资金面仍偏紧；债市窄幅震荡 （三）大宗商品 【内容摘要】11 月 18 日，资金面仍偏紧；债市窄幅震荡；转债市场主要指数集体跟跌，转债 个券多数下跌；各期限美债收益率普遍下行，主要欧洲经济体 10 年期国债收益率走势分化。 一、债市要闻 （一）国内要闻 【国家统计局发布 10 月份分年龄组失业率数据】11 月 18 日，国家统计局发布 10 月份分年龄 组失业率数据。10 月份，全国城镇不包含在校生的 16-24 岁劳动力失业率为 17.3%，不包含在 校生的 25-29 岁劳动力失业率为 7.2%，不包含在校生的 30-59 岁劳动力失业率为 3.8%。 【"两重"项目持续加力，基建投资增速料提升】近期，多个"两重"建设项目陆续开工。"两 重"是指国家重大战略实施和重点领域安全能力建设。日前召开的国务院常务会议提出，要把 "两重"建设放在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻性、全局性要求，强 化部门协同，注重软硬结合，推动国家重大战略深入实施、重点领域安全能力稳步提升。 【北京：鼓励符合条件的科创企业通过债券市场募集资金】11 月 18 日，央行北京市分行等 12 部门印发《金融支持北京市提振和 ...

Core Viewpoint - China Bank has successfully coordinated the issuance of dim sum bonds for leading technology companies such as Alibaba, Baidu, Tencent, and Meituan in the Hong Kong market, with a total issuance amount exceeding 47 billion yuan, reflecting strong demand in the offshore RMB financing market [1] Group 1: Issuance Details - The total issuance amount of dim sum bonds exceeded 47 billion yuan, with subscription amounts close to 150 billion yuan, which is 3.2 times the issuance amount [1] - Dim sum bonds, also known as offshore RMB bonds, are issued outside of China and denominated in RMB, providing a diversified financing channel for enterprises in mainland China and Hong Kong [1] Group 2: Market Impact - The issuance of these bonds enhances the circulation efficiency and international usage of the RMB [1] - China Bank leverages its global advantages and comprehensive features to assist technology leaders in their first issuance of dim sum bonds, achieving innovative breakthroughs in terms of maturity structure, issuing entities, and market capacity [1] - This initiative enriches the issuing entities and improves the market ecosystem, injecting new momentum into the offshore RMB market and expanding new channels for technology finance [1]

Core Insights - The internationalization of the Renminbi (RMB) has reached a new level, becoming the largest settlement currency for China's foreign receipts and payments, the second largest trade financing currency globally, and the third largest payment currency [1][2] Group 1: RMB Usage and Growth - The RMB cross-border payment amount reached 35 trillion yuan in the first half of 2025, a year-on-year increase of 14%, with goods trade accounting for 6.4 trillion yuan, representing 28% of total cross-border payments [1] - The network effect of RMB international usage is gradually becoming evident due to improved policy frameworks and high-level trade investment facilitation trials [1] Group 2: Offshore RMB Market Development - The offshore RMB market is developing healthily, with over 10 trillion yuan of RMB financial assets held by foreign entities and more than 80 countries including RMB in their foreign exchange reserves [2] - Major offshore markets have RMB deposits totaling 1.6 trillion yuan, and the stock of offshore RMB bonds and Panda bonds issued by foreign institutions is approximately 2 trillion yuan [2] Group 3: Policy Recommendations for RMB Internationalization - To better serve the real economy, there is a need to optimize cross-border trade and investment RMB settlement policies and enhance the financial service capabilities of commercial banks [3] - Continued improvement of RMB financing support policies and tools is essential, along with encouraging more eligible foreign institutions to issue Panda bonds in China [3] Group 4: Support for Offshore RMB Market - There is a focus on enhancing cross-border RMB liquidity supply arrangements and optimizing the layout of clearing banks to support the development of the offshore RMB market [4] - Strengthening the position of Hong Kong as an international financial center and offshore RMB business hub is a priority [4]

