9月25日，香港证券及期货事务监察委员会（以下简称香港证监会）与香港金融管理局（以下简称香港金管局）联合发布《固定收益及货币市场发展路线 图》（以下简称《路线图》），通过促进需求、流动性及创新，推进香港成为全球固定收益及货币中心的策略性定位。 《路线图》提出四大支柱十大措施 《路线图》提出了提升香港固定收益及货币市场的四大支柱和十项措施，包括： 支柱二：增加流动性 4.落实推行场外固定收益及货币衍生工具制度 5.促进在香港发展回购交易中央对手方 支柱三：扩展离岸人民币业务 6.扩大离岸人民币的应用 支柱一：促进发行 1.透过发行政府债券引领市场发展 2.向目标市场的发行人和投资者推广香港的优势 3.扩大投资者基础（如家族办公室、基金和企业财资中心等） 7.完善互联互通机制，以提升离岸人民币流动性及增加人民币相关产品供应 《路线图》经深入咨询业界参与者后制定，将成为香港证监会与香港金管局未来数年制定和推行相关政策工作的蓝图，以支持香港资本市场的多元和可持 续发展。 《路线图》提出十项倡议，旨在巩固香港的现有优势，包括进一步吸引发行人以香港作为集资枢纽，并为发行人及投资者提供风险管理及流动性管理工 具；同时，强调 ...

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) have jointly released a "Roadmap for the Development of Fixed Income and Money Markets," aiming to position Hong Kong as a global hub for fixed income and currency markets through strategies that enhance demand, liquidity, and innovation [1][5]. Group 1: Key Pillars and Measures - The roadmap outlines four key pillars and ten measures to enhance Hong Kong's fixed income and money markets [2]. - Pillar 1: Promote Issuance - Lead market development through government bond issuance [2]. - Promote Hong Kong's advantages to target issuers and investors [2]. - Expand the investor base, including family offices, funds, and corporate treasury centers [2]. - Pillar 2: Increase Liquidity - Implement an over-the-counter fixed income and currency derivatives system [2]. - Promote the development of a central counterparty for repurchase transactions in Hong Kong [2]. - Pillar 3: Expand Offshore RMB Business - Increase the application of offshore RMB [2]. - Improve connectivity mechanisms to enhance offshore RMB liquidity and increase the supply of RMB-related products [2]. - Pillar 4: New Generation Infrastructure - Prepare infrastructure for the future of fixed income and money markets [2]. - Support the development of new electronic trading platforms [2]. - Promote market innovation and implement use cases for tokenized fixed income and currency products [2]. Group 2: Implementation and Future Plans - The roadmap, developed after extensive consultation with industry participants, will serve as a blueprint for the SFC and HKMA's policy-making and implementation over the coming years [5]. - The SFC is working on facilitating the listing of government bond futures in Hong Kong and is collaborating with the industry to establish a central counterparty clearing system for repurchase transactions [6][7]. - The HKMA aims to enhance the primary market for bonds, expand offshore RMB business, and develop future-oriented digital financial infrastructure [8].

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]

智通财经APP获悉，9月25日，中国人民银行宣布支持进一步深化内地与香港金融市场的互联互通，包 括支持各类境外机构投资者在内地债券市场开展回购业务、扩充互换通报价商队伍和优化管理机制、提 升北向交易每日额度超过一倍至450亿元人民币、会同相关部门在香港市场提供更多包括国债等的人民 币资产，以及继续与各方密切沟通协作，加快落实人民币国债期货在港上市。对此，香港特别行政区政 府表示欢迎。两地市场机构将敲定落实细节，并公布相关实施日期。 香港财政司司长陈茂波说，随着环球投资者对以人民币计价产品的需求日趋殷切，香港作为全球离岸人 民币业务枢纽和风险管理中心的角色越见重要。在国家的坚实支持下，香港特区政府致力深化和扩大香 港与内地金融市场的互联互通，不断丰富人民币计价投资产品和风险管理工具，以满足海内外投资者的 需要。人民银行今日公布的一系列措施，从支持境外机构投资者在内地债券市场开展回购业务、扩充和 优化互换通机制及提高其交易额度、支持香港市场提供更多离岸人民币资产，到加快推进人民币国债期 货在港上市，都对香港政府的工作提供了有力支撑，进一步促进两地固定收益市场的协同发展。香港政 府衷心感谢中央人民政府和相关部委对香 ...

