今年政府利息支出预计将突破30万亿韩元大关，已为国库券利息编列约30万亿韩元预算，并为外汇 平衡基金债券利息安排6600亿韩元。从政府总支出的比例看，2020年为3.4%，2021年和2022年维持在 3%左右，2023年升至4%，去年进一步升至4.4%，反映财政压力明显加大。 疫情期间大量发行的国债即将迎来到期高峰，构成严峻挑战。以去年年底为基准，今年国库券到期 规模预计达94万亿韩元，明年增至98万亿韩元，2027年和2028年将分别降至74万亿和50万亿韩元。预计 今明两年约有100万亿韩元再融资债券进入市场，或对债券价格造成下行压力，并进一步推高利息负 担。 韩国《亚洲日报》8月17日报道，韩国国会预算政策处17日数据显示，政府国债利息支出自2020年 的18.6万亿韩元（约962亿元人民币）增至去年的28.2万亿韩元，四年间增加近10万亿韩元，增幅达 51.4%，年均增长率13%。2021年至2023年，利息支出分别为19.2万亿、21万亿和24.6万亿韩元，呈快速 上升趋势。其中，国库券利息支出最为突出，从2020年的16.8万亿韩元激增至去年的26.8万亿韩元。 （原标题：韩政府国债利息支出四年 ...

截至7月末，我国债券市场托管余额190.4万亿元。其中，银行间市场托管余额168.4万亿元，交易所市场 托管余额22.0万亿元。分券种来看，国债托管余额37.6万亿元，地方政府债券托管余额52.5万亿元，金 融债券托管余额43.4万亿元，公司信用类债券托管余额34.0万亿元，信贷资产支持证券托管余额1.0万亿 元，同业存单托管余额20.7万亿元。商业银行柜台债券托管余额2092.8亿元。 本报北京8月29日电（记者徐佩玉）中国人民银行发布的最新数据显示，7月份，我国债券市场共发行各 类债券77536.2亿元，其中国债发行12226.5亿元，地方政府债券发行12134.9亿元，金融债券发行13905.5 亿元，公司信用类债券发行13496.8亿元，信贷资产支持证券发行329.3亿元，同业存单发行24743.6亿 元。 (责编：胡永秋、杨光宇) 关注公众号：人民网财经 在债券市场对外开放方面，截至7月末，境外机构在中国债券市场的托管余额4.0万亿元，占中国债券市 场托管余额的比重为2.1%。其中，境外机构在银行间债券市场的债券托管余额3.9万亿元；分券种看， 境外机构持有国债2.0万亿元、占比51.4%，同业存单 ...

国金证券股份有限公司 关于厦门力鼎光电股份有限公司使用闲置募集资金 进行现金管理的核查意见 国金证券股份有限公司（以下简称"国金证券"或"保荐机构"）作为厦门力鼎 光电股份有限公司（以下简称"力鼎光电"或"公司"）首次公开发行股票并上市的 保荐机构，根据《证券发行上市保荐业务管理办法》《上市公司募集资金监管规 《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定， 则》 对力鼎光电使用暂时闲置募集资金进行现金管理事项进行了核查，核查情况及核 查意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准厦门力鼎 光电股份有限公司首次公开发行股票的批复》 （证监许可[2020]979 号）核准，公 截至 2025 年 6 月 30 日，公司首次公开发行募集资金专户余额 181.46 万元， 使用闲置募集资金进行现金管理投资产品的余额 8,200 万元。 二、本次使用部分闲置募集资金进行现金管理的基本情况 为提高公司募集资金使用效率和收益，在不影响募投项目建设和募集资金 使用、确保募集资金安全的前提下，公司使用暂时闲置募集资金进行现金管 理，增加公司收益，保障公 ...

