1. 上市身份： 1. 合规记录： 2. 发行人需无重大违法违规记录，财务状况及经营情况透明，符合香港证监会（SFC）及港交所的信息披露要求。 二、债券品种选择 港交所债券市场品种丰富，上市公司可根据融资需求、成本偏好、风险承受能力选择不同类型： 港交所（HKEX）作为全球领先的金融市场，其债券市场（"港交所债券市场"）凭借国际化投资者基础、灵活的发行机制、完善 的法律框架，成为上市公司及企业重要的融资渠道。以下是上市公司在港交所进行债券融资的核心要点，涵盖发行条件、流 程、品种、监管及后续管理等关键环节： 一、发行基本条件 港交所对债券发行人的上市地位及资质有明确要求，核心条件包括： 品种类型 特点 适用场景 按币种划分 港元债 以港元计价，受香港本地及国际投资者欢迎，利率通常低于美元债（若港元利率低）。 需港元融资、降低汇率风险的发行人（如香港本地企业）。 美元债 全球流动性最高，投资者基础广，但需承担美元汇率波动风险。 大型跨国企业、需引入境外资金的发行人（如内地企业）。 人民币债（"点心债"） 以人民币计价，吸引关注人民币资产的投资者，近年发行量稳步增长。 2. 发行人需为港交所上市公司（主板或GEM ...

Investment Rating - The report maintains a "Weaker than Market" investment rating for the industry [5]. Core Insights - The expansion of the "Bond Connect" southbound channel will provide more overseas asset allocation opportunities for mainland non-bank financial institutions, alleviating the supply tightness of quality assets in the domestic market and promoting reasonable capital flow [1]. - The U.S. inflation data for June showed a year-on-year increase to 2.7%, slightly above expectations, while core CPI rose to 2.9%, indicating controlled inflation but potential short-term increases if tariffs are raised [2]. - The derivatives market maintains expectations for two rate cuts by the Federal Reserve in September and December, with a cumulative reduction of 50 basis points anticipated by year-end [3]. - The report suggests that the current long-end U.S. Treasury yields are rising, reflecting market concerns about future inflation and fiscal deficits, while the expansion of the southbound bond market will enhance liquidity for Chinese dollar bonds and Hong Kong dollar bonds [4]. Summary by Sections U.S. Macroeconomics and Liquidity - The report highlights the controlled inflation environment in the U.S., with CPI expected to rise to 3.0%-3.5% in the short term if tariffs increase [2]. - The yield curve for U.S. Treasuries has steepened, indicating market concerns about inflation and fiscal policy [3]. Overseas Dollar Bonds - The expansion of the "Bond Connect" southbound channel is expected to create structural opportunities for dollar bond allocations, particularly benefiting Chinese dollar bonds and Hong Kong dollar bonds [4]. Chinese Dollar Bonds - The report notes that recent rating actions by international agencies included 11 adjustments for Chinese dollar bond issuers, with three upgrades and five downgrades [93].

Group 1 - The People's Bank of China and the Hong Kong Monetary Authority announced multiple measures to optimize and expand the Bond Connect "Southbound" scheme, including the inclusion of non-bank financial institutions such as brokerages, insurance companies, and asset management firms [1] - The expansion of the "Southbound" scheme is timely given the asset allocation challenges faced by mainland financial institutions, and it holds significant implications for the development of non-bank institutions and the long-term stability of both mainland and Hong Kong bond markets [1] Group 2 - The expansion broadens asset allocation channels for non-bank institutions, enhancing their global asset allocation capabilities. Previously, these institutions relied on the Qualified Domestic Institutional Investor (QDII) scheme, which had limited quotas and lengthy approval processes. The "Southbound" scheme acts as a "highway" for investing in overseas bonds, improving overall investment yield flexibility [2] - As of July 10, the yield on China's 10-year government bonds was 1.68%, while Hong Kong's was 2.99%, and the U.S. was 4.34%, indicating significant yield differentials that can optimize asset allocation [2] Group 3 - The expansion helps stabilize the mainland bond market and alleviates unilateral volatility caused by supply shortages. As of May, the bond market's custody balance in China reached 187.2 trillion yuan, ranking among the world's largest. The "Southbound" scheme acts as a "pressure relief valve" for the demand side of the mainland bond market, balancing supply and demand [3] - The annual total quota for the "Southbound" scheme is set at 500 billion yuan, with a variety of options available in the Hong Kong bond market, including Hong Kong dollar bonds and offshore RMB bonds [3] Group 4 - The expansion is expected to attract medium- to long-term funds into the Hong Kong bond market, enhancing trading liquidity. A broader and more active investor base will create a more attractive financing environment for international investors and issuers [4] - The diverse investment strategies and flexible trading models of non-bank institutions will significantly enhance the price discovery function and trading activity in the offshore RMB bond market, promoting the growth of the offshore RMB asset pool [4] - The expansion is anticipated to reshape the cross-border asset allocation ecosystem for mainland non-bank institutions, fostering the prosperity of both bond markets and advancing the internationalization of the RMB [4]