Core Viewpoint - The rapid development of China's options market has significantly enhanced its ability to serve the real economy, becoming a crucial pillar for capital market reform and risk management in a volatile global financial landscape [1][2]. Market Growth - The market scale has continuously expanded, with record high open interest of 13.48 million contracts on August 6, 2025, and a daily average open interest increase of 207% compared to 2022 [2]. - The number of listed options has accelerated, with 62 options currently available, covering major sectors such as energy, agriculture, and metals [7]. - Corporate participation has increased, with notable growth in open interest and trading activity among corporate clients in various sectors, indicating a rising acceptance of options as flexible risk management tools [2][6]. Historical Development - The options market in China has evolved from its inception in 2015, with significant milestones including the launch of the first financial ETF options and commodity options, paving the way for a comprehensive derivatives market [4][5]. - The period from 2015 to 2018 was characterized by the expansion of pilot programs and regulatory frameworks, establishing a solid foundation for market growth [4]. - Since 2019, the market has entered a phase of accelerated growth, with the introduction of various commodity options and the expansion of index options [5]. Performance Metrics - In the first half of 2025, the average daily trading volume of financial futures options reached 284.78 billion yuan, reflecting a sustained increase in market activity [3]. - The average daily trading volume for the soybean meal options was 148,100 contracts, with a year-on-year increase of 29.72%, while gold options saw a staggering 173.54% increase in average daily trading volume [3]. Future Outlook - The options market is expected to continue expanding, with projections indicating that the total trading volume could exceed 1 trillion yuan in 2025, supported by economic recovery and foreign capital inflow [9]. - Product innovation is anticipated to accelerate, with exchanges expected to introduce more options products to achieve full industry chain coverage [9]. - The integration of options with insurance products is expected to empower more small and medium-sized enterprises, enhancing their risk management capabilities [9].

1. Report Industry Investment Rating - The report does not provide a clear industry - wide investment rating. However, for specific financial derivatives: - The outlook for stock index futures is "shock - biased upward" [7] - The outlook for stock index options is "shock" [7] - The outlook for treasury bond futures is "shock - biased cautious" [9] 2. Core Viewpoints - Stock index futures witnessed the release of crowded funds in small - and micro - cap stocks. The market is in a period of shock and consolidation. The growth style can be adhered to, with appropriate profit - taking, and half - position allocation of IM long positions is recommended, waiting for an opportunity to increase positions in mid - to late October [1][7] - Stock index options should focus on hedging and defense. There is a need for short - term hedging, and a double - buying strategy can be adopted during the week before the holiday. For those with equity holdings, the defensive thinking should be maintained, and the double - selling volatility strategy is not recommended before the holiday [2][7] - The bond market weakened again. The sentiment in the bond market is still unstable. In the short term, monetary policy may mainly rely on structural policy tools, and the bond market should be treated with caution [3][8][9] 3. Summary by Relevant Catalogs 3.1 Market Views 3.1.1 Stock Index Futures - **Base and spread data**: IF, IH, IC, IM's current - month base points were - 9.58, 3.69, - 97.51, - 102.47 points respectively, with changes of 6.63, 3.26, - 15.79, - 8.59 points compared to the previous trading day. Their inter - period spreads (current - month - next - month) were 14.8, - 0.8, 86.8, 97 points respectively, with changes of 1.8, - 1.4, 21.6, 13.8 points [7] - **Position changes**: IF, IH, IC, IM positions changed by 20632, 2169, 23060, 39228 lots respectively [7] - **Logic**: The Shanghai Composite Index recovered after hitting the bottom on Tuesday, barely holding above 3800 points, with trading volume increasing to 2.5 trillion yuan. The release of crowded funds in small - and micro - cap stocks was due to entering an event - free period, early - morning sharp decline, and the breakdown of micro - cap stock indexes [1][7] 3.1.2 Stock Index Options - **Market sentiment**: Trading volume increased again. The increase in the short - term position PCR indicates an increase in the demand for put options, and there is a risk - aversion sentiment in the market. The implied volatility of CSI 1000 stock index options exceeded 30 [2][7] - **Strategy**: For those with equity holdings, maintain a defensive mindset. Do not recommend the double - selling volatility strategy before the holiday [2][7] 3.1.3 Treasury Bond Futures - **Trading data**: T, TF, TS, TL main contracts fell 0.21%, 0.13%, 0.05%, 0.67% respectively. T, TF, TS, TL current - quarter trading volumes were 110179, 81508, 38495, 154093 lots respectively, with 1 - day changes of 31082, 31191, 9637, 40402 lots. Positions were 221376, 126182, 67845, 143963 lots respectively, with 1 - day changes of - 4735, - 7155, - 1498, - 3095 lots [7][8] - **Spread data**: T, TF, TS, TL current - quarter vs. next - quarter spreads were 0.330, 0.120, 0.076, 0.320 yuan respectively, with 1 - day changes of - 0.025, - 0.010, 0.010, - 0.020 yuan. Cross - variety spreads and basis also had corresponding changes [7][8] - **Logic**: The central bank's statements and open - market operations made the market's broad - money expectations disappointed, and the market's concerns about the capital supply increased. The stock - bond seesaw effect did not occur [3][8][9] - **Strategy**: Adopt a shock - biased cautious trend strategy, pay attention to short - selling hedging at low basis levels, appropriately focus on basis widening, and expect the yield curve to remain steep [9] 3.2 Economic Calendar - On September 22, 2025, China's 1 - year loan prime rate remained at 3% [11] - On September 23, 2025, the preliminary value of the Eurozone's September manufacturing PMI was 49.5, lower than the forecast of 50.9 [11] - On September 24, 2025, the data of the annualized total number of new home sales in the US in August was yet to be released, with a previous value of 65.2 million and a forecast of 65 million [11] - On September 25, 2025, the data of the number of initial jobless claims in the US for the week ending September 20 was yet to be released, with a previous value of 23.1 million and a forecast of 23.5 million [11] 3.3 Important Information and News Tracking - **Domestic macro**: In August, China's total social electricity consumption was 1.0154 trillion kWh, a year - on - year increase of 5.0%. From January to August, the cumulative total social electricity consumption was 6.8788 trillion kWh, a year - on - year increase of 4.6% [11] - **Overseas macro**: On September 23, China's top legislator Zhao Leji met with a US congressional delegation in Beijing, emphasizing the importance of stable Sino - US relations and the Taiwan issue [12] 3.4 Derivatives Market Monitoring - The report mentions the monitoring of stock index futures, stock index options, and treasury bond futures data, but no specific data is provided in the text [13][17][29]

Report Industry Investment Rating No relevant content provided. Core Viewpoints No relevant content provided. Summary by Directory Option Trading Volume - On September 23, 2025, the trading volume of SSE 50 ETF options was 1.1104 million contracts; the trading volume of CSI 300 ETF options (Shanghai market) was 0.9962 million contracts; the trading volume of CSI 500 ETF options (Shanghai market) was 1.6188 million contracts; the trading volume of Shenzhen 100 ETF options was 0.142 million contracts; the trading volume of ChiNext ETF options was 3.1791 million contracts; the trading volume of SSE 50 index options was 0.0667 million contracts; the trading volume of CSI 300 index options was 0.0855 million contracts; the total trading volume of CSI 1000 options was 0.3566 million contracts [1]. - The table shows the call, put and total trading volumes of various index ETF options on the same day, such as the total trading volume of SSE 50 ETF options was 1.4543 million contracts, with 0.7932 million call contracts and 0.6611 million put contracts [21]. Option PCR - The turnover PCR of SSE 50 ETF options was reported at 0.90, with a month - on - month change of +0.04; the position PCR was reported at 0.74, with a month - on - month change of +0.01. Similar data for other options are also provided, including CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc. [2][34]. Option VIX - The VIX of SSE 50 ETF options was reported at 18.22%, with a month - on - month change of - 0.31%. For other options like CSI 300 ETF options (Shanghai market), CSI 500 ETF options (Shanghai market), etc., their VIX values and month - on - month changes are also presented [3][47].

