智通财经获悉，港股恒生指数涨0.65%，涨165点，报25663点；恒生科技指数涨1.14%。港股早盘成交 975亿港元。 港股新股上市表现，智汇矿业(02546)首挂上市。早盘涨超110%，公司为西藏矿业企业；希迪智驾 (03881)首挂上市，早盘破发跌超8%，公司聚焦封闭环境自动驾驶矿卡解决方案。 长飞光纤光缆(06869)涨超10%，近三日股价累涨逾30%，AI持续拉动光纤光缆需求。 贪玩(09890)再涨超5%，公司溢价发行零息可转债，净筹4.5亿港元加码"AI+游戏"。 力勤资源(02245)涨超9%，印尼拟在2026年大幅下调镍矿产量目标。 申洲国际(02313)跌超3%，主要客户耐克第二财季净利同比下降32%。 本文源自：智通财经网 北京时间12月18日凌晨，参议院官网显示，搭载修订版《生物安全法案》的美国2026财年国防授权法案 （2026NDAA）获通过。新版本生物安全法未具体点名任何一家公司。医药股显著反弹。药明生物 (02269)涨超6%；三生制药(01530)涨3.7%。 和铂医药-B(02142)涨近7%，公司与百时美施贵宝签订超10亿美元BD交易。 中国中免(01880)反弹近7% ...

港股恒生指数涨0.65%，涨165点，报25663点；恒生科技指数涨1.14%。港股早盘成交975亿港元。 港股新股上市表现，智汇矿业(02546)首挂上市。早盘涨超110%，公司为西藏矿业（000762）企业；希 迪智驾(03881)首挂上市，早盘破发跌超8%，公司聚焦封闭环境自动驾驶矿卡解决方案。 北京时间12月18日凌晨，参议院官网显示，搭载修订版《生物安全法案》的美国2026财年国防授权法案 (2026NDAA)获通过。新版本生物安全法未具体点名任何一家公司。医药股显著反弹。药明生物(02269) 涨超6%；三生制药(01530)涨3.7%。 和铂医药-B(02142)涨近7%，公司与百时美施贵宝签订超10亿美元BD交易。 中国中免（601888）(01880)反弹近7%，公司中标上海两大机场免税项目，市场关注首都机场招标结 果。 佑驾创新(02431)涨超12%，L3大规模落地将至，公司已前瞻布局L2+L4。 玖龙纸业(02689)涨超3%，行业龙头发布密集停机计划，支撑春节前价格和库存水平。 长飞光纤（601869）光缆(06869)涨超10%，近三日股价累涨逾30%，AI持续拉动光纤光缆需求。 ...

除了平安人寿，另有一些人身险公司也获得了较高额度增资。例如，今年6月，中邮人寿增资获批，其 注册资本由286.63亿元变更为326.43亿元，增资金额39.8亿元。今年4月，中信保诚人寿增资获批，其注 册资本由48.6亿元变更为73.6亿元，增资金额25亿元。 此外，今年6月，泰康养老发布公告称，为满足业务发展和偿付能力需求，公司股东泰康保险集团决定 向泰康养老增资20亿元。此次增资后，泰康养老的注册资本从90亿元增至110亿元，该增资事项已于日 前获得监管部门批准。 事实上，在外源性资本补充方面，今年以来行业可谓动作频频。除了规划增加注册资本，发债也成为险 企补充资本的重要选项。在发债品种上，永续债成为险企发债的主流，用以提升核心偿付能力充足率。 新华保险、泰康养老、泰康人寿、交银人寿、平安人寿、招商信诺人寿、阳光人寿、工银安盛人寿等险 企纷纷发布发债计划获批公告。 此外，个别险企还发行了零息可转债。例如，今年6月初，中国平安公告称，拟发行117.65亿港元于 2030年到期的零息可转换为该公司H股股份的债券，并将所得款项净额用于满足其未来以金融为核心的 业务发展需求，用于补充资本需求，支持医疗、养老新战略 ...

