The boom in share price for artificial intelligence (AI) and high-performance computing (HPC) companies since September has delivered extraordinary returns for bitcoin miners expanding into those industries, but the growth comes at a cost. Bitcoin (BTC) has risen just 10% this year, and with the bubble popping in corporate bitcoin treasuries in recent months, the narrative has shifted toward miners transforming their business models. Miners have been increasingly active in the debt markets as they seek to ...

新华财经北京9月26日电（王菁）债市周五（9月26日）小幅回暖，期债表现优于现券，国债期货主力合 约全线收涨，银行间现券收益率走势稍有分化，国债基本持稳、长端国开债延续偏弱；公开市场单日净 投放4115亿元，隔夜资金利率显著回落。 机构认为，临近季末资金投放力度尚可，流动性虽不至于特别紧张但心态无法完全放松，跨月资金需求 相对较旺。本周债市多数时间震荡回调，近期机构心态分歧在明显增加。 公开市场方面，央行公告称，9月26日以固定利率、数量招标方式开展了1658亿元7天期逆回购操作，操 作利率1.40%，投标量1658亿元，中标量1658亿元。同时，以固定数量、利率招标、多重价位中标方式 开展了6000亿元14天期逆回购操作。数据显示，当日3543亿元逆回购到期，据此计算，单日净投放4115 亿元。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.20%报114.190，10年期主力合约涨0.13%报107.680，5年 期主力合约涨0.06%报105.540，2年期主力合约涨0.04%报102.342。 银行间主要利率债收益率走势小幅分化，长端国开债午后偏弱，国债表现持稳。截至发稿，30年期国 债" ...

Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY 2025 increased by 7% year on year to $4.5 billion, and excluding the Free Duty and YQ businesses, AOP rose by 9% to $4.5 billion [10][18] - Adjusted EBITDA increased by 1% to $7.3 billion, while profit attributable to shareholders rose by 4% to $2.2 billion [18] - The total dividend for the year amounted to $0.95 per share, maintaining an attractive dividend yield of 8.3% based on the latest closing price [18][19] - Cash on hand was $20.2 billion, with total available liquidity close to $30 billion, indicating a healthy financial position [19][20] Business Segment Data and Key Metrics Changes - The financial services segment, rebranded from insurance, saw AOP increase by 29% to $1.24 billion [11][30] - The logistics business AOP rose by 3% to $740 million, while the construction segment reported AOP of $790 million, slightly decreasing by 7% when excluding YQ [11][12] - The facilities management segment reported AOP of $89 million, with a 16% increase when excluding Free Duty [11] - Strategic investments surged over 1,000% to $237 million, reflecting aggressive portfolio optimization [12] Market Data and Key Metrics Changes - The occupancy rate for logistics properties in Hong Kong decreased from 96% to 80%, attributed to the renewal of a major client's lease [35] - The occupancy rate for the seven logistics properties in China was maintained at 87%, while the occupancy rate for the Suzhou property dropped to 40% due to tenant termination [35][36] - The construction segment's backlog increased by 24% to $38 billion, with newly awarded contracts rising by 9% to $23.9 billion [39] Company Strategy and Development Direction - The company aims to enhance its diversified business portfolio through acquisitions and disposals, focusing on the fast-growing wealth management business [3][9] - The logistics segment will target undervalued assets in the Greater Bay Area and Yangtze River Delta, seeking properties with strong cash flow [8][13] - The construction segment will focus on government-related projects, which now account for 61% of the total projects in progress [16][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite geopolitical tensions and economic challenges, highlighting operational excellence across diversified business lines [9][12] - The financial services segment is expected to leverage the Chow Tai Fook brand to enhance service delivery and expand its wealth management platform [9][30] - The company anticipates continued growth in AOP and cash flow, with strategic acquisitions planned to replenish profits lost from expiring toll road concessions [67][68] Other Important Information - The company has maintained a progressive dividend policy for 22 consecutive years, with a commitment to consistent dividend distribution [10][23] - The company has shifted a substantial portion of its debt to lower-cost renminbi borrowing, resulting in a decline in average borrowing costs from 4.7% to 4.1% [20][21] - The company has implemented an ESG strategy, achieving a 19% reduction in Scope 1 and 2 emissions compared to FY 2023 [47][49] Q&A Session Summary Question: Updates on the roads and potential disposals - Management indicated that while there have been inquiries about toll road assets, there are no immediate plans for disposal unless the price is right [56] Question: Impact of not investing further in toll roads - Management confirmed that without further investment, the concession period will decrease, but they are confident in replenishing profits through other business segments [67][68] Question: Logistics occupancy targets - Management expressed confidence in reaching an occupancy rate of 85% in Hong Kong, with a longer-term goal of exceeding 90% [60][62] Question: Strategic value of Sunshine Esther acquisition - Management highlighted that integrating Sunshine Esther into the construction group enhances competitive bidding capabilities, particularly for design and build contracts [63][65]

