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]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The convertible bond system of the Beijing Stock Exchange (BSE) has been gradually improved under the promotion of relevant policies [3][14]. - BSE's private - placement convertible bonds have characteristics such as a relatively high initial conversion price, strict redemption clauses, and small changes in conditional put - option clauses [3][14]. - Compared with the Shanghai Stock Exchange's public - offering convertible bonds, BSE's private - placement convertible bonds do not provide issuance ratings, and some do not set conversion price revision clauses [3][17]. - BSE's convertible bonds have lower profit thresholds for issuance and no price limits for trading, with more flexible trading rules [4][20]. - The launch of BSE's public - offering convertible bonds is imminent, which will bring benefits to listed companies, investors, the government, and the convertible bond market [7][27]. 3. Summary According to the Directory 3.1 North Beijing Stock Exchange Convertible Bond System Gradually Improves - **Relevant Policies Boost the Development of the BSE Convertible Bond System**: Since 2022, a series of policies have been introduced to support the development of the BSE convertible bond system, including the introduction of public - offering convertible bonds and support for private - placement convertible bonds [14]. - **Characteristics of BSE Private - Placement Convertible Bonds**: The initial conversion price is generally 120% or more of the previous trading day's stock trading average price. The conditions for triggering the redemption clause are relatively high and flexible, and the conditions for triggering the conditional put - option clause are that the stock price is not less than 50% - 70% of the current conversion price [3][14]. - **Differences between BSE and the Shanghai Stock Exchange**: BSE's private - placement convertible bonds do not provide issuance ratings, and some do not set conversion price revision clauses. The initial conversion price setting requirements are higher, and the conditions for triggering the redemption clause are also higher in some cases [3][17]. 3.2 BSE Convertible Bonds Have Lower Profit Thresholds for Issuance and No Price Limits for Trading - **BSE Convertible Bond Issuance Conditions**: Compared with the Shanghai and Shenzhen Stock Exchanges, BSE has lower profit thresholds and looser conditions for convertible bond issuance. Although the basic issuance conditions, negative lists, and initial conversion price determination rules are the same, the Shanghai and Shenzhen Stock Exchanges have higher requirements for the profitability of issuing companies [20][22]. - **BSE Convertible Bond Trading Conditions**: BSE's convertible bond trading rules have fewer restrictions. There are differences in trading methods, quotation methods, trading transfer times, declaration quantities, price limits, and intraday suspension rules compared with the Shanghai and Shenzhen Stock Exchanges. BSE does not set price limits, making trading more flexible and volatile [4][24]. 3.3 If BSE Public - Offering Convertible Bonds Are Listed, It Will Bring Multiple Benefits - **For Listed Companies**: The launch of BSE public - offering convertible bonds will enrich financing channels, meet the refinancing needs of companies, simplify the financing process, reduce costs, and promote standardized and high - quality operations [7][27]. - **For Investors**: It will increase the supply of the convertible bond market, promote investors' indirect participation in the equity market, and provide more acceptable investment options [7][30]. - **For the Government**: It is conducive to supporting the development of small and medium - sized enterprises, improving the multi - level capital market system, and promoting economic transformation and upgrading [7][31]. - **For the Convertible Bond Market**: It will help expand the market scale, enrich market varieties, and promote the coordinated development of the market, strengthening the connection between the BSE and other capital market sectors [7][32].