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 ...

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - Recently, two public REITs projects in the data center field have entered the application and issuance process, marking the expansion of the asset scope of public REITs to the data center field, which is conducive to broadening corporate financing channels, revitalizing existing assets, and promoting the development of REITs in the science - innovation field in China to a new stage. More data center public REITs may be launched in the future, and REITs projects of other basic asset categories in the science - innovation field may also be approaching [3] - In February 2025, the issuance of asset - securitized products in the whole market continued to cool down, with the scale decreasing by 35% compared with the previous period, and the issuance costs of individual products were relatively high [4] - In the secondary market, the overall trading enthusiasm was average, and the performance of the inter - bank and exchange markets was differentiated [20] Group 3: Summary by Directory 1. Overall Market Issuance Situation - In February 2025, 100 issues of asset - securitized products were issued in the whole market, with a total scale of 88.452 billion yuan, a 35% decrease from the previous period. The average issuance costs of micro - enterprise loan and lease asset products were relatively high [4] - Supply chain accounts receivable, quasi - REITs, and infrastructure toll products had relatively low sub - layer ratios, while the layer ratios of lease asset products varied greatly [5] 2. Issuance Situation in Inter - bank and Exchange Markets - Inter - bank market ABS: One product was issued, with a scale of 1.5 billion yuan, and the issuance scale decreased compared with last month. The product priority was AAAsf - rated, and the issuance cost was 2.05% [7] - Dealer Association ABN: 32 issues were issued, with a total scale of 28.448 billion yuan, and the issuance scale increased slightly compared with last month. The coupon rates of priority products with disclosed credit ratings ranged from 1.85% to 4.30%. There were 6 issues without sub - products, accounting for 19%, and the sub - layer ratios of the remaining products ranged from 0.04% to 15% [7] - Exchange ABS: 67 issues were issued, with a total scale of 58.504 billion yuan, and the issuance scale decreased significantly compared with last month. The coupon rates of priority products with disclosed credit ratings ranged from 1.90% to 4.20% [19] - There was 1 issue of public REITs issued this period. There were 3 issues without sub - products, accounting for 4%, and the sub - layer ratios of the remaining products ranged from 0.03% to 20% [18] 3. Secondary Market - Inter - bank market ABS: The total trading volume in February was 283.6 million yuan, with a cooling of trading and a sluggish market. Products with non - performing loans as underlying assets had the largest trading scale [20] - Dealer Association ABN: The total trading volume was 3.6697 billion yuan, and the trading enthusiasm declined. Among products with disclosed underlying assets, quasi - REITs, accounts receivable and other categories had relatively large trading scales, and the trading performance of different products was differentiated [20] - Exchange ABS: The total trading volume was 5.4251 billion yuan, and the trading scale increased compared with last month. The Shanghai and Shenzhen Stock Exchanges had trading volumes of 4.3104 billion yuan and 1.1147 billion yuan respectively. Quasi - REITs, accounts receivable, CMBS/CMBN and other categories had relatively high trading enthusiasm [21][24]

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 2 4 日—3 月 28 日 总第 556 期 2025 年第 12 期 债券市场研究 作者： 中诚信国际 研究院 马子喻 zyma@ccxi.com.cn 卢菱歌 lglu@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 【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 2 ...

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www.ccxi.com.cn 2025 年 4 月 | 目录 | | --- | 摘要 1 市场环境及行业政策 2 证券行业动态 4 证券行业业务发展状况 6 证券行业财务及风控指标状况 12 证券行业展望 17 联络人 | 作者 | | | --- | --- | | 金融机构部 | | | 赵婷婷 | 010-66428877 | | | ttzhao@ccxi.com.cn | | 徐济衡 | 010-66428877 | | | jhxu@ccxi.com.cn | | 盛雪宁 | 010-66428877 | | | xnsheng@ccxi.com.cn | 其他联络人 | 金融机构部 评级总监 | | | --- | --- | | 王雅方 | 010-66428877 | | yfwang@ccxi.com.cn | | | 金融机构部 评级副总监 | | | 孟航 | 010-66428877 | | hmeng@ccxi.com.cn | | 中诚信国际行业展望 中诚信国际 行业展望 证券行业 中国证券行业展望，2025 年 4 月 在一系列利好政策的推动下，2024 年主要指数较上年末 ...