Financial Data and Key Metrics Changes - The Adjusted Operating Profit (AOP) for FY25 increased by 7% year on year to $4.5 billion, and excluding the Free Duty and YQ businesses, AOP rose by 9% to $4.5 billion [10][18] - Adjusted EBITDA increased by 1% to $7.3 billion, while profit attributable to shareholders rose by 4% year on year to $2.2 billion [18] - The total dividend for the year amounted to $0.95 per share, maintaining an attractive dividend yield of 8.3% based on the latest closing price [18][19] Business Segment Data and Key Metrics Changes - The financial services segment, rebranded from insurance, saw AOP increase by 29% to $1.24 billion [11][32] - The logistics business AOP rose by 3% to $740 million, while the construction segment reported AOP of $790 million, a slight decrease of 7% when excluding YQ [11][12] - The facilities management segment recorded AOP of $89 million, with a 16% increase when excluding Free Duty [11] Market Data and Key Metrics Changes - The occupancy rate for ATL in Hong Kong decreased to 80%, but the average rental increased by 8% [37] - The occupancy rate for the seven logistics properties was maintained at 87%, while the occupancy rate for the Shuzhou property decreased to 40% due to tenant issues [37][39] - The construction segment's backlog increased by 24% to $38 billion, with newly awarded contracts rising by 9% to $23.9 billion [40] Company Strategy and Development Direction - The company aims to enhance its financial services segment by leveraging the Chow Tai Fook brand and expanding its wealth management platform [9][13] - The logistics segment will focus on acquiring undervalued assets in the Greater Bay Area and Yangtze River Delta [8][39] - The construction segment will prioritize government-related projects, which now account for 61% of the total projects in progress [15][40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining stable results despite macroeconomic headwinds, with a focus on optimizing the business portfolio [9][23] - The company plans to continue its progressive dividend policy and aims to enhance shareholder value through strategic acquisitions and optimizations [10][24] - Management highlighted the importance of domestic consumption recovery for the logistics segment's performance in the coming year [65] Other Important Information - The company has maintained a strong cash position with $20.2 billion in cash on hand and a net gearing ratio of 37% [19][22] - The company has issued convertible bonds and exchangeable bonds to enhance liquidity and public float [25][28] - The ESG initiatives have progressed, with 39% of bonds and loan facilities coming from green financing and a 19% reduction in Scope 1 and 2 emissions [48][50] Q&A Session Summary Question: Updates on the roads segment and potential disposals - Management indicated that while there have been inquiries about toll road assets, there are no immediate plans for disposals unless the price is right [58] Question: Impact of not investing further in toll roads on the dividend policy - Management reassured that continued growth in other business segments would compensate for any potential loss in cash flow from toll roads, maintaining the dividend policy [70][71] Question: Insights on the construction business and Sunshine Esther acquisition - Management explained that the acquisition enhances competitive bidding capabilities and allows for more accurate cost calculations in tenders [66][68]

