聚焦发展玉兰债 共促开放新格局 -2025年青岛银行金融研讨会 成功举办- 供稿：青岛银行 上海清算所指出，"玉兰债"业务是上海清算所在人民银行指导下研究推出的基于境内外金融基础设施互联互通、统筹安全与开放的中资离岸债券发行创新 模式，也是重要的跨境金融创新产品。"玉兰债"是中资企业面向国际市场发行的境外债券，以人民币、美元、欧元等多币种计价，依托上海清算所与欧洲 清算银行建立的跨境托管联通机制，为发行人与投资者提供安全、高效的登记结算服务。"玉兰债"自2020年12月推出以来，已成为我国债券市场高水平对 外开放的重要创新载体，不仅拓宽了中资企业境外融资渠道，也为全球投资者配置人民币资产提供了便利，在服务实体经济、推动上海国际金融中心建 设、促进人民币国际化等方面具有积极意义。 中信证券团队则从实操层面分享了"玉兰债承销与发行的实务经验"，为与会机构提供了从产品理解到业务落地的全链条知识赋能。 本次研讨会的成功举办，为"玉兰债"等创新产品的推广应用拓宽了路径。搭建了政策解读、市场分析与业务对接的多元平台，既为金融机构把握开放机 遇、防范跨境风险凝聚了共识。会议还围绕宏观市场环境展开了广泛讨论。中信证券专家就国 ...

Primary Market - A total of 37 offshore bonds were issued by Chinese entities this week, including 3 RMB bonds, 29 USD bonds, 3 HKD bonds, 1 JPY bond, and 1 GBP bond, with issuance scales of 2.675 billion RMB, 12.738 billion USD, 1.4 billion HKD, 8 billion JPY, and 250 million GBP [1] - The largest single issuance in the offshore RMB bond market was 1.5 billion RMB by the London branch of the Bank of China, while the highest coupon rate for RMB bonds was 6.9% issued by Weifang Ocean Investment Group [1] - In the USD bond market, the largest single issuance was 5 billion USD by the International Bank for Reconstruction and Development, with the highest coupon rate of 7.75% issued by Prologis China Holdings [1] Secondary Market - The yield on Chinese USD bonds collectively increased this week, with the Markit iBoxx Chinese USD bond composite index rising by 0.06% to 251.53 [2] - The investment-grade USD bond index increased by 0.15% to 244, while the high-yield USD bond index rose by 0.24% to 246.04 [2] - The real estate USD bond index increased by 0.23% to 187.58, and the city investment bond index rose by 0.2% to 152.88 [2] - The financial USD bond index saw a 0.14% increase, reaching 290.87 [2] Benchmark Spread - The spread between the 10-year benchmark yields of China and the U.S. narrowed to 214.99 basis points, a decrease of 10.37 basis points from the previous week [3] Rating Changes - Several credit rating adjustments occurred this week, including the withdrawal of ratings for various companies such as Lankai City State-owned Capital Operation Co., Ltd. and Shandong Heze Construction Group Co., Ltd. [4] - Moody's downgraded China Tourism Group's issuer rating to "Baa1" with a stable outlook, and Vanke Enterprises Co., Ltd.'s family rating was downgraded to "Caa2" with a negative outlook [4] Default and Extension - Taihe Group announced an extension of 1.688 billion RMB debt for its subsidiary, Zhuhai Free Trade Zone Qihang Logistics Co., Ltd., with the maturity date adjusted to October 26, 2026 [5] Domestic News - As of the end of September 2025, foreign institutions held 3.78 trillion RMB in the interbank bond market, accounting for approximately 2.2% of the total custody volume [6] - The Bond Connect Northbound trading volume reached 581 billion RMB in September, with an average daily trading volume of 25.3 billion RMB [7] - The first "Yulan Bond" in the financial leasing industry was successfully issued by China Everbright Financial Leasing Co., Ltd., with a scale of 1 billion RMB and a 3-year term at an interest rate of 2.02% [8] Overseas News - The Indonesian government successfully issued its first offshore RMB bond, totaling 6 billion RMB, marking a milestone for Southeast Asian sovereign institutions [9] - The U.S. federal government debt exceeded 38 trillion USD for the first time, reflecting a significant increase in the national debt [10] Offshore Bond Alerts - Zhengrong Real Estate Holdings reached a settlement in a loan dispute involving 467 million RMB [11] - Feicheng Huayu applied for the listing of a 248 million RMB bond on the MOX exchange [12] - Shangkun Real Estate will be delisted from the Hong Kong Stock Exchange on October 27, 2025, due to failure to resume trading [13]

