从更宏观的视角审视，2025年国债发行规模显著扩容，成为积极财政政策的核心抓手。今年预算安排的 1.3万亿元超长期特别国债已于10月14日全部发行完毕，主要投向"两重"建设和"两新"领域，其中5000 亿元用于消费品以旧换新和设备更新。与此同时，一般国债发行同样提速，上半年利率债发行规模达 16.9万亿元，国债净融资接近3.4万亿元，约为2024年同期的两倍。 从本次发行的具体要素来看，970亿元的3年期附息国债采用修正的多重价格招标方式，标的为利率，自 11月25日起计息，每年付息一次，将于2028年11月25日偿还本金并支付最后一次利息。招标结束后至11 月25日进行分销，11月27日起正式上市交易。而600亿元的182天贴现国债同样采用修正的多重价格招标 方式，但标的为价格，以低于票面金额的价格贴现发行，将于2026年5月26日按面值偿还。两只国债均 进行甲类成员追加投标，显示出财政部对市场需求的积极回应。 值得关注的是，本次发行是2025年第四季度国债发行计划的重要组成部分。根据财政部9月底公布的安 排，四季度涵盖关键期限国债、短期国债、超长期一般国债、储蓄国债及超长期特别国债等多个品种。 11月的发 ...

【内容摘要】11月21日，资金面继续转松，主要回购利率延续下行；市场情绪仍弱，债市震荡调整；转 债市场主要指数集体跟跌，转债个券多数下跌；各期限美债收益率普遍下行，主要欧洲经济体10年期国 债收益率普遍下行。 一、债市要闻 （一）国内要闻 【储蓄国债（电子式）将纳入个人养老金产品范围】财政部、央行11月21日发布《关于储蓄国债（电子 式）纳入个人养老金产品范围有关事宜的通知》，明确自明年6月起，个人养老金储蓄国债（电子式） 业务开办机构开办个人养老金储蓄国债（电子式）业务，即为在本机构开立个人养老金资金账户的养老 金投资者，提供购买储蓄国债（电子式）的相关服务。 【前10月全国新设外商投资企业增长14.7%】11月21日，商务部数据显示，今年前10个月，全国新设立 外商投资企业53782家，同比增长14.7%；实际使用外资金额6219.3亿元人民币，同比下降10.3%。 【国债密集发行积极财政政策持续发力】据中国证券报，当前，国债发行进入密集期。11月24日，财政 部招标发行970亿元记账式附息国债和600亿元记账式贴现国债。11月26日，还有2只短期国债将发行。 专家表示，国债密集发行是积极财政政策持续发力 ...

Core Insights - The Central Political Bureau of the Communist Party of China held a meeting on July 31 to analyze the current economic situation and outline economic work for the second half of the year, emphasizing the need to combine financial risk prevention with better service to the real economy [1][5] - The meeting reiterated the commitment to "de-leveraging" while ensuring the pace and intensity are appropriate to avoid harming the real economy [1][5] Economic Policy - The meeting concluded that major macroeconomic indicators are within a reasonable range, with ongoing structural optimization and initial success in financial risk prevention [2] - It was emphasized that fiscal policy should play a larger role in expanding domestic demand and structural adjustments, while monetary policy should remain prudent and flexible [2][4] Financial Stability - The meeting highlighted the importance of maintaining financial stability as part of six key economic and financial stability tasks, indicating a strong focus on "stable finance" [5] - Analysts noted that the current decline in social financing growth, particularly in off-balance-sheet trust and entrusted loans, poses a significant risk to the economy [5] Reform and Opening Up - The meeting called for continued reform and opening up, including significant measures to expand market access and promote the Belt and Road Initiative [6] - It was suggested that reforms should include enhancing direct financing, improving the fiscal and tax system, and accelerating state-owned enterprise reforms [6]

Group 1 - The core viewpoint of the news highlights the ongoing issuance of government bonds, indicating a strong implementation of proactive fiscal policies to support economic growth [3] - As of November 24, 2025, the 30-year government bond ETF from Bosera has seen a slight increase of 0.11%, with a one-year cumulative rise of 3.34% [2] - The latest scale of the 30-year government bond ETF from Bosera has reached 18.932 billion yuan, with a recent net outflow of 120 million yuan [3] Group 2 - The Ministry of Finance is actively issuing government bonds, with 97 billion yuan in coupon bonds and 60 billion yuan in discount bonds scheduled for auction on November 24, 2025 [3] - The central bank conducted a reverse repurchase operation of 338.7 billion yuan with a stable interest rate of 1.40%, while major interbank bond yields have seen slight increases [2] - The current market outlook suggests a coexistence of short-term fluctuations and long-term easing in the bond market, driven by policy support and asset allocation needs [3]