Group 1 - China Pacific Insurance (Group) Co. Ltd. is considering issuing up to $2 billion in convertible bonds to enhance financial flexibility, with proceeds likely allocated for debt repayment and general corporate purposes [2][7] - NIO Inc. plans to raise approximately $518 million through an upsized share offering of 136,800,000 Class A ordinary shares, with net proceeds aimed at R&D in smart EV technologies and strengthening its balance sheet [3][7] - The German Economy Ministry is exploring strategic options for the nationalized energy company Securing Energy for Europe GmbH (SEFE), including potential sale or merger with Uniper SE [4][7] Group 2 - Alphabet's health science subsidiary Verily is restructuring to focus on artificial intelligence and data, resulting in job cuts and the discontinuation of its medical devices program [5][7] - The U.S. is considering tight restrictions and potential tariffs on Chinese medicine imports, with concerns raised about supply chain disruptions and increased costs due to reliance on Chinese pharmaceutical products [8][9] - A new draft executive order from the U.S. administration indicates potential regulatory shifts, including mandates for federal agencies to submit draft regulations for White House review and changes in energy policy affecting renewable sources [9]

Core Viewpoint - The bond market showed slight recovery with government bond futures mostly flat, while interbank bond yields fell by approximately 1 basis point, indicating a cautious trading environment as the end of the quarter approaches [1][5]. Market Performance - Government bond futures closed mostly flat, with the 30-year main contract up by 0.10% at 120.720, while the 10-year main contract fell by 0.02% to 108.950 [2]. - Major interbank bond yields declined, with the 30-year government bond yield down by 1.5 basis points to 1.849%, and the 10-year government bond yield down by 1 basis point to 1.7175% [2]. Overseas Market Trends - In North America, U.S. Treasury yields fell across the board, with the 2-year yield down by 4.02 basis points to 3.7786% [3]. - In the Eurozone, 10-year French, German, Italian, and Spanish bond yields increased slightly, indicating mixed trends in the European bond market [3]. Primary Market Activity - Heilongjiang Province's local bonds saw high bid-to-cover ratios, with the 3-year bond receiving a bid multiple of 19.51 and the 5-year bond at 22.85, reflecting strong demand [4]. Liquidity and Monetary Policy - The central bank conducted a reverse repurchase operation of 5,093 billion yuan with a fixed rate of 1.40%, resulting in a net injection of 3,058 billion yuan for the day [5]. - The overall liquidity in the market remains stable, with slight declines in overnight and seven-day repo rates, indicating a controlled liquidity environment [5]. Institutional Insights - Zhongyou Fixed Income noted a surprising increase in demand for ultra-long credit bonds, driven by public offerings and insurance funds, suggesting a positive short-term outlook for this segment [6]. - CITIC Securities highlighted that the current bond market may continue to experience a range-bound pattern due to the absence of key variables, with potential for both upward and downward breaks depending on fundamental and policy adjustments [6].

Group 1 - The core viewpoint is that the convertible bond market is experiencing a bull market driven by policy support, supply-demand imbalance, and capital allocation needs, with the China Securities Convertible Bond Index reaching a new high since June 2015 [1] - Since September 24, 2024, the China Securities Convertible Bond Index has accumulated over a 20% increase, entering a technical bull market phase [1] - The supply-demand imbalance is a key driver of the bull market, with the market's outstanding scale shrinking from over 870 billion yuan at the beginning of 2024 to below 680 billion yuan currently [1] Group 2 - The median conversion premium rate in the convertible bond market is close to 30%, with some bonds exceeding 100%, indicating a high valuation state driven by supply-demand imbalance and capital [2] - Investors may not continue to allocate convertible bonds at high premiums if the equity market is extremely weak, as both conversion and holding to maturity could lead to losses [2] - The ongoing bull market in convertible bonds raises the risk of forced redemption, as companies often include redemption clauses that can be triggered under certain conditions [2] Group 3 - Overall, the valuation compression space for convertible bonds is limited under the current institutional capital allocation and supply contraction backdrop, while investors need to be cautious of forced redemption risks [3] - It is advisable to select convertible bonds with good credit quality and avoid those with potential rating downgrades [3] - Despite a noticeable decrease in the number of delistings in the convertible bond market this year, caution is still warranted for bonds with weak credit quality [3]

