证 券 研 究 报 告 证券分析师 洪依真 A0230519060003 hongyz@swsresearch.com 研究支持 罗宇琦 A0230124070004 luoyq@swsresearch.com 行 业 及 产 业 行 业 研 究 / 行 业 深 度 相关研究 - 联系人 罗宇琦 (8621)23297818× luoyq@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 04 月 12 日 技术创新加速人民币国际化，中国 支付方案出海先行 看好 —— GenAI 系列之 56 暨 Fintech 系列深度之 19 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 计算机 ⚫ 人民币国际化是中美博弈关键战略，正向循环开始形成。1）2024 年以来，政策密集 出台，重心是鼓励跨境电商和跨境支付系统发展。2021-2023 年每年仅两份相关政策 文件，2024 年以来已有 11 份相关政策文件或相关会议报道；2）人民币国际化，中国 跨境贸易是推动力、跨境支付是润滑剂，预计跨境支付支持政策有长期性。 ⚫ CIPS、mBridge、Brics Pa ...

Core Viewpoint - The article discusses the recent adjustments made by several banks in China regarding the minimum investment amounts for gold accumulation products, reflecting the rising gold prices and market conditions [3][5][6]. Group 1: Bank Adjustments - Everbright Bank has raised the minimum investment amount for its gold accumulation personal business from 700 yuan to 1000 yuan, an increase of nearly 43%, making it the highest among banks [3]. - Bank of China has also increased its minimum purchase amount for gold accumulation products from 700 yuan to 750 yuan, marking the second increase this year [5]. - Ningbo Bank has adjusted its minimum purchase amount for gold accumulation to 800 yuan per gram, which is currently the highest among banks [6]. Group 2: Market Trends - The recent adjustments in minimum investment amounts are seen as a response to the significant fluctuations in gold prices, with Shanghai gold prices exceeding 700 yuan per gram [8]. - Analysts suggest that the increase in minimum investment thresholds helps banks filter clients with better risk tolerance and investment experience, while also controlling the scale of personal gold accumulation business [8]. Group 3: Central Bank Actions - The People's Bank of China reported an increase in gold reserves to 7,370 million ounces by the end of March, up by 90,000 ounces from February, marking the fifth consecutive month of increases [10]. - The continuous increase in gold reserves is attributed to the changing global political and economic landscape, with expectations that international gold prices may remain high for an extended period [10][11]. - The low proportion of gold in China's international reserves, at 5.5%, compared to the global average of around 15%, indicates a potential for further increases in gold holdings by the central bank [11].

文 /曹萌 在本轮金融市场的暴跌中，黄金显露"抗跌本色"。 4月7日，国际金价盘中跌穿3000美元/盎司关口，随后快速收回。上周由于受到特朗普政府对所有 贸易伙伴落下"对等关税"大棒的影响，全球各类资产波动剧烈，而黄金相对表现坚挺，以4月2日收 盘价计算，目前跌幅在3%左右。 今年以来，国际金价在地缘政治风险加剧，全球贸易局势紧张等因素的刺激下持续上行，截至3月 底，伦敦金一季度价格涨幅达19%，其中仅3月的涨幅便接近10%。因此， 金价短期回调3%左右 并不算多。 虽然金价在过去的3月份里快速上行，但这并没有打消央行购金的意愿。从我国央行公布的新一期官 方储备资产数据来看，今年3月我国央行增持黄金2.8吨，截至3月底，已持有黄金2292.33吨。而从 去年11月以来，我国央行已连续5个月增持黄金，其中3月份增持规模为单月最小增持规模。 对于今年我国央行购金力度有所减弱，南华期货贵金属新能源研究组负责人夏莹莹表示，央行购金节 奏需要考虑投资收益目的，低吸依然是主要策略。同时央行购金量亦受到官方储备规模总量增长放 缓、美债持有量抛售减速等因素影响。此外，央行购金属于长期战略性政策，放缓购金节奏可以降低 对金市价 ...

Core Viewpoint - The article highlights the strategic importance of the QianKai Port project in Peru as a key initiative under the Belt and Road Initiative, emphasizing the role of Bank of China in providing comprehensive financial services to support international trade and investment [2][3]. Group 1: Financial Performance - In 2024, Bank of China reported a revenue growth of 1.38% and a net profit growth of 2.58%, with a return on assets (ROA) of 0.75% and a return on equity (ROE) of 9.50%, indicating stable performance metrics [2]. - The bank's overseas assets contributed 26.72% to its profits, with foreign financial investments totaling approximately $296.98 billion, reflecting a year-on-year increase of 22.51% [6][10]. Group 2: Global Expansion and Services - Bank of China has established 543 overseas branches across 64 countries, including 45 Belt and Road Initiative countries, enhancing its global footprint and service capabilities [15][16]. - The bank leads the industry in cross-border RMB payment services, with a transaction volume of 131.38 trillion yuan, marking a 40% increase [5]. Group 3: Strategic Initiatives - The bank aims to strengthen its global business layout and enhance its financial services to support the Belt and Road Initiative, focusing on improving service quality for foreign trade and investment [3][18]. - Bank of China is committed to expanding its global advantages and maintaining a steady increase in overseas profit contributions, with a focus on resource allocation in key regions [19].

