然而消息人士称，尽管俄罗斯企业试图在中国发行债券获取低成本融资，但由于中资机构担忧美国制裁风险，相关计划难以推进。这一局面凸 显出，尽管中俄关系紧密，但俄企在华融资仍面临多重障碍。 自俄乌战争爆发以来，俄企已被切断了进入西方资本市场的渠道。但中国银行家和投资者也不看好俄企在华发债的前景。报道引述知情人士 说，中国的监管机构和银行担忧次级制裁风险。 近年来，与中国关系密切的外国政府和企业正在加紧涌入以人民币计价的熊猫债券市场。 熊猫债是指境外机构在中国境内市场发行的债券。 据德意志银行预测，2025年全年熊猫债发行额可望达到2230亿元人民币左右。据悉，匈牙利在今年7月发行了3年期和5年期、总额为50亿元人 民币的熊猫债，接下来巴基斯坦也计划发行熊猫债。 此外据路透社报道，九月初俄罗斯总统普京访华之后，包括俄罗斯国家原子能公司和俄罗斯天然气工业石油公司等头部俄企，都在考虑发行以 人民币计价的"熊猫债"。 上述知情人士说，过去一年，俄罗斯原子能公司和俄罗斯铝业公司发行熊猫债的努力没有实质进展，"准备工作一直在进行，但就是无法推进 项目。" 中国一名证券交易所官员称，不了解俄企有任何具体的发债计划。几家境内债券投资 ...

中国银行最新数据显示，截至目前，中国银行已协助70多家境外机构成功发行近300只熊猫债，累计总 金额5856亿元。中国银行有关负责人介绍，目前该行已建立以总部为根基，以香港、伦敦、新加坡、卢 森堡债券承分销中心为链接，以境内外分行为触点的全球化网络布局。在熊猫债的发行上，中国银行不 断进行创新，发行了首只南美洲熊猫债，首只来自北美洲、欧洲、非洲的主权发行人熊猫债，首只主权 绿色熊猫债，首只国际开发机构可持续发展熊猫债，单笔最大规模主权熊猫债等。 ...

9月29日，银行间交易商协会发布了修订完善后的《关于非金融企业债务融资工具一般主承销商2025年度主承销业务执业情况市场评价实施方案的通知》 （下称《通知》）。 本次修订完善，重点强化了主承销商对科技金融、普惠金融等领域的资源投入，赋能科技创新与民营经济。明确了主承销商核心功能与执业框架，深化主承 销商全业务链服务能力，促进市场转型发展。 据悉，交易商协会将于2026年初启动2025年度日常评价工作。根据主承销商机构类型和业务范围，按照全国展业银行（含外资银行）、地方展业银行、证券 公司分类评价。 持续优化特色主承销商评价机制 为深入贯彻落实中央金融工作会议精神，深化金融供给侧结构性改革，持续提升主承销商综合执业能力，推动银行间市场高质量发展，银行间市场交易商协 会经充分征求市场成员意见，对主承销商日常评价标准进行了优化完善。 本次完善日常评价机制的总体思路包括多个方面。首先是，落实党中央、国务院关于促进科技企业、民营企业高质量发展的重大决策部署，加强对科技创新 债券、民营企业债券的支持力度，引导金融资源对重点领域的服务与支持。 其次是，进一步完善主承销商的能力建设框架，构建"发行定价—市场化销售 — 存续期 ...

外资银行看好中国市场，汇丰中国强调双向投资机遇 登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经9月29日讯（记者 邹俊涛）9月26日，由上海报业集团指导，智通财经主办的"2025上海全球金融·资管年会"在上海陆家嘴召开。 其中，分论坛二以"金融五篇大文章——国家战略下的新使命"为主题，聚焦"科技金融、绿色金融、普惠金融、养老金融、数字金融"五大领 域，汇聚来自银行、保险、投资、行业协会等多个领域的机构高管和权威专家，通过主旨演讲与圆桌对话，深入探讨金融业服务国家战略、赋 能实体经济的新路径与新担当。 AI驱动金融智能化，工商银行分享大模型实践心得 论坛首场主旨演讲由中国工商银行首席技术官吕仲涛带来。他以《人工智能在银行业的应用实践与探索》为题，系统阐述了大模型技术在银行 业的应用前景与实践路径。 吕仲涛指出，当前人工智能已经进入大模型"普惠开源"时代，"人工智能+"行动正在各行各业广泛应用。工行以"全栈自主可控、技术领先、场 景赋能、安全防护"为目标，打造企业级金融大模型技术体系。他表示，银行业正在积极成为人工智能发展的先行者、实践者和引领者，但在 大模型落地中也面临数据质量不足、算力需求激增、算 ...

