面对来自美国的多元风险，中国已经找到应对之策，近日特朗普连收三个坏消息，中美或许已经分出胜负，为什么？ 国家外汇管理局7号发布数据，除显示中国外汇储备发生小规模变化外，还表明截至8月末，我国央行已经连续第10个月增持黄金，黄金储备达到 7402万盎司。对特朗普而言这肯定不是个好消息，因为近年中国一直在稳定且持续的减持美债，即使偶尔增持，也多是在减持长期美债的同时，适 当购入部分短期美债。现在数据更显示中国正在持续购入黄金，这一切信号都指向一个结论。 在这个时候，特朗普或许也会对美国财政部长贝森特的言论产生同感。此前贝森特曾提到过，美国在现代就没遇到过中国这样的对手，因为美国过 去面对过的对手，要么只有军事能追上美国，经济实力不足，要么经济直逼美国，军事却是短板，唯独中国同时是美国经济和军事上最大的对手！ 谷歌前CEO施密特也承认如今已不再是中国远落后于美国的时代了。 一定程度上说，中国崛起本身就意味着一个时代的告终，美国霸权体系正在崩溃，全球局势正在向着多极化的方向发展，美国休想永远依靠霸权去 对各国颐指气使、肆意掠夺。也正因如此，他们针对中国的图谋必定失败，若执意这么做，他们只会让美国自身的衰退加速！ 美国 ...

Group 1 - The global political and economic landscape is rapidly evolving since 2025, with increasing trade barriers and deep restructuring of supply chains, prompting China Everbright Bank to focus on politically and socially responsible financial practices to support high-level opening-up [1] - In the first half of 2025, the bank's overseas institutions integrated ESG principles into the entire process of credit, investment, and risk control, resulting in 15 green/sustainable development-linked loans totaling 4.31 billion yuan and 19 green bonds issued with a total issuance scale of 44.4 billion yuan [1] - The bank also successfully assisted in issuing 17 sustainable development bonds, 2 climate transition financing bonds, and 1 social responsibility bond, with a total issuance scale of 26.5 billion yuan, providing long-term patient capital for the green transformation of traditional industries [1] Group 2 - The bank actively leverages its domestic and international synergies to support high-level opening-up, aligning cross-border financial services with national strategic initiatives such as the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative [2] - In the first half of 2025, the Hong Kong branch provided a loan of 100 million HKD for the construction of the Northern Metropolis and artificial island projects, contributing to the integration of the Greater Bay Area [2] - The bank's overseas branches have opened RMB interbank accounts, with a cumulative transaction amount of 3.787 billion yuan, effectively expanding cross-border RMB financing channels and promoting the internationalization of the RMB [2] Group 3 - The bank is enhancing its cross-border financial service offerings to meet the needs of enterprises going abroad, focusing on key sectors such as infrastructure, energy transition, high-end manufacturing, and the digital economy [3] - The bank has developed an 8-product system under "Sunshine Easy Exchange" to improve financing structure design capabilities, catering to the long-term financing needs of enterprises in infrastructure, energy transition, and digital economy [3] - As of the end of June 2025, the bank provided a cross-border direct loan balance of 16.14 billion yuan for "going out" enterprises, with approximately 4.03 billion yuan in loans to Belt and Road partners and regions [3]

Core Viewpoint - The People's Bank of China has signed bilateral currency swap agreements with several central banks, enhancing international monetary cooperation and promoting the use of the Renminbi in global trade and investment [1][2][3][4]. Group 1: Bilateral Currency Swap Agreements - The People's Bank of China has signed or renewed bilateral currency swap agreements with nine foreign central banks this year, totaling agreements with 32 countries and regions as of May 31 [1]. - Bilateral currency swaps allow central banks to exchange currencies at a predetermined rate, facilitating trade and providing liquidity support [1]. Group 2: Benefits for Chinese Enterprises - The agreements enable Chinese enterprises to conduct cross-border trade and investment in local currencies, reducing exchange rate risks and transaction costs associated with currency conversion [2]. - This direct use of local currencies allows for more accurate pricing and better long-term planning, enhancing competitiveness in international markets [2]. Group 3: Enhancing the International Role of the Renminbi - The currency swap agreements promote the acceptance of the Renminbi in bilateral trade settlements and investment payments, contributing to the development of the Cross-Border Interbank Payment System (CIPS) [3]. - These agreements facilitate the inclusion of the Renminbi in foreign exchange reserves of other countries, diversifying China's foreign exchange reserves and mitigating the impact of dollar fluctuations [3]. - Notably, agreements with energy-exporting countries like Saudi Arabia and the UAE support the establishment of a Renminbi-based oil settlement mechanism, allowing China to purchase commodities directly in Renminbi [3]. Group 4: Strengthening Financial Institutions - Chinese financial institutions can expand revenue sources and enhance cross-border service capabilities through participation in currency swap operations [4]. - The provision of quality services backed by these agreements fosters a positive cycle that promotes cross-border trade and investment activities [4]. - The ongoing expansion of the central bank's cooperation network is expected to deepen and broaden bilateral currency cooperation, contributing to a more resilient international monetary cooperation system [4].

