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]

第二阶段由12月1日起，特定人民币资本支出和营运资金定期贷款将纳入合资格业务范围，大幅增加参 加银行及海外机构运用人民币业务资金安排的应用场景，为银行提供较可预测及稳定的人民币资金成本 渠道。第三阶段由明年2月2日起，参加银行在回购交易期内可按需要更换抵押品，回购交易的抵押品管 理和交收周期，将全程自动化处理，以确保抵押品市场流动性，有助香港债券市场持续发展。 余伟文表示，10月9日起，金管局还将优化人民币流动资金安排。具体措施包括重新分配日间和即日隔 夜人民币资金额度，以帮助银行满足日益增加的跨境人民币支付结算日间资金需求。此外，还将增加翌 日（T+1）交收的两周和一个月期限回购协议，支持银行在管理资金方面拥有更大灵活性。 新华社香港9月26日电（记者刘英伦）香港金融管理局26日宣布，10月9日起将推出新的"人民币业务资 金安排"，扩展合资格资金用途，还将优化人民币流动资金安排，确保市场有足够流动性拓展离岸人民 币业务，更大力度地推动离岸人民币在实体经济的使用。 余伟文提到，近期市场对人民币作为融资货币的需求大幅提升，银行业人民币贷款对存款比率由2022年 9月约20%攀升至今年6月的逾90%，企业对较长期 ...

(机遇香港)香港金管局：香港日均外汇交易额20年内增长逾六倍 中新社香港9月26日电 (记者 魏华都)香港金融管理局副总裁陈维民26日表示，香港日均外汇交易额20年 内增长超过六倍，于2024年达到6700亿美元，排名从全球第六位升至第四位。以港元计价的未偿还债券 总额，由2005年的6640亿港元增至去年超过2.8万亿港元。 陈维民当天在香港出席由香港金融管理局与财资市场公会合办的2025财资市场高峰会时，作出以上表 示。 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 9月26日，香港金融管理局副总裁陈维民在香港出席由香港金融管理局与财资市场公会合办的2025财资 市场高峰会。(香港金融管理局 供图) 高峰会有超过300人参与，探讨环球金融秩序、香港作为企业财资中心的枢纽角色，以及人工智能应用 对财资市场带来的转变等重要议题。 香港金融管理局总裁余伟文发表主题演讲，分享香港离岸人民币市场的最新进展和未来方向。他表示， 将加强人民币流动性机制，在融 ...

香港金管局副总裁陈维民在财资市场高峰会表示，香港离岸人民币市场过去20年显著成长，日均外汇交 易金额增长逾6倍至去年的6700亿美元，全球排名由第6位上升到第4位；以港元计价的未偿还债券总 额，由2005年的6640亿港元增至去年超过2.8万亿港元。 香港财资市场公会成立20周年，身兼理事会主席的陈维民认为，香港财资市场公会在推广实践、促进产 业合作、增强市场竞争力和发展方面发挥重要作用。香港财资市场公会未来将更加著重反映市场意见和 提出政策建议，使本港财资市场更有效率、更具竞争力和前瞻性。 另外，昨日公布《固定收益及货币市场发展路线图》，旨在协调各方力量，使香港成为更具竞争力的固 定收益和货币市场，形容路线图是与业界广泛沟通的成果。 ...

天风证券近日发布研报分析认为，当前债市震荡格局较为凸显，仍在寻锚的过程中，更多由市场情绪、 机构行为、流动性等短期因素主导，这些因素对于利空或利多因素的定价权重以及对各类因素的交易程 度，决定了短期内债市的演绎方向。 【环球网财经综合报道】9月25日，香港证监会与香港金管局联合发布香港的《固定收益及货币市场发 展路线图》，透过促进需求、流动性及创新，策略性定位香港成为全球固定收益及货币中心。 《路线图》围绕四大支柱提出关键措施，包括一级市场发行、二级市场流动性、离岸人民币业务及新一 代基建。《路线图》经深入咨询业界持份者后制定，将成为证监会与金管局未来数年制订和推行相关政 策工作的蓝图，以支持香港资本市场的多元和可持续发展。 《路线图》提出十项倡议，旨在巩固香港的现有优势，包括进一步吸引发行人以香港作为集资枢纽，并 为发行人及投资者提供风险管理及流动性管理工具；同时，《路线图》强调开拓新局面，包括提升离岸 人民币的使用规模和流动性，以及发展新一代金融基建以赋能市场创新。 同日，中国央行宣布四项举措加快离岸人民币市场发展，其中也提到扩充"互换通"报价商队伍和优化管 理机制、提升北向交易每日额度至450亿元人民币 ...

