中经记者 郝亚娟 夏欣 上海、北京报道 日前，兴银理财与中银理财成为首批获得银行间市场利率衍生品集中清算业务资质的理财公司，可独立 开展利率互换交易，通过"支付固定利率、收取浮动利率"对冲利率波动风险，增强产品净值稳定性。 资深金融监管政策专家周毅钦接受《中国经营报》记者采访时指出，获得资质后，理财公司可以以独立 主体身份直接进入银行间市场开展利率互换及其他业务，极大增强了业务开展的灵活性。同时，风险管 理能力增强，利率互换能够帮助理财公司通过"支付固定、收取浮动"的方式，对冲利率波动风险。 一位业内人士向记者表示："目前监管机构对此类牌照的发放仍持审慎态度。" 丰富利率风险管理工具 中银理财方面表示，积极参与银行间市场利率衍生品业务是中银理财丰富利率风险管控手段的重要举 措。集中清算利率互换业务的落地，既拓展了理财产品衍生品业务渠道，有利于降低利率波动对产品净 值的影响，提升资产配置灵活度，促进多元化投资策略发展，力争拓宽产品收益空间，同时也进一步丰 富了银行间利率衍生品市场参与主体，有助于构建多层次衍生产品市场体系。 整体来看，银行业理财登记托管中心发布的《中国银行业理财市场季度报告（2025年三季度）》 ...

未来，苏银金租将持续深化与中国外汇交易中心、上海清算所等核心金融基础设施的合作，不断丰富风 险管理工具箱，深挖利率衍生品在支持实体经济、赋能租赁主业中的多元应用场景，以精细化运营提升 核心竞争力，为维护金融市场稳定运行、助力实体经济高质量发展注入更多金融动能。通讯员苏锦时 作为深耕租赁主业的金融机构，苏银金租始终以服务实体经济为根本，以专业创新为驱动，积极响应银 行间市场金融基础设施创新部署，主动探索运用利率风险管理工具优化金融供给。本次交易在中国外汇 交易中心、上海清算所的专业指导与全力支持下，实现了全程线上标准化交易与集中清算，不仅有效降 低了交易对手信用风险，还大幅提升了交易全流程的效率与透明度，为金租行业规范开展利率衍生品业 务树立了标杆范例。 近日，苏银金融租赁公司(以下简称"苏银金租")在银行间市场成功达成金融租赁行业首单人民币利率互 换业务(IRS)，标志着苏银金租在利率风险管理领域实现新突破，金融市场业务风险管理能力迈上新台 阶。 ...

来源：上海清算所 2025年12月19日，上海清算所举办银行间利率衍生品业务交流会，中国外汇交易中心代表以及来自国有 银行、股份制银行、城商行、外资银行、证券公司、银行理财子公司及保险资管等21家市场机构的30余 位业务专家参会。 会上，上海清算所业务一部回顾了今年银行间利率衍生品清算业务的发展和运行情况。一是拓展银行间 利率衍生品标的、期限和配套机制，丰富利率风险管理工具箱。先后上线3、7年期国开标准债券远期实 物交割合约和1年期同业存单标准利率互换合约的集中清算业务，拓展利率互换集中清算期限至最长30 年。持续优化配套功能，全力推进利率衍生品清算系统升级。二是发挥中央对手清算优势，扎实开展市 场培育，帮助各类型金融机构筑牢风险防控底线。紧密联系人民银行分支机构开展中央对手清算助力金 融机构风险管理等主题的市场培育，推动更广泛参与者运用简单透明的银行间利率衍生品管理风险。三 是立足国际化发展战略，支持金融高水平开放。"互换通"拓展挂钩LPR标的利率互换集中清算，支持新 增3家报价商展业，引入中银香港成为上海清算所首家境外清算会员直接开展银行间利率衍生品业务。 截至2025年11月，银行间利率衍生品业务集中清 ...

