上海清算所表示，下一步，将继续在中国人民银行指导下，充分发挥金融基础设施优势，持续丰富 信用衍生品产品谱系，释放信用衍生品风险管理、信用增信与价格发现作用，引导金融资源有效配置， 满足各类市场主体多样化风险管理需求，着力提升信用衍生品清算服务能级。 责任编辑：杨喜亭 首先是发挥信用衍生品功能，服务实体经济高质量发展。信用衍生品作为重要的交易定价和避险工 具，重要作用日益凸显。一是发挥增信作用，提升债券发行效率。通过"债券发行+信用衍生品"市场化 的增信方式，增强投资人信心，拓宽实体企业融资渠道，实现对金融"五篇大文章"等重点领域的精准支 持。二是有效对冲风险，提升资产配置效率。市场机构可通过信用衍生品风险转移机制，主动管理信用 风险敞口，平滑信用利差波动，提升科创债、绿债等交易投资效率。三是对冲信用利差波动，拓展交易 型需求。市场机构可通过信用衍生品交易对冲挂钩标的或特定行业信用利差波动，丰富信用衍生品多元 化应用场景。 其次是发挥信用衍生品集中清算功能，助力市场稳健发展。作为金融基础设施，上海清算所以服务 实体经济、做好金融"五篇大文章"、防范化解金融风险为目标，持续提升清算服务能级。一是拓展32家 新质生 ...

二级速览： 中资美元债二级市场涨跌不一，截至12月26日，Markit iBoxx中资美元债综合指数周度上行0.06%，报251.26；投资级美元债指数周度上涨0.08%， 报244.35；高收益美元债指数周度下跌0.14%，报 241.3。地产美元债指数周度涨0.12%，报178.37；城投美元债指数周度下跌0.01%，报153.9；金融 美元债指数周度下跌0.06%，报290.9。 基准利差： 截至12月26日，中美10年期基准国债利差缩小至229.47bp，较前一周缩小2.13bp。 评级异动： 近两周市场情况 一级市场： 据新华财经统计，近两周（12月15日至12月26日）共发行12笔中资离岸债券，其中包括6笔离岸人民币债券和6笔美元债券，发行规模分别为430.58 亿元人民币和2.96亿美元。近两周发行方式为直接发行的债券共9只，担保发行2只，"直接发行+担保"的1只。 在离岸人民币债券领域，近两周人民币债券单笔发行最大规模为10.5亿元人民币，由南安市发展投资集团有限公司发行。近两周人民币债券发行最 高票息为6.9%，由淄博高新国有资本投资有限公司发行。 在中资美元债券市场，近两周美元债券单笔最大 ...

Group 1: Core Insights - The proposal from the Central Committee emphasizes the need to steadily develop futures, derivatives, and asset securitization as essential measures for establishing a well-structured financial market system and accelerating the construction of a financial powerhouse [1] - The derivatives market in China is projected to exceed 230 trillion yuan in trading volume by 2024, highlighting the importance of derivatives in price discovery and risk management [2] - The current development of the derivatives market in China is lagging, with the daily trading volume of interest rate derivatives being only about 0.8% of the outstanding government bonds, compared to 8%-9% for USD and EUR derivatives [2] Group 2: Derivatives Market Development - To enhance the derivatives market, it is crucial to optimize regulatory approaches, allowing more qualified entities like insurance companies and banks to access derivatives, thus diversifying participants and trading scenarios [3] - Strengthening regulatory capabilities is essential to avoid systemic risks, improve transparency, and enhance regulatory effectiveness [3] - Financial institutions should develop internal management systems tailored to derivatives business characteristics, improve hedge accounting, and build talent in pricing and risk control [3] Group 3: Asset Securitization - Asset securitization plays a vital role in revitalizing existing assets, stabilizing macro leverage ratios, optimizing asset-liability structures, and broadening financing channels [4] - The asset securitization market in China has entered a normalization phase since 2014, with annual issuance reaching around 2 trillion yuan, but faces challenges such as unclear underlying legal relationships and high issuance management costs [4] - There is significant potential for asset securitization to support the real economy, particularly in infrastructure, public utilities, and advanced manufacturing sectors [5] Group 4: Future Directions - The focus should be on serving key areas of the real economy, enhancing innovation in standards, financial products, and policy guidance [5] - It is necessary to improve the legal framework and supporting arrangements for the market, ensuring clear rights and obligations among participants [5] - Diversifying investors and enhancing the secondary market's liquidity are critical for the long-term healthy development of the asset securitization market [5]

