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东兴证券2025年五期短融完成发行,总额20亿利率1.69%
Xin Lang Cai Jing· 2025-09-23 08:46
Group 1 - The core point of the article is the announcement of the issuance results for the fifth short-term financing bond by Dongxing Securities for the year 2025 [1] - The bond was issued on September 19, with interest starting from September 22 and maturing on February 12, 2026, resulting in a term of 143 days [1] - Both the planned and actual issuance amount was 2 billion RMB, with an issuance interest rate of 1.69% and an issuance price of 100 RMB per 100 RMB face value [1]
债市日报:9月23日
Xin Hua Cai Jing· 2025-09-23 07:58
Market Overview - The bond market experienced fluctuations with long-term bonds leading the decline, as the main government bond futures closed lower across the board [1][2] - The interbank bond yield rose by 1-2 basis points, with the 10-year government bond yield increasing by 1.35 basis points to 1.801% [2] Monetary Policy and Liquidity - The central bank conducted a net withdrawal of 10.9 billion yuan in the open market, indicating a gradual increase in liquidity after the mid-month tax period [1][5] - The short-term Shibor rates mostly declined, with the overnight rate falling by 1.4 basis points to 1.413% [5] Institutional Insights - Citic Securities noted that the urgency for the central bank to initiate government bond trading is not strong in the short term, but the increased bond purchases by state-owned banks reflect a relatively loose liquidity environment [6] - China International Capital Corporation (CICC) observed increased volatility in the bond market due to funding disturbances and expectations of wider credit, with credit bonds performing relatively well [7] International Bond Market Trends - In North America, U.S. Treasury yields rose across the board, with the 10-year yield increasing by 2.12 basis points to 4.147% [3] - In Asia, Japanese bond yields also increased, with the 10-year yield rising by 1.2 basis points to 1.651% [3] - In the Eurozone, yields on 10-year bonds in France, Germany, Italy, and Spain all saw slight increases [3] Primary Market Activity - The China Development Bank's financial bonds had a competitive bidding yield of 1.6011% for 2-year bonds, 1.7430% for 5-year bonds, and 1.9881% for 10-year bonds, with strong bid-to-cover ratios [4]
“金融天团”的170万亿元“大项目”如何改变你我生活?
Yang Shi Wang· 2025-09-23 03:01
央视网消息:"十四五"时期,我国金融业稳健发展,目前银行业总资产位居世界第一,股票、债券市场规模位居世界第二。金融 业的发展如何影响我们的生活? 9月22日,国务院新闻办公室举行了一场重磅发布会,集齐了央行、金融监管总局、证监会等"金融天团"。会上,亮出一组数 据:过去五年,银行业保险业为实体经济注入了170万亿元新增资金。老王算了算,"十四五"前四年,我国经济年均增速5.5%,五年 增量预计超35万亿;换句话说,每1块钱的经济增长,背后都有近5块钱的金融"活水"在支撑。 这些钱都去哪儿了?科研贷款年均增长27.2%,制造业中长期贷款年均增长21.7%,基础设施贷款年均增长10.1%。你看到的国产 首艘大型邮轮爱达·魔都号下水、全球第一座第四代核电站石岛湾基地投入商业运行、全球最大的高速公路网、高铁网、宽带网等 等,哪一项都离不开资金的支持。 现在,企业搞科研、大学生创业、农民种粮,不仅可以申请贷款,而且还有各具特色的保险来支持。我们个人买房、买车、消费 也都可以贷款,而且贷款的成本也是越来越低。 资本市场也在变。过去五年,上市公司给股东发的"红包"——分红加回购,合计高达10.6万亿元,是同期IPO和再融资 ...
申万宏源证券分支机构2026届秋季校园招聘火热进行中!
