高盛-亚洲经济分析：人民币债券国际化迎来历史性机遇？（摘要）-20260809

2026年8月9日|8:26PMHKT+852-2978-2418|xinquan.chen@n今年熊猫债（由中国内地以外注册的实体在境内发行的人民币债券）和点心债（离岸市场发行的人民币债券）发行显著加速，260%。与往年相比，此轮扩张还呈现出发行期限更长、发行收益率更低以及发行人主体更广泛的特征。在此背景下，客户越来越多地询问近期发行热潮能否持续。本文回顾两个市场的发展历程，分析当前动因素、本轮周期与以往有何不同，并结合国际经验探讨这两n这两个市场经历了截然不同的历史周期。点心债市场在2011-14年出现首次繁荣，主要受到人民币升值预期、离岸存款快速增长以及动；该市场在2015-17年萎缩，随后从2022年起进入了由融资成本驱动的第二次扩张期。熊猫债在最初十年里一直仅有零星发行，2016年出现了由房地产行业主导、但发行人结构较为集中的短暂增长，直到近n这两个市场发行人构成情况的演变不尽相同，但最新一轮扩张的范围比以往繁荣期更为广泛。点心债发行已从期限较短的城投债转向海外金融长的中国企业（包括科技和工业企业）债券发行。熊猫债发行房地产开发商转向公用事业、消费品企业、外国金融机构和主n两个市场的深度均有所改善，但与成熟的区域性债券市场仍有较大差距。近年来发行期限变长、融资成本下降而且投资者参与面扩大，包括“南需求、以及境内银行和外国机构对熊猫债的参与度提高。但截至2025年底熊猫债和点心债的存量规模分别仅为约600亿美元和2,080亿美元，而亚洲（除日本外）G3货币债券市场规模约为1.4万亿美元；一级市场承接大额发行的能力n历史经验表明，有利的融资成本可以推动货币的国际化，但仅凭这一点无法维持国际化趋势。美元的主导地位建立在强劲的经济、深化的国内国贸易、银行业和外汇活动的离岸生态系统之上。欧元的经验以迅速扩大市场规模，但并不必然带来同样广泛的全球使用；明金融自由化和较低的发行成本可能会催生一个以融资功能为投资者不应视本报告为作出投资决策的唯一因素。有关分析师的申明和其他重要信息，见信息/research/hedge.html。就人民币而言，当前的债券发行繁荣带来了历史性机遇，完善有效的对冲工具、以及加强中国与全球其他地区的贸易/2026年8月9日22026年8月9日3AHistoricOpportunityforRMBBondInternationalization?RecentdevelopmentshavebroughtPanda(RMB-denominatedbondsissuedbyentitiesincorporatedoutsidemainlandChina)andDimSum(RMB-denominatedbondsissuedo仟shore)bondmarketsintosharperfocus.Ourtrackingshowsthattheissuanceinbothmarketsrosebymorethan60%yoyinH12026.Internationalissuersaccountedforaroundhalfofgrossissuanceineachmarket,suggestingincreasingparticipationbyglobalissuers.InthePandabondmarket,Pakistancompleteditsinauguralbondissuancetofundinfrastructureinvestment,whileintheDimSumbondmarket,Portugalbecamethefirsteuro-areasovereigntoissueo仟shoreRMBbonds.USbanksalsoraisedrecordamountsintheo仟shoremarket,withmorelong-datedissuancebyChinesetechfirms.Policysupporthasalsostrengthened.PolicymakershaveplacedgreateremphasisontheRMB’sroleincross-borderinvestmentandfinancing.AttheLujiazuiForum,PBOCGovernorPanGongshengpledgedtodevelopthePandabondmarketandexpandthesupplyofo仟shoreRMBbondsandderivatives.Thefollow-uppackageannouncedinearlyJuly,includinganexpansionoftheSouthboundBondConnectquotaandanewfixed-incomeandcurrencytradingplatform,shoulddeepentheo仟shoreRMBmarketandsupportthedevelopmentofamoreliquido仟shoreRMBbondyieldcurve.Againstthisbackdrop,clientshaveincreasinglyaskedwhethertherecentboominPandaandDimSumbondscanlast.InthisAsiaEconomicsAnalyst,weexaminehowthetwomarketshaveevolved,whathasdriventhecurrentboom,howthiscycledi仟ersfrompreviousones,andwhatinternationalexperiencesuggestsabouttheirlong-termpotential.DimSumandPandabondmarketsblossomPandaandDimSumbondmarketshaveexpandedrapidlyoverthepastfewyears.GrossPandabondissuancereachedRMB160bninH12026,whileDimSumbondissuancetotaledRMB358bn,puttingbothmarketswellaheadoftheirissuancepacein2022-25(图表1).OutstandingPandaandDimSumbondsstoodataroundRMB495bnandRMB1578bn,respectively,asofend-June.11Weexcludeconvertiblebonds,certificatesofdepositandcentralbankbills,whoseequity-linkedfeatures,short-termbankfundingfunction,ormonetarypolicypurposemakethemlesscomparablewithconventionalbondfinancing.2026年8月9日4图表1:DimSumandPandabondissuancehitarecordhighinH12026Weexcludecertificatesofdeposits,centralbankbills,andconvertibles.Theexpansionhasextendedbeyondissuancevolumes.Averageissuancetenorshavelengthenedinrecentyears,particularlyintheDimSumbondmarket.ExcludingLGFVissuers,theweighted-averagetenorofDimSumbondsrosefrom3.3yearsinQ42023to5.8yearsinQ22026,whiletheweighted-averagetenorofPandabondsincreasedfrom2.4yearsto3yearsoverthesameperiod(图表2).Atthesametime,weighted-averageissuanceyieldsfor3ybondshavedeclined,from3.5%to2.1%forDimSumbondsandfrom3.5%to1.8%Pandabonds(图表3).2ThefallingissuancecostspartlyrefiectlowerbenchmarkRMBinterestrates(suchasCGByields),amidsubduedinfiation,softdomesticdemand,andanaccommodativemonetarypolicystance.2WeexcludeLGFVissuersfromtheDimSumtenorcalculationbecausetheirissuancewasconcentratedinshort-datedbonds(withmaturitiesoflessthanoneyear),refiectingdifferentregulatoryrequirementsfromlonger-termoffshoreborrowing.WeuseonlyIGDimSumbondsforyieldcomparison,asLGFVbondsareoftenunratedandusuallycarryayieldpremiumofaround100-200bpsoverIGbonds.2026年8月9日5图表2:RecentDimSumbondissuanceismovingtowardslongertenors...LGFVsareidentifiedbasedonBloomberg’soffshoreLGFVissuerlist.图表3:…andissuancecostshavebecomemorecompetitiveinbothmarketsLGFVsareidentifiedbasedonBloomberg’soffshoreLGFVissuerlist.MTNreferstomedium-termnotesintheonshorecorporatebondmarket.资料来源：ICE-BAML,万得,高盛全球投资研究部Theincreaseinbondissuancehasalsobeenaccompaniedbyabroaderandmorediversifiedissuerbase(图表4).IntheDimSummarket,overseasfinancialinstitutionshavegainedalargershareinrecentyears,especiallyinH12026.Chinesecorporateissuancehasalsopickedupsince2023,withtechandinternetcompaniesaccountingforameaningfulshareoflonger-datedDimSumbondissuance.Meanwhile,LGFVissuancehasmoderatedfollowingtighterregulatoryscrutinyofshort-datedoffshoreborrowingin2024.Thechangingissuercompositionhasinfiuencedthemarket’saveragematurityandpricingprofile.Thedeclineinshort-datedLGFVissuance,alargeshareofwhichwasfromunratedissuers,andgreaterparticipationfromhigher-ratedfinancialinstitutionsandcorporates,havecontributedtolongerweighted-averagetenorsandlowerweighted-averageissuanceyields.InthePandabondmarket,China-relatedoffshorecorporatesremainthelargestissuergroup,butoverseassovereignsandfinancialinstitutionshaveincreasedtheirpresenceinrecentyears.2026年8月9日6图表4:TheissuerbasehasbroadenedacrossgeographiesandsectorsLGFVsareidentifiedbasedonBloomberg’soffshoreLGFVissuerlist.TheDimSumandPandabondmarketsfolloweddifferentpaths,buttheirissuancecycleswereinfiuencedbyasimilarsetoffactors:policysupport,RMBexchangerateexpectations,andrelativeRMBfundingconditionsversusmajorcurrencies.图表5showsthatbothmarketsexpandedwhenRMBwasappreciatingagainsttheDollarand/orwhenRMBfundingcostswererelativelylow.WhileRMBappreciationwasanimportantdriverinearlierissuancecycles,thelatestexpansionappearstohavebeenmorecloselyassociatedwithlowerRMBfundingcostsrelativetomajorcurrencies.Policysupportprovidedthefoundationforbothmarkets,whileimprovementsinmarketinfrastructure,includingmarketaccess,liquidityconditions,andhedgingtools,havebecomeincreasinglyimportantinsupportingbroaderissuerparticipationandinvestordemand.Wediscussthedevelopmentofthetwomarketsseparatelyinthefollowingsections.2026年8月9日7图表5:RMBfundingadvantageshavebecomeanimportantdriverofthelatestissuanceboominbothmarkets,whileearlierDimSumissuancecyclebefore2020wasmorealignedwithRMBexchangerateDimSumbonds:fromRMBappreciationexpectationstofundingadvantageTheDimSumbondmarkethasexperiencedtwodistinctexpansioncyclessinceitsinception.Thefirstboomin2011-14wasdrivenbyexpectationsofRMBappreciationandstrongdemandforalimitedsupplyofo仟shoreRMBassets,whilethelatestexpansionsince2022hasbeenprimarilysupportedbyRMBfundingadvantagesrelativetomajorcurrencies.TheboxbelowreviewstheemergenceoftheDimSummarketanditsfirstissuancecycle.Wethenfocusonthecurrentboom.Box1:TheriseandreversalofthefirstDimSumbondboomTheDimSumbondmarketemergedfromthecreationofano仟shoreRMBmarketinHongKong.HongKongbegano仟eringpersonalRMBbankingservicesin2004,andgraduallybuiltthepayment,clearingandsettlementinfrastructureneededforo仟shoreRMBtransactions.Thebondmarketwaslaunchedin2007,whenChinaDevelopmentBankcompletedthefirstRMBbondissuanceinHongKong.TheMinistryofFinance’sfirsto仟shoreCGBissuancein2009helpeddevelopabenchmarkinterestratecurve.Thelaunchofcross-borderRMBtradesettlementinthesameyearwasaturningpointfortheo仟shoreRMBmarket,expandingRMBusagefromretailbankingactivitiestocorporatetradesettlementandcreatingagrowingpoolofRMBliquidity.Thebondmarketexperienceditsfirstboomin2011-14,drivenbyacombinationofRMBappreciationexpectationsandtherapidgrowthofCNHdepositsrelativetothelimitedsupplyofo仟shoreRMBassets.BetweenJune2010andend-2013,RMBappreciatedbyaround11%againsttheDollar,reinforcingexpectationsoffurtherappreciationandincreasingtheexpectedreturnfromholdingRMBassets.Againstthisbackdrop,HongKong’sRMBdepositsexpandedfromlessthanRMB100bnin2026年8月9日8mid-2010toaroundRMB1tnbyend-2014,mainlyfromcross-bordertradesettlement(图表6).Butaccesstoonshoreassetsremainedlimited,asmajorcross-borderinvestmentchannels,suchasStockConnectandBondConnect,hadnotyetbeenestablished.ThescarcityofinvestableRMBassetsthereforesupportedstrongdemandforDimSumbonds.Onthesupplyside,issuersincentivesdifferedacrossborrowergroups.Forinternationalissuers,DimSumbondsprovidedaccesstooffshoreRMBfundingtosupporttheiroperationsandinvestmentinmainlandChina.Formainlandissuers,RMBfundingcostswerelowerinHongKongthanmainlandChinaduetoChina’smonetarypolicytighteningin2010-11andtheliquiditysqueezein2013.OnshoreRMBfundingcostscouldbemorethan100bphigherthanoffshoreRMBfundingcostsduringthatperiod.图表6:OffshoreRMBdepositexpandedrapidlyinearly2010srelativetoDimSumbondissuanceHereweaddbackcertificatesofdeposits,centralbankbillsandconvertiblebonds.资料来源：万得,CEIC图表7:OffshoreRMBfundingcostsstayedaboveonshorefundingcostssincelate2015-150-150-45014151617181920212223242526Basispoint150100500-50-100Basispoint4503001500-150-300Offshore-onshorespreadsof:10yCGByieldsFundingcosts(RHS)TheDimSumbondmarketcontractedin2015-17,asthedriversoftheearlierboomreversed.Followingthe2015exchangeratereform,theRMBdepreciatedagainsttheUSDandCNHweakenedmorethanCNY,promptingoffshoreRMBtofiowbacktomainlandChina.ThisreducedHongKongRMBdepositsnotablyandpushedupCNHfundingcosts(图表7).Atthesametime,domesticmonetaryeasingloweredonshorefundingcosts,reversingtheearliercostadvantageofoffshoreissuance.Thecompositionofissuancealsoshiftedduringthisperiod.Thefirstboomhadbeenheavilysupportedbymainlandborrowers,whichaccountedfor75%ofgrossissuancein2014.Ascapitalfiowmanagementtightenedsince2015,internationalborrowersbecameincreasinglyimportant,accountingforaround50