Group 1: Offshore Financial Development - The successful issuance of offshore bonds in Shanghai Free Trade Zone, with a scale of 500 million yuan, supports overseas entities in raising funds in international markets, marking a significant step in the development of offshore RMB bonds [2] - The new pilot scheme for offshore trade finance aims to streamline the settlement process from 2-3 days to "second-level," enhancing competitiveness with established offshore centers like Hong Kong and Singapore [2] - As of July 18, participating offshore trade companies completed 22 transactions with a total cross-border payment of 648 million yuan [2] Group 2: Growth in Offshore Trade - In Q1 2025, the offshore trading volume in the Lingang New Area reached approximately 8.15 billion USD, reflecting a year-on-year growth of 56.67% [3] - The Lingang New Area plans to leverage its offshore trade platform and financial pilot to create a model for global order reception, overseas processing, and settlement in Lingang [3] Group 3: Financial Market Infrastructure - Shanghai is recognized as one of the cities with the most comprehensive global financial factor markets, including stocks, bonds, futures, and gold markets, alongside essential financial infrastructure [4] - Recent regulatory measures have further strengthened Shanghai's position as an international financial center [4] Group 4: Cross-Border RMB Payment System - The CIPS (Cross-Border Interbank Payment System) has launched RMB international letter of credit services, enhancing convenience for enterprises in RMB trade settlements [7] - In the first half of the year, Shanghai's cross-border RMB payment totaled 16.2 trillion yuan, a year-on-year increase of 15%, maintaining its leading position nationally [7] Group 5: Foreign Investment and QDII Expansion - A new batch of QDII (Qualified Domestic Institutional Investor) quotas totaling 3.08 billion USD has been approved, allowing foreign banks to support clients in global asset allocation [8][10] - The expansion of QDII quotas is expected to enhance the ecosystem for capital market flows and inject long-term confidence into the market [10] - Foreign financial institutions are accelerating their presence in Shanghai, with significant investments in various sectors, including insurance and asset management [10]

Core Viewpoint - The Hebei Financial Regulatory Bureau is promoting a provincial special support insurance for the cultural and tourism industry, aiming to enhance risk management and provide financial security for tourism-related businesses in Hebei [1] Group 1: Insurance Initiative - The initiative involves the launch of "Charming Hebei Peace of Mind Insurance" by six insurance companies, guided by the provincial financial and cultural tourism authorities [1] - The insurance offers eight levels of coverage, with a maximum annual coverage amount of 16 million yuan, and a premium discount of up to 15% for the same coverage level [1] Group 2: Risk Management - The program aims to establish a risk prevention mechanism for tourism enterprises, including regular risk assessments and targeted preventive measures [1] - The focus is shifting from post-event handling to proactive risk prevention strategies [1]

Core Insights - In the first half of 2025,招商仁和人寿 reported a net profit of 235 million yuan, marking a significant increase of 28.7% compared to the same period last year [1] - The company's net asset scale increased to 8.696 billion yuan, reflecting a growth of 4.4% since the beginning of the year, indicating enhanced capital strength [1] - The total premium income reached 11.056 billion yuan, showing a year-on-year growth of 14.74%, demonstrating steady business expansion [1] Financial Performance - Investment income grew by 24% year-on-year, with a non-annualized financial investment return rate of approximately 3.01% and a non-annualized comprehensive investment return rate of about 3.08%, indicating improved investment capabilities [1] - New single premium income saw a remarkable year-on-year increase of 41%, with pure protection product premium income surging by 137% [1] - The proportion of dividend-type new single premiums rose to 62.5%, with a year-on-year increase of 121%, becoming the main driver of business growth [1] Operational Efficiency - As of the end of June, the liability cost rate decreased by 5 basis points year-on-year, and the variable expense ratio fell by 21 basis points year-on-year [2] - The company reported a core solvency adequacy ratio of 120.03% and a comprehensive solvency adequacy ratio of 174.85%, reflecting a slight decline since the beginning of the year [2] - The number of strategic partnerships with central enterprises reached 74, a year-on-year increase of 68%, showcasing effective utilization of central enterprise resources [2] Strategic Outlook - The company plans to focus on core strategies and deepen transformation development to ensure the achievement of annual operational goals [2]