9月25日，香港证券及期货事务监察委员会与香港金融管理局联合举办首届香港固定收益及货币论坛，中国人民银行副行长邹澜出席并发表主 旨演讲。 近年来，人民银行立足债券市场宏观管理，着力完善市场化运行机制，加强债券市场基础设施统筹，提高市场运行效率，健全规则统一的违约 风险防范与处置机制，持续推动市场统一对外开放。 我国债券市场在高质量发展中亦逐渐走向成熟：当前，中国债券净融资规模占社会融资总规模的比重，已由五年前的30%左右跃升至40%以 上。债券交易更加活跃，国债的年换手率由五年前的2.4上升至3.8，投资者类型日益丰富，各类创新产品及交易机制也得到广泛应用，债券市 场的深度和广度、国际影响力和吸引力持续提升。 邹澜宣布，为进一步提升跨境投融资便利化水平，推动金融市场高水平开放，加快离岸人民币市场发展，近期人民银行将重点推动以下几项举 措落地： 一是支持各类境外机构投资者在中国债券市场开展债券回购业务，提高人民币债券的使用效率； 二是扩充互换通报价商队伍，优化报价商管理机制，并将每日交易净限额从200亿元提高至450亿元，便利投资者开展利率风险管理； 三是会同相关部门在香港市场提供更多离岸人民币国债等高信用等级 ...

李卢霞 曹凤文 黄斯佳 王靖斐 杨妍 祝修业 研 究 夯实增长引擎 巩固枢纽角色 ——香港特区政府《行政长官 2025 年施政报告》解读 阅读摘要 报 告 《2025 年施政报告》延续主动对接国家发展战略、聚焦本 地经济民生的政策思路，致力推动香港加快迈向"由治及 兴"的新阶段，主要内容包括： 提升产业竞争力。重点巩固国际金融中心地位，包括拓展 离岸人民币业务、推动金融科技创新、发展黄金及大宗商 品交易，并强化股市、债市、绿色金融及资管等优势。同 时，积极培育人工智能、生命健康、新能源、低空经济等 新兴产业，吸引高增值企业落户。 夯实发展基础。加快北部都会区建设，首次提出成立北都 发展委员会、订立专属法例。强化"超级联系人"角色， 一方面，成立"内地企业出海专班"、持续深化大湾区互联 互通，另一方面，推动共建"一带一路"、深化国际经贸网 络，增强"超级联系人"枢纽地位。打造专业人才高地， 提出扩大非本地生招生名额至 50%，加速建设"北都大学 城"，推广"香港留学"品牌，推出"产学创科人才交流计 划"。 欢迎扫码关注 工银亚洲研究 中国工商银行（亚洲） 东南亚研究中心 关爱民生福祉。提出增加房屋供应、优化置业 ...

