Core Viewpoint - The global sustainable bond issuance is expected to exceed $2 trillion for the third consecutive year by 2026, driven by sovereign nations, supranational organizations, and government agencies [3][4]. Group 1: Sustainable Bond Issuance - The issuance of green bonds and social responsibility bonds is projected to remain dominant, supported by strong demand from impact investors [4]. - As of October this year, green bond issuance has increased by 3% year-on-year, with growth expected to be in the low to mid-single digits by 2026 [4]. - The largest single issuer, Gilead, continues to provide mortgage financing support for underserved communities, while supranational organizations are increasingly certifying bonds as social responsibility bonds [4]. Group 2: Bond Returns and Risks - As of October this year, the returns on global green, social, and sustainable corporate bonds exceeded 11%, higher than the mid-single-digit returns expected for 2025 [6]. - Sustainable bond spreads are narrower than investment-grade bonds, nearing historical lows, with potential risks if economic data remains weak and inflation stays moderate [6]. - The refinancing risk is limited, with an expected net supply of nearly $1 trillion in new sustainable bonds by 2026, despite a peak in debt maturity expected in 2028 [8]. Group 3: Thematic Sustainable Investments - Thematic fixed-income products are anticipated to continue expanding, driven by strong investor demand for targeted solutions addressing environmental and social issues [11]. - Specialized ESG products like blue bonds and debt-for-nature swaps are expected to contribute to growth, with $184 billion issued year-to-date, including 361 transactions related to ocean themes [11][13]. - Recent agreements, such as Indonesia's debt-for-nature deal, highlight the active nature of such transactions, although U.S. policy shifts may weaken support for these initiatives [11].

与此同时，由包括中国人民银行在内的全球多国央行和金融监管机构共同发起的绿色金融体系网络 （NGFS），已成为推动气候风险纳入金融监管与决策框架的国际核心平台。该平台为各国提供气候情 景模型、风险评估方法及监管政策指引，显著提升了全球气候治理的协同性和科学性。 我国高度重视气候变化与金融稳定之间的关联性。近年来，《气象高质量发展纲要（2022—2035年）》 《关于加强金融气象协同联动服务经济社会高质量发展的指导意见》等绿色金融相关政策相继出台，将 气候风险纳入宏观审慎管理，推动建立气候风险压力测试体系和绿色金融统计监测机制。在此背景下， 银行机构探索创新气候友好型绿色金融和转型金融产品，扩大"气候贷"系列产品服务领域；保险机构深 化与气象部门合作，发展气象指数保险、巨灾保险、巨灾债券等产品，优化气象灾害风险减量服务，提 高保险全链条气象服务水平。 保险是直接承担气候风险损失的金融机构，而再保险作为"保险的保险"，是风险最终的汇聚者和全球分 散者，有助于提升保险业的承保能力，防范重灾大灾造成的系统性风险。庄乾志建议，未来，再保险应 利用业务中立性特点，积极推动行业协同、制定行业标准，提升整个金融体系的韧性。具体 ...

长寿是社会进步和发展的重要指标之一。 同时，如何科学管理和分散长寿时代风险成为社会发展面临的新挑战。近日召开的第二届长寿风险大会 上，多位业界人士围绕长寿风险的度量、分散与创新解决方案展开探讨。 长寿风险是指个体或群体的寿命超出预期，导致养老金、保险机构等长期支付义务增加，从而引发财务 压力的风险。这一风险在人口老龄化加剧的背景下尤为突出，成为养老保障体系和保险业的重要挑战。 我国已进入中度老龄化社会。老年人口数量多，老龄化速度快。据公开数据，截至2024年末，全国60周 岁及以上老年人口3.1亿，占总人口的22.0%；全国65周岁及以上老年人口2.2亿，占总人口的15.6%。全 国65周岁及以上老年人口抚养比22.8%。 香港保险业监管局市场发展组高级经理陈颖仪分享香港保险相连证券（ILS）市场经验及其对寿险年金 险市场发展的作用时表示，对于高频低损的风险，一般可以由传统的保险市场或再保险市场进行风险自 留或排分。对于低频高损的风险，传统的再保险市场未必能满足保障要求，所以非传统的风险转移就应 运而生。直保公司或者再保公司可以作为发起人，将相关的风险ILS转移到资本市场。 巨灾债券是最常见的ILS工具之一。 ...

