大公司： 福田汽车：2025年累计销售汽车产品65万辆，同比增长5.85% 36氪获悉，福田汽车公告，2025年12月份汽车产品销量为58172辆，产量为58014辆。2025年1-12月，公 司累计销售汽车产品650053辆，较去年同期增长5.85%；累计生产汽车产品659455辆，较去年同期增长 7.95%。其中，新能源汽车累计销量101200辆，同比增长87.21%。 贝达药业：投资5000万元入股杭州知兴制药 36氪获悉，贝达药业公告，已与花园集团完成股权转让交割，出资5000万元受让花园集团持有的杭州知 兴制药20%股权。知兴制药专注于高端吸入制剂开发，已搭建完善的研发与生产体系。本次投资不构成 关联交易，亦不构成重大资产重组，无需经有关部门批准。本次投资有助于拓展公司新药创制技术平 台，进一步拓宽疾病治疗领域的战略布局。 富力地产：2025年全年销售142.1亿元 36氪获悉，富力地产公告，2025年12月实现销售额15.2亿元，全年累计达142.1亿元，销售面积187.36万 平方米。 金山办公与FPT签署战略合作备忘录 36氪获悉，近日，金山办公与科技与IT服务提供商FPT宣布签署战略合作备忘 ...

导语： 1月5日至6日，中国人民银行召开2026年工作会议，为2026年央行工作定调 。 2026年怎么干？在本次央行工作会议期间，中国人民 银行货币政策司司长谢光启，中国人民银行金融市场司负责人曹媛媛，中国人民银行福建省分行党委书记、行长张庆昉和中国人民银行广东 省分行党委书记、行长张奎分别接受采访，结合2026年政策总基调与发展实际，拆解了各自领域的核心工作方向 。 中国人民银行货币政策司司长 谢光启 继续实施适度宽松的货币政策， 加大逆周期和跨周期调节力度 2025年，适度宽松的货币政策为经济回升向好和金融市场稳定运行营造了适宜的货币金融环境。中央经济工作会议明确2026年要 继续实施适度宽松的货币政策，人民银行将全面贯彻落实会议精神，加大逆周期和跨周期调节力度，促进经济稳定增长和物价合理 回升。 一是总量方面 ，灵活高效运用降准降息等多种货币政策工具，保持流动性充裕，使社会融资规模、货币供应量增长同经济增长、 价格总水平预期目标相匹配。2025年社会融资规模中，债券等贷款以外的融资方式占比已超过50%，预计2026年增速仍将超过全 部社会融资规模增速。 二是价格方面 ，健全市场化的利率形成、调控和传导 ...

Core Viewpoint - The People's Bank of China emphasizes the development of a bond market "technology board" to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] Group 1: Financial Market Development - Accelerating the construction of financial market systems and promoting high-level openness [1] - Promoting the development of a multi-tiered bond market and expanding and regulating over-the-counter bond business [1] - Enhancing the legal framework for bond markets and advancing corporate bond legal system construction [1] Group 2: Support for Private Sector - Utilizing technology innovation bond risk-sharing tools to support more private technology enterprises and private equity investment institutions in bond financing [1] - Strengthening monitoring of risks in key sectors and industries [1] Group 3: Internationalization and Currency Cooperation - Promoting the high-quality development of the panda bond market and advancing the internationalization of the renminbi [1] - Expanding the use of renminbi in cross-border trade and investment, and deepening foreign currency cooperation [1] - Conducting high-level pilot projects for cross-border trade and investment openness [1]

Core Viewpoint - The People's Bank of China emphasizes the acceleration of financial market institutional construction and high-level opening-up in its 2025 Q3 monetary policy execution report [1] Group 1: Financial Market Development - The report advocates for the robust development of the bond market, particularly the "Technology Board," to support more private technology enterprises and private equity investment institutions in issuing bonds for financing [1] - It highlights the need to improve the legal framework of the bond market and promote the construction of corporate bond regulations [1] - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and standardization of over-the-counter bond business [1] Group 2: Risk Monitoring and Compliance - There is a focus on the ongoing regulation of issuance pricing, underwriting, and market-making behaviors, along with strengthening risk monitoring in key sectors and industries [1] Group 3: Internationalization and Currency Use - The report promotes the high-quality development of the panda bond market and aims to advance the internationalization of the Renminbi, enhancing the level of capital account openness [1] - It outlines plans to conduct high-level pilot projects for cross-border trade and investment opening, further expanding the use of Renminbi in cross-border trade and investment [1] - The report emphasizes deepening foreign currency cooperation and developing the offshore Renminbi market [1]