Primary Market - A total of 26 offshore bonds were issued this week (November 3 - November 7, 2025), including 9 offshore RMB bonds and 17 USD bonds, with issuance scales of 10.3996 billion RMB and 10.58 billion USD respectively [1] - The largest single issuance in the offshore RMB bond market was 3 billion RMB by China Railway Construction Corporation, while the highest coupon rate was 6.6% issued by Shandong High Creation Holdings Group [1] - In the USD bond market, the largest single issuance was 500 million USD by China Cinda (Hong Kong) Holdings, with the highest coupon rate of 5.15% issued by the Asian Development Bank [1] Secondary Market - The yield on Chinese USD bonds mostly declined this week, with the Markit iBoxx Chinese USD Bond Composite Index down 0.02% to 251.02 [2] - The investment-grade USD bond index increased by 0.05% to 243.65, while the high-yield USD bond index decreased by 0.53% to 244.48 [2] - The real estate USD bond index fell by 1.16% to 184.4, while the city investment USD bond index rose by 0.06% to 153 [2] Benchmark Spread - As of November 7, 2025, the spread between the 10-year benchmark government bonds of China and the US narrowed to 228.72 basis points, a decrease of 1.52 basis points from the previous week [3] Rating Changes - On November 3, China Chengxin International Credit Rating Co. withdrew the long-term credit rating of "BBBg-" for Chongqing Fuling Lingang Economic Zone Construction Development Group due to commercial reasons [5] - On November 6, Fitch Ratings withdrew the "A-" rating for Jiangxi Railway Aviation Investment Group Co., Ltd. as the company chose not to participate in the rating process [5] Domestic News - The People's Bank of China resumed open market operations for government bond trading, with a net injection of 20 billion RMB in October [6] - On November 5, the Ministry of Finance successfully issued 4 billion USD in sovereign bonds in Hong Kong, with a total subscription amount of 118.2 billion USD, 30 times the issuance amount [7] - The Deputy Governor of the People's Bank of China, Lu Lei, announced measures to support the development of the offshore RMB market, including regular issuance of RMB central bank bills in Hong Kong [8] Offshore Debt Alerts - On November 5, Sunac China announced that its offshore debt restructuring plan was approved by the High Court [10] - On November 6, Yuexiu Property announced a financing agreement for a term loan of 600 million HKD [11] - On November 6, Country Garden's offshore debt restructuring plan was approved with over 75% of creditor votes in favor [12] - On November 7, Shimao Construction reported a significant lawsuit involving approximately 11.291 billion RMB and issues related to bond defaults and overdue debts [13]

Core Viewpoint - The People's Bank of China (PBOC) highlights the steady opening of China's financial market and the healthy development of the offshore RMB market, indicating a significant increase in the global attractiveness of RMB assets [1] Group 1: Financial Market Development - The total value of RMB financial assets held by foreign entities exceeds 10 trillion yuan [1] - Central banks or monetary authorities from over 80 countries and regions have included RMB in their foreign exchange reserves [1] - RMB bonds and stocks have been incorporated into mainstream global asset trading indices [1] Group 2: Offshore RMB Market - The interconnection between mainland and Hong Kong financial markets is deepening, with Hong Kong emerging as a core hub for offshore RMB business [1] - Major offshore RMB markets such as London, Singapore, and Dubai have developed unique characteristics [1] - The total amount of RMB deposits in major offshore markets reaches 1.6 trillion yuan [1] - The stock of offshore RMB bonds and Panda bonds issued by foreign institutions is approximately 2 trillion yuan [1]

Core Viewpoint - The People's Bank of China is actively supporting the development of the offshore RMB market by enhancing cross-border RMB liquidity supply arrangements and optimizing the layout of clearing institutions [1] Group 1: Policy Support - The central bank will continue to strengthen liquidity support for clearing institutions [1] - There will be ongoing issuance of central bank bills to enrich liquidity management and risk management tools [1] - The aim is to consolidate and enhance Hong Kong's status as an international financial center and offshore RMB business hub [1] Group 2: Market Development - The central bank encourages domestic and foreign institutions to issue and trade RMB assets overseas [1] - The focus is on creating a more robust framework for cross-border RMB transactions [1]

