活动现场，宣传人员结合重点人群职业特点，摒弃晦涩术语，用通俗易懂的语言、真实典型的案例，重点讲解非法代理退保、虚假理财诈骗、个人信息泄露 等常见金融风险，提醒大家警惕"高收益、零风险"等虚假宣传，守护好自身辛苦所得。 工作人员向过往群众、外卖快递小哥及商场店员发放宣传折页，耐心解答保险权益、合规理赔、网络金融陷阱识别等疑问，针对性普及金融消费者八项权 利，引导大家树立理性消费、安全消费理念，学会运用合法途径维护自身金融权益。 此次活动接地气、有温度，累计发放宣传资料200余份，接待咨询80余人次，有效提升了重点人群的金融风险防范意识和自我保护能力，切实将金融关怀送 到群众身边，进一步传递金融正能量，为营造清朗有序的金融网络环境、守护群众安心消费贡献了保险力量。 为深入践行金融工作的人民性，落实金融监管总局相关工作部署，提升重点人群金融素养，守护群众财产安全，近日，新疆分公司在天山万科商场开展2026 年3·15金融教育宣传活动，以"清朗金融网络 守护安心消费"为主题，精准面向商场周边人群、外卖员、快递员及商场店员开展宣传服务。 ...

Core Insights - The report highlights a tightening of urban construction planning, which is expected to increase attention on the real estate sector [4] - The market is showing signs of improvement in transaction performance, with new home sales and second-hand home transactions experiencing fluctuations [4][19] - The report suggests a growing capital attraction to the real estate sector, indicating potential for upward movement in the market [4] Policy Overview - Central policies emphasize urban development that prioritizes public welfare projects, limiting new construction land for commercial real estate [14][15] - Local policies include adjustments in housing subsidies and public fund loan relaxations in cities like Dongguan and Chengdu [18][20] Transaction Performance - New home sales in 49 cities decreased by 4.5% week-on-week and 12.9% year-on-year, with a notable decline of 6.5% when aligned with the Spring Festival [19][21] - Second-hand home transactions showed a week-on-week increase of 8.2%, indicating a positive trend despite ongoing challenges [19][21] Market Sentiment - The report notes a gradual increase in new home launches, with a 54% week-on-week rise, while second-hand listings have not kept pace with seasonal expectations [4] - The real estate sector's performance is improving, with the SW real estate index showing a relative recovery compared to the broader market [4] Land Market Dynamics - Land supply has increased, with a total of 170 billion yuan in land sales recorded, reflecting an 8.3% week-on-week increase [4][12] - The report indicates a significant drop in year-to-date land sales compared to the previous year, highlighting ongoing challenges in the land market [4] Company Valuation and Financial Analysis - Key companies in the real estate sector, such as Vanke A and China Overseas Development, are rated as "Buy" with projected reasonable values indicating potential upside [5] - The report provides detailed financial metrics for various companies, including EPS, PE ratios, and ROE, suggesting a focus on fundamental analysis for investment decisions [5]

Investment Rating - The industry investment rating is maintained as "Buy" [2][7]. Core Insights - The effects of new policies in Shanghai are becoming evident, leading to a recovery in second-hand housing transactions [1]. - In major cities like Beijing and Shanghai, second-hand housing transactions are gradually recovering, although new housing transactions have not yet seen a similar trend [4][5]. - The overall performance of the real estate sector has shown a relative decline of 15% over the past 12 months compared to the CSI 300 index [3]. Summary by Sections Market Performance - In the past week (March 7-13), Beijing reported an average of 580 second-hand housing transactions per day, down 3.7% year-on-year, while new housing transactions were 76 units, down 27.5% year-on-year [4]. - Shanghai saw an average of 982 second-hand housing transactions per day, up 8% year-on-year, while new housing transactions were 318 units, down 8% year-on-year [5]. - In Shenzhen, second-hand housing transactions averaged 154 units per day, down 25% year-on-year, and new housing transactions were 39 units, down 57% year-on-year [5]. National Trends - In 30 major cities, new housing transaction area increased by 0.9% year-on-year in the past week, with a year-on-year decline of 9.6% in March [6]. - The cumulative transaction area from January to March showed a year-on-year decline of 21.6% [6]. - Second-hand housing transactions in 14 cities saw a year-on-year decline of 24.7% in the past week, with a March year-on-year decline of 17% [6]. Investment Recommendations - The months of March and April are traditionally peak seasons for the real estate market, especially following the implementation of the "Shanghai Seven" policies, which have stimulated both second-hand and new housing transactions [7]. - The report suggests focusing on leading real estate companies with land reserves in core cities and high-end improvement products, such as Poly Developments [7]. - It also highlights the potential for valuation recovery in leading intermediary agencies as the proportion of second-hand housing transactions continues to rise [7].