港交所 20260228 摘要 因此有必要在固定收益、外汇以及大宗商品等领域进行必要且审慎的投资。同 时，将在保持良好成本管控的前提下，持续评估投入方向与方式，聚焦能够带 来最佳机会的领域。 随着港交所提出未来十年将加强中国内地与其他亚洲经济体市场之间的互联互 通，并提及可能与马来西亚等地区扩大互联互通，相关举措将如何推进、如何 实现与该地区更紧密连接？ 未来互联互通的重点是在巩固中国内地互联互通这一核心优势的同时，将互联 互通网络从既有模式进一步延展至其他亚洲经济体，形成具有全球吸引力的区 域流动性池。推进路径包括：继续扩大与海外交易所的合作伙伴网络，强化与 中东及东南亚市场的互联互通基础；在此基础上，利用互联互通带来的市场可 及性提升，促进区域资本对接区域内的增长机遇，并为全球投资者提供更广泛 的区域流动性与增长敞口；同时，配合产品侧扩容，为投资者提供更多布局亚 洲及中国相关资产的工具，覆盖现金市场、ETP、衍生品及跨资产风险管理工 具等，以提升互联互通的使用深度与交易活跃度。2025 年已在中东和东南亚 方向推进互联互通并扩展合作网络，同时在中东设立新办事处，并欢迎来自相 港交所对 CMU OmniCl ...

Core Viewpoint - Shanghai aims to enhance its status as an international financial center through high-level financial openness and alignment with international trade rules, as outlined in the 15th Five-Year Plan [1][2]. Financial Sector Developments - The Shanghai government emphasizes the importance of advancing financial openness to boost the city's international competitiveness and influence [2]. - Since the 14th Five-Year Plan, Shanghai has focused on strengthening its global resource allocation capabilities and improving the internationalization of its financial markets [2]. Key Initiatives - **Increasing Financial Market Internationalization**: Shanghai plans to enhance the internationalization of its financial markets by improving mechanisms like "Shanghai-Hong Kong Stock Connect" and "Bond Connect," and by launching more international financial products [2]. - **Attracting Foreign Financial Institutions**: The city aims to attract high-level foreign financial institutions and international organizations by supporting the establishment of regional headquarters and accelerating the development of a global asset management center [2]. - **Facilitating Cross-Border Financing**: Shanghai will support financial institutions in expanding their global service networks and optimizing integrated fund management for enterprises [3]. - **Exploring Offshore Financial Services**: The city intends to develop a regulatory framework for offshore financial services and promote the growth of offshore debt business [3].

Core Viewpoint - The "15th Five-Year Plan" for Shanghai emphasizes comprehensive deepening of high-level reform and opening up, aiming to establish a higher-level open economic system and enhance the city's role as a global innovation center [1][3]. Group 1: Major Indicators and Initiatives - The "15th Five-Year Plan" sets 20 key indicators, including 14 expected indicators and 6 binding indicators, along with 13 major initiatives for the period [1]. - Shanghai aims to strengthen its role as a global supply chain management hub, enhancing its service capabilities and increasing container throughput to over 58 million TEUs and air cargo volume to around 4.7 million tons by 2030 [3]. Group 2: Innovation and Technology Development - Shanghai will collaborate with Jiangsu, Zhejiang, and Anhui provinces to build a world-class technology innovation source, focusing on original innovation and high-end industry leadership [7]. - The plan includes the establishment of a Long Triangle technology policy mutual recognition list and a major technology infrastructure alliance to promote resource sharing [1][7]. Group 3: Financial Market Enhancements - Shanghai's financial openness has been reinforced with mechanisms like "Bond Connect," "Southbound Trading," and "Swap Connect," with over 30% of licensed financial institutions being foreign [5]. - The city will enhance financial market connectivity and introduce more international financial products, aiming to improve the international influence of "Shanghai pricing" [5].

