新华财经北京11月19日电四大证券报内容精华摘要如下： 中国证券报 ·"两重"项目持续加力基建投资增速料提升 近期，多个"两重"建设项目陆续开工。"两重"是指国家重大战略实施和重点领域安全能力建设。日前召 开的国务院常务会议提出，要把"两重"建设放在"十五五"全局中谋划和推进，牢牢把握战略性、前瞻 性、全局性要求，强化部门协同，注重软硬结合，推动国家重大战略深入实施、重点领域安全能力稳步 提升。专家表示，作为扩大有效投资、培育新质生产力的重要抓手，"两重"建设将是稳增长政策的一个 重要着力点。在相关项目建设的带动下，基建投资有望保持适度增速。 ·多元策略寻求穿越周期险资加码不动产投资 近日，险资买楼又添新案例。陆家嘴国泰人寿发布公告称，与前安投资签订前滩汇N5房屋转让协议， 购买标的将作为公司总部办公职场。今年以来，险资加速涌入不动产领域。业内人士认为，不动产项目 通常规模大、期限长，能够提供相对稳定的现金流，较为契合险资的资产配置需求，而且不动产与股 票、债券相关性较低，有助于险资优化投资组合。 ·供需两旺驱动市场扩容点心债成中资科技企业融资新选择 今年以来发行规模已逼近万亿元，腾讯、阿里巴巴等科技巨头跻身 ...

今年以来发行规模已逼近万亿元，腾讯、阿里巴巴等科技巨头跻身发行人行列……作为中国境外发行、 以人民币计价，并以人民币还本付息的离岸人民币债券，点心债正以"供需两旺"的态势持续发展。专家 表示，政策红利、市场需求与资产质量提升的多重合力，在推动点心债市场扩容的同时，更在支持实体 经济、助推人民币国际化进程中发挥着关键性作用。（中证报） ...

Core Insights - The offshore RMB bond market, known as "dim sum bonds," is experiencing significant growth, with issuance nearing 1 trillion yuan this year, driven by demand from major tech companies like Tencent and Alibaba [1][2]. Group 1: Market Overview - As of November 18, 2025, the issuance scale of dim sum bonds has surpassed 980 billion yuan, establishing itself as a crucial channel for overseas financing for Chinese enterprises and a key driver for RMB internationalization [2]. - The market has seen a diversification of issuers, with sovereign and government entities accounting for 18.1% of the issuance in the first three quarters of 2025, reflecting a strategic mission to support RMB internationalization and enhance Hong Kong's status as a financial center [2]. Group 2: Factors Driving Growth - The continuous development of the dim sum bond market is attributed to multiple factors, including policy support, market demand, and improved asset quality, which collectively drive market expansion [3]. - Policy measures, such as the optimization of outbound investment channels and the enhancement of the offshore RMB bond repurchase mechanism, have significantly bolstered market liquidity and demand for dim sum bonds [3]. Group 3: Economic Impact - The growth of the dim sum bond market is not only beneficial for the market itself but also plays a vital role in supporting the real economy, promoting RMB internationalization, and advancing the bond market [4]. - The expansion of the dim sum bond market enhances the breadth and depth of the offshore bond market, providing more RMB asset options for international investors and facilitating a closed-loop flow of RMB in trade settlements and offshore investments [4].

Core Insights - The offshore RMB bond market, known as "dim sum bonds," is experiencing significant growth, with issuance nearing 1 trillion yuan in 2023, driven by demand from major tech companies like Tencent and Alibaba [1][2] - The diversification of issuers, including sovereign and government entities, is enhancing the market's role in supporting the internationalization of the RMB and solidifying Hong Kong's status as a financial hub [1][2] Group 1: Market Dynamics - As of November 18, 2023, the issuance of dim sum bonds has surpassed 980 billion yuan since 2025, establishing it as a crucial channel for overseas financing for Chinese enterprises [1] - Major tech firms are increasingly utilizing dim sum bonds to fund global expansion and investments in AI, with total issuance exceeding 47 billion yuan and a subscription amount reaching approximately 150 billion yuan, 3.2 times the issuance [2] Group 2: Contributing Factors - The growth of the dim sum bond market is attributed to a combination of policy support, market demand, and improved asset quality, which together drive market expansion [2][3] - The optimization of domestic capital outflow channels, such as the "Southbound Trading" initiative, has broadened the investor base and enhanced market liquidity, stimulating demand for dim sum bonds [2] Group 3: Investment Appeal - Dim sum bonds offer attractive yields compared to onshore credit bonds while remaining lower than offshore USD bonds, appealing to both issuers and investors [3] - The expansion of green and tech-related issuers is improving the asset quality of dim sum bonds, increasing their attractiveness to international investors [3] Group 4: Future Outlook - Analysts are optimistic about the dim sum bond market's prospects, anticipating strong growth driven by local government bonds, foreign financial bonds, and TMT bonds [4] - The ongoing expansion of the "Southbound Trading" initiative is expected to enhance market liquidity, creating a favorable environment for investment opportunities [4]