Report Date - The report is dated September 23, 2025 [1] Core View - Near - month implied volatility of stock index options declined, and ETF options are approaching maturity [2] Market Data Summary Underlying Market Statistics - The closing prices of the Shanghai Stock Exchange 50 Index, CSI 300 Index, and CSI 1000 Index were 2919.51, 4519.78, and 7408.07 respectively, with declines of 2.66, 2.83, and 81.41. Their trading volumes were 62.90 billion, 252.83 billion, and 313.26 billion hands, with increases of 15.92 billion, 56.37 billion, and 42.90 billion hands [3]. - Among ETFs, the closing prices of Shanghai Stock Exchange 50 ETF, Huatai - Ber瑞 300 ETF, and Southern 500 ETF were 3.054, 4.622, and 7.277 respectively. Their trading volumes were 11.09 billion, 10.55 billion, and 2.63 billion hands, with increases of 4.75 billion, 4.26 billion, and 0.27 billion hands [3]. Options Market Statistics - For stock index options, the trading volumes of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, and CSI 1000 Index Options were 42,909, 144,639, and 356,629 respectively, with increases of 11,816, 59,101, and 158,745. Their open interests were 65,341, 160,079, and 256,191 respectively, with increases of 3,328, 8,935, and 20,421 [3]. - For ETF options, the trading volumes of Shanghai Stock Exchange 50 ETF Options, Huatai - Ber瑞 300 ETF Options, and Southern 500 ETF Options were 1,454,290, 1,773,324, and 2,672,050 respectively, with increases of 343,922, 777,161, and 1,053,272. Their open interests were 1,832,560, 1,481,812, and 1,365,560 respectively, with changes of - 18,141, 12,508, and 26,037 [3]. Options Volatility Statistics - In the near - month period, the ATM - IV of Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, and CSI 1000 Index Options were 20.02%, 20.21%, and 28.14% respectively, with declines of 0.46%, 0.70%, and 0.88% [6]. - For ETF options, the ATM - IV of Shanghai Stock Exchange 50 ETF Options, Huatai - Ber瑞 300 ETF Options, and Southern 500 ETF Options were 17.31%, 16.98%, and 17.05% respectively, with declines of 1.25%, 0.63%, and 3.42% [6]. Chart Analysis - The report provides various charts for different options, including full - contract PCR charts, main - contract skew trend charts, volatility cone charts, and volatility term structure charts for Shanghai Stock Exchange 50 Index Options, CSI 300 Index Options, CSI 1000 Index Options, and multiple ETF options [10][14][18]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The stock market, including the Shanghai Composite Index, large - cap blue - chip stocks, small and medium - cap stocks, and ChiNext stocks, shows a market trend of rising, falling back, rebounding, and then oscillating at a high level [3]. - The implied volatility of financial options gradually rises and fluctuates at a relatively high mean level [3]. - For ETF options, it is suitable to construct a bullish buyer strategy and a bull spread strategy of call options; for index options, it is suitable to construct a bullish seller strategy, a bull spread strategy of call options, and an arbitrage strategy of synthetic long futures with options and short futures [3]. 3. Summary According to Related Catalogs 3.1 Financial Market Important Index Overview - The Shanghai Composite Index closed at 3,828.58, up 8.49 points or 0.22%, with a trading volume of 941.8 billion yuan and a decrease of 74.5 billion yuan [3]. - The Shenzhen Component Index closed at 13,157.97, up 87.11 points or 0.67%, with a trading volume of 1,179.7 billion yuan and a decrease of 127.8 billion yuan [3]. - The Shanghai 50 Index closed at 2,922.18, up 12.44 points or 0.43%, with a trading volume of 156.4 billion yuan and a decrease of 6.9 billion yuan [3]. - The CSI 300 Index closed at 4,522.61, up 20.69 points or 0.46%, with a trading volume of 563.1 billion yuan and a decrease of 40.7 billion yuan [3]. - The CSI 500 Index closed at 7,225.13, up 54.78 points or 0.76%, with a trading volume of 421.9 billion yuan and a decrease of 28.7 billion yuan [3]. - The CSI 1000 Index closed at 7,489.48, up 51.29 points or 0.69%, with a trading volume of 440.5 billion yuan and a decrease of 42.7 billion yuan [3]. 