当地时间5月16日，美国财政部公布了最新数据，截至2025年3月底，中国减持189亿美元美国国债，持仓量降至7654亿美元。 而英国则逆势增持290亿美债，持仓量达7793亿美元，二十多年来首次超越中国，成为美国第二大海外债主，重塑了美债持有格局。 中国减持美债并非偶然，而是基于对全球经济形势和规避风险的审慎考量，实际上，自2022年4月起，中国美债持仓持续低于1万亿美元。 要知道，美国目前面临严峻的债务危机，截至2025年4月，美国联邦债务总额已达36.2万亿美元，占GDP的123%，美债的信用风险正在不断攀升，而美联储 近年来频繁的加息降息操作，也导致美债收益率有着波动剧烈。 另外，特朗普政府在4月向全球发动"关税战"，不仅破坏了全球经济秩序，也加剧了美国国内的经济矛盾，导致通胀预期升高，经济滞胀风险加大。 特朗普慌了？中国抛售了189亿美债，与此同时，央行也出手了，连续6个月增持黄金，这是怎么一回事呢？ 在这样的背景下，中国减持美债，是降低美元资产风险敞口、规避潜在金融风险的必要举措，而中国在减持美债的同时，在黄金储备方面也在持续发力。 值得注意的是，据国家外汇管理局的数据显示，4月末，中国的黄金储备报 ...

智通财经APP获悉，香港财经事务及库务局局长许正宇昨晚出席香港新质生产力论坛后会见传媒时表 示，香港一直以来要做的不只是融资中心，香港特区政府希望能够以金融为手段，吸引更多产业在香港 落地。特区政府非常欢迎内地优质企业来香港落户，不只是做融资或持续集资，而是通过香港平台"走 出去"，例如是在香港设产业链。为配合这个趋势，公司迁册制度本周五（23日）亦会生效。 许正宇称，面对美国朝令夕改的关税政策，香港一直以来的定位及应对很清晰，当全球政策存在众多不 确定，更需要一个枢纽、连通者，将这些不稳定性进一步降低，并继续维持整体稳定的营商环境，这正 是香港能够提供的。 对于美国关税对中国有90日缓冲期，香港应如何应对，他表示，无论外围环境变化如何，当局一直谨守 岗位。金融市场有一个全天候、联动式、跨市场的监控，确保在看到有特殊情况时，能够迎击；而同一 时间要持续深耕金融优势，做好基本功，那面对任何的外在环境，都能够适时应对。 继续多渠道进行人民币国际化 最近有些人说美元体系正在崩塌，那可能对于人民币国际化是一个好的机遇，许正宇指，香港已是国家 最大的境外人民币枢纽，现时境外八成人民币交易通过香港进行，香港已积累逾万亿元 ...

Group 1 - The core viewpoint is that the Panda Bond market in China is experiencing rapid growth and increasing internationalization, with a cumulative issuance of 62.2 billion yuan in the first four months of the year [1][2] - Panda Bonds are RMB-denominated bonds issued by foreign institutions in China, serving as a significant tool for promoting the opening of China's bond market and facilitating the internationalization of the RMB [1][2] - The annual issuance volume of Panda Bonds in the interbank market is projected to be approximately 185.8 billion yuan in 2024, with the market size nearing 300 billion yuan [1] Group 2 - The Panda Bond market was officially launched in 2005, with significant growth occurring after 2015 due to increased efforts to expand the use of the RMB in cross-border transactions [2] - The issuance scale of Panda Bonds surged to about 130 billion yuan in 2016, following the introduction of more transparent and stable policy frameworks [2] - Since 2022, the development speed of the Panda Bond market has accelerated due to changes in market interest rates and improvements in management mechanisms [2] Group 3 - Panda Bonds are becoming an important RMB financing channel for international institutions, with various entities such as the Asian Infrastructure Investment Bank and foreign governments participating in the market [3] - The issuance entities now include international development institutions, foreign governments, and multinational corporations, covering regions across Asia, Europe, Africa, North America, and South America [3] - Recent issuances from Latin America and Africa indicate the growing role of Panda Bonds in international financial cooperation [3] Group 4 - The financing cost advantage and ongoing optimization of institutional arrangements are favorable conditions for the accelerated development of the Panda Bond market [4] - Panda Bonds can be used for a wide range of purposes, including domestic project financing and overseas operations, providing low-cost funding in the international market [4] - The People's Bank of China will continue to support foreign institutions in issuing Panda Bonds in China, promoting high-quality development of the Panda Bond market [4]

Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) has significant economic and financial advantages, with financial value added being over twice that of Shanghai and Beijing, and GDP being approximately 2.5 times higher, indicating a vast potential for financial services to support the real economy and improve livelihoods [3] Financial Market Integration - The GBA's financial market integration is crucial for enhancing the flow of capital and other financial elements, aiming to create a global hub for patient and industrial capital [3] - The three major cooperation zones in the GBA have developed unique characteristics, with Qianhai focusing on modern service industry collaboration with Hong Kong, Hengqin expanding Macau's development, and Guangzhou excelling in financing leasing and carbon finance [5] Strategic Recommendations for Shenzhen - A unified planning approach for the GBA is recommended, utilizing top-level legislation to enhance the efficiency of integration and development, promoting a model of shared benefits [6] - Shenzhen is encouraged to take on a pivotal role in promoting the internationalization of the Renminbi, aligning with global financial system changes [6] - Collaboration between Shenzhen and Hong Kong stock exchanges should be enhanced to attract global enterprises for listing, potentially through cross-shareholding arrangements [7] Innovation and Technology Finance - Emphasis on developing technology finance is vital, including establishing financing leasing models for core industries and transforming banks into regional technology banks to lower financing costs for tech firms [7] - The development of intellectual property finance and a credible rating system is essential, alongside aligning with global standards to integrate into the global innovation network [7] Capital Attraction and Flow - Improving the GBA's ability to attract global capital is critical, focusing on the quality of international capital, particularly patient and industrial capital [7] - Establishing secure channels for cross-border capital and technology flow between Hong Kong and Shenzhen is necessary to support economic and industrial development in the GBA [7]

1、 《 5月 LPR 报价下调，还有空间》摘要 4、 《 财险公司一季度经营透视》摘要 ■ 银行业绩分化加剧： 国有行净利润增速转正（+0.08%），但股份行、城农商行持续负增长；城农 商行利息净收入改善支撑其降幅收窄，关注区域性银行结构性机会。 ■ 息差 压力边际缓解 ： Q1净息差1.43%（同比-12BP），负债成本压降驱动降幅收窄；5月降准降息 叠加存款利率下行空间打开，后续息差企稳预期增强。 ■ 零售资产风险需警惕： 不良率环比升至1.51%，主因零售贷款风险暴露；中小银行（城农商行）不 良率上升明显，政策落地对居民收入改善效果成关键变量。 ■ 资本补充迫在眉睫： 核心一级资本充足率10.7%（环比下降），信贷开门红消耗资本；国有大行已 获1650亿特别国债注资，中小银行或借地方专项债补充资本 。 ■ 政策红利释放方向： 降准降息+结构性工具加码，支撑银行基本面修复；国有行资本充足率 （17.79%）和抗风险能力突出，高股息策略价值凸显。 ■ 行业整体高增长但分化加剧： 2025年Q1财险行业保费增5.4%、净利润同比+66.91%，但头部5家 公司（人保/平安/太保/国寿/英大）贡献超80%利润 ...