人民币国际化再现利好。11月18日，北京商报记者注意到，近日，中国银行作为全球协调人先后为阿里巴巴、百度、腾讯、美团等多家科技领军企业在香港 市场发行点心债，合计发行金额超过470亿元。近年来，点心债市场规模壮大的同时，债券品种日益丰富、发行主体呈多元化趋势，尤其是科技龙头企业的 加入，显著提升了市场活力。而这，正是人民币国际化加速推进的重要注脚。 中信证券首席经济学家明明进一步分析，当前人民币在国际货币体系中地位提升，点心债为境外投资者提供了配置人民币资产的渠道。离岸人民币资金池扩 大，国际贸易和投资活动产生大量留存境外的人民币资金，为点心债市场扩容提供资金基础。此外，香港作为全球最大的人民币离岸中心，具备成熟的金融 市场体系和专业服务能力，吸引企业发行点心债，且内地与香港金融市场互联互通加强，中国与国际金融市场融合程度加深。 "按当前节奏，2025年全年点心债发行量有望达1.2万亿—1.3万亿元，2026年或冲击1.5万亿元。"中国企业资本联盟副理事长柏文喜说道。同时，预计利率中 枢仍有下行空间，1—3年期点心债利率将再降20—30bp，与境内倒挂幅度收窄。以点心债为抵押的回购、期货及利率互换即将推出，提 ...

Core Viewpoint - The recent issuance of dim sum bonds by major Chinese tech companies signifies a significant boost for the internationalization of the Renminbi, reflecting a growing market and diverse issuance entities [1][4]. Group 1: Dim Sum Bond Market Growth - The total issuance of dim sum bonds has exceeded 470 billion RMB, with a strong demand reflected in a subscription amount of nearly 1,500 billion RMB, 3.2 times the issuance amount [1][3]. - In 2023, the total issuance of dim sum bonds reached 9,675.31 billion RMB, and in 2024, it is projected to exceed 12,786.98 billion RMB, marking the first annual issuance scale to surpass 10 trillion RMB [3][4]. - The market has seen a continuous growth trend over the past three years, with a total issuance of 9,794.54 billion RMB since 2025 [3]. Group 2: Factors Driving Market Activity - The significant financing cost advantage of dim sum bonds, combined with the strategic push for Renminbi internationalization, is a core driver of market activity [4]. - The divergence in monetary policies between China and the U.S. has led to a lower average issuance rate for dim sum bonds compared to U.S. dollar bonds, providing a favorable environment for issuers [4]. - The expansion of offshore Renminbi liquidity and the increasing role of Hong Kong as a major offshore center for Renminbi transactions have further stimulated the market [4][8]. Group 3: Diversification of Issuers and Products - The issuer base for dim sum bonds has diversified significantly, with a notable increase in participation from tech giants like Tencent, Baidu, and Alibaba, moving away from traditional issuers [6][7]. - The introduction of various bond types, including green and sustainable dim sum bonds, caters to different financing needs and investor preferences [7]. - The policy support from the People's Bank of China and the Hong Kong Monetary Authority has facilitated a more active market by broadening the scope of domestic investors [7][8]. Group 4: Future Projections and Market Dynamics - Projections indicate that the issuance of dim sum bonds could reach 1.2 to 1.3 trillion RMB in 2025, with potential growth to 1.5 trillion RMB in 2026 [5]. - The market is expected to see an increase in the issuance of long-term bonds, enhancing the yield curve and attracting long-term capital [6]. - The internationalization of the Renminbi is entering a new phase characterized by both quantitative and qualitative improvements, with the currency's role in global trade and finance continuing to expand [8][10].

