10月1日，路透社引述多个来源报道，由于中国的银行和投资者对西方制裁很担忧，因而俄罗斯公司试图在中国庞大的债券市场筹集廉价资本的企图面临着 很大挑战。 有人可能会说，不是有中俄高层推动吗？确实，今年 9 月中俄领导人会面后，西伯利亚力量 2 号天然气管道落地了，金融层面也释放过支持信号，俄气甚至 拿到了中国机构的 AAA 评级。但评级是一回事，真金白银投进去是另一回事。之前俄罗斯铝业也在中国发过 15 亿熊猫债，可之后就没了下文，可见市场 有多谨慎。中国投资者不是不看好中俄合作，而是太清楚风险在哪了 —— 地缘政治的雷谁也踩不起，商业信用的坑更不能跳。 现在俄罗斯企业还在硬扛，毕竟除了中国市场也没别的地方可去。但中国这边的态度很明确，不是不欢迎，而是风险太高的生意不能做。这种僵局短期内怕 是破不了，只要西方制裁还在，俄罗斯经济没好转，中国投资者就很难放下顾虑。俄罗斯想靠熊猫债解燃眉之急，看来还得等更合适的时机，不然这份尴尬 只能一直持续下去。 先说俄罗斯这边有多着急。打了三年多的俄乌战争，把俄罗斯折腾得够呛，国际金融市场基本把它关在门外了，想融资根本没门路。更要命的是，最近俄军 在战场上打得不顺，国内经济又一 ...

Group 1 - The core theme of the press conference was to highlight the achievements of the financial sector during the "14th Five-Year Plan" period, emphasizing long-term perspectives rather than short-term policy adjustments [1] - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first globally, while the stock and bond markets ranked second in the world [1] - China has maintained its position as the world's largest holder of foreign exchange reserves for 20 consecutive years, and has made significant advancements in green finance, inclusive finance, and digital finance [1][2] Group 2 - The modern monetary policy framework in China is gradually taking shape, with effective policy transmission supporting the real economy [2] - The average annual growth rate of loans to technology-based SMEs, inclusive micro-enterprises, and green loans exceeded 20% during the "14th Five-Year Plan" period [2] - The People's Bank of China has implemented a series of monetary policies since September 2024 to stabilize market expectations and boost confidence, contributing to economic recovery and high-quality development [2] Group 3 - Significant progress has been made in preventing and mitigating financial risks, with a focus on orderly handling of prominent risk points in the financial sector [3] - The financial system in China is overall stable, with financial institutions remaining healthy and the market operating smoothly [3] - The "14th Five-Year Plan" period saw five key advancements in financial sector openness, including deepening institutional openness and enhancing the international status of the renminbi [3] Group 4 - By the end of July 2023, foreign institutions and individuals held over 10 trillion yuan in domestic stocks, bonds, and deposits, with stock holdings exceeding 3 trillion yuan and bond holdings around 4 trillion yuan [4] Group 5 - The People's Bank of China is focused on improving the central bank system and enhancing financial security under open conditions, aiming to support high-quality economic development [5] - The central bank is working on a dual-pillar framework for monetary policy and macro-prudential policy to achieve currency stability and financial stability [5][6] Group 6 - The financial market infrastructure is being strengthened, with the introduction of a "technology board" in the bond market and a multi-layered bond market framework being established [6] - The central bank is committed to deepening high-level financial openness and promoting the internationalization of the renminbi [6] Group 7 - The balance between short-term and long-term goals, as well as the health of the financial system and support for the real economy, is crucial for maintaining financial stability [7] - The importance of market discipline and the need for a robust risk management framework are emphasized to prevent moral hazards [8] Group 8 - The regulatory authority has prioritized the prevention and resolution of financial risks, with significant achievements in managing risks associated with small and medium-sized financial institutions [9] - The number of high-risk institutions and the scale of high-risk assets have significantly decreased, indicating that financial risks are controllable [9]

制图：蔡华伟 9月22日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金融业 发展成就。中国人民银行行长潘功胜表示，"十四五"时期，我国金融治理体系和治理能力现代化迈上新 台阶，种类齐全、竞争充分的金融机构、市场、产品体系更加健全，金融服务的质量、效率、普惠性大 幅提升，重点领域金融风险有序化解，守住了不发生系统性金融风险的底线，金融对外开放步伐加快， 我国金融业的国际竞争力和影响力显著增强。 银行业保险业为实体经济提供新增资金170万亿元 为实体经济服务是金融的天职。"十四五"时期，我国坚持支持性的货币政策立场，中国特色现代货币政 策框架初步形成，实施和传导更为有效。金融部门做好金融"五篇大文章"，在绿色金融、普惠金融、数 字金融等方面走在世界前列，支持国家重大战略、经济社会发展的重点领域和薄弱环节。 "十四五"时期，我国科技型中小企业贷款、普惠小微贷款、绿色贷款年均增速超20%。截至今年6月 末，银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第二；外汇储备规模连 续20年位居世界第一。多渠道、广覆盖、安全高效的人民币跨境支付清算网络基本建成，移动 ...

