2025年12月份，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，有条件的机构要稳步推进国际化和"一带 一路"沿线布局，提升高度专业化服务和垂直一体化管理能力，推动境内外协同发展。也希望外资券商充分发挥母公司专业能 力和集团优势，推动跨境资源对接，引入更多国际先进经验和做法，更好融入中国资本市场发展大局。 ■李文 中国证监会2026年系统工作会议明确提出"坚持做强主场，推动资本市场双向开放迈向更深层次、更高水平"，为新一年资 本市场对外开放工作划定了总方向。1月20日，南方东英南方中证A500指数ETF在新加坡交易所挂牌上市；近日，外资券商瑞 穗证券（中国）有限公司正式成立……进入2026年，中国资本市场开放步伐蹄疾步稳。 笔者认为，中国资本市场双向开放正展现出"内外协同、质效并举"的新图景。证券行业积极践行高水平"走出去"和高质 量"引进来"：外资机构从"落地"到"生根"，在发展壮大的同时也带来了国际经验与国际标准；中资机构从"业务出海"到"生态构 建"，在全球市场拓展服务网络。二者相互促进，共同推动中国资本市场向更高水平发展。 在"走出去"方面，新格局也逐渐清晰。开展跨境业务是证券行业"走出去" ...

当中国证监会在2026年系统工作会议上清晰定调"完善境外上市法规制度，提升备案管理规范化、标准化和透明度"时，一个信 号已明确释放：中国资本市场双向开放正迈向"更深层次、更高水平"。对于众多境内企业而言，这不仅是政策环境的进一步明 朗，更是规划出海路径、选择最适配上市板块的战略机遇期。 在此背景下，除了直接冲刺纳斯达克、纽交所等主板，美国多层次资本市场中的OTC（场外交易）市场，正以其独特的制度优 势，成为许多企业，尤其是成长型、创新型企业的绝佳跳板。 中国证监会的最新部署，为境内企业境外上市注入了一剂"定心丸"。 规范化与透明化的承诺：会议强调"提升备案管理规范化、标准化和透明度"，意味着企业境外上市备案流程将更加清晰、可预 测。这有助于企业提前规划，降低制度不确定性带来的时间和合规成本，让上市之路走得更稳。 "促高质量发展"的主线：会议将"促高质量发展"与"防风险、强监管"并列为核心工作主线。这表明，监管支持的是那些主业扎 实、治理规范、具备可持续发展能力的企业利用国内外两个市场实现成长。企业扎实的内功，是赢得境内备案支持与境外投资 者青睐的共同基石。 近期两大主流交易所一系列新规的落地与跟进，相对主板I ...

Core Insights - The issuance of Panda bonds by international entities like Morgan Stanley and the Hungarian government highlights the growing appeal of these bonds as a safe asset for foreign investors due to the relatively independent monetary policy of China [1][5]. Group 1: Panda Bond Market Overview - Panda bonds are RMB-denominated bonds issued by foreign entities in China, serving as a significant channel for RMB financing [2]. - The number of Panda bond issuers has steadily increased, covering international development institutions, foreign governments, overseas financial institutions, and non-financial enterprises [2]. - In 2023, the issuance scale of Panda bonds in the interbank market reached 1,112 billion RMB, with foreign government institutions and multinational enterprises accounting for 50% of the issuance, a 27 percentage point increase from 2024 [2]. Group 2: Recent Developments and Trends - The Panda bond market has entered a phase of rapid expansion since 2023, with issuance volumes of 1,544.5 billion RMB in 2023 and a projected 1,948.0 billion RMB in 2024, driven by yield differentials, regulatory policies, and RMB internationalization [3][4]. - The low interest rate environment in China has made Panda bonds attractive, with the yield on 10-year Chinese government bonds dropping below 1.6%, while U.S. and Eurozone yields have risen significantly [4]. Group 3: Regulatory Environment and Market Participation - Recent regulatory measures have facilitated Panda bond issuance, including optimized registration processes and improved fund management guidelines [5]. - The market has not experienced any significant default events, indicating manageable credit risk, and the low correlation of RMB bond yields with global yields enhances their appeal as a safe asset for foreign investors [5][6]. Group 4: International Participation and Future Outlook - The participation of international institutions in the Panda bond market is increasing, with notable issuers including Hungary, South Korea, and Canada, contributing to a cumulative issuance of 354.6 billion RMB [6]. - The People's Bank of China aims to promote the Panda bond market's development in line with market-oriented, legal, and international principles, supporting high-level financial openness [7].