著名经济学家宋清辉说，香港可充分发挥其离岸市场优势，探索发行锚定人民币的离岸稳定币，上海应在跨境贸易、供应链金融等领域，提供技 术研发和应用场景对接方面的支持，共同探索人民币稳定币在内地与香港、内地与国际间的应用。另一方面，沪港可协同探索中国央行数字货币 与各类合规稳定币之间的互操作性，构建高效安全的跨境支付结算网络，并共同推动和采纳一套统一或兼容的区块链技术标准及协议，确保两地 数字金融基础设施的顺畅连接与信息共享，并在合规框架下，探索两地数字资产市场的互联互通模式。 专家指，沪港可在合规框 架下，研究数字资产市场的互联互通。图为两地官员签署《沪港国际金融中心协同发展行动方案》。（资料图片 上海国资委集体学习稳定币 沪港数字资产市场联通引憧憬 （香港文汇报 记者 倪巍晨 上海报道）继中国人民银行行长潘功胜6月18日在「2025陆家嘴论坛」上首次提及「稳定币」话题后，上海市国资委党委近日召 开中心组学习会，主题聚焦「加密货币与稳定币的发展趋势及应对策略」。上海市国资委党委书记、主任贺青要求，加强对数字货币的研究探索，坚持产数 融合，探索区块链技术在跨境贸易、供应链金融、资产数字化等领域的运用。有受访专家指，沪 ...

Group 1 - The year 2025 marks the beginning of a new decade for the interconnection between mainland and Hong Kong capital markets, with expectations for deeper integration [1] - Since the launch of the Shanghai-Hong Kong Stock Connect in 2014, the range of interconnected financial products has expanded from stocks to various other financial instruments, including ETF Connect and Bond Connect [1] - The average daily trading volume for northbound and southbound trading has increased significantly, with a 21-fold and 40-fold growth respectively compared to the first month of operation in 2014 [1] Group 2 - Industry experts emphasize the need to simplify trading processes and align institutional, informational, and technical elements to enhance the integration of stock markets [1] - Current rules for the Hong Kong Stock Connect are complex, leading to difficulties for investors in understanding the criteria for inclusion and exclusion of stocks [1][2] - The calculation method for market capitalization under the Hong Kong Stock Connect has not been updated to align with the new methodology adopted by the Hang Seng Index, which could lead to misinterpretations by investors [2] Group 3 - The adjustment in the Hang Seng Index's calculation method is seen as more scientific, potentially increasing the quality of stocks eligible for the Hong Kong Stock Connect [2] - There are expectations that the rules for the Hong Kong Stock Connect will be revised to match the Hang Seng Index's calculation method by the second half of 2025 [3] - The deepening of interconnectivity is viewed as crucial for the development of both capital markets, enhancing their international competitiveness and facilitating high-quality growth [3]

自2017年7月3日债券通"北向通"正式启动以来，这一连接内地与香港债券市场的创新机制已走过八年历程。八年间，债券通不断完善制度安排，相继推 出"南向通"与"互换通"，为两地金融市场互联互通开辟了全新通道。 交易规模实现跨越式增长 债券通运行八年来，交易规模呈现爆发式增长态势。2025年5月，债券通"北向通"单月成交量达到9156亿元人民币，月度日均成交482亿元。这一数字与开通 首月日均15亿元的成交额相比，增长超过31倍，充分展现了市场活跃度的显著提升。 截至2025年5月末，通过债券通"北向通"入市的海外投资者已达835家，较2018年5月的315家实现翻倍增长。投资者结构日趋多元化，从早期以资产管理类投 资者为主，逐步扩展至海外央行、主权基金、境外商业银行、保险机构、公募基金、对冲基金等多种类型。全球前100大资产管理机构中，已有80余家通过 债券通进入中国债券市场投资。 市场开放水平持续深化 境外机构对中国债券市场的参与热情不断高涨。截至2025年5月，中国银行间债券市场已吸引来自超过70个国家与地区的1169家国际投资者。境外机构持有 中国在岸债券规模达到4.35万亿元，近5年年均复合增速约12% ...