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Among AA-rated urban investment bonds with the highest discount margins, "21 PanGuoTou" has the largest deviation in valuation price; among the top 50 bonds with the largest decline in net price, "24 ChanRong 06" has the largest deviation in valuation price; among the top 50 bonds with the largest increase in net price, "21 Vanke 02" has the largest deviation in valuation price; among the top 50 Tier 2 and perpetual bonds with the largest increase in net price, "25 QinNong Rural Commercial Bank Tier 2 Capital Bond 01" has the largest deviation in valuation price [3] 3. Summary by Relevant Catalogs 3.1 AA-rated Urban Investment Bonds with High Discount Margins - "21 PanGuoTou" has a remaining term of 1.91 years, a valuation price deviation of -0.28%, a valuation net price of 40.93 yuan, a valuation yield deviation of 19.82 bp, a valuation yield of 2.11%, and a coupon rate of 6.80%. It is the bond with the largest valuation price deviation in this group [3][5] 3.2 Top 50 Bonds with the Largest Decline in Net Price - "24 ChanRong 06" has a remaining term of 3.00 years, a valuation price deviation of -1.31%, a valuation net price of 75.10 yuan, a valuation yield deviation of 52.44 bp, a valuation yield of 13.40%, and a coupon rate of 2.78%. It is the bond with the largest valuation price deviation in this group [3][6] 3.3 Top 50 Bonds with the Largest Increase in Net Price - "21 Vanke 02" has a remaining term of 1.87 years, a valuation price deviation of 6.56%, a valuation net price of 51.48 yuan, a valuation yield deviation of -1461.86 bp, a valuation yield of 115.38%, and a coupon rate of 3.98%. It is the bond with the largest valuation price deviation in this group [3][11] 3.4 Top 50 Tier 2 and Perpetual Bonds with the Largest Increase in Net Price - "25 QinNong Rural Commercial Bank Tier 2 Capital Bond 01" has a remaining term of 4.78 years, a valuation price deviation of 0.18%, a valuation net price of 99.83 yuan, a valuation yield deviation of -3.99 bp, a valuation yield of 2.54%, and a coupon rate of 2.50%. It is the bond with the largest valuation price deviation in this group [3][13]

Investment Rating - The industry rating is "Buy" [5] Core Insights - The report highlights significant progress in commercial real estate REITs, with various local governments actively supporting the expansion of REITs pilot programs and encouraging public REIT financing models for urban renewal projects [5][16] - As of the end of February, the total number of C-REITs listed reached 79, with a total scale of 227.38 billion yuan, reflecting a slight decrease of 0.58% month-on-month [5][18] - The report notes a decline in the comprehensive yield of C-REITs, with an average turnover rate dropping to 0.38%, indicating a cooling market [5][18] Summary by Sections 1. C-REITs Policy Environment and Event Review - In February, local governments released signals to support the development of REITs, including expanding project libraries and encouraging participation from social capital [16][17] - Specific initiatives include the expansion of provincial REITs project libraries in Shaanxi and the encouragement of public REIT financing in Fujian [16][17] 2. C-REITs Market Scale Changes and Primary Market Issuance - The total scale of the C-REITs market reached 227.38 billion yuan by the end of February, with a slight month-on-month decrease [18] - In February, only one REIT was listed, raising 1.505 billion yuan, marking a 70.68% decline compared to the previous quarter [18][19] 3. February REITs Market Performance Review - The overall market performance did not continue the upward trend from January, with the index remaining flat [5][18] - Only three sectors saw gains in February, with data centers, hydropower, and highways increasing by 1.94%, 1.12%, and 0.32% respectively [5][18] 4. Valuation and Performance Comparison - The report provides a detailed valuation and financial analysis of key companies in the sector, indicating a generally favorable outlook for major players like Vanke A and China Overseas Development, all rated as "Buy" [6][5]

