编者按：随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市 场。它们以跨境投行连接东西，用财富管理服务民生，足迹遍布香港中环、伦敦金融城和纽约华尔街等 金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会，今起推出"券商'出海'进行 时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市 场如何从"参与者"蜕变为"规则制定者"，在开放浪潮中书写高质量发展新篇章。敬请垂注！ 香港财政司司长陈茂波日前在公开演讲中指出，中资金融机构是香港金融市场发展的重要参与者、贡献 者和推动者。过去十余年，中资券商国际化进程经历了从探索到深化的关键跃迁。其中，头部券商通过 构建全球化业务网络，成为共建"一带一路"建设的重要金融力量。 2024年3月，中国证监会明确提出，到2035年，形成2至3家具备国际竞争力与市场引领力的投资银行和 投资机构。这意味着中资券商国际化进入系统性升级新阶段。在金融强国建设、资本市场双向开放背景 下，中资券商正从单点突破转向全链条国际化能力建设，迎来从"跟随者"向"引领者"转型的历史性阶 段。 数据显示，2024年，华 ...

兴趣爱好：登山 徒步 本期人物：王潇 英文名：Sean 所在机构：星空证券 从业年限：10年 人物标签：债券交易专家 偶像：迈克尔·米尔肯 投资格言：风险不只在于买什么，更在于何时买、以何种价格买 今天为大家介绍一位擅长债券交易的基金经理王潇，现任星空证券基金经理。 他是典型的科班出身，本硕阶段都从事金融专业学习，理论功底扎实。毕业后即进入某证券公司固定收 益部开启投资生涯，一晃已有10年时间。 先做本土人民币债券交易，后加盟美元基金从事境外债券交易，王潇所在团队打造出了一款年化收益率 高达30%+的旗舰产品，收益率在同类产品中较为罕见。 他到底是怎么做到的呢?让我们一起来认识一下。 以下是新智基金网专访的全程实录 新智基金网：您踏进投资圈，迄今为止已有多长时间？ 王潇：10年。 新智基金网：您在大学阶段学习的是什么专业，与投资的相关性高不高？ 王潇：我本科和研究生都是金融专业，其中很多课程，比如固定收益、投资管理等，对我后续的职业生 涯帮助很大。当然，学校里掌握的更多属于理论知识，真正的投资能力还是要在市场实践中获得，通过 一次次对利率走势的研判和对信用风险的识别把控，逐步积累和打磨出来的。 新智基金网：您 ...

