Core Insights - Two major banks, China Merchants Bank and Ping An Bank, have signed strategic cooperation agreements with Hainan Holdings, indicating a significant expansion in their collaboration in Hainan province as the region prepares for its free trade port operations [2][4][10] Group 1: Strategic Cooperation - The agreements were signed at the headquarters level, with the presence of senior executives from both banks, highlighting the importance of this collaboration [4][5] - Hainan Holdings aims to leverage this partnership to enhance its financial capabilities and support its core business areas, including airport operations and urban development [7][8] Group 2: Financial and Operational Focus - Ping An Bank has outlined specific areas for cooperation, including comprehensive credit, transaction settlement, retail and technology finance, and industrial collaboration [6][7] - China Merchants Bank emphasized resource synergy and business collaboration to support the high-quality development of Hainan's free trade port [7] Group 3: Broader Banking Landscape - Other banks, such as Nanyang Commercial Bank and Industrial Bank, are also expanding their presence in Hainan, focusing on areas like airport operations and cross-border asset management [8][9] - The upcoming closure of Hainan's free trade port is seen as a historical opportunity for banks to explore various business avenues, particularly in cross-border settlement and trade financing [10][11]

来源：中国新闻网 编辑：张嘉怡 广告等商务合作，请点击这里 海南自贸港跨境资产管理业务试点取得实质性进展 中新网海口10月24日电(记者 王子谦)中国人民银行海南省分行调查统计处处长王振兴24日表示，今年前 三季度海南自贸港金融对外开放水平进一步提升，其中"跨境资产管理业务试点工作取得实质性进展"。 中国人民银行海南省分行24日召开前三季度海南金融运行新闻发布会。王振兴在会上披露，今年7月 《海南自由贸易港跨境资产管理试点业务实施细则》印发实施后，各试点管理部门协同发力，已完成4 家试点发行机构规模的核定，申请试点总规模50亿元。近日，已有两家试点机构发行的试点产品完成境 外投资者资金划转。 中国人民银行海南省分行外汇管理处处长张园园进一步介绍，10月16日，中国人民银行海南省分行根据 4家试点发行机构(金元证券、万和证券、汇百川基金、鹏安基金)报备的试点规模材料，完成4家发行机 构申请的50亿元人民币试点规模核定。10月17日，已有两家试点发行机构发行的试点产品完成境外投资 者认购，境外投资者资金从投资账户到银行代销账户及产品募集账户，划转顺畅、高效，试点政策顺利 落地，为海南自贸港金融创新再添重要实践案例 ...

Core Viewpoint - Peng'an Fund has appointed Yang Bin as the new chairman following the retirement of Zhang Guoyong, marking a significant leadership change within the company [2][4]. Group 1: Leadership Change - Yang Bin, previously the deputy general manager and executive committee member of the major shareholder, Kaiyuan Securities, has taken over as chairman of Peng'an Fund [4][6]. - Zhang Guoyong retired from his position as chairman on October 21, 2025, due to retirement [6]. Group 2: Company Background - Peng'an Fund was established on January 2, 2024, and received its business license from the China Securities Regulatory Commission (CSRC) on May 26, 2024 [2][6]. - The fund's registered capital increased from 100 million to 210 million yuan after a capital injection of 110 million yuan from Kaiyuan Securities [6]. Group 3: Fund Products and Initiatives - On October 13, 2025, Peng'an Fund launched its first public fund product, the Peng'an CSI Dividend Index Fund, which is currently in the subscription period [7]. - The fund has also submitted applications for two additional funds, which have been accepted by the CSRC [8]. Group 4: Cross-Border Asset Management - Peng'an Fund has been included in the first batch of pilot institutions for cross-border asset management in Hainan Free Trade Port, as announced on October 15, 2025 [10]. - The company is focusing on developing cross-border products that leverage Hainan's tax incentives and facilitate capital flow, aiming to enhance investment efficiency and reduce costs [10][11]. - Peng'an Fund plans to build an overseas research team and recruit international investment professionals to strengthen its global market analysis capabilities [10][11].

