Core Viewpoint - The People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly announced support for foreign institutional investors to conduct bond repurchase transactions in the Chinese bond market, enhancing liquidity management and attracting more investment in RMB-denominated bonds [1][2]. Group 1: Market Development - The Chinese bond market has seen significant foreign participation, with 1,170 foreign institutions from 80 countries holding approximately 4 trillion RMB in bonds as of August 2025 [1]. - The announcement aims to optimize the Qualified Foreign Institutional Investor (QFII) system and strengthen Hong Kong's status as an international financial center [2]. Group 2: Business Model and Mechanism - The bond repurchase business includes both pledged and outright repurchase forms, providing greater convenience for foreign institutional investors [5]. - The People's Bank of China will align domestic and international repurchase market practices, facilitating the transfer of bond ownership and usability for foreign investors [2][5]. Group 3: Regulatory Framework - Foreign institutional investors must comply with Chinese laws and regulations when engaging in bond repurchase transactions, including adherence to fund and account management rules [5][6]. - Relevant financial market infrastructures are required to develop or revise operational rules and report to regulatory authorities [6][7]. Group 4: Implementation and Oversight - The announcement will take effect immediately, replacing previous regulations from 2015 regarding offshore bond repurchase transactions [9]. - Regulatory cooperation among the People's Bank of China, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange will be strengthened to ensure compliance and oversight of foreign institutional investors [7][9].

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、国务院关于扩大对外开 放的整体战略部署，坚持统筹金融开放和安全，会同有关各方持续完善各项机制安排，稳步推进中国债 券市场高水平制度型开放。 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。 9月26日，中国人民银行、中国证监会、国家外汇局联合发布公告，支持可在中国债券市场开展债券现 券交易的境外机构投资者开展债券回购业务。 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 ...

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、 ...

Core Viewpoint - Hong Kong is positioning itself as a global center for fixed income and currency markets through the release of the "Roadmap for the Development of Fixed Income and Currency Markets," which outlines key measures to enhance market quality and international competitiveness [1][2]. Group 1: Key Measures of the Roadmap - The roadmap focuses on four pillars: promoting primary market issuance, enhancing secondary market liquidity, expanding offshore RMB business, and building next-generation market infrastructure [1][2]. - It includes ten specific initiatives aimed at boosting demand, liquidity, and innovation in the fixed income market [1][2]. Group 2: Market Performance and Growth - Over the past 15 years, Hong Kong's bond issuance has grown at an average annual rate of 16%, with international bond issuance exceeding $130 billion last year [2][3]. - Hong Kong has ranked first in Asia for nine out of the last ten years in international bond issuance, highlighting its leading position in the Asian fixed income market [2][3]. Group 3: Enhancing Market Liquidity - The Hong Kong Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform to improve market efficiency, transparency, and resilience [3]. - Measures to enhance secondary market liquidity are expected to attract more international investors to the Hong Kong bond market [3]. Group 4: Financial Innovation and Technology - The roadmap emphasizes financial innovation, including the introduction of tokenized bonds and the integration of technology across various platforms and asset classes [4][5]. - The Hong Kong Monetary Authority and the Hong Kong Stock Exchange are exploring the establishment of a central asset management and asset tokenization platform to enhance global competitiveness [5]. Group 5: Offshore RMB Business - Hong Kong remains the largest offshore RMB center, handling over 70% of global RMB transactions, and is a key hub for dim sum bond issuance [5][6]. - As of the end of August, the issuance of dim sum bonds reached 475 billion RMB, with expectations to exceed last year's record of 700 billion RMB [6].

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]

Core Insights - The launch of the Bond Connect "Southbound" mechanism marks a significant step in the dual-direction opening of China's financial market, enhancing financial connectivity between the mainland and Hong Kong and promoting the internationalization of the Renminbi [1][2] Group 1: Mechanism Overview - The "Southbound" mechanism allows mainland institutional investors to connect with Hong Kong's bond market, providing more investment options and facilitating the internationalization of the Renminbi [2][3] - The mechanism has evolved from initial exploration to optimization and expansion, injecting new momentum into the offshore Renminbi bond market [2][3] Group 2: Participant Expansion - In July 2023, the People's Bank of China and the Hong Kong Monetary Authority announced measures to expand the types of participating institutions in the "Southbound" mechanism, including brokers, funds, insurance, and wealth management firms [3] - This expansion is expected to provide new overseas investment channels for domestic institutional investors, enhancing asset allocation and attracting international interest in Renminbi assets [3] Group 3: Growth Metrics - As of August 2025, the number of bonds under the "Southbound" mechanism reached 971, with a total balance of 574.21 billion yuan, showing significant growth from 909 bonds and 476.33 billion yuan in the previous year [4] - The increase in the number of bonds and balance indicates a clear trend of scale expansion, with a year-on-year growth of 6.8% in quantity and 20.5% in balance [4] Group 4: Future Optimizations - Experts suggest that the "Southbound" mechanism can continue to optimize its operational framework, potentially expanding to include individual investors and simplifying investment processes to lower transaction costs [5] - Enhancing information transparency and communication will further boost market confidence and participation [5]

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]

Core Insights - The Bond Connect Company reported that in August, the northbound trading volume reached 750.1 billion RMB, with an average daily trading volume of 35.7 billion RMB [1] - Government bonds and policy financial bonds were the most actively traded, accounting for 38% and 41% of the monthly trading volume, respectively [1] - The ePrime platform supported 20 offshore bond issuances in August, totaling 25.153 billion RMB, with underwriters including Agricultural Bank of China International, Bank of China, CITIC International, and Galaxy International [1] - In the northbound swap market, 793 transactions were completed in August, totaling 419.681 billion RMB; by the end of August, 82 foreign institutions had entered the market [1]