【正文】 , supply pressure may face demand bottleneck. It is suggested to reduce interest rate and trading fees to attract more medium and small investors. ? 加強(qiáng)一級市場的市場化定價能力，將對二級市場形成良好的引導(dǎo)作用；承銷商除了擔(dān)負(fù)銷售和一級市場定價的任務(wù)之外，還可能承擔(dān)二級市場做市商的角色，亦要求主承銷商提高市場化定價能力 ? Enhancing the market pricing ability of primary market will produce positive effect to secondary market. Apart from sales and pricing in the primary market, underwriters are likely to act as a market maker, and improve their own pricing ability. ? 各信用評級的發(fā)行期限更為豐富與完整，將有利于形成合理的公司債券收益率曲線，為二級市場流通提供定價基準(zhǔn) ? The maturity of various credit rating bond is more abundance will help to build up a rational corporate bond yield curve, and provide pricing benchmark for secondary market circulation. 美國公司債市場投資者結(jié)構(gòu)（ 1Q2022） Investor structure in US corporate bond market %%%%%%%%%%%%%%%% %%%Households and nonprofit anizations State and local governments, excluding employee retirement funds Rest of the world . Commercial banking Savings institutions total Credit unions . central credit union Propertycasualty insurance panies Life insurance panies Private pension funds total State and local government employee retirement funds Federal government retirement funds Money market mutual funds Mutual funds Closedend funds Exchangetraded funds Governmentsponsored enterprises Real estate investment trusts Security brokers and dealers tFunding corporations資料來源： Wind， 申萬研究 申萬研究 22 二級市場：大宗交易平臺與中小零售平臺共建 / Secondary market: block trade platform and retails platform ? 投資者類型不同，對流動性的需求亦有所不同，機(jī)構(gòu)投資者傾向于場外大宗交易，而中小投資者傾向于零售交易，大宗交易平臺與中小零售平臺并存有利于滿足各類投資者的交易需求 ? Different investors require different liquidity. Institution investors are inclined to OTC block trade, while medium and small investors prefer retail trades. Platforms for both block trade and retail trades are good to satisfy various investors’ demands. ? 建立大宗交易平臺及做市商制度，為機(jī)構(gòu)投資者提供場外大宗交易的基礎(chǔ) ? Establish block trade platform and market maker system, so as to provide basis for OTC block trade to institution investors. ? 發(fā)展中小零售平臺，為中小投資者提供小額交易的基礎(chǔ)，如提高柜臺交易和場內(nèi)競價交易活躍度 ? Develop retail platform for medium and small investors, for example, improving the activity of OTC and bid trade. 申萬研究 23 二級市場：建立做市商制度，增加質(zhì)押券種類 / Establish market maker system and increase the categories of Pledgestyle bonds ? 上海證券交易所日前對 2022年 9月頒布的《關(guān)于公司債券發(fā)行、上市、交易有關(guān)事宜的通知》進(jìn)行了修訂， “ 主體評級和債券評級均在 AA級（含）以上 ” 的債券可進(jìn)入質(zhì)押庫 ,此外 ,央企及五大行或國開行擔(dān)保的債券經(jīng)證監(jiān)會批準(zhǔn)亦可進(jìn)入質(zhì)押庫 ? Shanghai Stock Exchange recently rectified The Notification for the Issuing, Quotation and trading of Corporate Bonds, “bonds whose entity rating and bond rating are both AA or above can do pledge financing, and central stateowned panies, and panies guaranteed by 5 big mercial banks and National Development Bank can also do pledge financing after approved by China Securities Regulatory Commission ” ? 質(zhì)押券的標(biāo)準(zhǔn)化有利于量化并提高公司債券的流動性，從而避免資金面大幅波動期間公司債券的收益率出現(xiàn)大幅波動 ? The standardization of pledgestyle bonds is good for the quantification and liquidity of corporate bonds, so as to avoid the fluctuation of yield rate of corporate bonds when the capital show large scale of fluctuation. ? 建立做市商制度，對公司債券提供連續(xù)雙邊報價，經(jīng)驗(yàn)證明， 2022年債券市場雙邊報價制度推出以來，市場流動性得到了極大改善，如果能對公司債券提供連續(xù)雙邊報價，將提高公司債券的市場變現(xiàn)能力，需要解決的問題是作為主承銷商的證券公司資金實(shí)力往往有限 ? Establish market maker system, and provide successive bilateral bidding for corporate bonds. Experience has shown that ever since the bilateral bidding system is established in 2022 in the bonds market, market liquidity has largely improved. The problem must be solved is that the securities pany who act as main underwriter may lack of fund. ? 建立償債基金，抵御系統(tǒng)性風(fēng)險發(fā)生時的流動性危機(jī) ? Establish sinking fund to prevent liquidity crisis when systematic risk appears. 申萬研究 24 發(fā)展 CDS等衍生產(chǎn)品 / Develop derivatives like CDS ? 從其他國家經(jīng)驗(yàn)來看，發(fā)展 ABS、 CDS等信用衍生產(chǎn)品對提高公司債券市場的流動性非常有效，投資者通過衍生產(chǎn)品將信用風(fēng)險剝離出去，既促進(jìn)了交易型需求和市場流動性，也提高了市場對信用產(chǎn)品定價的能力和準(zhǔn)確度 ? Observed from the experience of other nations, to develop derivatives like ABS, CDS are very effective to enhance corporate bond liquidity. Investor can separate credit risk through derivatives, this can promote tradetype demand and market liquidity, and also developed the pricing ability for credit products and accuracy. ? 當(dāng)然，美國次貸危機(jī)向我們提示的風(fēng)險是：如果對信用風(fēng)險過度樂觀，那么衍生品過高的杠桿可能將信用風(fēng)險無限放大，從而對金融市場帶來沉重打擊，信用風(fēng)險評估和風(fēng)險防范機(jī)制永遠(yuǎn)是投資信用產(chǎn)品的第一要素 ? Of course, the subprime crisis in US shows to us that if we are overconfident towards credit risk, derivatives can magnify credit risk to a unlimited scale, in this way the financial market will be deeply stricken. Credit risk evaluation and risk prevention are always the primary factors for investing credit products. 5010015020025030035040045019713197331975319773197931981319833198531987319893199131993