Core Viewpoint - The People's Bank of China and 12 other departments have issued a plan to enhance and expand consumption in Beijing through financial support measures, focusing on bond market financing and consumer credit expansion [1] Group 1: Financial Support Measures - The plan emphasizes increasing financing support in the bond market for eligible enterprises in cultural, tourism, and education sectors [1] - It encourages qualified technology innovation enterprises to raise funds through the bond market to enhance the quality of smart elderly care and smart medical products [1] - Financial debt issuance is supported for eligible consumer finance companies, auto finance companies, and financial leasing companies to broaden funding sources and expand consumer credit [1] Group 2: Consumer Credit Expansion - The initiative promotes the securitization of retail loans, including personal auto loans, consumer loans, and credit card loans, to increase the supply capacity of consumer credit [1] - The goal is to activate existing credit stock and enhance the overall consumer credit environment [1]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The launch of the first and second batches of science - innovation bond ETFs in 2025 marks the entry of the science - innovation bond market into a new stage, which has evolved from the exploration of "dual - innovation bonds" to the mature stage with the construction of the "technology board" in the bond market [7][17][93]. - Science - innovation bonds have significant differences from "dual - innovation bonds" in terms of issuer scope, issuance venues, and fund usage. As of September 30, 2025, the outstanding amount of science - innovation bonds is 2.8286 trillion yuan, dominated by science - innovation corporate bonds, with industrial entities having a high proportion in all three types of bonds [8][25][93]. - In the primary market, the issuance scale of science - innovation bonds has increased from 500 million yuan in 2020 to over 125 billion yuan as of September 30, 2025. The issuance period has first shortened and then lengthened, and the interest rate has generally declined with fluctuations. The issuance of urban investment bonds is concentrated in provinces such as Jiangsu and Shandong, and industrial entities are dominated by central and local state - owned enterprises [9][93]. - In the secondary market, science - innovation bonds have higher liquidity scores than non - science - innovation bonds. High - rated, medium - short - term, and publicly - issued varieties have better liquidity. The excess spread is generally lower than that of non - science - innovation bonds of the same issuer, the trading deviation is smaller, and the proportion of TKN trading volume is higher than that of credit bonds [10][72][93]. 3. Summary According to Relevant Catalogs 3.1 Development Context - The development of science - innovation bonds has gone through three stages: the institutional exploration period of "dual - innovation bonds" from 2015 - 2017, the rapid growth period of forming a "stock exchange + inter - bank market" dual - market pattern in 2022, and the mature stage with the launch of the "technology board" in the bond market and policy upgrades in 2025 [7][17][93]. 3.2 Fundamental Core - **Differences from "dual - innovation bonds"**: "Dual - innovation bonds" are limited to innovation and entrepreneurship and venture capital companies, issued only on the exchange with a 3 - 5 - year term, and used for early - stage equity investment. Science - innovation bonds cover a wider range of issuers, including science - innovation enterprises and financial institutions, are issued in both markets with flexible terms, and have clear requirements for the proportion of funds invested in the science - innovation field [8][25]. - **Issuance Specifications**: Exchange - listed science - innovation enterprise - type bonds need to meet R & D investment or patent requirements, and inter - bank market entity - type bonds need to have a science - innovation title. There are also rich credit enhancement methods, such as the central - local cooperation credit enhancement model and credit risk mitigation vouchers (CRMW) [8]. 3.3 Primary Market - **Issuance Scale**: From 2020 to 2025, the issuance scale of science - innovation bonds has increased from 500 million yuan to over 1.25 trillion yuan as of September 30, 2025, showing a leap - forward growth [9][49]. - **Subject Structure**: The issuance of urban investment entities is concentrated in regions such as Jiangsu, Shandong, Anhui, Sichuan, and Chongqing. Industrial entities are mainly state - owned enterprises, with local state - owned enterprises issuing over 54 billion yuan and central state - owned enterprises over 44 billion yuan as of September 30, 2025, while the scale of private enterprises is significantly lower [9][55]. - **Term and Interest Rate**: The term has generally changed from short to long, rising from 2.46 years in 2023 to 3.45 years as of September 30, 2025. The interest rate has fluctuated downward, dropping to 2.14% as of September 30, 2025, indicating an increase in market recognition [9]. 3.4 Secondary Market - **Liquidity Advantage**: As of September 30, 2025, the liquidity scores of science - innovation bonds are higher than those of non - science - innovation bonds. Among them, high - implied - rated, publicly - issued, and medium - short - term remaining - maturity science - innovation bonds have better liquidity [10][72]. - **Trading Characteristics**: The yield of science - innovation bonds is generally lower, and the proportion of TKN trading volume is higher than that of credit bonds. Under the influence of the issuance of the first batch of science - innovation bond ETFs in July 2025, the proportion of TKN in science - innovation bonds reached 77.64% in June, confirming market activity and recognition [10][88].

