近期，经中国人民银行批准，中央国债登记结算有限责任公司与全国银行间同业拆借中心联合发布公 告，正式推出集中债券借贷业务。集中债券借贷业务是银行间债券市场自动融券服务，融出方按照自愿 原则，设定可融出债券池。当融入方在结算日出现应付债券不足时，通过同业拆借中心本币交易平台发 起集中债券借贷指令，中央结算公司在融券池内自动完成匹配、达成债券融通并提供担保品管理和结算 服务，有利于进一步提升市场流动性与结算服务效率。 经济观察网 10月10日，银行间债券市场集中债券借贷业务正式上线。兴业银行（601166）作为首批参 与机构，当日落地全市场首批集中债券借贷交易，助力债券借贷交易机制进一步完善。作为国内金融市 场重要的做市商和交易商，兴业银行积极参与集中债券借贷业务，首个交易日融券池债券规模位列股份 行首位。 ...

（文章来源：新华财经） 业务上线首日，融券池债券规模突破1.3万亿元，涵盖国债、地方政府债、政策性银行债、政府支持机 构债、商业银行债、非银行金融机构债、企业债券、信贷资产支持证券等品种。 新华财经北京10月10日电（王菁）新华财经10日获悉，中央国债登记结算有限责任公司（简称中央结算 公司）与全国银行间同业拆借中心（简称同业拆借中心）联合推出集中债券借贷业务。债券借贷市场活 跃机构踊跃参与，首批参与机构共计78家，机构类型全面覆盖国有大型商业银行、股份制商业银行、城 市商业银行、外资法人银行、农村商业银行、农村信用社、证券公司、金融租赁公司等。 ...

人民财讯10月10日电，2025年10月10日，中央国债登记结算有限责任公司(简称中央结算公司)与全国银 行间同业拆借中心(简称同业拆借中心)联合推出集中债券借贷业务。债券借贷市场活跃机构踊跃参与， 首批参与机构共计78家，机构类型全面覆盖国有大型商业银行、股份制商业银行、城市商业银行、外资 法人银行、农村商业银行、农村信用社、证券公司、金融租赁公司等。 业务上线首日，融券池债券规模突破1.3万亿元，涵盖国债、地方政府债、政策性银行债、政府支持机 构债、商业银行债、非银行金融机构债、企业债券、信贷资产支持证券等品种。 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Central Settlement Company and the National Inter - bank Funding Center will launch a centralized bond lending business on October 10, 2025, which can improve market efficiency, risk prevention, and standardization, but also faces challenges such as strict collateral requirements and short - term limits [4][11][12] - The listing of the first convertible bond on the Beijing Stock Exchange (BSE) marks the official opening of the BSE convertible bond market. Although it is in its infancy with some characteristics like non - public transfer and strict terms, it has potential for future optimization [5][15][17] - In August 2025, the overall economic data declined, with fixed - asset investment, social consumption, and industrial added - value growth rates dropping. CPI turned negative year - on - year, while the decline of PPI narrowed [6][18][20] - Last week, the central bank net - injected funds through open - market operations. Due to factors like treasury bond issuance and tax payments, capital prices rose, and the spread between 3 - month and 1 - year Shibor slightly expanded [7][23] - Last week, the issuance scale of credit bonds increased. Different industries and bond types showed different trends in issuance and net financing, and the average issuance cost of credit bonds fluctuated [8][28][31] - In the secondary market of credit bonds last week, trading activity increased, yields of both interest - rate and credit bonds rose, most credit spreads expanded, and rating spreads changed little [37][38][43] 3. Summaries According to Relevant Catalogs Market Hotspots - **Centralized Bond Lending Business Policy** - On September 12, 2025, relevant institutions will launch a centralized bond lending business on October 10, 2025, which is an important supplement to the existing bond lending business [11] - It can improve market efficiency, help market participants prevent risks, and enhance standardization, but also faces challenges from strict collateral requirements and short - term limits [12][13] - **BSE Convertible Bond Market** - On September 9, 2025, the first convertible bond "Youji Dingzhuan" was listed, marking the official opening of the BSE convertible bond market [5][13][15] - The current BSE convertible bond market is in its early stage, featuring non - public transfer, strict terms, and a concentrated investor structure. It is recommended to explore public issuance and innovative clause design [15][16][17] Macroeconomic Data - In August 2025, fixed - asset investment, social consumption, and industrial added - value growth rates declined. CPI turned negative year - on - year, and the decline of PPI narrowed [6][18][20] Money Market - Last week, the central bank net - injected 196.1 billion yuan through open - market operations. Capital prices rose due to factors like treasury bond issuance and tax payments, and the spread between 3 - month and 1 - year Shibor slightly expanded [7][23] Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds increased to 216.271 billion yuan. Different bond types and industries had different performance in issuance and net financing, and the average issuance cost fluctuated [8][28][31] Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 876.9869 billion yuan, with increased trading activity. Yields of both interest - rate and credit bonds rose, most credit spreads expanded, and rating spreads changed little [37][38][43]

Core Viewpoint - The Central Securities Depository announced the launch of a centralized bond lending service on October 10, 2025, aimed at enhancing market liquidity and settlement efficiency, approved by the People's Bank of China [1] Group 1: Centralized Bond Lending Service - The centralized bond lending service will be jointly provided by the Central Securities Depository and the Interbank Lending Center, offering an automatic bond lending service in the interbank bond market [1] - Lenders will voluntarily set parameters and establish a pool of lendable bonds, which will be utilized when borrowers face insufficient bonds on the settlement date [1] - The service will be available to all members of the interbank bond market, with asset management products requiring their asset managers to handle the transactions [1]

Group 1 - The core viewpoint of the article is the introduction of a centralized bond lending service aimed at enhancing market liquidity and improving settlement service efficiency, approved by the People's Bank of China [1] Group 2 - The centralized bond lending service will be jointly launched by the Central Government Securities Depository and Clearing Co., Ltd. and the National Interbank Funding Center on October 10, 2025 [1] - This service will provide an automatic bond lending service in the interbank bond market, allowing lenders to set parameters and establish a lending pool voluntarily [1] - When a borrower faces a shortfall of payable bonds on the settlement date, they can initiate a centralized bond lending instruction through the interbank funding center's local currency trading platform [1] - The Central Government Securities Depository and Clearing Co., Ltd. will automatically match and facilitate bond lending from the lending pool, while also providing collateral management and settlement services [1] - The centralized bond lending service will be available to all members of the interbank bond market, with asset management products requiring their asset managers to handle the business on their behalf [1]

中央国债登记结算有限责任公司关于就部分结算业务收费标准公开征求意见的通知 金十数据5月14日讯，根据管理部门有关要求，中央国债登记结算有限责任公司现就集中债券借贷业务 收费标准，以及投资人选择权、质押式回购逾期返售、国债做市和债券做市随买随卖操作、国债期货交 割、循环结算等现行的6项业务收费标准公开征求意见。 相关链接 ...