Core Viewpoint - Recent adjustments by banks to increase the investment threshold for gold accumulation reflect the rising gold prices and market dynamics, indicating a trend that may continue as more banks follow suit [1][5][6]. Group 1: Bank Adjustments - Construction Bank announced an increase in the personal gold accumulation business threshold from 700 RMB to 800 RMB, effective March 31, 2025 [1]. - Ningbo Bank was the first to raise its threshold from 700 RMB to 800 RMB on March 19, 2025, following the surge in gold prices [4]. - China Merchants Bank also raised its gold account investment threshold from 700 RMB to 750 RMB, effective March 27, 2025, marking its second increase this year [5]. Group 2: Market Trends - The price of spot gold surpassed 3000 USD per ounce, leading to a corresponding increase in the minimum investment amounts for gold accumulation products across banks [4][5]. - The increase in gold prices has led to a historical high in gold ETF holdings, with the largest gold ETF, SPDR, reaching over 930.51 tons [7][8]. Group 3: Retail Price Adjustments - Retail companies, such as Chow Tai Fook, have confirmed price increases for gold jewelry products due to rising gold prices, with some items increasing by over 1000 HKD [9]. - Other brands, like Lao Pu Gold, have also adjusted their prices, with increases ranging from 1000 to 3000 HKD, reflecting a 5% to 12% rise in popular items [10]. Group 4: Central Bank Activities - As of February 2025, China's gold reserves increased to 7,361 million ounces, marking the fourth consecutive month of growth [12]. - The central bank's strategy to increase gold reserves is driven by the low percentage of gold in international reserves, which is currently at 5.5%, significantly below the global average of around 15% [12].

2月26日， 彭博中国熊猫债研讨会 在上海成功举办。近年来，熊猫债市场蓬勃发展，境外机构参与 度以及市场关注度大幅提升。彭博特别邀请来自 德意志银行 、 平安银行 ，和 浙商银行 的市场专 家，与现场来宾共同探讨熊猫债发展趋势与境外机构发行实践，展望2025年市场机遇及政策走向。 接下来，让我们一起回顾现场精彩发言！ 开场致辞 彭博大中华区业务总监丁楠女士 欢迎现场嘉宾并致开场辞。 迈入2025年，全球经济面临更多不确定性，寻找增长机会仍是市场不变的主题。熊猫债的发行量在 过去三年持续攀升，市场竞争力增强，在人民币国际化的大趋势下，将带来更多价值。彭博也将为 金融机构和投资者提供更专业的数据支持和前沿的解决方案。 外资企业熊猫债发行实践 熊猫债是境外发行者在中国境内发行的人民币计价债券，自2005年首次发行以来，主要经历了四个 发展阶段。从2005至2009年起步，2010至2014年整合，到2015至2022年的起伏发展，再从2023至 今进入快速增长阶段。2024年底，熊猫债发行规模已接近2,000亿元，连续两年创下历史新高。 当前熊猫债市场迅速发展的推动因素主要有四点： 一是熊猫债发债成本低于美元融资； ...

近期，全球外汇市场风云再起。美国前总统特朗普宣布对中、加、墨进口商品加征关税，三国随 即启动反制措施，引发市场对 " 新贸易战 " 的担忧。经济学家警告，若关税政策持续，美国 GDP 增速或下降 1 个百分点。与此同时，中国两会强调 " 扩大高水平对外开放 " ，要求完善跨境金融 服务体系。 在此背景下，新浪财经APP外汇行情凭借本土化服务与实时响应能力，成为投资者应对汇率波 动、把握政策红利的核心工具。 贸易摩擦升级下的避险刚需 实时数据+事件预警双保险 特朗普关税政策引发连锁反应，美元、人民币、加元等货币对剧烈震荡。 新浪财经 APP 依托三 大核心能力，帮助用户抢占决策先机： 毫秒级突发新闻响应 当特朗普关税声明发布时，新浪推送速度较竞品快3秒，同步匹配"关税影响解读"专题。用户可在 行情页直接查看中美贸易加权汇率指数，结合离岸人民币（CNH）波动预判市场情绪。 独家双轨人民币汇率体系 两会提出"稳慎推进人民币国际化"，新浪独家整合在岸（CNY）、离岸（CNH）及远期结售汇数 据，误差控制在毫秒级。跨境企业可通过价差对比功能，在关税引发的汇率波动中锁定最优换汇 时点，单笔交易最高可节省2.3%汇损。 银 ...

