第 520 期 2025-12-16 焦点关注 债市盛会，明天见 12月17日至19日，2025债券市场高质量发展大会将在郑州举行，为期三天的议程以"政策解读+业务交 流+资源对接+实地考察"为核心框架，吸引来自监管机构、金融行业、实体企业、学术院校等领域代表 齐聚中原，共同探讨债券市场创新路径与产业赋能新机遇。 宏观动态 央行开展1353亿元7天逆回购操作，净投放180亿元 12月16日，央行开展1353亿元7天逆回购操作，投标量1353亿元，中标量1353亿元，操作利率为 1.40%，今日有1173亿元逆回购到期，当日实现净投放180亿元。 12月15日，洛阳市委常委会召开扩大会议，传达学习中央经济工作会议精神。会议强调，要着力防范化 解重点领域风险，深入推进党建引领基层高效能治理，抓好房地产、地方政府债务、国有企业债务、社 会稳定等领域风险隐患排查化解，牢牢守住不发生系统性风险的底线。 年内专项债券投向政府投资基金合计规模近850亿元 近段时间，多地陆续发行专项债券投向政府投资基金，俨然出现一波"小高峰"。 区域热点 11月份河南省金融运行情况公布 12月16日，中国人民银行河南省分行公布2025年11 ...

来源：中国银行 来源：中国银行 12月11日，中国银行协助中国五矿集团有限公司（以下简称"中国五矿"）于银行间市场首批落地50亿元 并购票据业务。 近期，中国银行间市场交易商协会发布《关于优化并购票据相关工作机制的通知》，旨在进一步提高债 券市场对经济结构调整和资源优化配置的支持力度，更好满足企业兼并、收购的资金需求。 中国银行第一时间落实并购票据工作机制安排，充分发挥一体化并购服务优势，凭借丰富的项目发行经 验，为中国五矿并购票据发行工作提供了高效优质的金融服务。本次募集资金全部用于支付中国五矿收 购重要项目的并购价款，将有力支持中国五矿加快实施矿产资源战略保障举措，提升金属矿产资源保障 能力。 今年以来，中国银行积极响应银行间市场产品创新，成功参与了科创债、并购票据等创新产品首发工 作，同时在多个重大项目中担任银团牵头角色或独家并购财务顾问，成功落地一批科技企业并购贷款试 点项目。中国银行将持续参与市场创新，助力企业拓宽融资渠道，为服务实体经济高质量发展贡献更大 力量。 责任编辑：曹睿潼 12月11日，中国银行协助中国五矿集团有限公司（以下简称"中国五矿"）于银行间市场首批落地50亿元 并购票据业务。 近 ...

Group 1 - The capital market in Jilin Province has shown remarkable performance this year, with a total financing of 30.349 billion yuan, marking a 40.57% increase, the highest in five years [1] - The issuance of specialty bond products, including technology innovation bonds, green bonds, rural revitalization bonds, and Northeast revitalization bonds, reached 6.49 billion yuan, accounting for 21.38% of total issuance [1] Group 2 - The provincial government has strategically focused on nurturing quality listed resources as a long-term task, implementing the "Jixiang" plan to build a comprehensive capital market service system [2] - The provincial financial office has enhanced communication and collaboration with relevant departments, organizing training sessions and addressing challenges faced by enterprises in accessing capital markets [2] Group 3 - The bond market in Jilin Province has seen rapid innovation, with several new products filling gaps in direct financing, including the first technology innovation subordinated bond issued by Northeast Securities and the first Northeast revitalization bond of 3 billion yuan [3] - The provincial financial office plans to expand direct financing scales and optimize financing structures, encouraging enterprises to leverage capital markets for high-quality economic development [3]

Group 1 - The launch of the centralized bond lending business by the Central Clearing Company and the Interbank Lending Center on October 10 marks an innovation in China's bond market, with 78 institutions participating, including 21 major brokerages [1] - The new business model is expected to enhance the competitiveness of leading brokerages like CITIC Securities and Guotai Junan in fixed income, optimize asset-liability management, and broaden revenue sources for the brokerage sector [1] - The mechanism aims to improve bond liquidity, reduce transaction costs, and support efficient asset allocation for investors, contributing positively to the stability of the financial market [1] Group 2 - Public funds are intensively focusing on the equity market in the fourth quarter, with 86 new fund products launched by October 11, of which equity products account for 76.7% [2] - The surge in stock fund issuance, particularly in the Sci-Tech Innovation Board and high-end manufacturing sectors, indicates a growing preference for growth assets among investors [2] - The increased allocation to the Hong Kong stock market is expected to boost sentiment in Chinese technology and financial sectors, reflecting a recovery in market risk appetite [2] Group 3 - In September, the number of private securities funds registered reached 1,028, showing a year-on-year increase of 171.24%, despite a slight month-on-month decline [3] - This significant growth in private fund registrations indicates a rising enthusiasm for private products and is likely to enhance the market position of leading private fund companies [3] - The influx of new capital is anticipated to improve market liquidity, particularly benefiting small-cap growth stocks and quantitative strategy-related assets [3] Group 4 - The auction of over 40 million shares of Huachuang Yunxin ended without any bids, despite attracting significant attention, highlighting a disparity in market valuation for the company [4] - The failed auction may put short-term pressure on the stock price and require time for investor confidence to recover [4] - Increased judicial disposals in the financial technology sector could raise concerns about the stability of company shares, potentially leading funds to concentrate on companies with solid fundamentals [5]

