8月初，针对利率债利息收入恢复征税的消息震动市场，引爆机构"老券抢购潮"，股债走出双强格局， 出乎市场意料。 近年来，国际投资者也是中国债市重要的参与者，一度持有国债的比例逼近10%。早前，多位国际大型 资管公司投资总监对第一财经表示，早年国债的免税安排确实吸引了外资，但机构并不排斥缴税，更关 心的是未来中长期政策的明确性。中、外资机构普遍认为，新规在中长期无碍债市的走向，且部分资金 可能会进入不受新规影响的公募基金、南向债券通、信用债、存单等，股市也可能获得更多资金流入。 某公募基金债券交易员对记者称："有测算显示，以10年期国债收益率为例，新发券需要6BP~8BP的补 偿才行（即发行收益率需要更高）。" 南银理财研究部负责人王强松对记者表示："新老券会有5BP~10BP 利差，短期市场演绎'抢老券'行情， 收益率小幅下行。但由于新券上行动力更强，且对曲线定价权更高，后续债市利率或小幅调整（5BP以 内）。" 财政部、税务总局公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债 券、金融债券的利息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债券、金融债券 (包含在20 ...

新规引爆机构"老券抢购潮"，股债走出双强格局，公募基金、南向债券通、信用债、存单、股市可能获 得更多资金流入。 8月初，针对利率债利息收入恢复征税的消息震动市场，引爆机构"老券抢购潮"，股债走出双强格局， 出乎市场意料。 资金或流入信用债、债券通、公募 财政部、税务总局公告，自2025年8月8日起，对在该日期之后（含当日）新发行的国债、地方政府债 券、金融债券的利息收入，恢复征收增值税。对在该日期之前已发行的国债、地方政府债券、金融债券 (包含在2025年8月8日之后续发行的部分）的利息收入，继续免征增值税直至债券到期。 近年来，国际投资者也是中国债市重要的参与者，一度持有国债的比例逼近10%。早前，多位国际大型 资管公司投资总监对第一财经表示，早年国债的免税安排确实吸引了外资，但机构并不排斥缴税，更关 心的是未来中长期政策的明确性。中、外资机构普遍认为，新规在中长期无碍债市的走向，且部分资金 可能会进入不受新规影响的公募基金、南向债券通、信用债、存单等，股市也可能获得更多资金流入。 相比之下，在机构看来，新政可能更加利好信用债和存单，境内机构可能也会进一步拓展不受影响的南 向"债券通"，并增加公募委外。 王 ...

Group 1: Financial Market Connectivity - The Hong Kong government is committed to deepening the financial market connectivity between Mainland China and Hong Kong, promoting the two-way flow of funds, products, institutions, and talent [1] - Hong Kong plans to launch Mainland government bond futures and expand the investor eligibility for the Southbound Bond Connect to include more non-bank financial institutions [1] Group 2: Capital Market Growth - As of May 2023, the total market capitalization of the Hong Kong stock market reached HKD 40.9 trillion, a 24% increase year-on-year [2] - The average daily trading volume in the first five months of 2023 exceeded HKD 240 billion, more than doubling compared to the same period last year [2] - The amount raised through initial public offerings (IPOs) in the first five months of 2023 reached HKD 77.7 billion, a more than sevenfold increase year-on-year [2] - Northbound trading under the Stock Connect averaged RMB 176.08 billion daily, a 33% increase year-on-year, while Southbound trading averaged HKD 108.88 billion, a 191% increase [2] Group 3: Bond Market Development - Hong Kong is projected to be the largest international bond issuance center in Asia in 2024, with total issuance expected to exceed USD 130 billion, a 50% year-on-year increase [3] - The total issuance of offshore RMB bonds in Hong Kong reached RMB 1,071.6 billion in 2024, a growth of over 36% [3] - The Hong Kong government has included all local government debt securities issued in Hong Kong under the profit tax exemption, enhancing the attractiveness for local governments to issue bonds [3] Group 4: Liquidity Support Initiatives - Hong Kong has collaborated with the People's Bank of China to launch a RMB trade financing liquidity support scheme with a total quota of RMB 100 billion, aiding banks in providing cross-border RMB financing services [4]