[Shanghai Clearing House: Relevant bond business fees will be reduced or reduced from October 1, 2026 to December 31, 2028] On September 30, Shanghai Clearing House issued a notice on the phased reduction and exemption arrangement for bond business fees, clarifying that from October 1, 2026 to December 31, 2028, relevant bond business fees will be reduced or reduced. In terms of issuance registration and interest payment and redemption, Shanghai Clearing House will continue to waive the issuance registration fee for all bonds, halve the interest payment and redemption service fee, and further waive the interest payment and redemption service fee for Panda Bonds. In terms of settlement and transfer, a 10% discount will be applied to the settlement and transfer fees of cash bonds, and a 9.5% discount will be applied to the settlement and transfer fees of pledged repurchase (local currency), buyout repurchase (local currency), bond lending, and bond forwards. The above measures apply to bond settlement business in full. For market makers, Shanghai Clearing House will, on the basis of the 10% discount on the settlement and transfer fees for spot securities, further implement a 20% discount on the settlement and transfer fees for spot securities transactions completed by market makers through market making, that is, it will be charged at a 7.2% discount on the current charging standards.