Core Viewpoint - The Central Securities Depository and the Interbank Lending Center have jointly launched a centralized bond lending business to enhance market liquidity and efficiency in the interbank bond market [1][6]. Group 1: Business Launch Details - The centralized bond lending business was launched on October 10, with 78 institutions participating in the initial phase, including major state-owned banks, joint-stock banks, city commercial banks, foreign banks, rural commercial banks, and securities companies [1][5]. - The first day of operation saw the bond pool scale exceed 1.3 trillion yuan, covering various types of bonds such as government bonds, local government bonds, policy bank bonds, and corporate bonds [5][6]. Group 2: Participant Institutions - The initial participants include five major state-owned banks, seven joint-stock banks, 27 city commercial banks, one foreign bank, 15 rural commercial banks, and 21 securities companies [1][2][3][4]. Group 3: Operational Mechanism - The centralized bond lending service allows lenders to set parameters and specify available bonds for lending, creating a bond pool. Borrowers can initiate lending requests through the interbank lending platform when they face shortfalls on settlement days [6][7]. - The lending period is set between one to three days, with rates based on historical transaction fees adjusted for extreme data [6][7]. Group 4: Market Impact - This innovation is expected to mitigate settlement risks, enhance market functionality, improve trading efficiency, and significantly reduce negotiation costs for bond lending [7][8].

Core Viewpoint - The Central Securities Depository and the Interbank Lending Center have jointly launched a centralized bond lending business, with 78 institutions participating in the initial phase, aimed at enhancing market liquidity and efficiency [2][6]. Group 1: Launch Details - The centralized bond lending business was officially launched on October 10, with 78 participating institutions including major state-owned banks, joint-stock banks, city commercial banks, foreign banks, rural commercial banks, and securities companies [2][5]. - The first day of operation saw the bond pool scale exceed 1.3 trillion yuan, covering various types of bonds such as government bonds, local government bonds, and corporate bonds [5][6]. Group 2: Operational Mechanism - The centralized bond lending service allows lenders to voluntarily set parameters and establish a bond pool, facilitating automatic matching and settlement through the Interbank Lending Center's platform [6][7]. - The lending period is set between a minimum of 1 day and a maximum of 3 days, with rates based on historical transaction fees [7]. Group 3: Market Impact - This initiative is expected to mitigate settlement risks, enhance market functions, improve trading efficiency, and increase market liquidity, thereby supporting investors in managing their bond portfolios [7].

Core Insights - The Central Securities Depository and Clearing Company and the Interbank Lending Center launched a centralized bond lending business, involving 78 participating institutions from various banking sectors [1][2] Group 1: Business Overview - The centralized bond lending business allows for a bond pool exceeding 1.3 trillion yuan, including various types of bonds such as government bonds, local government bonds, and corporate bonds [1] - The top ten institutions in the bond pool include major banks like Industrial and Commercial Bank of China and China Construction Bank [1] Group 2: Operational Mechanism - The initiative is designed to enhance risk management, improve market efficiency, and increase liquidity in the bond market [2] - It features a standardized lending product, streamlined initiation processes, and automated collateral management to meet the diverse needs of market participants [2]

Core Viewpoint - The policy-driven growth of the Sci-Tech Innovation Bonds (科创债) is expected to significantly expand the credit bond market, with the newly approved Sci-Tech Innovation Bond ETFs likely to lead innovation in the bond market [1] Group 1: Market Dynamics - The year has seen a concentrated rollout of policies supporting Sci-Tech Innovation Bonds, positioning them as a key driver for market expansion [1] - The approval of the second batch of Sci-Tech Innovation Bond ETF products is anticipated to enhance the liquidity of the index component bonds [1] Group 2: Investment Characteristics - Sci-Tech Innovation Bonds are characterized by high credit quality and excess yield spread, making them attractive for certain investors [1] - Sci-Tech Innovation Bond ETFs are classified as trading assets with high elasticity and volatility, suitable for active participation during bond market uptrends [1] - However, these ETFs may also face significant drawdown risks during market downturns, indicating they are more appropriate for investors with higher risk tolerance [1] Group 3: Hedging and Diversification - Sci-Tech Innovation Bond ETFs can serve as tools with a negative correlation to equity assets, providing hedging, protection, and reduced volatility [1] - This emerging tool combines policy beta and growth alpha, offering investors a new option for a balanced and growth-oriented asset allocation [1]