【立方债市通】河南又一县级产投集团拟首次发债/洛阳AA+主体换帅/漯河投资控股集团发行8.8亿PPN

Group 1: Bond Market Activity - In the first three quarters of 2025, securities firms underwrote a total of 368 private enterprise bonds, amounting to 391.36 billion yuan, with asset-backed securities accounting for 21.2% of the total [1] - The Ministry of Finance plans to issue 97 billion yuan of 3-year fixed-rate bonds, with competitive bidding scheduled for November 24, 2025 [3] - The People's Bank of China conducted a 7-day reverse repurchase operation of 310.5 billion yuan, resulting in a net injection of 115 billion yuan [5] Group 2: Regional Developments - The Henan Provincial Government appointed Liu Jianmin as the chairman of the Henan Railway Construction Investment Group [6] - Ningxia plans to issue a total of 2.9 billion yuan in local government bonds, including 300 million yuan in refinancing special bonds [8] - The Hong Kong Financial Services and the Treasury Bureau, along with Shenzhen's local financial management bureau, encouraged Shenzhen enterprises to issue sustainable offshore RMB bonds [9] Group 3: Corporate Bond Issuance - The Henan Railway Construction Investment Group successfully issued 500 million yuan of medium-term notes at an interest rate of 1.8% [10][11] - The Zhumadian Urban Construction Investment Group completed the issuance of 190 million yuan in corporate bonds with a 5-year term and an interest rate of 2.76% [12] - The Xinzheng Industrial Investment Group's plan to issue 300 million yuan in corporate bonds has been approved by the Shenzhen Stock Exchange [13] - The Luohe Investment Holding Group completed the issuance of 880 million yuan in private placement notes at an interest rate of 2.02% [14] Group 4: Market Sentiment and Analysis - Bohai Research indicates that the probability of a short-term unilateral credit adjustment is low, suggesting a strategy of credit downshifting and extending duration to achieve yield [19] - The report emphasizes that despite market fluctuations, the overall conditions for a bear market in credit bonds remain insufficient, with a long-term downward trend in yields expected [19]