Core Viewpoint - Shanghai Clearing House is the largest OTC foreign exchange centralized clearing platform globally, with a projected foreign exchange clearing volume of 200 trillion yuan this year, exceeding that of the London Clearing House by over 20% [1] Group 1: Financial Infrastructure and Cross-Border Services - Shanghai Clearing House plays a unique role in enhancing Shanghai's cross-border financial service capabilities through internationality, security, and leadership [1] - The establishment of a cross-border connectivity network has significantly expanded the range and scale of cross-border trading and financing in Shanghai's financial market [1] - The "Yulan Bond" initiative has achieved international connectivity with the European Clearing Bank, with future plans to connect with Refinitiv and Hong Kong CMU for seamless integration of domestic and foreign markets [1] Group 2: Product Development and Innovation - The introduction of the "Yulan Bond" as a key cross-border financing product has supported over 200 billion yuan in issuance, facilitating Chinese enterprises' international expansion [2] - The "Two Ends Abroad" self-trade bond has successfully supported the issuance of the first offshore bond in the Shanghai Free Trade Zone [2] - The Panda Bond initiative has supported over 900 billion yuan in issuance, establishing Shanghai Clearing House as the largest Panda Bond issuance and custody platform in China [2] Group 3: Mechanism Innovation - The global first cross-border central counterparty clearing connectivity mechanism for derivatives has been launched to meet market demands for cross-border bond investment risk management [3] - The "Swap Connect" initiative has been introduced in collaboration with domestic and foreign financial infrastructures to support the rapid and stable development of the cross-border derivatives market [3] - Future efforts will focus on enhancing the convenience of cross-border investment and financing, strengthening Shanghai's capability in global financial resource allocation [3]

Core Viewpoint - Financial infrastructure is crucial for the construction of international financial centers, with unique roles in internationality, security, and leadership [1][3][4] Group 1: Internationality - Shanghai Clearing House has established a global network interconnected with major financial infrastructures worldwide, enhancing the participation and scope of international institutions in the Shanghai financial market [3] - The innovative "Yulan Bond" has achieved seamless connectivity between domestic and foreign markets through the interconnection with European clearing infrastructures [3] Group 2: Security - The most important factor in building an international financial center is security, with Shanghai Clearing House's risk control standards becoming a global benchmark [4] Group 3: Leadership - The systems and rules established by Shanghai Clearing House are aligned with global financial infrastructure standards, demonstrating its leadership role [4]

Core Viewpoint - Shanghai Clearing House has established itself as a leading global financial infrastructure, particularly in foreign exchange clearing and RMB asset management, contributing significantly to the development of Shanghai as an international financial center [1][5]. Group 1: Financial Infrastructure - Shanghai Clearing House has built six major platforms to support the construction of Shanghai as an international financial center, making it the largest foreign exchange clearing platform globally [1]. - It serves as a key bond issuance platform with a bond custody volume nearing 50 trillion yuan [1]. - The clearing house is also a major platform for over-the-counter clearing of bulk commodities and has extensive cross-border connectivity [1]. Group 2: Unique Role and Standards - The unique role of Shanghai Clearing House as a financial infrastructure is highlighted by its internationality, safety, and leadership [5]. - It has established a global network interconnected with major international infrastructures, enhancing the participation of international institutions in Shanghai's financial market [5]. - The risk control standards set by Shanghai Clearing House have become global benchmarks, aligning with international standards, regulations, and ESG criteria [5]. Group 3: Product and Channel Development - Shanghai Clearing House has introduced the "Yulan Bond" as a cross-border financing brand, facilitating domestic institutions in raising funds abroad, with the first non-financial enterprise "Yulan Bond" launched in November last year [6]. - It has supported nearly 900 billion yuan in "Panda Bonds" financing within the domestic market [6]. - The clearing house has established cross-border dual-channel custody pathways, with "Northbound" and "Southbound" custody balances reaching 340 billion yuan and 580 billion yuan, respectively, by the end of September [6].

Core Viewpoint - The issuance of the first global "Yulan Bond" by Shanghai Fosun High Technology Group Co., Ltd. marks a significant innovation in financing for private enterprises in China, facilitated by Industrial Bank as the underwriter and cornerstone investor [1] Group 1: Financial Product Overview - The "Yulan Bond" is a new financial product launched by the Shanghai Clearing House and the European Clearing Bank, designed to support Chinese enterprises in raising funds in international markets through interconnected domestic and foreign financial infrastructures [1] - The issuance scale of the "Yulan Bond" is 1 billion yuan, with a maturity of 3 years [1] - Since its launch, the "Yulan Bond" has been utilized by various issuers, including banks, securities firms, and non-financial enterprises, and is available in multiple currencies such as USD and EUR [1] Group 2: Impact on Private Enterprises - The issuance of the first "Yulan Bond" for a private enterprise expands the service boundaries of this financial product and broadens financing channels for private companies, effectively reducing their financing costs [1] - The private economy is recognized as a driving force for advancing China's modernization [1] Group 3: Industrial Bank's Role - Industrial Bank has been actively addressing the financing challenges faced by private enterprises by combining its strengths and financial innovations, contributing to the high-quality development of the private economy [1] - As of September 2025, Industrial Bank's loans to the private economy exceeded 1.75 trillion yuan, and in the first three quarters of 2025, it underwrote nearly 30 billion yuan in debt financing tools for private enterprises, with over half being sci-tech bonds [1]

