此次业务落地，是两地农商银行立足地方、资源共享、优势互补的重要成果，不仅实现了资金资源与流 动性需求的精准对接，更打通了区域农村金融机构同业协作的新路径。在服务地方金融发展的过程中， 两家银行以实际行动探索中小金融机构协同发展模式，为激活区域金融市场流动性、提升整体金融服务 质效树立了可借鉴、可复制的实践标杆。 未来，姜堰农商银行将继续坚守服务地方、服务实体经济的初心，以此次合作为新起点，持续深化与同 业机构的交流协作，不断拓宽合作领域、丰富合作内涵，以源源不断的金融活水精准浇灌地方经济高质 量发展沃土。王芳 近日，姜堰农商银行与兴化农商银行携手合作，成功落地首笔规模3000万元的隔日债券借贷业务，标志 着姜堰农商银行在金融市场业务创新、流动性管理及同业协同领域迈出坚实一步，为区域农村金融机构 深化合作注入了新的活力。 本次业务中，姜堰农商银行作为债券融出方，向兴化农商银行精准提供3000万元标的债券支持，双方严 格遵循银行间市场交易规则，业务期限为隔日到期。该笔业务作为银行间债券市场高效、灵活的短期流 动性调节工具，实现了风险可控、收益稳健、操作规范的多重目标，是双方专业化、精细化金融管理能 力的集中体现。 ...

Group 1 - The Shanghai Stock Exchange has revised the "Guidelines for Bond Trading Business" to facilitate bond trading for market participants [1] - The revised guidelines clarify the procedures and requirements for emergency transactions and non-trading transfers [1] - The updated guidelines will be implemented from the date of publication, with specific timelines for the announcement of bond lending transaction data yet to be determined [1]

Core Viewpoint - The Shanghai Stock Exchange has revised and implemented the "Business Guidelines for Bond Trading" to optimize the micro-mechanisms of market operation, enhancing liquidity, pricing efficiency, and overall resilience of the bond market in China [1][2]. Group 1: Emergency and Non-Transaction Transfer Mechanisms - The revised guidelines provide a clear path for the "emergency transaction" mechanism, establishing a dedicated email for processing emergency transactions, which is crucial for maintaining trading continuity during disruptions [2][3]. - The guidelines have introduced a systematic standard for "non-transaction transfers" due to non-trading reasons such as judicial seizure, inheritance, donation, and divorce, addressing previous ambiguities in the process [2][3]. Group 2: Market Quality and Legal Standardization - Including non-transaction transfers in a unified business guideline marks a significant step towards the legalization and standardization of the market, reducing delays and legal disputes, thus enhancing fairness and efficiency for investors [3]. - The optimization of specific bond element displays in the trading system improves information transparency, aiding investors in accurately assessing risks and values of related bonds [3]. Group 3: Prudent Disclosure Policy for Bond Lending - The decision to temporarily refrain from publishing detailed transaction data for bond lending is aimed at providing a nurturing period for market innovation while ensuring safety and stability [4][5]. - This cautious approach helps protect the emerging market pricing mechanism from distortion and allows for a "stress test" window for key mechanism innovations, enabling monitoring and evaluation of potential risks [5][6]. Group 4: Overall Market Development - The continuous refinement of the guidelines reflects a shift from comprehensive construction to deep optimization of the bond market's regulatory framework, addressing micro-level operational challenges and paving the way for healthy long-term development [6]. - The bond market in China is entering a new phase of deepening development and quality enhancement, focusing on solid institutional foundations, high operational efficiency, and meticulous risk prevention [6].

Core Viewpoint - The Shanghai Stock Exchange has revised the "Shanghai Stock Exchange Bond Trading Business Guide No. 1 - Trading Business" to facilitate bond trading for market participants, clarifying emergency transactions and non-trading transfer procedures [1] Group 1 - The revised guide will be implemented from the date of publication, and the previous version published on May 19, 2025, will be abolished [1] - The specific timing for the publication of individual transaction and aggregated transaction data for bond lending business will be announced later [1]