Economic Growth Outlook - Hong Kong's GDP growth is expected to reach approximately 3.5% in 2026, with an average growth rate of around 3% from 2025 to 2029, significantly higher than developed economies like the US and Europe, which are below 2%[1][16]. - In Q3 2025, Hong Kong's GDP grew by 3.8% year-on-year, with private consumption increasing by 2.1% and fixed capital formation rising by 4.3%[16]. Financial Market Resilience - The Hong Kong Monetary Authority injected liquidity multiple times in 2025 to stabilize the currency, resulting in a significant drop in Hibor rates, indicating a robust liquidity environment[2]. - By November 2025, net inflows from southbound trading exceeded 1.2 trillion RMB, marking a historical high and demonstrating the resilience of Hong Kong's financial system[2]. Trade and Export Recovery - Hong Kong's overall export value fell by 7.8% in 2023 but rebounded to a growth of 8.7% in 2024, with a further increase of 13.4% in the first nine months of 2025[3][16]. - The service trade sector is expanding, particularly in finance, professional services, and high-end logistics, supported by policy initiatives aimed at enhancing high-value service exports[3]. Fiscal Health and Policy Support - The fiscal deficit for 2025 is projected at approximately 67 billion HKD, about 2.0% of GDP, down from 2.7% in 2024, indicating improving fiscal health[18]. - The government plans to attract more businesses to Hong Kong through streamlined approval processes and tax incentives, enhancing the investment climate[19]. Green Finance and Innovation - As of August 2025, the Hong Kong government issued around 240 billion HKD (approximately 31 billion USD) in green bonds, establishing a key pricing benchmark in the market[26]. - The government has allocated 10 billion HKD for new industrial acceleration plans to support advanced manufacturing and innovation[25].

宏观修复与"双宽松"共振 岁末将至，市场的目光再次投向来年的A股。在深圳、北京，3场头部券商的资本市场年会前后登场， 给出了一个共同的预测：2026年，在更稳的宏观底盘、更清晰的产业方向和更友好的制度环境支撑下， A股市场奠定了"低波动慢牛"基础。与此同时，瑞银、高盛等国际投行也密集更新对中国股市的展望： A股在全球资产配置中的权重明显抬升。 在中信证券2026年资本市场年会上，中信证券总经理邹迎光表示，中国资本市场运行的积极动能正在不 断积累，奠定低波动慢牛的基础。从全球背景看，百年变局加速演进，中国的国际影响力、感召力、塑 造力正显著提升，参与全球治理与维护海外利益的能力也在持续增强。 产业格局方面，中国制造面对错综复杂的国际形势彰显出强大韧性，今年前三季度出口增长7.1%，全 产业链优势凸显。广大新兴市场与全球南方国家的发展诉求，成为中国企业走向全球的坚实保障。未来 将有更多本土龙头企业向跨国巨头转型，并将份额优势转化为定价权。 金融格局方面，伴随着全球产业力量对比的变化，全球金融秩序也将深刻重塑。中国资产价值的重估有 望持续提速。 5%附近的增速、4%左右的赤字率、需求端适度加力，这是中信证券给出的宏 ...

主权债券这玩意儿，本质是国家拿信用当门票，跟全球投资者借钱，到期连本带息还上。 利率多少，直接看市场信不信你。 本文仅在今日头条发布，谢绝转载。 11月18号，财政部在卢森堡发了40亿欧元债券。消息一出来，全球投资者疯抢，认购倍数超25倍，总认购金额超1001亿欧元。 你可能会想，咱外汇储备3万多亿美元，这40亿欧元算个啥？为啥还要跑去欧洲借钱？ 咱们这不是为了借钱，是为了抢椅子。 国际金融市场上椅子就那么多，美元坐主位，欧元坐副位，中国得先搬张小板凳坐下，再慢慢换沙发。 美国国债利率低，因为大家觉得它能还；那些经济快崩的国家，利率再高也没人敢碰，怕钱打水漂。 但中国这次不一样。 咱外汇储备够厚，40亿欧元对国家来说就是零花钱。 表面看，中国在"练外功"，提升在欧洲金融市场的影响力。但实际上，这是在为"练内功"铺路，为人民币国际化打地基。 美元为啥能称霸全球？因为它在国际贸易结算、外汇储备、跨境支付各个环节都是老大。 人民币现在在国际支付中的占比才3%左右，跟美元差距太大。要国际化，必须解决"信用成本"问题。 主权债券就是答案。 通过在卢森堡发债，欧洲投资者能直观感受到中国政府的偿债能力和信用水平，慢慢建立信 ...