%ofgrossissuanceduring2015-21.Themarketenteredasecondboomin2022,drivenprimarilybyrelativefundingeconomicsratherthanexpectationsofone-wayRMBappreciationin2011-14.AsRMBinterestratesfellbelowUSDandEURrates,RMBfundingbecameincreasinglyattractiveforbothmainlandandinternationalissuers.Againstthisbackdrop,grossissuancereachedanewhighin2025.Thelatestcyclehasalsobroughtabroaderissuermix.Financialinstitutionsaccountedfor34%ofgrossissuancein2025,downfrom48%in2014,whilethecombinedshareofindustrialandTMTissuersrosefrom9%to21%(图表8).2026年8月9日9图表8:DimSumbondissuerparticipationhasbroadenedbeyondfinancialsOthersOthersConsumerDiscretionary4%DiversifiedFinanServIndustrialTotalamountissued:2025DimSumbondissuance24%Sovereign26%2014DimSumbondissuance36%IndustrialTotalamountissued:RMB289bnDiversifiedFinanServConsumer4%DiscretionarySovereign23%Others9%TMTDespiteabroaderissuerbase,thecreditspectrumremainsrelativelynarrow(图表9).AmongratedDimSumissuers,investmentgradebondshavebeenoverwhelminglydominant,whilehigh-yieldissuanceremainslimited.Thesizeableunratedsegment,whichaccountedforaround53%offull-yearissuancein2024,mainlyrefiectstheincreasedparticipationofLGFVsamidstrongerrefinancingneeds-andtighterconstraintsondomesticborrowing.ManyLGFVsdonotobtaininternationalratings,andaround70%ofissuancefromunratedborrowersduring2021-25camefromLGFVs.图表9:InternationalDimSumissuanceremainsmostlyinvestmentgradeOntheinvestorside,thelatestcyclehasgainedanimportantadditionalsourceofdemandfromMainlandinstitutionsthroughSouthboundBondConnect,attractedinpartbytheyieldpickuponoffshoreRMBbondsovercomparableonshoreinstruments.MediareportsalsosuggestthatdemandisconcentratedamonglargeChinesefinancialinstitutions,manyofwhichinvestonahold-to-maturitybasis.BasedonallocationdatafromselectedlargeDimSumbonddealsduring2024-25,banksandfinancialinstitutionsaccountedfor55%ofallocation,followedbyasset2026年8月9日10andfundmanagers(25%)andsovereign/officialinstitutions(16%;图表10).3Thisisconsistentwitharelativelyconservativeinstitutionalinvestorbasethatfavourshigh-qualityandliquidcreditbonds,helpingexplainwhyratedDimSumbondsremainpredominantlyinvestmentgrade.图表10:DemandforDimSumbondsintheprimarymarketremainsbank-ledBookdistributionofselectedmajorDimBookdistributionofselectedmajorDimSumdealsduring2024-25Privatebanks/ hedgefunds/seAssetAssetmanagers/fundmanagers25%Sovereignwealthfunds/officialinstitutions16%Banks/financialinstitutions55%curitieshouses4%*Weightedbybooksize.Sampleincludes3-10ytranchesoftherespectivedeals.资料来源：彭博,DatacompiledbyGoldmanSachsGlobalInvestmentResearchRenewedRMBappreciationexpectationssince2025haveprovidedanadditionaltailwindforRMBassetdemandandhelpedreducevolatilityinCNHfundingcosts.Recentpolicymeasures,includingexpandedRMBliquidityfacilities,cross-boundarybondrepo,andthere-launchofCGBfuturemarketinHongKong,shouldfurtherimproveoffshoreliquidityandenhanceinvestors’hedgingcapacity.TheseshouldhelpfurtherboostDimSumbondissuance.3InvestorallocationdataarenotpubliclydisclosedformostDimSumbondissues.Thesamplethereforecoversselectedlarge,high-profiledeals(suchasAlibabaandTencent)withavailablebookdistributiondata.Itmaynotberepresentativeofthebroadermarket.Forexample,itislessinformativeabouttheunratedLGFVsegment,forwhichallocationdataarerarelydisclosed.2026年8月9日11Pandabonds:ContinuedmarketopeningandstrongerinfrastructureThePandabondmarkethasfollowedamorefragmenteddevelopmentpaththantheDimSummarket,refiectingthephasedopeningofChina’sdomesticbondmarket.Afteradecadeofsporadicissuance,itexperiencedanarrow,property-ledboomin2016beforeenteringabroaderexpansionfrom2023.TheboxbelowreviewstheemergenceofthePandabondmarketanditsfirstissuancecycle.Wethenfocusonthecurrentexpansion.Box2:TheearlydevelopmentandfirstboomofthePandabondmarketChinalaunchedthePandabondmarketin2005,whentheInternationalFinanceCorporationandtheAsianDevelopmentBankcompletedtheirfirstbondissues.Actualissuanceremainedsporadicforitsfirstdecade,becauseissuereligibilitywasnarrowandtheuseandcross-bordertransferofproceedswastightlyrestricted.4ItbegantobroadenwhenDaimler(nowMercedes-Benz)becamethefirstoverseas-incorporatednon-financialcompanytoissuePandabondsintheinterbankmarketin2014,followedbyforeigncommercialbanksin2015.Eventhen,accessexpandedmainlythroughcase-by-caseapprovalsandpilotprogramsratherthanamatureandroutinelyaccessibleframework.Issuancesurgedin2016,withChinesecompaniesaccountingfor73%ofgrossissuance.5A2015CSRCframeworkprovidedaregulatorybasisforcompaniesincorporatedoutsidemainlandChinatoissueintheexchangemarket,whilea2016clarificationallowingproceedstobeusedbysubsidiariesmadethisroutemoreattractiveinpractice.ManymainlandpropertydeveloperswereorganizedunderoffshoreholdingcompaniesincorporatedintheCaymanIslandsorBermuda.TheseholdingcompaniescouldserveasthelegalissuersofPandabonds,whilethegroups’assets,revenuesandrepaymentcapacityremainedconcentratedinmainlandChina.LowerbarrierstoexchangemarketissuanceandrelativelylowonshorefundingcostshelpedpropertysectorPandabondissuancereachRMB68bnin2016,equivalenttoaround51%offull-yearissuance.Thisnarrow,property-ledboomreversedafterfinancingrulestightenedinlate2016.Theexchangesintroducedaframeworkthatnarrowedtherangeofeligibledevelopers,subjectedmorehighlyleveragedissuerstostricterscrutinyandprohibitedtheuseofbondproceedstopurchaseland.Atthesametime,financialdeleveragingandtighterdomesticliquidityconditionspushedonshoreinterestrateshigher,reducingthecostadvantageofonshorerelativetooffshoreissuance.Property-sectorPandabondissuancefellfromRMB68bnin2016toRMB21bnin2017,andtotalPandabondissuancenearlyhalved.Astheexchangemarketboomfaded,thePandabondissuancethenshiftedtowardstheinterbankmarket.Thecurrentexpansionrestsonacombinationofamoreformalizedregulatoryframework,greaterfiexibilityovertheuseofproceedsandlowerRMBfundingcostsrelativetoUSDandeuromarkets.In2018,theauthoritiesintroducedacommon4The2005rulesonlyappliedtointernationaldevelopmentinstitutionsandrequiredproceedstobeusedforprojectsoroperationsinChina.A2010revisionallowedinternationaldevelopmentinstitutionstoconvertandremitproceedsoffshore,butonlywithSAFEapprovalandsubjecttoreportingrequirements.Therewereonly4issuesbetween2005and2013.5Issuersareclassifiedbythecountryofriskoftheirultimateparentratherthanbythelegaldomicile.PandabondissuersareincorporatedoutsideMainlandChinabydefinition.2026年8月9日12frameworkforPandabondissuanceintheinterbankmarket,markingashiftfromcase-by-caseapprovalsandpilotarrangementstowardarules-basedregimewithstandardizedissuanceproceduresanddisclosurerequirements.6Newproceedsmanagementruleseffectivein2023explicitlyallowedproceedseithertoremainonshoreortoberemittedoffshore,streamlinedregistrationprocedures,andallowedissuerstohedgerelatedcurrencyriskthroughonshoremarkets.Followingthesechanges,theshareofissuancewhoseproceedscouldbeusedoffshorerosefromaround10-15%offull-yearissuancebefore2023toclosetohalfin2025and1H26(图表11).