Core Viewpoint - The People's Bank of China (PBOC) aims to create a favorable environment for domestic and foreign entities to hold and use the Renminbi, focusing on enhancing services for the real economy, deepening the currency's financing functions, and promoting high-level financial market openness [1][2]. Group 1: Enhancing Services for the Real Economy - The PBOC plans to better serve the real economy by facilitating trade and investment, optimizing cross-border trade policies, and improving the management of funds for companies listed abroad [1]. - There will be an emphasis on enhancing the cross-border financial service capabilities of commercial banks, including streamlining processes and improving the efficiency of Renminbi fund transactions [1]. Group 2: Deepening Renminbi Financing Functions - The PBOC will continue to refine Renminbi financing support policies and tools, leveraging the central bank's currency swap mechanisms to support cross-border use of the Renminbi [1]. - Encouragement will be given to more eligible foreign institutions to issue Panda bonds in China, enhancing the currency's international financing capabilities [1]. Group 3: Promoting High-Level Financial Market Openness - The PBOC aims to enhance the transparency, regulatory framework, and predictability of financial markets to improve trading efficiency and liquidity [1]. - There will be efforts to attract more foreign institutions to invest in domestic markets, supporting the development of Shanghai as an international financial center and a hub for Renminbi asset allocation and risk management [1]. Group 4: Supporting Offshore Renminbi Market Development - The PBOC will improve cross-border Renminbi liquidity arrangements and optimize the layout of clearing banks, providing ongoing support for liquidity policies [2]. - There will be a focus on supporting various institutions to issue and trade Renminbi assets abroad, including regular issuance of central bank bills to enhance liquidity management and risk management tools [2].