Group 1: Market Overview - The Hang Seng Index closed at 26,545.10, with a slight increase of less than 1 point, while the weekly gain was 156 points or 0.59% [3] - The market experienced fluctuations, with a daily trading volume of 376.81 billion, and a net inflow of capital from the north amounting to 9.84 billion [3] - The technology index outperformed the market, rising 23 points or 0.37%, with a weekly increase of 305 points or 5.09% [3] Group 2: Government Policies and Economic Outlook - The Hong Kong government has identified 2,600 hectares of "ready-to-develop" land for the next decade, indicating that land supply can meet market demand without sudden large-scale releases [6] - The Financial Secretary emphasized the importance of Hong Kong as the largest offshore RMB center, aiming to enhance its attractiveness for stock market listings and wealth management [7] Group 3: Company News - Baiguoyuan Group plans to issue 279.5 million new H shares at a price of 1.17 HKD per share, raising approximately 327 million HKD, with 61.5% allocated for trade payables [11] - Youbao Online intends to issue up to 157.5 million new H shares at 2.45 HKD per share, raising around 386 million HKD, with 20% earmarked for product development [12] - China Mobile plans to sell 3.24% of Hong Kong Broadband shares to comply with public holding requirements, emphasizing that this will not adversely affect operations [13] - Yongtai Bio proposes a rights issue at a price of 2.5 HKD per share, aiming to raise up to 308 million HKD, with 54% allocated for clinical trials [14]

（来源同花顺，以上信息为南都·湾财社AI大数据自动生成） 香港特区行政长官李家超今日（17日）在香港特区立法会发表新一份施政报告。李家超表示，香港是全 球最大离岸人民币业务枢纽。为增加香港离岸人民币市场的流动性和全球辐射能力，香港金管局将利用 与人民银行的货币互换协议，设立新的"人民币业务资金安排"，向企业提供贸易、日常营运、资本支出 所需且年期较长的人民币融资，支持实体经济使用人民币，并持续探讨更多元化的跨境资金获取渠道， 为市场提供稳定且成本较低的人民币资金。金管局也将研究推动人民币与区内本币在港进行更便利的外 汇报价与交易。 (大湾区之声) ...

Core Insights - High-net-worth investors continue to show strong demand for wealth management services in Hong Kong, reinforcing its position as a wealth management hub [1][2] Group 1: Market Growth and Performance - The total assets under management in Hong Kong are projected to grow by 13% year-on-year, reaching HKD 35 trillion by the end of 2024 [1] - Private banking and wealth management services are particularly notable, with a 15% increase in assets under management and a net inflow of HKD 384 billion [1] - Several banks in Hong Kong reported significant growth in their wealth management businesses, with HSBC adding 600,000 new clients and Standard Chartered seeing a 35% increase in net new funds [1] Group 2: Regional Wealth Trends - Asia-Pacific is one of the fastest-growing regions for private wealth, with the number of high-net-worth individuals in Asia expected to surpass 850,000 by 2024, a 5% increase [2] - Mainland China's high-net-worth population has reached 470,000, accounting for 20% of the global total [2] - The influx of international capital has led to a shift in investor perception regarding Hong Kong and mainland economic developments, increasing asset allocation in the region [2] Group 3: Digital Asset Management - Hong Kong's leading position in digital asset management is becoming a key differentiator for attracting a new generation of high-net-worth clients, with a 233% year-on-year increase in digital asset-related transactions [3] - The implementation of the Stablecoin Regulation on August 1 has initiated the licensing process for fiat-backed stablecoin issuers, enhancing the appeal of innovative financial products [3] Group 4: Future Outlook and Government Initiatives - The Hong Kong government is focusing on three main areas to develop the asset and wealth management sector: expanding asset management scale, enhancing cooperation with mainland and Greater Bay Area cities, and improving market competitiveness through policy and project innovation [4] - Major international financial institutions are planning to expand their wealth management operations in Hong Kong, with Citibank aiming to increase its retail wealth management team by 10% [3]