长寿是社会进步和发展的重要指标之一。 同时，如何科学管理和分散长寿时代风险成为社会发展面临的新挑战。近日召开的第二届长寿风险大会上，多 位业界人士围绕长寿风险的度量、分散与创新解决方案展开探讨。 安睿嘉尔（Gallagher Re）的亚太区寿险与健康再保险业务区域负责人Jeffrey Seow分享了成熟市场在应对长寿 风险方面的实践。他举例表示，英国养老金计划持有超3万亿英镑资产，且正积极探索养老金去风险解决方 案。2025年预计英国市场风险转移交易规模达700亿英镑（2024年约为560亿英镑）：其中长寿共保交易约500 亿英镑，长寿互换约200亿英镑。随着交易量增长，英国审慎监管局（PRA）对大型收购型长寿共保交易的审 查持续加强。 长寿风险是指个体或群体的寿命超出预期，导致养老金、保险机构等长期支付义务增加，从而引发财务压力的 风险。这一风险在人口老龄化加剧的背景下尤为突出，成为养老保障体系和保险业的重要挑战。 我国已进入中度老龄化社会。老年人口数量多，老龄化速度快。据公开数据，截至2024年末，全国60周岁及以 上老年人口3.1亿，占总人口的22.0%；全国65周岁及以上老年人口2.2亿，占总人口的1 ...

在"十五五"规划谋篇布局逐步展开之时，中央经济工作会议的召开为金融业如何开局指明了方向。 作为兼具经济属性与社会功能的金融组成部分，保险业既是实体经济的风险"防护网"，也是民生保障的 重要"压舱石"。落实中央经济工作会议精神，锚定战略方向成为当前保险业首要任务。 从行业自身发展看，保险业正处于从规模扩张向价值创造的深度转型期，这一阶段的关键命题，是 要找准定位破解结构性难题、夯实可持续发展根基。这不仅是行业自身高质量发展的需要，更直接决定 未来五年行业能否肩负起时代赋予的使命。 精准锚定战略方位，是保险业"十五五"开好局的重要基础。中央经济工作会议明确提出，引导金融 机构加力支持扩大内需、科技创新、中小微企业等重点领域。这就要求行业彻底摒弃"业绩为王"执念， 将经营发展深度对接国家战略导向。实体经济赋能方面，响应会议"因地制宜发展新质生产力""坚持'双 碳'引领，推动全面绿色转型"的号召，聚焦科技自立自强、绿色低碳等核心领域，加大科技保险、绿色 责任保险等特色产品研发。发挥保险资金"耐心资本"优势，为实体经济注入金融活水。民生保障领域， 紧扣会议"坚持民生为大，努力为人民群众多办实事"的部署，精准填补基本社保 ...

架设风险"新桥梁"——巨灾债券国际 市场实践与内地发行可行性分析 www.lhratings.com 研究报告 1 架设风险"新桥梁"——巨灾债券国际市场实践与内 地市场发行可行性分析 一、巨灾债券的诞生与理论研究 巨灾债券是一种保险连接证券，是在传统再保险承保能力面临重大自然灾害冲 击背景下应运而生的金融创新工具，其核心功能是将保险市场承担的巨灾风险证券 化，将保险市场承载的巨灾风险转移至容量更大的资本市场，从而构建起跨越两个市 场的风险分散"新桥梁"。20 世纪 90 年代初期，安德鲁飓风和北里奇地震重创美国 保险市场，传统再保险难以满足巨灾风险分散需求，催生了这一链接保险与资本市场 的风险分散工具。1997 年，USAA 通过开曼群岛发行了首只巨灾债券，标志着该工具 的诞生。与巨灾再保险相比，巨灾债券能够有效拓宽巨灾风险的承保边界，能有效的 隔绝了发起人的信用风险，并通过提前锁定利率确保成本相对稳定。 巨灾债券的核心机制围绕特殊目的载体（以下简称"SPV"）展开。发起人通过 设立 SPV，将其承担的特定巨灾风险进行转移并向 SPV 支付转移对价；SPV 向资本 市场投资者发行债券，募集资金、风险转移对价 ...

Core Viewpoint - The era of easy profits for yield-seeking investors is gradually coming to an end as traditional safe assets are providing diminishing returns, prompting a shift towards riskier investments [1][2]. Group 1: Market Environment - Conservative investors have enjoyed substantial returns in recent years, with short-term U.S. Treasury yields exceeding 5%, marking a departure from the near-zero interest rates of the past decade [1]. - The Federal Reserve is expected to lower interest rates again, which will further reduce yields below post-pandemic highs, creating a challenging environment for yield-focused portfolios [1][2]. - The MSCI global index shows that global stock dividend yields are near their lowest levels since 2002, and investment-grade credit spreads are only slightly above multi-decade lows, indicating limited room for error if economic conditions worsen [1]. Group 2: Investment Strategies - Investors are increasingly relying on timing and independent judgment rather than central bank signals, leading to a preference for short-term bonds [2]. - Institutional investors, such as pension funds and insurance companies, are looking at high-yield bonds, emerging market debt, and securitized investments to enhance returns and diversify risk [2]. - Private credit has attracted significant capital as a diversification tool, with expectations that funds seeking yield will increase their allocation to private markets [2][3]. Group 3: Shifts in Asset Allocation - The pursuit of yield continues, with a notable shift towards high-volatility assets driven by the AI boom and a resurgence in risk appetite [3]. - Catastrophe bonds and insurance-linked securities are gaining institutional demand due to their low correlation with market risks, with new funds like the Victory Pioneer catastrophe bond fund attracting $1.6 billion in assets [3]. - The ability of equities to provide yield is diminishing, as rising stock prices, particularly in tech, are compressing global stock dividend yields, and companies are increasingly favoring stock buybacks over dividends [3][4]. Group 4: Tactical Opportunities - Despite a tightening global yield environment, there are exceptions such as rising expectations for further rate hikes in Australia due to persistent inflation [5]. - Analysts indicate that the declining U.S. Treasury yields and near-historical low credit spreads are pushing investors towards the risk curve for marginal returns [5].