Group 1 - The Hong Kong government aims to enhance its capital market by expanding the financial value chain, including the promotion of RMB internationalization, the establishment of a gold market, and the development of non-ferrous metal storage [1][6] - The government plans to innovate in new financial sectors such as fintech, virtual assets, stablecoins, and green finance, with a legislative framework for stablecoins expected to be proposed soon [1][6] - The strategy includes supporting mainland enterprises in their internationalization efforts, providing a platform and professional services to facilitate their global expansion [1][6][7] Group 2 - Hong Kong's capital market has seen significant growth, with total fundraising exceeding 170 billion HKD in the first four months of the year, a threefold increase compared to the same period last year [3][4] - The banking sector has also shown resilience, with total deposits increasing by approximately 7% last year and an additional 3.5% this year [3][4] - The city is positioned as the largest offshore RMB hub, handling 80% of offshore RMB transactions, with over 1 trillion RMB in accumulated funds [6][7] Group 3 - The government emphasizes the importance of maintaining a stable and predictable business environment to attract foreign investment, especially amid global uncertainties [3][4] - There is a focus on developing new products and markets, including virtual assets and commodities, to enrich Hong Kong's financial ecosystem [4][6] - The government is also facilitating the establishment of mainland enterprises in Hong Kong, allowing for easier transitions and operations through new policies [7][8]

国债期货日报 2025/5/20 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完 整性不做任何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是 否符合其特定状况。本报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发 布。如引用、刊发，需注明出处为瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修 改。 端本期货 | 项目类别 | 数据指标 最新 | 最新 | 环比 项目 | | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 46276 | 108.565 | -0.01% T主力成交量 | | 16206↑ | | | TF主力收盘价 30595 | 105.705 | -0.03% TF主力成交量 | | 6415↑ | | | TS主力收盘价 | 102.248 | -0.02% TS主力成交量 | 17711 | -7231↓ | | | TL主力收盘价 | 119.260 | -0. ...

Core Viewpoint - The Shenzhen Stock Exchange 2025 Global Investor Conference emphasizes the investment value of Chinese assets and the A-share market, highlighting opportunities in open innovation and sustainable development [1]. Group 1: Cross-Border Cooperation - Cross-border cooperation is crucial for strengthening international capital markets, facilitating capital redirection towards sustainable development [1]. - Luxembourg Stock Exchange serves as a gateway for European investors to invest in China and for Chinese issuers to access European funds [1]. Group 2: Internationalization of Renminbi - The first offshore Renminbi bond was launched in Hong Kong, with Luxembourg becoming a significant listing venue for Renminbi bonds, having listed 125 Renminbi bonds among 15,000 new products last year [1][2]. - The first typical Renminbi bond in Luxembourg was issued in 2011, marking a milestone for European issuers [1]. Group 3: Sustainable Finance - Sustainable finance must align with global goals, and cross-border cooperation is essential for market innovation [2]. - Luxembourg Stock Exchange has signed numerous memorandums of understanding and cooperation agreements to enhance cross-border investment flows between Europe and Greater China [2]. Group 4: Digital Financial Technology - Digital assets and tokenized securities are becoming increasingly important in international capital markets [2]. - Luxembourg Stock Exchange is a leader in the issuance of digital bonds, with the first digital bond (DRG bond) issued in January 2020, and the first Asian issuer (AIB) utilizing the European digital financial market in August last year [2].