Core Points - Yang Bin has been appointed as the new chairman of Peng'an Fund, succeeding Zhang Guoyong who retired [1][3] - Peng'an Fund was established on January 2, 2024, and has recently launched its first public fund product [1][4] - The fund has been included in the first batch of pilot institutions for cross-border asset management in Hainan Free Trade Port [1][6] Company Overview - Peng'an Fund is wholly owned by Kaiyuan Securities and is headquartered in Haikou, Hainan [3] - The fund's registered capital increased from 100 million to 210 million yuan after a capital injection of 110 million yuan from Kaiyuan Securities [3] Recent Developments - On October 13, Peng'an Fund issued its first public fund, the Peng'an CSI Dividend Index Fund, which is currently in the subscription period [4] - The fund has also submitted applications for two additional funds, which have been accepted by the China Securities Regulatory Commission [4] Strategic Initiatives - Peng'an Fund is focusing on the preparation of cross-border asset management products, leveraging Hainan's tax incentives and capital flow advantages [6] - The company aims to enhance its global asset allocation capabilities by building an overseas research team and collaborating with international financial institutions [7] - The goal for the next 1-2 years is to successfully issue and manage multiple cross-border asset management products, achieving significant asset management scale [7]

Core Points - The Hainan Securities Regulatory Bureau announced the first batch of institutions participating in the cross-border asset management pilot program in Hainan Free Trade Port, which includes 2 securities companies, 2 fund companies, and 2 bank sales institutions [1] - The pilot program marks a significant step towards the operational phase of cross-border asset management in Hainan, with the selected institutions having completed necessary preparations [1][2] - The implementation details specify that foreign investors can use funds from both domestic and foreign sources to purchase pilot asset management products, with specific requirements for domestic funds [3][4] Group 1: Institutions Involved - The selected institutions include Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, Industrial Bank Haikou Branch, and SPD Bank Haikou Branch [1] - Jinyuan Securities and Wanhua Securities are classified as "issuing institutions," while the two banks are classified as "sales institutions" [1] Group 2: Implementation Details - The pilot program allows for a total scale limit of 10 billion RMB for cross-border asset management products, with net inflow limits for foreign investors [4] - The asset management products available for foreign investors will be denominated in RMB and include various risk-rated public and private funds [4] Group 3: Institutional Responses - Jinyuan Securities has established a dedicated task force to comply with the new regulations and has quickly submitted its application for pilot qualifications [2] - Peng'an Fund, as the first state-controlled public fund in Hainan, has also mobilized its resources to apply for pilot qualifications in line with national financial opening policies [2][3]

Core Viewpoint - The announcement of the first batch of six institutions participating in the Hainan Free Trade Port's cross-border asset management pilot program marks a significant step in the implementation of this initiative, which allows foreign investors to access various financial products [1][4]. Group 1: Pilot Institutions - Six institutions have been selected for the pilot program, including Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, and the Haikou branches of Industrial Bank and Pudong Development Bank [1][2]. - The pilot institutions consist of both issuing and selling entities, with a notable representation of local financial institutions [2]. Group 2: Product Offerings and Market Opportunities - The pilot program allows foreign investors to invest in a range of products, including wealth management products, private asset management products, publicly offered securities investment funds, and insurance asset management products, with an initial total scale limit of 10 billion yuan [1][4]. - Institutions involved are optimistic about the business opportunities presented by the pilot program and are preparing to offer diversified, professional, and international asset management services to foreign investors [2][3]. Group 3: Policy Background and Future Prospects - The cross-border asset management pilot has been in discussion since the release of the overall plan for Hainan Free Trade Port in June 2020, with the implementation details formalized in the guidelines released in July 2021 [4]. - The pilot program is expected to attract global asset management institutions to establish regional headquarters in Hainan, enhancing the local financial ecosystem and facilitating the return of overseas funds to the domestic market [5].

Core Viewpoint - The establishment of cross-border asset management pilot business in Hainan Free Trade Port marks a significant advancement in financial openness, entering a substantive operational phase with the approval of the first batch of pilot institutions [1][2]. Summary by Sections Pilot Institutions - The first batch of pilot institutions includes six entities: Jinyuan Securities, Wanhua Securities, Huibaichuan Fund, Peng'an Fund, Industrial Bank Haikou Branch, and Shanghai Pudong Development Bank Haikou Branch, which have completed the filing process [2][3]. - The four issuing institutions are responsible for designing and managing cross-border asset management products aimed at overseas investors, while the two banks will handle sales and service [3]. Implementation Details - The pilot program follows the release of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" in July, which supports overseas investors in investing in various financial products issued by Hainan's financial institutions [6][7]. - The initial total scale limit for the pilot is set at 10 billion yuan, covering multiple product categories including public funds, private asset management products, and insurance asset management products [7]. Market Opportunities - The pilot program presents new opportunities for wealth management institutions to internationalize their operations, leveraging the growing wealth of Chinese residents and the increasing interest in global asset allocation [8]. - Institutions are encouraged to integrate domestic and international resources and collaborate with global financial entities to adopt advanced concepts and practices from overseas markets [8].

