★ 宏观动态 ★ 今年1至8月我国汽车产销量首次双超2000万辆 在国务院新闻办公室今天举行的新闻发布会上，商务部有关负责人介绍，在进一步扩大数字贸易相关对外开放方面，将 推动电信、互联网、文化等领域有序扩大开放。商务部副部长盛秋平介绍，将鼓励外商加大数字领域投资。促进数据跨 境有序流动，实施好跨境服务贸易负面清单。在建设数字贸易平台载体方面，打造国家数字贸易示范区，建设开放层次 高、制度创新多、营商环境优、辐射作用强的数字贸易集聚发展高地。在壮大数字贸易经营主体方面，培育具有较强创 新能力和国际竞争力的数字贸易领军企业，积极培育外向度高、具有独特竞争优势的中小型数字贸易企业。 3800余家光通信企业汇聚光博会，1.6T光模块密集亮相 第26届中国国际光电博览会于9月10日至12日在深圳召开，汇集全球超3800家光电企业，八大主题展聚焦信息通信、精密 光学、摄像头技术及应用、激光及智能制造、红外/紫外、智能传感、新型显示、AR/VR、光电子创新等核心领域。证券 时报记者在现场注意到，国际外厂商都竞相展示各自光模块全谱系产品，1.6T光模块密集亮相，而400G/800G光模块仍为 当前出货主力产品。 墨西哥计划 ...

头部险企又有"补血"新动作。 9月11日，中国太保发布公告称，拟根据一般性授权发行于2030年到期的零息H股可转换债券，不 涉及该公司A股发行。 | 证券代码:601601 证券简称:中国太保 | 公告编号:2025-050 | | --- | --- | | 重要提示 | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 | | | 或者重大遗漏,并对其内容的真实性、准确性和完整性承担法律责任。 | | 记者从中国太保了解到，在零票息前提下，该笔H股可转债最终实现溢价发行，融资规模达155.56 亿港元，长线投资者认购比例超过七成，转股溢价率25%。 根据公告，初始转换价为每股H股39.04港元（可予调整），较中国太保H 股于9月10日（即签署认 购协议日期）收市价每股32.20港元溢价约21.24%；较中国太保H股截至9月10日（包括该日）连续五个 交易日平均收市价约每股31.87港元溢价约22.49%。 假设债券全部按每股H股 39.04 港元的初始转换价进行转换，并且不再发行其他股份，债券将转换 成约3.98亿股转换股份，约占中国太保于公告日期现有已发行H股数目的14.36% ...

Core Viewpoint - Technological innovation is the core engine driving high-quality development, and accelerating the formation of new productive forces is a strategic pivot for building a modern industrial system [1] Group 1: Support for Technology Innovation - In the past three years, Shenzhen securities firms have successfully assisted 190 companies in listing on the Shanghai and Shenzhen stock exchanges, raising a total of over 240 billion yuan [2] - Shenzhen securities firms have innovated due diligence methods to accurately identify the technological strengths of companies, addressing the challenges faced by technology enterprises such as significant profit fluctuations and complex valuation systems [3] - As of July 2025, 193 companies have been assisted to list on the Sci-Tech Innovation Board and the Growth Enterprise Market, covering key national strategic areas such as information technology, biomedicine, and green energy [3] Group 2: Mergers and Acquisitions - Since the release of the "M&A Six Guidelines," Shenzhen Securities Regulatory Bureau has organized 15 events to interpret and connect M&A policies, encouraging local securities firms to focus on key industrial chain segments [4] - Huatai United Securities has successfully created three benchmark M&A cases, including a significant acquisition by Wentai Technology of Nexperia Holding B.V. [4] Group 3: Bond Financing - In June 2025, the chairman of the China Securities Regulatory Commission emphasized the importance of strengthening the linkage between equity and bond markets to support technological innovation [5] - Six Shenzhen securities firms have successfully issued technology innovation bonds with a total issuance scale of 16 billion yuan, promoting financial resources towards key areas of technological self-reliance [5] - Shenzhen securities firms have also launched several nationwide first projects in bond issuance, including the first private venture capital "technology innovation bond" supported by the central bank's risk-sharing mechanism [6] Group 4: Comprehensive Ecosystem Support - Since 2024, Shenzhen Securities Regulatory Bureau has guided industry associations to conduct 58 activities focused on policy advocacy and investment financing, encouraging securities firms to establish professional service teams [7] - As of July 2025, investment in the technology innovation sector by Shenzhen securities firms has reached approximately 8.25 billion yuan, with Guosen Securities completing over 251 investment projects totaling more than 10 billion yuan [8] - The Shenzhen Securities Regulatory Bureau aims to continuously strengthen regulatory guidance and support for technology innovation, exploring new financing models such as technology REITs and ESG investments [8]