Group 1 - Wall Street analysts indicate that the tightness in the money market may persist until November due to high financing costs, pressuring the Federal Reserve to act before halting balance sheet reduction next month [2] - The overnight secured financing rate surged by 18 basis points last Friday, marking the largest single-day fluctuation since the Fed's rate hike cycle began in March 2020 [2] - Despite a decrease in SOFR on Monday after month-end pressures eased, it remains above the Fed's key policy benchmark rates, including the federal funds rate [2] Group 2 - Bank of America previously anticipated that the Fed would end quantitative tightening (QT) at the end of October and immediately begin asset purchases to expand its balance sheet [2] - Fed Chair Jerome Powell stated that the Fed would eventually start to gradually increase reserve levels to keep pace with the banking system and economic developments, but did not specify a timeline [2] - Other Fed officials, including Vice Chair for Supervision Michael Barr, believe the central bank should maintain the smallest possible balance sheet [2] Group 3 - The Chinese Ministry of Finance plans to issue up to $4 billion in senior bonds, with three companies participating in the issuance [4] - The current yield for China's two-year government bonds is 1.42%, while the ten-year yield is 1.80% [8] - The U.S. two-year government bond yield has decreased by 2 basis points to 3.58%, and the ten-year yield has decreased by 3 basis points to 4.10% [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2024, the "asset shortage" in the bond market has persisted, with the "AS index" showing a slight easing in 2025 but still indicating a shortfall in high - quality financial assets [5][11]. - In the "asset shortage" environment, while城投 bonds are popular, their supply has been shrinking due to regulatory policies. The credit spread of 3 - year AA+ level 城投 bonds has generally narrowed [12]. - The bond guarantee business of guarantee institutions is facing challenges, with a decline in the scale of 城投 bond guarantee and a change in business structure. The industry needs to adjust its development path [15][16]. - The guarantee industry is exploring transformation paths, including promoting industrial bond guarantee, exploring asset - securitization and offshore bond guarantee, deepening policy functions, and establishing a long - term risk control mechanism. Overall, industry risks are controllable, and the outlook is stable [28][33][42]. 3. Summary by Related Catalogs 2.1 Challenges Faced by the Guarantee Industry - **Reduction in 城投 Bond Guarantee Business and Transformation Pressure**: From 2024, the guarantee business volume of 城投 bonds decreased significantly year - on - year. In 2025, the bond guarantee business volume increased due to the expansion of industrial bond guarantee. The proportion of 城投 bond guarantee in the total bond guarantee has been decreasing, and the business structure is in adjustment. This change has led to a bottleneck in business growth and an increase in regional risk differentiation [18][19]. - **Spread of the "Naked Issuance" Trend and Decrease in the Marginal Value of Guarantee**: The scale and proportion of "naked issuance" bonds have increased. The "spread - reducing" effect of guarantee has weakened, and investors have relaxed their bond - inclusion criteria. This has led to a loss of high - quality customers for guarantee institutions [22][23]. - **Expansion of Guarantee Participants and Prominence of the Matthew Effect**: The number of guarantee institutions in the bond guarantee market has increased, intensifying competition. The Matthew effect is prominent, with leading guarantee institutions gaining advantages in capital and customer resources, while small and medium - sized institutions face greater pressure [24][25]. 2.2 Transformation Paths for the Guarantee Industry - **Promoting the Transformation Path of Industrial Bond Guarantee**: Driven by policies, the transformation of guarantee institutions to industrial bond guarantee has accelerated. The scale and proportion of industrial bond guarantee have increased. However, risks such as business cycle and transformation effectiveness need to be considered [28][32]. - **Positive Exploration of Asset - Securitization and Offshore Bond Guarantee**: Asset - securitization can alleviate the financing problems of small and medium - sized enterprises. The scale and number of participating institutions in asset - securitization guarantee have been increasing. The issuance of Chinese offshore bonds has expanded, and more guarantee institutions are exploring this area. However, they need to consider market characteristics and risk tolerance [33][34][35]. - **Deepening Policy Functions and Embedding Risk - Sharing Mechanisms**: Government - financed guarantee institutions are deepening their policy functions, and the government is improving the risk - sharing mechanism through the establishment of the National Financing Guarantee Fund and the "4321" risk - sharing mechanism. Guarantee institutions should actively participate in establishing risk - sharing plans [36][39][40]. - **Short - Term Development Pressure and Establishment of a Long - Term Risk - Control Mechanism**: The current development pressure on guarantee institutions is mainly due to the "asset shortage" and regulatory requirements. They need to break their dependence on 城投 bond guarantee and establish a long - term risk - control mechanism to enhance their competitiveness [41][42].

Economic Outlook - Economists have raised their forecasts for U.S. economic growth for this year and next, with GDP expected to grow by 1.8% in 2023, up from a previous estimate of 1.3% [2] - The upward revision is primarily due to significantly improved expectations for business investment [2] - The U.S. economy is projected to grow at a similar pace in 2026 [2] Employment Trends - The average monthly job growth in the U.S. is now expected to be 60,000 for this year, down from a prior forecast of 87,000 [2] - Recent months have shown a notable slowdown in job growth, prompting the Federal Reserve to lower interest rates by 25 basis points in September [2] - Economists anticipate another 25 basis point rate cut from the Federal Reserve this year, followed by a total of 75 basis points in cuts by 2026 [2] Inflation Expectations - The NABE group expects U.S. inflation to remain above the Federal Reserve's 2% target until next year [2] - The year-on-year increase in the PCE price index is projected to decline from 3% this year to 2.5% by the end of 2026 [2] Trade and Economic Policy - The economic outlook has been complicated by significant and frequently changing policy measures from the Trump administration, particularly regarding tariffs [2] - The impact of tariffs on inflation has been slower and more moderate than many economists had anticipated [2]

