Report Industry Investment Rating - No relevant information provided Core Views - The turmoil in the US bond market may have multiple impacts on the Chinese bond market, potentially attracting more long - term allocation funds in the short and long term, but also bringing uncertainties [2][12][13] - Four departments issued a guidance to support the high - quality development of the sports industry through bond financing, which may lead to the launch of innovative sports industry bond varieties, but the development of the industry depends on the improvement of residents' sports consumption levels [3][14][15] Summaries by Section Market Hotspots - On April 10, the US financial market was comprehensively impacted. The US stock, bond, and dollar markets tumbled, with the 10 - year US Treasury yield rising sharply and large - scale selling occurring. This reflected a systematic re - evaluation of the US fiscal prospects, policy stability, and inflation risks by global investors [10][11] - The US bond market turmoil may cause a regional shift in global asset allocation, and China's bond market may attract more long - term funds. The stability of RMB assets is more prominent, and the volatility of US bonds may prompt the Chinese regulatory authorities to re - consider cross - border capital flows and interest rate liberalization [12][13] - Four departments jointly issued a guidance to support the high - quality development of the sports industry through bond financing, which aims to guide financial resources to the sports industry, and may lead to the launch of innovative bond varieties. However, the long - term development of the industry depends on the improvement of residents' sports consumption levels [3][14][15] Macroeconomic Data - In March, CPI decreased by 0.4% month - on - month and 0.1% year - on - year, with the decline narrowing. Core CPI increased by 0.5% year - on - year. Food prices decreased, but the decline narrowed, and non - food prices increased slightly [4][16] - In March, PPI decreased by 0.4% month - on - month and 2.5% year - on - year, with the year - on - year decline widening due to falling international commodity prices and weak downstream demand. However, high - tech and some manufacturing industries showed stable or rising prices [4][17] Money Market - Last week, the central bank net - withdrew 4392 billion yuan through open - market operations. Although funds were withdrawn, the money market remained balanced, and money market interest rates generally declined [5][19][20] Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds was 2044.51 billion yuan, an increase of 763.71 billion yuan from the previous period. The cancellation scale of credit bond issuance decreased. The issuance scale of each bond type increased, and the average issuance cost generally decreased, except for the 5 - year AA - rated bonds [6][26][35] Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 106111.37 billion yuan, with the daily average trading volume increasing significantly. Bond yields generally declined, and the credit spreads of AAA - rated bonds mostly widened, as did the rating spreads [7][38][48]

监测周报 2025 年 4 月 7 日—2025 年 4 月 13 日 总第 339 期 2025 年第 13 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业 拟成立专项基金加大收储力度 地方债存量规模突破 50 万亿 ——地方政府债与城投行业监测周报 2025 年第 13 期 本期要点 要闻点评 地方政府债与城投债交易情况 作者： 中诚信国际 研究院 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【地方政府债与城投行业监测周报 2025 年 第 12 期】关注城市更新示范城市城投业务 机会，四川印发财税体制改革总体方案， 2025-04-11 【地方政府债与城投行业监测周报 2025 年 第 11 期】上交所"3 号指引"引导城投 "真转型"，湖南率先出台专项债"自审 自发"方案，2025-04-03 【地方政府债与城投行业监测周报 2025 年 第 10 期】第二批 2 万亿债务置换额度已完 成六成，山东淄博落地区县级非标置换专 项贷款，2025-03-28 【地方政府债与城投行业监测周报 2025 年 第 9 期】两办印发《提振消费专项行动方 案》， ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - In Q1 2025, personal consumer finance and micro - loans were active, and the issuance scale of asset - backed notes increased significantly year - on - year. The issuance of asset - backed notes was booming, and the secondary - market trading was also active. The release of the Action Plan by the National Association of Financial Market Institutional Investors is conducive to optimizing the bond financing environment for private enterprises [3][4] Group 3: Summary According to the Directory 1. Issuance Situation - In Q1 2025, 120 asset - backed note products were issued, with a total issuance scale of RMB 101.009 billion, an increase of 49 in quantity and 118.47% in scale compared with the same period last year. Among them, 36 ABCP products were issued, with a scale of RMB 33.58 billion, accounting for 33.24% of the ABN issuance scale. The top five sponsoring institutions accounted for 45.78% of the issuance scale, and the top ten accounted for 66.39% [4][5][25] - In terms of the classification of underlying assets, the debt - type ABN dominated, with a scale of RMB 88.233 billion, accounting for 87.35%. The average issuance scale of other - type assets was the highest at RMB 1.955 billion per unit. The underlying assets mainly included personal consumer finance, micro - loans, subsidy payments, etc. New product types such as specific non - financial claims and CMBN emerged, and the issuance scales of personal consumer finance, micro - loans, etc. increased year - on - year [10][12][14] - In terms of issuance scale distribution, the product with the highest single - issue scale was RMB 5.005 billion, and the lowest was RMB 0.9 billion. The number of products with a single - issue scale in the (5, 10] billion yuan range was the largest, accounting for 68.12% of the scale [17] - In terms of term distribution, the shortest term was 0.17 years, and the longest was 18.01 years. The number of products with a term in the (1, 2] year range was the largest, accounting for 41.50% of the scale [20] - In terms of grade distribution, AAAsf - rated notes accounted for 90.45% [21] - The interest rate center of one - year AAAsf - rated notes was around 2.10%, and the median decreased by 50 BP compared with the same period last year [4][23] 2. Analysis of Issuance Spreads - Compared with Treasury bonds and enterprise bonds of the same term, the issuance spreads of 1 - year and 3 - year asset - backed notes both narrowed. The issuance spreads of personal consumer finance, micro - loans, and supply - chain assets increased slightly, while the issuance costs of related products decreased significantly compared with the same period last year [4][30][36] 3. Secondary - Market Trading Situation - In Q1 2025, the total trading amount of asset - backed notes in the secondary market was RMB 141.746 billion, and the number of transactions was 1,640, with year - on - year increases of 28.75% and 35.65% respectively. The more active products mainly included class REITs, personal consumer finance, accounts receivable, etc. [40][43] 4. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors issued the Action Plan, which is conducive to optimizing the bond financing environment for private enterprises and providing strong support for the healthy development of the private economy [45][46]

