【立方债市通】河南再添AAA主体/7省偿还违规隐债33亿元/机构建议对长久期弱资质城投债谨慎

Group 1 - Seven provinces have repaid a total of 3.342 billion yuan of illegal new government hidden debts [1] - The Ministry of Finance is enhancing debt risk management and has publicly reported 12 typical accountability cases for new hidden government debts [1] - Nine regions have returned 1.848 billion yuan of agricultural loans that were improperly collected by state-owned enterprises [1] Group 2 - Henan Province Jinshui Investment Management Co., Ltd. has been rated AAA with a stable outlook [2] - The company was established in December 2010 with a registered capital of 750 million yuan and is a subsidiary of Zhengzhou Jinshui Holding Group Co., Ltd. [2] Group 3 - The People's Bank of China conducted a 67.3 billion yuan reverse repurchase operation with a fixed interest rate of 1.40% [3] - The operation resulted in a net withdrawal of 63.6 billion yuan for the day [3] - Shibor rates showed mixed performance, with the overnight rate dropping to 1.272%, the lowest since August 2023 [3] Group 4 - The LPR for December remained stable, with the one-year LPR at 3% and the five-year LPR at 3.5% [4] Group 5 - The Shanghai Stock Exchange has revised and published guidelines for the management of corporate bond duration business [5] - The guidelines aim to standardize information disclosure, payment of principal and interest, interest rate adjustments, and convertible bond exchanges [5] Group 6 - Fujian Province plans to issue local government bonds totaling 83.29813 billion yuan in the first quarter of 2026 [6] - Guizhou Province plans to issue local government bonds totaling 94.926 billion yuan in the same period [6] - Hainan Province plans to issue local government bonds totaling 18 billion yuan in the first quarter of 2026 [6] Group 7 - Xinxiang Investment Group plans to issue 800 million yuan of short-term corporate bonds, which have been accepted by the Shanghai Stock Exchange [8] - The issuer has a credit rating of AA+ with a stable outlook [8] Group 8 - Pingdingshan Smart City Technology Co., Ltd. is planning to issue up to 1 billion yuan in corporate bonds [10] - The company is fully controlled by Pingdingshan Urban Construction Investment and Operation Group Co., Ltd. [10] Group 9 - Huaihua City Construction Investment Co., Ltd. announced the transfer of equity stakes in several companies to local government entities [11] - This transfer will result in a reduction of 732 million yuan in net assets over the next 24 months [11] Group 10 - Nanning Urban Construction Investment Group has successfully exited the local government financing platform after optimizing its debt structure [13] Group 11 - Guiyang Investment Holding Group's legal representative has been restricted from high consumption due to a construction contract dispute [14] - Hengyang High-tech Holdings received a warning letter for misusing 157 million yuan of bond funds, which is 24.15% of the total raised [14] Group 12 - Huafu Fixed Income suggests caution towards long-term low-quality city investment bonds and maintains a wait-and-see approach on real estate bonds [15] - The market is experiencing increased divergence regarding long-term low-quality city investment bonds due to changes in debt resolution policies [15] Group 13 - Huachuang Fixed Income anticipates a slightly warmer sentiment in the bond market as it enters the year-end allocation window [16] - Fund managers are inclined to increase allocations to short-term bonds while considering valuation fluctuations [16]