Zhong Guo Ji Jin Bao·2025-05-16 04:47Group 1: Overall Market Trends - The first quarter of 2025 saw a significant increase in bond underwriting by securities firms, with both technology innovation bonds and private enterprise bonds surpassing 100 billion yuan in scale [1] - The bond underwriting business is becoming an important support for the performance of securities firms, prompting them to enhance their service capabilities and diversify their bond offerings [1][13] Group 2: Technology Innovation Bonds - In Q1 2025, 40 securities firms acted as main underwriters for technology innovation bonds, underwriting 107 bonds with a total scale of 1042.93 billion yuan, marking a year-on-year increase of 10.26% [2][6] - The top five firms by underwriting volume were CITIC Securities (243.58 billion yuan), CITIC Jiantou (150.67 billion yuan), Guotai Junan (128.26 billion yuan), CICC (100.50 billion yuan), and Huatai United [2][3] Group 3: Green Bonds - A total of 26 securities firms underwrote 25 green bonds in Q1 2025, with a total amount of 217.19 billion yuan, of which asset-backed securities accounted for 91.89 billion yuan [4][6] - The leading firms in green bond underwriting were CITIC Jiantou (51.79 billion yuan), Guotai Junan (27.27 billion yuan), CICC (22.37 billion yuan), CITIC Securities (20.60 billion yuan), and Guoxin Securities (13.55 billion yuan) [4][5] Group 4: Private Enterprise Bonds - In Q1 2025, 33 securities firms acted as main underwriters for private enterprise bonds, underwriting 98 bonds with a total amount of 1071.66 billion yuan, reflecting a year-on-year growth of 18.84% [6][7] - CITIC Securities led the market with an underwriting amount of 168.14 billion yuan, followed by Ping An Securities (133.33 billion yuan) and GF Securities (102.59 billion yuan) [7][9] Group 5: Local Government Bonds - In Q1 2025, 63 securities firms participated in the issuance of local government bonds, with a total winning bid amount of 420.46 billion yuan across 20 regions [10] - Huatai Securities topped the market with a total winning bid amount of 40 billion yuan, winning bids in 15 regions [10] Group 6: Niche Bond Markets - Securities firms are actively engaging in niche bond markets, with 13 firms underwriting 11 rural revitalization bonds totaling 96.63 billion yuan [11] - For low-carbon transition bonds, 10 firms underwrote 6 bonds totaling 31.5 billion yuan, while another 10 firms underwrote "Belt and Road" bonds totaling 41 billion yuan [12][13]