Report Industry Investment Rating No relevant content provided. Core Viewpoint of the Report Benefiting from continuous strong support from the central government, the uniqueness of the Corps system, and its prominent resource endowment and development foundation, Xinjiang has a strong willingness to repay debts and a good foundation for debt repayment. Despite the existing debt pressure on local governments and platform enterprises, the overall regional debt risk is controllable. However, factors such as the high dependence on resource-based industries, the development gap between northern and southern Xinjiang, rigid investment expenditures for regional stability and infrastructure improvement, and the information and resource allocation under the "dual-track system" of the autonomous region and the Corps may pose constraints on debt management [7][55]. Summary by Relevant Catalogs 1. Analysis of Xinjiang's Debt Repayment Will Supported by Central Policy Empowerment and the Resilience of the Corps System - Xinjiang has a unique geopolitical position and a prominent strategic status, with large-scale rigid expenditure needs. Its economic and fiscal strength is limited, and local fiscal self-sufficiency is weak. The central government has been providing support policies and large-scale transfer payments, which strongly support its strong debt repayment will [4][11]. - In 2024, Xinjiang received a total of 418.284 billion yuan in general budget and government fund budget subsidies from the central government. The scale of general budget subsidies from the central government in recent years has been among the top in ethnic minority autonomous regions and the five northwestern provinces [14]. - The special Corps system strengthens Xinjiang's overall debt repayment will. The "Agricultural Sixth Division default event" in 2018 reflected the problem of debt repayment resource mismatch caused by the deep - seated interwoven relationship between the autonomous region and the Corps system, but it also became an opportunity to strengthen debt management [19]. - After the default event, Xinjiang and the Corps strengthened debt risk control, increased the investigation of hidden debts, and established a debt risk accountability system. The central government also supported debt risk resolution through transfer payments and special bond quota allocation [21]. - In terms of historical debt repayment performance, Xinjiang has basically held the bottom line of urban investment debt risk. Except for the 2018 Agricultural Sixth Division bond default, there have been no other bond default events, and there are few credit risk events such as non - standard defaults and bill overdue [24]. 2. Analysis of Xinjiang's Debt Repayment Guarantee Ability under the Linkage of Resource Economy and Central Support - Supported by policies and resource endowments, Xinjiang's economy and finance have maintained a relatively fast growth trend. Since the 14th Five - Year Plan, Xinjiang has shifted its focus to economic development, and the "Ten Industrial Clusters" development plan has been released, with good future economic development prospects [27][30]. - Xinjiang's fiscal revenue is resource - driven. Abundant resources can provide liquidity support for debt risk prevention, and there is still room for industrial structure upgrading. Its low dependence on land finance makes its fiscal revenue less affected by the real estate downturn [34]. - However, the high dependence on resource - based industries and the development gap between northern and southern Xinjiang lead to insufficient economic stability. Rigid investment expenditures for regional stability and infrastructure improvement may hinder debt resolution [37][42]. 3. Analysis of Xinjiang's Local Debt Repayment Pressure under the Background of the Package Debt Resolution Policy - Xinjiang's overall debt scale and debt ratio are at the middle and lower levels in the country. The debt repayment pressure exists but is relatively controllable, and there is still some room for debt - raising in future economic development [6]. - Since the implementation of the package debt resolution policy, Xinjiang has issued a large - scale of special refinancing bonds and special new special bonds to resolve local government debts. The regional financing environment has been effectively improved, the issuance cost of platform bonds has significantly decreased, and the bond term has been extended, effectively alleviating the debt pressure [6][50]. 4. Summary Xinjiang has large - scale rigid expenditure needs, limited economic and fiscal strength, and weak local fiscal self - sufficiency. The government and enterprises have certain debt pressure. However, with the support of the central government and the improvement of debt management, the region has good development prospects. Although there are some factors restricting debt management, the overall regional debt risk is controllable [55].