Group 1: Report Industry Investment Rating - No information available in the provided content Group 2: Core Views of the Report - In Q3 2025, credit bonds were initially strong due to the return of wealth - management funds and the listing of the first batch of 10 science - innovation bond ETFs. However, due to factors such as the "anti - involution" policy and the extension of Sino - US tariffs, the bond market was in a headwind. Credit bond yields fluctuated upwards, with short - term spreads narrowing slightly and medium - and long - term spreads widening significantly [2][9] - In the third quarter, there were significant events in different sectors. In the urban investment sector, the work of clearing arrears accelerated, and the use of debt - resolution quotas was advanced. In the real estate sector, Vanke sought to relieve debt pressure, and policies focused on releasing and meeting the improvement needs of the public. In the financial sector, there was the first - ever default of an insurance company's bond, and measures for the high - quality development of sub - industries were introduced [2][3][4] Group 3: Summary by Directory 2025Q3 Credit Bond Market - At the beginning of Q3 2025, credit bonds were strong due to the return of wealth - management funds and the listing of the first batch of 10 science - innovation bond ETFs. However, due to the "anti - involution" policy and other factors, the risk appetite of the market recovered, the stock - bond seesaw effect was obvious, and institutional redemptions were repeated. Credit bond yields fluctuated upwards, with short - term spreads narrowing slightly and medium - and long - term spreads widening significantly [9] - From mid - July to September, various policies supported the recovery of risk appetite, the stock - bond seesaw effect was strengthened, and credit spreads first widened actively to the quarterly high, then narrowed passively, and widened actively again at the end of the quarter [14] 2025Q3 Major Events Urban Investment - In 2025, about 1.99 trillion yuan of the 2 - trillion - yuan replacement bonds had been issued. In Q3, the clearance of arrears accelerated, using fiscal and financial means. The non - standard risk events of urban investment decreased quarter - on - quarter, and Inner Mongolia withdrew from the list of key provinces [2][15][24] - The central government affirmed the debt - resolution achievements of the package debt - resolution plan and put forward requirements for subsequent debt - resolution work, including using debt - resolution quotas in advance and maintaining a "zero - tolerance" high - pressure supervision attitude towards hidden debts [3][26][29] Real Estate - Vanke sought to reduce the interest rate of its domestic non - public debt and postponed the payment of some interest. Its business was still under pressure, but its major shareholder, Shenzhen Metro Group, continued to provide active borrowing support, and the short - term bond default risk might be controllable [3][35] - Central - level policies focused on consolidating the stabilization of the real estate market, building a new real - estate development model, and releasing and meeting the improvement needs of the public [3][37] Finance - Jilin issued 26 billion yuan of special bonds to supplement the capital of small and medium - sized banks, and Tianan Property & Casualty Insurance's 5.3 - billion - yuan bond defaulted, which was the first - ever default of an insurance company's bond [4][40] - Central policies focused on promoting the high - quality development of sub - industries such as local asset management companies, commercial bank merger and acquisition loans, and trust companies to serve the real economy and prevent financial risks [4][42] Others - 24 science - innovation bond ETFs were listed, with a total scale of over 250 billion yuan by the end of September. The trading of the first batch was relatively active, while the market sentiment was relatively weak when the second batch was listed [4][46] - The scope of domestic investors in the "Southbound Bond Connect" may be expanded to four types of non - bank institutions, and the annual quota may be increased to 1 trillion yuan. The Shanghai Clearing House will optimize the "Magnolia Bond" mechanism, and Futian Investment Holdings issued RWA bonds, providing a new model for bond issuance [4][48][49] Credit Bond Primary and Secondary Market Review Primary Market - In the first three quarters of 2025, the net financing of credit bonds increased year - on - year. Industrial bonds and financial bonds were the main supply forces, while urban investment bonds continued to shrink. The net financing of industrial bonds was 1.69 trillion yuan, that of urban investment bonds was - 158.3 billion yuan, and that of financial bonds was 1.17 trillion yuan [50] Secondary Market - In Q3 2025, credit bond yields increased across the board, with medium - and long - term yields rising more significantly. Credit spreads showed a differentiated trend, with short - term spreads narrowing slightly and medium - and long - term spreads widening significantly. Among different sectors, urban investment bonds and bank Tier 2 and perpetual bonds performed relatively weakly, while real estate bonds and cyclical bonds performed well [57]