Group 1: Offshore Financial Development - The successful issuance of offshore bonds in Shanghai Free Trade Zone, with a scale of 500 million yuan, supports overseas entities in raising funds in international markets, marking a significant step in the development of offshore financial services [2] - The new pilot program for offshore trade finance aims to streamline settlement processes, reducing the time from 2-3 days to "second-level" transactions, enhancing competitiveness with established offshore centers like Hong Kong and Singapore [2] - As of July 18, participating offshore trade companies completed 22 transactions with a total cross-border revenue of 648 million yuan [2] Group 2: Growth in Offshore Trade - In Q1 2025, the offshore trading volume in the Lingang New Area reached approximately 8.15 billion USD, reflecting a year-on-year growth of 56.67% [3] - The Lingang New Area plans to leverage its offshore trade platform and financial pilot programs to create a "global order, overseas processing, Lingang settlement" model, aiming to unlock further growth potential in offshore trade [3] Group 3: Financial Market Infrastructure - Shanghai is recognized as one of the cities with the most comprehensive global financial factor markets, including stocks, bonds, futures, and gold markets, alongside essential financial infrastructure [3] - Recent financial management initiatives have strengthened Shanghai's international financial center, enhancing its market and infrastructure [3] Group 4: Capital Market and Foreign Investment - The recent approval of a new batch of Qualified Domestic Institutional Investor (QDII) quotas, totaling 3.08 billion USD, allows foreign banks to support clients in broader global asset allocation [7][8] - Foreign investment institutions are increasingly participating in China's capital market, with foreign entities accounting for about one-third of licensed financial institutions in Shanghai [9] - The expansion of QDII quotas is expected to optimize the ecosystem for capital market flows, injecting long-term confidence into the market [8]

Fixed Income - The bond market is under pressure from three main factors: rising industrial commodity prices due to "anti-involution" sentiment, a bullish stock market diverting funds away from bonds, and marginal improvements in economic indicators increasing market risk appetite [2][7][10] - As of July 25, 2025, the yields on various bonds, including government and corporate bonds, have risen significantly, indicating a market adjustment [2][7] - The report suggests a short-term bullish outlook for the bond market, with a potential return of the 10-year government bond yield to around 1.65% [10] Non-Banking Financials - The insurance industry is adjusting the maximum preset interest rates for life insurance products, with the new maximum for ordinary life insurance set at 2.0% and for participating insurance at 1.75% [12][13] - This adjustment is expected to lower the liability costs for insurance companies and encourage a shift towards participating insurance products, which have floating interest characteristics [13] - The report recommends companies like China Life, Ping An, and China Pacific Insurance, which have favorable asset-liability duration matching [13] Transportation - The express delivery industry is experiencing a shift towards value reassessment due to the "anti-involution" trend, which aims to protect the rights of delivery personnel and promote price increases across the industry [15][16] - The report highlights the potential for price improvements in the short term, especially in regions where delivery companies are currently facing losses [17] - Long-term prospects suggest a transition from price wars to value competition, which could enhance the performance of express delivery companies [17] Pharmaceuticals - Heng Rui Pharmaceutical has entered a significant partnership with GlaxoSmithKline (GSK) for the global licensing of its innovative drug HRS-9821, with potential milestone payments totaling approximately $12 billion [19][20] - The company is expected to see substantial revenue growth driven by its innovative drug pipeline, with projected net profits increasing significantly over the next few years [21][22] - The collaboration with GSK is anticipated to enhance Heng Rui's valuation and market presence, particularly in the respiratory field [20][21] New Consumption - Lao Pu Gold has projected impressive sales growth for the first half of 2025, with expected revenues between RMB 138 billion and 143 billion, reflecting a year-on-year increase of approximately 240% to 252% [24][25] - The company's brand influence and product optimization are key drivers of this growth, positioning it well in the high-end ancient gold market [25][26] - The ancient gold sector is expected to see strong growth, with a projected market size of RMB 2.193 trillion by 2024 and a compound annual growth rate of 21.8% from 2023 to 2028 [25][26]