● 本报记者 薛瑾 险企积极增资发债 积蓄资本实力 资本金是支撑险企稳健经营的重要基石。今年以来，多家险企完成增资或公布增资计划，合计金额已达 数百亿元，涵盖人身险公司、财产险公司及再保险公司。根据公开信息梳理，在这些险企中，增资额最 大的是平安人寿。 近期，多家险企获批增资或者发布增资计划。增加注册资本是险企最常见的资本补充方式，反映出股东 方"真金白银"的支持。除了增资，不少险企还通过发行永续债等方式补充资本。在紧锣密鼓推进"战略 蓄水"的险企中，既有人身险公司，又有财产险公司，还有再保险公司。总的来看，人身险公司的增资 规模遥遥领先于财产险公司及再保险公司。 缘何人身险公司增资发债更加密集？金额更多？业内人士表示，人身险公司主营长期险业务，在当前利 率波动、经济增速放缓的宏观环境下，人身险公司积蓄资本、提升竞争力、应对风险等需求变得更加迫 切。提前增资发债，有利于险企未雨绸缪，提升公司偿付能力，增强业务发展后劲。 以今年同时发布增资计划和发债计划的险企之一泰康养老为例，20亿元的股东增资计划完成后，泰康养 老注册资本已超百亿元。"注册资本迈入百亿元行列，是对国家战略的积极响应。这一举措也为泰康养 老把握 ...

Core Viewpoint - China Pacific Insurance (CPIC) is taking significant steps to enhance its international presence and address capital structure pressures through the issuance of zero-coupon convertible bonds in Hong Kong, following a similar move by Ping An [5][10][15]. Financing Strategy - CPIC announced the issuance of HKD 15.6 billion in zero-coupon convertible bonds, maturing in 2030, which can be converted into H-shares [5]. - The funds raised will primarily support the insurance core business and the implementation of three strategic initiatives: "Great Health," "AI+," and internationalization [6]. - The issuance of convertible bonds is seen as a strategic move to supplement capital and accelerate internationalization, especially as CPIC's net assets have decreased by 3.3% since the beginning of the year [6][12]. Industry Context - The issuance of convertible bonds has become a common practice among large insurance companies, balancing the need for continuous dividends with increasing solvency pressures [7]. - CPIC is the second mainland insurance company to utilize this financing method in Hong Kong, following Ping An's USD 3.5 billion issuance last year, indicating a potential trend in the industry [8][17]. Internationalization Efforts - CPIC has lagged behind peers like Ping An and China Life in international expansion, with a total QDII quota of USD 2.627 billion, slightly above Xinhua's USD 2.4 billion, despite having a larger asset base [12]. - Recent initiatives include the approval of a tokenized USD money market fund and the launch of electric vehicle insurance in Thailand, marking a significant acceleration in overseas business development [14]. Regulatory Environment - The issuance of USD convertible bonds allows CPIC to maintain a lower dilution pressure on equity and create a funding pool for overseas operations without the complexities of capital repatriation [15]. - The current regulatory framework provides flexibility for funds raised through convertible bonds to remain offshore, reducing friction costs associated with cross-border capital flows [16]. Future Implications - The trend of using convertible bonds for financing may lead to more insurance companies following suit, prompting regulatory scrutiny regarding capital management and fund usage [17]. - The potential for increased participation from other insurers could transform this financing method from an isolated innovation into a collective industry trend [17].

Core Viewpoint - The company is considering leveraging competitive financial instruments, such as zero-interest convertible bonds, to optimize its capital structure and reduce financial costs, similar to practices observed in the industry [1]. Group 1: Financial Strategy - Several insurance companies have recently issued zero-interest convertible bonds in the Hong Kong stock market to optimize their financing structure [1]. - The company reported financial expenses of 2.141 billion yuan for the first half of 2025 and has a high debt-to-asset ratio of 67.7% [1]. - The company has prior experience in issuing convertible bonds, having successfully done so in 2020 [1]. Group 2: Future Considerations - The company is open to adopting similar financing strategies as its peers to further reduce financial expenses and optimize its debt structure [1]. - The inquiry suggests that the issuance of a five-year zero-interest convertible bond could align with the company's current funding needs and development plans [1].