Group 1 - The article discusses the recruitment of the 2026 campus graduates by Shenwan Hongyuan Securities, highlighting the company's commitment to providing comprehensive financial services through its dual-structure model of "investment holding group + securities subsidiaries" [4] - Shenwan Hongyuan Securities was formed by the merger of the first joint-stock securities company in New China and the first listed securities company in the domestic capital market on January 16, 2015 [4] - The company aims to connect investors through its branch offices, which are crucial for its wealth management transformation [4] Group 2 - The recruitment targets 2026 graduates from both domestic and overseas institutions, with specific graduation timelines outlined for eligibility [11] - The company seeks candidates with a bachelor's degree or higher, preferably in economics, finance, law, or marketing, and values strong communication, teamwork, and problem-solving skills [11] - The recruitment process includes online applications, assessments, written tests, interviews, and internship evaluations, with deadlines and specific dates provided [14][15] Group 3 - The company offers customized training programs to support the growth of new hires, including the "New Sailing Plan" and "Wealth Star Training Camp," focusing on marketing skills and practical experience [13] - There is a clear career development path within the company, allowing employees to advance through various roles, from customer managers to senior management positions [13]
华安证券员工向客户推介虚假金融产品 造成重大损失
Xi Niu Cai Jing· 2025-09-23 01:35
Group 1 - The Sichuan Securities Regulatory Bureau issued administrative regulatory measures against Huazhong Securities Chengdu Dongda Road Securities Business Department for failing to assess employees' integrity during their employment [2] - Another regulatory measure revealed that an employee, Tian Ke, promoted false financial products to clients, resulting in significant losses for them, leading to corrective measures against him [4] - Huazhong Securities has faced multiple employee violations this year, including a warning issued to Yin Yanji, the head of the research institute, for not effectively regulating the conduct of certain employees [4] Group 2 - An employee from Huazhong Securities, Tang Mengfei, was found to have used another person's securities account for stock trading, violating compliance regulations, resulting in a warning and a record in the integrity file [4]
中信证券:当前股市增量资金仍以高净值客群为主
Core Insights - The trend of "deposit migration" is expected to gradually manifest from 2022 to 2025, driven by policy guidance, declining interest rates, narrowing bank net interest margins, and the pressure of deposit termization [1] - Although the overall proportion of deposit migration is limited, it presents a considerable incremental opportunity for non-bank asset management (including bank wealth management, insurance, public funds, etc.) [1] - Low-risk asset management products remain the mainstream allocation direction, but there is a recent trend of rising risk appetite, indicating a potential gradual increase in residents' risk preferences [1] Group 1 - The scale of bank wealth management's fixed income+ products has increased by over 1.1 trillion yuan in the first eight months [1] - Insurance capital has increased stock allocations by over 640 billion yuan in the first half of the year [1] - The incremental funds entering the stock market are primarily from high-net-worth individuals, with a significant number of ordinary residents not yet participating [1] Group 2 - There has not been a large-scale substantial flow of funds between stocks and bonds, indicating that the stock-bond dynamic is likely to become more muted [1] - The space for further declines in the bond market appears limited [1]
【固收】曲线短端调控的“新搭档”和“老辅助”——14D OMO逆回购招标方式调整的点评(张旭)
光大证券研究· 2025-09-22 23:07
Core Viewpoint - The People's Bank of China has announced a change in the operation of the 14-day reverse repurchase agreement, shifting to a fixed quantity, interest rate bidding, and multiple price level bidding system, which is expected to enhance liquidity management in the banking system [4][5]. Summary by Sections Event - On September 19, 2025, the People's Bank of China announced that the 14-day reverse repurchase operation would now be conducted with fixed quantity and interest rate bidding, along with multiple price level bidding [4]. Commentary - The primary policy interest rate in China is the 7-day Open Market Operation (OMO) rate, which is crucial for signaling monetary policy. The fixed rate bidding is deemed most appropriate. Compared to variable rate bidding, the new system allows for better allocation of scarce central bank funds to those truly in need. Traders seeking 14-day OMO funds can bid at higher rates, increasing their chances of full allocation. This change is expected to stabilize the short end of the yield curve and maintain ample liquidity in the banking system [5][6]. - It is anticipated that the 14-day OMO operations will occur more frequently than in previous years, not limited to just before major holidays. The first operation under the new bidding method is likely to take place on September 22 [5]. Interest Rate Corridor - The 7-day and 14-day OMOs are seen as new partners in maintaining liquidity, while the interest rate corridor serves as an old tool to stabilize short-term rate fluctuations. The upper limit of the corridor is the Standing Lending Facility (SLF) rate, which varies with the 7-day OMO rate, maintaining a 100 basis point spread. The lower limit is the Interest on Excess Reserves (IOER), currently at 0.35% [7]. - Narrowing the interest rate corridor could reduce fluctuations in the DR (Deposit Rate) and enhance the effectiveness of interest rate control. Two methods could achieve this: lowering the SLF rate in line with the 7-day OMO rate or reducing the spread above the OMO rate [7][8]. Market Activity - Concerns about whether lowering the SLF rate would lead to increased trading with the central bank and reduce market activity are deemed unfounded. The SLF operation volumes from May to August 2025 were significantly lower than the interbank repo transaction volumes. The current spread between the 7-day SLF and DR007 rates is at a moderate level, suggesting that a reduction in the SLF rate would not lead to excessive reliance on it by market participants [8].