Group 1 - The insurance industry in China reported a premium income of approximately 3.74 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.3% [1] - Life insurance companies generated premium income of 27,705 billion yuan, with a year-on-year growth of 5.4%, although the growth rate has slowed compared to the same period last year [3] - In June, the premium growth rate for life insurance reached 16.3%, significantly exceeding the overall growth rate for the first half of the year, attributed to expectations of policy adjustments [3] Group 2 - Property insurance companies reported premium income of 9,645 billion yuan, with a year-on-year growth of 5.1% [3] - Within property insurance, auto insurance premiums amounted to 4,505 billion yuan, growing by 4.5%, accounting for 46.7% of total property insurance premiums [3] - The premium income from new energy vehicle insurance surged to approximately 66.17 billion yuan, marking a year-on-year increase of 41.44% [3] Group 3 - Health insurance premiums reached 1,609 billion yuan, making it the largest non-auto insurance category, with a year-on-year growth rate of 9.08% [3] - Accident insurance premiums also saw a year-on-year increase of 12.36%, although the absolute amount remains relatively low [3]

Group 1: Report Industry Investment Rating - No information provided in the given content Group 2: Core Viewpoints of the Report - Bond Southbound Connect is about to expand, which may increase the demand for Chinese overseas bonds. The report focuses on the overview of Bond Southbound Connect, the historical performance of Chinese overseas bonds, and the future opportunities of Chinese overseas bonds [10][13] Group 3: Summary According to the Table of Contents 1. Bond Southbound Connect Overview - **Southbound Connect Expansion Policy Support**: Multiple meetings and activities in 2025 have mentioned the expansion of Southbound Connect, including extending settlement time, supporting multi - currency bond settlement, expanding the scope of eligible domestic investors to non - bank institutions such as brokers, funds, insurance, and wealth management [10][11] - **Southbound Connect Concept and Constraints**: "Southbound Connect" allows domestic investors to invest in bonds traded in the Hong Kong bond market through the interconnection of relevant basic service institutions between the Chinese mainland and Hong Kong. The relevant funds can only be used for bond investment, and illegal currency arbitrage is prohibited. The annual quota is 500 billion yuan equivalent, and the daily quota is 20 billion yuan equivalent [1][24][25] - **Southbound Connect Full - Process Mechanism**: The trading method is Request for Quote (RFQ). It adopts a nominal holder system for custody and full - amount Delivery versus Payment (DVP) for settlement [1][28][33] 2. Review of Chinese Overseas Bonds in 2025H1: Narrowing Spreads and Relatively Attractive Returns - **Primary Market Changes**: - **Chinese US Dollar Bonds**: The primary issuance of Chinese US dollar bonds has improved, with the issuance scale from January to June 2025 reaching 89.4 billion US dollars, a 12% year - on - year increase. The issuance interest rate has fluctuated downward [2][45] - **Dim Sum Bonds**: The primary issuance of Dim Sum bonds has slightly contracted, with a 9% year - on - year decrease in the issuance scale from January to June 2025. The issuance interest rates have shown differentiation [2][53] - **Secondary Market Performance**: - **Chinese US Dollar Bonds**: The index has steadily risen, and the credit spreads have continued to repair. As of June 30, 2025, the overall return rate of Chinese US dollar bonds this year was 4.23%, better than the performance of the China Bond Index [3][61] - **Dim Sum Bonds**: Priced based on Chinese treasury bonds, they follow the narrowing of on - shore credit spreads. With the inflow of on - shore funds and the reduction of future financing costs, the spreads in the offshore market may gradually narrow [3][84] 3. Outlook for Chinese Overseas Bonds in 2025H2: Southbound Connect Expansion Facilitates Layout - **Overview of the Hong Kong Bond Market**: As of the end of 2024, the outstanding scales of Hong Kong dollar bonds, offshore RMB bonds, and G3 currency bonds were 195.5 billion, 173.2 billion, and 565.6 billion US dollars respectively. The bonds托管 by CMU are only a small part of the Hong Kong bond market [4][91] - **Investment Strategy for Chinese US Dollar Bonds**: Driven by the on - shore and offshore spread gap and the continuous advancement of debt resolution policies, urban investment US dollar bonds are expected to continue their good performance, and real estate US dollar bonds will also benefit from relevant policies. The primary supply of investment - grade financial and non - financial sectors is relatively sufficient, and the valuations are still attractive [4][112] - **Investment Strategy for Dim Sum Bonds**: Considering the Sino - US interest rate spread inversion and the cost of hedging, Dim Sum bonds are more cost - effective than Chinese US dollar bonds. With the expected influx of Southbound funds, there is a large narrowing space for Dim Sum bond spreads, so they have high allocation value [4]

