"十五五"时期，上海国际金融中心建设重在提高竞争力和国际化水平，并稳步扩大金融高水平对外开 放。根据《上海市国民经济和社会发展第十五个五年规划纲要》（下称"上海'十五五'规划纲要"），上 海在临港新片区和东方枢纽国际商务合作区探索打造离岸金融（经济）功能区。 "离岸金融"并非一个新概念，但在上海"十五五"开局之年，它或许被赋予了重要的国家战略意义。"离 岸金融（经济）功能区的建设是上海踢好国际金融中心'临门一脚'的重要突破口。"中国首席经济学家 论坛理事长、广开首席产研院院长连平在接受《国际金融报》记者专访时表示。 从试点到体系 离岸金融这盘关乎上海未来金融高水平对外开放的重要棋局，究竟应如何落子？其核心载体FT账户 （自由贸易账户），又将迎来怎样的功能升级？在全球离岸金融市场深刻变革的今天，上海又将如何抓 住历史性机遇，推动人民币国际化进程加速？连平在专访中给出了独到见解。 "临门一脚" 上海的离岸金融之路，经历了一场漫长的探索，与中国金融市场的开放同频。在连平看来，理解上海当 下的选择，必须深刻了解离岸金融的过往历史。 "上海在离岸金融领域的探索并非简单的业务补充，而是一场意义深远的国家战略实践。"连平告 ...

证 券 研 究 报 告 【债券周报】 债市延续修复，中长普信债表现偏强 ——信用周报 20260131 本周信用债收益率、信用利差走势分化。本周权益高位震荡，年初配置行情 延续叠加央行创新货币政策工具催化，收益率延续修复。全周来看，信用债表 现强于利率债。3y 及以上中长端普信债、2-4y 券商次级债收益率有所下行， 利差有所收窄，其中 3-4y 普信债、5y 城投、4y 券商次级债表现相对占优；其 余品种收益率多数上行，除 1y 品种外利差以走阔为主。近期仍处于摊余债基 开放高峰，3-5y 品种普信债利差进一步压缩。 热点重点政策及热点事件 1、央行副行长表示将增加离岸人民币国债供给规模。这一举措有利于满足境 外投资者对优质人民币资产配置的需要，活跃市场交易、提升人民币定价能力。 2、吉林省成功退出地方债务重点省份。吉林省债务体量相对较小，率先退出 重点省份基本符合市场预期，可重点关注退重点省份后区域发展机会及发债主 体新增融资空间。 3、万科公布与深铁 23.6 亿借款方案。借款方案背靠深铁将为债券部分兑付提 供资金保障，万科债务风险的缓释有助于阶段性稳定市场预期。 4、多家房地产企业已不再被监管部门要求 ...

Group 1 - The 19th Asian Financial Forum, co-organized by the Hong Kong SAR Government and the Hong Kong Trade Development Council, aims to promote international financial cooperation and policy coordination, gathering over 150 global political and business leaders, investors, and regulatory representatives [1] - Hong Kong's Chief Executive, John Lee, emphasized that the "One Country, Two Systems" framework provides unique advantages for Hong Kong, making it a preferred location for global enterprises, with the number of companies from overseas and mainland China in Hong Kong reaching 11,070 by 2025, an 11% year-on-year increase, marking a historical high [1] - The forum's theme, "Collaborating for a Win-Win Situation Amidst Change," will introduce a new "Global Industry Summit" focusing on high-growth sectors such as artificial intelligence, robotics, biopharmaceuticals, healthcare, and renewable energy, aiming to stimulate innovation and promote sustainable economic growth through financial innovation and industry collaboration [1] Group 2 - The Hong Kong Monetary Authority and the Shanghai Gold Exchange signed a cooperation agreement to establish a high-level governance framework for a Hong Kong gold central clearing system, aiming to enhance physical infrastructure collaboration and market connectivity [1] - The People's Bank of China, represented by Deputy Governor Zou Lan, expressed strong support for the development of Hong Kong's offshore RMB market, including increasing the scale of RMB business funding arrangements and supporting the construction of an international gold trading center in Hong Kong [2] - The two-day forum will feature over 40 thematic speeches, lunch and breakfast sessions, and workshops focusing on global economic outlook, asset and wealth management, fintech, trade financing, gold and precious metals trading, and green finance [2]

中国人民银行副行长邹澜1月26日在第19届亚洲金融论坛上表示香港已成为全球最大、最具影响力的人 民币离岸业务枢纽。 在上海黄金交易所与香港财库局签署合作协议基础上，中国人民银行将支持上海黄金交易所通过各种方 式参与香港黄金清算系统建设，助力香港构建国际黄金交易中心，强化香港与全球黄金市场的联系。 下一步，中国人民银行将坚定支持并继续稳步推进香港离岸人民币市场建设。一是增加人民币业务资金 安排规模，为香港离岸市场提供更加充裕的流动性支持。二是将继续推进金融市场互联互通，丰富境外 投资者流动性管理和风险对冲工具。三是增加离岸人民币国债供给规模，提高市场流动性。四是支持香 港黄金市场建设，增强香港离岸人民币市场功能。 此外，邹澜还表示中国人民银行持续推进内地与香港金融市场互联互通机制，全面覆盖债券、股票、货 币衍生品、黄金等多个子市场，有效支持全球投资者通过香港开展人民币投融资活动。 ...

人民财讯1月26日电，1月26日，中国人民银行副行长邹澜在第19届亚洲金融论坛上表示，下一步，增加 离岸人民币国债供给规模，提高市场流动性。为满足境外投资者对优质人民币资产配置的需要，中国人 民银行将配合相关部门进一步增加离岸人民币国债年度发行规模，建立完善离岸市场做市机制，活跃市 场交易，提升人民币定价能力。 （文章来源：上海证券报） ...

