债市吸引力显著提升！ 中国人民银行副行长邹澜9月25日在首届香港固定收益及货币论坛发表主旨演讲时表示，近年来，在内地与香港各方共同努力下，中国债券市场健康快速发 展，在服务实体经济和优化融资结构等方面发挥着重要作用，债券市场的国际影响力和吸引力显著提升。 邹澜强调，中国债券市场仍有较大的开放潜力与空间。央行将继续支持香港国际金融中心建设，推动中国金融市场高水平对外开放。 多年来，央行与香港货币当局、监管机构不断优化拓展香港人民币债券市场的应用场景。邹澜透露，央行正在推动中国内地债券成为香港及全球市场广泛接 受的合格担保品。 邹澜还表示，近期央行将支持各类境外机构投资者在中国债券市场开展债券回购业务；扩充"互换通"报价商队伍，并提高每日交易净限额至450亿元；会同相 关部门在香港市场提供更多离岸人民币国债等高信用等级人民币资产；加快推进落地人民币国债期货在港上市。 债券市场有较大开放潜力与空间 从收益率看，中国债券的短期与长期收益率、名义与实际收益率均位居全球前列。根据彭博数据，在过去10年内持有彭博巴克莱全球综合指数中的中国债券 组合，无论是否进行外汇对冲，都可以获得约70%的收益。在全球高通胀背景下，剔除通 ...

Group 1 - The Hong Kong stock market is expected to present structural opportunities in 2025, particularly in growth sectors like renewable energy and biotechnology, attracting global capital attention [1] - Companies with core patents, such as those involved in solid-state battery technology, have seen their stock prices increase by over 30% this year, outperforming the industry average [1] - Fixed income investments, including local government special bonds and offshore RMB government bonds, maintain yields in the range of 4.2%-5.8%, providing a hedge against equity asset volatility [1] Group 2 - A suggested asset allocation strategy is to maintain a portfolio consisting of 40% equities, 35% fixed income, and 25% alternative investments, focusing on specific Hong Kong Stock Connect stocks and cross-border bond varieties [2] - Smart investment advisory products can dynamically adjust portfolio allocations based on real-time data, enhancing the Sharpe ratio by 0.3-0.5 [2] - REITs are highlighted as providing an average annual dividend return of 6.2%, appealing to investors seeking stable income [2] Group 3 - Digital gold certificates launched by the Shanghai Gold Exchange utilize blockchain technology for T+0 settlement, with average daily trading volume exceeding 80 tons this year [1] - Investing in gold ETFs allows ordinary investors to avoid physical storage costs while benefiting from price fluctuations [1]

Core Viewpoint - The issuance of 60 billion offshore RMB government bonds in Macau marks a significant milestone for the local bond market, being the first bond issuance following the financial infrastructure connectivity between Hong Kong and Macau, and it introduces a 10-year bond maturity option for the first time [1] Group 1: Bond Issuance Details - The bond issuance consists of three maturities: 2 years (30 billion), 5 years (20 billion), and 10 years (10 billion) with respective coupon rates of 1.43%, 1.55%, and 1.72% [1] - The issuance achieved a record high in terms of single bond issuance scale in the Macau market, contributing to the high-quality development of the local bond market [1] Group 2: Market Response - The bond attracted significant interest from both domestic and international investors, with a peak subscription amount reaching 36.52 billion RMB, resulting in a subscription multiple of approximately 6.1 times, the highest ever recorded for bond issuances in Macau [1] - Institutional investors, including monetary authorities, commercial banks, and investment banks, actively participated in the subscription process, indicating strong market demand [1] Group 3: Historical Context - This marks the fifth issuance of offshore RMB government bonds in Macau, with China Bank serving as the lead underwriter for all previous issuances [1]

Core Insights - The direct connectivity service between the Central Money Unit (CMU) and the Macau Central Securities Depository has shown steady growth in subscription and usage over the past six months, indicating strong investment interest and capital flow between Hong Kong and Macau [1] Group 1 - The CMU, operated by Xunqing Settlement Co., has been in operation since January 21, 2025, and has seen a consistent increase in service volume [1] - On July 23, the Ministry of Finance of the People's Republic of China successfully settled offshore RMB government bonds issued in Macau, with a total issuance scale of 6 billion RMB, of which nearly 50% was held by CMU members through bilateral connectivity [1]