Group 1: Drone Industry in the Greater Bay Area - The demand for drone assembly and testing positions in the Greater Bay Area has increased by 166.4% year-on-year as of the first half of 2025 [1] - The demand for drone engineers has also seen a significant rise of 57.5% [1] - Continuous upgrades in drone technology and the expansion of application scenarios are driving this surge in job demand [1] Group 2: National Debt Issuance in Macau - The Ministry of Finance will issue 60 billion RMB in national bonds in Macau on July 16, marking the fourth consecutive year of such issuances [2] - This issuance aims to enhance the regular issuance mechanism and provide safe investment options for investors [2] - The move is expected to attract international investors and promote the development of Macau's offshore RMB market [2] Group 3: Elderly Products Industry in Guangdong - Guangdong's elderly products industry achieved a revenue of 655.1 billion RMB in 2024, reflecting a year-on-year growth of 10.2% [3] - The province has 6,814 large-scale elderly products enterprises, covering various sectors such as medical devices and nutritional products [3] - Guangdong's advantages in manufacturing costs and technological innovation are driving growth in the silver economy [3] Group 4: BYD's Automotive Export - BYD's "Shenzhen" automobile transport ship has set sail for Europe carrying over 6,800 electric vehicles [4] - Among the exported vehicles, over 1,100 are from the Song series produced in the Shenzhen area [4] - The "factory-to-port" model allows for rapid transition from production to shipping, highlighting the efficiency of the Shenzhen manufacturing hub [4] Group 5: Shenzhen Stock Market Update - The Shenzhen Component Index closed at 10,581.80 points, down 0.06% [5] - Notable gainers included New City with a price of 17.86 RMB, up 20.03%, and Tongguan Copper Foil at 20.26 RMB, also up 20.02% [6] - Decliners included *ST Zitian at 4.47 RMB, down 20.04%, and Baoming Technology at 63.52 RMB, down 10% [6]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) is actively collaborating with mainland regulatory authorities to advance the inclusion of a Renminbi (RMB) stock trading counter into the Hong Kong Stock Connect, with technical preparations progressing smoothly and implementation details expected to be announced soon [1][3]. Group 1: Development of RMB Fixed Income Market - One of the key focuses for the SFC this year is the development of the fixed income and currency markets, particularly the RMB fixed income market [2]. - The issuance of offshore RMB bonds in Hong Kong has seen rapid growth, with the total amount surpassing 1 trillion yuan in 2024, representing a 37% year-on-year increase [3]. - The Ministry of Finance has increased the frequency and scale of issuing national bonds in Hong Kong, particularly mid- to long-term bonds, to better meet international investors' needs [3]. Group 2: Enhancing Market Liquidity - The SFC aims to enhance the liquidity of the secondary bond market, which will provide issuers with more competitive pricing conditions and a broader investor base [4]. - The development of derivative instruments is crucial for bond investors to hedge risks and manage liquidity [4]. Group 3: Infrastructure Development for Offshore RMB Products - The SFC supports financial institutions in developing more attractive and diversified derivative products, including interest rate, foreign exchange, and credit derivatives [5]. - There is an understanding of the market's expectation for the prompt launch of national bond futures, with ongoing collaboration with mainland regulatory bodies to advance preparations [5]. - The establishment of an offshore RMB-related product infrastructure, including front and back office systems, is being researched to enhance the stability of Hong Kong's financial system and provide an efficient and transparent trading platform for offshore RMB assets [5].

Group 1 - The Hong Kong stock market and traditional asset management are experiencing steady growth, with significant developments in digital assets. The government plans to release a second policy declaration on digital asset development to outline future policy directions [1][2] - The Hang Seng Index has increased by over 3,800 points this year, representing a rise of approximately 20%, making it one of the top performers among major global indices. The average daily trading volume in the stock market has increased by about 120% year-on-year, reaching HKD 242 billion [1] - As of March this year, the number of registered funds in Hong Kong reached 976, with a net inflow of over USD 44 billion, marking a growth of 285%. Hong Kong is expected to become the largest cross-border asset management center globally within the next two to three years [1] Group 2 - Hong Kong has made significant progress in digital finance, green finance, and the offshore RMB market. Since the first policy declaration on digital asset market development at the end of 2022, the market has accelerated, with 10 virtual asset trading platforms licensed and 8 more applications being processed [2] - The government plans to introduce specific measures to better integrate traditional financial services with technological innovations in the digital asset sector, enhancing the safety and flexibility of digital assets in real economic activities [2] - The recently passed Stablecoin Ordinance will establish a licensing system for fiat-backed stablecoin issuers, effective from August 1. The global stablecoin market is estimated to be around USD 240 billion, with over USD 20 trillion in trading volume last year, indicating a growing demand for stablecoins [2]