中国人寿 20251217 摘要 中国人寿预计 2026 年利率或在历史低位区间震荡，向上空间存在，反 内卷政策和提振消费战略可能推动利率上升。长债投机买盘需求下降， 利率有向上空间但过程曲折。对股票市场长期看好，但大幅修复机会减 少，以结构性机会为主，关注交易不拥挤、高业绩兑现及增量资金流入 板块。 中国人寿在债券配置上坚持中性偏灵活策略，根据市场供给和利率走势 调整。截至三季度末，公开市场权益约占 16%，将根据监管政策、市场 需求及公司组合管理需要合理安排配置空间，总体保持稳步优化配置。 中国人寿目前有效久期缺口在两年以下，是行业最低水平之一。偿付能 力因子调整对公司增配权益影响较小，公司仍会结合负债端需求、组合 管理需要及其他固收品种收益合理判断增配比例。 分红险在权益类资产上的占比略高于传统险。截至三季度末，公司持有 2,300 多亿高股息股票，其中约 2000 亿归入 OCI，占公开市场权益的 大约 20%。未来，公司计划提升 FVOCI 的占比，以降低股价波动对投 资收益和公司利润的影响。 Q&A 2025 年四季度以来，中国人寿在投资端的表现如何？包括权益和固收方面的 整体趋势如何？ 2025 ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry has achieved a significant breakthrough in interest rate risk management, allowing wealth management companies to independently participate in the interbank market for interest rate derivatives, enhancing product net value stability [4][12][13] - Wealth management companies are increasingly active in IPO allocations, with notable participation in high-tech sectors, reflecting a strategic shift towards equity investments to enhance returns in a low-interest-rate environment [14][15][16] - The introduction of the "Zhaoyin Wealth Management ETF Covered Call Strategy Index" indicates a trend towards strategy-based and tool-oriented transformations within wealth management firms, aiming to provide transparent benchmarks for evaluating performance [17][18] Regulatory and Industry Dynamics - Shanghai Clearing House has facilitated the entry of Xinyin Wealth Management and Zhongyin Wealth Management as the first batch of wealth management companies to obtain qualifications for centralized clearing of interbank market interest rate derivatives, marking a shift to independent participation [4][12] - The restructuring of the relationship between wealth management companies and their parent banks has transformed wealth management companies into independent decision-making entities in the interbank interest rate derivatives market [13] Peer Innovation Dynamics - Ningyin Wealth Management and Xinyin Wealth Management have successfully allocated shares in the IPO of Muxi Co., with a total of 42,300 shares across 10 wealth management products [14] - The launch of the "Zhaoyin Wealth Management ETF Covered Call Strategy Index" aims to present the risk-return characteristics of covered call strategies in a standardized manner, enhancing transparency for investors [17][18] Yield Performance - Cash management products recorded an annualized yield of 1.27% for the week of December 8-14, 2025, a decrease of 1 basis point from the previous week, while money market funds saw a slight increase to 1.17% [19][20] - The overall yield in the bond market has shown fluctuations, with the 10-year government bond yield rising by 1 basis point to 1.84% during the same period [22][23] Net Value Tracking - The net value of banking wealth management products decreased to 2.64%, down 0.38 percentage points from the previous week, indicating a potential pressure on the liability side if the net value exceeds 5% [30][36]

分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 监管和行业动态： 1、 上海清算所陆续推动兴银理财与中银理财成为首批获得银行间市场利率 衍生品集中清算业务资质的理财公司，标志着此类机构正式以独立主体身份进入该市场，打破 了此前只能通过母行间接参与的局面，为理财行业通过主动利率风险管理来增强产品净值稳定 性奠定了坚实基础。 同业创新动态： 1、宁银理财、兴银理财再度获配"沐曦股份"新股。据沐曦股份12月8日披露的 网下初步配售结果，两家理财公司旗下10只理财产品合计获配4.23万股。2、招银理财近期与中 诚信指数联合推出了"中诚信-招银理财ETF备兑策略指数系列"，具体包含挂钩上证50ETF与沪 深300ETF的两只备兑策略指数。该指数旨在以标准化、可回溯的方式呈现备兑期权策略的风险 收益特征，为市场提供评估备兑策略表现的透明化基准，也为后续相关策略产品的创设奠定了 基础。 收益率表现： 上周（2025.12.8-2025.12.14，下同）现金管理类产品近7日年化收益率录得 1.27%，环比下降1BP；同期货币型基金近7日年化收益率报1 ...

国家金融监督管理总局副局长肖远企发表主题演讲，他提出当前环球保险业面临的几项挑战：利率风险管理、 气候变化、人工智能应用、保险公司商业模式以及与非银行金融资产关联性日益提高。他认为，利率双向波动 成为常态，调整存量资产结构相对容易，负债的调整则困难得多。 肖远企认为，首先，管理利率双向波动是保险公司应遵循的基本逻辑。从历史上看，基于经济增长与通货膨胀 等综合因素权衡的利率水平总是在不断调整变化之中，不存在一个与长久期保险资产负债完全匹配的、长期单 边下行或单边上行的利率，利率双向波动是基本运行规律。关于这一点，保险行业必须保持清醒。 今日（12月8日），由香港保险业监管局举办的第八届"亚洲保险论坛"在香港举办。 他指出，2022年以前的近20年，多数国家和地区长期处于低利率环境，一些经济体甚至出现零利率负利率。国 际金融界普遍认为利率下行是一个长期趋势，因此，一些保险公司倾向于在利率单边走向的风险管理逻辑下配 置资产和负债。但2022年以来，美联储为应对日益上升的通货膨胀，在较短时间内大幅提高联邦基金利率，从 0%—0.25%经11次提高到5.25%—5.5%区间。其他全球主要经济体和一些发展中国家利率也保持 ...

