Core Viewpoint - The seminar titled "Debt Starts a New Journey, Building Future Momentum" aims to explore the landscape of the credit bond market in 2026, focusing on opportunities and challenges in the new era of China's financial market [3]. Group 1: Seminar Structure and Participation - The seminar was held in three locations: Beijing, Tianjin, and Chengdu, featuring a main venue where insights were shared by China Construction Bank, Wind Information, and CITIC Securities [5]. - Over 20 financial market institutions participated, including leaders from various investment and financing organizations, discussing macroeconomic conditions and the development of the credit bond market [5]. Group 2: Market Analysis and Trends - The Deputy General Manager of the Investment Banking Department at China Construction Bank, Ma Lian, analyzed the current fixed income market, highlighting the deep adjustments in the global financial landscape and the transition of the domestic economy towards high-quality development [7]. - The seminar emphasized the bond market's role in serving the real economy, facing unprecedented opportunities and challenges, with a focus on green, technological innovation, securitization, and cross-border bond sectors [7]. Group 3: Research Findings and Investment Strategies - Wind's Vice President, Jin Jian, shared insights from a joint bond market survey, indicating that under a backdrop of moderate economic growth and low interest rates, technology innovation bonds are the top investment choice in the credit bond sector [8]. - The survey revealed that over 80% of respondents believe that the coupon advantage of credit bonds will become more pronounced in a low-interest environment, leading to an increased allocation in investment portfolios [8]. - CITIC's Chief Analyst for Credit Bonds, Li Han, projected a volatile bond market in 2026, with a slight upward trend in interest rates and a focus on high-rated short-duration bonds for defensive advantages [8]. Group 4: Future Collaboration - China Construction Bank and Wind Information have a long-standing partnership, having launched various bond indices and tools since 2017, with plans for closer collaboration to enhance services for market investors and promote the development of China's bond market [9].

（来源：中金固收） rops to 1.04%. The 101 Cop 200010 yield ren 1.75bps to 1.835%, the 5Y CGB 250003 yield fell 1.5bps to 1.5475%, while the 3Y CGB 2500010 closed at 1.40%. CGB futures traded up, with the 30Y main contract up 0.63%, the 10Y up 0.1%, the 5Y up 0.06%, and the 2Y up 0.01%. ■ Credit Bond Market Today, credit bond yields fell across most tenors by 0.3-2bps, except for the 5Y tenor, where yields mostly rose by around 0.2–1.5bps. Compared with CDB bonds, 5Y credit spreads across all ratings widened by about ...

Core Argument - The book "The Wealth of the Founders: How Money Shaped the Birth of America" by Willard Sterne Randall explores the relationship between personal wealth and public policy during the American Revolution, emphasizing how financial interests influenced the founding of the United States [2][12]. Group 1: Historical Context and Economic Analysis - The book situates itself within a rich academic tradition that examines the role of money in the American Revolution, building on previous works that analyzed the economic underpinnings of the independence movement [2][4]. - Randall's narrative spans from Benjamin Franklin's arrival in Philadelphia in 1723 to Robert Morris's emergence as America's first billionaire in 1801, illustrating the connection between the wealth of founding elites and the establishment of the new nation [4][12]. - The author argues that money transitioned from being a catalyst for colonial crises to becoming a foundational element of the new nation's institutions, highlighting the complex interplay between ideals and self-interest among revolutionary elites [4][12]. Group 2: Monetary Policy and Colonial Economy - The book identifies the mercantilist policies of Britain as a primary cause of the colonies' long-standing monetary shortages, which led to a complex system of trade and credit involving various foreign currencies [5][10]. - Colonial attempts to achieve monetary self-sufficiency included minting coins and issuing paper currency, with Massachusetts being a notable example of early currency innovation [6][8]. - The Currency Act of 1764, which prohibited the issuance of legal tender in the colonies, exacerbated economic difficulties and contributed to the growing discontent that fueled the push for independence [10][11]. Group 3: Impact of Financial Decisions on Governance - The Continental Congress's issuance of "Continental Currency" to fund the war effort resulted in severe inflation, demonstrating the challenges of managing a national currency during wartime [11]. - The establishment of the first American bank, the Bank of North America, was a response to the financial chaos, aiming to restore credit and facilitate government borrowing [11][12]. - The 1787 Constitution's reinforcement of federal taxation and monetary sovereignty reflected the financial elite's desire to stabilize the economy and ensure the new government's credibility [11][12].