来源：市场资讯 （来源：中国保险资产管理业协会） 二、培训主题与内容 各会员单位： 2025年债券市场新政频发。中国人民银行、国家金融监督管理总局、中国证监会等机构联合提出健全债券市场服务科技创新的支持机制， 建立债券市场"科技板"。同时，债券通"南向通"拟扩容至保险、理财等非银机构，财政部、税务总局发布公告称将对2025年8月8日之后新 发行的国债、地方政府债券、金融债券的利息收入恢复征收增值税。与此同时，美联储降息预期反复、国内超长端利率迭创新低，保险资 金和理财资金面临收益与风险再平衡。 为帮助行业准确把握政策与市场脉搏，提升固收投研与交易能力，中国保险资产管理业协会（以下简称协会）拟于9月23日举办"2025年债 券市场热点解读与展望"专题培训，系统梳理政策要点、前瞻市场走势，助力行业稳健高质量发展。具体通知如下： 一、时间与地点 时间：2025年9月23日（星期二）9:00-17:00 地点：北京市西城区（具体地址待报名结束后通过邮件与短信通知） 主要面向保险公司、保险资管公司、理财公司等机构相关人员，培训规模150人左右。各机构自愿报名，会员单位优先。 本次培训为收费培训，收费标准为会员单位450 ...

Report Summary 1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - On July 8, 2025, the PBOC will improve the Bond Connect "Southbound Link" mechanism and expand the scope of domestic investors to include four types of non - banking institutions: securities firms, funds, insurance companies, and wealth management institutions [3][4]. - Attention should be paid to the choice of the Southbound Link's custody model, offshore RMB liquidity, and the progress of domestic bond replacement of overseas bonds. After the Southbound Link expansion, the yields of different types of and maturities of Chinese overseas bonds have shown differentiation, and the subsequent implementation of the expansion policy may support further decline in yields [3]. 3. Summary by Relevant Catalogs 3.1 Southbound Link Custody Model - Domestic investors can choose between the multi - level direct connection custody model (through domestic bond registration and settlement institutions) and the global custody model (through domestic custody and clearing banks) to custody bond assets. The global custody model has a wider range of investable bonds [5][6]. - As of August 21, 2025, the RMB - denominated bonds held in CMU accounted for 75% of the total outstanding balance of Chinese overseas bonds, but the proportion of bonds denominated in other currencies held in CMU was generally low. The multi - level direct connection custody model has relatively limited bond selection [8]. 3.2 Offshore RMB Liquidity - Currently, the offshore RMB funding situation is generally loose, and the risk of liquidity tightening is relatively controllable. As of August 21, the 3M CNH HIBOR was at a historical low, and the 1Y CNH - CNY swap spread has returned to near zero [3][10]. - Attention should be paid to the issuance rhythm of offshore RMB central bank bills in the second half of 2025. If the issuance accelerates and tightens offshore RMB liquidity, it may hinder the compression of spreads of offshore RMB bonds [3][13]. 3.3 Progress of Domestic Bond Replacement of Overseas Bonds - Since the issuance of Document No. 134, there have been cases of domestic bond replacement of overseas bonds, but there are still barriers. The number of replacement cases is limited, and the issuers who can achieve replacement mostly meet the requirements for new domestic bonds. Whether this can further reduce the credit risk of local government financing vehicle (LGFV) overseas bonds needs further observation of regulatory attitude changes [3][14][17]. 3.4 Recent Performance of Overseas Bonds - As of August 21, 2025, the static coupon of Chinese US - dollar bonds was generally higher than that of offshore RMB bonds, and the yield of Chinese US - dollar bonds declined more significantly than on July 8, showing stronger performance. However, investment in Chinese US - dollar bonds needs to consider factors such as greater valuation fluctuations, larger exchange - rate risk exposure, and hedging costs [3][27]. - For offshore RMB bonds, the yields of sovereign bonds and policy - financial bonds of different maturities have mostly been adjusted, while the yields of industrial bonds and LGFV bonds have mostly declined to varying degrees. The implementation of the Southbound Link expansion policy may support further decline in the yields of Chinese overseas bonds [27].

Group 1 - The People's Bank of China and the Hong Kong Monetary Authority announced three measures to optimize the "Southbound Bond Connect" mechanism, expanding the scope of domestic investors to include four types of non-bank institutions: securities firms, funds, insurance, and wealth management [1][2] - The new policy allows eligible domestic investors to invest in offshore bonds issued and traded in the Hong Kong bond market, enhancing investment flexibility and potentially increasing self-managed investment returns for non-bank institutions [2] - The Hong Kong bond market's outstanding balances for various currencies were reported as $195.5 billion for HKD bonds, $173.2 billion for offshore RMB bonds, and $565.6 billion for G3 currency bonds (USD, EUR, or JPY) as of the end of 2024 [2] Group 2 - The CSI 800 Securities Insurance Index's top ten weighted stocks account for 63.35% of the index, with major companies including China Ping An, East Money Information, and CITIC Securities [3] - The CSI 800 Securities Insurance Index provides a diversified investment option for investors by selecting corresponding securities from the securities insurance industry [2]