城投债季度报告 刘绍思 shsliu@ccxi.com.cn 织 中诚信国际基础设施投融资行业 供给持续缩量 区域化债分化加剧 城投转型深化与风险交织 ——2025 年一季度城投债市场追踪及市场关注 摘 要 供给持续缩量 区域化债分化加剧 城投转型深化与风险交 ——2025 年一季度城投债市场追踪及市场关注 作者 政府公共评级部 宋丹丹 ddsong@ccxi.com.cn 中诚信国际基础设施投融资行业 3 第四、苏鲁浙发债额度仍遥遥领先，但净融资均有不同程度的下滑；同时，重点省份债 务化解稳步推进，发行总额小幅下降，净融资额由负转正，严监管政策对于非重点省份 的影响仍较明显。江苏省、浙江省和山东省发行金额仍居前三位，但江苏省和浙江省净 融资缺口较大，且各省份净融资额较去年同期普遍有所下滑；重点省份发行金额仍较小。 同时，2025 年一季度重点省份债务风险化解稳步推进，发行总额同比仅下降 0.77%，净 融资额由负转正，但严监管政策对于非重点省份的影响仍较明显，非重点省份发行额及 净融资额均有所下降。 第五、新增发行主要集中于经济财政实力或区域产业具有相对优势的区域，重点省份新 增发行债券较少。2025 年一 ...

图说债市月报 2025 年 3 月 1 日 — 3 月 3 1 日 债券市场研究系列 关注关税冲突下利率走势变化 ——2025 年 3 月图说债市月报 作者： 中诚信国际 研究院 侯天成 tchhou@ccxi.com.cn 卢菱歌 lglu@ccxi.com.cn 谭 畅 chtan@ccxi.com.cn 联系人： 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【图说债市月报】债市调整幅度较大，降准降 息仍有机会密切关注资金面动态-2025年2月 【图说债市月报】发行升温信用风险整体可 控，多空交织或加大债市波动-2025年1 月 隐性债务监管高压态势不变强调防范"处置风险的风险" 信用债发行升温收益率普遍下行， 本期要点 展望及策略建议 展望后市，债市流动性或有缓和，但波动风险仍需警惕。3 月中下旬以来，央 行通过 MLF 操作等加大流动性呵护力度，央行副行长也多次表示将根据国内外 经济金融形势"择机降准降息"，强化市场对宽松政策的预期。近期关税冲突 推升避险情绪，带动债券市场走强，但潜在波动风险仍需关注。4 月 2 日，美 国宣布多项关税政策，对我国加征 34%个性化对等关税， ...