3.2 Option - underlying ETF Market Overview - The Shanghai 50 ETF closed at 3.054, up 0.009 or 0.30%, with a trading volume of 6.331 million shares and a decrease of 0.7 billion yuan in trading volume [4]. - The Shanghai 300 ETF closed at 4.619, up 0.015 or 0.33%, with a trading volume of 6.2928 million shares and a decrease of 4.73 billion yuan in trading volume [4]. - The Shanghai 500 ETF closed at 7.318, up 0.057 or 0.79%, with a trading volume of 2.3562 million shares and a decrease of 3.66 billion yuan in trading volume [4]. - The Huaxia Science and Technology Innovation 50 ETF closed at 1.479, up 0.048 or 3.35%, with a trading volume of 42.4991 million shares and a decrease of 1.58 billion yuan in trading volume [4]. - The E Fund Science and Technology Innovation 50 ETF closed at 1.447, up 0.049 or 3.51%, with a trading volume of 12.6646 million shares and a decrease of 1.15 billion yuan in trading volume [4]. - The Shenzhen 300 ETF closed at 4.764, up 0.017 or 0.36%, with a trading volume of 1.3823 million shares and a decrease of 1.02 billion yuan in trading volume [4]. - The Shenzhen 500 ETF closed at 2.923, up 0.020 or 0.69%, with a trading volume of 0.9841 million shares and an increase of 0.06 billion yuan in trading volume [4]. - The Shenzhen 100 ETF closed at 3.494, up 0.019 or 0.55%, with a trading volume of 0.733 million shares and a decrease of 0.25 billion yuan in trading volume [4]. - The ChiNext ETF closed at 3.082, up 0.020 or 0.65%, with a trading volume of 13.8208 million shares and a decrease of 10.39 billion yuan in trading volume [4]. 3.3 Option Factor - Volume and Position PCR - For the Shanghai 50 ETF option, the trading volume was 1.1104 million contracts, down 436,400 contracts; the open interest was 1.8507 million contracts, down 224,300 contracts; the volume PCR was 0.73, down 0.41; the position PCR was 0.70, down 0.06 [6]. - For the Shanghai 300 ETF option, the trading volume was 0.9962 million contracts, down 844,100 contracts; the open interest was 1.4693 million contracts, down 271,700 contracts; the volume PCR was 0.88, down 0.65; the position PCR was 1.10, down 0.05 [6]. - For the Shanghai 500 ETF option, the trading volume was 1.6188 million contracts, down 859,900 contracts; the open interest was 1.3395 million contracts, down 228,100 contracts; the volume PCR was 1.05, down 0.35; the position PCR was 1.35, up 0.02 [6]. - For the Huaxia Science and Technology Innovation 50 ETF option, the trading volume was 2.4825 million contracts, down 287,500 contracts; the open interest was 2.4466 million contracts, down 226,800 contracts; the volume PCR was 0.75, down 0.43; the position PCR was 1.15, up 0.04 [6]. - For the E Fund Science and Technology Innovation 50 ETF option, the trading volume was 0.4856 million contracts, down 39,000 contracts; the open interest was 0.6715 million contracts, down 63,700 contracts; the volume PCR was 0.68, down 0.15; the position PCR was 1.00, up 0.05 [6]. - For the Shenzhen 300 ETF option, the trading volume was 0.2057 million contracts, down 39,400 contracts; the open interest was 0.363 million contracts, down 2,100 contracts; the volume PCR was 0.90, up 0.17; the position PCR was 1.01, up 0.01 [6]. - For the Shenzhen 500 ETF option, the trading volume was 0.3285 million contracts, down 88,500 contracts; the open interest was 0.4385 million contracts, down 6,800 contracts; the volume PCR was 1.53, up 0.10; the position PCR was 0.93, up 0.03 [6]. - For the Shenzhen 100 ETF option, the trading volume was 0.142 million contracts, down 19,100 contracts; the open interest was 0.1772 million contracts, up 1,400 contracts; the volume PCR was 2.97, down 1.13; the position PCR was 1.36, down 0.07 [6]. - For the ChiNext ETF option, the trading volume was 2.0114 million contracts, down 135,000 contracts; the open interest was 2.1809 million contracts, up 18,700 contracts; the volume PCR was 1.00, up 0.10; the position PCR was 