｜2025年9月15日 星期一｜ NO.1券商8月份发债近3000亿元，创年内新高 随着A股行情继续向好，券商发债"补血"需求水涨船高。9月12日晚间，第一创业公告称，证监会同意 该公司向专业投资者公开发行不超过80亿元公司债券。就在9月10日，国泰海通披露，该公司不超过300 亿元次级公司债券的注册申请已获得证监会批复；同日，中信证券也公告，其不超过600亿元公司债券 的计划收到证监会批文。Wind数据显示，9月以来，券商已完成19只债券发行（统计口径含银行间市 场，下同），发行规模452亿元。另有32只债券正处发行阶段，计划募资规模合计779亿元。而在8月， 券商发债迎来了年内高峰。数据显示，当月券商合计发行141只债券，募集规模达2935亿元，两项数据 均创下年内月度新高；年内次高峰则在7月，券商共发行86只债券，发行规模合计达1576.13亿元。 点评：西南证券集中处置逾70项资产，实为旗下资管产品处置违约债券抵债资产。此举反映券商在风险 处置上的积极态度，对相关资管产品投资者形成一定保障。对券商板块而言，凸显风险管理重要性，行 业或更趋审慎。整体看，市场对金融机构风险处置能力关注度提升，有利于资本市 ...

Core Viewpoint - The trust funds are accelerating their entry into the market amid a structural market trend, with significant growth in the establishment of trust products, particularly in bond and equity investments [1] Group 1: Trust Fund Market Trends - In July, the number of established standard trust products increased by over 17% month-on-month [1] - Both bond investment and equity investment trust products saw significant month-on-month growth in establishment numbers [1] Group 2: Investment Strategies - Leading trust companies are actively promoting "fixed income plus" strategies, increasing allocations to convertible bonds, REITs, and other rights-related assets [1] - The decline in risk-free interest rates is creating continuous structural opportunities in the capital market, prompting institutional funds to accelerate their market entry [1] Group 3: Asset Allocation - Equity assets are becoming a necessary option for asset allocation as institutional funds seek to capitalize on emerging opportunities [1]