Core Insights - The report emphasizes the potential awakening of the coal sector, suggesting that after a challenging period, coal prices are expected to rise towards the end of the year, providing upward momentum for the sector [2]. Industry Performance - As of September 19, 2025, the coal industry has seen a decline of 2.3% year-to-date, ranking last among 30 industries. However, in the week of September 19, it experienced a weekly increase of 3.6%, ranking second among the industries, indicating a significant contrast in performance [2]. - The report predicts that the coal price will stabilize and potentially reach a peak by the end of the year, which could drive further positive performance in the coal sector [2]. Company Focus - The report highlights several companies to watch within the coal sector: - **Keda Control**: Noted for its focus on smart mining [2]. - **China Coal Energy (H+A)** and **China Shenhua (H+A)**: Major state-owned enterprises in the coal industry [2]. - **China Qinfa**: Recommended for its turnaround potential [2]. - **Shanxi Coal and Electricity, Huainan Mining, and Xinji Energy**: Identified as strong performers [2]. - **Yankuang Energy, Jinkong Coal, and Pingmei Shenma**: Noted for their elasticity and potential for growth [2]. - **Huayang Co. and Gansu Energy**: Suggested as companies with future growth potential [2]. - **Anyuan Coal Industry**: Highlighted for its recent changes in control and ongoing asset restructuring [2].

Group 1 - In August 2025, the interbank market issued a total of 1,139 debt financing instruments amounting to 8,035 billion yuan [1] - The breakdown of the issuance includes: 2,523 billion yuan in super short-term financing bonds, 466 billion yuan in short-term financing bonds, 3,985 billion yuan in medium-term notes, 499 billion yuan in targeted debt financing instruments, and 493 billion yuan in asset-backed notes [1] - As of the end of August 2025, the cumulative issuance of panda bonds in the interbank market reached 8,149 billion yuan, with 1,125 billion yuan issued in the current year [3] Group 2 - In August, the issuance of innovative products included: 138 billion yuan in green debt financing tools, 59 billion yuan in rural revitalization notes, 160 billion yuan in asset-backed commercial paper, 70 billion yuan in sustainable development-linked bonds, and 772 billion yuan in sci-tech notes/sci-tech bonds [3]

证券研究报告 | 固定收益点评 gszqdatemark 2025 09 23 年 月 日 熊猫债驱动人民币实现跨境循环。作为境外主体在境内发行的人民币债 券，熊猫债驱动人民币形成了"境内募资-境外使用-跨境回流"的闭环链 条。从存量熊猫债披露的募集资金用途来看，发行人除了将一部分资金存 于境内 NRA 账户，用于偿还境内债务或境内营运，也还会将一定比例的 募集资金汇出境外使用。 熊猫债扩容的背后是人民币稳定度的提升和境内利率水平的下降。从汇率 角度看，今年以来美元指数呈趋势性下行，同期 CFETS 人民币汇率指数呈 现"先下后稳"特征，整体波动幅度亦小于美元指数； 从利率角度看，2024 年以来熊猫债发行利率与美国国债收益率走势呈现分化特征，美债收益率 在 2024 年初明显冲高回落，且波动相对剧烈。同期限熊猫债利率更加平 稳且呈下行趋势，低利率对国际发行人具有更强的吸引力。 央国企主导，中短期为主。熊猫债发行人中，央企与地方国有企业合计金 额占比 43%，为当前熊猫债市场的核心发行主体，其次为国际开发机构， 金额占比 18%。从发行期限结构占比来看，1 年以内短期品种金额占比呈 持续下降态势；1-3 年中 ...

