国都香港研究部 电话：852-34180288 · 2025 年 11 月 20 日 国都港股操作导航 海外市场重要指数 收市 幅度 道琼斯工业指数 46,138.77 0.10% 标普 500 指数 6,642.19 0.38% 纳斯达克综合指数 22,564.23 0.59% 英国富时 100 指数 9,507.41 -0.47% 德国 DAX 指数 23,162.92 -0.08% 日经 225 指数 50,598.50 4.25% 台湾加权指数 26,756.12 -2.52% 内地股市 上证指数 3,946.74 0.18% 深证成指 13,080.09 0.00% 香港股市 恒生指数 25,830.65 -0.38% 国企指数 9,151.04 -0.26% 红筹指数 4,204.81 0.19% 恒生科技指数 5,606.90 -0.69% AH 股溢价指数 120.61 0.65% 恒生期货 (11 月) 25820 -0.01% 恒生期货 (12 月) 25790 -0.07% 网址：www.guodu.com.hk 每日投资策略 恒指收跌 99 点 四连跌累泻 1242 点 恒指昨日高开 ...

转自：新华财经 •港深联手打造全球金融科技高地 •"互换通"扩容在即 南向机制酝酿中 【资讯导读】 •特朗普炮轰美联储：称鲍威尔"极度无能" •美联储内部就降息分歧明显 缩表共识强烈 【市场资讯】 •香港财经事务及库务局与深圳市地方金融监督管理局联合发布《携手打造港深全球金融科技中心行动 方案（2025–2027年）》，明确未来三年将围绕六大重点方向深化协同，共建具有全球竞争力的金融科 技生态体系。 •香港金管局副总裁李达志透露，"互换通"将扩大交易商名单并优化流动性管理工具；证监会市场监察 部执行董事梁仲贤表示，南向"互换通"已进入探讨阶段，以更好服务国际投资者需求。 •美国总统特朗普再度批评美联储主席鲍威尔，称利率过高；"真想解雇鲍威尔，鲍威尔极度无能"；应 起诉其"建设成本问题"；并称其当选以来，股市在九个月内达到了46次创纪录的高点，以前所未有的方 式提振了美国人和经济，工人工资以60年来最高的速度上升。 •美联储10月FOMC会议纪要显示，决策层在上月降息时存在严重分歧，但普遍支持年内暂停加息；几 乎所有成员同意立即终止量化紧缩，部分人担忧股市无序下跌带来的金融风险。 •道琼斯工业指数上涨0.1%报 ...

Core Insights - The "Swap Connect" has added three new market makers: Huatai Securities, Shanghai Bank, and DBS Bank (China) to enhance market activity and support the expansion of the program [1][2] - The program facilitates participation in the financial derivatives market for both domestic and foreign investors through a connection between mainland China and Hong Kong [1] Group 1 - The People's Bank of China announced the expansion of "Swap Connect" market makers to optimize management mechanisms [1] - The Shanghai Clearing House is collaborating with the China Foreign Exchange Trade System to support the new market makers in their operations [1] - "Swap Connect" provides a more convenient, efficient, and secure channel for investors to participate in the financial derivatives market [1] Group 2 - As of September 2025, "Swap Connect" has seen participation from 103 domestic and foreign investors across 15 countries and regions, with a total of 16,000 transactions and a nominal principal of 8.58 trillion yuan [2] - The expansion of market makers is expected to enrich the existing participant structure and enhance the attractiveness of RMB assets [2] - This initiative supports China's financial market's high-level opening to the outside world [2]

央行副行长陆磊在2025年国际金融领袖投资峰会上表示，今年以来，支持各类境外机构投资者在内地开 展债券回购，在香港推出以债券通债券为抵押品的离岸债券回购业务，推动债券通债券在香港市场成为 广泛接受的合格担保品。同时，优化互换通，扩充报价商队伍，提高交易净限额，由每日200亿元提升 到每日450亿元，便利境外投资者管理利率风险。 ...

Core Insights - As of the end of September, 1,176 foreign institutions have entered the domestic bond market, covering 80 countries and regions, with a total bond holding scale of 3.8 trillion yuan [1] - By the end of July, 164,600 individual investors participated in the cross-border wealth management connect business, with a remittance amount of 120.9 billion yuan [1] - As of the end of August, the cumulative trading volume of the swap connect reached over 15,000 transactions, with a total nominal principal amount of approximately 8.15 trillion yuan [1] - In the gold market, the designated warehouse of the Shanghai Gold Exchange's international board operated by Bank of China Hong Kong has been put into use since June [1]

