Core Points - The second batch of Sci-Tech bonds supported by risk-sharing tools will be issued from November 26 to 28, following a successful roadshow on November 24 [1] - Four private equity investment institutions are set to issue a total of 930 million yuan in Sci-Tech bonds, aimed at financing technology innovation activities [1] - The issuance of these bonds marks an increase in participation from private equity firms in the interbank bond market under policy support [1] Group 1 - The four private equity institutions involved are: Basis Asset Management Co., Ltd., Shenzhen Tongchuang Weiye Asset Management Co., Ltd., Shengjing Jiacheng Investment Management Co., Ltd., and Shanghai Daohua Long-term Investment Management Co., Ltd. [1] - Basis Capital, one of the earliest venture capital and private equity firms in China, plans to issue 400 million yuan in bonds, with a total registered quota of 1.5 billion yuan over two years [1][2] - The bonds have a term of up to 10 years, aligning with the investment horizon of the managed Sci-Tech funds, providing stable long-term funding [2] Group 2 - The risk-sharing tools have significantly enhanced the issuance capacity of Basis Capital's Sci-Tech bonds, ensuring basic funding for their planned funds over the next two years [2] - Three of the four participating companies received credit enhancement from the risk-sharing tools, while one received market-based credit enhancement [2] - The "Technology Board" in the bond market has seen positive progress, with 276 companies issuing a total of 534.6 billion yuan in Sci-Tech bonds, representing over 10% of the total bond issuance in the interbank market [3] Group 3 - The participation of private enterprises in the bond market has notably increased, with 55 private companies issuing 107.4 billion yuan in Sci-Tech bonds, accounting for 20% of the total issuance [3] - The risk-sharing tools have effectively leveraged funds into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating the "debt-to-investment" effect [3] - The trading association plans to continue utilizing risk-sharing tools to develop the "Technology Board" and attract more financial resources for early-stage, small-scale, long-term investments in hard technology [3]

1. Macroeconomic Data Overview - GDP growth rate in Q3 2025 was 4.8% year-on-year, down from 5.2% in the previous quarter but up from 4.6% in the same period last year [1] - In October 2025, the manufacturing PMI was 49.0%, down from 49.8% in the previous month and 50.1% in the same period last year [1] - The non-manufacturing PMI for business activities in October 2025 was 50.1%, up from 50.0% in the previous month but down from 50.2% in the same period last year [1] - The incremental social financing scale in October 2025 was 816.1 billion yuan, down from 3.5299 trillion yuan in the previous month and 1.412 trillion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of M0, M1, and M2 were 10.6%, 6.2%, and 8.2% respectively, showing a downward trend compared to the previous month [1] - New RMB loans in October 2025 were 220 billion yuan, down from 1.29 trillion yuan in the previous month and 500 billion yuan in the same period last year [1] - In October 2025, the year-on-year growth rates of CPI and PPI were 0.2% and -2.1% respectively [1] - The cumulative year-on-year growth rate of fixed asset investment (excluding rural households) from January to October 2025 was -1.7%, showing a decline [1] - The cumulative year-on-year growth rate of total retail sales of consumer goods from January to October 2025 was 4.28%, slightly down from the previous month but up from the same period last year [1] - In October 2025, the year-on-year growth rates of export and import values were -1.1% and 1.0% respectively, showing a significant change compared to the previous month [1] 2. Commodity Investment Reference Comprehensive - On the evening of November 24th, Chinese President Xi Jinping had a phone call with US President Trump, emphasizing the importance of Sino-US cooperation and clarifying China's stance on the Taiwan issue [2] - The National Development and Reform Commission issued a notice on the special management measures for central budgetary investment in rural revitalization, with different investment amounts allocated according to the rural population of each county [3] - Li Muchun, a member of the Party Committee and Deputy General Manager of the Guangzhou Futures Exchange, announced three key development directions, including enriching the variety system, strengthening market services and training, and promoting high-level opening-up [3] - On November 24th, 43 domestic commodity varieties had positive basis, while 24 had negative basis. Among them, Shanghai nickel, Zhengzhou cotton, and cast aluminum alloy had the largest basis, while butadiene rubber, apples, and strong wheat had the smallest [4][5] - San Francisco Fed President Daly supported a rate cut in December, and Fed Governor Waller's remarks alleviated market concerns about inflation, jointly boosting market expectations of a Fed policy shift [5] Metals - The Shenzhen Financial Commission warned the public about illegal gold investment activities [6] - On November 24th, international precious metal futures generally closed higher due to the Fed's monetary policy signals [6] - The Thai central bank plans to tighten gold trading reporting regulations [6] - According to LME inventory data on November 21st, lead and copper inventories increased, while aluminum, nickel, and tin inventories decreased [7][8] - Bank of America predicted that the gold price could reach $5000 per ounce