焦点关注 央行：经纪机构不得为金融机构参与债券发行业务提供经纪服务 第 498 期 2025-11-14 迈向"十五五"，党的二十届四中全会提出，"发挥积极财政政策作用"。财政部门有哪些考虑？财政部党 组书记、部长蓝佛安接受采访时表示，坚持积极取向，加强逆周期和跨周期调节，根据形势变化，合理 确定赤字率和举债规模，组合运用预算、税收、政府债券、转移支付等工具，用好政策空间，保持支出 强度，形成对经济社会发展的持续支撑。 宏观动态 8000亿元！央行下周一操作 中国人民银行发布公告称，为保持银行体系流动性充裕，11月17日将以固定数量、利率招标、多重价位 中标方式开展8000亿元买断式逆回购操作，期限为6个月（182天）。 央行开展2128亿元7天期逆回购操作，净投放711亿元 央行开展2128亿元7天期逆回购操作，投标量2128亿元，中标量2128亿元，操作利率为1.40%，今日有 1417亿元逆回购到期，当日实现净投放711亿元。 区域热点 徐州市：市属国企综合融资成本降至3.1％，前三季度压降财务费用1.98亿元 中国人民银行发布《银行间市场经纪业务管理办法》，该办法自2026年1月1日起实施。其中提到， ...

Core Viewpoint - Recent data indicates that foreign capital is significantly reducing its holdings in Chinese bonds, with a notable decline attributed to rising U.S. Treasury yields and currency fluctuations, which may impact China's financial market [1][3][4]. Group 1: Foreign Capital Reduction - As of October 2025, foreign institutions held 29,765 billion yuan in Chinese bonds, a decrease of 2,843 billion yuan or 8.7% since the beginning of the year, marking the longest net outflow in five years [1]. - The yield on 10-year U.S. Treasury bonds reached 4.8%, compared to approximately 2.6% for Chinese bonds, creating a 2.2 percentage point yield advantage that attracts international capital [1][3]. - Approximately 62% of surveyed international investors indicated that currency fluctuations are a primary factor in their decision to adjust their holdings in Chinese bonds [3][4]. Group 2: Global Monetary Policy and Economic Factors - The divergence in monetary policy, with the U.S. maintaining a stringent stance while China has implemented three interest rate cuts in 2025, has widened the interest rate differential, further encouraging capital flow to the U.S. [4]. - China's GDP growth slowed to 4.6% year-on-year in Q3 2025, which, while still higher than many global economies, has led to cautious sentiment among foreign investors regarding Chinese bonds [4]. Group 3: Impact on Financial Markets - Foreign holdings of Chinese bonds accounted for approximately 2.1% of the total bond market as of October 2025, down from a peak of 3.5% in 2023, suggesting that while the outflow has some impact, it is unlikely to cause severe disruption [6]. - The outflow of capital may exert some pressure on the renminbi, but China's foreign exchange reserves stood at $3.24 trillion as of September 2025, providing a solid foundation to manage currency fluctuations [6]. Group 4: Long-term Outlook - The internationalization of China's bond market is increasing, with Chinese bonds included in major international indices, which may provide a more stable source of foreign investment in the long run [7]. - A survey of 50 major asset management firms revealed that about 67% believe the proportion of Chinese bonds in their global asset allocation will increase over the next five years [7].

