第 474 期 2025-10-13 焦点关注 申报入口！河南征集2025债券市场高质量发展典型案例 2025债券市场高质量发展大会将于12月中旬在郑州举行。为更好展示河南债券市场发展成果，推动提升 债券市场服务河南实体经济质效，以债券市场高质量发展服务"两高四着力"，大会组委会将于2025年10 月13日至11月15日开展"2025河南债券市场高质量发展典型案例"征集工作。 本次案例征集面向参与、服务、投资河南省债券的市场主体，河南省内债券发行人/原始权益人及相关 债券承销管理机构、增信担保机构、评级机构、法律机构、投资机构等均可为其参与/服务/投资的项目 进行申报。 国债期货收盘全线上涨 10月13日，国债期货收盘全线上涨，30年期主力合约涨0.37%报114.440元，10年期主力合约涨0.10%报 108.065元，5年期主力合约涨0.03%报105.685元，2年期主力合约涨0.02%报102.370元。 银行间主要利率债收益率继上周六大幅下行后普遍反弹，10年期国开债"25国开15"收益率上行1.3BP至 1.939%，10年期国债"25附息国债11"收益率上行1.2BP至1.755%，30年期国 ...

Group 1 - The core viewpoint of the meeting is to summarize the 2021 bond regulatory work and to analyze the current situation while deploying key regulatory tasks for 2022 [1][2] - The meeting highlighted the importance of maintaining a stable and healthy development of the bond market amidst complex internal and external environments, emphasizing that the long-term positive trend of China's economy remains unchanged [1][2] - The meeting underscored the need for a bottom-line thinking approach, precise policy implementation, and a focus on preventing and resolving bond default risks [2] Group 2 - The meeting emphasized the adherence to Xi Jinping's thought on socialism with Chinese characteristics for a new era, maintaining stability as the priority, and promoting quality improvement in the bond market [2] - It called for a comprehensive deepening of the bond issuance registration system reform and expansion of openness, while ensuring strict regulation and zero tolerance for violations [2] - The meeting also stressed the importance of system thinking to enhance market construction, foundational system building, legal supply, and technological support to create a favorable market development ecosystem [2]

中国结算表示，自受信用保护回购业务推出以来，截至3月21日，已有11家大型证券公司和信用增 进公司申请成为合格创设机构，有力支持了60多家企业发行超过1000亿元的债券融资，切实发挥信用保 护工具便利中小民营企业债券融资、服务支持实体经济的作用。 中信证券首席经济学家明明认为，进一步放宽回购债券的评级要求，可以帮助稍低资质的民营企业 更容易进入债券市场，拓宽其融资渠道，并帮助发债企业以更低的成本筹集资金。信用保护工具还可以 在一定程度上将信用风险从投资者转移至创设方，实现风险的分散和转移，有利于提高债券的流动性、 提振市场情绪与交投活跃度，有助于维护市场稳定健康发展。 大公国际首席宏观分析师刘祥东表示，这一系列举措旨在进一步推动债券市场稳固发展，提升市场 流动性和融资效率，降低企业融资成本，大力支持绿色金融、科技创新和民营经济发展。这将有助于引 导资金流向国家重点支持领域，共同促进债券市场健康发展，增强投资者信心，稳定金融市场。 今年1月份，证监会印发的《促进资本市场指数化投资高质量发展行动方案》提出，研究将信用债 ETF纳入债券通用回购质押库，逐步补齐信用债ETF发展短板。3月21日，中国结算发布《关于信用 ...

Core Viewpoint - The Shandong Securities Regulatory Bureau has developed a comprehensive set of measures to enhance the capital market's role in supporting the real economy, particularly in Shandong province, with a focus on high-quality development of the bond market [1][2]. Group 1: Capital Market Initiatives - The Shandong Securities Regulatory Bureau aims to create a service brand called "Capital Assisting Shandong's Progress" to better serve the local economy [1]. - A training session was held on April 29 to discuss the development of the bond market, regulatory conditions, and to improve the operational standards of bond issuers and management institutions [1]. Group 2: Bond Market Development - The central government emphasizes the importance of a multi-level bond market, and the China Securities Regulatory Commission (CSRC) is committed to enhancing the bond market's ecosystem and service capabilities for the real economy [1]. - The bond market is currently experiencing favorable development opportunities due to ongoing policy benefits [1]. Group 3: Issuer Responsibilities and Risk Management - Issuers are encouraged to utilize financial instruments such as Asset-Backed Securities (ABS) and Real Estate Investment Trusts (REITs) to enhance asset liquidity and debt repayment capabilities [2]. - There is a strong emphasis on risk prevention, with issuers and management institutions urged to maintain compliance and avoid fraudulent activities [2]. - Issuers should continuously standardize financing practices and enhance risk awareness to ensure the safety and legality of financing activities [2].