Core Insights - The offshore bond market for Chinese entities showed stable issuance in the primary market and strong performance in the secondary market during the third quarter of 2025 [1][2] Primary Market Performance - In Q3 2025, the total issuance of offshore bonds reached $774 billion, with a net financing of $45.77 billion, a significant recovery from the previous quarter's -$314.82 billion [2] - Excluding real estate sector defaults, the actual new issuance was $639 billion from 502 bonds [2] - The issuance of local government bonds totaled 96 bonds amounting to $143 billion, while financial bonds accounted for 285 bonds totaling $165 billion [2] - The real estate sector saw a continued decline in new financing, with only 8 bonds issued for a total of approximately $10 billion [2] - The issuance included 106 offshore RMB bonds, 282 USD bonds, 87 HKD bonds, 22 EUR bonds, and 5 bonds in other currencies [2] Issuance Methods - The majority of bonds were directly issued, totaling 319, while 82 were guaranteed issues [3] - The trend indicates a diversification in the types of issuers entering the offshore bond market [3] Secondary Market Performance - By the end of Q3 2025, the Markit iBoxx Asian USD bond index for Chinese entities showed an increase, with the investment-grade index rising by 0.55% [4][6] - The real estate bond index increased by 0.56%, while the local government bond index rose by 0.50% [6] Debt Repayment Pressure - The overall repayment pressure for offshore bonds is expected to ease in Q4 2025, with total repayments decreasing by $130.53 billion compared to Q3 [7] - The repayment amounts for October, November, and December are projected at $91.81 billion, $117.72 billion, and $151.37 billion, respectively [7] Market Outlook - The restructuring of debts by several real estate companies has led to a decline in credit risk premiums, resulting in a narrowing of yield spreads for investment-grade and high-yield USD bonds [9] - The expansion of the "Southbound Trading" program is anticipated to enhance the market capacity and liquidity of Chinese offshore bonds [9]

Core Viewpoint - The demand for refinancing of urban investment bonds is expected to be concentrated before the third quarter of 2025, with the Federal Reserve's interest rate cuts in September providing a loose liquidity environment, which together drives a rebound in the issuance scale of Chinese offshore bonds in the primary market. However, there is a clear differentiation in risk appetite, with some low-quality enterprises still facing refinancing challenges [2]. Group 1: Overall Market Performance - In the first three quarters of 2025, a total of 1,108 Chinese offshore bonds were newly underwritten, amounting to $145.46 billion. Among these, urban investment bonds accounted for 235 bonds totaling $22.87 billion, while financial bonds accounted for 590 bonds totaling $55.54 billion [2]. - The underwriting performance of various institutions in the Chinese offshore bond market is highlighted, with a focus on the leading underwriters [2]. Group 2: Underwriting Rankings - The top three institutions in terms of underwriting scale for Chinese offshore bonds are: 1. Bank of China with 209 bonds totaling $9.85 billion 2. HSBC with 169 bonds totaling $8.01 billion 3. Guotai Junan International with 243 bonds totaling $6.33 billion [4][5]. - In terms of the number of projects underwritten, CITIC Securities led with 380 bonds, followed by Haitong International with 271 bonds and Minsheng Bank with 264 bonds [9][10]. Group 3: Institutional Distribution - HSBC ranked first in total underwriting amount with $8.01 billion, followed by Guotai Junan International with $6.33 billion, and Bank of China (Hong Kong) with $4.61 billion [13]. - The ranking of banks in underwriting scale shows Bank of China at the top with $9.85 billion, followed by HSBC and Industrial and Commercial Bank of China with $4.78 billion [17][18]. Group 4: Specific Bond Types - For US dollar bonds, Guotai Junan International led with 157 bonds totaling $5.04 billion, followed by Bank of China with 100 bonds totaling $4.75 billion [25]. - In the urban investment bond category, Guotai Junan International also ranked first with 92 bonds totaling $2.12 billion, followed by Dongfang Securities with 61 bonds totaling $1.47 billion [30]. - In the financial bond category, Bank of China led with 110 bonds totaling $5.45 billion, followed by HSBC with 95 bonds totaling $3.85 billion [35]. - For green bonds, Bank of China ranked first with 32 bonds totaling $1.23 billion, followed by Industrial and Commercial Bank of China with 33 bonds totaling $1.12 billion [39].