Core Viewpoint - The "Swap Connect" mechanism between mainland China and Hong Kong is gaining momentum, with the Hong Kong Stock Exchange (HKEX) reporting a record nominal principal of 576.6 billion RMB in January, highlighting its role in strengthening Hong Kong as a global offshore RMB business hub [1] Group 1: Market Performance - The nominal principal of the "Swap Connect" reached over 10 trillion RMB since its launch in May 2023, indicating the scale, resilience, and growing global demand for this mechanism [1] - The "Swap Connect" is projected to account for 12% of the onshore interbank interest rate swap (IRS) clearing market by 2025, with a network covering 110 domestic and international participants across regions including mainland China, Europe, the US, Australia, and Southeast Asia [1] Group 2: Operational Details - The "Swap Connect" is jointly operated by the China Foreign Exchange Trading System, Shanghai Clearing House, and HKEX's subsidiary, Hong Kong OTC Clearing Limited [1] - Investors can trade and settle onshore RMB interest rate swap products through the northbound "Swap Connect" without changing their usual trading and settlement habits [1]

Core Viewpoint - The Hong Kong government is committed to developing the local bond market to enhance its role as an international financial center, focusing on innovative bond issuance and various supportive measures [1][2]. Group 1: Bond Market Development - The Hong Kong government aims to activate the bond market through regular issuance of government bonds, including institutional, retail, green, and tokenized bonds [1]. - Since 2008, Hong Kong has been the leading hub for bond issuance in Asia, with over $130 billion in issuance planned for 2024, capturing nearly 30% of the market share [1]. - Hong Kong accounts for approximately 70% of the first-time bond issuance market and 45% of the green and sustainable bond issuance market, indicating its leadership in various segments [1]. Group 2: Regulatory and Market Measures - The Hong Kong government and financial regulators are implementing measures to enhance primary market issuance, improve secondary market liquidity, and expand offshore RMB business [2]. - As of January 2, 2026, there are 1,351 listed bonds on the Hong Kong Stock Exchange, with 1,302 being professional investor bonds, which are primarily traded over-the-counter [2]. - The Hong Kong Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform to improve market liquidity [3]. Group 3: Offshore RMB and Risk Management - The offshore RMB bond market has seen significant growth, with issuance reaching 1.07 trillion RMB in 2024, a 37% year-on-year increase [1]. - The Hong Kong Stock Exchange is enhancing its role in the offshore RMB market by allowing foreign investors to use onshore government bonds as collateral for derivatives trading [3]. - The Hong Kong government is working on introducing offshore government bond futures to provide effective risk management tools for investors [5]. Group 4: Tokenized Bonds - The Hong Kong government has issued three batches of tokenized green bonds since 2023, with the largest issuance of 10 billion HKD in November 2025, attracting significant global institutional interest [5]. - The Hong Kong Monetary Authority is researching the secondary market applications for tokenized bonds to enhance their attractiveness and demand [6]. - Efforts are underway to optimize the legal framework for broader application of tokenization technology in the bond market [6].

Core Insights - The "Swap Connect" trading and clearing scale has significantly increased, with a total clearing volume of 5.3 trillion yuan in 2025, marking a 45% year-on-year growth [1] - The "Swap Connect" has become a key tool for foreign investors to manage RMB interest rate risks since its launch in May 2023, contributing to the ongoing high-level opening of China's financial market [1] - The trading structure is primarily based on the 7-day interbank repo rate (FR007), with a growing variety of transaction types and an expanding participant base [2] Group 1 - In Q4 2025, the cumulative clearing volume of "Swap Connect" reached 1.33 trillion yuan, with 110 domestic and foreign investors participating, covering regions including China, Europe, the US, Australia, Southeast Asia, South Korea, and Japan [1] - The daily net limit for "Swap Connect" was raised to 45 billion yuan in October 2024, which effectively increased overall trading volume [1] - The clearing volume of "Swap Connect" accounted for 12.05% of the total clearing volume in the interbank interest rate swap market during the same period [1] Group 2 - The trading structure is diverse, with a focus on the 7-day interbank repo rate (FR007), while medium to long-term transactions have slightly increased, although most trades remain within one year [2] - Domestic banks and securities firms are the main domestic quote providers for "Swap Connect," with a recent expansion of domestic quote providers and a dynamic adjustment mechanism to enhance market participation [2] - The effective risk management by the central counterparty has been crucial for the stable operation of "Swap Connect," ensuring adequate risk resource reserves and reducing capital occupation for cross-border fund flows [2] Group 3 - In 2025, the types of "Swap Connect" products have been further enriched, with new measures accelerating financial opening and efficiency [3] - The clearing period for "Swap Connect" contracts was extended to 30 years, and new LPR1Y-linked interest rate swaps were included in centralized clearing, attracting active participation from domestic and foreign institutions [3] - Future plans include enhancing the "Swap Connect" mechanisms based on operational experiences and feedback from participants, focusing on diversified risk management needs and strengthening cross-border financial services [3]