by 2026 [8] - As of November 24th, the holdings of the SPDR Gold Trust increased by 0.03% [8] Coking Coal, Steel, and Minerals - As of mid-November, the prices of coke and coking coal increased month-on-month [9] - The fourth round of coke price hikes was implemented, squeezing steel mills' profits. Coke prices may face downward pressure at the end of the month or early December [9] - The US Commerce Secretary demanded that the EU change digital regulations to reduce steel and aluminum tariffs, but the EU refused [9] - From April to October, India's finished steel imports decreased year-on-year, and steel prices faced downward pressure in October [9] - BHP's acquisition offer for Anglo American Resources indicates intensifying competition in the global copper mining market [9] Energy and Chemicals - From November 10th to 21st, international oil prices fluctuated downward, and domestic gasoline and diesel prices were lowered on November 24th [10][11] - As of the end of October 2025, the cumulative proven geological reserves of coalbed methane in China exceeded 700 billion cubic meters [11] - As of the end of October, China's total installed power generation capacity was 3.75 billion kilowatts, with significant growth in solar and wind power [11] - Goldman Sachs predicted a decline in Dutch TTF natural gas prices from 2026 to 2027 and recommended shorting the Q3 2027 futures [11] - JPMorgan maintained its 2026 oil price forecast, with a target of $58 for Brent crude and $54 for WTI crude [11] Agricultural Products - In 2025, the domestic pig market was sluggish, with prices declining and supply increasing due to higher sow存栏 and production efficiency. Terminal demand was weak, and secondary fattening decreased [12] - From January to October, Russia's corn exports to China increased significantly, and in September, Russian corn accounted for about 34% of China's total corn imports [12] 3. Financial News Compilation Open Market - On November 24th, the central bank conducted 338.7 billion yuan of 7-day reverse repurchase operations, with a net investment of 55.7 billion yuan [14] - The central bank announced a 1 trillion yuan MLF operation on November 25th, with a net investment of 100 billion yuan for the month [14] - The central bank issued 45 billion yuan of RMB central bank bills in Hong Kong [14] - The Ministry of Finance and the central bank conducted treasury cash management commercial bank time deposit tenders, with a total winning amount of 200 billion yuan [15] Key News - President Xi Jinping emphasized the importance of Sino-US cooperation in a phone call with US President Trump [16] - China's Ministry of Foreign Affairs responded to Japan's proposal for a China-Japan-South Korea leaders' meeting, citing issues with the current conditions [16][17] - Chinese Vice Premier He Lifeng held a video call with French Minister of Economy, Finance, Industry, Energy, and Digital Sovereignty, expressing willingness to deepen economic and financial cooperation [17] - The National Development and Reform Commission issued a notice on central budgetary investment in rural revitalization [17] - In the first three quarters of this year, China's total foreign direct investment increased by 4.4% year-on-year, with investment in 151 countries and regions [18] - In October, China's new productive forces continued to grow, with high-tech industries showing double-digit growth [18] - As of the end of October, China's total installed power generation capacity increased by 17.3% year-on-year [18] - The Inner Mongolia Autonomous Region plans to resolve hidden debts and other risks [19] - The issuance of interbank science and technology innovation bonds exceeded 530 billion yuan, with increased participation from private enterprises [20] - The use of risk-sharing tools for science and technology innovation bonds is expanding, and new bonds are about to be issued [20] - The Shanghai Bill Exchange's comprehensive service platform was launched, and the first bill discounting business was completed [20] - Four private equity investment institutions plan to issue 930 million yuan of science and technology innovation bonds [21] - Inner Mongolia will issue 10.4 billion yuan of refinancing bonds on December 1st [21] - Fed Governor Waller and San Francisco Fed President Daly supported a rate cut in December [21] - Several companies had major bond events, including overdue debts, management changes, and regulatory measures [21][22] - Moody's and Fitch issued credit ratings for multiple companies [22] Bond Market Summary - China's bond market fluctuated narrowly, with bond futures rising and the money market easing [23] - Some bonds in the exchange market rose, while others fell. The real estate bond and high-yield urban investment bond indices increased slightly [23] - The CSI Convertible Bond Index rose by 0.22%, and some convertible bonds had significant price changes [24][25] - Money market interest rates showed mixed trends, with some rising and some falling [25] - Treasury bond and financial bond auctions had different winning yields and multiples [26] - European and US bond yields generally declined [27][28] Foreign Exchange Market - The onshore RMB against the US dollar rose by 47 points, and the central parity rate was raised by 28 points [29] - The US dollar index rose slightly, and most non-US currencies had mixed performance [29] Research Report Highlights - Yangtze River Fixed Income believed that the bond market may decline due to "fixed income +" fund redemptions but could rebound with rate cut expectations [30] - Xingzheng Fixed Income suggested focusing on credit bond