Core Insights - The article highlights significant declines in the prices of certain Chinese offshore bonds, particularly those issued by Sunac China Holdings, which saw a daily drop of 36.52% for its USD bond [2][4] Group 1: Bond Performance - The largest decline in the day was observed in the bond SUNSHI 7.5% 4/15/24 issued by Sunac China Holdings, which fell to a price of 0.18 [2] - Other notable bonds include SUNSHI 10.25% 9/15/22, which decreased to 0.19, and JOYY 1.375% 6/15/26, which is priced at 69.63 [4] - The bond prices of several other companies, such as China Aoyuan Group and Shimao Group, also reflect varying levels of performance, with Shimao's bonds priced at 4.24 [4] Group 2: Market Context - The data is sourced from the China Economic Society's enterprise foreign debt risk monitoring system, indicating a broader trend in the offshore bond market [2][4] - The report is updated as of 2025, suggesting ongoing monitoring of these financial instruments [2][4]

Group 1 - The bond market has shown strong performance in the first half of the year, with total issuance amounting to 44.68 trillion yuan, a year-on-year increase of 16.59% [1] - Securities firms have actively engaged in various bond underwriting activities, achieving a total underwriting amount of 7.34 trillion yuan, which represents a year-on-year growth of 20.75% [1] - Mid-sized securities firms have improved their rankings in bond underwriting, with notable advancements such as Guotai Junan moving up to third place in the industry [1] Group 2 - Leading securities firms dominate the underwriting of various types of bonds, with CITIC Securities, Guotai Junan, and CITIC Construction Investment leading in credit bond underwriting [2] - In the asset-backed securities (ABS) segment, CITIC Securities also ranks first, followed by Guotai Junan and Ping An Securities [2] - The internationalization strategy of securities firms has led to increased participation in offshore bond underwriting, with Guotai Junan International leading in this area [2] Group 3 - The issuance of Sci-Tech bonds has emerged as a highlight in the bond underwriting performance of securities firms, with a total of 328.28 billion yuan underwritten by 54 firms since May [3] - CITIC Securities has taken the lead in underwriting Sci-Tech bonds, with a total of 480.3 billion yuan, followed by CITIC Construction Investment and Guotai Junan [3] - Several securities firms are focusing on Sci-Tech bonds as a key area for business development, aiming to enhance their service offerings and align with national strategic directions [3]

Core Viewpoint - The article highlights the diversification of currency structures in offshore bond issuance by Chinese enterprises, with a notable increase in non-US dollar bonds such as offshore RMB, Euro, and Hong Kong Dollar bonds. The total issuance in the first half of 2025 reached 399.04 billion USD, marking a 12.74% increase year-on-year, despite significant refinancing pressures in the market [1]. Group 1: Offshore Bond Market Overview - The offshore bond market for Chinese enterprises saw a total of 837 new bonds issued in the first half of 2025, amounting to 3990.44 billion USD, reflecting a 12.74% growth compared to the same period last year [1]. - The market continues to experience a significant net financing gap, indicating ongoing refinancing pressures from existing debt [1]. Group 2: Underwriting Rankings - In the underwriting rankings for offshore bonds, Bank of China led with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and Guotai Junan International with 43.1 billion USD from 155 bonds [3][4]. - The total underwriting amount for the top three institutions reflects the competitive landscape in the offshore bond market [3][4]. Group 3: Project Count Rankings - CITIC Securities topped the project count rankings with 227 bonds underwritten, followed by Haitong International with 180 bonds, and CITIC Jianan with 165 bonds [8][9]. - This indicates a strong performance in terms of the number of projects handled by these institutions in the offshore bond market [8][9]. Group 4: Bank Underwriting Rankings - The bank underwriting rankings show Bank of China at the top with 56.3 billion USD from 115 bonds, followed by HSBC with 51.8 billion USD from 83 bonds, and CITIC Bank with 35.5 billion USD from 151 bonds [17][18]. - This highlights the dominance of these banks in the offshore bond underwriting space [17][18]. Group 5: Securities Firm Underwriting Rankings - Guotai Junan International led the securities firm rankings with 43.1 billion USD from 155 bonds, followed by CICC with 27.1 billion USD from 127 bonds, and CITIC Lyon with 26.7 billion USD from 170 bonds [20][21]. - This showcases the competitive positioning of securities firms in the offshore bond market [20][21]. Group 6: Specific Bond Type Rankings - For offshore municipal bonds, Guotai Junan International ranked first with 14.9 billion USD from 57 bonds, followed by Dongfang Securities with 9.8 billion USD from 39 bonds, and CITIC Bank with 9.5 billion USD from 55 bonds [30]. - In the offshore financial bond category, Bank of China led with 34.4 billion USD from 62 bonds, followed by HSBC with 20.6 billion USD from 41 bonds [34]. - For green bonds, Bank of China also ranked first with 6.2 billion USD from 17 bonds, closely followed by Industrial and Commercial Bank of China with 6.1 billion USD from 17 bonds [38].