互联互通机制开通以来，北上资金交投持续活跃，累计成交额首次突破188万亿元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报•数据宝统计显示，9月29日当日陆股通成交额2946.18亿元，互联互通机制开通以来累计成交 额188.08万亿元，首次突破188万亿元整数关。（数据宝） （原标题：北上资金累计成交额突破188万亿元） ...

证券研究报告 固收 香港发布固定收益及货币市场路线 图，利好点心债 2025 年 9 月 29 日│中国内地 信用周报 报告核心观点：香港发布固定收益及货币市场路线图，利好点心债 9 月 25 日，香港证监会联合香港金管局发布香港《固定收益及货币市场发 展路线图》，点心债市场的发行与投资有望持续受到监管支持。我们梳理了 今年首次发行点心债的中资主体，截至 9 月 22 日，点心债首次发债规模合 计为 966.69 亿元，约占到总发债规模的 20%，以产业债、3 年期为主，ESG 点心债发行额占比近 20%。新增首发点心债票息以 1-3%居多，中短端平均 票息可达 5%以上。境内外对比来看，同主体/同集团系主体境外债-境内债 的票息溢价可达 300BP 以上，而投资级主体点心债与境内债溢价较窄。政 策支持下点心债发行活跃度或将提升，关注 1-3 年新增供给的配置机会。 市场回顾：债基卖出中长端信用债，信用债收益率全面上行 上周债市情绪持续偏弱，信用债收益率全面上行，二永债补跌更加明显。 2025 年 9 月 19 日至 9 月 26 日，债基赎回费新规对债市持续利空，基金整 周卖出 1-5Y 信用债 110 亿 ...

本报讯(记者毛艺融)9月25日，香港证监会行政总裁梁凤仪在香港固定收益及货币论坛2025上发表演 说。梁凤仪表示，香港作为全球领先的离岸人民币中心，肩负着促进人民币在全球更广泛应用的重要使 命。香港证监会未来将在两个方面持续发力。 第一，扩大人民币固收产品发行规模。"下一步，香港证监会将继续推动更多不同国家、不同种类的发 行人推出人民币固收产品，以及股票交易人民币柜台的进一步发展。"梁凤仪表示，同时，将不断提升 离岸人民币固收产品二级市场的流动性，并完善风险管理机制，例如支持金融机构开发更多元衍生产 品、推动国债期货尽早在港落地、发展回购市场等，以便利投资者管理人民币风险敞口，鼓励他们长期 持有人民币资产。 第二，优化互联互通机制和基础设施。梁凤仪表示："未来，香港证监会将与香港金管局和内地相关部 门继续优化各项机制，为投资者提供更高效的双向市场准入。同时，香港证监会正在与市场参与者共同 探讨开发一个包揽债券、回购和外汇的电子交易平台的可行性，涵盖以多种货币计价的产品，将有助提 升市场效率、透明度及韧性。" ...

"中国的政策稳定性和科技创新进步，正吸引国际长线资金大规模涌入。"陈翊庭说，下一步，港交所将 优化制度安排，确保上市机制与时俱进，更好满足企业和投资者的多元化需求；在固定收益、大宗商品 等领域投入更多资源，适配全球资金多元配置需求；推动互联互通机制优化与标的扩容，进一步促进境 内外资本市场互联互通。 值得注意的是，9月22日，港交所宣布，在"北向互换通"下增加以一年期贷款市场报价利率为参考利率 的利率互换合约，以满足境外投资者多元需求。 供需两端双轮驱动 外资从被动进场到主动加仓 日前，港交所行政总裁陈翊庭在接受中国证券报记者专访时表示，全球资金多元化配置需求活跃，叠加 中国资产吸引力提升，正驱动外资对中国资产的投资逻辑从不能投转向不能不投。 包容性制度赋能创新 开放性市场汇聚活力 今年上半年，港交所交出靓丽"成绩单"：新股融资额达1094亿港元，重回全球交易所榜首；证券市场日 均成交额2402亿港元，同比上升118%；现货市场、衍生产品市场及沪深港通成交量均创半年新高。 对于港股热度是否具备可持续性，陈翊庭的答案是肯定的，而且信心满满。从供应端看，陈翊庭透露， 目前上市科正处理超过200家企业的上市申请，其 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is witnessing a significant shift in foreign investment sentiment towards Chinese assets, moving from a stance of avoidance to one of necessity, driven by China's policy stability and technological advancements [1][3]. Group 1: Investment Trends - Foreign capital is increasingly viewing Chinese assets as essential, with a notable change in investment logic from "Anything But China" to "Buy China" [3]. - In the first half of the year, HKEX reported a new stock financing amount of HKD 1,094 billion, reclaiming the top position among global exchanges [2]. - The average daily trading volume in the securities market reached HKD 2,402 billion, a year-on-year increase of 118% [2]. Group 2: Supply and Demand Dynamics - The supply side is robust, with over 200 companies currently processing IPO applications, nearly half of which are technology firms [2]. - A significant highlight on the demand side is the substantial return of foreign capital, with foreign investors participating in 70-80% of certain IPOs [2][3]. - The shift in global asset allocation strategies, influenced by geopolitical tensions and trade protectionism, is prompting investors to diversify away from USD assets towards Hong Kong stocks [2][3]. Group 3: Institutional Innovation - HKEX is committed to optimizing its institutional framework to meet diverse financing needs, exemplified by the introduction of the 18A and 18C listing rules, which allow biotech and specialized technology companies to go public [5]. - The 18C rule has already seen three companies listed and over ten applications submitted, indicating growing market acceptance [5]. Group 4: Market Connectivity - The "A+H" listing model has created a positive feedback loop, with average trading volume for "A+H" companies in A-shares increasing by approximately 15% this year [6]. - HKEX aims to enhance its product offerings in fixed income, foreign exchange, and commodities to better compete with global markets [6]. - Future plans include expanding the range of products available through the Stock Connect, including ETFs and bonds, to facilitate greater market integration [6][7].