Core Viewpoint - The article discusses suggestions made by Li Minbin, Vice Chairman of the Social and Legal Affairs Committee of the National Committee of the Chinese People's Political Consultative Conference and Co-CEO of East Asia Bank, regarding the promotion of healthy development of the private economy, the international expansion of technology innovation enterprises, and the use of artificial intelligence to create new economic momentum [1]. Group 1: Support for Technology Innovation Enterprises - Li Minbin suggests leveraging Hong Kong's advantages as an international financial center to assist domestic technology innovation enterprises in expanding into international markets [2]. Group 2: Artificial Intelligence in Financial Development - The proposal includes enhancing cloud computing capabilities, gradually allowing large models to serve customers, and improving regulatory frameworks related to large models in the financial sector [3]. Group 3: Offshore RMB Hub Development - Li Minbin emphasizes the need to promote RMB internationalization by enhancing RMB international settlement, broadening offshore RMB investment channels, and exploring options for cross-border businesses to choose between onshore and offshore exchange rate channels [3]. Group 4: Innovation in Qianhai Financial Sector - Recommendations include piloting internal fund transfers for "dual-headquarters" enterprises in Qianhai, allowing qualified companies to freely allocate funds within a certain limit to support their domestic and international market development [3]. Group 5: Support for Private Enterprises - East Asia Bank plans to increase credit support for private enterprises, with annual credit issuance expected to exceed 50 billion yuan, and the proportion of credit to private enterprises to rise from 30% to around 50% [4]. - The bank aims to provide financing convenience for private enterprises through transaction banking products, particularly in supply chain finance, utilizing technology and transaction data to reduce financing costs [4]. - Efforts will be made to optimize loan processes to shorten financing chains for private enterprises and to set differentiated interest rates based on their risk profiles and operational conditions [5].

Core Viewpoint - China's foreign exchange reserves reached $3.2272 trillion by the end of February 2025, marking a $1.82 billion increase from January, with a growth rate of 0.57% [1][2] Group 1: Foreign Exchange Reserves - The increase in foreign exchange reserves is attributed to the decline in the US dollar index and fluctuations in global financial asset prices [2][5] - The foreign exchange reserves have remained above $3.2 trillion for 15 consecutive months, indicating stability [1][2] - The current level of foreign exchange reserves is considered adequate, with no immediate need for significant increases [5][6] Group 2: Gold Reserves - China's gold reserves increased for the fourth consecutive month, reaching 7.361 million ounces (approximately 2289.53 tons) by the end of February 2025, up by 16,000 ounces from January [2][7] - The total value of gold reserves rose from $2,065.34 billion in January to $2,086.43 billion in February, reflecting a strategic move towards diversifying reserve assets [2][8] - The proportion of gold in China's international reserves remains low compared to the global average of around 15%, indicating potential for further increases in gold holdings [2][3][9] Group 3: Economic Context - China's economic fundamentals are strong, with a stable current account and a trade surplus, supporting the stability of foreign exchange reserves [6][8] - The overall performance of global financial markets, including rising bond prices and fluctuating stock prices, has positively influenced China's foreign exchange reserves [5][6] - The central bank's strategy of increasing gold reserves aligns with global trends of diversifying reserve assets and enhancing financial security [3][11]

香港交易所集团行政总裁陈翊庭最新发声。 3月4日，陈翊庭发表最新网志，阐述香港在发展固定收益和货币市场的新里程和新机遇。陈翊庭表示，不久前，她和香港交易所的同事们赴瑞士达沃斯参加 了世界经济论坛，在那里不仅聆听全球智慧，也向世界讲述香港故事。 对此，陈翊庭表示，固定收益和货币（FIC）市场将是重点拓展的领域之一。"经过多年的发展，我们已经通过现货证券市场和股票衍生产品，为投资者提供 了一站式交易和风险管理服务。这些产品是我们根据全球投资者不断变化的需求陆续开发出来的，已经构成了一个丰富的证券产品生态圈。为了进一步连接 资本与机遇，未来我们将大力发展固定收益和货币市场，在这一资产类别上培育出一个同样丰富的产品生态圈。" 据介绍，过去十年，中国内地的固定收益市场迅速发展，规模激增了五倍，目前已经高达24.6万亿美元，位居全球第二。中国内地一直在推动市场改革，包 括加强与全球市场的互联互通。在政策的大力支持下，香港交易所预期内地固定收益市场将持续高速增长，而且，内地固定收益市场与离岸固定收益市场的 互联互通也将增强。这将为全球投资者分享中国成长红利带来巨大的全新机遇。 而为了方便全球投资者分享这一机遇，香港交易所一 ...