Investment Rating - The report assigns an "Increase" rating for the real estate sector, indicating a potential growth of over 15% relative to the CSI 300 index [4][13]. Core Insights - The 15th Five-Year Plan emphasizes high-quality development in the real estate sector, focusing on optimizing housing supply through improved quality of new homes, accelerated inventory digestion, strict land control, and enhanced security systems [2][4]. - The report suggests that the real estate market is expected to stabilize and develop healthily, with a clear policy direction aimed at risk prevention, quality enhancement, and transformation [4][6]. - The report identifies a significant mismatch between the total market value of the AH real estate sector and its position in the economy, recommending several key companies for investment across various categories [4][7]. Summary by Sections Investment Recommendations - Recommended companies include: 1. Development: Vanke A, Poly Developments, China Merchants Shekou, and JinDi Group in A-shares; China Overseas Development in H-shares 2. Commercial and Residential: Longfor Group 3. Property Management: Wanwu Cloud, China Resources Mixc Life, China Overseas Property, Poly Property, and others 4. Cultural Tourism: Overseas Chinese Town A [4][7]. Key Tasks for High-Quality Development - The report outlines six key tasks for high-quality development in real estate, including optimizing affordable housing supply, promoting sustainable market development, and reforming real estate development, financing, and sales systems [5][6]. Comparison of "14th Five-Year" and "15th Five-Year" Plans - The "15th Five-Year" plan shifts focus to high-quality development, establishing a more robust housing system, and ensuring a higher level of housing security compared to the previous plan [7].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - According to Wind data, among the bonds traded at a discount, "24 Chanrong 04" has a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "21 Vanke 02" ranks high in terms of valuation price deviation. Among the Tier 2 and perpetual bonds with rising net prices, "24 ICBC Perpetual Bond 01" has a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "24 CCB TLAC Non - capital Bond 01A" ranks high in terms of valuation price deviation. Among the bonds with a trading yield higher than 5%, real - estate bonds rank high. The changes in credit bond valuation yields are mainly distributed in the [-5,0) range. The trading terms of non - financial credit bonds are mainly distributed between 2 and 3 years, with the highest proportion of discount trading for varieties within 0.5 years; the trading terms of Tier 2 and perpetual bonds are mainly distributed between 4 and 5 years, with the highest proportion of discount trading for 4 - 5 - year - term varieties. By industry, the bonds in the computer industry have the largest average deviation in valuation price [3]. Summary by Relevant Catalogs 1. Discounted Bond Trading Tracking - The report lists 40 bonds with large discount trading, including "24 Chanrong 04", "24 Chanrong 02", etc. Information such as remaining term, valuation price deviation, valuation net price, valuation yield, and trading volume is provided. For example, "24 Chanrong 04" has a remaining term of 2.88 years, a valuation price deviation of - 0.39%, a valuation net price of 76.72 yuan, a valuation yield of 13.20%, and a trading volume of 13980,000 yuan [5]. 2. Bonds with Rising Net Prices Trading Tracking - The report lists 42 bonds with large positive deviations in trading, including "21 Vanke 02", "22 Vanke 06", etc. Information such as remaining term, valuation price deviation, valuation net price, valuation yield, and trading volume is provided. For example, "21 Vanke 02" has a remaining term of 1.87 years, a valuation price deviation of 6.56%, a valuation net price of 51.48 yuan, a valuation yield of 115.38%, and a trading volume of 25330,000 yuan [6]. 3. Tier 2 and Perpetual Bonds Trading Tracking - The report lists 42 Tier 2 and perpetual bonds, including "24 ICBC Perpetual Bond 01", "24 BOC Perpetual Bond 01", etc. Information such as remaining term, valuation price deviation, valuation net price, valuation yield, and trading volume is provided. For example, "24 ICBC Perpetual Bond 01" has a remaining term of 3.34 years, a valuation price deviation of 0.03%, a valuation net price of 101.32 yuan, a valuation yield of 1.93%, and a trading volume of 1177760,000 yuan [7]. 