三是优化"互换通"运行机制，进一步满足投资者的利率风险管理需求。在今年已丰富产品期限和类型的 基础上，中国人民银行将建立报价商动态管理机制，扩充互换通报价商队伍，并调整互换通每日交易净 限额。 值得注意的是，香港金融管理局7月8日在其官网公布了有关离岸人民币债券回购业务优化的具体安排， 以进一步便利债券通北向通投资者参与离岸人民币债券回购业务，相关优化措施将于2025年8月25日正 式启动。具体优化措施包括支持抵押品债券在回购期间再使用、支持外币结算（包括港元、美元和欧 元）。 香港金融管理局表示，上述两项优化措施旨在对标国际市场惯例、提升市场操作便利，以进一步拓展离 岸回购市场的深度和广度，完善离岸人民币流动性市场化安排机制，并提升在岸人民币债券在离岸市场 作为抵押品的使用。 （文章来源：证券时报） 7月8日，在债券通周年论坛2025上，中国人民银行金融市场司副司长江会芬表示，近年来内地与香港金 融市场互联互通机制运行高效平稳，进一步巩固了香港国际金融中心和全球离岸人民币业务枢纽地位。 中国人民银行与香港各方面共同努力，先后推动债券通"北向通""南向通""互换通"落地，持续提升内地 与香港金融市场的联通水平 ...

Core Viewpoint - The development of the bond market in Macau is a key policy focus for the local government, aimed at enhancing financial services and promoting economic diversification [1] Group 1: Bond Market Development - The 2025 Bond Connect Anniversary Forum was held in Hong Kong, focusing on the development of the Chinese bond market and the investment value of RMB assets globally [1] - Macau's bond market has a strong demand for connectivity and internationalization compared to other regions, with efforts to connect with international central securities depositories [1][2] - The issuance of RMB bonds in Macau began in 2019, with the first issuance of 2 billion RMB government bonds led by Bank of China Macau [1][2] Group 2: Infrastructure and Services - The establishment of the Central Securities Depository (MCSD) in December 2021 has created a structured bond market in Macau, with local and foreign banks participating in underwriting [2] - The MCSD provides various services including registration, custody, and settlement, and has facilitated the issuance of bonds listed outside Macau [2][3] - As of May 2025, the total value of debt securities under MCSD custody exceeded 100 billion MOP, with issuers including the Ministry of Finance and local banks [2] Group 3: Future Prospects - The MCSD aims to enhance its systems to provide efficient delivery versus payment (DVP) services and connect with international central securities depositories [3] - The bond issuance mechanism in Macau is evolving, with a focus on high-rated bonds and the introduction of green and ESG-themed bonds [3][4] - The revised financial legal framework in Macau has shifted from an approval system to a registration system for bond issuance, streamlining the process [4]

Core Insights - The Hong Kong Stock Exchange (HKEX) has reported significant growth in the Swap Connect since its launch in May 2023, with monthly transaction amounts increasing from 50 billion yuan to 380 billion yuan by May 2025, representing a 660% growth [1] - The expansion of the Swap Connect reflects strong demand from international investors and is expected to continue growing as the internationalization of the renminbi accelerates [1] Summary by Sections Launch and Growth - The Swap Connect officially started on May 15, 2023, with only 22 offshore investors participating and a first-month transaction amount of 50 billion yuan [1] - By April 2025, the total value of onshore fixed-income products held by international investors reached 4.4 trillion yuan, a 10% increase from the previous year [1] - As of the first quarter of 2025, the number of offshore investors participating in the Swap Connect exceeded 80, with a monthly transaction amount of 380 billion yuan in May 2025, significantly surpassing expectations [1] Market Impact - The transaction amount of the Swap Connect accounted for approximately 8% of the domestic interest rate swap market as of May 2025 [1] - Since December 2024, the trading volume in the Swap Connect has accelerated, with March 2025 seeing record monthly trading volume and transaction counts [1] Regulatory and Structural Enhancements - The rules governing the Swap Connect have been continuously optimized since its launch, including an expansion of eligible collateral for northbound swaps in January 2025 and an extension of the maximum remaining term for interest rate swap contracts from 10 years to 30 years [1] - These enhancements are expected to provide breakthroughs for the offshore derivatives market, including improved hedging tools and increased capital efficiency [1] Future Developments - HKEX plans to expand the product types available in the Swap Connect later this year, including contracts referencing the one-year loan market quotation rate [1] - The share of global trade settled in renminbi has reached nearly 6%, surpassing the euro, with cross-border renminbi settlements between China and ASEAN countries exceeding 5.8 trillion yuan in 2024, more than double that of 2021 [1] Investor Sentiment - The Swap Connect has become the preferred interest rate risk hedging tool for offshore investment institutions, with some investors shifting from the NDIRS market to the Swap Connect for risk hedging and arbitrage opportunities [1] - Analysts suggest that narrowing NDD spreads will attract more overseas investors, enhancing market participation and activity [1]

Core Viewpoint - The meeting between CICC Chairman Chen Liang and Qatari officials focused on the latest trends in capital markets and potential areas for collaboration, emphasizing the importance of bilateral investment between China and Qatar [1] Group 1: Meeting Outcomes - CICC and Qatari officials discussed the latest developments in capital markets and various business cooperation opportunities [1] - A consensus was reached to promote comprehensive cooperation across multiple fields and enhance financial market connectivity between China and Qatar [1] - The parties expressed a commitment to guide enterprises from both regions in engaging in mutual investments [1]

