香港特区政府行政长官上周发布的施政报告中提到的 《固定收益及货币市场发展路线图》 （以下简称《路线图》）将于 9 月 25 日下午正式发布。 9 月 25 日上午，香港证券及期货事务监察委员会（以下简称香港证监会）和香港金融管理局 （以下简称香港金管局）联合举办 " 香港固定收益及货币论坛 2025" （以下简称论坛）。 在论坛上，香港特区政府财政司司长陈茂波透露， 《路线图》将围绕 " 加强债券发行、提升 二级市场流动性、扩大离岸人民币业务、构建新型基础设施 " 四大支柱，推动一级、二级市 场协同发展 。 受超强台风影响，论坛转为线上进行，内地和香港特区政府及金融监管机构与全球机构投资 者，就香港固定收益与货币市场生态的发展以及人民币国际化的前景进行了深度探讨。 【导读】事关人民币国际化，香港即将发布《固定收益及货币市场发展路线图》，内地和香 港特区政府及金融监管机构重磅发声 中国基金报记者 郭玟君 陈茂波：香港从三大方向推动固收 与货币市场生态升级 香港特区政府财政司司长陈茂波 在致开幕辞时表示： " 当前，全球地缘政治紧张、保护主义 抬头，投资者纷纷寻求资产配置多元化，香港凭借 ' 安全港 ' 属性与优 ...

（原标题：打造美元替代方案！欧洲九大银行联盟官宣开发欧元稳定币） 智通财经APP获悉，为在美元主导的市场中开辟新选择，九家欧洲银行已携手启动欧元稳定币的开发项 目。 目前，该银行联盟已在荷兰成立一家新公司，专门负责推进这一项目。声明同时提到，联盟欢迎其他银 行加入这一倡议。 这一动态是欧洲银行对数字资产态度转暖的最新信号。此前数月，欧盟《加密资产市场监管法案》已全 面生效。据报道，西班牙桑坦德银行(SAN.US)正考虑进军该领域;而今年夏初，由德意志银行(DB.US) 旗下DWS Group支持的一家公司，已发行了一款欧元计价的稳定币。 据德卡银行(DekaBank)发布的声明，参与此次合作的银行包括意大利联合信贷银行(UNCRY.US)、荷兰 国际集团(ING.US)、德卡银行、塞拉银行(Banca Sella)、比利时联合银行集团(KBC Group NV)、丹麦丹 斯克银行(Danske Bank AS)、瑞典北欧斯安银行(SEB AB)、西班牙凯克萨银行(CAIXY.US)以及奥地利瑞 福森国际银行(RAIFY.US)。这款稳定币计划于2026年下半年正式推出。 声明指出，此次合作的目标是"为目前由美 ...

恒生银行(00011)尾盘跌超3%，截至发稿，跌2.79%，报114.9港元，成交额3.78亿港元。 消息面上，据新浪财经引述媒体报道称，汇丰控股近期罕见地直接介入旗下恒生银行的坏账处理，过去 两个月从伦敦总部派出球首席企业信贷官及特别信贷部门主管，督促恒生启动出售香港房地产不良贷款 组合的程序，预料涉及超过30亿美元。报道指，截至今年6月底，恒生银行的香港商业房地产不良贷款 额达约250亿港元，较去年同期大幅增加85%。 值得注意的是，惠誉近期发布报告称，由于恒生银行在香港特区商业房地产贷款方面的集中程度较高， 且自2024年以来，这些贷款的信用状况持续出现显著恶化，惠誉已将恒生银行的风险状况评分从"a"下 调至"a-"。截至2025年上半年末，这些贷款占恒生银行减值贷款的46%。鉴于房地产估值不断下降，惠 誉预计未来一到两年内情况还会进一步恶化。尽管如此，稳定的展望表明惠誉认为恒生银行的信用风险 管理较为积极主动。 ...