Group 1: Impact of US-China Tariff War on Hong Kong - The US-China tariff war has significantly impacted Hong Kong's role as a transshipment hub, with re-export volumes expected to decline due to tariff pressures. In 2024, exports to the US are projected to reach HKD 295.6 billion, accounting for 6.5% of total exports, with approximately 90% being re-exports [1][11][24] - The logistics of cross-border e-commerce have faced challenges due to the US imposing restrictions on duty-free privileges for small parcels, which has exposed vulnerabilities in Hong Kong's logistics framework [11][24] - There has been a notable trend of foreign capital outflows and a reduction in regional headquarters in Hong Kong, with the number of multinational regional headquarters reaching an 11-year low in 2023 [6][9][24] Group 2: Offshore RMB Business Hub - Hong Kong is positioned as a leading offshore RMB business hub, with the RMB's share in global reserves at 3.6%, making it the only major reserve currency showing consistent growth [2][25] - The RMB clearing and settlement network in Hong Kong handles over 70% of global cross-border RMB payments, with CIPS processing RMB payments amounting to 175 trillion yuan in 2024, a 43% increase year-on-year [15][25] - As of 2023, offshore RMB deposits in Hong Kong have approached HKD 1 trillion, representing about 60% of global offshore RMB deposits [16][25] Group 3: Trade Network Upgrades - Hong Kong is enhancing its trade network by strengthening ties with ASEAN and the Middle East, with exports to ASEAN growing by 18% in 2024, making it Hong Kong's second-largest export market [3][26] - The region is optimizing its supply chain by deepening industrial collaboration with Pearl River Delta cities, promoting high-tech, finance, and logistics sectors [3][26] - Hong Kong aims to maintain its status as an independent customs area while promoting a high-value, innovation-driven economic model [3][26] Group 4: Elevating Financial Hub Status - Hong Kong ranks third in the Global Financial Centre Index (GFCI), with efforts to attract domestic and foreign companies to list in the region [4][19][27] - The city is optimizing its tax and regulatory environment for fund and asset management, increasing support for long-term capital investments and green funds [4][19][27] - Initiatives to enhance fintech competitiveness include scaling smart investing and digital wealth tools, alongside optimizing talent and immigration policies to attract global financial professionals [4][19][27]

Core Viewpoint - The article discusses the impact of international disputes on financial markets and emphasizes the importance of maintaining confidence in achieving success amidst these challenges [1]. Group 1: Financial Sector Insights - The People's Bank of China aims to support Beijing in becoming a highland for technology finance and to promote the internationalization of the Renminbi [1]. - The China Securities Regulatory Commission plans to accelerate the development of the Beijing Stock Exchange to better serve innovative small and medium-sized enterprises [1]. - U.S. President Trump has called for the Federal Reserve to lower interest rates, criticizing Chairman Powell for being slow to act [1]. Group 2: Shipping and Commodities - The shipping index for Europe showed fluctuations, with the 08 contract closing at 2387.9 points, up 5.84% [2]. - The SCFIS European line index was reported at 1265.30 points, down 2.9%, indicating a narrowing decline [2]. - The outlook for the shipping market suggests a return to rationality after a period of heightened expectations, with the June contract expected to fluctuate within a narrow range [2]. Group 3: Oil and Industrial Production - Moody's downgraded the U.S. sovereign credit rating from "Aaa" to "Aa1" due to high government debt of $36 trillion and a heavy interest burden [3]. - China's industrial production showed a year-on-year increase of 6.1% in April, indicating a continued growth trend [3]. - Retail sales in April reached 37,174 billion yuan, growing by 5.1% year-on-year, reflecting a slight acceleration compared to the first quarter [3]. Group 4: Economic Data and Trends - China's April economic data showed a slight recovery in consumption, with retail sales growth at 5.1% year-on-year, driven by strong performance in home appliances and cultural products [5]. - The fixed asset investment growth rate remained low, and the real estate sector showed signs of a pullback [5]. - The retail sales of gold and jewelry increased by 25% year-on-year, while automotive consumption grew by 0.7% [5]. Group 5: Industry Developments - Xiaomi is set to launch its SUV model YU7 and its self-developed SoC chip, which is expected to enhance its high-end strategy [6][7]. - Goldman Sachs has a positive outlook on Xiaomi, citing its strong balance sheet and integration capabilities as key advantages [7]. Group 6: Market Performance - U.S. stock indices showed slight increases, with the environmental sector leading gains while the food and beverage sector lagged [8]. - The bond market saw a general rise, with the 10-year government bond yield falling to 1.663% [9]. - The market's risk appetite improved following progress in U.S.-China trade talks, which included the cancellation of some tariffs [9].