融服务的专业优势，支持企业在肯发展，共同推动中肯两国经贸关系和对非合作走深走实。 更多丰硕成果。 责任编辑：秦艺 责任编辑：秦艺 来源：进出口银行 11月25日至27日，中国进出口银行董事长陈怀宇在肯尼亚开展工作调研。期间，拜会我驻肯尼亚大使郭海 ...

当地时间11月27日，中国进出口银行董事长陈怀宇在内罗毕拜会肯尼亚总统鲁托，就深化中肯务实经贸合作等议题进行深入交流。驻肯尼亚大使郭海燕陪 同参加会见。 当地时间11月27日，中国进出口银行董事长陈怀宇在内罗毕拜会肯尼亚总统鲁托，就深化中肯务实经贸合作等议题进行深入交流。驻肯尼亚大使郭海燕陪 同参加会见。 鲁托总统高度评价中国进出口银行长期以来对肯经济社会发展所作的贡献，表示中国进出口银行为肯提升基础设施水平、改善民生提供了有力帮助，希望 中国进出口银行继续支持肯重大基础设施项目建设，促进中国企业对肯投资，携手进一步深化双边经贸务实合作，共同推动新时代中肯命运共同体建设取 得更多成果。 陈怀宇董事长感谢鲁托总统及肯政府对中国进出口银行在肯业务发展给予的支持，表示中国进出口银行高度重视与肯合作，双方在交通、能源、教育培训 等领域的合作取得了一系列丰硕成果。未来，中国进出口银行将继续发挥金融职能作用，巩固与肯在基础设施等传统领域合作，深化职业教育、产业发 展、绿色转型等新兴领域创新合作，助力肯经济社会可持续发展，推动中肯经贸合作行稳致远，为把中肯关系打造成为构建新时代全天候中非命运共同体 的典范贡献力量。 鲁托总 ...

来源：进出口银行 12月2日，中亚经济合作天山论坛在新疆维吾尔自治区乌鲁木齐市开幕。中国进出口银行行长王春英、副行长王康应邀出席论坛开幕式，并参加相关活 动。 王春英行长在论坛开幕式上作主旨发言。她表示，在共建"一带一路"倡议的引领下，中国与中亚战略对接不断深化，贸易投资蓬勃发展，务实合作深入推 进。中国进出口银行始终将中亚作为业务发展的重点方向，聚焦重点领域、打造多元服务、创新产品模式、践行绿色理念、坚持开放合作，融资支持了中 国-中亚天然气管道、"安格连-帕普"铁路隧道、塔吉克斯坦农业灌溉系统改造等一系列重大标志性工程和"小而美"民生项目，为中亚经济社会发展和民生 改善作出了积极贡献。王春英行长提出，为提升区域全球竞争力、推动区域共同繁荣，中国进出口银行将与各方协力，深化区域合作，共同应对挑战：一 是加强规划对接，提升发展效能，构建"基础设施+配套产业"的可持续发展规划方案；二是聚焦新兴产业，激活发展动能，培育绿色、数字等新的合作增 长点；三是提升服务质效，注入金融活水，灵活运用多元化投融资工具，丰富融资币种；四是深化国际合作，加强能力建设，推动知识分享和经验交流， 提供可持续的增长动力。 王康副行长在中 ...

