Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards the internationalization of the digital renminbi, enhancing Shanghai's role as an international financial center [1][4]. Group 1: Launch of Three Major Business Platforms - The Digital Renminbi International Operation Center, managed by the People's Bank of China, aims to build and operate cross-border and blockchain infrastructure for the digital renminbi [2]. - The three platforms launched include: - Cross-border digital payment platform, which addresses pain points in traditional cross-border payments [2]. - Blockchain service platform, which supports standardized blockchain transactions and on-chain digital renminbi payments [2]. - Digital asset platform, which facilitates the issuance, registration, custody, and compliant trading of digital assets [2]. - These platforms are designed to improve payment efficiency, ensure transaction traceability and security, and lay the groundwork for future digital financial asset trading [2]. Group 2: New Path for Renminbi Internationalization - The Digital Renminbi International Operation Center opens new pathways for the internationalization of the renminbi, leveraging technological advantages to overcome existing barriers [3]. - It proposes a new model of "payment first—investment follows—reserve development" to enhance the renminbi's acceptance in international markets [3]. - The establishment of a separate cross-border financial infrastructure for the digital renminbi reduces reliance on traditional international payment systems, thereby increasing China's influence and financial security in the global financial system [3]. Group 3: Empowering Shanghai's International Financial Center - The operation of the Digital Renminbi International Operation Center aligns with the core functions of Shanghai's international financial center, enhancing its financial infrastructure and market stability [4]. - The center's presence is expected to strengthen Shanghai's position in global financial infrastructure and attract related industry enterprises, fostering an ecosystem [5]. - By leading in digital currency applications, Shanghai can transition from being a "rule taker" to a "rule maker" in the evolving landscape of international financial regulations [5].

央行数据显示，截至2025年8月末，中国债券市场余额达192万亿元人民币，2025年1-8月债券发行规模 超59万亿元人民币，同比增长14%，债券净融资11.8万亿元人民币，占同期社会融资规模增量的 44.5%，已成为实体经济融资的第二大渠道。 在国际化进程中，中国债券市场的"吸引力磁场"持续增强。业内专家表示，中国债券已先后纳入彭博巴 克莱、摩根大通、富时罗素三大国际债券指数，当前在富时罗素全球国债指数中占比升至全球第二，在 彭博巴克莱全球综合指数中占比升至全球第三，均超纳入时的预计占比，充分体现全球投资者对人民币 债券资产的信心。 从实际持仓与交易数据来看，截至2025年8月末，来自80多个国家和地区的1170家境外机构在华持债约4 万亿元人民币；2025年1-8月，境外机构债券现券成交规模约11.8万亿元人民币，其中"债券通"北向通规 模达7.2万亿元人民币，南北双向交易保持活跃；"互换通"累计成交1.5万多笔，累计成交名义本金约8.2 万亿元人民币，当前成交规模较上线初期增长9倍多。 9月26日晚，中国人民银行、中国证监会、国家外汇管理局联合发布《关于进一步支持境外机构投资者 在中国债券市场开展债券回 ...

Core Viewpoint - The establishment of the Digital Renminbi International Operation Center in Shanghai marks a significant step towards the internationalization of the digital renminbi, facilitating cross-border payment solutions and enhancing the renminbi's role in global trade and finance [7][8][10]. Group 1: Digital Renminbi Platforms - The Digital Renminbi International Operation Center has developed three main platforms: a cross-border digital payment platform, a blockchain service platform, and a digital asset platform, aimed at addressing traditional cross-border payment challenges and enhancing financial service efficiency [10][11]. - The cross-border digital payment platform focuses on supporting the internationalization of the renminbi and aims to resolve pain points in traditional cross-border payments through technological integration and innovation [10][11]. - The blockchain service platform is designed to facilitate standardized blockchain transaction transfers and on-chain digital renminbi payment services, while the digital asset platform supports the issuance, registration, custody, and trading of compliant digital assets [10][11]. Group 2: Internationalization of the Renminbi - The operation of the Digital Renminbi International Operation Center signifies a shift from domestic trials to international applications, enhancing the renminbi's influence in international settlements [7][8]. - Analysts believe that the center's operation will create new opportunities for the renminbi in global trade and investment, particularly in countries involved in the Belt and Road Initiative [8][12]. - The center aims to establish a standardized and regulated cross-border payment infrastructure, improving the convenience and acceptance of the renminbi in international trade and investment [8][10]. Group 3: Shanghai as a Financial Hub - Shanghai was chosen as the location for the Digital Renminbi International Operation Center due to its comprehensive financial market, high degree of openness, and established financial technology ecosystem [13][14]. - The center's establishment is expected to enhance Shanghai's role as a digital financial hub, facilitating the internationalization of the renminbi and attracting more international financial institutions and investors [13][14]. - By optimizing cross-border payment and financing mechanisms, the center will contribute to Shanghai's goal of becoming a global center for renminbi assets, potentially generating over 100 billion yuan in digital financial industry value by 2030 [14].

