1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - On August 26, 2025, the yields of treasury bond cash bonds strengthened collectively, and treasury bond futures also strengthened. The domestic fundamental data showed some weaknesses, while overseas, the market bet on the Fed's interest - rate cut in September. As bond yields approach the high point in mid - March this year, the allocation value has significantly increased, and the sensitivity of the bond market to external factors may decrease marginally. If the capital and fundamental fluctuations are limited, the suppression of the bond market by the strengthening of the equity market is expected to be limited, and the bond market pricing is expected to gradually return to the rational range dominated by fundamentals. However, the interest - rate center lacks the motivation to decline further. It is recommended to pay attention to the trading opportunities brought by the phased repair of treasury bond futures [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Disk - T, TF, TS, and TL main contract closing prices increased by 0.06%, 0.04%, 0.01%, and 0.47% respectively. The trading volumes of T, TF, and TS main contracts increased by 7896, 15736, and 12209 respectively, while the trading volume of TL main contract decreased by 5603 [2]. 3.2 Futures Spreads - Multiple futures spreads showed changes, such as the TL2512 - 2509 spread increasing by 0.12 to - 0.39, and the T12 - TL12 spread decreasing by 0.53 to - 8.85 [2]. 3.3 Futures Positions - The positions of T, TF, TS, and TL main contracts all increased, by 2635, 1227, 1543, and 1901 respectively. The net short positions of T and TL top 20 increased, while those of TF and TS top 20 decreased [2]. 3.4 Top Two CTD (Clean Prices) - The clean prices of multiple bonds increased, such as 220025.IB increasing by 0.0703 to 107.302, and 220017.IB increasing by 0.0315 to 99.0955 [2]. 3.5 Active Treasury Bond Yields - The yields of 1y, 3y, 5y, 7y, and 10y active treasury bonds decreased by 1.25bp, 0.50bp, 1.75bp, 2.50bp, and 2.15bp respectively [2]. 3.6 Short - term Interest Rates - Silver - pledged overnight interest rate increased by 3.44bp to 1.3644%, while Shibor overnight decreased by 3.90bp to 1.3170%. Other short - term interest rates also showed different changes [2]. 3.7 LPR Rates - The 1y and 5y LPR rates remained unchanged at 3.00% and 3.5% respectively [2]. 3.8 Open Market Operations - The issuance scale was 405.8 billion yuan, the maturity scale was 580.3 billion yuan, and the interest rate was 1.4% for 7 - day reverse repurchase, with a net withdrawal of 174.5 billion yuan [2]. 3.9 Industry News - The Hong Kong Monetary Authority launched the optimization arrangement for offshore RMB bond repurchase business. Shanghai optimized real - estate policies. The National Development and Reform Commission held a corporate symposium to listen to opinions on expanding domestic demand and stabilizing employment [2]. 3.10 Key Points of Attention - On August 28 at 17:00, the Eurozone's industrial sentiment index for August will be released. On August 29 at 20:30, the annual rate of the US core PCE price index for July will be released [3].

Market Overview - The Hang Seng Index closed up 490 points, reaching a near four-year high at 25,829.91, with a daily increase of 1.94% [3] - The market saw a significant increase in trading volume, with total turnover rising by 29.5% to 369.698 billion [3] - The Northbound capital flow recorded a net outflow of 1.376 billion [3] Key Stock Performances - Among the 85 blue-chip stocks, 72 rose while 12 fell, with Zijin Mining (02899) leading the gainers at 6.4% [4] - Other notable gainers included Galaxy Entertainment (00027) up 5.6%, Sands China (01928) up 5.8%, and Hong Kong Exchanges and Clearing (00388) up 3.3% [4] - Conversely, Geely Automobile (00175) fell by 1.4%, Orient Overseas (00316) by 0.9%, and BYD Electronic (00285) by 0.8% [4] Offshore RMB Bond Market - The first day of the optimized offshore RMB bond repurchase business recorded over 60 transactions involving more than 3 billion RMB, with participation from at least 25 financial institutions [7] - The Hong Kong Monetary Authority aims to promote the offshore RMB repurchase business to enhance market conditions and support the development of Hong Kong as a global offshore RMB hub [7][8] Real Estate Policy Changes - Shanghai announced adjustments to its real estate policies, allowing eligible residents to purchase an unlimited number of homes outside the outer ring road, effective from August 26 [9] - The policy aims to optimize housing fund policies and improve personal housing loan limits to support home purchases [9] Corporate News - Ganfeng Lithium (01772) plans to raise approximately 25.42 billion through a new H-share placement and issuance of convertible bonds, with proceeds aimed at loan repayment and capacity expansion [12] - HeartTech Medical (02291) reported a 17% discount on a major shareholder's sale of shares, raising 254 million [13] - Zai Lab (09688) narrowed its interim loss to 89.165 million, with total revenue increasing by 15.35% to 216 million [14] - Lens Technology (06613) reported a 32.68% increase in interim profit to 1.143 billion, with revenue rising by 14.18% to 32.96 billion [15]