Group 1 - The core point of the article highlights that since the launch of the interconnection mechanism, the trading activity of northbound funds has remained active, with the cumulative transaction amount surpassing 187 trillion yuan for the first time [1] - On September 24, the daily trading volume of the Shanghai-Hong Kong Stock Connect reached 286.13 billion yuan, contributing to the cumulative total of 187.21 trillion yuan since the mechanism's inception [1]

互联互通机制也取得显著进展。从沪港通起步，先后落地深港通、债券通、互换通，产品类型从股票拓 展至债券、交易所买卖基金（ETF）和利率互换等资产类别，与此同时，债券通"南向通"正式开通， QFII与RQFII制度完成并轨，跨境投资渠道不断拓宽。值得一提的是，沪伦通机制已扩展至德国、瑞士 等欧洲主要金融市场，构建起横跨亚欧的资本市场纽带。 [ 据《中国资产管理市场（2024—2025）》报告，过去五年，信托、理财、保险资管等受托资产年均增 速达8%。 ] "十四五"收官之年，中国金融业开放已从"打开大门"升级为"重塑规则"。过去五年，负面清单不断压 缩，外资持股比例限制全面取消，沪深港通、债券通等互联互通机制持续扩容，人民币跨境使用稳步推 进，勾勒出制度型开放的清晰轨迹。 在全球经济格局深刻调整、地缘与产业变局叠加的背景下，展望"十五五"，中国金融开放如何再下一 城？ "十四五"答卷： 标志性制度突破 过去五年，"十四五"规划下的中国金融开放以制度型开放为核心，实现了从市场准入到规则对接的历史 性跨越。外资持股比例限制全面取消，沪深港通、债券通等互联互通机制不断扩容，标志着中国金融业 从"管道式开放"转向"制度型 ...