Group 1: Report Summary - The total bond custody scale in August increased by 150.6 billion yuan month-on-month, with a slower growth compared to July. The custody increments of treasury bonds and policy financial bonds rose, while the net financing scale of local bonds and credit bonds declined, and commercial bank bonds turned into net repayment. The custody scale of interbank certificates of deposit continued to decline significantly [4][7]. - In early August, the bond market oscillated and recovered, but after mid - August, sentiment weakened due to the continuous new highs of A - shares. Long - term interest rates were under pressure, while short - term rates were relatively resilient. From the perspective of institutional behavior, broad - based funds may have been affected by liability - side disturbances and reduced their bond holdings for the first time since February. Dealers also increased their holdings of interest - rate bonds. However, the承接 power of allocation - oriented investors was insufficient, which might have prevented interest rates from stabilizing in August. Notably, foreign institutions significantly narrowed their reduction of domestic bond holdings, possibly indicating an increase in their overall allocation of Chinese assets [4][9]. - Affected by the decline in the balance of repurchase agreements, the bond market leverage ratio slightly decreased by 0.1 percentage points to 107.5% in August, remaining at a relatively low level in recent years. Among different institutions, commercial banks' leverage ratio increased by 0.2 percentage points to 103.8%, while non - bank institutions' leverage ratio decreased by 0.5 percentage points to 116.9% [4][39]. Group 2: August Bond Custody Increment Analysis - Interest - rate bonds: The issuance scale of treasury bonds increased while the maturity scale decreased in August, with the custody increment rising by 38.42 billion yuan to 82.61 billion yuan. For policy financial bonds, the decline in the issuance scale was smaller than that in the maturity scale, and the custody increment increased by 22.23 billion yuan to 46.16 billion yuan. The issuance scale of local bonds decreased significantly while the maturity scale increased, and the custody increment decreased by 31.51 billion yuan to 51.72 billion yuan [7]. - Credit bonds: The issuance scale of medium - term notes and enterprise bonds decreased while the maturity scale increased. The custody increment of medium - term notes decreased by 11.05 billion yuan to 10.44 billion yuan, and the custody scale of enterprise bonds decreased by 3.53 billion yuan. The issuance scale of short - term commercial paper decreased, and the custody volume changed from an increase of 1.06 billion yuan in the previous month to a decrease of 4.61 billion yuan. The custody scale of PPN continued to decline by 1.53 billion yuan, with a narrower decline compared to the previous month [7]. - Other bonds: The issuance and maturity scales of interbank certificates of deposit both increased slightly, and the custody scale continued to decline by 35.56 billion yuan, with a narrower decline compared to the previous month. Commercial bank bonds turned into net repayment, with the custody volume changing from an increase of 36.9 billion yuan in the previous month to a decrease of 1.64 billion yuan. The custody increment of non - bank bonds increased by 2.04 billion yuan to 5.12 billion yuan, and the decline in the custody scale of credit - asset - backed securities narrowed by 0.58 billion yuan to 0.54 billion yuan [7]. Group 3: Institutional Behavior Analysis 3.1 Broad - based Funds - The bond custody scale of broad - based funds decreased by 19.17 billion yuan in August, mainly due to significant reductions in credit bonds and certificates of deposit, while slightly increasing holdings of interest - rate bonds. The reduction in holdings of interbank certificates of deposit, commercial bank bonds, and enterprise bonds increased, while the increase in holdings of medium - term notes and financial bonds on the Clearstream decreased. They turned to reduce holdings of short - term commercial paper and increase holdings of policy financial bonds [12]. 3.2 Securities Companies - The bond custody volume of securities companies increased by 190 million yuan in August, mainly due to a significant decrease in the reduction of treasury bonds, a slight decrease in the reduction of medium - term notes, an increase in the increase of policy financial bonds, and a turn to slightly increase holdings of financial bonds on the Clearstream. The reduction of bond holdings weakened significantly [18]. 3.3 Insurance Companies - The bond custody increment of insurance companies decreased by 5.76 billion yuan to 3.96 billion yuan in August, mainly due to a decrease in the increase of local bonds and treasury bonds, a turn to reduce holdings of policy financial bonds and medium - term notes, and an increase in the reduction of commercial bank bonds. They turned to reduce bond holdings [20]. 3.4 Foreign Institutions - The decline in the bond custody volume of foreign institutions significantly narrowed by 20.41 billion yuan to 9.97 billion yuan in August, with a significant decrease in the reduction of interbank certificates of deposit, treasury bonds, and policy financial bonds. They generally continued to reduce bond holdings, but the reduction intensity weakened [25]. 3.5 Other Institutions - The bond custody increment of other institutions, including the central bank, increased by 9.58 billion yuan to 33.52 billion yuan in August, mainly due to the increase in the net investment of outright reverse repurchase. They significantly increased holdings of local bonds, turned to reduce holdings of policy financial bonds, and slightly increased the reduction of treasury bonds. The increase in holdings of interbank certificates of deposit reached a new high since December 2022, while the increase in holdings of medium - term notes declined from a historical high [28]. 3.6 Commercial Banks - The bond custody increment of commercial banks decreased by 52.2 billion yuan to 120.01 billion yuan in August. They turned to reduce holdings of local bonds, possibly affected by the increase in the net investment of outright reverse repurchase and the concentration on local bonds. The increase in holdings of treasury bonds and policy financial bonds increased significantly, while the increase in holdings of financial bonds on the Clearstream decreased significantly [31]. 3.7 Credit Unions - The bond custody increment of credit unions decreased by 5.92 billion yuan to 1.04 billion yuan in August, mainly due to a decrease in the increase of policy financial bonds and treasury bonds and a turn to reduce holdings of interbank certificates of deposit. They turned to reduce bond holdings [37]. Group 4: Bond Market Leverage Ratio Analysis - The bond market leverage ratio decreased by 0.1 percentage points to 107.5% in August, remaining at a relatively low level in recent years. Commercial banks' leverage ratio increased by 0.2 percentage points to 103.8%, still significantly lower than the level before April 2024. Non - bank institutions' leverage ratio decreased by 0.5 percentage points to 116.9%, remaining at a relatively low level since 2022. Among non - bank institutions, securities companies' leverage ratio decreased by 12.8 percentage points to 215.1%, still at a relatively high level in the past three years. The leverage ratio of insurance and non - legal person products decreased by 0.4 percentage points to 113.8%, remaining at a relatively low level since 2022 [39].