图表11:MorePandabondproceedscouldbeusedoffshoresince2023Thecompositionofissuancehaschangedmarkedlyfromthe2016cycle(图表12).Theshareofpropertydevelopersintotalissuancefellfrom51%toonly1%from2016to2025,whiletheshareofutilitiesrosefrom8%to20%,ledbymultipleissuancesfromChinaPowerInternationalDevelopment.Consumerstaples’sharealsoincreasedfrom7%to18%,withMengniuaccountingforaroundhalfofthesector’sissuance.Meanwhile,internationalborrowersaccountedfor45%ofPandabondissuancein2025,upfrom21%in2016.Theincreaseininternationalissuancewasledbysovereignborrowers(suchasNewDevelopmentBank),whichaccountedfor55%ofissuancebynon-Chinaissuersin2025.Inmostyears,morethan90%ofPandabondissuancehasbeenrateddomesticAAA,with2016and2020themainexceptions.Domesticratingsarenotdirectlycomparablewithinternationalratingsandofferlimitedcross-sectionaldifferentiationoncreditrisk.6Forpublicofferings,onlyChineseaccountingstandardsorrecognizedequivalents,includingEU/UKIFRSandHongKongstandards,butnotUSGAAP,canbeusedwithoutreconciliation.OtherissuersmustprovideareconciliationtoChinesestandards,whichwouldaddtimeandcompliancecostssignificantly.2026年8月9日13图表12:PandabondissuancehasshiftedawayfrompropertydeveloperstowardsabroadersectorandcountrymixSovereign2016PandabondissuanceSovereign4%4%OthersOthersConsumerStaplesUtilitiesUtilitiesConsumerDiscretionary51%Totalamountissued:Others4%Others4%2016Pandabondissuance(international(internationalissuers)ConsumerDiscretionarySovereign32%Sovereign32%Totalamountissued:RMB28bnTotalamountissued:Totalamountissued:2025PandabondissuanceOthers5%Sovereign24%ConsumerStaplesIndustrialConsumerUtilities20%Utilities20%Consumer2025Consumer2025Pandabondissuance(internationalissuers)Staples5%OthersStaples5%OthersConsumerDiscretionarySovereign55%Sovereign55%MaterialsInvestmentCompaniesOntheinvestorside,PandabondsallowdomesticinvestorstogainexposuretooverseasborrowerswithouttakingFXrisksandmayalsoofferayieldpickupovercomparabledomesticbonds.Asonshoreinterestratesdeclinedoverthepastfewyears,moreinstitutionalinvestorsincludedPandabondsintheirportfolios,broadeningtheinvestorbase.Asshownin图表13,assetmanagementproductsremainedthelargestinvestorgroup,buttheirshareofoutstandinginterbankPandabondsfellfrom55%atend-2020to40%atend-2025.7Overthesameperiod,domesticbanks’sharerosefrom21%to29%,whilethatofsecuritiesfirmsincreasedaswell.Foreignparticipationwasalsomeaningful:foreigninstitutionsheldaround15%ofthemarketatend-2025.7InvestorholdingsarebasedonbonddepositorydatapublishedbyShanghaiClearingHouse(SHCH).SHCHprovidescustodyservicesfortheinterbankmarket,whichaccountsformostoutstandingPandabonds.SomePandabondsarelistedontheexchanges(suchasShanghaiStockExchange),whichdonotdiscloseinvestorholdingbreakdownsforPandabonds.SHCH-custodiedPandabondsaccountedformorethan90%ofoutstandingPandabondsatend-2025.2026年8月9日