近年来，中国债券市场对外开放取得积极成效，境外机构投资者投资中国债券市 场的数量和持债规模扩大，通过债券回购业务开展流动性管理的需求不断增加。截至 2025年8月末，共有来自80个国家和地区的1170家境外机构进入中国债券市场，持债 总量约4万亿元人民币。中国人民银行有序推动银行间债券市场债券回购业务对外开 放，自2015年起，支持境外主权类机构、境外人民币业务清算行和境外参加行在银行 间市场开展债券回购业务；2025年，与香港金管局共同推出以"债券通"北向通债券为 标的的离岸回购业务。 中国人民银行、中国证监会、国家外汇局进一步支持各类境外机构投资者开展债 券回购业务，不仅有利于满足市场需求，进一步增强人民币债券资产吸引力，也有利 于优化合格境外投资者制度，巩固提升香港国际金融中心地位，助力在岸离岸人民币 市场协同发展。业务模式上，中国人民银行深入总结境内外回购市场实践，加强银行 间市场债券回购机制和国际市场通行做法衔接，实现标的债券过户和可使用，为境外 机构投资者开展债券回购业务提供更大便利，也有利于促进优化境内债券回购业务机 制。 下一步，中国人民银行、中国证监会、国家外汇局将继续深入贯彻落实党中央、 ...

新华财经北京9月25日电（王菁）在国际金融格局深刻变革的背景下，香港正以创新姿态擘画固收市场 发展新篇章。9月25日，香港证券及期货事务监察委员会与香港金融管理局联合发布《固定收益及货币 市场发展路线图》（以下简称《路线图》），为债券市场高质量对外开放标记重要注脚。 《路线图》围绕四大支柱提出关键措施：促进一级市场发行、增强二级市场流动性、拓展离岸人民币业 务及构建新一代市场基础设施，并包含十项具体倡议，旨在通过促进需求、流动性和创新，策略性定位 香港成为全球固定收益及货币中心。 业内人士表示，这是香港巩固国际金融中心地位的关键举措，未来将显著提升香港在全球固定收益市场 的竞争力和影响力，同时为人民币国际化提供新的动力。 跨境互联互通深化发展四大支柱构建新生态系统 《路线图》的制定经历了深入业界的漫长过程，成为香港证监会与香港金管局未来数年制订和推行相关 政策工作的总图。香港证监会主席黄天祐指出，这份《路线图》将引领市场迈步向前，为发行人、投资 者及中介机构带来长远裨益。 香港金管局总裁余伟文在当日论坛上强调，为发展香港成为全球固定收益及货币中心，以及进一步巩固 香港作为领先离岸人民币业务枢纽的地位，"我们将 ...

墨西哥债市全览： 拉美地区成熟且结构完善的债券市场 本报告导读： 墨西哥债券市场是拉美地区最为成熟的市场之一，央行实施独立货币政策，汇率自 由浮动，外汇管制程度较低。 投资要点： 债券研究 /[Table_Date] 2025.09.24 | [Table_Authors] | 王一凡(分析师) | | --- | --- | | | 021-38031722 | | | wangyifan4@gtht.com | | 登记编号 | S0880524120001 | | | 唐元懋(分析师) | | | 0755-23976753 | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | [Table_Report] 相关报告 久期因子仍不占优 2025.09.23 聚焦回调后中短端票息价值 2025.09.16 从五浪到 M 顶调整:技术分析视角下的本轮回调 2025.09.10 第二批科创债 ETF 如何筛选—三个维度与一个变 量 2025.09.10 攻守兼备：国泰海通十大转债 2025.09.09 证 券 研 究 报 告 请务必阅读正文之后的免责条款 ...

Group 1 - The Hong Kong government aims to encourage more companies to issue bonds in Hong Kong, as mentioned in the Chief Executive's latest Policy Address [1] - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) will release a "Fixed Income and Currency" roadmap detailing the initiatives [1] - A dedicated task force established by the two regulatory bodies has discussed three main proposals to enhance the bond market, including attracting more international issuers and improving offshore RMB issuance [1] Group 2 - The task force's discussions also include strategies to lower the funding costs and interest rate volatility for offshore RMB bonds, aligning them closer to onshore rates [1] - There is a preliminary exploration of allowing mainland investors to have more flexible arrangements for funds to "stay" in Hong Kong investment accounts, enhancing the liquidity of the offshore RMB pool [1] - The SFC and HKMA are collaborating with the financial industry and stakeholders to promote activities in both primary and secondary bond markets, further develop the foreign exchange market, and assess the feasibility of necessary financial market infrastructure [1]