创全国知识产权ABS发行利率新低!华安资管助力兴泰租赁ABS成功簿记
Group 1 - The core viewpoint of the news is that Huazhong Securities successfully managed the first data asset-backed securities (ABS) project aimed at supporting intellectual property for technology innovation enterprises in industrial parks, setting a new benchmark for asset securitization [1] - The issuance scale of the ABS is 321 million yuan, with a priority ticket interest rate of 1.86%, marking the lowest historical rate for intellectual property ABS in China [1] - The product received widespread market attention and enthusiastic subscriptions, providing innovative financing solutions for 20 high-tech enterprises, with individual financing amounts ranging from 1 million to 80 million yuan [1] Group 2 - Xing Tai Leasing plans to further advance its technology innovation business transformation strategy, focusing on innovation as the core driving force to continuously optimize financial service solutions for small and medium-sized technology enterprises [2] - Huazhong Asset Management emphasizes its commitment to serving the real economy, aiming to drive corporate growth through specialized and comprehensive financial services, thereby injecting new momentum into the high-quality development of the regional economy [2]
Factbox-What and where are Russia's frozen assets in the West?
Yahoo Finance· 2025-09-22 14:03
MOSCOW (Reuters) -As much as $250 billion worth of Russian assets have been frozen in the European Union since the U.S. and its allies prohibited transactions with Russia's central bank and finance ministry following Russia's full-scale invasion of Ukraine in 2022. Reuters reported this week that the European Union is discussing a plan to repurpose the frozen assets to boost financial aid to Ukraine, as it looks to step up sanctions pressure on Russia. WHAT ARE RUSSIA'S ASSETS AND WHERE ARE THEY? The ...
美国长债收益率“异常”上涨,“债券义警”拉响警报
南方财经 21世纪经济报道记者吴斌 上周初,10年期美债收益率一度跌破4%关口,但在美联储降息后,9月22日,10年期美债收益率却不降反升,处在4.14%上方, 30年期美债收益率在4.75%上方。 美股则继续创新高,市场罕见上演创纪录四重奏,标普500指数、纳斯达克100指数、道琼斯工业平均指数以及罗素2000指数齐 创纪录,本世纪这样的情景只出现过不到30次。 在股市高歌猛进之际,美债收益率为何出现"异常"上涨?"债券义警"释放了什么信号?接下来市场又将迈向何方? 长债收益率缘何不跌反涨? 在美联储降息后,美国长债收益率却不跌反涨。尽管美联储自2024年以来多次降息,但10年期美债收益率与去年同期相比几乎 没有变化。 源达信息证券研究所所长吴起涤对21世纪经济报道记者表示,美联储降息后美国10年期国债收益率不跌反涨,这是一个典型 的"预期兑现"的交易,这是"买预期,卖事实"的市场行为。 在吴起涤看来,预期先行,降息已被"定价"。市场是交易预期的,之前就已经普遍预期美联储降息25个基点,投资者提前买入 债券,债券价格上涨,收益率拉低。当降息真正发生时,部分投资者选择获利了结,卖出债券,导致收益率反弹。 对通 ...