· 国都港股操作导航 | 海外市场重要指数 | 收市 | 幅度 | | --- | --- | --- | | 道琼斯工业指数 | 48977.92 | -1.05 | | 标普 500 指数 | 6878.88 | -0.43 | | 纳斯达克综合指数 | 22668.21 | -0.92 | | 英国富时 100 指数 | 10910.55 | 0.59 | | 德国 DAX 指数 | 25284.26 | -0.02 | | 日经 225 指数 | 58850.27 | 0.16 | | 台湾加权指数 | 35414.49 | 0 | | 内地股市 | | | | 上证指数 | 4162.88 | 0.39 | | 深证成指 | 14495.09 | -0.06 | | 香港股市 | | | | 恒生指数 | 26630.54 | 0.95 | | 国企指数 | 8859.49 | 0.51 | | 红筹指数 | 4439.65 | 0.63 | | 恒生科技指数 | 5137.84 | 0.56 | | AH 股溢价指数 | 118.17 | -0.54 | | 恒生期货 (3 月) | 26465 ...

中银香港在此次发行中全程参与了项目执行与交割安排，组织发行文件、销售、定价及结算交割等工 作。(完) （文章来源：中国新闻网） 中新网雅加达2月27日电 (记者李志全)中国银行(香港)27日消息，该行再度获委任为印度尼西亚政府债 券发行的联席牵头经办人及联席账簿管理人，成功协助印度尼西亚政府发行离岸人民币及欧元双币种债 券。此次发行是印度尼西亚政府再次在香港发行点心债，亦是中银香港首次参与印度尼西亚政府的欧元 公募债券发行。中银香港亦担任此次离岸人民币债券发行的结算交割行。 此次债券发行规模约为人民币311亿，包括人民币92.5亿及欧元27亿，为该行迄今承销规模最大的东南 亚债券发行。债券品种包括3年期人民币45亿、5年期人民币35亿、10年期人民币12.5亿、8年期欧元12 亿、12年期欧元8亿及20年期欧元7亿，定价利率分别为2.45%、2.65%、3.05%、MS+150基点、MS+165 基点及MS+195基点。此次债券发行的订单总值分别达人民币170.4亿及欧元94.8亿，订单倍数分别高达 1.84倍及3.51倍，吸引了来自美国、欧洲及亚洲的优质投资者。 中银香港副总裁王化斌表示，此次双币种发行不仅 ...

Core Insights - The construction of Shanghai International Financial Center (SIFC) has transitioned from "gathering institutions, building frameworks, and expanding scale" during the 14th Five-Year Plan to "strengthening functions, enhancing levels, and optimizing ecology" in the 15th Five-Year Plan, with a focus on offshore finance as a key driver by 2026 [1][6][9] Group 1: Achievements in 2025 - In 2025, SIFC achieved significant progress in financial market construction, institutional capacity, financial infrastructure, and high-level openness, marking a new stage of functional enhancement [2][4] - The total amount of cross-border RMB payments in Shanghai reached 32.4 trillion yuan, a year-on-year increase of 9%, maintaining a 46% share of the national total [3] - The number of licensed financial institutions in Shanghai reached 1,813, with 128 international reinsurance platforms, including 34 foreign institutions [3] Group 2: Strategic Initiatives - The central financial committee issued opinions to support the acceleration of SIFC construction, aiming for a comprehensive enhancement of its capabilities over the next five to ten years [2] - The Shanghai government signed a collaborative development action plan with Hong Kong to strengthen cooperation in building international financial centers [2] - The 15th Five-Year Plan emphasizes the establishment of a global RMB asset allocation center and risk management center, enhancing cross-border and offshore financial services [6][7] Group 3: Future Directions - The focus will shift towards enhancing pricing power, resource allocation rights, and global service capabilities, aiming to establish Shanghai as a global center for RMB asset allocation and risk management [1][8] - Offshore finance is identified as a breakthrough point for SIFC construction, with plans to address challenges in legal frameworks, tax arrangements, and cross-border data flow [9][10] - Recommendations include establishing offshore financial functional zones, enriching offshore RMB product systems, and optimizing the legal and business environment to enhance international competitiveness [10][11]