Core Viewpoint - Agricultural Bank of China Changji Branch is actively promoting technology finance to connect closely with the real economy, facilitating a dual approach for technology innovation enterprises and financial services, and striving to build a new ecosystem for technology financial services [1] Group 1: Financial Support for Technology Enterprises - The loan balance for technology enterprises at the Changji Branch exceeds 5 billion yuan, with over 900 million yuan in new technology loans issued this year, providing continuous financial support for the development of innovation enterprises [2] - Xinjiang New Aluminum Industry Co., Ltd., located in the Changji National High-tech Industrial Park, has invested billions in advanced green production technology for aluminum profiles, facing funding challenges as it expands its R&D and production scale [2][6] - The Changji Branch quickly responded to the financing needs of Xinjiang New Aluminum by providing a tailored financial service package and promptly issuing a "Technology E-Loan" of 10 million yuan, effectively addressing the company's funding issues [2][6] Group 2: Innovative Financial Products and Services - The Changji Branch has introduced a series of intellectual property financing products to lower the financing threshold for technology enterprises, allowing for a more diverse product supply and establishing a one-on-one exclusive service mechanism [3] - The bank aims to support specialized, innovative, and green low-carbon technology enterprises, enhancing financial service efficiency and ensuring that various types of innovation enterprises can find suitable financing solutions [3] Group 3: Collaboration and Information Sharing - The Changji Branch actively collaborates with local authorities and innovation parks to build a technology enterprise information sharing platform, enabling precise identification of enterprises with financing needs and providing targeted services [5] - This collaboration aims to ensure that financial resources flow more accurately to technology enterprises, supporting innovation-driven development and promoting a virtuous cycle among technology, industry, and finance [5] Group 4: Commitment to High-Quality Development - The bank's president emphasized the importance of continuously enhancing technology finance services to meet market demands and industry trends, aiming to lower financing costs and optimize business processes [9] - The Changji Branch is committed to serving the real economy, focusing on technology innovation, green development, and rural revitalization, increasing credit resource investment to inject more financial power into high-quality development [9]

"太感谢你们了，真是帮了我们大忙！"业务办理完成后，李奶奶连声道谢。此次高效、人性化的服务， 不仅解决了老人的实际困难，也是农行践行"金融为民"理念的生动体现。 农行济南滨河支行始终秉持"客户至上"的服务宗旨，积极为老年客户等特殊群体提供便捷、高效、暖心 的金融服务，持续提升服务体验，履行社会责任。 近日，农业银行济南滨河支行以高效贴心的服务，为一位七旬老人解决了燃眉之急，赢得了客户的高度 赞扬。 9月9日上午，70多岁的李奶奶急匆匆来到农行济南滨河支行营业大厅，手持老伴的银行卡向工作人员求 助。由于操作不当，银行卡密码多次输入错误导致锁定，无法取款。李奶奶焦急地表示，家中子女白天 均上班，老两口急需用卡中的钱购买药品，情况十分紧急。 网点工作人员在了解情况后，立即安抚李奶奶情绪，并迅速启动特殊客户服务预案。考虑到李奶奶年事 已高、出行不便，且密码解锁需持卡人本人办理，网点当即决定提供上门服务。两名工作人员携带移动 办公设备，驱车前往老人家中，顺利为老人解锁了银行卡。 ...

值得注意的是，惠誉近期发布报告称，由于恒生银行在香港特区商业房地产贷款方面的集中程度较高， 且自2024年以来，这些贷款的信用状况持续出现显著恶化，惠誉已将恒生银行的风险状况评分从"a"下 调至"a-"。截至2025年上半年末，这些贷款占恒生银行减值贷款的46%。鉴于房地产估值不断下降，惠 誉预计未来一到两年内情况还会进一步恶化。尽管如此，稳定的展望表明惠誉认为恒生银行的信用风险 管理较为积极主动。 智通财经APP获悉，恒生银行(00011)尾盘跌超3%，截至发稿，跌2.79%，报114.9港元，成交额3.78亿港 元。 消息面上，据新浪财经引述媒体报道称，汇丰控股近期罕见地直接介入旗下恒生银行的坏账处理，过去 两个月从伦敦总部派出球首席企业信贷官及特别信贷部门主管，督促恒生启动出售香港房地产不良贷款 组合的程序，预料涉及超过30亿美元。报道指，截至今年6月底，恒生银行的香港商业房地产不良贷款 额达约250亿港元，较去年同期大幅增加85%。 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-09-25 股市缩量反弹，债市延续偏弱 股指期货：科技事件催化成⻓⻛格活跃 股指期权：期权市场情绪⾼涨 国债期货：债市延续偏弱 股指期货方面，科技事件催化成长风格活跃。周三沪指低开回升，缩 量反弹，成长风格积极活跃。日内出现增量科技事件，一是2025云栖大会 开幕，阿里巴巴宣布与英伟达开展Physical AI合作；二是上海微电子展 示最新设备、长川科技三季报大幅预喜，催化半导体产业链全天强势，创 业板指、科创50齐创阶段新高。全天近4500股飘红，但短线情绪与指数割 裂，电力设备、电子、传媒领涨，银行、煤炭、通讯领跌。由于十一临 近，事件驱动的持续性有限，但下跌会引发加仓意愿，可坚守成长风格， 半仓配置IM多单，等待10月中下旬的加仓契机。 股指期权方面，期权市场情绪高涨。昨日权益市场震荡上涨，科创 50指数单日涨幅3.49%。期权方面，市场成交额整体小幅回落，但细分走 势分化，50、300指数相关标的期权成交额回落，表明行情企稳；科创创 业相关标的成交额大幅提升，市场交投情绪活跃。期权情绪指标持仓量PC R全线上涨 ...

智通财经APP获悉，摩根大通(JPM.US)周三发布声明称，正在扩大其在财富管理领域的市场份额，在美 国纽约、康涅狄格州、佛罗里达州和得克萨斯州的 53 家分行派驻私人客户银行家。此举使为资产在 100 万至 500 万美元的客户提供服务的金融中心增加到 18 个，办事处增加到 15 个。 摩根大通私人银行业务去年成立，当时它从美国政府手中收购了第一共和银行(First Republic Bank)，该 银行在 2023 年倒闭前开展高净值业务。另外，大通私人客户业务(Chase Private Client)致力于为存款和 投资余额至少达 15 万美元的客户提供服务，而摩根大通私人银行(J.P. Morgan Private Banks)则服务于超 级富豪。 ...

Core Insights - The article highlights the significant role of financial support from local banks, particularly the "Lobster Easy Loan" from Luyi Rural Commercial Bank, in boosting the sales and operational efficiency of small and micro enterprises in Luyi County, Jiangsu [1] - The bank has established a specialized service mechanism to address the financing challenges faced by small businesses, enhancing the quality and efficiency of financial services [2][4] Group 1: Financial Support and Growth - The company Euji Xuan Food Co., Ltd. anticipates a 30% increase in sales this year due to the financial backing from Luyi Rural Commercial Bank, which has allowed them to upgrade production equipment and expand online sales channels [1] - Luyi Rural Commercial Bank has created a "six specialized" service mechanism to improve financial services for small and micro enterprises, focusing on early support, small businesses, and high-quality enterprises [1][2] Group 2: Service Efficiency and Innovation - The bank's four specialized financial departments have a loan balance of 10.393 billion yuan, accounting for 63.21% of the total small business loans, indicating a shift towards concentrated, specialized, and efficient financial services [2] - A three-tiered interaction mechanism has been established to tailor services to individual enterprise needs, resulting in a 10.06% increase in new small business clients since 2025 [2] Group 3: Tailored Financial Products - Luyi Rural Commercial Bank offers various tailored loan products, such as "Huiqi Technology Loan" for startups with a maximum credit of 5 million yuan, "Order Loan" for growing businesses with up to 10 million yuan, and "Science and Technology Easy Loan" for mature enterprises with a ceiling of 30 million yuan [3] - The bank has set up 12 "one-stop service points" in industrial parks to streamline the process for small businesses, achieving loan disbursement in as little as half a day [3] Group 4: Commitment to Small Enterprises - The bank's chairman emphasizes that serving small and micro enterprises is a responsibility rather than just a business activity, committing to continuous innovation in service models to support local economic development [4]