Group 1: Key Events and Forums - The 2025 Shanghai Global Asset Management Forum was successfully held, focusing on the theme of "Navigating Change, Seeking Innovation, Resilience Elevation, and Open Rebalancing" [1] - The Global Wealth Management Forum 2025 Shanghai Suhe Bay Conference took place, where the "Shanghai AI-FI Laboratory" was established to promote the integration of AI technology with the financial industry [2] - The "Sustainable Finance Common Classification Directory (CGT) Market Innovation Application Seminar" was held in Shanghai, gathering representatives from regulatory bodies, industry institutions, and research organizations [3] Group 2: Financial Initiatives and Innovations - The "2025 Securities Exchange International Training Course" commenced in Shanghai, with 192 representatives from 31 exchanges participating [4] - The "Shanghai Trade Batch Loan" proactive credit model was fully promoted, marking a new phase in the scale and systematization of this inclusive financial innovation [5] - The Shanghai Stock Exchange and China Securities Index Co., Ltd. launched the Shanghai Stock Exchange Sci-Tech Innovation Board Growth Strategy Selected Index, reflecting the performance of 80 innovative and high-growth companies [7] Group 3: Financial Products and Services - China Pacific Insurance launched the country's first insurance product specifically designed for humanoid robots, named "Smart Insurance," facilitating the commercialization of robotic technology [8] - China Export & Credit Insurance Corporation issued its first export buyer's credit insurance policy to support an overseas warehouse smart upgrade project [9] - Shanghai Bank assisted in the issuance of the world's first private enterprise "Yulan Bond," amounting to 1 billion RMB, to support the development of the private economy [10] Group 4: Financial Statistics and Data - As of September, the total social financing scale was 437.08 trillion RMB, with a year-on-year growth of 8.7%, and the net cash injection in the first three quarters was 761.9 billion RMB [15] - The balance of broad money (M2) was 335.38 trillion RMB, with a year-on-year increase of 8.4%, while the balance of narrow money (M1) was 113.15 trillion RMB, up 7.2% [15] - By the end of September, the balance of foreign currency deposits was 1.02 trillion USD, reflecting a year-on-year growth of 20% [15]

Core Viewpoint - Shanghai Bank successfully assisted Fosun High Technology Group Co., Ltd. in issuing the world's first private enterprise "Yulan Bond" with a scale of 1 billion RMB, which has been officially listed on the Macau Stock Exchange [1] Group 1: Product Innovation - The "Yulan Bond" serves as an innovative product that opens up new channels for cross-border financing, leveraging the connectivity between Shanghai Clearing House and international financial infrastructures like Euroclear Bank [1] - This issuance establishes an efficient financing bridge for Chinese enterprises to expand internationally [1] Group 2: Financial Support and Strategy - Shanghai Bank has consistently implemented the central government's decisions, focusing on serving the real economy and providing strong financial support for the growth and optimization of private enterprises [1] - As a core trader in the interbank market and an A-class clearing member of Shanghai Clearing House, Shanghai Bank plays a significant role in facilitating these financial activities [1] Group 3: Future Focus - Moving forward, Shanghai Bank aims to concentrate on financial market innovation and development, enhancing cross-border financial service practices through efficient collaboration within the group [1] - The bank intends to provide more precise financial services to support the private economy as a "vital engine" for high-quality development [1]

Core Viewpoint - The fourth Confucian Business Conference focuses on the development of new productive forces and their subsequent transformation into results, aiming to support high-quality development in Shandong Province [1] Group 1: New Productive Forces Development - The conference emphasizes "precise energy gathering" to channel new productive forces into Shandong, inviting representatives from leading companies in fields such as new energy, artificial intelligence, high-end equipment, and biomedicine [1] - A "Shandong Province Iconic Industrial Chain Investment Map" will be released at the opening ceremony, highlighting key industrial chain "breakpoints," "bottlenecks," and cooperation needs [1] - A showcase of disruptive technology achievements will feature 5 to 6 cutting-edge projects from the China Innovation and Entrepreneurship Competition, which have the potential for rapid transformation and can inject "fresh blood" into Shandong's industrial innovation [1] Group 2: Collaborative Opportunities - The conference will create "immersive" engagement scenarios for new productive forces, facilitating face-to-face discussions between university research teams and leading enterprises in Shandong's "Top Ten" industries on specific issues like optimizing high-end manufacturing processes with AI [2] - Financial innovation will be highlighted at a meeting aimed at supporting high-level openness in Shandong, promoting new financial tools such as Yulan bonds to address financing challenges for companies in the new productive forces sector [2] - The "Confucian Business Qilu Tour" will focus on new productive forces, allowing guests to experience the foundational potential of related industries firsthand [2]