Group 1 - The core viewpoint is that Russia is preparing to issue panda bonds in the Chinese financial market as a response to economic challenges and geopolitical dynamics stemming from the ongoing Russia-Ukraine conflict [1][3]. - Panda bonds are debt instruments issued by foreign entities in China, denominated in RMB, and have become a significant financing channel for international companies in the Chinese capital market [1][3]. - The issuance of these bonds reflects Russia's strategic shift towards the Chinese capital market due to the severe economic sanctions imposed by Western countries, which have cut off Russia's access to international financial systems [3][9]. Group 2 - The funds raised through panda bonds could either be used for military purposes or for infrastructure development in the energy sector, which would significantly impact the investment outlook [3][7]. - Russia possesses substantial energy resources, ranking sixth in proven oil reserves and first in natural gas reserves globally, making energy development projects a potentially stable investment opportunity [7]. - If the funds are allocated to major energy projects like the Power of Siberia 2 gas pipeline, it could enhance energy cooperation between China and Russia while meeting China's growing energy demands [7].

Core Points - The New Development Bank successfully issued 7 billion RMB in 3-year Panda bonds in the Chinese interbank bond market [1] - This issuance is the first under a newly registered 50 billion RMB Panda bond program by the New Development Bank [1] - With this successful issuance, the total amount of Panda bonds issued by the New Development Bank has reached 75.5 billion RMB [1]

Core Viewpoint - The China Securities Regulatory Commission has approved Bay Area Development's application to publicly issue panda bonds totaling up to RMB 2 billion in mainland China for professional investors [1] Group 1: Company Actions - Bay Area Development can issue the panda bonds in phases within a validity period of 24 months from the date of approval by the China Securities Regulatory Commission [1] - The issuance timing, scale, and other terms will be determined based on market conditions [1] Group 2: Financial Details - The face value of the panda bonds is capped at RMB 2 billion [1] - The coupon rate will be determined based on the results of the lead underwriter's book-building process [1] - The panda bonds are planned to be listed on the Shenzhen Stock Exchange [1]

Group 1 - The core point of the article is that the China Securities Regulatory Commission has approved Bay Area Development to publicly issue corporate bonds in mainland China, with a total face value not exceeding 2 billion RMB [1] - The bonds, referred to as "Panda Bonds," can be issued in installments within a validity period of 24 months from the date of approval by the China Securities Regulatory Commission [1]

Core Viewpoint - Bay Area Development (00737) has received approval from the China Securities Regulatory Commission to issue a total of up to RMB 2 billion in corporate bonds (Panda bonds) in mainland China [1] Group 1: Bond Issuance Details - The approval allows Bay Area Development to publicly issue Panda bonds to professional investors within a validity period of 24 months from the date of approval by the CSRC [1] - The issuance time, scale, and other terms will be determined based on market conditions [1] - The coupon rate will be set according to the results of the book-building process conducted by the lead underwriter [1] Group 2: Listing Information - The Panda bonds are planned to be listed on the Shenzhen Stock Exchange [1]

Group 1 - The core point of the article is that the China Securities Regulatory Commission has approved Bay Area Development to publicly issue panda bonds totaling up to RMB 2 billion to professional investors in mainland China [1] - The approval allows Bay Area Development to issue the panda bonds in installments within a validity period of 24 months from the date of approval by the China Securities Regulatory Commission [1]

海外監管公告 本海外監管公告乃由北控水務集團有限公司(「本公司」)根據香港聯合交易所有限公司證券上市 規則第 13.10B 條刊發。 謹此提述本公司(一)日期為二零二一年七月九日就有關中國證券監督管理委員會已批准本公司公 開發行面值總額不超過人民幣 35 億元之熊貓債券的公告、日期為二零二一年七月十五日就有關 發行第一期熊貓債券人民幣 20 億元的公告及日期為二零二四年七月十七日有關熊貓債券(第一 期) (品種一) 人民幣 10 億元提前摘牌的公告，當中熊貓債券(第一期) (品種二)人民幣 10 億元仍 在上交所上市；及(二)日期為二零二五年四月三十日就有關中國證券監督管理委員會已批准本公 司公開發行面值總額不超過人民幣 100 億元之公司債券的公告、日期為二零二五年五月八日就 有關發行科技創新可續期公司債券(第一期)人民幣 20 億元的公告、日期為二零二五年六月十三 日就有關發行科技創新公司債券(第一期)人民幣 15 億元的公告及日期為二零二五年七月二十八 日就有關發行科技創新可續期公司債券(第一期)(品種二)(續發行)人民幣 5 億元的公告 (「該等公 告」)。除另有界定者外，本公告所用詞彙與該等公告所界 ...