彭博今日宣布扩展其人民币债券回购交易解决方案，支持境外机构投资者从在岸市场获得人民币流 动性。此次扩展紧随中国监管机构的最新公告，允许所有可在中国债券市场开展现券交易的境外机 构投资者开展债券回购业务。 彭博于2025年2月推出人民币债券回购交易解决方案，支持境外投资者参与离岸人民币债券回购业 务，使用合格债券作为抵押品进行回购或逆回购交易。最近宣布的跨境债券回购业务推出后，该解 决方案将继续通过统一的电子交易流程，支持投资者与指定的境内外做市商开展债券回购交易。 东方汇理银行离岸中国交易主管卢元正 表示： " 交易开通首日，已有多家国际投资者通过彭博解决方案与境内做市商进行跨境债券回购交易，包括 中国农业银行股份有限公司香港分行、中国银行(香港)有限公司、中国银行股份有限公司澳门分 行、中国建设银行(亚洲) 、招商银行股份有限公司香港分行、中金国际、中信证券国际资本管理 有限公司、东方汇理银行、星展银行香港分行、香港上海汇丰银行有限公司、中国工商银行（亚 洲）、工银标准银行、中国工商银行股份有限公司迪拜国际金融中心分行、中国工商银行新加坡分 行、中国工商银行首尔分行、上海浦东发展银行股份有限公司香港分行、渣 ...

Group 1 - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, in collaboration with the Hong Kong Monetary Authority, have officially launched a cross-border bond repurchase business to support foreign institutions participating in the onshore bond market [1] - The Hong Kong Monetary Authority will introduce a new Renminbi business funding arrangement starting October 9, replacing the existing Renminbi trade financing liquidity arrangement and implementing several optimization measures [1] - The U.S. government funding is set to run out at midnight on September 30, raising concerns about a potential government shutdown if bipartisan negotiations fail [1] Group 2 - President Trump announced a new round of high tariffs on various imported products starting October 1, including a 50% tariff on kitchen cabinets and a 30% tariff on imported furniture [2] - The U.S. International Trade Commission ruled that corrosion-resistant steel products imported from several countries have harmed U.S. industries, leading to the issuance of anti-dumping and countervailing duty orders [2] - The Federal Reserve's Board member Bowman emphasized the need for rate cuts due to a "fragile" job market and inflation nearing the Fed's target [2] Group 3 - The Kansas City Fed President stated that the Fed may not need to lower interest rates again in the short term as inflation levels remain high [3] - The South Korean government plans to extend foreign exchange market trading hours to 24 hours to eliminate trading time restrictions for foreign investors [3] - The Bank of Indonesia is intervening in the financial market to stabilize the Indonesian Rupiah, which has fallen to record lows [3] Group 4 - The final consumer confidence index from the University of Michigan for September dropped to 55.1, the lowest in four months, with one-year inflation expectations at 4.7% [4] - The core CPI in Tokyo, Japan, rose by 2.5% year-on-year in September, unchanged from August [4] Group 5 - The Dow Jones Industrial Average rose by 0.65% to 46,247.29 points, while the S&P 500 and Nasdaq Composite also saw increases [4] - COMEX gold futures increased by 0.50% to $3,789.8 per ounce, and silver futures rose by 2.77% to $46.365 per ounce [4] - The 2-year U.S. Treasury yield fell by 1.43 basis points to 3.63%, while the 10-year yield rose by 1.16 basis points to 4.20% [4]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" rating for the industry, suggesting it will outperform the overall market [58]. Core Insights - The report highlights that the implementation of significant financial policies over the past year has provided strong support for market stabilization and confidence recovery, with a notable increase in A-share market activity [5][17]. - The insurance sector has shown robust growth, with total insurance premium income reaching CNY 4.80 trillion from January to August 2025, reflecting a year-on-year increase of 9.6% [5][12]. - The report emphasizes the importance of regulatory changes in the insurance industry, particularly the ongoing revision of the Insurance Law, which is expected to enhance risk management and improve the competitive landscape [5][10]. Summary by Sections 1. Market Review - The Shanghai Composite Index reported a gain of 1.07% during the week of September 22-26, 2025, while the non-bank index experienced a slight decline of 0.09% [8]. - The insurance sector index increased by 0.46%, although it underperformed compared to the Shanghai Composite [8]. 2. Non-Bank Financial Data - As of September 26, 2025, the average daily trading volume in the stock market was CNY 23,134.62 billion, reflecting an increase of 54.56% year-on-year [13]. - The financing balance in the margin trading market reached CNY 24,443.66 billion, up 31.1% from the end of 2024 [13]. 3. Key Announcements - The report notes that the basic pension insurance fund's investment scale has doubled compared to the end of the 13th Five-Year Plan, now standing at CNY 2.6 trillion [14]. - The introduction of cross-border bond repurchase business is expected to enhance liquidity for foreign institutions in the onshore bond market [15]. 4. Individual Stock Highlights - In the insurance sector, notable stock performances included New China Life (+2.67%) and China Pacific Insurance (+0.89%) in A-shares, while several H-shares experienced declines [10]. - In the brokerage sector, Xiangcai Securities saw a significant increase of 16.87%, while Tianfeng Securities faced a decline of 4.60% [10].