"十四五"时期，上海国际金融中心建设以"聚机构、建框架、扩规模"为主线，重点集聚持牌机构、完善 市场门类、扩大交易规模，深化国际金融中心"从0到1"的基础搭建。步入"十五五"新时期，上海国际金 融中心建设则转向"强功能、提能级、优生态"。离岸金融将成为2026年上海国际金融中心建设的重要抓 手和突破口。 在"十四五"收官的2025年，上海国际金融中心建设在金融市场建设、金融机构能级、金融基础设施、金 融高水平对外双向开放等方面取得明显进展，功能跃升进入新阶段。 迈步"十五五"新征程，上海国际金融中心建设不再单纯追求机构数量，而是聚焦定价权、资源配置权、 风险管理权、全球服务能力，从"要素集聚"升级为"功能输出"，核心目标是打造人民币资产全球配置与 风险管理中心，做强离岸、跨境、科技金融等核心功能，提升全球资源配置与规则影响力。 量质齐升又一年 2025年不仅是"十四五"规划收官之年，也是上海国际金融中心建设能级提升的一年。在2025陆家嘴论坛 召开期间，中央金融委员会印发《关于支持加快建设上海国际金融中心的意见》，提出要经过五至十年 的建设，上海国际金融中心能级全面提升，现代金融体系的适应性、竞争力、普惠性显 ...

Group 1 - As of 2025, the number of foreign and associated companies in Hong Kong is expected to reach 11,017, an 11% increase from the previous year, marking a historical high. Companies from ASEAN, the Middle East, and mainland China are showing particularly strong growth, employing nearly 510,000 people in Hong Kong [1] - The number of startups in Hong Kong is projected to exceed 5,200 by 2025, also a historical high, with a year-on-year growth of 11%. These startups are expected to employ nearly 20,000 people, a 12% increase from the previous year [1] - The Hang Seng Index is anticipated to rise approximately 30% in 2025, with an average daily trading volume surpassing $32 billion. The IPO market is expected to rebound strongly, with fundraising reaching $3.6 billion, reaffirming the attractiveness of the capital market [1] Group 2 - Hong Kong processes about three-quarters of global offshore RMB payments and has the largest offshore RMB liquidity pool. The introduction of offshore RMB repurchase and cross-border purchase services in 2025 will further enhance liquidity channels [2] - The RMB bond market in Hong Kong is expected to remain active, with the market size surpassing 1 trillion RMB in 2024 and maintaining this level in 2025. Hong Kong aims to deepen financial market connectivity with the mainland [2] - Digital assets are becoming a key driver of financial innovation in Hong Kong, with the second digital asset policy statement released and regulations being developed. A licensing regime for digital asset trading and custody service providers is expected to be concluded by the end of 2025 [2] Group 3 - As of September 2025, assets under management in green and sustainable funds in Hong Kong are expected to exceed $141 billion, with the number of funds and assets growing by 32% and 23% respectively over three years [3] - Hong Kong plans to increase its airport gold storage capacity to 2,000 tons and is committed to building an international gold trading market and enhancing the commodity trading ecosystem [3] - The Hong Kong gold industry has formed a complete industrial chain, with the first offshore warehouse of the Shanghai Gold Exchange in operation and over 20,000 tons of metals stored in warehouses supporting exchange contract delivery [3]