Group 1: Government Bonds and Fiscal Policy - The issuance of government bonds has entered a concentrated phase, with the Ministry of Finance auctioning 97 billion yuan of coupon bonds and 60 billion yuan of discount bonds on November 24, and two short-term bonds scheduled for November 26. This reflects the ongoing implementation of proactive fiscal policies [1] - Experts anticipate that the trend of active fiscal policy will continue, emphasizing the effective use of special bonds and project bonds, as well as strengthening the supervision and assessment of bond funds to ensure the full release of policy effectiveness [1] Group 2: Low-altitude Economy - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 2 trillion yuan by 2030, indicating a strong growth trend in the industry [2] Group 3: Mergers and Acquisitions - The trend of mergers and acquisitions (M&A) this year has focused on promoting strategic collaboration and enhancing industrial chains. As of November 23, 151 companies have disclosed M&A activities, significantly surpassing the same period last year, with deep M&A driven by industrial integration becoming mainstream [3] - Future M&A activities are expected to remain active, driven by leading enterprises and "chain masters" in the industry, with a focus on horizontal collaboration and vertical extension [3] Group 4: Stock Market and Fund Activity - In response to recent market volatility, over 60 companies in the Shanghai Stock Exchange have announced share buybacks and positive operational updates, signaling confidence from leading companies [4] - A total of 16 technology-themed funds were approved on November 21, indicating an influx of capital into the hard technology sector, despite discussions about potential overheating in the AI industry [5] - The A-share market has experienced adjustments, with the Shanghai Composite Index falling below 3900 points. However, the fundamental factors supporting the current market uptrend remain unchanged, suggesting potential opportunities for investors to position themselves for the upcoming spring market [6] Group 5: Fund Issuance and Performance - The new fund issuance in China has exceeded 1 trillion yuan for the seventh consecutive year, with 1,340 new funds established by November 23, totaling 1,044.598 billion yuan [7] - Active equity products, particularly stock and mixed funds, have become the dominant force in the new fund market, contributing to over half of the new issuance scale [8] Group 6: ETF Investment Trends - Despite market corrections, over 700 billion yuan has flowed into ETFs as investors increase their positions in a declining market. Major ETFs have seen significant net inflows, indicating continued interest in the Chinese asset market [9] Group 7: Core Index Funds - More than 1,800 funds are now investing in A-share core indices, with significant performance and scale differentiation among different fund products. Core indices have shown substantial gains since the "9.24" market rally, with average increases exceeding 50% [10] Group 8: Securities Industry Trends - The securities industry has seen a net outflow of 6,872 personnel this year, although the rate of outflow has slowed compared to previous years. Conversely, the number of investment advisors has significantly increased [11] Group 9: Satellite IoT Business - The commercial trial of satellite IoT business has officially started, marking a transition from technology validation to large-scale commercialization, which is expected to inject new momentum into emerging industries such as commercial aerospace and the low-altitude economy [12] Group 10: Sustainable Forest Management - Positive progress has been reported in sustainable forest management trials, with significant improvements in forest quality and biodiversity, indicating effective management practices [13]

钛媒体App 11月24日消息，当前，国债发行进入密集期。11月24日，财政部招标发行970亿元记账式附 息国债和600亿元记账式贴现国债。11月26日，还有2只短期国债将发行。专家表示，国债密集发行是积 极财政政策持续发力的重要体现。后续积极财政政策取向料延续，应用好用足特别国债、专项债等工 具，加强国债资金监管考核，确保政策效能充分释放，护航稳增长。 (中证报) ...

Core Viewpoint - The recent intensive issuance of government bonds reflects the ongoing implementation of proactive fiscal policies aimed at supporting economic growth and ensuring effective use of funds [1][3]. Group 1: Government Bond Issuance - The Ministry of Finance has recently issued 970 billion yuan in coupon-bearing government bonds and 600 billion yuan in discount government bonds, with additional short-term bonds scheduled for issuance [1]. - The issuance of super long-term special government bonds has increased significantly this year, with a total of 1.3 trillion yuan issued, which is 300 billion yuan more than last year [2]. - The issuance schedule for super long-term special government bonds has been accelerated, with the first issuance occurring about a month earlier than last year, facilitating quicker fund deployment [2]. Group 2: Fiscal Policy and Economic Impact - Experts indicate that the ongoing issuance of government bonds is a key component of a more aggressive fiscal policy, which is expected to continue in the future [3]. - The issuance of 1.3 trillion yuan in super long-term special government bonds is projected to contribute 1.7% to 1.9% to GDP growth in 2025, providing crucial support for economic growth targets [2]. - The funds raised from government bond issuance in the fourth quarter are intended to support the implementation of the "14th Five-Year Plan" and enhance market liquidity [2]. Group 3: Fund Utilization and Oversight - The effectiveness of government bond fund utilization is critical for policy implementation, necessitating improved oversight and assessment to ensure funds are effectively allocated [3]. - Future fiscal policies are expected to focus on enhancing social confidence and expanding effective demand, particularly in areas such as modern industrial systems and infrastructure upgrades [3].