Core Insights - The rise of dim sum bonds and zero-coupon convertible bonds as new tools for offshore financing is driven by multiple factors, including the global currency cycle shift, accelerated RMB internationalization, and the AI wave [1][3] - Major companies like Tencent, Baidu, and Alibaba are increasingly issuing offshore RMB bonds and zero-coupon convertible bonds to attract international investors and broaden financing channels [1][3] Group 1: Financial Advantages - Issuing dim sum bonds and zero-coupon convertible bonds offers significant cost advantages, especially with current low RMB interest rates. For instance, the 10-year dim sum bonds issued this year have coupon rates between 2.80% and 3.50%, while many 10-year Chinese dollar bonds exceed 5% [1][2] - These financing methods help companies optimize their debt structure and alleviate debt pressure, allowing savings on interest expenses to be redirected towards core business areas like R&D and expansion [1][2] Group 2: Unique Features of Dim Sum Bonds and Zero-Coupon Convertible Bonds - Dim sum bonds, being offshore RMB bonds, help companies mitigate exchange rate risks and reduce financial losses from currency fluctuations. The expansion of the "southbound bond connect" increases demand for new bonds, providing a broader market and stable funding sources [2] - Zero-coupon convertible bonds feature a unique design of "zero coupon + equity option," which balances issuance costs, equity structure, and market confidence. For example, Alibaba's $3.2 billion zero-coupon convertible bond uses a capped call option to raise the conversion price, meeting low-cost financing needs while avoiding excessive short-term equity dilution [2] Group 3: Market Dynamics and Regulatory Environment - The increasing popularity of dim sum bonds and zero-coupon convertible bonds reflects a combination of macroeconomic conditions, bond characteristics, and corporate strategies. Companies are leveraging these new financing tools to optimize capital structures and reduce financing costs, thus driving their development [3] - Regulatory bodies are continuously improving related policies and market mechanisms to promote the healthy development of the bond market, providing companies with a more stable and efficient financing environment [3]

Core Insights - The dim sum bond market is transitioning from rapid expansion to stable growth, with a total issuance of 771.4 billion yuan this year, representing a year-on-year decline of 10.79% [1][2] - The diversity of issuers in the dim sum bond market is increasing, with notable entries from emerging industries, shifting the traditional focus from financial and municipal investment entities [1][3] - Major tech companies like Tencent and Baidu have recently issued dim sum bonds, attracting market attention and indicating a trend among internet giants to utilize this financing avenue [1][4] Issuance Trends - In 2024, the total issuance of dim sum bonds is projected to reach 1.27 trillion yuan, marking a new high despite a decrease in issuance scale compared to last year [2] - The issuance of dim sum bonds has accelerated since August, likely due to the expansion of the southbound bond connect, with nearly 200 billion yuan issued in this period [2][3] - The current outstanding dim sum bonds amount to approximately 1.69 trillion yuan, with nearly half issued by financial institutions [2] Market Dynamics - The net increase in issuances from real estate and financial sectors has been negative, while other industries, including technology and utilities, have shown significant growth in issuance [3] - The ongoing AI boom is driving capital expenditure among global tech giants, including domestic internet companies, which may further enhance the attractiveness of dim sum bonds for financing [3][4] - The expansion of the southbound bond connect is expected to continue to boost the appeal of the dim sum bond market for companies looking to finance overseas operations [4]

Core Viewpoint - China Pacific Insurance (CPIC) has announced the issuance of zero-coupon convertible bonds totaling HKD 155.56 billion, marking a record high for such bonds in the Hong Kong market and reflecting strong investor confidence in the company's long-term prospects [2][4][5]. Group 1: Zero-Coupon Convertible Bonds - Zero-coupon convertible bonds are issued at a discount to face value, allowing investors to convert them into shares at a later date, providing a potential for capital gains without annual interest payments [3][4]. - The issuance by CPIC is the largest zero-coupon convertible bond in Hong Kong history and the first negative yield convertible bond in 20 years, indicating a significant milestone for the capital market [2][5]. Group 2: Investor Interest and Market Response - Over 70% of the bonds were subscribed by long-term investors, with a conversion premium of 25%, showcasing market recognition of CPIC's fundamentals and growth potential [4][5]. - The initial conversion price is set at HKD 39.04 per share, representing a premium of approximately 21.24% over the closing price on September 10, 2025, indicating strong investor confidence [5][6]. Group 3: Strategic Intent and Use of Proceeds - CPIC plans to use the net proceeds from the bond issuance to support its core insurance business, implement strategic initiatives in health and wellness, artificial intelligence, and internationalization, and supplement working capital [5][6]. - The issuance aligns with CPIC's focus on value creation and high-quality development in a transitioning insurance industry [5][6]. Group 4: Comparison with Peers - CPIC is not the first insurer to issue zero-coupon convertible bonds this year; China Ping An issued similar bonds worth approximately HKD 117.65 billion in June, also at a premium [7][8]. - Both CPIC and Ping An's strategies reflect a broader trend among leading insurers to utilize zero-coupon convertible bonds as a low-cost financing option while minimizing equity dilution risks [8][9]. Group 5: Market Trends and Future Outlook - The issuance of zero-coupon convertible bonds is part of a larger trend in the insurance industry, where companies are increasingly turning to innovative financing methods to enhance capital structure and support strategic growth [10][14]. - The overall demand for capital among insurers is expected to remain high, with various financing methods, including bond issuance and capital increases, likely to continue [12][14].