Core Insights - The "Swap Connect" trading clearing scale has significantly increased, with a total clearing volume of 5.3 trillion yuan in 2025, marking a 45% year-on-year growth [1] - The initiative has become a key tool for foreign investors to manage RMB interest rate risks since its launch in May 2023, contributing to the ongoing high-level opening of China's financial market [1] Group 1: Market Performance - In Q4 2025, the cumulative clearing volume of "Swap Connect" reached 1.33 trillion yuan, with a total of 9.9 trillion yuan cleared since its inception [1] - The clearing volume accounted for 12.05% of the total clearing volume in the interbank interest rate swap market during the same period [1] Group 2: Participant Dynamics - By the end of 2025, 110 domestic and foreign investors participated in the "Swap Connect" business, covering regions including China (including Hong Kong, Macau, and Taiwan), Europe, the United States, Australia, Southeast Asia, South Korea, and Japan [1] - The participant base has expanded, with domestic banks and securities firms remaining the primary domestic quoting entities, while foreign participants have diversified, particularly with a notable increase in U.S. institutions [2] Group 3: Product Development - In 2025, the types of "Swap Connect" products have been enriched, with new measures introduced to enhance financial openness and efficiency [3] - The clearing period for "Swap Connect" contracts was extended to 30 years, and new interest rate swaps linked to the LPR1Y were included in centralized clearing, attracting active trading from domestic and foreign institutions [3]

Group 1: Hong Kong as an International Financial Center - Hong Kong is leveraging its institutional advantages such as rule of law, judicial independence, capital mobility, low tax rates, and market transparency to become a preferred location for global businesses [3][5] - The number of startups in Hong Kong has surpassed 5,200, marking an 11% year-on-year increase, indicating confidence in the local ecosystem [5] - The Hang Seng Index rose approximately 30% last year, with an average daily trading volume exceeding $32 billion [6] Group 2: Financial Market Developments - Hong Kong is projected to raise about $36 billion through IPOs in 2025, maintaining its position as the global leader in IPO fundraising [7] - The asset and wealth management sector in Hong Kong is expected to manage over $45 trillion by 2024, which is 11 times the local GDP [7] - Hong Kong processes about three-quarters of global offshore RMB payments and has the largest offshore RMB liquidity pool [7] Group 3: Initiatives to Strengthen Financial Position - Hong Kong plans to deepen market advantages by optimizing the main board listing system, promoting paperless trading, and exploring offshore bond futures [8] - The city aims to enhance its international gold trading market, increasing gold storage capacity to over 2,000 tons within three years [8] - Hong Kong is actively attracting more mainland companies to establish treasury centers, enhancing its role as a financial hub [8] Group 4: Support from the Central Bank - The People's Bank of China (PBOC) is committed to supporting Hong Kong's offshore RMB market, enhancing liquidity and facilitating cross-border transactions [9][13] - The bond market has seen significant growth, with over 800 foreign institutional investors participating through the Bond Connect, holding over 810 billion yuan in mainland bonds [11] - The PBOC plans to increase the scale of RMB business funding arrangements to 200 billion yuan to support Hong Kong's offshore market [13][14] Group 5: Global Economic Context - Hong Kong's role as a dual financing platform is emphasized, with over 400 companies queued for IPOs, many of which are from mainland technology and manufacturing sectors [18] - China achieved a 5% economic growth target last year, contributing approximately 30% to global GDP growth, positioning Hong Kong as a vital gateway for international trade [17][18] - Hong Kong is seen as a reliable partner in the global economic landscape, leveraging its common law system and currency stability to attract international investments [18]