1.37, up 0.03 [6]. - For the Shanghai 50 index option, the trading volume was 31,100 contracts, down 31,000 contracts; the open interest was 62,000 contracts, up 6,400 contracts; the volume PCR was 0.47, down 0.21; the position PCR was 0.59, down 0.02 [6]. - For the CSI 300 index option, the trading volume was 85,500 contracts, down 103,200 contracts; the open interest was 151,100 contracts, up 14,000 contracts; the volume PCR was 0.65, unchanged; the position PCR was 0.75, up 0.01 [6]. - For the CSI 1000 index option, the trading volume was 197,900 contracts, down 265,000 contracts; the open interest was 235,800 contracts, up 14,200 contracts; the volume PCR was 0.81, down 0.04; the position PCR was 0.93, down 0.01 [6]. 3.4 Option Factor - Pressure and Support Points - The pressure point of the Shanghai 50 ETF is 3.10, and the support point is 3.00 [8]. - The pressure point of the Shanghai 300 ETF is 4.60, and the support point is 4.60 [8]. - The pressure point of the Shanghai 500 ETF is 7.50, and the support point is 7.00 [8]. - The pressure point of the Huaxia Science and Technology Innovation 50 ETF is 1.65, and the support point is 1.40 [8]. - The pressure point of the E Fund Science and Technology Innovation 50 ETF is 1.60, and the support point is 1.35 [8]. - The pressure point of the Shenzhen 300 ETF is 4.80, and the support point is 4.70 [8]. - The pressure point of the Shenzhen 500 ETF is 3.00, and the support point is 2.85 [8]. - The pressure point of the Shenzhen 100 ETF is 3.60, and the support point is 3.30 [8]. - The pressure point of the ChiNext ETF is 3.10, and the support point is 3.00 [8]. - The pressure point of the Shanghai 50 index is 3,000, and the support point is 2,850 [8]. - The pressure point of the CSI 300 index is 4,600, and the support point is 4,500 [8]. - The pressure point of the CSI 1000 index is 7,500, and the support point is 7,400 [8]. 3.5 Option Factor - Implied Volatility - For the Shanghai 50 ETF option, the at - the - money implied volatility was 19.40%, the weighted implied volatility was 21.26%, down 0.16 percentage points, the annual average was 16.03%, the call implied volatility was 21.56%, the put implied volatility was 20.80%, the 20 - day historical volatility was 18.81%, and the difference between implied and historical volatility was 2.45% [11]. - For the Shanghai 300 ETF option, the at - the - money implied volatility was 18.91%, the weighted implied volatility was 20.11%, down 0.18 percentage points, the annual average was 16.46%, the call implied volatility was 20.25%, the put implied volatility was 19.94%, the 20 - day historical volatility was 18.44%, and the difference between implied and historical volatility was 1.67% [11]. - For the Shanghai 500 ETF option, the at - the - money implied volatility was 22.97%, the weighted implied volatility was 24.17%, down 2.17 percentage points, the annual average was 20.17%, the call implied volatility was 24.17%, the put implied volatility was 24.16%, the 20 - day historical volatility was 22.80%, and the difference between implied and historical volatility was 1.36% [11]. - For the Huaxia Science and Technology Innovation 50 ETF option, the at - the - money implied volatility was 48.62%, the weighted implied volatility was 47.36%, down 2.11 percentage points, the annual average was 31.30%, the call implied volatility was 46.50%, the put implied volatility was 48.73%, the 20 - day historical volatility was 43.11%, and the difference between implied and historical volatility was 4.25% [11]. - For the E Fund Science and Technology Innovation 50 ETF option, the at - the - money implied volatility was 45.61%, the weighted implied volatility was 48.02%, down 3.02 percentage points, the annual average was 32.11%, the call implied volatility was 46.24%, the put implied volatility was 50.92%, the 20 - day historical volatility was 44.65%, and the difference between implied and historical volatility was 3.37% [11]. - For the Shenzhen 300 ETF option, the at - the - money implied volatility was 19.87%, the weighted