智通财经APP获悉，6月30日，港交所公告，在两地监管机构的指导与支持下，香港交易所旗下的香港 场外结算有限公司与中国外汇交易中心和上海清算所，将"北向互换通"产品合约期限延长至30年。优化 措施推出当日，25 家境内外机构积极参与10年以上的人民币利率互换，累计交易笔数为56笔，名义本 金规模达15.3 亿元人民币。三方基础设施顺利组织完成首日的交易、清算和结算，系统运行正常平稳。 本次"北向互换通"优化措施的推出将进一步拓展境内外利率衍生品市场互联互通的深度与广度，丰富跨 境风险管理工具箱，满足境内外机构多样化风险管理需求：一是完善收益率曲线，与现有短期、中长期 利率互换产品协同，构建覆盖全期限的利率风险管理体系；二是填补超长期限利率管理工具空白，为保 险、养老金等长期资金提供精准久期匹配工具，有效对冲超长期限债券的利率波动风险；三是提升跨境 投资策略多样性，支持国际投资者构建更复杂的利率曲线交易策略，提升人民币资产配置效率。 作为连接内地与香港金融衍生品市场的创新举措，"北向互换通"自2023年5月上线以来，交易日趋活 跃，为两地金融市场注入了新的活力。截至2025年6月末，"北向互换通"累计成交7.1 ...

第一章、中国专业市场的发展综述 第一节、专业市场的相关概述 一、专业市场的内涵 二、专业市场的分类 （一）、按照发展程度分类 （二）、按照地域特点分类 （三）、按照商品交换方式分类 （四）、按照商品属性分类 三、专业市场的功能 四、专业市场与产业集群的互动机理 （一）、专业市场与产业集群的关系 （二）、产业集群与专业市场的联动 （三）、促进专业市场与产业集群互动的建议 五、本报告的数据来源及统计标准说明 第二节、专业市场发展政策环境分析 一、行业监管体系及机构介绍 二、行业相关执行规范标准 （一）、现行标准 （二）、即将实施标准 （三）、行业发展相关政策及规划汇总 （四）、行业发展重点政策及规划解读 三、政策环境对专业市场行业发展的影响分析 第三节、专业市场经济环境分析 一、国内宏观经济发展现状 （一）、GDP增长 （二）、固定资产投资 （三）、工业增加值 （四）、社会消费品零售总额 二、国内宏观经济发展展望 （一）、疫情发生前对经济发展预测 （二）、疫情发生后对经济发展预测 三、行业发展与宏观经济发展相关性分析 第四节、专业市场社会环境分析 一、中国人口规模 二、中国城镇化水平 三、中国国有建设用地供应规模 ...

Group 1 - Hong Kong's international financial center is thriving, with the Hong Kong Stock Exchange leading global IPO activities, completing 35 IPOs and raising nearly 1000 billion HKD by June 23, 2025 [1] - The number of companies waiting for IPO approval in Hong Kong exceeds 160, with over 40 applications submitted in May alone [1] Group 2 - Chinese securities firms play a crucial role in enhancing Hong Kong's status as an international financial center, becoming significant players in the IPO market and driving fundraising to global prominence [2][3] - The IPO market in Hong Kong has shown a notable recovery, with fundraising exceeding the total for the entire year of 2024, aided by Chinese securities firms' deep local resources and understanding of regulatory frameworks [3] Group 3 - Chinese securities firms are increasingly dominating the IPO market, surpassing foreign institutions in the number of projects, as evidenced by the successful listing of Haitian Flavoring and Food Company, which became the second-largest IPO in Hong Kong this year [4] - The involvement of major international investment banks alongside Chinese firms highlights the growing maturity and competitiveness of Chinese securities firms in the local market [4] Group 4 - Chinese securities firms facilitate cross-border capital flow and deepen the connectivity between mainland and Hong Kong capital markets, with a significant increase in trading volume through the Hong Kong Stock Connect [5] - In 2024, the trading amount serviced by Chinese securities firms for the Hong Kong Stock Connect reached 11.2 trillion HKD, a year-on-year increase of 64.9% [5] Group 5 - Chinese securities firms are expanding their presence in Hong Kong, with 35 subsidiaries established by the end of 2024, reflecting their commitment to the market [6] - The establishment of a wholly-owned subsidiary by Western Securities with an investment of 1 billion RMB underscores the confidence of Chinese firms in maintaining financial stability in Hong Kong [6]