Group 1: Macroeconomic Data - GDP in Q2 2025 grew 5.2% year-on-year, slightly down from 5.4% in the previous quarter but up from 4.7% in the same period last year [1] - In August 2025, the Manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% last year; the Non-Manufacturing PMI: Business Activity was 50.3%, up from 50.1% in the previous month and the same as last year [1] - Social financing scale increment in August 2025 was not provided, with the previous month at 25668.00 billion yuan and last year at 30323.00 billion yuan [1] - In August 2025, M0 grew 11.7% year-on-year, down from 11.8% in the previous month and 12.2% last year; M1 grew 6.0%, up from 5.6% in the previous month and -3.0% last year; M2 grew 8.8%, the same as the previous month and up from 6.3% last year [1] - New RMB loans in August 2025 were 5900.00 billion yuan, up from -500.00 billion yuan in the previous month but down from 9000.00 billion yuan last year [1] - CPI in August 2025 decreased 0.4% year-on-year, down from 0.0% in the previous month and 0.6% last year; PPI decreased 2.9%, up from -3.6% in the previous month but down from -1.8% last year [1] - Fixed asset investment (excluding rural households) from January to August 2025 grew 0.5% year-on-year, down from 1.6% in the previous period and 3.4% last year [1] - Total retail sales of consumer goods from January to August 2025 grew 4.64% year-on-year, down from 4.8% in the previous period but up from 3.4% last year [1] - In August 2025, export value grew 4.4% year-on-year, down from 7.2% in the previous month and 8.6% last year; import value grew 1.3%, down from 4.1% in the previous month but up from 0.03% last year [1] Group 2: Commodity Investment Comprehensive - From September 14 - 15, Chinese and US economic and trade leaders held talks in Madrid, reaching a basic framework consensus on issues like TikTok and reducing investment barriers [2][15][16] - The "Xiamen Initiative for Global Supply Chain Development and Stability" was released, aiming to maintain the multilateral trading system [2] - Zhengzhou Commodity Exchange will adjust the maximum order volume for option trading from September 17 [2] - In the first eight months of 2025, China's trade with ASEAN grew 9.7% year-on-year, with ASEAN remaining China's largest trading partner [2][3] - China's Ministry of Commerce launched an anti-dumping investigation on US analog chips, and the State Administration for Market Regulation announced an investigation on NVIDIA [3] - In August 2025, China's industrial added value grew 5.2% year-on-year and 0.37% month-on-month; the service production index grew 5.6% year-on-year; total retail sales of consumer goods grew 3.4% year-on-year and 0.17% month-on-month. From January to August, fixed asset investment grew 0.5% year-on-year, with manufacturing investment growing 5.1% and real estate development investment falling 12.9% [3][16] - US President Trump called on the Fed to cut interest rates. The US unemployment rate rose to 4.3% in August, and analysts expect the Fed to start a new round of rate cuts in September [4][19] Metals - International precious metal futures generally rose. Gold hit a new high, with London spot gold rising nearly $40 and COMEX gold rising nearly 1% [5] - India's gold imports in August were $5.14 billion, and oil imports were $13.2 billion [5] - Thailand's central bank met with gold traders after the baht's appreciation, planning to take measures to reduce the impact of gold trading on the baht [5] - Thailand is considering taxing physical gold transactions to slow the baht's appreciation [5] - On September 12, lead, copper, zinc, and nickel inventories decreased, while tin inventory increased, and aluminum and cobalt inventories remained stable [6] Coal, Coke, Steel, and Minerals - A second round of coke price cuts is coming, with prices in Tangshan and Xingtai set to be reduced [8] - In August 2025, China's raw coal production decreased 3.2% year-on-year, crude oil production grew 2.4%, and natural gas production grew 5.9% [8] - In August 2025, China's crude steel production decreased 0.7% year-on-year, pig iron production grew 1.0%, and steel production grew 9.7% [8] Energy and Chemicals - Fujian plans to accelerate the construction of offshore wind power projects [9] - The US wants the G7 and NATO to impose 50% - 100% tariffs on China for buying Russian oil, which China firmly opposes [9][10] - HSBC predicts a large oil surplus from Q4 2025 (1.7 million barrels per day in Q4 2025 and 2.4 million barrels per day in 2026) [10] - If Western inventories increase, the expected price of Brent crude at $65 per barrel in 2026 may face downward pressure [10] - Woodside Energy's CEO expects LNG demand to grow 50% in