4. Commercial Financial Bonds Trading Tracking - The report lists 25 commercial financial bonds, including "24 CCB TLAC Non - capital Bond 01A", "24 BOC TLAC Non - capital Bond 01A", etc. Information such as remaining term, valuation price deviation, valuation net price, valuation yield, and trading volume is provided. For example, "24 CCB TLAC Non - capital Bond 01A" has a remaining term of 1.42 years, a valuation price deviation of 0.05%, a valuation net price of 100.48 yuan, a valuation yield of 1.65%, and a trading volume of 20050,000 yuan [9]. 5. Bonds with a Trading Yield Higher than 5% - The report lists 17 bonds with a trading yield higher than 5%, including "21 Vanke 02", "22 Vanke 06", etc. Information such as remaining term, valuation price deviation, valuation net price, valuation yield, and trading volume is provided. For example, "21 Vanke 02" has a remaining term of 1.87 years, a valuation price deviation of 6.56%, a valuation net price of 51.48 yuan, a valuation yield of 115.38%, and a trading volume of 25330,000 yuan [10]. 6. Distribution of Credit Bond Valuation Deviations on the Day - The changes in credit bond valuation yields are mainly distributed in the [-5,0) range [3]. 7. Distribution of Trading Terms of Non - financial Credit Bonds on the Day - The trading terms of non - financial credit bonds are mainly distributed between 2 and 3 years, with the highest proportion of discount trading for varieties within 0.5 years [3]. 8. Distribution of Trading Terms of Tier 2 and Perpetual Bonds on the Day - The trading terms of Tier 2 and perpetual bonds are mainly distributed between 4 and 5 years, with the highest proportion of discount trading for 4 - 5 - year - term varieties [3]. 9. Discount Trading Proportion and Trading Volume of Non - financial Credit Bonds by Industry - By industry, the bonds in the computer industry have the largest average deviation in valuation price [3].

Core Viewpoint - Vanke A's recent performance shows a slight decline in stock price, with a focus on its rental housing and property management business, which continues to expand and adapt to market demands [1][11]. Group 1: Financial Performance - For the period ending September 30, 2025, Vanke A reported a revenue of 161.39 billion yuan, a year-on-year decrease of 26.61%, and a net profit attributable to shareholders of -28.02 billion yuan, down 56.14% year-on-year [9][18]. - The company has distributed a total of 103.03 billion yuan in dividends since its listing, with 8.06 billion yuan distributed over the last three years [19]. Group 2: Business Operations - The rental housing business, including non-consolidated projects, achieved a revenue of 3.70 billion yuan, reflecting a 7% year-on-year growth, with the expansion of 40,600 new rental units and 11,100 newly opened units during the reporting period [2][11]. - Vanke's property service segment operates in 100 cities, managing 3,051 projects, and focuses on high-quality residential property services [3][12]. Group 3: Strategic Initiatives - The company is actively responding to national policies on affordable housing, with 125,700 units included in the affordable rental housing category [2][11]. - Vanke's subsidiary, Wanwu Cloud, has launched the "Wanwu Cloud City" brand, aiming to enhance urban service efficiency through digital and mechanized operations [3][12]. Group 4: Market Position - Vanke has been recognized in the Fortune Global 500 list, ranking 356th in 2016 and 307th in 2017, indicating its strong position in the urban construction and living services sector [3][13]. - The company is focused on the most dynamic economic regions in China, including the three major economic circles and key cities in the central and western regions [3][13].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - According to Wind data, among the bonds traded at a discount, "24 Chanrong 08" had a relatively large deviation in bond valuation price. Among the bonds with rising net prices, "H2 Vanke 04" had a relatively high degree of deviation in valuation price. Among the Tier 2 and perpetual bonds with rising net prices, "25 Chongqing Three Gorges Bank Perpetual Bond 01" had a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Xiamen International Bank Bond 02" had a relatively high degree of deviation in valuation price. Among the bonds with a trading yield higher than 5%, real estate bonds ranked high. The changes in credit bond valuation yields were mainly distributed in the [-5,0) range. The trading terms of non-financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted trades; the trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the variety with a term of less than 1 year having the highest proportion of discounted trades. By industry, the bonds in the commercial and retail industry had the largest average deviation in valuation price [3]. Summary by Relevant Catalogs 1. Discounted Bond Trading Tracking - Bonds such as "24 Chanrong 08", "24 Chanrong 06", "24 Chanrong 04" in the non - banking financial industry and "24 Puzhi 03", "26 Puzhi 01" in the urban investment industry had relatively large deviations in valuation price and were traded at a discount. The trading scale of "23 AVIC Chanrong MTN001 (Sci - tech Innovation Note)" was 64.08 million yuan, which was relatively large among the discounted bonds [5]. 2. Tracking of Bonds with Rising Net Prices - "H2 Vanke 04", "H2 Vanke 06", "H2 Vanke 02" in the real estate industry and "26 Runtou V1" in the commercial and retail industry had relatively large positive deviations in valuation price and rising net prices. The trading scale of "26 Runtou V1" was 362.83 million yuan, which was relatively large among the bonds with rising net prices [6]. 3. Tracking of Tier 2 and Perpetual Bond Trading - "25 Chongqing Three Gorges Bank Perpetual Bond 01", "25 Luzhou Bank Perpetual Bond", "25 Beibu Gulf Bank Perpetual Bond 01" and other Tier 2 and perpetual bonds had a certain degree of deviation in valuation price. The trading scale of "25 Zhonghang Secondary Capital Bond 03A(BC)" was 433.483 million yuan, which was relatively large among the Tier 2 and perpetual bonds [7]. 4. Tracking of Commercial Financial Bond Trading - "25 Xiamen International Bank Bond 02", "25 CITIC Bank Green Bond 01BC", "25 Zheshang Bank Green Bond 01BC" and other commercial financial bonds had a certain degree of deviation in valuation price. The trading scale of "24 Nanjing Bank 02" was 613.72 million yuan, which was relatively large among the commercial financial bonds [8]. 5. Tracking of Bonds with a Trading Yield Higher than 5% - Bonds such as "H2 Vanke 04", "H2 Vanke 06", "H2 Vanke 02" in the real estate industry and "24 Chanrong 05", "23 Chanrong 10" in the non - banking financial industry had a trading yield higher than 5%. The trading scale of "23 AVIC Chanrong MTN001 (Sci - tech Innovation Note)" was 64.08 million yuan, which was relatively large among the high - yield bonds [9]. 6. Distribution of Credit Bond Valuation Deviations - The changes in credit bond valuation yields were mainly distributed in the [-5,0) range [3]. 7. Distribution of Non - financial Credit Bond Trading Terms - The trading terms of non - financial credit bonds were mainly distributed between 2 and 3 years, with the 3 - 4 year term variety having the highest proportion of discounted trades [3]. 8. Distribution of Tier 2 and Perpetual Bond Trading Terms - The trading terms of Tier 2 and perpetual bonds were mainly distributed between 4 and 5 years, with the variety with a term of less than 1 year having the highest proportion of discounted trades [3]. 9. Discounted Trading Proportion and Trading Scale of Non - financial Credit Bonds by Industry - The bonds in the commercial and retail industry had the largest average deviation in valuation price [3].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoint of the Report The report comprehensively analyzes the credit market from March 2nd to March 8, 2026, covering important credit events, new defaults, rating changes, new non - standard defaults, upcoming bond maturities, and credit bond issuance. It shows that the credit bond issuance and net financing scale have generally increased this week [11]. Summary by Directory I. This Week's Important Credit Events - On March 3, 2026, Luzhou Development Holding Group Co., Ltd. planned to transfer equity worth 1637 million yuan to the Luzhou State - owned Assets Supervision and Administration Commission, which would reduce the company's consolidated net assets by 6.16% of the 2024 year - end audited net assets [2]. - On March 3, 2026, Shenzhen Konka A's approximately 199 million yuan shareholder loan to Sichuan Hongxinchen Real Estate Development Co., Ltd. was overdue. The company has taken measures to recover the principal and interest [2]. - On March 3, 2026, the entire shares of Jiangsu Sanfangxiang Jucai Co., Ltd. held by its controlling shareholder and its concerted party were judicially frozen, accounting for 81.29% of the company's total share capital [3]. - On March 4, 2026, Vanke's two loans totaling 347.97 million