Core Viewpoint - The People's Bank of China (PBOC) is enhancing the offshore RMB liquidity in Hong Kong by increasing the funding arrangement scale from 100 billion to 200 billion RMB, supporting various liquidity measures to meet market demand [1]. Group 1: RMB Usage and Market Development - The RMB is increasingly used in cross-border transactions, becoming the second-largest trade financing currency and the third-largest payment currency globally, with a significant weight in the IMF's Special Drawing Rights (SDR) basket [4]. - The PBOC and the Hong Kong Monetary Authority (HKMA) are set to promote offshore RMB bond repurchase and cross-border repurchase businesses in Hong Kong in February and October 2024, with 34 offshore institutional investors already participating in offshore repurchase totaling 119.1 billion RMB [4]. - A total of 46 new offshore institutional investors have conducted cross-border repurchase transactions amounting to 150.3 billion RMB, indicating a growing interest in RMB-denominated assets [4]. Group 2: Financial Market Connectivity - The PBOC is committed to enhancing financial market connectivity, providing liquidity management and risk hedging tools for offshore investors, and improving mechanisms like Bond Connect and Swap Connect [4]. - As of now, 87 offshore investors have accessed the domestic derivatives market through Hong Kong, engaging in interest rate swap transactions with a cumulative nominal principal exceeding 9.9 trillion RMB [4]. Group 3: Offshore RMB Bond Supply and Gold Market Development - The PBOC plans to increase the supply of offshore RMB government bonds to enhance market liquidity and meet the demand for quality RMB asset allocation from overseas investors [5]. - A cooperation agreement was signed between Hong Kong and the Shanghai Gold Exchange to develop the gold market, with plans for a gold delivery warehouse in Hong Kong, which will enhance the offshore RMB market's functionality [5].

Group 1: Hong Kong Financial Market Developments - Hong Kong's stock market average daily trading volume exceeded $32 billion this year, doubling from last year [2] - In the first ten months of this year, Hong Kong had 80 IPOs raising over $26 billion, ranking first globally in IPO fundraising [2] - The Hong Kong government is actively promoting reforms to enhance efficiency in financing and risk management for overseas companies [2] Group 2: Monetary Policy and Financial Support - The People's Bank of China (PBOC) has implemented a moderately loose monetary policy, lowering the reserve requirement ratio by 0.5 percentage points and providing 1 trillion yuan in long-term liquidity [3] - PBOC has reduced policy interest rates by 0.1 percentage points and structural monetary policy tool rates by 0.25 percentage points to lower financing costs [3] - A total of 500 billion yuan has been allocated for consumption and pension refinancing, with an additional 300 billion yuan for technology innovation and transformation [3] Group 3: Cross-Border Financial Cooperation - PBOC has supported the Hong Kong Monetary Authority in launching a 100 billion yuan trade financing liquidity arrangement, with nearly 30 billion yuan in transactions initiated by the end of September [4] - The issuance of offshore RMB central bank bills in Hong Kong has reached 255 billion yuan this year, with a total balance of 170 billion yuan [4] - The number of bank accounts opened by Hong Kong and Macau residents has reached 475,000, facilitating cross-border financial services [4] Group 4: Regulatory and Market Opening Initiatives - The China Securities Regulatory Commission (CSRC) highlighted three achievements in capital market opening during the 14th Five-Year Plan, including increased foreign ownership in financial firms and enhanced market connectivity [8] - The CSRC aims to improve cross-border investment facilitation and strengthen communication with international investors [8] - The CSRC encourages international institutions to invest in China, emphasizing the importance of long-term investment and risk management [9]

Core Viewpoint - The attractiveness of the Chinese bond market has significantly increased, with the People's Bank of China emphasizing its rapid development and international influence [1][3]. Group 1: Market Development and Growth - The Chinese bond market's net financing scale has risen from approximately 30% to over 40% of total social financing in the past five years [3]. - The bond issuance scale exceeded 59 trillion RMB in the first eight months of this year, marking a 14% year-on-year increase [3]. - As of August 2025, the total balance of the Chinese bond market reached 192 trillion RMB, ranking second globally [3]. Group 2: Investment Value and Returns - Chinese bonds have shown high nominal and real yields, ranking among the top globally [4]. - Over the past decade, holding a portfolio of Chinese bonds from the Bloomberg Barclays Global Aggregate Index yielded approximately 70% returns [4]. - The actual yield of RMB bonds remains relatively high, providing a good value preservation and appreciation avenue for global RMB holders [4]. Group 3: Risk and Liquidity - RMB bonds exhibit high diversification value, with low correlation to yields from G7 and other emerging market bonds [5]. - The trading activity of RMB bonds is robust, with an average turnover rate of nearly four times for government and policy financial bonds [5]. - The bid-ask spread for the most active interest rate bonds is around 0.02 basis points, comparable to developed markets [5]. Group 4: Foreign Investment and Market Access - Currently, foreign investors hold only 2% of the bond market, indicating significant potential for further opening [6]. - Nearly 1,170 foreign institutional investors have entered the Chinese bond market, with total holdings around 3.9 trillion RMB, a nearly fourfold increase since the Bond Connect was launched [8]. - In the first eight months of this year, the transaction volume of foreign institutional investors reached approximately 11.8 trillion RMB [8]. Group 5: Future Initiatives and Support - The People's Bank of China plans to support various foreign institutional investors in conducting bond repurchase transactions in the Chinese bond market [12]. - The daily trading net limit for the "Swap Connect" will be increased from 20 billion to 45 billion RMB to facilitate interest rate risk management [12]. - The central bank aims to accelerate the listing of RMB government bond futures in Hong Kong [13].

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]