1. Report Industry Investment Ratings Stock Market - US Stocks - Overweight [32] - European Stocks - Equal-weight [33] - Chinese A-shares - Equal-weight [35] - Hong Kong Stocks - Overweight [36] - Japanese Market - Overweight [40] - Indian Market - Equal-weight [41] Bond Market - US Bond Market - Overweight [57] - Chinese Bond Market - Overweight [59] - Japanese Bond Market - Underweight [60] - European Bond Market - Equal-weight [62] 2. Core Views of the Report - In 2025, global stock markets rose due to improved global liquidity under the Fed's interest rate cuts. Vietnamese stocks led in December, while US stocks were volatile at the end of the year, and the Hang Seng Index and Hang Seng Tech Index performed poorly in the last three months [30][31] - In December, the primary market of Chinese overseas bonds had different issuance situations for US dollar bonds and offshore RMB bonds. The secondary market of Chinese overseas bonds generally showed an upward trend [46][49][50] - In December, major global bond markets had mixed performances. The Fed's policy and market expectations affected the US bond market, while China's bond market rose due to policy support and economic data [53][59] - In December, the US dollar index declined, and the yen depreciated. The Fed's expected interest rate cuts in 2026 will weaken the US dollar, and the yen's interest rate attractiveness is insufficient [67] - In December, gold continued to rise but may have short - term corrections. Silver rose strongly but was highly volatile, and crude oil prices were weak and expected to remain under pressure [71] 3. Summary by Relevant Catalogs Stock Market - **12 - month Performance**: In December, most major global stock indices had different performances. The Vietnamese VN30 Index led with a 5.55% monthly increase, while the Hang Seng Tech Index had a significant decline of 1.48%. In 2025, all major global stock indices recorded gains [30][31] - **US Stocks**: The three major US stock indices had a differentiated trend in December. The Dow Jones Industrial Average hit a record high, while the Nasdaq Composite Index declined slightly. The reasons for maintaining an overweight rating include the Fed's positive economic outlook, clear support for market liquidity, and the continuous realization of AI business [32][34] - **European Stocks**: European major stock indices oscillated higher in December. The reasons for maintaining an equal - weight rating are the stronger - than - expected economic resilience in the eurozone and the lack of growth potential despite lower valuations [33][34] - **Chinese A - shares**: The A - share market had a mild upward trend in December. The reasons for maintaining an equal - weight rating are the shift of policies from scale expansion to quality and efficiency improvement, slow fundamental repair, and a good liquidity structure [35] - **Hong Kong Stocks**: The Hong Kong stock market was under pressure in December. The reasons for maintaining an overweight rating are the expected return of southbound funds and the still - low valuation [36][38] - **Japanese/Indian Markets**: The Japanese stock market maintained a high - level oscillation in December. The reasons for upgrading to an overweight rating are the slower - than - expected pace of monetary policy normalization and the government's large - scale fiscal stimulus. The Indian stock market was in a high - level oscillation in December, and the reasons for downgrading to an equal - weight rating are trade frictions and currency depreciation, although the economy still maintains high - speed growth [40][41] Bond Market - **12 - month Performance**: In December, major global bond markets had different performances. The Bloomberg US Treasury Bond Index declined by 0.51%, while the Bloomberg China Treasury and Policy Bank Bond Index rose by 1.22% [53][59] - **US Bond Market**: The US bond market declined in December. The reasons for an overweight rating are the expected Fed interest rate cuts in 2026 and its role in hedging market risks [57][59] - **Chinese Bond Market**: The Chinese bond market rose in December. The reasons for an overweight rating are the expectation of fiscal stimulus and the attractiveness of real yields [59] - **Japanese Bond Market**: The Japanese bond market declined significantly in December. The reasons for an underweight rating are the expected further interest rate hikes by the Bank of Japan and fiscal risks [60][62] - **European Bond Market**: The European bond market was under pressure in December. The reasons for an equal - weight rating are the reduced expectation of safe - haven demand for European bonds and increased fiscal policy uncertainty [62] Foreign Exchange Market - **12 - month Performance**: In December, the US dollar index showed a mild downward trend, and the yen still depreciated slightly. The long - term stability of the US dollar is a concern, and the yen's interest rate attractiveness is insufficient [67] Commodity Market - **12 - month Performance**: In December, gold continued to rise, silver had a strong but volatile upswing, and crude oil prices were weak. Gold may have short - term corrections, silver has a risk of retracement after excessive speculation, and crude oil prices are expected to remain under pressure [71] Fund Selection - **December Performance**: The selected funds in December had different returns. For example, the monthly increase of the Taikang Kaitai Hong Kong Dollar Money Fund A HKD was 0.24%, and the monthly increase of the Huaxia Selected Greater China Technology Fund A HKD Acc was 3.63% [75]