Core Viewpoint - The article discusses the achievements and developments in China's financial sector during the "14th Five-Year Plan" period, highlighting the stability and growth of the financial system, as well as the advancements in various financial services and regulatory measures. Financial Sector Achievements - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, with stock and bond market sizes ranking second [4] - The average annual growth rate for loans to technology-based SMEs, inclusive microloans, and green loans exceeded 20% during the "14th Five-Year Plan" [4] - The participation and influence of China in international financial governance have significantly increased [4] Regulatory Developments - The financial regulatory authority has intensified efforts to combat financial corruption, with 20,000 institutions penalized and 36,000 individuals held accountable since the beginning of the "14th Five-Year Plan" [8] - The number of high-risk institutions and assets has been significantly reduced, ensuring that risks are manageable [10] - The financial regulatory authority has published 171 regulations over the past five years, enhancing the regulatory framework [10] Capital Market Reforms - The capital market's basic systems and regulatory logic have been comprehensively restructured, with the market's technology sector now accounting for over 25% of the A-share market capitalization [11] - The total market capitalization of the A-share market surpassed 100 trillion yuan for the first time in August 2023 [12] - The introduction of a registration-based IPO system has been fully implemented, with 230 major asset restructuring cases disclosed since the "Merger Six Guidelines" were released [12] Cross-Border Financial Activities - As of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits [15] - The scale of cross-border receipts and payments is projected to reach 14 trillion dollars in 2024, reflecting a 64% increase compared to 2020 [15] - The use of the renminbi in cross-border trade has risen to nearly 30%, indicating enhanced resilience in the foreign exchange market [15]

Core Viewpoint - The article highlights the significant achievements of China's financial sector during the "14th Five-Year Plan" period, emphasizing the deepening of financial reforms, enhancement of financial services to the real economy, and the ongoing efforts to mitigate financial risks while promoting high-quality development [6][10]. Financial System Reform - The financial system reform has been further deepened, with the establishment of the Central Financial Commission and the Central Financial Work Committee to strengthen the centralized leadership of the Party over financial work [6][7]. - The banking sector's total assets reached nearly 470 trillion yuan, ranking first in the world, while the stock and bond markets ranked second globally [6][7]. Financial Services to the Real Economy - Financial services to the real economy have significantly improved, with annual growth rates exceeding 20% for loans to technology-based SMEs, inclusive small and micro enterprises, and green loans during the "14th Five-Year Plan" [7][10]. - The banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy over the past five years [15]. Financial Industry Reform and Opening Up - The financial supply-side structural reform has been continuously promoted, with a focus on developing a multi-level financial market and optimizing the financial structure [9][10]. - The number of financial institutions has decreased from over 4,600 in 2019 to 4,295 by the end of 2024, indicating effective risk mitigation efforts [44]. Risk Prevention and Mitigation - Significant progress has been made in preventing and mitigating financial risks, with a focus on orderly handling of high-risk institutions and reducing the scale of high-risk assets [9][44]. - The overall health of the financial system has been maintained, with key regulatory indicators such as non-performing loans and capital adequacy remaining stable [15][16]. Capital Market Development - The capital market has seen substantial growth, with the total market value of A-shares surpassing 100 trillion yuan for the first time [21][22]. - The direct financing ratio has increased to 31.6%, reflecting a steady rise in the importance of direct financing in the economy [22]. Foreign Exchange Management - The foreign exchange market has operated steadily, with foreign exchange reserves remaining above 3 trillion USD, providing a strong stabilizing effect on the economy [29][30]. - The cross-border capital flow has remained balanced, with the international balance of payments showing resilience despite external pressures [29][30]. Future Outlook - The People's Bank of China aims to continue enhancing the financial system and supporting high-quality economic development in the "15th Five-Year Plan" period [10][40]. - The focus will be on building a more open, secure, and efficient foreign exchange management system to contribute to the modernization of China's economy [30][31].

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 国务院新闻办公室于2025年9月22日（星期一）下午3时举行"高质量完成'十四五'规划"系列 主题新闻发布会，请中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席 吴清，中国人民银行副行长、国家外汇局局长朱鹤新介绍"十四五"时期金融业发展成就，并 答记者问。 潘功胜： 今日发布会主要介绍十四五时期金融业发展情况 不涉及短期政策调整 9月22日，在介绍"十四五"时期金融业发展成就时，中国人民银行行长潘功胜在国新办新闻发 布会上表示，今天的新闻发布会的主题是介绍十四五时期金融业的发展情况，主要是从中长 期的视角回顾和总结"十四五"，不涉及短期政策的调整，关于"十五五"以及下一步金融改革 的内容，将在中央统一部署后给做进一步沟通。 "十四五"期间我国金融事业取得新的重大成就 央行行长潘功胜9月22日在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上介 绍，"十四五"期间，我国金融事业取得新的重大成就。截至今年6月末，我国银行业总资产近 470 万亿 元，位居世界第一；股票、债券市场 ...