Core Insights - Technological innovation is identified as the core engine driving high-quality development, with a focus on forming new productive forces as a strategic support for building a modern industrial system [1] - Shenzhen securities firms are transitioning from "intermediary service providers" to "strategic value partners," placing technological innovation at the core of their corporate strategies [1] Group 1: Support for Technology Enterprises - Over the past three years, Shenzhen securities firms have successfully assisted 190 companies in listing on the Shanghai and Shenzhen stock exchanges, raising over 240 billion yuan [1] - Since the implementation of the registration system reform, Shenzhen securities firms have helped 193 companies list on the Sci-Tech Innovation Board and 162 on the Growth Enterprise Market, covering key strategic sectors such as information technology, biomedicine, and green energy [2] - Notable examples include the successful IPO of Yingshi Innovation, which raised 1.938 billion yuan, and the listing of Dingjia Precision, a national-level specialized "little giant" in consumer electronics [2] Group 2: Mergers and Acquisitions - Shenzhen Securities Regulatory Bureau has organized 15 events to promote understanding of merger and acquisition policies, encouraging firms to focus on key industrial chain enhancements [3] - Huatai United Securities has successfully executed significant merger cases, including the acquisition of Nexperia Holding B.V. by Wentai Technology [3] Group 3: Bond Financing - Shenzhen securities firms have responded quickly to the demand for "technology bonds," with six firms issuing a total of 16 billion yuan in technology innovation bonds [4] - In the first half of the year, CITIC Securities assisted over 40 companies in issuing technology innovation bonds, raising more than 70 billion yuan [5] Group 4: Comprehensive Financial Services - Since 2024, Shenzhen Securities Regulatory Bureau has conducted 58 activities to promote policy advocacy and investment matching, encouraging firms to establish specialized service teams [6] - CITIC Securities helped ZTE Corporation issue 3.584 billion yuan in H-share convertible bonds, while Huatai United Securities supported Demingli in a 972 million yuan private placement [6] Group 5: Future Directions - The Shenzhen Securities Regulatory Bureau emphasizes the importance of regulatory guidance to support national strategies and technological innovation, exploring new financing models such as technology REITs and ESG investments [7]

Core Viewpoint - The capital market is increasingly supporting technology innovation enterprises through various policy measures and financial services, with Shenzhen securities firms playing a pivotal role in this ecosystem [1][2]. Group 1: Capital Market Support - Recent policy initiatives such as "Technology Sixteen Articles," "Sci-Tech Innovation Board Eight Articles," and "Mergers and Acquisitions Six Articles" have opened new avenues for the development of technology innovation enterprises [1]. - Over the past three years, Shenzhen securities firms have successfully assisted 190 companies in listing on the Shanghai and Shenzhen stock exchanges, raising over 240 billion yuan, with 50 companies listed on the Sci-Tech Innovation Board and 66 on the Growth Enterprise Market [1]. Group 2: Transformation of Securities Firms - There is a need for securities firms to transition from "intermediary service providers" to "strategic value partners" to meet the full lifecycle funding needs of technology innovation enterprises [4]. - Shenzhen securities firms have made significant progress in this transformation, focusing on sectors such as "hard technology," "three innovations and four new," and specialized industries [5]. Group 3: Financial Services and Innovations - Shenzhen securities firms have expanded their service tools beyond IPOs and refinancing to include technology innovation bonds and asset-backed securities (ABS), catering to diverse financing needs [1][8]. - As of July 2025, six Shenzhen securities firms have successfully issued technology innovation bonds totaling 16 billion yuan, creating a "stock-bond fund linkage" ecosystem [8]. Group 4: Mergers and Acquisitions - Mergers and acquisitions are highlighted as effective strategies for listed companies to grow and strengthen their market position, with Shenzhen securities firms actively facilitating these processes [7]. - Notable examples include Huatai United's assistance in a landmark cross-border acquisition in the semiconductor sector, showcasing the firms' capabilities in complex transactions [7]. Group 5: Future Directions - The Shenzhen Securities Regulatory Bureau emphasizes the importance of reinforcing regulatory guidance and encouraging securities firms to focus on national strategies and technological innovation [9][10]. - There is a push for exploring new financing models such as technology REITs and ESG investments to ensure a steady flow of capital into technology innovation sectors [10].