近些年，国内老百姓存钱的热情在持续升温，越来越多的人已经认识到存钱的重要性。资料显示：2025年上半年，中国居民银行存款暴增10.77万亿元，月 均新增存款达1.79万亿。如果分摊给14亿人，人均存款增加7692元，创下历史性新高！ 国内居民存钱有两方面的原因：一个是为了应对失业、疾病等突发事件，以及子女教育、养老、买房首付等潜在费用支出。另一个是现在投资市场的风险都 比较大，一不小心就有可能亏掉本金，那倒还不如老老实实把钱存进银行，至少本金和利息是有保障的。 第一，存款利息收入还会继续下跌 从2024年开始，银行存款利率就进入到下降的通道。而在进入到2025年，银行存款利率继续下跌。以1年期存款利率为例，之前利率是2.25%，现在只有 1.35%。如果把10万元存入银行，之前每年还可以拿到2250元利息，而现在就只有1350元利息，两者相差900元，如此一来，储户利息收入大幅减少。而 且，未来存款利率仍有可能会继续下跌。 而面对银行还会持续下调定期存款利率，储户可以有两种选择：一个是，如果储户觉得存款利率还有下跌的空间，那可以寻找一家存款利率较高的银行，把 平时不会动用的资金都存中长期的定期存款，这样就可以 ...

Core Insights - In July, China's bond market issued a total of 77,536.2 billion yuan in various types of bonds [1] - As of the end of July, the custody balance of China's bond market reached 190.4 trillion yuan [1] Bond Issuance Breakdown - In July, the issuance of government bonds amounted to 12,226.5 billion yuan [1] - Local government bonds issued totaled 12,134.9 billion yuan [1] - Financial bonds issued were 13,905.5 billion yuan [1] - Corporate credit bonds issued reached 13,496.8 billion yuan [1] - Asset-backed securities issued were 329.3 billion yuan [1] - Negotiable certificates of deposit issued totaled 24,743.6 billion yuan [1] Foreign Participation - As of the end of July, the custody balance of foreign institutions in China's bond market was 4 trillion yuan, accounting for 2.1% of the total custody balance [1] - The custody balance of foreign institutions in the interbank bond market was 3.9 trillion yuan [1]

定位或者说寻找"最小阻力线"并不是很难，最难的反而是最简单的，那就是等待。当我们定位好自己所处的位置，也即市场的涨跌趋势后，就可以去进行 相应的操作。如果是牛市，就买入做多；如果是熊市，就卖出做空；如果是震荡市，就空仓观望或短线交易。 ——笔记哥《应对》 今日央行大额净投放呵护月末资金面，股市小幅上涨，债市利率小幅下行。 隔夜中资海外资产小幅上涨，早盘债市情绪平稳，10Y国债利率平开在1.79%后微幅下行。央行大额净投放呵护月末资金平稳，股市小幅上涨，利率跟随 股市窄幅震荡。尾盘或有资金博弈周末PMI数据偏弱，利率小幅下至1.78%附近。 -------------------------- 午后国债期货似乎有点"怂"，生怕大A再度强势拉升。而现券则在YM呵护资金面的底气下，情绪更稳一些。多头：稳住，扛到9.3之后，我们能赢！空 头：万一，我是说万一哈，"阅bing牛"之后，还有"国庆牛"呢？ 【笔记20250829— 债农：扛过9.3就能赢（+央行大额净投放-股市小幅上涨+资金面均衡偏松=小下)】 资金面均衡偏松，长债收益率小幅下行。 央行公开市场开展7829亿元7天期逆回购操作，今日有3612亿元逆回购到 ...