Core Insights - The core viewpoint of the articles is that China's financial industry has transitioned from "opening the door" to "restructuring rules" during the "14th Five-Year Plan" period, with significant institutional breakthroughs achieved in financial openness, and the focus is now on deepening these reforms in the upcoming "15th Five-Year Plan" period [1][6]. Summary by Sections Institutional Breakthroughs - The "14th Five-Year Plan" has marked a historic shift in China's financial openness, moving from market access to rule alignment, with key breakthroughs in three main areas: the implementation of the negative list and national treatment framework, upgrades in factor mobility and infrastructure connectivity, and improvements in financial legal systems and macro-prudential frameworks [1][3]. Market Access and Foreign Investment - Restrictions on foreign ownership in key sectors such as securities, funds, futures, and life insurance have been completely lifted, allowing major international investment banks to establish wholly-owned subsidiaries in China. This includes firms like JPMorgan, Goldman Sachs, and Standard Chartered [2]. - By the end of 2024, foreign ownership of A-shares is projected to reach approximately 3.4 trillion yuan, accounting for 4.3% of the total market, an increase of 1.8 percentage points from the end of the "13th Five-Year Plan" [2]. Interconnectivity Mechanisms - Significant progress has been made in interconnectivity mechanisms, expanding from the Shanghai-Hong Kong Stock Connect to include the Shenzhen-Hong Kong Stock Connect, Bond Connect, and others, facilitating a broader range of investment products [2][4]. - The Bond Connect's "southbound" channel has officially opened, and the integration of QFII and RQFII systems has been completed, further broadening cross-border investment channels [2]. Financial Demand and Opportunities - The growing wealth management needs of Chinese residents, driven by the accumulation of financial assets, present substantial opportunities for foreign financial institutions. The total scale of entrusted assets in trust, wealth management, and insurance asset management is expected to reach 154 trillion yuan by the end of 2024, with an annual growth rate of 10.4% [3][4]. Challenges for Foreign Institutions - Foreign financial institutions face significant localization challenges, including insufficient retail network presence and lagging digitalization. Their average net interest margin is 0.6 percentage points lower than that of domestic banks [5]. - The complexity of regulatory compliance and the need to adapt to China's unique regulatory environment pose additional challenges for foreign entities [5]. Future Directions for Financial Openness - The "15th Five-Year Plan" is expected to focus on deepening interconnectivity and aligning rules, with an emphasis on optimizing interconnectivity systems through expanded product offerings and improved risk management tools [6][8]. - Experts suggest further reducing the negative list for financial services and establishing consistent licensing standards for both domestic and foreign institutions to attract high-quality foreign entities [9]. Data Governance and Cross-Border Compliance - Data governance and cross-border compliance are anticipated to be major focuses in the "15th Five-Year Plan," with calls for establishing clear rules for financial data circulation and enhancing cross-border regulatory cooperation [10]. Renminbi Internationalization and Exchange Rate Reform - The internationalization of the renminbi and reforms in the exchange rate mechanism have made substantial progress, with the renminbi's role in global trade settlements and cross-border investments steadily increasing [11][12]. - Future efforts will likely focus on expanding the renminbi's use in energy and commodity settlements, enhancing offshore renminbi centers, and promoting the application of digital renminbi in cross-border transactions [13].

Group 1 - The Hong Kong government aims to strengthen its position as a bond center by enhancing financial infrastructure [1] - The Hong Kong Monetary Authority (HKMA) will collaborate with the Hong Kong Stock Exchange (HKEX) to develop a platform for centralized management and cross-collateralization of various assets [1] - Plans include establishing connections with markets in Switzerland and the UAE, and promoting the use of offshore Chinese government bonds as collateral in different clearing houses [1] Group 2 - The Hong Kong Securities and Futures Commission (SFC) is exploring the feasibility of a market-operated electronic bond trading platform [1] - There is an active push to establish a commercial repurchase market and a central counterparty system in Hong Kong to enhance market liquidity [1]

Core Viewpoint - The Hong Kong stock market is experiencing increased trading activity and stability, supported by significant inflows of southbound capital, which have reached a historical high of over 1 trillion Hong Kong dollars this year [1][3]. Group 1: Southbound Capital Inflows - As of September 2, 2023, the cumulative net inflow of southbound capital has surpassed 1 trillion Hong Kong dollars, reaching 10,002.21 million Hong Kong dollars, marking a record high [1]. - Daily trading volume of southbound capital has increased from approximately 5% at the beginning of the Hong Kong-Shanghai Stock Connect to around 35% currently, enhancing market liquidity and altering investment structures [1]. - Since the launch of the Stock Connect mechanism in November 2014, total southbound capital inflows have reached 4.7 trillion Hong Kong dollars, with a consistent net inflow trend observed since 2015 [3][4]. Group 2: Investment Preferences - The top ten stocks with the largest increase in market value held by southbound capital include Tencent Holdings, Alibaba, and others, with significant increases in market value ranging from 391.4 million to 2,169.2 million Hong Kong dollars [2]. - Southbound capital is primarily focused on globally competitive internet companies, stable cash flow value stocks with generous dividends, and innovative biopharmaceutical companies [2]. - The preference for high-dividend assets has led to significant valuation improvements in sectors such as finance, energy, and telecommunications over the past two years [2]. Group 3: Market Dynamics and Future Outlook - The influx of southbound capital has transformed the Hong Kong stock market into a core market for global investors seeking to allocate "Chinese assets," influencing market styles, sector rotations, and individual stock performances [5]. - The trend of increasing southbound capital inflows is expected to continue, driven by the valuation discrepancies between A-shares and H-shares, with investors favoring lower-priced Hong Kong stocks for similar dividend returns [4][6]. - The shift from retail to institutional dominance in southbound capital has enhanced the professional investment capabilities and value discovery functions within the Hong Kong market [6].