11月12-13日，"太湖世界文化论坛·钱塘对话"在浙江杭州举行，主题为"财富金融文化的互鉴与创 新"。谈及金融如何助力新质生产力发展，中国国际经济交流中心副理事长、国务院发展研究中心原副 主任王一鸣提出了几点看法。 第五，发展创业投资。最近中央层面正在推进设立国家创业投资引导基金，解决募、投、管、退其 中募的问题，有很大进展。他特别提到，其中很重要的是"退"的问题。"现在IPO节奏放慢，一方面推进 注册制改革，给创投基金退出有更多的通道，但是我个人理解，即便以后也很难完全靠IPO单一通道实 现退出，所以我们要大力发展并购市场，鼓励设立市场化的并购基金，来解决他的退出问题。" 第六，股权市场支持科创。进一步提升科创板创业板服务创新企业的水平，包括地方的产权交易中 心，支持科创。 第七，加强科技对金融服务的赋能。王一鸣表示，利用人工智能、机器学习来构建智能风控模型， 动态评估企业信用风险，可降低金融机构的决策成本和决策风险。通过智能投顾为企业提供定制化的投 融资方案，优化资金的使用效率等等。"人工智能革命为科技金融提供了更好的赋能环境。" 最后，针对风险的管理，王一鸣指出，要借助智能技术来构建动态的信用画像，来 ...

"随着政府重启数据发布，美国国债投资者正为更大波动做准备，"荷兰国际集团资深欧洲利率策略师 Michiel Tukker在客户报告中表示。他补充道，鉴于市场尚未完全确定美联储下一步行动，任何新的通 胀和就业数据都可能影响收益率曲线前端走势。 白宫新闻秘书卡罗琳莱维特周三表示，10月就业和消费者物价指数(CPI)报告大概率无法按时发布，这 让局势更趋复杂。停摆期间，美国国债陷入横盘整理，10年期国债收益率围绕4%关口波动。媒体美国 国债指数在此期间上涨0.4%，延续了2020年以来的最佳年度表现。 不过在政府重启前夕，交易员大举建仓目标为10年期收益率跌破4%的国债期权，押注数据潮将印证经 济走弱趋势。 "在12月利率决议前，唯有实体经济走向和联邦公开市场委员会政策倾向更趋明朗，收益率才能突破当 前窄幅震荡区间，"BMO Capital Markets美国利率策略主管Ian Lyngen周三在报告中写道，"参差不齐的 私营数据让我们对就业市场下行风险的担忧尤为突出。" 周四，美国国债市场大体持稳，但波动率指标显示，随着美国走出史上持续时间最长的政府停摆，未来 数日可能会出现剧烈波动。 数据显示，美国10年期国债 ...

Core Viewpoint - The People's Bank of China emphasizes the development of a bond market "technology board" to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] Group 1: Financial Market Development - Accelerating the construction of financial market systems and promoting high-level openness [1] - Promoting the development of a multi-tiered bond market and expanding and regulating over-the-counter bond business [1] - Enhancing the legal framework for bond markets and advancing corporate bond legal system construction [1] Group 2: Support for Private Sector - Utilizing technology innovation bond risk-sharing tools to support more private technology enterprises and private equity investment institutions in bond financing [1] - Strengthening monitoring of risks in key sectors and industries [1] Group 3: Internationalization and Currency Cooperation - Promoting the high-quality development of the panda bond market and advancing the internationalization of the renminbi [1] - Expanding the use of renminbi in cross-border trade and investment, and deepening foreign currency cooperation [1] - Conducting high-level pilot projects for cross-border trade and investment openness [1]