Group 1: Key Insights - The Loan Prime Rate (LPR) has remained unchanged for four consecutive months, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5%, aligning with market expectations [10][22]. - The digital RMB international operation center has officially commenced operations, featuring three major business platforms: cross-border digital payment, blockchain service, and digital asset platforms, aimed at enhancing RMB internationalization and cross-border payment efficiency [22][23]. - The Chinese government emphasizes the importance of mutual respect and cooperation in US-China relations, with a focus on creating more opportunities for foreign investment in China [25][26]. Group 2: Market Overview - The domestic securities market showed mixed performance, with the STAR 50 index experiencing the highest increase of 6.47%. The power equipment sector led the industry gains with a 3.86% rise [2][30]. - The LPR's stability suggests a continuation of a loose monetary policy in the short term, although the necessity for further rate cuts appears limited [2][10]. - The market outlook indicates potential growth in the application of digital RMB in cross-border transactions, which could positively influence market dynamics if US-China trade relations stabilize [2][25]. Group 3: Investment Recommendations - Development of new productive forces is a key policy direction, with a focus on sectors such as artificial intelligence, semiconductor chips, robotics, low-altitude economy, deep-sea technology, and controllable nuclear fusion, which are expected to yield excess returns [3][40]. - Consumer spending is anticipated to increase, suggesting investment opportunities in new consumption, home appliances, and automotive sectors [3][40]. - In the context of geopolitical tensions and global economic uncertainty, long-term demand for gold as a safe-haven asset is expected to grow, alongside tight copper supply, presenting investment opportunities in these commodities [3][40].

记者丨 张伟泽 编辑丨和佳 9月26日，香港金融管理局与中国人民银行、中国证券监督管理委员会和国家外汇管理局共同 推动的跨境债券回购业务正式推出。 资料图 中国人民银行、中国证监会、国家外汇管理局于9月26日联合发布了《关于进一步支持境外机 构投资者在中国债券市场开展债券回购业务的公告》（下称《公告》），支持所有已进入内地 在岸债券市场的境外机构（包括债券通投资者）参与在岸债券回购业务，从在岸市场获得人民 币流动性，并汇出境外使用。【详见： 三部门：进一步支持境外机构投资者在中国债券市场 开展债券回购业务 】 香港金管局表示，该措施是继香港金管局于今年2月推出离岸人民币债券回购业务之后的又一 项重要政策，将为香港离岸人民币市场提供更稳定的流动性，有效降低人民币融资成本。跨境 回购和离岸人民币回购业务相辅相成，能满足离岸投资者的资产配置和流动性管理需求，盘活 人民币债券持仓，从而进一步提升在岸债券的国际吸引力，增强人民币在国际市场的投融资功 能。 目前，我国质押式债券回购与国际市场债券回购在操作上存在一定差异。中国人民银行、国家 外汇管理局有关负责人指出，《公告》发布后，境外机构投资者在银行间债券市场开展债券回 ...

回购业务开放顺应市场需求 作为全球第二大债券市场，中国债券市场近年来在规模扩张与国际吸引力提升方面成效显著。 将进一步提升中国债券市场的国际吸引力，同时推动人民币国际化进程稳步向前。 9月26日晚，中国人民银行、中国证监会、国家外汇管理局联合发布《关于进一步支持境外机构投资者 在中国债券市场开展债券回购业务的公告》（下称《公告》），银行间债券市场的境外机构投资者均可 参与债券回购业务，包括通过直接入市和"债券通"渠道入市的全部境外机构投资者。公告自发布之日起 施行。 债券回购是金融机构之间以债券为标的的短期资金融通行为，是国际上应用最广泛的流动性管理工具之 一。2015年起，境外主权类机构、境外人民币业务清算行和境外参加行三类机构可以在银行间债券市场 开展债券回购业务。而随着金融市场对外开放程度不断深化，其他境外机构投资者对于通过债券回购开 展流动性管理的需求也在与日俱增。 央行数据显示，截至2025年8月末，中国债券市场余额达192万亿元人民币，2025年1-8月债券发行规模 超59万亿元人民币，同比增长14%，债券净融资11.8万亿元人民币，占同期社会融资规模增量的 44.5%，已成为实体经济融资的第二大 ...