Group 1: Core Themes of the Summit - The summit focused on the transformative impact of AI on investment paradigms and the strategic value of Chinese assets in global allocation [4][24] - The theme "AI-driven, Smart Investment, Global Vision" aimed to facilitate dialogue across regions and strategies, helping Chinese asset management firms seize opportunities presented by AI [4][24] Group 2: AI and Investment Strategies - A roundtable discussion highlighted China's significant advantages in AI, including a large user base, diverse application scenarios, and top talent, which are crucial for building a global AI ecosystem [6] - AI's integration into investment processes, particularly in quantitative investing, was emphasized, showcasing its potential to enhance decision-making efficiency and optimize model construction [6] Group 3: Global Asset Allocation and Chinese Assets - Discussions on the re-evaluation of Chinese assets highlighted the trend of de-dollarization and the shift towards a multipolar currency system, driven by rising U.S. fiscal deficits and currency risks [8] - The strategic value of Chinese assets is increasingly recognized, particularly in the context of global capital allocation moving from a singular focus on the U.S. dollar to a more balanced approach [8] Group 4: ESG Integration in Investment - A panel explored the integration of ESG goals with profitability, emphasizing that ESG should enhance risk-return profiles rather than exist independently of traditional frameworks [10] - Asia, particularly China, is viewed as a key testing ground for ESG investments, with coherent policies providing a clear framework for development [10] Group 5: Trends in Fund Establishment and Globalization - The establishment of overseas funds is accelerating as domestic capital seeks global diversification, with offshore structures like Cayman Islands and Hong Kong becoming popular due to tax benefits and regulatory maturity [10] - Investors are advised to consider tax costs, regulatory compatibility, investor preferences, and market access efficiency when choosing fund registration locations [10] Group 6: ETF Market Dynamics - The ETF market is reshaping global asset allocation logic, with a focus on equity products and the ability to quickly adjust regional or sector exposures amid geopolitical tensions [12] - The entry of banks and third-party channels into the ETF space is expected to create a new industry landscape [12] Group 7: Strategies for Volatile Markets - The discussion on convertible bonds highlighted their dual nature as a defensive tool in volatile markets, with a focus on global opportunities and the need for innovative strategies in a homogenized domestic market [13] - The importance of AI in enhancing quantitative investment strategies was underscored, with a focus on alternative data and high-frequency trading to mitigate market volatility [15] Group 8: CTA Strategies and Market Conditions - The CTA strategy was identified as a focal point for long-term asset allocation, particularly in capturing trends in commodities, interest rates, and currencies during market crises [17] - AI's role in enhancing CTA strategy development was discussed, with an emphasis on the need for human experience in extreme market conditions [18] Group 9: Stock Market Outlook - The stock long strategy is expected to benefit from policy support in China's capital markets, with a focus on consumption and public ETF ecosystem optimization [20] - The attractiveness of Hong Kong stocks is highlighted due to their policy stability and active IPO environment, amidst a backdrop of global capital rebalancing [20] Group 10: Awards and Recognition - The summit concluded with an awards ceremony recognizing outstanding achievements in asset management, insurance, and banking, aimed at encouraging innovation and excellence in the industry [22]

Group 1 - The core viewpoint of the article indicates that the bond market is experiencing a recovery, with both interest rate bonds and credit bonds showing signs of improvement due to better liquidity and positive policy expectations [2][3]. - Short-term interest rates are performing strongly, while long-term rates are experiencing greater volatility, suggesting a mixed performance in the interest rate bond segment [1]. - The credit bond market is seeing a rally, particularly in the short end, indicating a general positive sentiment among investors [1][2]. Group 2 - The article highlights that the market is currently divided between bullish and bearish sentiments, influenced by the liquidity conditions and upcoming economic data releases, such as the official PMI and industrial profits [3]. - Investors are advised to focus on liquidity management, balancing short-term defensive strategies with long-term opportunities, while also considering structural opportunities in convertible bonds [3]. - The article encourages engagement with the bond market through new investment features available on the app, providing real-time updates and insights [4].