本报记者 刘琪 韩昱 四年来，从起步探索到优化扩容，债券通"南向通"在深化内地与香港金融互联互通、推动人民币国际化等方面的作用持续 显现。 "债券通'南向通'促进了金融市场的国际化进程，增加了我国金融机构与国际市场的交流合作，提高了我国金融市场的国际 竞争力。"景顺固定收益高级投资组合经理丁一飞在接受《证券日报》记者采访时表示，展望未来，"南向通"机制的不断完善 和发展，预计将进一步加强我国金融市场与国际市场的互联互通，提供更加广阔的投资机会和创新产品，为我国金融体系的全 球化发展作出积极贡献。 作为我国金融市场双向开放的关键一步，2021年9月24日，在债券通"北向通"平稳运行四年多的基础上，债券通"南向 通"正式上线，标志着债券通实现双向通车。如今，这一机制已平稳运行满四周年。 参与机构将扩容 通俗而言，债券通"南向通"是指内地机构投资者通过内地与香港基础服务机构连接，投资于香港债券市场的机制安排。 回顾四年发展历程，"南向通"从初期的探索起步，逐步走向优化与扩容，不仅持续深化内地与香港金融市场的互联互通， 更为香港离岸人民币债券市场的蓬勃发展注入新动能。 四年来，"南向通"在运行中不断优化，今年更是迎来 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Central Settlement Company and the National Inter - bank Funding Center will launch a centralized bond lending business on October 10, 2025, which can improve market efficiency, risk prevention, and standardization, but also faces challenges such as strict collateral requirements and short - term limits [4][11][12] - The listing of the first convertible bond on the Beijing Stock Exchange (BSE) marks the official opening of the BSE convertible bond market. Although it is in its infancy with some characteristics like non - public transfer and strict terms, it has potential for future optimization [5][15][17] - In August 2025, the overall economic data declined, with fixed - asset investment, social consumption, and industrial added - value growth rates dropping. CPI turned negative year - on - year, while the decline of PPI narrowed [6][18][20] - Last week, the central bank net - injected funds through open - market operations. Due to factors like treasury bond issuance and tax payments, capital prices rose, and the spread between 3 - month and 1 - year Shibor slightly expanded [7][23] - Last week, the issuance scale of credit bonds increased. Different industries and bond types showed different trends in issuance and net financing, and the average issuance cost of credit bonds fluctuated [8][28][31] - In the secondary market of credit bonds last week, trading activity increased, yields of both interest - rate and credit bonds rose, most credit spreads expanded, and rating spreads changed little [37][38][43] 3. Summaries According to Relevant Catalogs Market Hotspots - **Centralized Bond Lending Business Policy** - On September 12, 2025, relevant institutions will launch a centralized bond lending business on October 10, 2025, which is an important supplement to the existing bond lending business [11] - It can improve market efficiency, help market participants prevent risks, and enhance standardization, but also faces challenges from strict collateral requirements and short - term limits [12][13] - **BSE Convertible Bond Market** - On September 9, 2025, the first convertible bond "Youji Dingzhuan" was listed, marking the official opening of the BSE convertible bond market [5][13][15] - The current BSE convertible bond market is in its early stage, featuring non - public transfer, strict terms, and a concentrated investor structure. It is recommended to explore public issuance and innovative clause design [15][16][17] Macroeconomic Data - In August 2025, fixed - asset investment, social consumption, and industrial added - value growth rates declined. CPI turned negative year - on - year, and the decline of PPI narrowed [6][18][20] Money Market - Last week, the central bank net - injected 196.1 billion yuan through open - market operations. Capital prices rose due to factors like treasury bond issuance and tax payments, and the spread between 3 - month and 1 - year Shibor slightly expanded [7][23] Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds increased to 216.271 billion yuan. Different bond types and industries had different performance in issuance and net financing, and the average issuance cost fluctuated [8][28][31] Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 876.9869 billion yuan, with increased trading activity. Yields of both interest - rate and credit bonds rose, most credit spreads expanded, and rating spreads changed little [37][38][43]