Core Insights - China Bank has acted as a global coordinator for several leading tech companies, including Alibaba, Baidu, Tencent, and Meituan, issuing a total of over 47 billion yuan in dim sum bonds, which were highly sought after in the offshore RMB financing market [1] - The total subscription amount for these bonds reached nearly 150 billion yuan, representing 3.2 times the issuance amount [1] - As of now, the total issuance of dim sum bonds in the market for 2025 has reached 979.454 billion yuan [1] Group 1 - The People's Bank of China (PBOC) has expressed its commitment to promoting the role of the RMB as a financing currency, supporting various financing products such as RMB loans, panda bonds, offshore RMB bonds, and trade financing [1][3] - The PBOC aims to enhance the liquidity of RMB for offshore entities, despite strict capital outflow controls in China [3] - The internationalization of the RMB has made progress, with the currency becoming the second most used in trade financing globally, accounting for 7.3% of total transaction volume as reported by SWIFT [3]

Core Insights - The article highlights the significant issuance of dim sum bonds by leading technology companies in Hong Kong, totaling over 47 billion yuan [1] - The issuance has been well-received in the offshore RMB financing market, with total subscriptions reaching nearly 150 billion yuan, which is 3.2 times the issuance amount [1] - Dim sum bonds, which are offshore RMB bonds, provide diversified financing channels for mainland and Hong Kong enterprises, enhancing the circulation and international use of the RMB [1] - Since 2022, the issuance scale of dim sum bonds has rapidly increased, with a total issuance amount of 979.454 billion yuan from the beginning of 2025 to the present [1]

Group 1 - The implementation of the "Guidelines for the Supervision of Listed Companies No. 10 - Market Value Management" has led to a richer toolbox for market value management, with companies actively using methods such as dividends, buybacks, mergers, and stock incentives to enhance investment value [1] - ESG (Environmental, Social, and Governance) factors are reshaping the logic of corporate market value management, with companies preparing their ESG ratings prior to going public to attract capital and achieve long-term value growth [2] - The A-share market is experiencing significant fluctuations around the 4000-point mark, influenced by both domestic and international factors, with a potential for continued sector rotation and a focus on technology and advanced manufacturing sectors for future growth [3] Group 2 - The lithium battery industry is witnessing a trend of long-term contracts and order locking, indicating a strong demand for production capacity, particularly highlighted by a recent agreement between Rongbai Technology and CATL [4] - The domestic ETF market has seen unprecedented growth in both the number of newly established funds and the total issuance scale, marking 2025 as a record year for ETF activity [5] - The point bond market is expanding rapidly, with nearly 980 billion yuan issued this year, driven by strong demand from offshore RMB financing markets [7] - Cross-border ETF trading has increased significantly, with total cross-border ETF assets reaching 923.78 billion yuan, reflecting a growth of over 117% since the beginning of the year [8]

1、 文化和旅游部郑重提醒中国游客近期避免前往日本旅游，已在日中国游客密切关注当地治安形势，提高安全防范意识，加强自我保护，如遇紧急情 况，请及时报警并联系驻日使领馆寻求协助。 同日，教育部发布留学预警，提醒已在日和近期拟赴日留学人员密切关注当地治安形势，加强风险评估， 切实增强防范意识。 1、应新西兰议会议长布朗利、澳大利亚联邦议会参议长莱恩斯和众议长迪克邀请， 全国人大常委会委员长赵乐际将于11月19日至25日对新西兰、澳大利 亚进行正式友好访问。 2、 中央财办分管日常工作的副主任、中央农办主任韩文秀在2025年第22期《求是》杂志中发表署名文章《深刻领会因地制宜发展新质生产力的重要论述 和决策部署》。 其中提到，要培育壮大新兴产业和未来产业。加快新能源、新材料、航空航天、低空经济等战略性新兴产业集群发展，推动量子科技、 生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。 3、 为保持银行体系流动性充裕，11月17日央行以固定数量、利率招标、多重价位中标方式开展8000亿元买断式逆回购操作，期限为6个月（182天）。 数 据显示，11月有3000亿元6个月期买断式逆回购到 ...