为帮助个人投资者更好地了解债券通用质押式回购，掌握债券市场知识和投资技能，持续 参与上交所债券市场，我们特推出《债券通用质押式回购-个人投资者篇》投教动画，一起来 看看吧！ 本文转自上交所投服微信公众号，请点击"阅读原文"查看原文。 本文转载自： 上交所投服 免责声明 近年来，个人投资者参与上交所债券市场程度不断提升。个人可直接投资的债券、基础设 施公募REITs、通用质押式回购出资、债券ETF基金等品种不断丰富，规模持续增长。 向上滑动阅览 本文系转载自 上交所投服公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 1 24 E NOMURA 野村东方国际证券 . 15 长按二维码关注公众号 长按二维码下载APP 65 A P 10 8 al rith Sure ...

吃透债券通用质押式回购 篇就够了 债券通用质押式回购(以下简称"通用 回购"），作为多层次债券质押式回购 体系的重要组成部分，已经成为投资者 资金管理和流动性调节的重要工具。 接下来本文为您梳理通用回购业务的核心内容, 帮助您全面、充分了解通用回购业务模式、担保 品范围、风险特征、回购利率等关键要素。 ● F 官网 = V 指资金融入方将符合要求的债券申报质 押,以相应折算率计算出的质押券价值 为融资额度进行质押融资,交易双方约 定在回购期满后返还资金的同时解除债 券质押的交易。 其中,出质债券并融入资金的交易方为正回购方, 融出资金的交易方为逆回购方。个人投资者通常是 作为逆回购方参与债券通用质押式回购交易。 注 质押券:是指作为通用回购交易担保品的债券。 融资额度:指质押券按照相应质押券折算率折算形 成的，可以通过通用回购进行融资的额度。 质押券折算率:指质押券所能折算成的融资额度与 债券面额之比。质押券折算率由证券登记结算机构 发布。 交易要素 通用回购的价格单位为"每百元资金到期年收 益"，不同交易方式对应的申报价格最小变动单位 和有效申报价格范围为: 收益计算方式 通用回购实行"一次成交、两次结算" ...

吃透债券通用质押式回购 篇就够了 债券通用质押式回购(以下简称"通用 回购"），作为多层次债券质押式回购 体系的重要组成部分，已经成为投资者 资金管理和流动性调节的重要工具。 接下来本文为您梳理通用回购业务的核心内容, 帮助您全面、充分了解通用回购业务模式、担保 品范围、风险特征、回购利率等关键要素。 ● F 质押券折算率:指质押券所能折算成的融资额度与 债券面额之比。质押券折算率由证券登记结算机构 发布。 交易要素 交易品种及证券代码 官网 = V 指资金融入方将符合要求的债券申报质 押,以相应折算率计算出的质押券价值 为融资额度进行质押融资,交易双方约 定在回购期满后返还资金的同时解除债 券质押的交易。 其中,出质债券并融入资金的交易方为正回购方, 融出资金的交易方为逆回购方。个人投资者通常是 作为逆回购方参与债券通用质押式回购交易。 注 质押券:是指作为通用回购交易担保品的债券。 融资额度:指质押券按照相应质押券折算率折算形 成的，可以通过通用回购进行融资的额度。 通用回购的期限分为1天、2天、3天、4天、7天、 14天、28天、91天和 182 天等。 交易方式及申报数量 © 上交所:证券代码以204 ...

吃透债券通用质押式回购 篇就够了 债券通用质押式回购(以下简称"通用 回购"），作为多层次债券质押式回购 体系的重要组成部分，已经成为投资者 资金管理和流动性调节的重要工具。 接下来本文为您梳理通用回购业务的核心内容, 帮助您全面、充分了解通用回购业务模式、担保 品范围、风险特征、回购利率等关键要素。 ● F 官网 = V 指资金融入方将符合要求的债券申报质 押,以相应折算率计算出的质押券价值 为融资额度进行质押融资,交易双方约 定在回购期满后返还资金的同时解除债 券质押的交易。 其中,出质债券并融入资金的交易方为正回购方, 融出资金的交易方为逆回购方。个人投资者通常是 作为逆回购方参与债券通用质押式回购交易。 注 质押券:是指作为通用回购交易担保品的债券。 融资额度:指质押券按照相应质押券折算率折算形 成的，可以通过通用回购进行融资的额度。 质押券折算率:指质押券所能折算成的融资额度与 债券面额之比。质押券折算率由证券登记结算机构 发布。 交易要素 交易品种及证券代码 遇用凹购可以米用匹配批父、点击以父、咱们成 交、竞买成交、协商成交以及交易所认可的其他交 易方式达成交易,正回购方申报的交易方向为"买 入" ...