Key Insights - The expectation of a Federal Reserve interest rate cut has significantly increased, with market predictions exceeding 90% probability, driven by weak economic data, particularly in the labor market [8][9] - The credit bond market is experiencing a cooling trend, with issuance down to 13,127.58 billion yuan in August, a decrease of 1,349.78 billion yuan from the previous month, and net financing dropping to 543.99 billion yuan [10][49] - The monthly rolling default rate in the bond market is at 0.17%, with one new defaulting entity, Shenzhen Zhongzhuang, indicating ongoing credit risks [21][24] Market Review - The manufacturing PMI in August slightly improved to 49.4, indicating a weak recovery in the economy, while liquidity remains generally ample with the central bank injecting 1,466 billion yuan [10][36] - The average issuance rate for credit bonds has mostly increased, with the 3-year AAA corporate bond rate rising by 16 basis points, reflecting higher borrowing costs across various sectors [49][50] - The secondary market saw most bond yields rise, with the 10-year government bond yield increasing by 13 basis points to 1.84% [12][30] Credit Risk and Regulatory Environment - The ongoing high-pressure regulatory environment for implicit debt emphasizes the need to prevent "disposal risk" [11][12] - Five entities, including those in the real estate sector, have extended their bonds due to operational performance declines and cash flow issues, highlighting the challenges faced by these industries [24][25] - Credit spreads for short-term notes have generally widened, with most sectors experiencing increased issuance costs [30][51]

新华财经北京9月22日电（王菁）债券通公司22日发布的8月运行报告显示，债券通北向通当月成交7501 亿元人民币，月度日均成交357亿元人民币。其中，国债和政策性金融债交易最活跃，分别占月度交易 量的38%和41%。 据悉，ePrime当月支持了20笔境外债券发行，总规模为251.53亿元人民币，承销商包括农银国际、中国 银行、中信银行（国际）、银河国际等。 北向互换通方面，8月共达成交易793笔，总计4196.81亿元人民币；截至8月末，累计入市境外机构82 家。 （文章来源：新华财经） ...

一是科学把握稳增长和防风险的动态平衡。经济是金融的根基，经济领域的很多问题往往通过金融的端 口显现并向外溢出，并与金融风险相互交织、彼此传导。要在宏观层面把握好经济增长、经济结构调整 和金融风险防范之间的动态平衡，坚持推动经济高质量发展，从源头上促进金融稳定。 二是有序化解重点领域风险。在化解融资平台债务风险方面，人民银行严肃财经纪律，推动地方政府统 筹资金、资产、资源化解债务风险，剥离融资平台的政府融资功能，转型为市场化的经营主体；引导金 融机构通过债务重组，降低融资平台流动性风险和利息负担。相关工作取得重要的阶段性成效。 在化解中小金融机构风险方面，人民银行会同金融监管部门和地方政府，综合采取在线修复、兼并重组 和市场退出等方式，推动高风险中小银行数量较峰值明显压降。 新华财经北京9月22日电（记者翟卓刘玉龙）中国人民银行数据显示，截至今年6月末，与2023年初相 比，我国融资平台数量下降超过60%，金融债务规模下降超过50%；在金融支持房地产风险化解方面， 人民银行优化调整首付比、房贷利率等多项政策，并降低存量房贷利率，每年可为超过5000万户家庭减 少利息支出约3000亿元。 "总体看，'十四五'期间 ...

Group 1 - The report suggests that during the interest rate downtrend, the yield on 10-year government bonds in China is likely to follow a similar downward trend, as observed in Japan and the United States [1][2][25] - The report indicates that while the 10-year government bond yield in China reached new lows in 2023 and 2024, the future trend is expected to be a continued downward movement without entering negative territory, although the space for further decline is limited [2][25] - The overall trend for the yield curve in 2025 is expected to be characterized by fluctuations, with a potential for a brief rebound in yields, presenting opportunities for buying on dips [3][13] Group 2 - The report analyzes the bond market's performance in the first three quarters of 2025, noting a bearish trend with a yield curve that initially rose, then fell, and subsequently rose again [3][43] - In the first quarter, the yield on 10-year government bonds increased from 1.60% to approximately 1.90%, influenced by tight liquidity and market corrections [3][43] - The second quarter showed some profit opportunities as the yield curve shifted towards a "bullish steep" pattern, while the third quarter saw a bearish steepening due to regulatory changes affecting fund sales [3][43] Group 3 - The report provides investment strategies for the bond market, including assessing future pricing ranges for various maturities, with the 10-year government bond yield expected to fluctuate between 1.6% and 1.8% [4][6] - The report emphasizes the importance of coupon strategies in a narrow fluctuation market, suggesting dynamic tracking of bond comparisons to adjust configurations accordingly [4][6] - Special bond investment strategies are recommended, focusing on timing based on seasonal factors and key events, as well as point selection based on volatility ranges [6][6]