yuan matured and were extended for one year [3]. - On March 4, 2026, Shaanxi Construction Co., Ltd. and its subsidiaries were involved in 40 lawsuits and arbitrations with a total amount of 3062 million yuan [4]. - On March 4, 2026, Jilin Credit Financing Guarantee Investment Group Co., Ltd. was involved in three enforcement cases with amounts of 46 million, 72 million, and 124 million yuan respectively [4]. - On March 4, 2026, Vanke A responded to the question about the loan interest rate reduction, stating that it was working to optimize financing conditions and reduce interest costs [4]. - On March 6, 2026, the convener, Industrial Bank, announced a meeting for "21 Wuhan Bishui GN001" due to a significant decline in the issuer's 2023 net profit [6]. - On March 6, 2026, Dongfang Fashion Driving School Co., Ltd. announced that the "Dongshi Convertible Bond" was due on April 8, 2026, and the company expected to be unable to pay the principal and interest on time [7]. II. New Defaults This Week There were no new default entities and no new bond extensions this week [7]. III. Rating Changes This Week - Five issuers had their rating levels上调, and two had their rating levels下调. Two had their credit outlooks上调, and three had their credit outlooks下调 [8]. - The specific rating changes include Huangshan State - owned Capital Operation Holding Group Co., Ltd., Meituan, Zhongyuan Agricultural Insurance Co., Ltd., etc. [7]. IV. New Non - standard Defaults This Week On March 5, 2026, the Ruihaitianze Xianning Equity Investment Partnership (Limited Partnership) of Tianfeng Tianrui Investment Co., Ltd. defaulted, involving an amount of 7,312,330 yuan [10]. V. Next Week's Focus Next week, the maturity situations of bonds such as "23 Quanzhou Jinkong MTN001", "25 Dongyangguang SCP005", etc., need to be focused on, with a total repayment amount of 23.48 billion yuan [10]. VI. Credit Bond Issuance Situation - This week, the issuance scale and net financing scale of credit bonds increased. Both the issuance and net financing of urban investment bonds and industrial bonds increased, as did those of state - owned and private enterprises [11]. - Specifically, the total credit bond issuance this week was 192.489 billion yuan, a 169.25% increase from last week. The net financing scale was 68.07 billion yuan, an increase of 131.13 billion yuan from last week [11]. - For urban investment bonds, the issuance this week was 71.175 billion yuan, a 152.11% increase from last week, and the net financing was 11.721 billion yuan, an increase of 41.328 billion yuan from last week [11]. - For industrial bonds, the issuance this week was 121.314 billion yuan, an 180.43% increase from last week, and the net financing was 56.349 billion yuan, an increase of 89.802 billion yuan from last week [11]. - From the perspective of the nature of the issuing entity, state - owned enterprises' issuance this week was 184.769 billion yuan, a 166.27% increase from last week, and the net financing was 62.947 billion yuan, an increase of 126.274 billion yuan from last week. Private enterprises' issuance this week was 7.72 billion yuan, a 267.62% increase from last week, and the net financing was 5.123 billion yuan, an increase of 4.856 billion yuan from last week [11]. - The issuance and net financing of credit bonds of all ratings increased this week. For example, the issuance of AAA - rated credit bonds increased by 130.73% month - on - month, and the net financing increased by 74.956 billion yuan [14]. - The issuance and net financing of urban investment bonds of all ratings increased. For example, the issuance of AAA - rated urban investment bonds increased by 99.58% month - on - month, and the net financing increased by 2.883 billion yuan [17]. - The issuance and net financing of industrial bonds of all ratings increased. For example, the issuance of AAA - rated industrial bonds increased by 145.48% month - on - month, and the net financing increased by 72.073 billion yuan [20]. - For state - owned enterprises, the issuance and net financing of all ratings increased. For example, the issuance of AAA - rated state - owned enterprises increased by 129.96% month - on - month, and the net financing increased by 72.253 billion yuan [22]. - For private enterprises, the issuance and net financing of all ratings increased. For example, the issuance of AAA - rated private enterprises increased by 152.38% month - on - month, and the net financing increased by 2.703 billion yuan [24].