转自：新华财经 作为疆内头部债券承销商，兴业银行乌鲁木齐分行积极搭建平台，协同中介机构和投资人，为新疆债券 市场健康发展创造良好环境。继2024年首次发布《新疆债券市场白皮书》后，该行于2025年持续发布， 全面回顾分析新疆债券市场发展情况与趋势。 兴业银行乌鲁木齐分行坚决贯彻服务实体经济，擦亮"投资银行"名片，为疆内更多发行人提供优质服 务，为新疆"十五五"开局作出更大贡献。（古拉然） 编辑：赵鼎 2025年9月，兴业银行乌鲁木齐分行助力哈萨克斯坦开发银行在中国香港发行离岸人民币债券，该债券 是哈萨克斯坦及中亚地区发行人首次在全球公开发行并上市的人民币债券，也是首笔在香港交易所挂牌 的中亚离岸人民币债券。 2025年10月，该行助力哈萨克斯坦国家石油天然气股份公司在中国香港发行离岸人民币债券，该债券是 哈萨克斯坦及中亚地区发行人的首单5年期离岸人民币债券，为中亚企业未来在中长期离岸人民币债券 市场的融资操作提供了关键的定价参考。这一合作既体现了中哈两国在深化金融合作、推动资本市场互 联互通方面的坚定决心，也树立了跨国金融合作与产业资本协同的新典范。 2025年是"十四五"收官年，为更好服务疆内债券融资和经济 ...

Core Insights - The Xinjiang branch of Industrial Bank is actively supporting the local economy and bond market by underwriting over 10 billion yuan in debt financing tools for non-financial enterprises during the "14th Five-Year Plan" period [1] - The branch has led the market in innovative products, including the first private sector perpetual medium-term note and the first technology innovation bond under new regulations in the region [1] - The branch is also facilitating the issuance of offshore RMB bonds for Kazakhstan, marking significant milestones in cross-border financial cooperation [2] Group 1 - The Xinjiang branch of Industrial Bank has underwritten over 10 billion yuan in debt financing tools for non-financial enterprises, supporting local quality issuers in utilizing direct financing tools to reduce costs [1] - The branch has achieved regional leadership in bond underwriting scale and has introduced innovative products, including the first private sector perpetual medium-term note and the first technology innovation bond under new regulations [1] - The branch has participated in all technology innovation note issuances in the region, contributing to the development of new productive forces in Xinjiang [1] Group 2 - The branch has assisted Kazakhstan's Development Bank in issuing offshore RMB bonds in Hong Kong, marking the first public issuance of RMB bonds by a Central Asian issuer [2] - The branch also supported Kazakhstan's National Oil and Gas Company in issuing a 5-year offshore RMB bond, providing key pricing references for future financing operations in the offshore RMB bond market [2] - The branch is committed to creating a favorable environment for the healthy development of the Xinjiang bond market by collaborating with intermediary institutions and investors [2] Group 3 - The Xinjiang branch of Industrial Bank plans to continue serving the real economy and enhance its investment banking profile, aiming to provide quality services to more issuers in the region [3]