implied volatility was 23.85%, up 1.72 percentage points, the annual average was 18.09%, the call implied volatility was 21.13%, the put implied volatility was 27.03%, the 20 - day historical volatility was 20.94%, and the difference between implied and historical volatility was 2.91% [11]. - For the Shenzhen 500 ETF option, the at - the - money implied volatility was 23.66%, the weighted implied volatility was 31.95%, down 10.80 percentage points, the annual average was 21.53%, the call implied volatility was 25.16%, the put implied volatility was 38.83%, the 20 - day historical volatility was 24.52%, and the difference between implied and historical volatility was 7.43% [11]. - For the Shenzhen 100 ETF option, the at - the - money implied volatility was 25.85%, the weighted implied volatility was 64.35%, down 19.79 percentage points, the annual average was 23.80%, the call implied volatility was 27.99%, the put implied volatility was 88.09%, the 20 - day historical volatility was 26.84%, and the difference between implied and historical volatility was 37.51% [11]. - For the ChiNext ETF option, the at - the - money implied volatility was 38.90%, the weighted implied volatility was 45.45%, up 3.80 percentage points, the annual average was 27.47%, the call implied volatility was 39.62%, the put implied volatility was 51.56%, the 20 - day historical volatility was 36.83%, and the difference between implied and historical volatility was 8.62% [11]. - For the Shanghai 50 index option, the at - the - money implied volatility was 19.64%, the weighted implied volatility was 21.87%, down 0.63 percentage points, the annual average was 17.40%, the call implied volatility was 22.20%, the put implied volatility was 21.12%, the 20 - day historical volatility was 19.23%, and the difference between implied and historical volatility was 2.64% [11]. - For the CSI 300 index option, the at - the - money implied volatility was 20.66%, the weighted implied volatility was 21.91%, down 0.51 percentage points, the annual average was 17.13%, the call implied volatility was 21.81%, the put implied volatility was 22.06%, the 20 - day historical volatility was 18.52%, and the difference between implied and historical volatility was 3.39% [11]. - For the CSI 1000 index option, the at - the - money implied volatility was

Core Insights - The "Northbound Swap Connect" has been expanded to include interest rate swap contracts referencing the one-year Loan Prime Rate (LPR1Y), enhancing risk management tools for overseas investors [1][2] - The initiative aims to facilitate the internationalization of the Renminbi by providing a more efficient and secure channel for domestic and foreign investors to participate in financial derivatives markets [1] Group 1: Expansion of Northbound Swap Connect - On September 22, the Hong Kong Stock Exchange, in collaboration with the China Foreign Exchange Trading Center and Shanghai Clearing House, launched new interest rate swap contracts under the "Northbound Swap Connect" [1] - On the first day of trading, 31 domestic and foreign institutions participated, executing 53 transactions with a nominal principal amount of 6.46 billion RMB [1] Group 2: Performance and Future Developments - Since its launch on May 15, 2023, the "Swap Connect" has been operating smoothly, with increasing trading activity, becoming a key channel for overseas institutions to manage Renminbi interest rate risks [2] - As of August 2025, 82 foreign financial institutions from 15 countries and regions have conducted over 15,000 Renminbi interest rate swap transactions, totaling approximately 8.15 trillion RMB in nominal principal [2] - Starting September 22, the maximum term for existing Renminbi non-deliverable interest rate swap contracts has been extended from 5.5 years to 11 years to better assist overseas investors in managing interest rate risks [2]