www.ccxi.com.cn 2025 年 4 月 | 目录 | | --- | 摘要 1 市场环境及行业政策 2 证券行业动态 4 证券行业业务发展状况 6 证券行业财务及风控指标状况 12 证券行业展望 17 联络人 | 作者 | | | --- | --- | | 金融机构部 | | | 赵婷婷 | 010-66428877 | | | ttzhao@ccxi.com.cn | | 徐济衡 | 010-66428877 | | | jhxu@ccxi.com.cn | | 盛雪宁 | 010-66428877 | | | xnsheng@ccxi.com.cn | 其他联络人 金融机构部 评级总监 王雅方 010-66428877 yfwang@ccxi.com.cn 金融机构部 评级副总监 孟航 010-66428877 hmeng@ccxi.com.cn 中诚信国际行业展望 中诚信国际 行业展望 证券行业 中国证券行业展望，2025 年 4 月 在一系列利好政策的推动下，2024 年主要指数较上年末有所上涨， 证券行业发展整体呈现先抑后扬趋势。未来证券公司仍将延续目 前股权收购、兼并整合浪潮，头部 ...

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Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given text Core Viewpoints of the Report - China's retail commercial real estate is facing challenges such as slowing consumption growth, online channel diversion, and high property vacancy rates. However, the stabilizing macro - economy, increased consumption stimulus policies, and financial support policies are driving the industry into a structural adjustment period [1]. - Consumption downgrade is spurring the transformation of the immersive experience economy, and the operation model of retail commercial real estate is shifting towards "light - heavy combination" and "data - empowered" models. Developers capable of differentiated positioning, format innovation, and refined operation will gain an edge in the competition [1][2]. - The low - interest environment and the expansion of REITs are reshaping the industry logic, and the securitization process of high - quality assets is accelerating. The industry may gradually shift from "driven by residential sales" to "operation - driven + capital operation" [1][2] Summary by Directory Points - Affected by reduced income growth and weak consumer confidence, China's consumption market growth has slowed, and the operation of retail commercial real estate is challenged. However, the stabilizing macro - economy and increased consumption policies are expected to boost the market and concentrate resources on high - quality enterprises [2]. - The investment scale of China's retail commercial market has been declining, but the supply in some cities with high vacancy rates is still large. In 2024, the overall rent of shops decreased, with first - tier cities having an earlier rent decline inflection point and higher rent stability than second - and third - tier cities. Despite falling rents, retail property large - scale transactions are active [2]. - Leading domestic operators of retail properties are expanding, and the industry concentration is further increasing. Currently, high - end retail properties are under pressure, while brand operators in third - and fourth - tier cities are more valuable. The operation model of retail commercial real estate is transforming, and developers with differentiated advantages will take the lead [2]. - The low - interest environment and diverse financing channels are favorable for the development of commercial real estate. The dependence of retail commerce on residential sales is decreasing, and the expansion of consumer infrastructure REITs has great potential for development [2] Main Concerns - The consumption of catering, clothing, cosmetics, and gold and silver jewelry, which are closely related to retail commercial real estate, is sluggish, and online consumption is diverting offline consumption. However, the stabilizing macro - economy, increased consumption policies, and the implementation of the retail innovation and improvement project are conducive to the long - term stability of the retail commercial real estate operation market and the concentration of resources on high - quality enterprises [3] Conclusion - China's retail commercial real estate is facing challenges such as slowing consumption growth, online channel diversion, high vacancy rates, and homogeneous competition. However, the stabilizing macro - economy, increased consumption policies, and optimized financing environment are driving the industry into a structural adjustment period. Operators capable of differentiated positioning, format innovation, and refined operation are expected to break through first [33]