2025 年 4 月 热点点评 中美关税博弈再起： 作者： 中诚信国际 研究院 卢菱歌 lglu@ccxi.com.cn 郝云龙 ylhao@ccxi.com.cn 谭 畅 chtan@ccxi.com.cn 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 民企债券融资支持力度再升级，新举措能 否带来新突破？——交易商协会民企14 条 点评，2025 年 3 月 4 月 2 日，美国宣布多项关税政策，对贸易伙伴设立 10%的"最低 基准关税"，并对部分贸易伙伴征收更高关税，其中对我国加征 34% 个性化对等关税，同时计划终止从中国内地和中国香港输美小额包裹 的免税待遇。我国也快速反应进行反制，4 月 4 日国务院宣布自 4 月 10 日起，对原产于美国的进口商品，在现行适用关税税率基础上加征 34%关税。本次美国对等关税范围和税率均大幅超出市场预期，中美 贸易摩擦再度升级，扰动资本市场表现，对经济修复、市场情绪和风 险偏好等多方面产生影响。对我国债券市场而言，相关影响或主要体 现在三方面： 一、加征关税影响我国进出口，避险情绪升温及基本面修复 承压短期利好债市 此次美国加征关税，短期内对 ...

Group 1: PMI Data Insights - The manufacturing PMI for March 2025 is reported at 50.5%, an increase of 0.3 percentage points from the previous month[2] - The new orders index rose to 51.8%, up 0.7 percentage points, indicating improved demand[12] - The service sector PMI increased to 50.3%, reflecting a 0.3 percentage point rise, while the construction PMI reached 53.4%, the highest since June of the previous year[9] Group 2: Economic Trends and Challenges - Despite the positive PMI trends, the overall economic recovery remains weak, with manufacturing PMI still below seasonal averages[2] - The manufacturing sector is experiencing passive destocking, with finished goods inventory index dropping to 48.0%, indicating a supply-demand gap[4] - Price indices for both factory and raw material purchases fell by 0.6 and 1.0 percentage points, respectively, suggesting ongoing price pressures on profitability[4] Group 3: Sector Performance - High-tech manufacturing and equipment manufacturing sectors are showing significant recovery, with PMIs of 52.3% and 52.0%, respectively[4] - Small and medium-sized enterprises (SMEs) saw a notable rebound in PMI, with small enterprises reaching 49.6%, the highest level since June of the previous year[4] - The construction sector is facing challenges due to funding pressures and low new order indices, which fell to 43.5%[9]

信用利差周报 地方政府债与城投行业监测周报 2022 年第 9 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 2025 年 3 月 3 1 日—4 月 3 日 总第 557 期 2025 年第 13 期 债券市场研究 作者： 中诚信国际 研究院 【信用利差周报2025年第12期】三部门发 文支持科技型企业债券融资，5000 亿元特 别国债定向注资国有大行 2025-4-1 【信用利差周报 2025 年第 11 期】3 月信用 债发行遇冷，交易所多维发力畅通投融资 双循环 2025-3-25 【信用利差周报2025年第10期】央行进一 步回笼资金，情绪驱动收益率延续调整 2025-3-18 【信用利差周报 2025 年第 9 期】"科技板" 开启债市支持科创新篇，量价齐跌市场持 续调整 2025-3-11 【信用利差周报 2025 年第 8 期】绿色债券 市场迎扩容与创新机遇，央行等五部门表 态下大力气改善民企融资 2025-3-4 【信用利差周报 2025 年第 7 期】央行部署 创新宏观审慎政策工具，债市调整收益率 全面上行 2025-2-25 郝云龙 ylhao@ccxi.com.cn 卢菱歌 ...

监测周报 2025 年 3 月 24 日—2025 年 3 月 30 日 总第 337 期 2025 年第 11 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业 上交所"3 号指引"引导城投"真转型" 湖南率先出台专项债"自审自发"方案 ——地方政府债与城投行业监测周报 2025 年第 11 期 本期要点 ◼ 要闻点评 ◼ 地方政府债与城投债交易情况 作者： 中诚信国际 研究院 中诚信国际研究院 院长 袁海霞 hxyuan@ccxi.com.cn 【地方政府债与城投行业监测周报 2025 年 第 10 期】第二批 2 万亿债务置换额度已完 成六成，山东淄博落地区县级非标置换专 项贷款，2025-03-28 【地方政府债与城投行业监测周报 2025 年 第 9 期】两办印发《提振消费专项行动方 案》，河南郑州出台专项债土地收储细则， 2025-03-20 【地方政府债与城投行业监测周报 2025 年 第 8期】专项债支持土地储备政策升级 置换隐债专项债发行进度近半，2025-03-14 【地方政府债与城投行业监测周报 2025 年 第 7 期】融资平台经营性金融债务减少至 14.8 ...