【立方债市通】河南新添AAA主体/证监会正推进商业不动产REITs试点/地方债发行期限已有缩短迹象

Focus on REITs - The China Securities Regulatory Commission (CSRC) is steadily advancing the pilot program for commercial real estate REITs to provide diversified investment channels for revitalizing and financing commercial real estate [1] - The CSRC aims to deepen comprehensive reforms in capital market investment and financing, enhancing the inclusiveness and adaptability of capital market systems [1] - The initiative is expected to better empower the high-quality development of the real economy and support the construction of the Western Land-Sea New Corridor [1] Macro Dynamics - The People's Bank of China announced a reverse repurchase operation of 177.1 billion yuan with a fixed rate of 1.4% for a 7-day term [2] - This operation resulted in a net injection of 188.8 billion yuan, considering the maturity of 88.3 billion yuan in reverse repos and 300 billion yuan in Medium-term Lending Facility (MLF) [2] Regional Highlights - The Henan provincial government launched a project to enhance the quality and efficiency of state-owned enterprise assets, introducing a smart service platform for asset revitalization [3] - Five service institutions presented their functions in asset revitalization, and six enterprises promoted various asset projects, signing cooperation memorandums [3] Financing Initiatives - Jiangsu province is guiding core enterprises in county-level industrial chains to broaden debt financing channels, supporting qualified leading enterprises to issue rural revitalization notes and green bonds [6] - The Guangxi government is promoting actions for enterprises to issue bonds for the first time and improve credit ratings, utilizing various financial support mechanisms [6] Issuance Dynamics - Hebi City’s Hekang Industrial Investment Development Company has received approval for a non-public issuance of corporate bonds totaling 1 billion yuan [8] - Longbai Group successfully issued 500 million yuan in technology innovation bonds with a 2.14% interest rate, aimed at supplementing working capital [8] - Tianjin's first inter-institutional REITs project raised 604 million yuan, marking a significant milestone for the city [8] - Guangzhou Kaide Investment Holding Company completed the issuance of the first low-altitude economy technology innovation perpetual corporate bond, raising 360 million yuan [8] Credit Ratings - Zhengzhou Jinshui Development Investment Group received an AAA credit rating from Zhongzheng Pengyuan, with a stable outlook [9] Market Insights - Huachuang Securities noted a trend of shortening the issuance period for local government bonds in the first quarter of 2026, indicating a shift in financing strategy [14] - Zhongchengxin forecasts a moderate growth in credit bond financing for 2026, estimating issuance between 16.9 trillion to 17.4 trillion yuan, with a year-on-year growth of approximately 3% to 6% [15]