Core Insights - The People's Bank of China emphasizes accelerating the construction of financial market systems and high-level opening-up [1] - The report highlights the development of a "technology board" in the bond market to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] - There is a focus on improving the legal framework for the bond market and promoting the development of corporate bond legislation [1] Group 1 - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and regulation of over-the-counter bond business [1] - It stresses the importance of standardizing issuance pricing, underwriting, and market-making behaviors while enhancing risk monitoring in key sectors and industries [1] - The report aims to promote the high-quality development of the panda bond market [1] Group 2 - The initiative includes advancing the internationalization of the renminbi and enhancing the openness of capital accounts [1] - It proposes conducting high-level pilot projects for cross-border trade and investment opening [1] - The report seeks to further expand the use of renminbi in cross-border trade and investment, deepen foreign currency cooperation, and develop the offshore renminbi market [1]

Group 1 - The Central Committee has released suggestions for the 15th Five-Year Plan for national economic and social development [1] - The People's Bank of China emphasizes the development of a bond market focused on technology, alongside reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [1] - The Ministry of Foreign Affairs expresses willingness to enhance dialogue and communication on export controls with other countries [1] Group 2 - The China Securities Regulatory Commission aims to improve the legal framework for capital markets involving foreign entities and deepen cross-border regulatory cooperation [1] - The 11th batch of national drug procurement has opened bidding, including 55 types of drugs [1] - The State Post Bureau has conducted an administrative interview with ZTO Express Co., Ltd. [1] Group 3 - The revised Environmental Protection Tax Law expands the taxation scope to include volatile organic compounds [1] - The Ministry of Industry and Information Technology, along with three other departments, has launched the 2025 "Filial Piety and Elderly Care Shopping Season" to promote consumption among the elderly [1] - Tencent has established a working group focused on positive energy algorithms [1]

Core Viewpoint - The launch of the "Technology Board" in the bond market has significantly increased the issuance of technology innovation bonds, facilitating the flow of funds into the technology innovation sector [1][2]. Group 1: Issuance and Market Dynamics - From May 7 to the end of September, 530 institutions issued technology innovation bonds totaling 1,167.267 billion yuan, with 88 financial institutions contributing 319.67 billion yuan and 442 non-financial enterprises contributing 847.597 billion yuan [1]. - Approximately 280 entities in the interbank bond market issued technology innovation bonds worth 670 billion yuan, with nearly half of the technology enterprises having bond maturities of three years or more, and equity investment institutions averaging 5.8 years [1][2]. - The average coupon rate for technology innovation bonds issued by technology enterprises and equity investment institutions is around 2%, indicating a low financing cost [1][2]. Group 2: Mechanisms and Innovations - The issuance of technology innovation bonds is supported by innovations in disclosure requirements, rating systems, risk-sharing, and issuance mechanisms, which have adapted to the high-growth and high-risk characteristics of technology enterprises [2][3]. - The People's Bank of China, in collaboration with the China Securities Regulatory Commission, has created a risk-sharing tool for technology innovation bonds, providing low-cost re-lending funds to purchase these bonds and collaborating with local governments and market-based credit enhancement institutions [2]. Group 3: Future Development and Sustainability - While the support for technology enterprises through technology innovation bonds has shown positive results, continued efforts from all parties are needed for sustainable growth [4]. - Future expansion of technology innovation bonds requires ongoing policy support, interaction among local governments, enterprises, investors, and intermediaries, as well as diversified product design and enhanced trading mechanisms to address financing challenges [4].