liquidity and medium-term credit bonds [30] - Xingzheng Fixed Income analyzed the situation of treasury bond futures and provided trading strategies [30] - Huatai Fixed Income attributed the weak bond market to multiple factors and recommended trading strategies [31][32] - Huatai Fixed Income was cautious about convertible bonds in the short term and had a positive outlook in the medium term [32] - CITIC Securities analyzed the reasons for the simultaneous decline of stocks and bonds and predicted the range of the 10-year treasury bond yield [32] - CICC believed that the trend of household deposits moving to the market would support the A-share market [33] Today's Reminders - On November 25th, 220 bonds will be listed, 179 bonds will be issued, 108 bonds will be paid, and 242 bonds will have principal and interest repaid [34] 4. Stock Market News - The A-share market rose slightly, with military, AI, and other concepts performing well, while lithium mines declined. The trading volume reached 1.74 trillion yuan [35] - The Hong Kong Hang Seng Index rose by 1.97%, and the Hang Seng Technology Index soared by 2.78%. Southbound funds had a net purchase of 8.571 billion Hong Kong dollars [35] - As of November 24th, 800 listed companies received significant shareholder increases, with a total increase of 115.821 billion yuan, a year-on-year increase of 44.69% [35]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The central bank's monetary policy report maintains a loose tone, focusing on "stable growth" and aiming to lower interest rates and reduce the real - financing cost. It also emphasizes the development of the bond market's "science and technology board" and the use of risk - sharing tools for science and technology innovation bonds [3][11]. - The issuance of Hong Kong's HK$10 billion digital green bonds sets a global record, marks the transition from pilot to regular operation of tokenized bonds in Hong Kong, and provides a reference for the mainland's financial infrastructure construction and product innovation [4][15]. - In October, China's economic indicators weakened, with consumption, investment, and industrial production showing a slowdown, and social financing and credit continuing to decline [5][18]. 3. Summary by Directory Market Hotspots - The Q3 Monetary Policy Report continues the "moderately loose" liquidity management framework, focuses on "stable growth", and emphasizes the development of a multi - level bond market and the support for key areas such as science and technology innovation. It also highlights the use of risk - sharing tools for science and technology innovation bonds, which may guide more funds into the science and technology field [11][13]. - On November 11, Hong Kong issued HK$10 billion digital green bonds, covering four currencies with a 2 - 5 - year term and an over - subscription of about 12 times. It is the first to use tokenized central bank currency for on - chain "delivery versus payment", which improves settlement efficiency and reduces risks, and marks the transition from pilot to regular operation of tokenized bonds in Hong Kong [4][15]. Macroeconomic Data - In October, China's economic indicators weakened. From January to October, the cumulative year - on - year growth rate of fixed - asset investment decreased by 1.2% and was negative for two consecutive months. The growth rate of social retail sales was 2.9%, declining for five consecutive months. Industrial production also declined, affected by factors such as holidays and export slowdown. In terms of financial data, social financing and credit continued to decline in October, with new social financing of 815 billion yuan, a year - on - year decrease of 597 billion yuan for three consecutive months. M1 and M2 increased by 6.2% and 8.2% year - on - year respectively, with their scissors gap expanding to 2% [5][18]. Money Market - Last week, the central bank conducted five 7 - day reverse repurchase operations totaling 1.122 trillion yuan, with 495.8 billion yuan of reverse repurchases maturing, resulting in a net injection of 626.2 billion yuan. Due to factors such as mid - month reserve requirements and tax payments, market capital demand was large, and capital prices generally increased. The pledged repurchase rates of all tenors increased by 2 - 10bp compared with the previous week [6][22]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds decreased slightly to 251.409 billion yuan, a decrease of 25.624 billion yuan from the previous value. The average daily issuance scale was 50.282 billion yuan, a decrease of 5.125 billion yuan from the previous period. Except for the short - term financing bonds and publicly issued corporate bonds, the issuance scale of other bond types decreased. The issuance scale of the infrastructure investment and financing industry decreased, while that of industrial bonds increased. The average issuance cost of credit bonds mostly declined [7][25]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 8.667564 trillion yuan, and the average daily trading volume decreased by 8.2813 billion yuan to 173.3513 billion yuan, with a slight decline in trading activity. The market still had a certain wait - and - see sentiment. Credit bonds performed slightly better than interest - rate bonds. The yields of most tenors of treasury bonds and policy - bank bonds decreased, with a maximum decline of 3bp, and the yield of the 10 - year treasury bond dropped to 1.81%. The yields of credit bonds showed a differentiated performance between short and long - term tenors, with a maximum change of 8bp. Most of the rating spreads narrowed [8][37].