Core Insights - The Hong Kong Securities and Futures Commission (SFC) is focusing on enhancing the development of the fixed income and currency markets to strengthen Hong Kong's position as a global offshore RMB business hub [1][2] Group 1: Achievements of Bond Connect - The Bond Connect has seen remarkable growth over the past eight years, with significant expansion in the use of onshore bonds as collateral in Hong Kong [1] - As of now, the scale of onshore government bonds accepted as collateral by Hong Kong's OTC clearing companies has reached 30 billion RMB [1] Group 2: New Measures and Market Dynamics - The People's Bank of China and the Hong Kong Monetary Authority announced new measures to optimize and expand the Bond Connect, which will inject strong momentum into the market [2] - The new measures include expanding the eligible investor base for the Southbound Bond Connect and optimizing offshore RMB bond repurchase operations [2] Group 3: Strategic Directions - The SFC is pursuing three strategic directions: 1. Enriching product supply to solidify the primary market foundation, with the offshore RMB bond issuance exceeding 1 trillion RMB in 2024, a 37% year-on-year increase [3] 2. Enhancing secondary market liquidity by supporting the development of diverse derivatives and promoting the establishment of an offshore government bond repurchase market [4] 3. Optimizing financial infrastructure to ensure a robust and efficient market operation, including improving trading and settlement systems [4]

Group 1 - The article discusses the competitive landscape of the home improvement retail sector in the U.S., focusing on giants Home Depot and Lowe's, and explores their market strategies and differences [2] - It highlights the challenges faced by the company "追觅" in retaining talent despite successfully training them, and notes the trend of "追觅系" companies venturing into the robotics sector [2] - The overseas revenue of "劢微机器人" has rapidly increased from less than 10% in 2022 to 40% currently, indicating significant growth in international markets [2] Group 2 - The Chinese Ministry of Commerce reports that China's foreign trade has shown resilience in a complex environment, with policies aiding enterprises leading to a rise in both quantity and quality of goods traded [3] - Sensor Tower data reveals that TikTok's overseas monthly active users have surpassed 1 billion for the first time, showcasing the app's strong growth in the global market [3] - Hong Kong's Financial Secretary Chen Maobo expresses a desire to attract more Chinese companies to list in Hong Kong, aiming to support their international expansion and enhance offshore RMB business [3][4] Group 3 - Chery's chairman, Yin Tongyue, emphasizes the company's intention to use Hong Kong as a new starting point for entering international capital markets, aiming to establish it as a global financial and logistics hub [4] - European Central Bank President Christine Lagarde's visit to China and her experience with autonomous driving technology signals potential expansion of such technologies into the European market [4] - Cainiao has opened its second self-operated overseas warehouse in Canada, expanding its logistics network across North America to enhance cross-border e-commerce solutions [4] Group 4 - Transsion Holdings' TECNO brand has formed a strategic partnership with Spain's MCR Group to introduce AIoT smart ecosystem products to the Spanish market [5] - Scale AI has announced a significant investment from Meta Platforms, raising its valuation to over $29 billion and expanding their commercial collaboration [5] - Mattel, the manufacturer of Barbie dolls, is collaborating with OpenAI to develop AI-powered toys and games, with plans to launch the first product later this year [5] Group 5 - Neuralink has successfully raised $649 million through equity financing, as disclosed in a filing with the U.S. Securities and Exchange Commission [6]

Group 1: Core Views - Hong Kong will strengthen the HKD-CNY dual counter trading, allowing investors to purchase RMB-denominated stocks listed in Hong Kong using offshore RMB [1][8] - The Hong Kong government maintains the Linked Exchange Rate System (LERS) despite geopolitical tensions, asserting it as a fundamental factor for Hong Kong's economic success [1][3] - The financial system in Hong Kong is not entirely dependent on the LERS, with plans to enhance its role as a global offshore RMB business center [1][6] Group 2: Economic Context - The LERS has been in place for over 40 years and has proven effective in maintaining stability during various economic cycles and crises [1][2] - The stability of the HKD against the USD reduces exchange rate risks for international investors and traders, which is crucial for Hong Kong's status as an international financial center [4][6] - High interest rates in the US have led to increased borrowing costs in Hong Kong, impacting sectors sensitive to interest rates, such as real estate and banking [3][5] Group 3: Future Developments - There is a growing need for Hong Kong to develop an offshore RMB capital market to support its increasing asset base, especially as the USD's stability is questioned [6][7] - The Hong Kong Monetary Authority (HKMA) has reported that RMB deposits reached 1,030.9 billion HKD, indicating a significant liquidity pool independent of the USD [7] - The implementation of mechanisms like "Bond Connect" and "Wealth Management Connect" enhances Hong Kong's role as a bridge between mainland China and global capital markets [7][8]