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched the optimized offshore RMB bond repurchase business on August 25, 2023, to support collateral bond reuse and foreign currency settlement [1]. Group 1: Optimized Offshore RMB Bond Repurchase Business - The HKMA announced the optimization of the offshore RMB bond repurchase business in July 2023, aimed at facilitating "Bond Connect" (Northbound) investors' participation [1]. - The first trading day recorded over 60 transactions from at least 25 financial institutions, involving amounts exceeding 3 billion RMB equivalent, with settlement currencies including RMB, HKD, USD, and EUR [1]. - The optimization measures include allowing collateral bonds to be reused during the repurchase period and supporting foreign currency settlements, enhancing liquidity management tools [2]. Group 2: Market Development and Policy Support - The HKMA plans to continue promoting the offshore RMB repurchase business in collaboration with relevant mainland departments and the industry, creating more policy space to foster a favorable market environment [1]. - The two optimization measures aim to align with international market practices, improve operational convenience, and expand the depth and breadth of the offshore repurchase market [2]. - The enhancements are expected to improve the attractiveness of onshore bonds in the offshore market as collateral [2].

Group 1 - The offshore RMB bond repurchase business optimization officially launched on August 25, with over 60 transactions from at least 25 financial institutions, involving amounts exceeding 3 billion RMB equivalent [1] - The Hong Kong Monetary Authority (HKMA) announced the optimization measures to support collateral bond reuse and foreign currency settlement, receiving positive market feedback [1] - Bank of China Hong Kong reported multiple repurchase transactions under the new optimization arrangements, enhancing multi-currency financing efficiency for offshore investors [1] Group 2 - Standard Chartered highlighted an increase in client inquiries, believing the new measures will enhance the attractiveness of RMB bonds and solidify Hong Kong's status as an international financial center [2] - HSBC noted the growing participation of international investors in the offshore RMB bond repurchase business, facilitating the transition of the bond market towards international standards [2]

8月25日，离岸人民币债券回购业务的优化安排正式启动。图为香港金融管理局资料图。 中新社记者 张炜 摄 中国银行(香港)副总裁王化斌表示，是次优化措施进一步便利境外投资者获取人民币流动性支持，有助 吸引更广泛境外投资者参与离岸人民币回购业务。 中国工商银行(亚洲)高级业务总监暨金融市场部总经理詹伟基称，随着互联互通机制不断扩大和优化， 有关交易在业务优化框架下实现跨境资金融通，成为两地债券市场的关键节点，既展现中国内地债券市 场持续开放，也有利于巩固香港作为全球离岸人民币枢纽与国际金融中心的战略地位。 中新社香港8月25日电 离岸人民币债券回购业务的优化安排25日正式启动。香港金融管理局(金管局)表 示，首个交易日交易有序，录得来自至少25家金融机构的60多笔交易，涉及金额超过等值30亿元人民 币。 离岸人民币回购业务于2025年2月10日正式推出以来，市场反应积极。是次优化按照国际惯例，允许抵 押券在回购期间再使用，以提升抵押品使用效率，进一步降低市场机构的融资成本，提升流动性管理效 率；同时进一步支持多币种外币结算，便利参与机构按实际需要，以持有的在岸人民币债券持仓进行多 币种资金融通，丰富流动性管理工具 ...