Core Insights - The "Northbound Swap Connect" has been expanded to include interest rate swap contracts referencing the one-year Loan Prime Rate (LPR1Y), enhancing risk management tools for overseas investors [1][2] - The initiative aims to facilitate the internationalization of the Renminbi by providing a more efficient and secure channel for domestic and foreign investors to participate in financial derivatives markets [1] Group 1 - On September 22, 31 domestic and foreign institutions participated in the new interest rate swap contracts, with a total trading volume of 64.6 billion RMB [1] - The "Swap Connect" has been operational since May 15, 2023, and has become a significant channel for foreign institutions to manage Renminbi interest rate risks, with over 15 countries and regions involved [2] - As of August 2025, 82 foreign financial institutions have completed more than 15,000 Renminbi interest rate swap transactions, totaling approximately 8.15 trillion RMB in nominal principal [2] Group 2 - The Hong Kong Stock Exchange plans to continue collaborating with market participants to enrich "Swap Connect" products and improve risk management frameworks [2] - Starting September 22, the maximum term for existing Renminbi non-deliverable interest rate swap contracts has been extended from 5.5 years to 11 years to better assist foreign investors in managing interest rate risks [2]

Core Insights - The introduction of interest rate swap contracts based on the one-year Loan Prime Rate (LPR1Y) under the "Northbound Swap Connect" aims to enhance risk management tools for overseas investors [1][2] - The "Swap Connect," launched on May 15, 2023, has been operating smoothly and has become a vital channel for foreign institutional investors to manage RMB interest rate risks [1][2] Group 1 - On the first trading day, 31 domestic and foreign institutions completed 53 transactions with a nominal principal amount of 6.46 billion RMB [1] - The LPR is widely used in China's loan pricing sector, and its inclusion in the "Northbound Swap Connect" is expected to meet the diverse interest rate risk management needs of overseas investors [1][2] Group 2 - The "Swap Connect" facilitates RMB interest rate swap trading and centralized clearing for domestic and foreign investors without altering their trading habits [2] - As of August 2025, 82 foreign financial institutions from 15 countries and regions have completed over 15,000 RMB interest rate swap transactions, totaling approximately 8.15 trillion RMB in nominal principal [2] - Future collaboration among the three infrastructure entities aims to enrich "Swap Connect" products and enhance the risk management framework, promoting the joint development of financial markets in mainland China and Hong Kong [2]

Core Viewpoint - The article discusses the performance of the MicroSectors 3x Long Gold ETF, highlighting its significant price increase and trading activity, indicating strong investor interest in gold-related assets [1]. Summary by Sections - **Price Performance** - The ETF closed at 186.9870, showing an increase of 13.6170 or 7.85% from the previous close [1]. - The highest price reached was 187.4000, while the lowest was 182.9550, indicating volatility within the trading session [1]. - **Trading Volume and Activity** - The trading volume was reported at 131,000 shares, with a total transaction value of 8.62 million [1]. - The turnover rate was noted as 0.00%, suggesting a stable trading environment without significant fluctuations in ownership [1]. - **Technical Indicators** - Moving averages indicated upward trends, with MA5 at 162.7334, MA10 at 158.7047, and MA20 at 139.9599, reflecting a bullish sentiment in the market [1].

智通财经APP获悉，9月22日，在两地监管机构的指导与支持下，香港交易所(00388)旗下的香港场外结 算有限公司(以下简称香港场外结算)与中国外汇交易中心和银行间市场清算所股份有限公司(以下简称上 海清算所)，联手在北向互换通下增加以一年期贷款市场报价利率(LPR1Y)为参考利率的利率互换合 约。 未来，三方基础设施将继续在两地监管机构指导下，与所有市场参与者紧密合作，不断丰富互换通产 品，完善风险管理框架，推动内地与香港金融市场共同发展，助力中国金融市场高水准对外开放。 贷款市场报价利率(LPR)在中国贷款定价领域应用广泛，在北向互换通下引入LPR利率互换合约，将进 一步丰富境外投资者可使用的风险管理工具，满足境外投资者多样化的利率风险管理需求，有助于推进 人民币国际化进程。 此外，从今日起，香港场外结算将现有的人民币不交收利率掉期(CNY NDIRS)合约的最长期限从5.5年 延长至 11 年，以便境外投资者更好地管理利率风险。 互换通通过两地清算所互联，在充分保留两地监管规则、市场结构和交易习惯的前提下，为境内外投资 者参与两地金融衍生品市场提供了更为便捷、高效、安全的渠道。自2023年5月15日上线 ...