Group 1: Open Market Operations - The central bank announced a 7-day reverse repurchase operation of 253 billion yuan at a fixed rate of 1.40% on August 21, with a total bid amount of 253 billion yuan and a successful bid amount of 253 billion yuan. The net injection for the day was calculated to be 124.3 billion yuan after accounting for 128.7 billion yuan of reverse repos maturing on the same day [1][2]. Group 2: Funding Conditions - The interbank market showed an overall easing of funding conditions, with a decline in overnight and 7-day repo weighted rates. The overnight rate was around 1.45%, while the latest overnight quotes for non-bank institutions were approximately 1.53%. The DR001 weighted rate decreased by about 1 basis point to 1.46%, and the DR007 weighted rate fell by over 5 basis points [3]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit was around 1.67%, showing little change from the previous day [9]. Group 4: Government Bond Futures - Most government bond futures closed higher, with the 30-year main contract rising by 0.34%, the 10-year main contract increasing by 0.06%, and the 5-year main contract also up by 0.06%. The 2-year main contract remained flat [13]. Group 5: Key News and Developments - The State Administration of Foreign Exchange decided to pilot green foreign debt business in 16 provinces and cities, encouraging non-financial enterprises to use cross-border financing for green or low-carbon transformation projects [14]. - The Ministry of Finance indicated that about 70% of existing PPP projects have entered the operational phase, suggesting that there is room for reasonable interest rate reductions and extensions for existing project loans [14]. - The Hainan Free Trade Port's cross-border asset management pilot has been launched, focusing on supporting foreign investors in investing in financial products issued by financial institutions in Hainan [14].

Core Viewpoint - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to facilitate foreign investment in financial products issued by financial institutions in Hainan Free Trade Port, effective from August 21 [1][3]. Group 1: Investment Opportunities - The pilot program is open to global foreign institutions and qualified foreign individual investors, allowing for a diversified range of investment entities [5]. - The investment products include private asset management products from securities, funds, and futures institutions with risk levels ranging from R1 to R4, publicly raised securities investment funds, and insurance asset management products [5]. - Foreign investors can open RMB settlement accounts and free trade accounts in Hainan Free Trade Port banks to purchase pilot asset management products, with an encouragement for transactions to be denominated and settled in RMB [5]. Group 2: Investment Scale and Flexibility - The initial pilot program has set a net inflow cap of 10 billion RMB for foreign investors purchasing pilot asset management products, with the potential for dynamic adjustments based on economic and financial developments in Hainan Free Trade Port, international balance of payments, and market demand [7]. - The pilot opens a new channel for foreign investors to invest in Chinese financial products, enriching their asset allocation options [9]. - For domestic asset management institutions, the pilot can expand their client base and business growth opportunities [9].

Core Points - The implementation of the "Implementation Rules for Cross-Border Asset Management Pilot Business in Hainan Free Trade Port" aims to enhance cross-border securities investment and foreign exchange convenience [1] - The pilot business supports foreign investors in investing in various financial products issued by financial institutions in Hainan Free Trade Port [1] - The rules provide specific arrangements regarding pilot institution conditions, product scope, investor suitability management, account opening, fund transfer, scale management, investor protection, and monitoring [1] Summary by Sections - **Pilot Business Overview** - The pilot business allows foreign investors to invest in wealth management products, private asset management products, publicly raised securities investment funds, and insurance asset management products issued by Hainan financial institutions [1] - **Implementation Details** - The "Implementation Rules" detail conditions for pilot institutions, reporting procedures, product range, investor suitability management, account opening, fund transfer and exchange, scale management, investor protection, dispute resolution, and monitoring [1] - **Future Actions** - The People's Bank of China Hainan Branch and other departments will enhance policy promotion and guidance for eligible pilot institutions to ensure smooth implementation of the rules and promote healthy development of cross-border asset management [2]