2025年度，中资离岸债券市场呈现"多元化深化、创新加速"的新格局。随着全球投资者对人民币资产认可度持续提升，离岸人民币债券发行规模延续高增 长态势，国际多边机构积极参与，发行规模较去年同期大幅增长。在币种结构上，美元债发行受降息预期影响出现阶段性收缩，发行人倾向等待更优融资 窗口；离岸人民币、欧元、港币等非美元债券占比进一步提升。市场创新亮点纷呈，香港数字债券资助计划落地，长期限债券发行成为新趋势。 根据万得最新统计，2025年度中资离岸债共新参与承销统计1461只，合计2,097.5亿美元。其中，离岸城投债总计参与承销统计305只，合计285.7亿美元； 离岸金融债总计参与承销统计817只，合计824.9亿美元。 各机构在中资离岸债承销方面表现如何？万得正式发布2025年度中资离岸债券承销排行榜，呈现市场参与者的最新竞争格局。 总承销排行榜 1.1 中资离岸债承销规模排行榜 2025年度中国银行共承销281只债，总承销金额147.0亿美元，位居第一；汇丰银行共承销229只债，总承销金额120.9亿美元，位居第二；工商银行共承销 250只债，总承销金额82.4亿美元，名列第三。 | 排名 | 机构名称 | ...

转自：新华财经 新华财经上海12月31日电（张天源） 2025年中资离岸债市场整体呈现发行规模平稳增长、高收益市场表现较好的特点。据中经社企业外债风险监测系统最 新数据统计，2025年中资离岸债总发行规模约为3122.59亿美元，共发行1448只债券。有机构测算，目前中资美元债市场已成为亚洲最大、全球第二大离岸 美元债市场。 一级市场稳中有升 离岸债发行规模同比增长25% 一级市场方面，据中经社企业外债风险监测系统数据统计，2025年中资离岸债总发行规模约3122.59亿美元，相较2024年发行规模增长约24%。因2025年下 半年存量地产债重组顺利，净融资缺口较半年末有显著好转，由今年二季度末的-348.228亿美元成功转正至2.53亿美元。 业内人士表示，受美国开启降息周期影响，亚洲非美元投资者面临的汇率风险较上半年显著好转，随着投资者重新评估风险，2025年下半年发行情况有所好 转。 按发行方式来看，发行方式为直接发行的债券共917只，担保发行的债券共231只，直接发行+担保共210只，维好协议+担保共23只、维好协议共23只、采用 银行备用信用证（SBLC）方式的共38只、采用SBLC+担保的共6只。 ...

新华财经上海12月16日电 （张天源） 2025年11月中资离岸债市场供给创年内新高，据中经社企业外债风险监测系统最新数据统计，11月中资离岸债总发行 规模合计约359亿美元。在主权债、政府债大规模发行及企业融资需求回暖的双重驱动下，中资机构再度掀起境外融资热潮，彰显出全球投资者对中国资产 的高度认可。 一级市场供给复苏离岸债发行刷新2025年纪录 一级市场方面，据中经社企业外债风险监测系统数据统计，11月中资离岸债共发行119只债券，为近12个月以来单月发行规模之最。 业内人士分析，受主权 债券发行和企业融资需求同时回暖带动，11月中国境外融资规模刷新年内纪录。 其中，财政部11月分别在香港和卢森堡发行了40亿美元和40亿欧元主权债券。上述新发债券受到市场欢迎，国际投资者认购踊跃，美元债总认购金额1182亿 美元，是发行金额的30倍，其中，5年期品种认购倍数为33倍；欧元债总认购金额1001亿欧元，是发行金额的25倍，其中，7年期品种认购倍数为26.5倍。 值得注意的是，香港特区政府宣布其第三批数字绿色债券已成功定价，总金额高达100亿港元，刷新了香港的发债纪录，并成为全球发行规模最大的数字化 债券。此次发 ...

Group 1 - The Federal Reserve announced its third consecutive interest rate cut this year, lowering the federal funds rate by 25 basis points to a range of 3.5%-3.75%, while maintaining a forecast of only one rate cut in 2026, indicating increasing divergence among policymakers regarding future policy paths [2] - Chairman Powell stated that the current policy adjustments aim to stabilize a weakening labor market while maintaining sufficient tightening conditions to suppress inflation, with a goal of returning inflation to 2% as tariff impacts diminish [2] - The Federal Reserve will implement a key liquidity management measure, purchasing $40 billion in Treasury securities monthly starting December 12, to rebuild bank reserves that have significantly declined during the balance sheet reduction period [2] Group 2 - No new issuances were reported in the primary market today [4] - Two companies had their ratings updated: - Hailong Holdings is progressing with offshore debt restructuring for existing notes due in 2024, seeking to amend certain covenants [5] - Baolong Real Estate's subsidiary had a court-initiated liquidation application withdrawn to facilitate successful restructuring [5] - A meeting for "H20 Aoyuan 1" bondholders is scheduled to discuss adjustments to principal and interest payment arrangements [5] Group 3 - As of December 10, the yield on China's two-year government bonds was 1.39%, and the ten-year yield was 1.84% [7] - The yield on the U.S. two-year Treasury bonds decreased by 4 basis points to 3.54%, while the ten-year yield fluctuated down by 5 basis points to 4.13% [7] Group 4 - The top 10 gainers in Chinese dollar bonds included: - New Power Holdings with a price increase of 294.737% [9] - Dafa Real Estate with a price increase of 157.491% [9] - The top 10 losers in Chinese dollar bonds included: - CENCHI with a price decrease of 24.879% [9]