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these challenges, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, and data quality oversight [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

Core Viewpoint - The construction of China's carbon market is accelerating, with the government aiming to create a more effective, vibrant, and internationally influential carbon market to support carbon peak and carbon neutrality goals [1] Group 1: Carbon Market Development - China's carbon market consists of three parts: the national carbon market launched in July 2021, covering over 2,200 key emission units in the power sector, with a cumulative trading volume of 680 million tons and a total transaction value of 47.41 billion yuan as of August 2025 [2] - The voluntary greenhouse gas emission reduction trading market (CCER) started in January 2024, with a cumulative certified voluntary emission reduction of 2.49 million tons and a transaction value of 210 million yuan as of August 2025 [2] - Local carbon markets have been piloted since 2011 in various regions, allowing non-national market sectors to trade and manage emissions [2] Group 2: Carbon Financial Market - The carbon financial market includes financing, trading, and support tools, with carbon bonds being the most significant financial instrument, totaling 805.739 billion yuan issued from 2021 to the end of 2024 to support green and low-carbon transitions [2] - Trading tools in the carbon market include carbon futures, options, forwards, swaps, and loans, while support tools encompass carbon indices, insurance, and funds [2] Group 3: Challenges and Development Strategies - Despite significant achievements, the national carbon market faces challenges such as insufficient industry inclusion, low market liquidity, and the need for improved price formation mechanisms [3] - The government has proposed new development strategies to address these issues, emphasizing coordinated development among the national carbon market, CCER, and local markets, as well as enhancing market vitality through product diversification and regulatory improvements [3] - Key areas for strengthening include management systems, carbon emission accounting, data quality oversight, and the development of carbon financial products [3] Group 4: Implementation and International Cooperation - The government has outlined key directions for implementation, including improving the national carbon market's clearing mechanism and enhancing international cooperation [4] - The existing clearing model needs adaptation to meet the demands of the rapidly developing carbon market and financial sector [4] - There is significant potential for increasing the internationalization of China's carbon market, which is crucial for supporting the internationalization of the renminbi and financial openness [4]

Core Viewpoint - The People's Bank of China has signed bilateral currency swap agreements with three central banks, reflecting China's ongoing efforts to deepen international monetary cooperation and expand the use of the Renminbi in global trade and investment [1] Group 1: Enhancing Cross-Border Trade and Investment - The bilateral currency swap agreements facilitate direct use of local currencies in trade, reducing exchange rate risks and transaction costs for Chinese enterprises [2] - This mechanism allows for more precise pricing and long-term planning, thereby enhancing the international competitiveness of Chinese companies [2] Group 2: Strengthening the International Role of the Renminbi - The agreements promote the acceptance and use of the Renminbi in bilateral trade settlements and investment payments, contributing to the development of the Cross-Border Interbank Payment System (CIPS) [3] - They also facilitate the inclusion of the Renminbi in foreign exchange reserves of other countries, enhancing its status as a reserve currency [3] - Notably, agreements with energy-exporting countries like Saudi Arabia and the UAE support the establishment of a Renminbi-based settlement mechanism for oil and gas purchases, potentially influencing pricing mechanisms for major commodities [3] Group 3: Increasing Competitiveness of Financial Institutions - Financial institutions in China can expand revenue sources and improve cross-border service capabilities through participation in currency swap operations [4] - This enhancement is crucial for Chinese financial institutions to compete internationally, while also promoting cross-border trade and investment activities [4] - The ongoing expansion of cooperation networks among central banks is expected to deepen and broaden bilateral currency cooperation, contributing to a more resilient international monetary cooperation system [4]

Core Viewpoint - The gold market has regained investor attention as international gold prices surged, breaking historical records, which has positively impacted the performance of gold-related companies [2][3]. Company Performance - Eight listed gold companies reported a combined net profit of 31.4 billion yuan for the first half of 2025, showcasing strong growth in the gold industry [2]. - Zijin Mining led the industry with a net profit of 23.292 billion yuan, a year-on-year increase of 54.41% [3][4]. - Shandong Gold achieved a net profit of 2.808 billion yuan, with a remarkable growth rate of 102.98% [4]. - China Gold reported a net profit of 319 million yuan, a decline of 46.35% due to decreased sales volume [5]. Price Dynamics - The average price of London spot gold exceeded 3,300 USD per ounce in the first half of 2025, reflecting a year-on-year increase of over 20% [3]. - The production cost for major gold mining companies remained between 1,800 to 2,200 USD per ounce, significantly expanding profit margins [3]. Industry Trends - The continuous rise in gold prices has led to increased consumer preference for gold jewelry, contributing to the revenue growth of gold companies [4]. - Companies are enhancing production through acquisitions and expansions, which has positively impacted their output [4][5]. Strategic Insights - The gold industry is expected to benefit from global central bank purchases and the increasing strategic importance of gold amid a trend of "de-dollarization" [7]. - Companies are focusing on overseas resource acquisitions and technological innovations to reduce costs and improve efficiency [7]. Market Outlook - The gold price is anticipated to remain strong, with projections for the average price in the second half of 2025 to range between 3,600 to 3,800 USD per ounce [9]. - Investors are advised to approach the current high gold prices with caution, emphasizing a strategic asset allocation rather than speculative trading [9].