● 本报记者 熊彦莎 专家表示，国债密集发行是积极财政政策持续发力的重要体现。后续积极财政政策取向料延续，应用好 用足特别国债、专项债等工具，加强国债资金监管考核，确保政策效能充分释放，护航稳增长。 发行节奏加快 国债密集发行彰显出积极财政政策持续发力。专家认为，后续财政政策将延续积极取向，通过扩大债券 工具使用、优化资金投向，进一步巩固经济稳中有进势头。（下转A02版） （上接A01版）财政部部长蓝佛安近日表示，要坚持积极取向，加强逆周期和跨周期调节，根据形势变 化，合理确定赤字率和举债规模，组合运用预算、税收、政府债券、转移支付等工具，用好政策空间， 保持支出强度，形成对经济社会发展的持续支撑。 作为"十五五"开局之年，2026年的财政政策备受关注。袁海霞认为，明年应用好用足特别国债、专项债 等工具，提振社会信心，扩大有效需求，进一步发挥财政政策稳增长、扩内需、惠民生的作用。 在资金投向上，袁海霞建议，提升财政发力的民生含量，同时聚焦现代化产业体系与基础设施升级，坚 持智能化、绿色化、融合化方向，继续加大支持经济转型发展中的新领域。 近段时间，国债发行较为密集。根据财政部2025年第四季度国债发行计划，今 ...

Core Viewpoint - Japan's stock prices, yen exchange rate, and government bonds have all seen significant declines, attributed to the economic policies of Prime Minister Kishi Sanae, leading to market disappointment and concerns over fiscal sustainability [1][2][5] Group 1: Market Performance - The Nikkei average fell below 50,000 points on November 18 and dropped to around 48,000 points by November 21 [1] - The yen depreciated over 6% following Kishi Sanae's appointment, reaching an exchange rate of 157 yen per dollar by November 21 [1] - Long-term government bond yields exceeded 1.83% on November 20, with trading prices hitting levels not seen in 17 years [1] Group 2: Economic Policy Analysis - Initial optimism around Kishi Sanae's economic policies, dubbed "Sanae Economics," has waned as the current economic conditions differ significantly from those in 2013 [2] - Japan's national debt exceeds twice its GDP, limiting the government's ability to implement aggressive fiscal and monetary policies [2] - The government's recent economic measures, including a supplementary budget of 21.3 trillion yen, have raised concerns about fiscal discipline and sustainability [3][4] Group 3: Fiscal Challenges - The supplementary budget's size reflects Kishi Sanae's commitment to active fiscal policies, but critics argue it fails to address rising prices effectively [4] - The focus on crisis management investments, which constitute one-third of the supplementary budget, may exacerbate fiscal issues rather than resolve them [4][5] - The lack of fiscal discipline could lead to increased government debt and further depreciation of the yen, compounding inflationary pressures [5] Group 4: Monetary Policy Outlook - Market pressures have prompted Kishi Sanae to indicate a willingness to allow the Bank of Japan to raise interest rates, with expectations for a decision as early as December [5] - Persistent domestic inflation is a key reason for potential interest rate hikes, which may help stabilize the yen [5] - However, the effectiveness of monetary policy is contingent on a shift away from the current aggressive fiscal strategies [5]

Core Viewpoint - Japan's stock prices, yen exchange rate, and government bonds have all experienced significant declines, attributed to the economic policies of Prime Minister Kishi Sanae, leading to market disappointment and concerns over fiscal sustainability [1][3][4]. Group 1: Market Performance - The Nikkei average fell below 50,000 points on November 18 and dropped to around 48,000 points by November 21 [1]. - The yen depreciated over 6% following Kishi Sanae's appointment, reaching an exchange rate of 157 yen per dollar by November 21 [1]. - Long-term government bond yields exceeded 1.83% on November 20, marking a decline in trading prices to levels not seen in 17 years [1]. Group 2: Economic Policy Analysis - Initial optimism surrounding Kishi Sanae's economic policies, dubbed "Sanae Economics," has waned as the current economic conditions differ significantly from those in 2013 [3]. - Japan's national debt exceeds twice its GDP, limiting the government's ability to implement aggressive fiscal and monetary policies [3]. - The government's recent economic measures, including a supplementary budget of 21.3 trillion yen, have raised concerns about fiscal discipline and sustainability [4][5]. Group 3: Fiscal Challenges - The supplementary budget's scale is unprecedented compared to pre-COVID levels, reflecting Kishi Sanae's commitment to active fiscal policies [4]. - Critics argue that the government's focus on crisis management investments, which constitute one-third of the supplementary budget, detracts from addressing rising prices effectively [5]. - The lack of fiscal discipline may lead to increased government debt and further depreciation of the yen, exacerbating inflationary pressures [6]. Group 4: Monetary Policy Outlook - Market pressures have prompted Kishi Sanae to indicate a willingness to allow the Bank of Japan to raise interest rates, with expectations for a decision as early as December [6]. - Persistent domestic inflation is seen as a primary reason for potential interest rate hikes, which could help stabilize the yen [6].