Core Insights - The "Swap Connect" mechanism is being optimized to enhance the interconnectivity of the interest rate swap market between mainland China and Hong Kong, which is a significant step in China's financial market opening [1][2]. Group 1: Mechanism Optimization - The daily net limit for interest rate swaps will be increased from 20 billion to 45 billion yuan starting October 13, 2025, allowing greater participation from foreign investors and improving the attractiveness of RMB assets [1]. - A dynamic assessment mechanism for daily net limits will be implemented to adjust quota allocations based on market supply and demand, preventing trading interruptions due to insufficient quotas [1][3]. - The introduction of a dynamic adjustment mechanism for market makers will enhance pricing efficiency and reduce the market influence of any single institution, leading to fairer and more transparent pricing [3]. Group 2: Market Participation and Growth - Since its launch on May 15, 2023, "Swap Connect" has seen a steady increase in transaction volume and the number of participating investors, with 82 foreign investors from 15 countries and regions engaging in over 15,000 RMB interest rate swap transactions totaling a nominal principal of 8.15 trillion yuan by August 2025 [2]. - The increase in the daily net limit to 45 billion yuan is expected to meet the growing demand from foreign investors for RMB interest rate risk hedging, thereby enhancing market liquidity [1][2]. Group 3: Future Directions - Future optimization directions for the "Swap Connect" mechanism include expanding the variety of products offered, improving cross-border collaboration efficiency, and refining the evaluation standards for market makers [3][4].

Group 1 - The State Council Information Office will hold a press conference to introduce the import and export situation for the first three quarters of 2025 [1] - The Nobel Prize in Economic Sciences will be announced on October 13, 2025, with Andrei Shleifer being a popular candidate in the field of corporate governance [2] - Domestic refined oil prices are expected to decrease for the eighth time this year, with gasoline and diesel prices down by 405 yuan/ton and 390 yuan/ton respectively compared to the end of last year [3] Group 2 - The daily net limit for the "Swap Connect" has been increased to 45 billion yuan, effective from October 13, 2025, as part of an optimization of its operational mechanism [4] - A total of 12 companies will have their restricted shares unlocked today, with a total unlock volume of 1.027 billion shares, amounting to a market value of 21.492 billion yuan [5] - One company has disclosed its stock repurchase progress, with the highest repurchase amount being 1.8788 million yuan [6]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) jointly released a "Roadmap for the Development of Fixed Income and Money Markets" focusing on four pillars: enhancing bond issuance, improving secondary market liquidity, expanding offshore RMB business, and building new infrastructure [1][2] Group 1: Bond Market Development - The HKMA plans to expand offshore RMB business, including improving liquidity arrangements and providing new tools, with specific details on cross-border repurchase agreements to be announced soon [1] - The daily trading net limit for the "Swap Connect" has been significantly increased from 20 billion RMB to 45 billion RMB, reflecting strong demand from international investors to manage RMB interest rate risks [1][2] Group 2: Repurchase Transactions - The People's Bank of China announced support for foreign institutions to participate in the domestic repurchase market, allowing international investors in the "Bond Connect" northbound to repatriate RMB funds raised in the domestic repurchase market [2] - The SFC aims to promote repurchase transactions, particularly for offshore government bonds in Hong Kong, and will explore the feasibility of establishing a central counterparty clearing mechanism [2][3] Group 3: Tokenized Products - Hong Kong has approved five publicly offered tokenized currency funds and continues to receive new applications, with regulatory support for the tokenization of bonds and other investment products [3] - The first batch of tokenized bonds was issued in February 2023, totaling 100 million USD, and a second batch of 750 million USD is set for February 2024, marking Hong Kong's position in the global tokenized bond market [3] - The HKMA is preparing for the issuance of a third tokenized bond, aiming for a breakthrough in the near term [3] Group 4: Government Commitment - The "Roadmap" was developed over nearly a year through consultations with industry stakeholders and reflects the Hong Kong government's commitment to advancing the fixed income market, with all ten measures included in this year's policy report [3]

Core Viewpoint - The China Foreign Exchange Trading Center is optimizing the "Swap Connect" mechanism to enhance market vitality and better meet the needs of foreign investors in managing RMB interest rate risks [1] Group 1: Mechanism Optimization - A dynamic adjustment mechanism for "Swap Connect" quote providers will be established, and the number of quote providers will be expanded [1] - A daily net limit dynamic assessment mechanism will be improved, with the daily net limit set to increase to 45 billion RMB starting from October 13, 2025 [1] Group 2: Market Impact - Since its launch on May 15, 2023, "Swap Connect" has facilitated efficient interest rate risk management for foreign investors in RMB asset allocation [1] - As of the end of August 2025, 82 foreign investors from 15 countries and regions have completed over 15,000 RMB interest rate swap transactions, with a nominal principal of 8.15 trillion RMB [1] Group 3: Future Developments - The trading center will continue to optimize the "Swap Connect" mechanism in collaboration with the People's Bank of China and market participants, supporting the high-level opening of China's financial market and the internationalization of the RMB [1]

Core Viewpoint - The People's Bank of China has approved the launch of interest rate swap contracts linked to the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" to meet the diverse risk management needs of foreign institutions [1] Group 1 - Starting from September 22, the national interbank lending center, the interbank market clearing house, and the Hong Kong OTC Clearing Limited support the trading and centralized clearing of interest rate swap contracts linked to LPR1Y [1] - The first trading day for the LPR1Y-linked swap contracts was supported by Bloomberg on September 22 [1] - Standard Chartered Bank (China) and Huatai Financial Holdings (Hong Kong) completed their first interest rate swap transaction under the "Swap Connect" using LPR1Y as the reference rate on the same day [1]