Core Viewpoint - The People's Bank of China emphasizes the acceleration of financial market institutional construction and high-level opening-up in its 2025 Q3 monetary policy execution report [1] Group 1: Financial Market Development - The report advocates for the robust development of the bond market, particularly the "Technology Board," to support more private technology enterprises and private equity investment institutions in issuing bonds for financing [1] - It highlights the need to improve the legal framework of the bond market and promote the construction of corporate bond regulations [1] - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and standardization of over-the-counter bond business [1] Group 2: Risk Monitoring and Compliance - There is a focus on the ongoing regulation of issuance pricing, underwriting, and market-making behaviors, along with strengthening risk monitoring in key sectors and industries [1] Group 3: Internationalization and Currency Use - The report promotes the high-quality development of the panda bond market and aims to advance the internationalization of the Renminbi, enhancing the level of capital account openness [1] - It outlines plans to conduct high-level pilot projects for cross-border trade and investment opening, further expanding the use of Renminbi in cross-border trade and investment [1] - The report emphasizes deepening foreign currency cooperation and developing the offshore Renminbi market [1]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a balanced monetary policy that supports economic growth while managing risks, focusing on enhancing financial support for consumption and developing the bond market to aid private technology enterprises [5][6][8]. Group 1: Monetary Policy Direction - The PBOC aims to maintain reasonable growth in financial aggregates and implement a moderately loose monetary policy to ensure social financing conditions remain relatively relaxed [5][6]. - The central bank will closely monitor changes in overseas monetary policies and adjust its strategies accordingly to maintain liquidity in the banking system [5][6]. Group 2: Financial Support for Key Areas - The PBOC plans to enhance financial support for technology, green finance, inclusive finance, and the elderly finance sectors, focusing on supporting national strategic initiatives and addressing weak links in the economy [6][9]. - There will be a push to expand financial supply in the consumption sector and implement policies to support personal credit repair, aiming to unlock consumption potential [6][9]. Group 3: Interest and Exchange Rate Management - The PBOC will deepen interest rate marketization reforms and improve the transmission channels of monetary policy, ensuring that market forces play a decisive role in interest rate formation [7][9]. - The central bank will also work on stabilizing the RMB exchange rate at a reasonable equilibrium level while enhancing the risk management capabilities of enterprises and financial institutions [7][9]. Group 4: Development of Financial Markets - The PBOC is focused on developing a "technology board" in the bond market to support private technology enterprises and improve the legal framework for corporate bonds [8]. - There will be efforts to expand the multi-tiered bond market and enhance the regulation of issuance, pricing, and underwriting practices [8]. Group 5: Financial Risk Management - The PBOC aims to establish a comprehensive macro-prudential management system to monitor and mitigate systemic financial risks, enhancing the resilience of the financial market [9]. - The central bank will also work on improving the regulatory framework for systemically important financial institutions and expand the coverage of additional regulatory measures to non-bank sectors [9].

Core Insights - The People's Bank of China emphasizes the acceleration of financial market system construction and high-level opening-up [1] Group 1: Financial Market Development - The report advocates for the development of a "Technology Board" in the bond market, utilizing risk-sharing tools for technology innovation bonds to support more private technology enterprises and private equity investment institutions in bond financing [1] - It highlights the need to improve the legal framework for the bond market and promote the construction of corporate bond regulations [1] - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and standardization of over-the-counter bond business [1] Group 2: Risk Monitoring and Regulation - There is a focus on the continuous regulation of issuance pricing, underwriting, and market-making behaviors, along with strengthening risk monitoring in key sectors and industries [1] Group 3: Internationalization and Currency Use - The report promotes the high-quality development of the panda bond market and aims to advance the internationalization of the Renminbi, enhancing the level of capital account openness [1] - It proposes the initiation of high-level opening-up pilot projects for cross-border trade and investment, further expanding the use of Renminbi in cross-border transactions and deepening foreign currency cooperation [1] - The development of the offshore Renminbi market is also emphasized [1]