第 449 期 2025-08-29 3家豫企110亿债务融资工具获批注册 8月29日，中国银行间市场交易商协会日前批复，接受河南3家公司注册合计110亿元债务融资工具。 其中，洛阳栾川钼业集团中期票据注册金额为80亿元，注册额度自8月12日起2年内有效，由中国银行主 承销； 新郑市投资集团中期票据注册金额为10亿元，注册额度自8月1日起2年内有效，由平安证券主承销； 城发环境股份有限公司超短期融资券注册金额为20亿元，注册额度自8月15日起2年内有效，由浦发银行 和中信银行联席主承销。 7月份银行间市场发行9175亿元债务融资工具 交易商协会公布2025年7月债务融资工具发行统计数据。 数据显示，7月份共发行1019只债务融资工具，金额为9175亿元；其中，超短期融资券发行3285亿元， 短期融资券发行427亿元，中期票据发行4548亿元，定向债务融资工具455亿元，资产支持票据发行390 亿元。 焦点关注 宏观动态 国常会：研究在全国部分地区实施要素市场化配置综合改革试点工作 国务院总理李强8月29日主持召开国务院常务会议，研究在全国部分地区实施要素市场化配置综合改革 试点工作，部署开展县域普通高中振兴行 ...

A股的部分，咱们周日聊吧，核心就是昨天提到的，微妙的降温。 今晚，几个大银行都完成了半年报的披露，我把 工农中建、以及招行 的数据，汇总如下，包括了二季度单季度的营收、净利润同比增速，以及今年一、 二季度，净息差、不良率的变化，大家可以参考一下，这些数据，基本可以勾勒银行业的大概情况了。 | | 二季度营收 | 二季度净利 | | 一季度末净息差 二季度末净息差 | 一季度末不良 二季度末不 | | | --- | --- | --- | --- | --- | --- | --- | | | 同比增速 | 润同比増速 | (%) | (%) | 率 (%) | 良率 (%) | | 工行 | 1.80% | -0.10% | 1.33 | 1.16 | 1.33 | 1.33 | | 农行 | 0.70% | 2.50% | 1.34 | 1.20 | 1.28 | 1.28 | | 中行 | 3.61% | 0.13% | 1.29 | 1.26 | 1.25 | 1.24 | | 建行 | 2.95% | -1.45% | 1.41 | 1.40 | 1.33 | 1.33 | | 摺行 | -1.73 ...

截至7月末，债券市场托管余额190.4万亿元。其中,银行间市场托管余额168.4万亿元，交易所市场托管 余额22.0万亿元。分券种来看，国债托管余额37.6万亿元，地方政府债券托管余额52.5万亿元，金融债 券托管余额43.4万亿元，公司信用类债券托管余额34.0万亿元，信贷资产支持证券托管余额1.0万亿元， 同业存单托管余额20.7万亿元。商业银行柜台债券托管余额2092.8亿元。 北京商报讯（记者 刘四红）8月29日，人民银行官网发布2025年7月份金融市场运行情况。数据显示，7 月份，债券市场共发行各类债券77536.2亿元。国债发行12226.5亿元，地方政府债券发行12134.9亿元， 金融债券发行13905.5亿元，公司信用类债券发行13496.8亿元，信贷资产支持证券发行329.3亿元，同业 存单发行24743.6亿元。 ...