宏观与金融衍生品分册 中国期货衍生品市场年报 宏观继续稳增长，利率延续震荡市 ——2025 年市场回顾与 2026 年展望 格林大华期货研究院 刘 洋 交易咨询资格：Z0016580 摘要 1 证监许可【2011】1288 号 2025 年国债期货主力品种在 1 月和 2 月初创出高点，然后连续下跌至 3 月中旬止跌反 弹。4 月上旬，因美方宣布加征对等关税消息国债期货上涨，随后横向震荡。7、8 月 A 股强势连续上涨，推动资本市场风险偏好上升，国债期货合约价格整体回落。9 月 国债期货主力合约中短期品种宽幅震荡，超长期 30 年期国债期货主力合约继续较大 幅度下跌。国庆节后，A 股股指在高位震荡缓步回落，国债期货反弹。央行行长 10 月 27 日在金融街论坛年会上宣布，将恢复公开市场国债买卖操作，助力国债期货反弹， 进入 11 月国债期货有所回落。 2025 年前三季度中国 GDP 累计同比增长 5.2%，预期全年增长大概率可以实现全年目标 5%。5 月央行宣布，下调金融机构存款准备金率 0.5 个百分点，同时将公开市场 7 天 逆回购利率调降 10 个基点，降至 1.4%，全年货币政策总体保持流动性宽松。 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic floating - rate bond market has gone through three stages: initial development, scale expansion, and adjustment and transformation, with significant room for improvement in market scale and product structure [2][74]. - The US floating - rate bond market is relatively mature, mainly including TIPS and FRNs, with different issuance subjects and benchmark interest rates from the domestic market [17]. - The valuation of floating - rate bonds is complex, and their secondary - market liquidity is insufficient. Issuers and investors choose floating - rate bonds for different reasons, such as cost reduction and risk avoidance [2][38]. Summary by Relevant Catalogs 1. Domestic Floating - Rate Bond Market Development - The domestic floating - rate bond market started in 1995 and has experienced three rounds of expansion. In 2025 (as of October 13), 103 floating - rate bonds were issued, with a scale of 293.57 billion yuan [2][5]. - As of October 13, 2025, the domestic floating - rate bond stock was 648.991 billion yuan, accounting for 0.34% of the total bond balance. Policy - bank bonds are the largest variety, and the top three benchmark - interest - rate types in terms of scale are DR007, 1 - year LPR, and 5 - year LPR [2][6]. - The remaining maturity of outstanding floating - rate bonds is highly concentrated in the 1 - 3 - year medium - and short - term varieties, with a balance - scale proportion of 79.01% [15]. 2. US Floating - Rate Bond Market - As of June 30, 2025, the US floating - rate bond (TIPs + FRNs) stock was approximately $3.39 trillion, accounting for 9.36% of the total US - dollar bond scale. The main products are TIPs and FRNs [17]. - TIPs are linked to the CPI, with a fixed coupon rate and a floating principal to resist inflation. As of June 30, 2025, the TIPs stock was approximately $1.73 trillion, accounting for 51.03% of floating - rate government bonds [17]. - FRNs are linked to the US benchmark interest rate, with a more diverse range of issuers. As of June 30, 2025, the FRNs stock was approximately $1.66 trillion, accounting for 48.97% of floating - rate government bonds [22]. 3. Floating - Rate Bond Valuation - The pricing of floating - rate bonds is driven by two factors: current benchmark - interest - rate changes triggering coupon resets and changes in market expectations of future interest rates. YTM may be "distorted" in analyzing floating - rate bonds [38]. - Quantitative valuation analysis of floating - rate bonds is subjective because future cash flows cannot be determined in advance and rely on forward - interest - rate forecasts. Current methods include the ChinaBond valuation method, forward - interest - rate prediction, and using comparable fixed - rate bonds for valuation [46]. 4. Secondary - Market Trading of Floating - Rate Bonds - With the decline of the interest - rate center, the trading activity of floating - rate bonds has decreased. Their liquidity is generally lower than that of fixed - rate bonds of the same period [52][55]. - The five floating - rate bonds with the best liquidity as of October 19, 2025, are 25 Guokai 14, 25 Nongfa Qingfa 09, 25 Nongfa 09, 24 Nongfa 09, and 25 Guokai Kechuang 01. Liquidity is better for bonds with a large stock scale, a remaining maturity of 1 - 3 years, and a recent issuance date [61]. 5. Reasons for Issuers and Investors to Choose Floating - Rate Bonds - For issuers, floating - rate bonds can reduce issuance costs in a declining or stable interest - rate environment, have a built - in risk - hedging function, and help broaden financing channels [64][65]. - For investors, floating - rate bonds are an effective tool to avoid interest - rate risks and achieve asset - liability matching. Investing in floating - rate bonds with a high repricing frequency can reduce the duration exposure of commercial - bank asset portfolios [70][71]. 6. Future Outlook for the Domestic Floating - Rate Bond Market - The domestic floating - rate bond market has significant room for improvement in market scale, product structure, and function. Local governments and enterprises can issue floating - rate bonds with the government - bond yield as the benchmark, and the central government can issue floating - rate bonds linked to inflation indicators [74][75]. - Banks' self - operation of floating - rate bonds can effectively alleviate interest - rate risks. To improve liquidity, multi - dimensional measures should be taken, such as expanding issuance scale, standardizing terms, and unifying quotation methods [74][75].