Group 1 - The core viewpoint of the article emphasizes the importance of the agreement between settlement participants and investors as a crucial component of the standardized system for general bond pledge-style repurchase agreements [1] - China Securities Depository and Clearing Corporation Limited announced on January 16 that it is seeking public opinion on the draft essential clauses for the settlement entrustment agreement and risk disclosure document related to general bond pledge-style repurchase transactions [1] - The draft essential clauses indicate that settlement participants must include the required content in the agreements signed with investors involved in general bond pledge-style repurchase transactions [1] Group 2 - Settlement participants are allowed to add and supplement necessary content in the agreements based on relevant laws, regulations, and actual needs for risk management and default handling, as long as these additions do not conflict with the stipulated essential clauses [1] - The adjustments made by settlement participants can include changes in wording and order of clauses without altering the meaning of the essential clauses [1]

Core Viewpoint - The China Securities Depository and Clearing Corporation (CSDC) is seeking public opinion on the essential clauses of the "General Pledged Repo Transaction Settlement Entrustment Agreement" and the "Risk Disclosure Document for General Pledged Repo Transactions," aiming to enhance investor protection and clarify responsibilities in repo transactions [1][3]. Group 1 - The essential clauses outline the declarations and guarantees that both parties must make, including compliance with business qualifications, awareness of risks, and adherence to risk control requirements [1]. - The responsibilities of both parties in key business processes, such as collateral management and settlement, are emphasized, particularly the obligations of the repo investor and the settlement participant [1][2]. - The CSDC emphasizes the need for settlement participants to strengthen access management and ongoing risk management for repo investors, allowing them to refuse transactions if investors do not meet management requirements [2]. Group 2 - Specific requirements for managing repo collateral are established, including the ability of settlement participants to define acceptable collateral based on their risk management criteria [2]. - The document clarifies the conditions for default and the measures that can be taken by both parties in case of a breach, including the transfer of collateral to a disposal account in the event of a settlement default by the investor [2]. - The risk disclosure document highlights potential risks faced by investors in repo transactions, such as credit and liquidity risks, to better protect their legal rights [3].

Summary of Key Points Core Viewpoint - The article outlines the holiday trading schedule for the Shanghai, Shenzhen, and Beijing stock exchanges for the year 2026, detailing specific dates for market closures and the resumption of trading activities. Group 1: Holiday Trading Schedule - New Year's Day: Market closed from January 1 (Thursday) to January 3 (Saturday), reopening on January 5 (Monday) [2] - Spring Festival: Market closed from February 15 (Sunday) to February 23 (Monday), reopening on February 24 (Tuesday) [2] - Qingming Festival: Market closed from April 4 (Saturday) to April 6 (Monday), reopening on April 7 (Tuesday) [3] - Labor Day: Market closed from May 1 (Friday) to May 5 (Tuesday), reopening on May 6 (Wednesday) [3] - Dragon Boat Festival: Market closed from June 19 (Friday) to June 21 (Sunday), reopening on June 22 (Monday) [4] - Mid-Autumn Festival: Market closed from September 25 (Friday) to September 27 (Sunday), reopening on September 28 (Monday) [5] - National Day: Market closed from October 1 (Thursday) to October 7 (Wednesday), reopening on October 8 (Thursday) [5] Group 2: Hong Kong Stock Connect Trading Days - Hong Kong Stock Connect services will not be available during the same holiday periods as the A-share market closures, with specific dates outlined for each holiday [5][6] - Additional trading days for Hong Kong Stock Connect are scheduled before the holidays, such as December 29, 30, and 31, 2025, and February 12 and 13, 2026 [9][10] Group 3: Securities Settlement Arrangements - For the New Year holiday, securities transactions on December 31, 2025, will have a settlement date of January 5, 2026 [9] - For the Spring Festival, transactions on February 13, 2026, will settle on February 24, 2026 [10] - Similar arrangements are specified for other holidays, ensuring clarity on settlement dates for transactions occurring just before and during the holiday periods [11][12][13][14][15][16]

Core Viewpoint - The recent announcement by the Shanghai and Shenzhen Stock Exchanges, along with China Securities Depository and Clearing Corporation Limited, supports qualified foreign institutional investors to engage in bond repurchase transactions in the Chinese bond market [1][3]. Group 1: Bond Repurchase Business Scope - The defined scope of bond repurchase business includes pledged repo agreements, tri-party repos, and reverse repos in the Bond Connect general pledged repo business [3]. - The exchanges and China Clearing will dynamically adjust the business scope based on market development needs [3]. Group 2: Participation Requirements - Foreign institutional investors must appoint a domestic securities company with membership in the exchanges as a trading participant to engage in the relevant transactions [1][3]. - Prior to participating in the general pledged repo, foreign investors must sign a corresponding entrustment agreement with the appointed securities company [3]. - For pledged repo agreements or tri-party repos, investors are required to sign the main repo transaction agreement and complete investor suitability filing before participating in tri-party repos [3]. Group 3: Risk Management and Monitoring - Clear risk management requirements are set for trading and settlement participants, who must diligently manage the trading behaviors of foreign institutional investors and report any violations to the exchanges [3]. - The exchanges and China Clearing will conduct regular monitoring of the trading, registration, and settlement activities of foreign institutional investors and their appointed institutions [3]. - Violations will be subject to self-regulatory measures or disciplinary actions, with severe cases reported to the China Securities Regulatory Commission for further investigation [3]. Group 4: Market Context and Growth - This initiative is a concrete implementation of the announcement made by the People's Bank of China, China Securities Regulatory Commission, and State Administration of Foreign Exchange in late September to further support foreign institutional investors in the Chinese bond market [4]. - The number of foreign institutional investors and the scale of bond holdings have been steadily increasing, with 1,170 foreign institutions from 80 countries and regions entering the Chinese bond market, holding approximately 4 trillion RMB as of August 2025 [4].