Core Viewpoint - The insurance industry in Hong Kong has demonstrated its critical role as a stabilizer in society by effectively responding to the recent fire incident at Hongfu Garden, showcasing the importance of emergency response and claims processing in the face of major disasters [2][5][9]. Group 1: Emergency Response and Claims Processing - China Taiping Insurance (Hong Kong) has completed the first batch of home insurance claims related to the fire, paying out 5.372 million HKD [1]. - Following the fire on November 26, multiple insurance companies activated emergency claims services, including green channels for claims, rescue assistance, and simplified procedures [3][4]. - The total insured amount for the property insurance of Hongfu Garden and its public areas is 2 billion HKD, with industry assessments indicating that losses may approach this payout limit [1][5]. Group 2: Reinsurance System and Risk Management - The reinsurance system has played a vital role in sharing the risk associated with the 2 billion HKD insurance coverage, preventing any single insurer from facing overwhelming financial burdens [5][7]. - China Taiping and other reinsurers have confirmed their involvement in the reinsurance of the Hongfu Garden project, ensuring that claims processing is expedited and efficient [6][8]. - The reinsurance mechanism allows for effective risk dispersion, which is essential for maintaining market confidence during significant disaster events [7][9]. Group 3: Importance of Comprehensive Insurance Coverage - The incident highlights the necessity for building managers to prioritize adequate insurance coverage for public properties, especially during high-risk periods such as renovations [8]. - Homeowners are encouraged to recognize the importance of home insurance to protect personal belongings, as building insurance primarily covers structural and communal areas [8][9]. - The event serves as a reminder of the need for a mature and multi-layered insurance market to effectively mitigate social risks and support post-disaster recovery [8][9].

专题：第30届联合国气候变化大会（COP30） 在他看来，欧洲在制造业方面设立了最高标准，而中国无疑是规模最大的国家。因此，在可持续发展、 产品制造与能源等领域，中国的绿色技术均处于世界领先地位。这正是香港能在绿色项目融资方面发挥 关键作用的原因。他还强调，鉴于中国是世界最大出口国，绿色贸易相关投融资也极为重要。作为金融 中心，香港有能力提供资本支持这些绿色项目——从香港出发，延伸至东盟地区，并有望进一步拓展至 中东及更广区域。正如他所说，"一带一路"倡议对香港绿色金融而言确实是重大机遇。 区景麟举例道，香港正持续吸引海外资本进入亚洲。就绿色债券市场规模而言，香港已是亚洲最大，有 来自欧洲的企业及世界银行前来发行绿色相关金融产品。例如，2023 年，一项本金为 3.5 亿美元的世界 银行巨灾债券在香港联合交 易所上市。 谈及对COP30最大的期待，区景麟认为是碳交易。他指出，COP30主办国巴西提出的"碳排放权交易市 场开放联盟"意义重大，中国、欧盟和英国已成为这一新倡议的成员。因此，香港必须把握这一机遇， 真正建立并创造一个充满活力的碳信用交易市场，将内地与世界其他地区的碳排放权相关交易连接起 来。 责任编 ...

Group 1 - The core viewpoint emphasizes the need for increased financial openness and cooperation between mainland China and Hong Kong, aligning with international standards and responding to the financial industry's demands in Hong Kong and Macau [1] - The Financial Regulatory Bureau plans to deepen financial cooperation with Hong Kong, enhancing its status as an international financial center through high-level financial openness and regulatory collaboration [1][3] - The initiative includes supporting mainland insurance companies to issue catastrophe bonds in Hong Kong, which will provide new investment products and enhance the market's offerings [2] Group 2 - The collaboration will focus on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, leveraging Hong Kong's strengths in innovation and intellectual property protection [3] - The regulatory framework will be improved to balance risk prevention and development, ensuring high-quality financial growth in both regions while addressing external risks [3] - The Financial Regulatory Bureau aims to enhance the financial service convenience in the Greater Bay Area and support mainland enterprises in international expansion through comprehensive financial services [2][3]