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the rapid development and global influence of China's financial markets, highlighting the ongoing efforts to enhance the connectivity between mainland China and Hong Kong's financial markets [1][2]. Group 1: Bond Market Developments - The "Bond Connect" has significantly enhanced Hong Kong's role as a global financial hub, with over 800 foreign institutions investing in mainland China's bond market through the "Northbound" channel, holding a total of 810 billion RMB, which accounts for 25% of foreign holdings in Chinese bonds [1] - The total trading volume for 2025 is projected to reach 9.7 trillion RMB, representing over 60% of the market [1] - The "Southbound" channel has facilitated mainland investors in acquiring Hong Kong dollar, US dollar, and RMB-denominated bonds, with current holdings nearing 1.2 trillion RMB [1] Group 2: Stock Market Developments - The Shanghai-Hong Kong Stock Connect mechanism continues to expand, with mainland investors holding over 60 billion HKD in Hong Kong stocks through the "Hong Kong Stock Connect," while global investors hold over 2.5 trillion RMB in mainland stocks via the "Shanghai-Hong Kong Stock Connect" [1] Group 3: Currency and Liquidity Management - In February and October 2025, the PBOC and the Hong Kong Monetary Authority launched offshore and cross-border RMB repurchase agreements, with 34 foreign institutions engaging in offshore repurchase transactions totaling 119.1 billion RMB, and 46 new institutions participating in cross-border repurchase agreements amounting to 150.3 billion RMB, enhancing liquidity in the Hong Kong RMB market [2] - The "Swap Connect" has seen 87 foreign investors accessing the mainland derivatives market through Hong Kong, with a cumulative nominal principal of over 9.9 trillion RMB in interest rate swap transactions [2] Group 4: Gold Market Developments - The Shanghai Gold Exchange has established a delivery warehouse in Hong Kong and listed related contracts, enriching the offshore RMB asset allocation tools [2] - The PBOC supports the construction of Hong Kong's gold market, aiming to strengthen its role as an international gold trading center [4] Group 5: Future Initiatives - The PBOC plans to increase the RMB business funding arrangement scale for Hong Kong's offshore market from 100 billion to 200 billion RMB to enhance liquidity [3] - Continued efforts will be made to improve financial market connectivity and expand liquidity management and risk hedging tools for foreign investors [3] - The PBOC will also increase the annual issuance of offshore RMB government bonds to meet the demand for quality RMB asset allocation from foreign investors [3]

Core Insights - The People's Bank of China (PBOC) emphasizes the rapid and healthy development of China's financial market, maintaining a leading position globally in terms of market size, depth, and breadth, with increasing international influence [1][5] Bond Market - The "Bond Connect" significantly enhances Hong Kong's role as a global hub, with over 800 foreign institutions investing in the mainland bond market via the "Northbound" channel, holding a total of 810 billion RMB, which accounts for one-quarter of foreign holdings in Chinese bonds. The total trading volume for 2025 is projected to reach 9.7 trillion RMB, representing over 60% of the market [6] - The "Southbound" channel supports mainland investors in allocating HKD, USD, and RMB bonds, with current holdings nearing 1.2 trillion RMB [6] Stock Market - The Shanghai-Hong Kong Stock Connect continues to expand, with mainland investors holding over 6 trillion HKD in Hong Kong stocks through the Stock Connect, while global investors hold over 2.5 trillion RMB in mainland stocks [6] Currency and Liquidity Management - In 2025, the PBOC and the Hong Kong Monetary Authority (HKMA) will jointly launch offshore and cross-border RMB repurchase agreements, with 34 foreign institutions already participating in offshore repurchases totaling 119.1 billion RMB, and 46 new institutions involved in cross-border repurchases of 150.3 billion RMB, significantly enhancing liquidity and attractiveness in the Hong Kong RMB market [2][6] Derivatives Market - The "Swap Connect" is increasingly significant, with 87 foreign investors accessing the mainland derivatives market through Hong Kong, conducting interest rate swap transactions with a cumulative nominal principal exceeding 9.9 trillion RMB [2][6] Gold Market - The Shanghai Gold Exchange has established a delivery warehouse in Hong Kong and listed related contracts, enriching offshore RMB asset allocation tools. The RMB's role as the second-largest trade financing currency and third-largest payment currency globally is further solidified, ranking third in the IMF Special Drawing Rights (SDR) currency basket [7] Future Developments - The PBOC plans to increase the RMB business funding arrangement scale for Hong Kong's offshore market from 100 billion to 200 billion RMB to provide more liquidity support [3][7] - Continued efforts will be made to enhance financial market connectivity, improve liquidity management and risk hedging tools for foreign investors, and explore the listing of RMB government bond futures in Hong Kong [3][8] - The PBOC will also increase the supply of offshore RMB government bonds to meet foreign investors' demand for quality RMB assets and establish a market-making mechanism to enhance trading activity and RMB pricing capabilities [3][8] - Support for the construction of Hong Kong's gold market will be provided to strengthen its offshore RMB market functions and enhance connections with global gold markets [4][8]