久期财经讯，9月2日，8月中资离岸债总发行规模折合约227亿美元(其中增发规模约8亿美元)，环比下降约9%。具体而言，主权债63亿美元，政府债约14亿 美元，金融债57亿美元，城投债约48亿美元，产业债约40亿美元，地产债约5亿美元(统计口径：按起息日计算;剔除可转债、可换股债和存单)。 8月美联储主席鲍威尔在杰克逊霍尔全球央行年会上释放偏鸽信号称，美国就业市场面临的下行风险上升，风险的平衡转变可能使得美联储调整政策立场成 为恰当之举，然而，特朗普与美联储理事库克之间的诉讼案件给未来利率路径增添不确定性，据FedWatch，市场认为9月降息25bps的可能性为87.6%。 日本央行7月政策会议纪要显示，尽管大部分委员仍支持未来加息，但对美国加征关税对日本经济带来的负面影响表示担忧，这令市场对短期内加息的押注 有所降温。 8月央行发行了两只合计450亿元离岸人民币票据，票面利率分别为1.6%和1.62%，分别于2025年11月26日和2026年8月27日到期。 香港特区政府共发行了8只债券，折合约14亿美元，其中5只为增发，增发规模约8亿美元。 八月发行详情 8月，以离岸人民币计价的债券规模折合约125亿美元， ...

中兴通讯(00763.HK)将于8月28日召开董事会会议以审批中期业绩 中兴通讯(00763.HK)35.84亿H股可转 债8月6日在港交所上市 格隆汇8月18日丨中兴通讯(00763.HK)公布，公司将于2025年8月28日召开董事会会议，以(其中包括)审 议及通过集团截至2025年6月30日止六个月的中期业绩及其发布。 相关事件 ...

Group 1 - The company, ZTE Corporation, has entered into a subscription agreement to issue bonds amounting to RMB 3,584 million [1] - The bonds can be converted into H-shares at an initial conversion price of HKD 30.25 per share, which is subject to adjustment [1] - If fully converted at the initial price, the bonds will convert into approximately 129,726,464 H-shares, representing about 17.17% of the total H-share capital and 2.71% of the total issued share capital of the company as of the announcement date [1] Group 2 - The net proceeds from the bond issuance are intended to enhance the company's investment in computing power product research and development [1]

证券研究报告 中国平安 (2318 HK/601318 CH) 2025 年中期策略会速递— 拟发行可转债，NBV 或稳健增长 | 华泰研究 | | 更新报告 | | --- | --- | --- | | 2025 年 6 月 | 05 日│中国内地/中国香港 | 保险 | 6 月 4 日中国平安出席了我们组织的 2025 年中期策略会，会上公司对 4 日拟 发行 H 股可转债的公告进行介绍，阐述了当前业务发展状况并进行前景展望。 寿险：NBV 有望稳健增长 分渠道看，今年以来公司银保渠道业务快速增长，1Q25 渠道 NBV 同比强 劲增长 171%。2023 年银保渠道推行"报行合一"，2024 年取消了一家银 行网点只能销售三家保险公司产品的"一对三"限制，银保渠道竞争环境持 续优化，平安大力发展银保渠道，我们认为公司合作的银行网点数量有望持 续提升。代理人渠道增长亦保持韧性，1Q25 在价值率提升的驱动下，渠道 NBV 同比增长 12%。我们认为，今年 9 月份行业预定利率或再次下调，有 望提升产品盈利性并带动销售动能改善。考虑到产品利润率有望持续改善以 及银保渠道强劲销售态势，我们预计 2025 全 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of HKD 72.00 and RMB 73.00 [8]. Core Views - The company plans to issue HKD 11.765 billion in H-share convertible bonds, which reflects confidence in future growth and allows for lower-cost financing [4]. - The company's new business value (NBV) is expected to grow steadily, with a projected year-on-year increase of 27% for 2025, driven by strong performance in the bancassurance channel and resilient growth in the agent channel [2]. - The investment strategy focuses on high-dividend stocks, with significant investments in major banks to enhance cash returns in a low-interest-rate environment [3]. Summary by Sections Insurance Business - The bancassurance channel has seen a robust growth of 171% year-on-year in NBV for Q1 2025, aided by the removal of restrictions on bank partnerships [2]. - The agent channel also showed resilience, with a 12% year-on-year increase in NBV for Q1 2025, driven by improved value rates [2]. Investment Strategy - The company emphasizes the allocation of FVOCI stocks and has actively increased stakes in banks since December 2024 to boost dividend income [3]. - The current low bond yields have led to a potential slowdown in bond allocation, with the 30-year government bond yield at 1.89% compared to a new policy rate of 2.5% for traditional life insurance [3]. Financial Projections - The company maintains its earnings per share (EPS) forecasts at RMB 7.37, RMB 7.83, and RMB 8.31 for 2025, 2026, and 2027 respectively [5]. - The projected gross premium income for 2025 is RMB 584.644 billion, reflecting a 6.07% year-on-year growth [7]. - Total investment income is expected to reach RMB 209.034 billion in 2025, marking a 29.78% increase from the previous year [7].