南方财经 21世纪经济报道记者 张伟泽 香港报道 9月26日，香港金融管理局与中国人民银行、中国证券监督管理委员会和国家外汇管理局共同推动的跨 境债券回购业务正式推出。 中国人民银行、中国证监会、国家外汇管理局于9月26日联合发布了《关于进一步支持境外机构投资者 在中国债券市场开展债券回购业务的公告》（下称《公告》），支持所有已进入内地在岸债券市场的境 外机构（包括债券通投资者）参与在岸债券回购业务，从在岸市场获得人民币流动性，并汇出境外使 用。 （原标题：跨境债券回购业务推出 助力提升香港离岸人民币市场流动性） 香港金管局表示，该措施是继香港金管局于今年2月推出离岸人民币债券回购业务之后的又一项重要政 策，将为香港离岸人民币市场提供更稳定的流动性，有效降低人民币融资成本。跨境回购和离岸人民币 回购业务相辅相成，能满足离岸投资者的资产配置和流动性管理需求，盘活人民币债券持仓，从而进一 步提升在岸债券的国际吸引力，增强人民币在国际市场的投融资功能。 目前，我国质押式债券回购与国际市场债券回购在操作上存在一定差异。中国人民银行、国家外汇管理 局有关负责人指出，《公告》发布后，境外机构投资者在银行间债券市场开展债券 ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched a cross-border bond repurchase business, in collaboration with the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, to enhance liquidity in the offshore RMB market and reduce financing costs for RMB [1][2] Group 1 - The cross-border bond repurchase business allows all foreign institutions that have entered the onshore bond market, including "Bond Connect" investors, to participate in onshore bond repurchase activities [1] - This initiative follows the HKMA's introduction of offshore RMB bond repurchase business in February 2023, marking another significant policy to stabilize liquidity in the offshore RMB market [1] - The cross-border and offshore RMB repurchase businesses complement each other, meeting the asset allocation and liquidity management needs of offshore investors, thereby enhancing the international appeal of onshore bonds [1] Group 2 - HKMA's Chief Executive, Eddie Yue, expressed satisfaction with the launch of the cross-border repurchase business, emphasizing its role in optimizing the "Bond Connect" initiative [2] - The measures are expected to improve liquidity in the Hong Kong offshore RMB market and increase the willingness of foreign investors to allocate RMB assets [2] - The initiative aims to diversify offshore RMB business development and further solidify Hong Kong's position as an international financial center and offshore RMB business hub [2]

这场中美关税拉锯，从2018年头一炮打响，到2025年特朗普二度上台接着加码，步步走得急，闹得全球供应链都跟着晃荡。起初是特朗普签那道行政令，对 中国钢铝产品甩上25%和10%的关税，中国这边也没闲着，立马对美国128项产品回敬等额措施。 接着2018年7月，美国对340亿中国货加25%，中国对等反制；9月又来2000亿的10%，中国跟进600亿。2019年5月，美国把那2000亿从10%提到25%，中国加 600亿到5%-25%不等。8月美国再推3000亿的10%，中国对750亿美国货加5%-10%。这来来回回，关税清单像滚雪球，越滚越大。 到了2020年1月，第一阶段协议签了，中国承诺多买2000亿美国货，包括农产和能源，可执行起来磕磕绊绊。拜登接棒后，没松口，2022年5月审了301条 款，继续维持。 2023年8月，美国商务部对华为等加强出口管制，2024年5月14日拜登签令，对中国电动车加100%，半导体电池到50%。 特朗普2024年底胜选，2025年1月20日就职，2月1日三道行政令，对中墨加加10%，2月4日对中国10%生效。2月27日帖文宣布再加10%，3月3日行政令累计 20%。4月2日总 ...

根据Wind数据，中证A500ETF（159338）盘中流入3.09亿份，资金抢筹同类中更多人选择的A股核 心资产标的中证A500ETF。 德邦证券表示，中美会谈进展顺利，双方就经贸问题进行坦诚沟通，提振市场情绪。美联储降息落 地，降息力度和节奏可能影响国内经济政策配合，需关注后续动向。中期来看，A股市场仍处于"慢 牛"趋势，新能源、科技成长等板块潜力较大；长期来看，人民币国际化进程推进和企业盈利改善将支 撑市场走强。 从客户数量来看，根据2025年中报，国泰中证A500ETF总户数位列同类首位，是第二名的三倍多， 更多人选择中证A500ETF（159338），感兴趣的投资者或可关注中证A500ETF（159338）。 没有股票账户的投资者可关注国泰中证A500ETF发起联接A（022448）、国泰中证A500ETF发起联 接C（022449）和国泰中证A500ETF发起联接I（022610）。 注：数据来源：基金2025年中报，持有人户数位居同类38只产品首位。如提及个股仅供参考，不代 表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境 变化而变动，不构成任何投资建议 ...