息规模4000亿户布 (约350亿元) 分3年、7年等多期,每182天付息 债券面向俄境内银行、资管公司及介人 旨在激活中俄贸易。积累的万亿级闲置人民币 (2024年双边贸易2450亿美元,90%本币结算) 人民币主权债券，以前还没有听过这种债券！俄罗斯忽然要发行这种债券，还让我这个井底之蛙挺好奇的！原来是在和中国的贸易中，双方90%以上都用本 币算！在俄罗斯手中积压了大量的人民币！于是他们便用这些钱在国内发行债券！以缓解俄罗斯战时的财政压力！让俄罗斯的金融机构，大公司与个人来购 买！4000亿卢布，约350亿人民币！有三年期的，也有七年期的！无独有偶，听说巴西也准备发行这种债券！和俄罗斯一样，为资源大国，巴西手中也有不 少人民币！于是，就想着玩一个高难度动作！来激活国内的经济！看来，人民币的国际化，实锤已经越来越多！ ...

昨天晚上和做金融投资的朋友老陈聊天，他提到一个有趣的现象："最近看数据，境外投资者对中国债券的持有量在下降，同时美债的吸引力又在上升。这 个趋势挺值得关注的。"他的话让我想起了前段时间网上热议的"你抛我债，我抛你债"的说法，这背后到底反映了什么问题？ 我们先来看看具体的数据。根据中央国债登记结算公司发布的托管数据，截至2025年10月底，境外机构持有的中国债券规模约为3.2万亿元，相比2024年同 期的3.6万亿元有所下降，降幅约为11.1%。这个变化确实引起了市场关注。 与此形成对比的是，美国财政部发布的国际资本流动报告显示，2025年前三季度，境外投资者净增持美国国债约2800亿美元，其中来自亚洲的资金占比较 大。这种"一减一增"的现象确实值得我们深入分析。 我朋友小李在一家外资银行工作，他观察到："今年以来，不少海外客户都在调整债券配置，中国债券的配置比例有所下调，美债的比例在提升。主要考虑 的是收益率和汇率因素。" 我们来分析一下这种变化背后的原因。利率差异是最直接的影响因素。2025年以来，中美两国的利率政策出现了分化。美联储维持相对较高的利率水平，而 我国为了支持经济发展，采取了相对宽松的货币政策 ...

Group 1: Market Outlook - The A-share market is expected to establish a "low volatility slow bull" foundation by 2026, supported by a more stable macroeconomic environment, clearer industrial directions, and a friendlier regulatory framework [2][3] - International investment banks like UBS and Goldman Sachs have updated their outlooks, indicating a significant increase in the weight of A-shares in global asset allocation [2] Group 2: Macroeconomic Context - Citic Securities predicts a macroeconomic growth rate of around 5% in 2025 and approximately 4.9% in 2026, with a fiscal deficit rate likely maintained at 4% [4] - The economic recovery is characterized by moderate demand-side support and a balanced fiscal and monetary policy approach [4] Group 3: New Economic Drivers - The term "new quality productivity" is frequently mentioned, highlighting sectors like AI, biotechnology, and aerospace as key drivers of market transformation [6][7] - The integration of AI with advanced manufacturing is seen as a crucial growth lever, with significant implications for various sectors [11] Group 4: Globalization and Market Structure - Chinese companies are increasingly shifting from a domestic demand-driven model to a global demand-oriented approach, exporting capital goods and solutions to emerging markets [8] - The market structure is evolving, with new economy sectors like semiconductors and renewable energy gaining market share, while traditional industries are undergoing digital transformation [7] Group 5: Investment Trends - There is an anticipated flow of up to 6 trillion RMB from real estate and deposits into the stock market, marking a transition from stock market competition based on existing assets to new incremental allocations [10] - The focus on long-term investment strategies is expected to grow, with reforms aimed at enhancing the supply of quality financial products and increasing dividend payouts from listed companies [9][12]

Core Viewpoint - The collaboration between China UnionPay and Industrial and Commercial Bank of China marks a significant step in enhancing cross-border trade and promoting the internationalization of the Renminbi through the launch of multi-currency debit and credit cards in Turkey [1][3]. Group 1: Partnership and Product Launch - China UnionPay and Industrial and Commercial Bank of China have launched multi-currency debit and credit cards in Turkey, which support transactions in Renminbi, Turkish Lira, British Pound, US Dollar, and Euro [1][3]. - The issuance of these cards aims to provide local residents with secure and efficient global payment options while facilitating bilateral trade between China and Turkey [1][3]. Group 2: Strategic Importance - This initiative is seen as a milestone in UnionPay's international business development and a response to China's high-level opening-up strategy [3]. - The launch of these cards is expected to enhance the convenience of cross-border payments for foreign nationals visiting China and improve financial connectivity [3][4]. Group 3: Future Plans - UnionPay plans to continue deepening collaboration with local partners in Turkey to enhance cross-border payment services and support the Belt and Road Initiative and Turkey's "Middle Corridor" initiative [4]. - The company has established a comprehensive localized payment service network in Turkey over nearly two decades, achieving widespread acceptance among local merchants and ATMs [4].