久期财经讯，据统计，下周(12月6日-12月12日)有119只债券即将付息/到期。 具体信息如下： | 下周即将到期或付息债券名单 | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 主体信用评级 | 序号 | 信用主体名称 | 债券名称 | 发行货币 | 未偿金額 | 到期/付息目 | 标普 | 展望 | 展望 | 播 通 | | | | | | | | | | | 1 | 玉龙地产控股有限公司 | PWRLNG 6. 95 12/06/25 | USD | 2025/12/6 | 401, 485, 000 | P | 超 | 5 | 5 | 湖州南浔城投环保科技集团有限公司 | 2 | म् | HZNXSE 4.5 12/06/25 | CMH | 350, 000, 000 | 2025/12/6 | - | 1 | - | | ...

Core Viewpoint - Chinese securities firms are evolving into "financial navigators," expanding their international presence and contributing significantly to the global capital market, particularly in regions like Hong Kong, London, and New York [1] Group 1: Internationalization Progress - The international business segment of Chinese securities firms is entering a harvest phase, with significant profit contributions from subsidiaries, such as 46% from CICC, 43% from Huatai Securities, and 18% from CITIC Securities [2] - In 2024, Huatai Securities and CITIC Securities' international subsidiaries reported revenues exceeding 15 billion yuan, while CICC approached 10 billion yuan [2] - The internationalization of Chinese securities firms has progressed through four stages: initial exploration, differentiated competition, business enrichment, and enhanced comprehensive financial service capabilities [2] Group 2: Growth Strategies - Large securities firms prefer external mergers and acquisitions to leverage their resource advantages, while smaller firms focus on deepening their presence in the Hong Kong market [3] - The total asset scale of international subsidiaries of leading firms has shown consistent growth, with CITIC Securities International's assets reaching 50.6 billion USD after a capital increase of 9.16 billion USD in 2024 [3] - The diversification of income sources through international business is seen as a key strategy for future growth, particularly in areas like cross-border derivatives and investment services [4] Group 3: Market Dynamics - The demand for overseas investment and financing from Chinese enterprises is a significant driver for the international business of securities firms, with China's non-financial direct investment abroad reaching approximately 917 billion yuan in 2023, a 16.7% increase [6] - The high-quality development of the capital market presents new opportunities for the securities industry, with a notable acceleration in internationalization driven by policy benefits and market demand [7] - The focus of international expansion is shifting towards Southeast Asia, with firms like Galaxy Securities targeting local acquisitions to establish a foothold [7][8] Group 4: Operational Considerations - To achieve successful localization, firms should prioritize global business areas like investment banking and institutional sales, while gradually expanding into wealth management [10] - A dual-track management system is recommended to balance strategic oversight from headquarters with local execution, minimizing cultural conflicts and enhancing market responsiveness [10] - Effective risk management is crucial, especially in balancing short-term gains with long-term risks, as evidenced by the aggressive strategies of some firms in high-yield dollar bond markets [10][11]

Core Insights - The article introduces Wang Xiao, a bond trading expert and fund manager at Xingkong Securities, highlighting his impressive annualized return of over 30% on flagship products, which is rare in the industry [1][10]. Background and Experience - Wang Xiao has 10 years of experience in the investment industry, with a strong academic background in finance at both undergraduate and graduate levels [3][4]. - His career began in a securities company's fixed income department, focusing on domestic RMB bonds before expanding into offshore Chinese bonds, which helped him develop a comprehensive trading capability across markets [5]. Investment Strategy - Wang Xiao's investment approach combines top-down macro policy analysis with bottom-up credit risk pricing, creating a dynamic balance framework [8]. - The team focuses on overseas Chinese credit bonds, analyzing macroeconomic policies, supply and demand dynamics, and adjusting fund positions and leverage accordingly [9]. Performance and Future Goals - The flagship product has achieved an annualized return of over 30%, with a future target of maintaining a 10%+ annual return while effectively controlling drawdowns [10][11]. - Wang Xiao emphasizes the importance of credit quality research and exploiting cross-market interest rate differentials to enhance returns [9][11]. Unique Value Proposition - The article discusses the unique advantages of offshore RMB assets, particularly their low volatility compared to USD assets, making them attractive during periods of heightened market uncertainty [13][14]. - Wang Xiao believes that offshore RMB bonds can effectively attract USD liquidity due to their risk-return profile and stable cash flows [14]. Conclusion - Wang Xiao's insights reflect a deep understanding of the bond market, emphasizing the need for continuous learning and adaptation to overseas market rules for sustainable growth [16].

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]