Group 1: Holiday Market Closure Schedule - The Shanghai, Shenzhen, and Beijing stock exchanges announced the market closure schedule for holidays in 2026, including New Year's Day, Spring Festival, Qingming Festival, Labor Day, Dragon Boat Festival, Mid-Autumn Festival, and National Day [1][2] - Specific closure dates include: - New Year's Day: January 1-3, reopening on January 5 [1] - Spring Festival: February 15-23, reopening on February 24 [1] - Qingming Festival: April 4-6, reopening on April 7 [1] - Labor Day: May 1-5, reopening on May 6 [1] - Dragon Boat Festival: June 19-21, reopening on June 22 [1] - Mid-Autumn Festival: September 25-27, reopening on September 28 [1] - National Day: October 1-7, reopening on October 8 [1] Group 2: Hong Kong Stock Connect Trading Days - The trading days for the Hong Kong Stock Connect under the Shanghai and Shenzhen stock exchanges for 2026 were also outlined, with specific closures during the same holiday periods [2] - Notable closures include: - New Year's Day: January 1-3, reopening on January 5 [2] - Spring Festival: February 15-23, reopening on February 24 [2] - Additional closures for Good Friday, Easter, and other local holidays in Hong Kong [2] Group 3: Securities Settlement Arrangements - China Securities announced the settlement arrangements for securities during holiday closures, detailing the clearing and settlement dates for transactions occurring before and after the holidays [3][4][5][6][7][8][9][10][11] - For example, during the New Year holiday, transactions on December 31 will have a settlement date of January 5, 2026 [3] - Similar arrangements are specified for each holiday, ensuring clarity on the settlement dates for transactions occurring around these periods [3][4][5][6][7][8][9][10][11]

Holiday Trading Schedule - The Shanghai, Shenzhen, and Beijing stock exchanges announced the holiday trading schedule for 2026, including closures for New Year's, Spring Festival, Qingming Festival, Labor Day, Dragon Boat Festival, Mid-Autumn Festival, and National Day [1][2][3][4][5][6][7][8][9][10][11][12][13][14]. - The New Year holiday will be from January 1 to January 3, with trading resuming on January 5 [1]. - The Spring Festival will be observed from February 15 to February 23, with trading resuming on February 24 [1][10]. - The Qingming Festival will be from April 4 to April 6, with trading resuming on April 7 [2][11]. - The Labor Day holiday will be from May 1 to May 5, with trading resuming on May 6 [2][12]. - The Dragon Boat Festival will be from June 19 to June 21, with trading resuming on June 22 [3][13]. - The Mid-Autumn Festival will be from September 25 to September 27, with trading resuming on September 28 [4][14]. - The National Day holiday will be from October 1 to October 7, with trading resuming on October 8 [4][14]. Hong Kong Stock Connect Service - The Hong Kong Stock Connect service will not be available during certain holiday periods, including New Year's, Spring Festival, and others [1][4][5][6][7][8][9][10][11][12][13][14]. - Specific dates for the unavailability of the service include January 1 to January 3, February 15 to February 23, and others as outlined in the holiday schedule [1][4][5][6][7][8][9][10][11][12][13][14]. Securities Settlement Arrangements - China Securities Clearing Corporation announced the settlement arrangements for securities during holiday closures [9][10][11][12][13][14]. - For the New Year holiday, trading will be settled on January 5 for transactions made on December 31 [9]. - For the Spring Festival, transactions made on February 13 will be settled on February 24 [10]. - For the Qingming Festival, transactions made on April 3 will be settled on April 7 [11]. - For the Labor Day holiday, transactions made on April 30 will be settled on May 6 [12]. - For the Dragon Boat Festival, transactions made on June 18 will be settled on June 22 [13]. - For the Mid-Autumn Festival, transactions made on September 24 will be settled on September 28 [14]. - For the National Day holiday, transactions made on September 30 will be settled on October 8 [14].