Group 1 - The Hong Kong Monetary Authority (HKMA) has officially launched the optimized arrangement for offshore RMB bond repurchase operations on August 25 [1] - The arrangement, announced in July 2025, supports the reuse of collateral bonds and foreign currency settlement, receiving positive market feedback [1] - The first transaction was orderly, with participation from at least 25 financial institutions, involving over 60 transactions and an amount exceeding 3 billion RMB equivalent, settled in RMB, HKD, USD, and EUR [1] Group 2 - The HKMA will collaborate with relevant mainland departments and the industry to promote offshore RMB repurchase operations, creating policy space and a favorable environment to support the development of Hong Kong's offshore RMB market [1]

本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 【8月25日离岸人民币债券回购业务优化安排正式启动】8月25日，离岸人民币债券回购业务优化安排正 式启动。香港金融管理局曾于2025年7月宣布该优化安排，支持抵押品债券再使用和外币结算。市场对 优化措施反应积极，首个交易有序，超25家金融机构参与超60笔交易，涉及金额超30亿人民币等值，结 算币种含人民币、港元、美元和欧元。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The Hong Kong Monetary Authority (HKMA) has officially launched an optimized arrangement for offshore RMB bond repurchase operations to support the reuse of collateral bonds and foreign currency settlements [1] Group 1: Market Response - The market has reacted positively to the optimization measures, indicating strong support for the initiative [1] - On the first trading day, transactions were orderly, with over 60 trades recorded from at least 25 financial institutions, including market makers, banks, securities firms, asset management companies, and hedge funds [1] Group 2: Transaction Details - The total transaction amount exceeded the equivalent of 30 billion RMB, with settlement currencies including RMB, HKD, USD, and EUR [1] Group 3: Future Developments - The HKMA will continue to promote offshore RMB repurchase operations in collaboration with relevant mainland departments and the industry, aiming to create more policy space and foster a favorable market environment for the development of Hong Kong's offshore RMB market [1]

Core Viewpoint - HSBC Hong Kong has successfully assisted multiple banks, securities firms, and hedge funds in completing the first batch of transactions under the offshore RMB bond repurchase business optimization scheme launched by the Hong Kong Monetary Authority [1] Group 1 - HSBC's role in facilitating the transactions highlights its position as a key player in the offshore RMB market [1] - The initiative by the Hong Kong Monetary Authority aims to enhance liquidity and efficiency in the offshore RMB bond market [1] - The successful completion of these transactions may signal increased participation from various financial institutions in the offshore RMB market [1]

Core Viewpoint - Hang Seng Bank has implemented optimized arrangements for offshore RMB bond repurchase operations, supporting the Hong Kong Monetary Authority's initiatives to enhance market participation and liquidity management [1] Group 1: Implementation of Optimized Arrangements - On August 25, Hang Seng Bank officially implemented the optimized arrangements for offshore RMB bond repurchase operations [1] - The first day of the optimization saw Hang Seng expand repurchase transactions with other banks and non-bank financial institutions (NBFIs), achieving a transaction volume of 500 million RMB [1] Group 2: Objectives and Benefits - The measures aim to facilitate "Bond Connect" (Northbound) investors' participation in offshore RMB bond repurchase operations [1] - Key features include allowing the reuse of collateral during the repurchase period and supporting cross-currency repurchase transactions in HKD, USD, and EUR [1] Group 3: Market Position and Future Outlook - Hang Seng Bank, as the largest local bank in Hong Kong and a designated market maker for "Bond Connect," expresses commitment to leading the development of important financial instruments [1] - The bank aims to enhance investor participation, meet the growing demand for diversified financial solutions, and improve collateral efficiency and liquidity management [1] - There are expectations for future expansion of these operations to include onshore RMB bond repurchase [1]