11月19日，香港特别行政区政府财经事务及库务局与深圳市地方金融管理局联合发布《关于携手打造港 深全球金融科技中心的行动方案（2025-2027年）》（以下简称《行动方案》），明确未来三年将围绕 六大方面推出20项重点任务，并提出"到2027年底，落地20个以上深港跨境数据验证平台金融领域应用 场景"等具体目标。这份首次由深港两地联合发布的金融科技专项行动方案，被视为两地携手打造全球 金融科技中心的"施工图"和"任务书"。 从"要素流动"迈向"制度型开放" 《行动方案》开宗明义，旨在"充分发挥深港两地在金融科技领域先发优势，携手打造全球金融科技中 心，助力香港巩固提升国际金融中心地位、深圳建设具有全球重要影响力的产业金融中心"。 "印象中，这是深港联合发文的第一个《行动方案》，标志着深港合作进入到一个新阶段。"广东省体制 改革研究会执行会长彭澎在接受南都·湾财社记者采访时指出。 南开大学金融学教授田利辉认为，这一合作具有深远的战略意义。"相较于新加坡、伦敦等其他国际金 融科技中心，深港合作的战略意义在于助推人民币国际化、抢占全球金融科技规则话语权。"田利辉进 一步分析称，"深港的优势是'科创+金融+政策'协同 ...

以阿联酋为例，该国是银联在中东布局最深的市场之一。根据银联披露的信息显示，自2009年银联进入 阿联酋市场以来，不仅基本实现了ATM与商户受理的全覆盖，还开通了大批二维码受理点以及阿联酋 航空、阿提哈德航空的线上受理。2023年，通过与阿联酋主流金融机构RAK银行合作，阿联酋成为中 东首个全部商户POS终端支持银联闪付的国家。从迪拜棕榈岛华尔道夫酒店、朱美拉豪华酒店集团旗下 所有酒店、迪拜购物中心、迪拜水族馆和水下动物园等高端酒店、商场和旅游景点，到香格里拉香宫餐 厅、老木头素食餐厅等热门餐饮与迪拜城市观光大巴在内的交通工具，银联受理场景已实现从日常消费 到高端服务、从旅游购物到航空出行的全场景渗透，初步构建起成熟完善的本地支付生态。 与此同时，土耳其作为银联在中东布局的另一关键市场也取得显著进展。数据显示，土耳其全境已有数 百万商户支持银联支付，其中非接终端数量突破百万台。银联受理网络全面覆盖包括伊斯坦布尔、安塔 利亚、布尔萨、安卡拉、科尼亚等在内的大型旅游城市及地区，并基本覆盖游客常到的免税店、商场、 酒店、租车和珠宝店等核心消费场景。 在"一带一路"倡议深入推进以及全球数字经济加速演进的背景下，中东地区 ...

Group 1: Impact of RMB Internationalization - The promotion of RMB internationalization positively impacts the company's overall development by reducing exchange rate fluctuation risks and enhancing financial stability [2] - It facilitates cooperation with emerging market partners, especially in key areas like the Belt and Road Initiative, providing more business opportunities [2] - The development of the offshore RMB market allows the company to broaden financing channels, issue RMB bonds, or obtain RMB loans, optimizing funding costs [2] Group 2: Company’s Product Offerings - The company develops diverse intelligent automation equipment using technologies such as barcode recognition, AI, and edge computing, including smart warehouse robots and intelligent sorting devices [3] - The products are applicable in various sectors, including logistics, e-commerce, retail, and manufacturing [3] Group 3: Overseas Business Performance - In 2024, overseas revenue accounted for 27.61% of the company's total revenue, indicating a strong focus on expanding international markets [3] Group 4: Financial Performance of Subsidiaries - Zhuhai Jiabo Technology Co., Ltd. has maintained a good profitability status in 2025, contributing positively to the overall company performance [4] - The sales revenue of Jiabo Technology's specialized printers increased by 12.30% year-on-year, with sales volume rising by 17.88% in the first three quarters of 2025 [5]