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]

北交所上市公司优机股份发行的1.2亿元可转债（简称"优机定转"）9月9日起在北交所挂牌转让。这是 北交所历史上首单挂牌转让的可转债。上市首日优机定转仅以面值成交一单，次日四机构席位溢价入场 扫货。 9月9日，优机定转当日仅有一笔成交。民生证券上海自贸试验区分公司买入8350张优机定转，成交价为 100元。卖方营业部为招商证券上海浦东大道证券营业部。 9月9日，1.2亿元优机定转正式挂牌转让，标志着北交所可转债市场的开启。 与此前市场预期不同的是，优机定转交投异常冷静，开盘大涨等现象均未出现。与沪深交易所公募可转 债不同的是，优机定转在证券客户端并不呈现交易价格和数量，也没有连续竞价走势图。 一位券商投行人士向上海证券报记者表示，北交所发行的可转债目前均系定向可转债，其与传统公开发 行的公募可转债在多处交易细节上并不相同。优机定转的交易情况会在收盘后披露逐笔的交易信息。 ◎记者 孙忠 "首日唯一一笔交易，价格是看点。由于仅仅是以面值成交，更像是不同账户间的平衡交易。"上述券商 投行人士表示。 这一异常冷静的交易与公募可转债市场的火热形成了鲜明差异。9月10日，凯众转债和胜蓝转02两只新 券上市，当日均实现了57 ...