Core Insights - The launch of the "Technology Board" in the bond market has accelerated the financing of technological innovation, with a total issuance of 1,167.267 billion yuan in technology innovation bonds from May 7 to the end of September [1] - The bond market's "Technology Board" facilitates the issuance of technology innovation bonds by financial institutions, technology companies, and equity investment institutions, indicating a significant breakthrough in supporting technological innovation [2] Group 1 - A total of 530 institutions have issued technology innovation bonds, with 319.67 billion yuan from 88 financial institutions and 847.597 billion yuan from 442 non-financial enterprises [1] - Approximately 280 entities in the interbank bond market have issued technology innovation bonds totaling 670 billion yuan, with nearly half of the technology companies issuing bonds with a maturity of three years or more [1][2] - The average coupon rate for technology innovation bonds issued by technology companies and equity investment institutions is around 2%, showcasing low financing costs and diverse issuer structures [1][2] Group 2 - The issuance of technology innovation bonds is driven by innovations in disclosure requirements, rating systems, risk-sharing mechanisms, and issuance processes [2] - The People's Bank of China and the China Securities Regulatory Commission have created risk-sharing tools for technology innovation bonds, providing low-cost re-lending funds to purchase these bonds [2] - The bond market is exploring new quantitative models for rating technology innovation bonds, incorporating key variables such as patent quality, R&D investment, and technology maturity into the rating functions [3] Group 3 - The positive outcomes of supporting technology companies through technology innovation bonds have been recognized, but further development requires continuous collaboration among various stakeholders [4] - Sustainable expansion of technology innovation bonds will depend on the ongoing role of policy tools, as well as the interaction between local governments, enterprises, investors, and intermediaries [4]

Group 1 - The article emphasizes the need to enhance the inclusivity of the bond market and balance the demands of both investors and issuers, suggesting that further improvements are required in the market's functionality [1] - The establishment of a "Technology Board" in the bond market aims to support technology innovation companies, with nearly 900 billion yuan of technology innovation bonds issued within three months, showcasing the market's strong financing capability [1][11] - The article proposes policy recommendations for building a foundational system for the Technology Board, focusing on the operational logic of the bond market and the risk characteristics of technology innovation bonds [1][13] Group 2 - Technology companies exhibit unique credit risk characteristics, primarily driven by their innovation capabilities and reliance on intellectual property, which leads to high R&D and intangible asset ratios [2] - Early-stage technology companies face higher and less predictable credit risks due to their limited product lines and vulnerability to market changes, while mature companies have more diversified products and stronger risk management [3][4] - The Technology Board is designed to primarily support growth and mature technology companies, indicating that their credit risk profiles may align more closely with traditional enterprises [4] Group 3 - The issuance of technology innovation bonds has surged since the announcement of supportive policies, with over 450 billion yuan issued by non-financial enterprises, and an average issuance rate of 1.74%, lower than other bond types [11] - The article highlights that the current market conditions allow for the inclusion of a certain number of growth and mature technology companies without significantly impacting market supply and demand [13] - It is noted that static indicators may not adequately reflect the future changes in credit risk for technology companies, necessitating a deeper understanding of the specific factors influencing their credit risk [12] Group 4 - Recommendations for the Technology Board include enhancing top-level design, improving liquidity, and increasing the disclosure of technology risk information to better reflect the credit risk of technology companies [15][16][17] - The article suggests that the bond market should focus on supporting technology companies while preventing non-technology firms from crowding out financing resources for private technology enterprises [17] - It emphasizes the importance of balancing personalized bond terms with standardization to maintain liquidity and facilitate trading in the bond market [16]

Core Insights - The article discusses the upcoming training event organized by the China Insurance Asset Management Association to address the evolving bond market policies and trends in 2025 [3][4]. Group 1: Event Details - The training will take place on September 23, 2025, from 9:00 AM to 5:00 PM in Xicheng District, Beijing [3]. - The training is aimed at personnel from insurance companies, insurance asset management companies, and wealth management firms, with an expected attendance of around 150 participants [4]. - The training will be a paid event, with fees set at 450 RMB per person for member units and 900 RMB for non-member units [5]. Group 2: Training Content - The training will cover several key topics, including: - The interconnection of domestic and international financial markets, focusing on how insurance asset management and bank wealth management can participate in the "Bond Connect" southbound channel [6]. - Utilizing the bond market's "Technology Board" to support technological innovation [6]. - The impact of tax changes on the Chinese bond market, particularly the reintroduction of VAT on newly issued government and financial bonds after August 8, 2025 [6]. - An outlook on the bond market, considering the influence of U.S.-China relations and Federal Reserve policies on China's bond market [6]. - Investment strategies and outlooks for bond investments by insurance asset management institutions and wealth management companies [6]. Group 3: Agenda Overview - The training agenda includes: - Opening remarks by association leaders [7]. - Sessions on financial market interconnectivity, technology innovation bonds, and tax changes [7]. - Afternoon sessions focusing on market outlook and investment strategies for both insurance asset management and wealth management firms [7].