【环球时报驻韩国特约记者 黎枳银】综合韩联社、《中央日报》等韩媒7月28日报道，随着美国加征所 谓"对等关税"最后期限临近，韩国政府正加紧推进包括造船合作、农产品让步等在内的谈判筹码。韩国 产业通商资源部长官金正官在美提出"MASGA项目"，意在以韩资造船企业投资美国造船业的方案争取 关税协商突破口。 韩美关税谈判已进入"最后72小时"的倒计时阶段。据《中央日报》报道，8月1日为美方启动对韩报复性 关税的生效日期，韩国需在此之前完成谈判。为把握最后谈判窗口，韩国经济副总理兼企划财政部长官 具润哲将于7月31日在美与贝森特举行最终磋商。总统李在明总统也于27日听取相关进展汇报，并就应 对方案召开会议。 韩媒称，此前日本通过承诺总额达5500亿美元的投资计划，已实现美方将日方汽车关税降至15%；欧盟 则以6000亿美元的投资承诺作为谈判基础。为避免在本轮谈判中落后于日本和欧盟，韩国政府打出"造 船业合作+农产品部分让步"的组合拳，换取美方在汽车和钢铁等韩国出口品类上的关税减让。此外， 基于主要大企业的投资意向，韩方提出"1000亿美元+X"的绿地直接投资方案。 《中央日报》称，韩国政府已将与日本相同的15%的对等 ...

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation of 495.8 billion yuan at an interest rate of 1.40%, resulting in a net injection of 325.1 billion yuan after 170.7 billion yuan of reverse repos matured on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) for overnight and 7-day terms decreased slightly, with overnight Shibor down by 5.30 basis points to 1.4670% and 7-day Shibor down by 2.40 basis points to 1.5960% [1][2] - The overnight and 7-day repo rates also saw declines, with the weighted average rates for DR001 and R001 down by 5.5 basis points and 6.2 basis points, respectively, while DR007 and R007 rates decreased by 7.2 basis points and 6.7 basis points [5] Group 2 - The interbank market showed a balanced funding situation in the morning, transitioning to a looser environment later in the day, with overnight rates for collateralized deposits dropping to around 1.50% [13] - A total of 77 interbank certificates of deposit were issued on July 28, with an actual issuance volume of 132.81 billion yuan, indicating active market participation despite cautious sentiment [14] - The insurance industry reported a premium income of 3.735 trillion yuan in the first half of the year, reflecting a year-on-year growth of 5.3%, with life insurance companies showing particularly strong performance in June [16]

宏观利率研究 证券研究报告 / 宏观利率研究 2025 年 07 月 28 日 股债"跷跷板"分流资金 关注重要会议及中美谈判 宏观利率周报（20250721-0725） 研报摘要 ⚫ 核心观点：7 月全球 PMI 不及预期，关税压制环境中下半年出口增量有限。 叠加限产趋势，预计制造业景气或依然偏弱。上半年经济增长基础稳固，完成全 年目标三季度压力不大，下一轮稳增长或在四季度出现，长周期看货币政策无需 过早收紧。与此同时，反内卷预期短期难以证伪，权益市场放量加速行情仍在演 化，股市 "跷跷板"效应将继续分流债市资金，阶段性压力仍在。上周，各大商品 交易所连发风险提示，周五商品期货全线下跌，或有助利率平稳运行。本周建议 关注重要会议以及中美谈判结果。 ⚫ 行情回顾：雅江水电站亮相，股市赚钱效应显现，上证行情一度突破 3600 点，"跷跷板"效应分流债市资金。叠加反内卷政策陆续推出、资金面偏紧，收 益率全线大幅调整，期限结构陡峭化。 ⚫ 市场要闻：（1）贸易摩擦。商务部就欧盟第 18 轮对俄制裁列单中国企业和 金融机构事答记者问。（2）国债发行落实。第三批国债支持以旧换新资金下达。 置换债已发行全年额度的 90% ...