Core Points - The Hong Kong Monetary Authority (HKMA) is launching the "Renminbi Business Funding Arrangement" starting from October 9, 2025, to replace the "Renminbi Trade Financing Liquidity Arrangement" introduced in February 2025, with multiple optimization measures and expanded eligible funding uses [1][2] - This new arrangement aims to provide enterprises with long-term Renminbi financing for trade, daily operations, and capital expenditures, thereby supporting the real economy's use of Renminbi [1] - The total quota for the "Renminbi Business Funding Arrangement" is set at 100 billion Renminbi, to be implemented in three phases [2] Industry Insights - The demand for Renminbi as a financing currency has significantly increased, as evidenced by the loan-to-deposit ratio for Renminbi in the banking sector rising from approximately 20% in September 2022 to over 90% in June 2025, indicating a growing need for long-term Renminbi loans among enterprises [1] - The HKMA's previous initiatives, including the introduction of the Renminbi Liquidity Facility in June 2012 and the Renminbi Trade Financing Liquidity Arrangement in February 2025, have been responses to the evolving offshore Renminbi market and its liquidity needs [2] - The new arrangement is expected to enhance Hong Kong's position as a leading global offshore Renminbi business hub by broadening the scope of eligible funding uses compared to the previous arrangement [2] Future Outlook - As the use of Renminbi in cross-border investments becomes more convenient, interest from foreign investors in Renminbi assets is anticipated to grow, promoting the internationalization of Renminbi asset allocation [3] - Strengthening regulatory coordination and cross-border cooperation is essential, including enhancing the interconnectivity of cross-border payment systems, improving financial infrastructure, and developing cross-border settlement mechanisms [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The central bank's four measures will promote the internationalization of the offshore RMB bond market, enhance the willingness of overseas funds to allocate and market liquidity, and inject lasting impetus into the internationalization of the bond market [2][9][10] - In August, the profits of large - scale industrial enterprises above the national level increased significantly year - on - year, driving the cumulative profit growth rate from January to August to turn positive, indicating a gradual recovery of micro - entity vitality [3][11][12] - In the money market, due to the approaching National Day holiday and end - of - quarter disturbances, most capital prices rose, and the central bank conducted net capital injections through open - market operations [4][14] - In the primary market of credit bonds, the issuance scale increased significantly last week, with different performance among industries and fluctuations in issuance costs [5][17] - In the secondary market of credit bonds, trading activity increased, bond yields mostly rose, credit spreads widened across the board, and rating spreads changed slightly [6][30] 3. Summary According to Relevant Catalogs Market Hotspots - On September 25th, the central bank announced four measures to accelerate the development of the offshore RMB market, including supporting overseas institutional investors' participation in the repurchase business of the domestic bond market, expanding the "Swap Connect" quotation dealer team and increasing the daily north - bound trading quota, increasing the supply of RMB assets such as treasury bonds in the Hong Kong market, and accelerating the listing of RMB treasury bond futures in Hong Kong. These measures will form a complete closed - loop of "asset supply - trading convenience - risk hedging" [2][9] Macroeconomic Data - In August, the profits of large - scale industrial enterprises above the national level increased by 20.4% year - on - year, driving the cumulative profit growth rate from January to August to turn from - 1.7% in January - July to 0.9%. Low base in the same period of 2024, "anti - involution" policies, and effective cost control contributed to this improvement. In terms of industries, the equipment manufacturing and raw material manufacturing industries performed well. At the enterprise level, private, medium - sized, and small enterprises showed good profit growth [3][11][12] Money Market - Last week, the central bank conducted a net capital injection of 1122.3 billion yuan through open - market operations. Affected by the approaching National Day holiday and end - of - quarter disturbances, most capital prices rose. Except for the 1 - day pledged repurchase rate, which decreased by 15bp, other term pledged repurchase rates increased by 2 - 18bp. The 3 - month and 1 - year Shibor slightly increased, and the spread between them narrowed [4][14] Primary Market of Credit Bonds - The issuance scale of credit bonds increased significantly last week, reaching 447.423 billion yuan, with an average daily issuance scale of 89.485 billion yuan. The cancellation scale of issuance also increased. In terms of bond types, the issuance scale of ultra - short - term financing bills and medium - term notes increased significantly. In terms of industries, the infrastructure investment and financing industry and the power production and supply industry in the industrial bond sector had large increases in issuance scale. The infrastructure investment and financing industry had a net capital outflow, while the power production and transportation industries in the industrial bond sector had large net inflows, and the light manufacturing industry had a large net outflow. The average issuance cost of credit bonds fluctuated, with changes ranging from 1bp to 59bp [5][17][26] Secondary Market of Credit Bonds - The trading volume of cash bonds in the secondary market last week was 9387.09 billion yuan, with an average daily trading volume increase of 2.5216 billion yuan. Trading activity continued to rise. Bond yields mostly rose. For interest - rate bonds, the yields of treasury bonds and policy - bank bonds mostly increased, with a maximum increase of 5bp, and the 10 - year treasury bond yield remained stable at 1.88%. For credit bonds, yields increased by 3 - 12bp. Credit spreads widened by 5 - 12bp across the board, and rating spreads changed within 3bp [6][30] Appendix - The report lists bond market credit risk events, including bond defaults, extensions, etc. of several companies [42] - It also summarizes regulatory and market innovation dynamics, such as policies to support digital consumption, sports industry, and debt financing of mature - layer enterprises, as well as measures to optimize market mechanisms and simplify procedures [43][44] - The monthly net financing amounts of major credit bond types from January 2024 to August 2025 are presented [45]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) will launch a new "Renminbi Business Funding Arrangement" on October 9, aimed at expanding the eligible uses of funds and optimizing Renminbi liquidity arrangements to enhance offshore Renminbi business and its use in the real economy [1][2] Group 1: New Funding Arrangement - The new funding arrangement will be implemented in three phases, starting with a lower interest rate for participating banks using Renminbi business funding, calculated based on the Shanghai Interbank Offered Rate, eliminating the previous 25 basis points premium [1] - Participating banks will be allowed to provide Renminbi trade financing services to corporate clients through overseas bank institutions within the same group, enhancing Hong Kong's influence in the offshore market [1] Group 2: Phased Implementation - The second phase, starting December 1, will include specific Renminbi capital expenditure and operating loan arrangements, significantly increasing the scenarios for participating banks and overseas institutions to utilize the funding arrangement [1] - The third phase, beginning February 2 next year, will allow participating banks to change collateral during repurchase transactions as needed, with automated management and settlement processes to ensure liquidity in the collateral market [1] Group 3: Optimization of Liquidity Arrangements - The HKMA will also optimize Renminbi liquidity arrangements by reallocating daytime and overnight Renminbi funding quotas to meet the growing demand for cross-border Renminbi payment settlements [2] - The introduction of two-week and one-month term repurchase agreements for T+1 settlements will provide banks with greater flexibility in managing funds [2] Group 4: Market Demand for Renminbi - There has been a significant increase in demand for Renminbi as a financing currency, with the loan-to-deposit ratio for Renminbi loans in the banking sector rising from approximately 20% in September 2022 to over 90% in June this year [2] - There is also a growing demand from enterprises for longer-term Renminbi loans [2]