南方财经 21世纪经济报道记者 张伟泽 香港报道 9月26日，香港金融管理局与中国人民银行、中国证券监督管理委员会和国家外汇管理局共同推动的跨 境债券回购业务正式推出。 中国人民银行、中国证监会、国家外汇管理局于9月26日联合发布了《关于进一步支持境外机构投资者 在中国债券市场开展债券回购业务的公告》（下称《公告》），支持所有已进入内地在岸债券市场的境 外机构（包括债券通投资者）参与在岸债券回购业务，从在岸市场获得人民币流动性，并汇出境外使 用。 （原标题：跨境债券回购业务推出 助力提升香港离岸人民币市场流动性） 香港金管局表示，该措施是继香港金管局于今年2月推出离岸人民币债券回购业务之后的又一项重要政 策，将为香港离岸人民币市场提供更稳定的流动性，有效降低人民币融资成本。跨境回购和离岸人民币 回购业务相辅相成，能满足离岸投资者的资产配置和流动性管理需求，盘活人民币债券持仓，从而进一 步提升在岸债券的国际吸引力，增强人民币在国际市场的投融资功能。 目前，我国质押式债券回购与国际市场债券回购在操作上存在一定差异。中国人民银行、国家外汇管理 局有关负责人指出，《公告》发布后，境外机构投资者在银行间债券市场开展债券 ...

Core Viewpoint - The launch of the cross-border bond repurchase business on September 26 is a significant policy aimed at enhancing liquidity in the offshore RMB market and reducing financing costs for RMB [1] Group 1: Policy Announcement - The Hong Kong Monetary Authority (HKMA) has collaborated with the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange to officially introduce the cross-border bond repurchase business [1] - The announcement supports all foreign institutions that have entered the onshore bond market to participate in onshore bond repurchase activities, allowing them to obtain RMB liquidity and remit it abroad [1] Group 2: Market Impact - This initiative follows the HKMA's introduction of offshore RMB bond repurchase business in February, marking another important step in providing stable liquidity for the offshore RMB market [1] - The cross-border and offshore RMB repurchase businesses complement each other, meeting the asset allocation and liquidity management needs of offshore investors, thereby enhancing the international appeal of onshore bonds [1] Group 3: Strategic Goals - HKMA Chief Executive Eddie Yue expressed satisfaction with the launch, emphasizing the close cooperation between HKMA and the central bank to continuously optimize the "Bond Connect" initiative [1] - The measures are expected to improve liquidity in the offshore RMB market and increase foreign investors' willingness to allocate RMB assets, further solidifying Hong Kong's position as an international financial center and offshore RMB business hub [1]