【立方债市通】债市盛会，明天见/河南牟兴产投拟首次发债/2026年首个地方债发行计划公布

Core Insights - The 2025 Bond Market High-Quality Development Conference will be held in Zhengzhou from December 17 to 19, focusing on policy interpretation, business exchanges, resource connections, and field investigations, attracting representatives from regulatory bodies, financial sectors, enterprises, and academic institutions to explore innovative paths and new opportunities in the bond market [1] Macro Dynamics - The People's Bank of China conducted a 1,353 billion yuan 7-day reverse repurchase operation on December 16, with a net injection of 180 billion yuan, as 1,173 billion yuan of reverse repos matured on the same day [3] - As of the end of November, the total RMB loan balance in Henan Province was 92,452.3 billion yuan, with household loans at 35,284 billion yuan and corporate loans at 57,005.2 billion yuan [3] Local Debt Issuance Plans - The first local government bond issuance plan for Q1 2026 was announced by Sichuan Province, intending to issue 1,887 billion yuan in bonds, including 1,000 billion yuan in new bonds and 887 billion yuan in refinancing bonds [5] - Luoyang City emphasized the need to identify and mitigate risks in real estate, local government debt, and state-owned enterprise debt to prevent systemic risks [5] Special Bonds and Financing - Recent issuance of special bonds targeting government investment funds has reached nearly 850 billion yuan, with multiple regions participating in this trend [6] - Zhengzhou Economic Development Capital Group plans to issue 11 billion yuan in technology innovation bonds, which have been accepted by the Shanghai Stock Exchange [8] - Henan Muxing Industrial Investment Co., Ltd. is set to issue 10 billion yuan in low-carbon transition-linked corporate bonds, marking its first bond issuance [9] Credit Ratings and Regulatory Actions - The Zhengzhou Municipal Development Investment Co. has received approval for a 10 billion yuan medium-term note registration [10] - The Henan Aviation Port Investment Group plans to issue 10 billion yuan in medium-term notes to repay existing debt [11] - The Luoyang Transportation Investment Group has been rated AA+ for its creditworthiness, indicating a stable outlook [18] Market Perspectives - Zhongzheng Pengyuan indicates that future debt resolution may increasingly rely on financial and market-based restructuring methods, emphasizing a "zero tolerance" approach to new hidden debts [22] - Huayuan Fixed Income reports that the cost-effectiveness of medium to long-term urban investment bonds has improved, suggesting a strategy of selecting high-quality urban investment entities for better yield [23]