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report - The report focuses on the asset allocation strategies of US banks and life insurance companies during the low - interest rate period and their responses to interest rate reversals, and provides implications for the Chinese financial industry [1][9]. - US banks contract high - risk exposures, increase low - risk asset holdings, and adjust the structure of securities investment accounts according to different interest rate stages. The bankruptcy of Silicon Valley Bank is a typical case of liquidity crisis caused by maturity mismatch [1][2]. - US life insurance companies optimize asset allocation in different accounts, increase equity - based asset investments, lengthen bond durations, and lower bond credit ratings to obtain higher returns [3][5]. Summary by Directory 1. Low - interest Rate Period of US Bank Asset Allocation 1.1 US Bank Asset - side Allocation Situation - US banks contract high - risk exposures, reduce high - risk asset holdings (such as real estate construction and development loans), and increase low - risk asset holdings (such as Treasury bonds). The proportion of real estate construction and development loans dropped from 8.0% in 2007 to 2.9% in Q2 2012, while the proportion of Treasury bond holdings increased during several periods [10]. - In terms of account structure, in the early stage of low - interest rates, the proportion of securities - related assets increased, but the proportion of income decreased. In the later stage, the scale of loan business increased. The proportion of loan - related assets decreased from 61% in Q2 2007 to 55% in Q4 2010 and then gradually recovered [13]. - In securities investment accounts, the proportion of AFS accounts increased in the early stage of low - interest rates and shifted to HTM accounts in the later stage. From 2013 - 2017, the average HTM holding ratio increased by 11.8 percentage points compared with 2009 - 2012, and in 2022, it increased by 15.9 percentage points compared with 2020 - 2021 [16]. 1.2 Silicon Valley Bank Event Occurrence - In 2023, Silicon Valley Bank went bankrupt due to its aggressive business strategy and loopholes in interest rate risk management. During the low - interest rate period, it adopted a single - variety, long - term asset allocation model, ignoring potential interest rate risks. By the end of 2022, the total investment in securities - related assets was as high as $120.1 billion, accounting for 57% of assets [17][20]. - During the rapid interest rate increase period, the negative convexity of MBS lengthened the duration passively, and the accounting treatment concealed the real risk. As of the end of 2022, the unrealized loss of HTM assets was as high as $15.16 billion [29]. - The early business model had a maturity mismatch between assets and liabilities, and the structural defects on the liability side amplified the crisis. In 2023, due to increased depositor withdrawal demand and difficulty in attracting deposits, it announced the sale of $21 billion of AFS and recognized an $1.8 billion loss, leading to a run and being taken over by the FDIC [31]. 1.3 Silicon Valley Bank Event Disposal and Systemic Risk - After the Silicon Valley Bank event, the treatment measures included takeover, deposit insurance, liquidity support, and mergers. The FDIC estimated that the risk disposal would cost about $20 billion to the US Deposit Insurance Fund [34]. - There are systemic risks during the rapid interest rate increase period in the US. Some small and medium - sized US banks are more affected by spill - over effects, such as Signature Bank and First Republic Bank. A large amount of deposits flowed out of small US banks after the event [35][36]. 2. Low - interest Rate Period of US Life Insurance Asset Allocation 2.1 Optimize Asset Allocation in Different Accounts and Increase Equity - based Asset Investment in Independent Accounts - US life insurance funds are managed through general accounts and independent accounts. In the general account, the proportion of bond investments decreased from about 72.4% in 2010 to 63.8% in 2023, while in the independent account, the average stock investment ratio was about 78.58% from 2009 - 2021 [44][45]. 2.2 Expand the Proportion of Corporate Bonds and Lengthen Asset Duration to Narrow the Duration Gap - US life insurance companies increase the proportion of investment - grade corporate bonds (AAA) and show a characteristic of lengthening bond durations. The weighted average duration of bond investments increased from 10.7 years in 2007 to 12.265 years in 2022 [50]. 2.3 Obtain Risk Premium Returns by Lowering Bond Credit Ratings - US life insurance companies lower bond credit ratings to obtain risk premium compensation. The proportion of Class 1 bonds decreased from 68.15% in 2005 to 59.10% in 2023, while the proportion of Class 2 bonds increased from about 26.11% to 35.88% [59]. 2.4 Increase the Proportion of Independent Account Products on the Liability Side - The independent account's liability side consists of investment - type policies. As interest rates decline, the investment scale of independent accounts expands, and the stable management fee income can support the investment profits of life insurance companies [67]. Implications for China - Banks should contract high - risk exposures, increase low - risk asset holdings, and adjust the structure of securities investment accounts according to interest rate trends [4][68]. - Banks should pay attention to the stability of asset - liability structures, use risk management tools such as stress tests, and make contingency plans for extreme situations [4]. - Financial risk disposal should be prompt and forceful. - Insurance companies should optimize asset allocation in different accounts, appropriately increase equity - based asset investments, and obtain higher returns by lengthening bond durations and lowering bond credit ratings [5][70].