尊敬的冯飞书记(海南省委书记)、徐卫刚部长(中央人民政府驻香港特别行政区联络办公室经济部部 长)、各位嘉宾、各位朋友： 下午好!很高兴出席今天海南省人民政府2025年全球投资者路演活动。首先，请让我对远道而来、亲临 香港路演的冯飞书记和海南的嘉宾朋友们表示最热烈的欢迎，也对长期以来支持和推动琼港合作的朋友 们表示最衷心的感谢! 海南省是我们发展债券市场的好伙伴，一直以来对香港的金融服务和债券市场高度信任和支持。正如刚 才冯书记所说，连同这一次，海南省人民政府自二○二二年起，已经连续四年在香港发行债券，累计发 行额预计达到180亿元人民币。这次发债所得除了继续支持海南的绿色和蓝色项目外，也首次加入以航 天为主题的10年期债券。这有几方面的重要意义。一是为内地地方政府集资在领域和渠道上拉开了新维 度;二是让我国航天的重点科研和基建通过香港走进国际投资者的视线，提升我国前沿科技的能见度;三 是丰富了人民币债券和投资产品的谱系，为推进人民币国际化作出贡献。 智通财经APP获悉，9月11日，香港财政司司长陈茂波出席中华人民共和国海南省人民政府2025年全球 投资者路演会议时致辞称，海南省是我们发展债券市场的好伙伴，一直 ...

随着全球投资者对人民币资产配置需求的持续升温，离岸人民币债券市场（俗称"点心债"）正迎来新一 轮扩容高潮。 据Wind统计，2025年8月点心债单月净融资金额接近700亿元，为年内单月最高值。而9月第一周的发行 数据进一步印证了市场加速扩容的趋势。 业内人士指出，在政策支持、融资成本优势及人民币国际化进程的共同推动下，点心债发行有望进 入"提速期"。 净融资规模近700亿元 近日，深圳市政府首次在澳门特别行政区成功发行10亿元离岸人民币地方政府债券。本次发行1只应对 气候变化主题绿色债券，规模为10亿元人民币，发行期限为3年期，定价利率为1.74%，募集资金投向 清洁交通等项目。本次发行债券受到投资人踊跃认购，簿记峰值达到66.2亿元人民币，认购倍数达6.62 倍，创下人民币债券在澳门发行订单倍数历史新高。 海南省政府也计划于2025年9月择机在香港簿记建档发行不超过50亿元离岸人民币地方政府债券，并将 在香港联合交易所挂牌上市，发行期限为3/5/10年期，其中3年期为可持续发展债券、5年期为蓝色债 券、10年期为航天主题债券。 证券时报记者根据Wind数据统计，今年8月以来，点心债市场发行规模明显提速。8月 ...

Core Insights - 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][6][7] 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 [1] - The issuance of dim sum bonds has accelerated, with 105 bonds issued in August 2023, totaling 123.56 billion RMB, and a net financing amount of 69.54 billion RMB, the best monthly performance of the year [3][4] - The first week of September 2023 saw the issuance of 20 dim sum bonds, with a total issuance scale of 12.73 billion RMB and a net financing amount of 4.99 billion RMB [3] Group 2: Issuance Trends - The total issuance scale of dim sum bonds surpassed 1 trillion RMB for the first time in 2024, reaching 1.27 trillion RMB, with a net financing amount close to 480 billion RMB [3][4] - The issuance scale for 2023 exceeded 750 billion RMB, with a net financing amount over 86 billion RMB [3][4] Group 3: Government Initiatives - The Shenzhen Municipal Government successfully issued 1 billion RMB of offshore RMB local government bonds in Macau, with a subscription peak of 6.62 times, setting a historical high for RMB bond issuance in Macau [2] - The Hainan Provincial Government plans to issue up to 5 billion RMB of offshore RMB local government bonds in Hong Kong, with various themes for different maturities [2] Group 4: Factors Driving Growth - The relative attractiveness of financing rates in China, especially since the People's Bank of China has lowered rates while the Federal Reserve has raised them, has made RMB financing more appealing [6][7] - Increased issuance frequency by local governments in offshore markets and improved liquidity arrangements in Hong Kong are contributing to the expansion of the dim sum bond market [6] - Government policies aimed at enhancing the connectivity between onshore and offshore RMB markets, solidifying Hong Kong's status as a RMB liquidity hub, and increasing the availability of RMB in international markets are expected to support the continued growth of the dim sum bond market [6]