Core Insights - The 2025 Bloomberg China Bond Underwriting Rankings have been released, highlighting market trends and key players in the bond market [4][5]. Group 1: Panda Bonds and Credit Bonds - As of December 31, 2025, the issuance of Panda bonds by foreign institutions in China reached 183.9 billion yuan, showing a decrease of 5.62% compared to the same period last year [6]. - The total issuance of credit bonds in China for 2025 was approximately 19.08 trillion yuan, reflecting a growth of about 6.85% year-on-year [8]. - New initiatives such as debt restructuring and the pilot program for company bond renewals are expected to enhance credit risk management and improve liquidity in the credit bond market [8]. Group 2: Rankings and Market Shares - Guotai Junan Securities topped the 2025 China Bond Rankings with a market share of 5.901%, followed closely by CITIC Securities at 5.792% and Bank of China at 5.122% [10]. - In the corporate bond rankings, Guotai Junan Securities led with a market share of 12.531%, followed by CITIC Securities at 12.319% and CITIC Construction Investment at 10.756% [10]. - In the offshore RMB bond market (excluding certificates of deposit), HSBC ranked first with a market share of 6.713%, while Bank of China and Orient Securities followed [10]. Group 3: Offshore Bond Market - The issuance of offshore bonds (excluding certificates of deposit) by Chinese enterprises exceeded 2.05 trillion yuan in 2025, marking a significant increase of approximately 42.17% year-on-year [18]. - The issuance of US dollar bonds by Chinese enterprises surpassed 164.3 billion USD (approximately 1.17 trillion yuan), reflecting a growth of about 62.25% compared to 2024 [18]. - The issuance of dim sum bonds reached 707.2 billion yuan, which is a year-on-year increase of about 9.61% [18]. Group 4: Market Trends and Future Outlook - The issuance of interbank certificates of deposit reached approximately 34.02 trillion yuan in 2025, up 6.54% from the previous year, driven by demand from banks and foreign investors [12]. - Local government bond issuance for 2025 was about 10.29 trillion yuan, an increase of approximately 5.26% year-on-year, with general bonds at 2.61 trillion yuan and special bonds at 7.68 trillion yuan [14]. - The yield spread between US dollar and RMB bonds is currently around 230 basis points, and further interest rate cuts by the Federal Reserve could narrow this spread, potentially boosting the issuance of Chinese dollar bonds [24].

Core Insights - The offshore (CNH) and onshore (CNY) RMB exchange rates appreciated in December, with the CNH/USD rate closing at 6.9755, up 1.37% from the previous month, and the CNY/USD rate at 6.9890, up 1.29% [3][4] - The average daily price difference between CNY and CNH increased to 59 basis points (BP), up 11 BP from the previous month [3] - The CFETS RMB exchange rate index and indices referencing the BIS and SDR currency baskets decreased by 0.29%, 0.05%, and 0.01% respectively [3] Offshore RMB Foreign Exchange Market - In December, the offshore RMB bond issuance amounted to 101 bonds, a decrease of 22 bonds from the previous month, but the issuance value increased by 41.6% to 303.82 billion RMB [5] - The CNH HIBOR rates for overnight, 7-day, 3-month, and 1-year periods rose by 89 BP, 32 BP, 2 BP, and fell by 3 BP respectively [6] Offshore RMB Bond Market - The total issuance in the offshore RMB bond market reached 303.82 billion RMB in December, reflecting a significant increase despite a reduction in the number of bonds issued [5] Offshore RMB Money Market - The CNH HIBOR rates at the end of December were 1.9273% for overnight, 1.9000% for 7-day, 1.8152% for 3-month, and 1.9229% for 1-year, with varying changes from the previous month [6] - The average interest rate spread between offshore and onshore borrowing rates showed mixed trends across different maturities [6] Dynamics of Foreign Institutions in Domestic Interbank Market - By the end of December, the number of foreign institutions participating in the domestic interbank foreign exchange market reached 244, an increase of 2 from the previous month [7] - The total number of foreign institutions and their products in the domestic currency market rose to 5837, with various categories of institutions showing slight increases [7] Trading Volume in Domestic Interbank Market - The total trading volume for foreign institutions in the domestic interbank foreign exchange market was 23,478.51 billion RMB, a decrease of 7.1% month-on-month [8] - The trading volume in the domestic interbank bond market for foreign institutions was 10,745.37 billion RMB, showing a slight increase of 0.1% [8]