【立方债市通】郑州两家AAA主体拟发债47亿/2026年土储专项债发行启动/机构研判明年城投信用趋势

Key Points - The bond market issued over 70,000 billion yuan in November 2025, with various categories including government bonds, local government bonds, financial bonds, corporate credit bonds, asset-backed securities, and interbank certificates of deposit [1] - The Ministry of Finance announced the bond issuance plan for the first quarter of 2026, which includes key term government bonds, short-term government bonds, ultra-long general government bonds, and savings bonds [2] - The central bank conducted a 7-day reverse repurchase operation of 5,288 billion yuan, resulting in a net injection of 5,028 billion yuan [4] - Qingdao initiated the issuance of special bonds for land reserves in 2026, with total financing for land reserve special bonds in 2025 reaching 5,602.71 billion yuan [6] - Beijing, Shandong, Xinjiang, and Hubei announced plans to issue a total of 3,895.21 billion yuan in local government bonds in the first quarter of 2026 [6] - The Zhengzhou Transportation Development Investment Group plans to issue 1 billion yuan in green corporate bonds, which has been approved by the Shanghai Stock Exchange [10] - The Zhengzhou Urban Development Group plans to issue 3.7 billion yuan in corporate bonds, which has been accepted by the Shanghai Stock Exchange [11] - The New Xiang High-tech Investment Group plans to issue 300 million yuan in rural revitalization corporate bonds, which has been approved by the Shenzhen Stock Exchange [13] - The Henan Urban and Rural Comprehensive Investment Company plans to issue 2 billion yuan in bonds to support small and micro enterprises, which has been accepted by the Shenzhen Stock Exchange [17] - The credit rating of Shaanxi Tourism Group has been upgraded from AA+ to AAA, with a stable outlook [19] - The credit quality of local government financing platforms is expected to remain stable in 2025, with a focus on debt replacement and risk mitigation [22] - The refinancing environment for local government financing platforms is expected to remain tight in 2026, with strict controls on new financing [23] - The transformation of local government financing platforms is essential, with mergers and acquisitions expected to continue [24] - New policies targeting the management and resolution of operating debts of platform companies are anticipated in 2027 [25]