Core Insights - The recent development exchange meeting for interbank RMB derivatives aims to enhance the cultivation of the interbank derivatives market and promote the rational use of RMB derivatives by financial institutions to manage risks [1][2] Group 1: Market Development - The interbank RMB derivatives market has experienced rapid growth in recent years, with a continuous expansion of product offerings and an increase in market scale and participating institutions [2] - The market plays an increasingly important role in serving market risk management and promoting reasonable pricing in the bond market [2] Group 2: Institutional Collaboration - Shanghai Clearing House, as the only central counterparty clearing institution in the interbank market, collaborates with the People's Bank of China to establish a policy implementation coordination mechanism to promote high-quality development of the interbank RMB derivatives market [2] Group 3: Conference Highlights - The conference focused on the development of the interbank RMB derivatives market, with discussions on credit derivatives, interest rate derivatives, and the central counterparty clearing mechanism [1] - Representatives from active market institutions shared experiences on credit risk mitigation tools and interest rate risk management [1]

Financial Data and Key Metrics Changes - Home BancShares reported record net income of $123.6 million and record EPS of $0.63 for Q3 2025, with revenue of $277.7 million and pre-tax, pre-provision net revenue of $162.8 million, achieving a profit percentage of 58.64% [4][5] - The efficiency ratio improved to 40.21%, marking the best performance in 12 months, while the net interest margin increased by 12 basis points to 4.56% [5][21] - Return on tangible common equity (ROTCE) remained strong at 18.28% [5] Business Line Data and Key Metrics Changes - Loan production was robust, reaching nearly $1.3 billion, with $800 million coming from the community bank footprint, particularly strong in Florida [21][26] - The lending portfolio showed organic loan growth of $105 million for Q3, marking eight times in the last nine quarters of linked quarter loan growth [26] - Centennial Commercial Finance Group originated over $1 billion in new loans through Q3, although total assets decreased by about $60 million due to payoffs outpacing new funding [30] Market Data and Key Metrics Changes - Deposits decreased by $161 million in Q3, primarily due to customer tax payments made in July, but the company continues to focus on growing core deposits [21] - Wholesale deposits comprised only 2.3% of total liabilities, indicating a strong focus on core deposit relationships [21] Company Strategy and Development Direction - The company is preparing for potential acquisitions, with management indicating readiness to pursue large transactions or several smaller ones [11][64] - Home BancShares has been conservative in its growth strategy, focusing on resolving existing issues before pursuing new opportunities [6][10] - The company aims to maintain its strong performance metrics while exploring growth avenues, with a target of $500 million in income for 2026 [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to maintain net interest margin despite potential rate cuts, emphasizing a proactive approach to adjusting rates [36][38] - The company has not yet seen significant impacts from the government shutdown, with management indicating a willingness to offer deferments if necessary [42][44] - Overall asset quality remains stable, with management reporting low levels of potential losses in their asset quality meetings [53][54] Other Important Information - The Texas lawsuit has been settled, with the company receiving a partial payment and expecting the remainder in Q4 [5][91] - The company opened a new branch in San Antonio, indicating expansion into new markets [13] Q&A Session Summary Question: How is the company thinking about NIM and NII trends going forward? - Management indicated that they react quickly to rate changes and have historically maintained margins better than peers [36][38] Question: How does the company view deposit growth in a lower-rate environment? - The company does not run CD ads and focuses on maintaining strength in deposits, with a preference for core deposits over wholesale [39][40] Question: What is the company's perspective on credit quality amid broader market concerns? - Management reported a positive outlook on credit quality, with minimal concerns noted in their asset quality meetings [52][54] Question: Can the company provide insights on M&A activity and challenges? - Management confirmed they are actively looking for acquisition opportunities and have signed a letter of intent for a potential deal [64][68] Question: What are the expectations for profitability moving into 2026? - Management believes there is still room for improvement in expenses and profitability metrics, with a focus on maintaining efficiency [70][72]

Core Insights - The floating rate bond market is experiencing a revival driven by policy guidance and market innovation, with nearly 300 billion yuan issued this year, an 80% increase compared to last year's total issuance [1][2]. Market Growth - The floating rate bond market has seen significant growth, with 103 bonds issued and a total scale of 292.57 billion yuan as of October 9, 2025, compared to 161.81 billion yuan in the previous year [2][4]. - The issuance in 2025 has already surpassed the total issuance of approximately 490.1 billion yuan from 2022 to 2024, marking a notable recovery since the peak in 2021 [4]. Market Structure - The floating rate bond market has diversified, with participation expanding from policy banks to commercial banks and non-financial enterprises, creating a richer market structure [1][4]. - The majority of floating rate bonds issued since 2022 have been dominated by policy banks, accounting for over 80% of the total issuance [4]. Investment Demand - Floating rate bonds provide a stable investment return and are increasingly seen as a tool for managing interest rate risk, particularly beneficial during periods of declining interest rates [1][5]. - The bonds are appealing to commercial banks for optimizing their liability structure amid pressures on net interest margins due to LPR reductions and declining bond market yields [5][7]. Innovation and Future Potential - The market is innovating with products that combine floating rate bonds with policy support areas such as technology and green finance, with a total of 332.5 million yuan issued in these categories this year [5][6]. - The establishment of a diversified benchmark interest rate system, including DR007 and LPR, enhances the market's ability to connect short-term rates with long-term financing costs [6][9]. Regulatory Support - Regulatory bodies are actively promoting the development of the floating rate bond market, creating a favorable environment for its growth [2][8]. - The ongoing market reforms and the deepening understanding of floating rate bonds among investors are expected to lead to a steady increase in supply and participation [8][9].