证券研究报告 固收点评报告 hyzqdatemark 2025 年 08 月 25 日 关于南向通扩容的几个关注点 ——境外债系列报告 投资要点： 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 2025 年 7 月 8 日，中国人民银行金融市场司副司长江会芬在"债券通周年论坛 2025" 上表示，将完善债券通"南向通"运行机制，支持更多境内投资者走出去投资离岸 债券市场，近期将扩大境内投资者范围至券商、基金、保险、理财等 4 类非银机构。 联系人 关注南向通托管模式的选择。境内投资者可以自主选择通过境内债券登记结算机构 （对应多级直连托管模式）或境内托管清算银行（对应全球托管模式）托管其债券 资产。多级直连托管模式下，可投资债券范围仅包括在 CMU 登记托管的债券，全球 托管模式下的可投标的券范围更广。目前 CMU 托管的人民币计价债券余额占中资境 外债总体存量余额的 75%，但 CMU 登记 ...

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]