the next decade [11] Agricultural Products - Market regulators are soliciting public opinions on regulations for the road bulk transportation of key liquid foods [12] - Arabica coffee beans reached $4 per pound for the first time since April [13] Group 3: Financial News Open Market - On September 15, the central bank conducted 600 billion yuan of 6 - month买断式逆回购 and 280 billion yuan of 7 - day reverse repurchase. After deducting the maturing amount, the net investment was 88.5 billion yuan [14] Important News - An important article by Xi Jinping on building a unified national market was published, emphasizing the need to address low - price competition [15] - Chinese and US economic and trade leaders held talks, reaching a basic framework consensus on issues like TikTok and reducing investment barriers [2][15][16] - China opposes politicizing the TikTok issue and will safeguard national and corporate interests [16] - China's economic data for August 2025 showed stable growth in industry, services, and consumption, with fixed asset investment growing 0.5% from January to August [3][16] - The National Bureau of Statistics said the economy was generally stable in August but faced external challenges [17] - In August 2025, the prices of new commercial housing in first - tier cities decreased year - on - year and month - on - month, with Shanghai showing an increase [17] - The "2025 China's Top 500 Enterprises" list was released, with manufacturing and service enterprises' revenue accounting for 40.48% and 40.29% respectively [17] - Rules for public bond - type fund applications have changed, with new requirements for registration time and the number of pending products [18] - The Financial Supervision and Administration Bureau updated the "Trust Company Management Measures" [18] - The State Administration of Foreign Exchange introduced policies to facilitate cross - border investment and financing [18] - Many private banks issued large - denomination certificates of deposit with attractive interest rates, but they were often quickly sold out [19] - Some Hong Kong - listed companies issued zero - coupon convertible bonds [19] - US President Trump called on the Fed to cut interest rates, and the market expects a rate cut in September due to rising unemployment [4][19] - Several companies had major events such as asset restructuring and equity transfers [20] - Some companies received overseas credit ratings [20] Bond Market - After China's economic data in August, the yield of long - term interest - rate bonds in the inter - bank market rose slightly at the end of the session, while Treasury bond futures closed up [21] - In the exchange bond market, some bonds rose and some fell, with the Wande Real Estate Bond 30 Index and High - Yield Urban Investment Bond Index rising [21] - The CSI Convertible Bond Index fell 0.72%, and the Wande Convertible Bond Equal - Weighted Index fell 0.81% [22] - Money market rates showed mixed trends, with some rising and some falling [22][23] - The yields of European and US government bonds fell across the board [24] Foreign Exchange Market - The on - shore RMB against the US dollar closed at 7.1228, down 4 points from the previous day, and the central parity rate was 7.1056, down 37 points [25] - The US dollar index fell 0.26%, and most non - US currencies rose [25] Research Reports - Shenwan Fixed Income believes that the credit bond market is favorable in September, and a short - duration strategy is recommended [27] - CITIC Construction Investment believes that the bond market may stabilize in the short term but may face upward pressure on yields in the medium term [27] - Shenwan Fixed Income thinks the current bond market risk comes from the redemption pressure of fixed - income products, and it is in a risk - releasing stage [27] - Huatai Fixed Income believes that new regulations may reshape the bond market, and the bond market may take a break in the short term [28] - Hongze Fixed Income believes that quasi - fixed - income products will play a key role in the rising asset yield environment [28] Group 4: Stock Market - On Monday, the A - share market showed a mixed trend, with the Shanghai Composite Index falling 0.26%, the Shenzhen Component Index rising 0.63%, and the ChiNext Index rising 1.51%. The trading volume was 2.3 trillion yuan [31] - The Hong Kong Hang Seng Index rose 0.22%, the Hang Seng Tech Index rose 0.91%, and the Hang Seng China Enterprises Index rose 0.21%. Southbound funds had a net purchase of HK$14.473 billion [31] Group 5: Bond Information for September 16 - 227 bonds will be listed [30] - 179 bonds will be issued [30] - 88 bonds will have payments [30] - 142 bonds will have principal and interest payments [30]