Group 1: Core Insights - The proposal from the Central Committee emphasizes the need to steadily develop futures, derivatives, and asset securitization as essential measures for establishing a well-structured financial market system and accelerating the construction of a strong financial nation [1] - The derivatives market in China is expected to exceed 230 trillion yuan in trading volume by 2024, highlighting the importance of derivatives in price discovery and risk management [2] - The current development of the derivatives market in China is lagging, with the daily trading volume of interest rate derivatives being only about 0.8% of the outstanding government bonds, compared to 8-9% for USD and EUR derivatives [2] Group 2: Derivatives Market Development - To enhance the derivatives market, it is crucial to optimize regulatory approaches, allowing more qualified entities like insurance companies and banks to engage in derivatives trading [3] - Strengthening regulatory capabilities is essential to avoid systemic risks, improve transparency, and enhance regulatory effectiveness [3] - Financial institutions should develop internal management systems tailored to derivatives business characteristics and improve talent development in pricing and risk control [3] Group 3: Asset Securitization - Asset securitization plays a vital role in revitalizing existing assets, stabilizing macro leverage ratios, optimizing asset-liability structures, and broadening financing channels [4] - The asset securitization market in China has entered a normalization phase since 2014, with annual issuance reaching around 2 trillion yuan, but faces challenges such as unclear legal relationships and high issuance costs [4][5] - To promote the long-term healthy development of the asset securitization market, it is necessary to focus on serving key sectors of the real economy and enhance the legal and regulatory framework [5]

Core Points - The Shanghai Clearing House has launched an online bilateral clearing service for credit derivatives to enhance market participation convenience and support market expansion [1][2] - The first batch of institutions to complete the online application includes China Construction Bank, Changsha Bank, Southwest Securities, and Zhongyu Guarantee [1] - The clearing services provided cover various aspects such as cash flow calculation, fund settlement, credit event settlement, valuation management, and counterparty credit risk management [1] - Currently, there are 47 participants in the credit derivatives clearing, accounting for 96% of the trading scale in the interbank market for contract-based credit derivatives [1] Future Plans - The Shanghai Clearing House plans to continue enhancing clearing service capabilities and product offerings under the guidance of the People's Bank of China [2] - The aim is to support various institutions in managing risks with credit derivatives and to improve the effectiveness of credit derivatives in serving the real economy [2] - The initiative is part of efforts to effectively prevent and resolve financial risks, thereby supporting high-quality development of the real economy [2]

Core Viewpoint - The expansion of credit derivatives in the technology bond market is accelerating, serving as both a "risk mitigator" and a "confidence amplifier" for financing [1][2][6] Group 1: Role of Credit Derivatives - Credit derivatives are becoming a key mechanism to address financing challenges for technology enterprises by reducing credit risk through external mechanisms [2][6] - They enhance market confidence and improve financing efficiency by connecting issuers and investors, thereby alleviating concerns about repayment capabilities [2][3] - The use of credit derivatives allows for better risk management for investors, enabling them to hedge against valuation risks associated with high-volatility technology bonds [3][6] Group 2: Recent Developments - Several financial institutions, including Bank of Communications and Shanghai Pudong Development Bank, have successfully completed credit derivative transactions linked to technology enterprises, marking a significant step in the development of the technology bond market [4][5] - The first credit derivative transaction involving a technology enterprise was completed by Bank of Communications, providing credit risk protection through a credit default swap (CDS) [4] - The issuance of a 300 million yuan credit derivative transaction by Shanghai Pudong Development Bank demonstrates the growing acceptance and implementation of these financial instruments [4][5] Group 3: Challenges and Recommendations - Despite the growing application of credit derivatives, there are still institutional shortcomings in capital relief, pricing mechanisms, and legal applicability that need to be addressed [6][7] - The current market shows a lack of participation from commercial banks in credit derivatives due to accounting treatment issues, which may increase capital requirements instead of reducing them [6][7] - Recommendations include clarifying the capital savings potential of credit derivatives, developing a valuation system suited to the Chinese market, and enhancing legal training to mitigate disputes [7][8]