Core Insights - The Shenzhen banking and insurance sectors have maintained stable operations in 2023, focusing on high-quality development and achieving significant growth in various financial metrics [1][2]. Banking Sector Performance - As of the end of October, the total assets of the banking sector in Shenzhen reached 14.36 trillion yuan, a year-on-year increase of 4.37% [1] - The total liabilities amounted to 13.97 trillion yuan, with a year-on-year growth of 4.44% [1] - The balance of various loans was 9.91 trillion yuan, reflecting a year-on-year increase of 4.92% [1] - The balance of various deposits reached 10.00 trillion yuan, growing by 4.95% year-on-year [1] Insurance Sector Performance - The insurance industry in Shenzhen achieved original premium income of 191.05 billion yuan in the first ten months, marking a year-on-year increase of 12.20% [1] - This growth rate is the highest among first-tier cities in China [1] Support for Foreign Trade - In the first ten months, new loans issued to foreign trade enterprises by Chinese banks in Shenzhen totaled 763.57 billion yuan, up 9.83% year-on-year [2] - The financing balance for cross-border e-commerce increased by 39.92% year-on-year [2] - Loans to small and micro foreign trade enterprises grew by 20.58% [2] - Export credit insurance provided coverage of 93.69 billion USD to 31,000 foreign trade enterprises, a year-on-year increase of 13.80% [2] Consumer Finance Initiatives - Personal consumption loans in Shenzhen reached 835.29 billion yuan by the end of October, with a year-on-year growth of 4.95% [4] - Loans for service sectors such as accommodation, catering, and entertainment totaled 207.99 billion yuan, reflecting a 2.04% increase year-on-year [4] - The financial sector has implemented various measures to stimulate consumer spending, including issuing cash vouchers and promoting digital currency transactions [4][5] Technological Integration in Finance - Companies like 招联消费金融 have utilized AI and technology to enhance consumer finance services, reaching 340 million registered customers and disbursing over 3.2 trillion yuan in loans [5][6] - The focus on new citizen groups has improved the accessibility and inclusivity of consumer finance services [6]

Group 1 - The core viewpoint emphasizes the importance of financial strength in national economic development, as highlighted in the 20th Central Committee's Fourth Plenary Session, which includes the goal of building a financial powerhouse in the 15th Five-Year Plan [1] - Policy banks are focusing on their main responsibilities and actively supporting national strategies to contribute to the construction of a financial powerhouse [1][2] - The National Development Bank is committed to serving the real economy and supporting the construction of a modern industrial system and infrastructure [2] Group 2 - The Export-Import Bank is also prioritizing the support of a modern industrial system as a key task during the 15th Five-Year Plan period [3] - Innovative financing models, such as "industrial park + debt-loan combination," are being utilized to address capital and financing issues for projects like the Sanya Yazhou Bay Science and Technology City [3] - The Export-Import Bank is actively aligning its capabilities with local needs to inject financial resources into regional economic development [4] Group 3 - The Agricultural Development Bank aims to direct policy financial resources towards major strategies and key areas, with a recent establishment of 500 billion yuan in new policy financial tools [5] - The Export-Import Bank's new policy financial tools have allocated 100 billion yuan to support over 360 projects, expected to drive total project investments exceeding 1.3 trillion yuan [5] - Various projects across different regions, including AI applications in Guangdong and semiconductor projects in Shanghai, are being supported to enhance competitiveness and infrastructure [5][6] Group 4 - The Agricultural Development Bank is focusing on key areas such as food security and rural development, emphasizing the importance of its unique financial contributions [7] - Since the 14th Five-Year Plan, the Agricultural Development Bank has issued over 1.6 trillion yuan in loans to poverty-stricken areas, significantly contributing to rural infrastructure improvements [8] - The bank's efforts in supporting local infrastructure projects have led to noticeable enhancements in ecological and living conditions in rural areas [8]