【立方债市通】郑州市城投债务风险报告发布/新乡AA投资集团拟发债6亿/中铁五局被停业整顿180天

Group 1 - The Trading Association has issued five guidelines to standardize the issuance of debt financing instruments, addressing issues such as improper recording of distribution information and inadequate reporting of withdrawal situations [1] - The Shanghai Clearing House reported a bond custody scale of 50 trillion yuan by the end of 2025, with a year-on-year growth of 12.6% [3] - The Ministry of Finance plans to issue 1,670 billion yuan of book-entry interest-bearing government bonds, including a 1-year bond and a 30-year bond, with competitive bidding scheduled for January 14, 2026 [5] Group 2 - A report on debt risk for local government and investment companies in Zhengzhou indicates that the debt burden has increased, with a significant portion of bonds maturing in the next year and low coverage of short-term debts by cash assets [8] - Liaoning Province plans to issue 170 billion yuan in special refinancing bonds to replace existing hidden debts, as part of a total issuance of 255.6862 billion yuan [10] - New companies are planning to issue bonds, including Xinxiang Pingyuan Demonstration Zone Investment Group with 600 million yuan, and Helbi Hengyuan Mining Group with 1 billion yuan [11][12] Group 3 - The Central Government has appointed Qu Guangji as the new General Manager of China Aviation Group [15] - Several securities firms, including Xinda Securities and Jianghai Securities, have received warning letters for compliance issues, highlighting the need for improved risk management and regulatory adherence [17][18] - The Shanghai Bill Exchange has published lists of overdue acceptors, indicating a significant number of overdue cases [20] Group 4 - CITIC Securities anticipates an expansion in the issuance scale of local government bonds in 2026, with a more stable issuance rhythm compared to previous years [24] - The China International Capital Corporation (CICC) notes that structural differentiation in urban investment bonds may increase in 2026, with a focus on operational debts beyond hidden debts [25][26] - As deadlines for debt resolution approaches, regions with slow progress may see movements towards hidden debt management, while short to medium-term urban investment bonds remain low-risk [27]