YNHC(SZ:001896) Sou Hu Cai Jing·2026-01-14 12:46Group 1: Government Bonds - The first ultra-long government bond of 2026 was issued today, with a scale of 32 billion yuan and a winning interest rate of 2.38%, with a marginal multiple of 22.16 times and an overall multiple of 5.17 times [1] - Following the bond issuance, the yield on the 30-year government bond dropped over 1 basis point, returning to around 2.30% [2] - The Ministry of Finance announced the issuance of 40 billion yuan in 91-day discount treasury bonds, with competitive bidding scheduled for January 14, 2026 [6] Group 2: Corporate Bonds - Kaifeng State-owned Assets Investment Group completed the issuance of 300 million yuan in corporate bonds with an interest rate of 3.08%, intended for repaying existing corporate bond principal [8] - Henan YN Holdings disclosed the issuance of 500 million yuan in medium-term notes with an interest rate of 2%, with funds allocated for debt repayment and operational support [9] - Beijing Holdings Group plans to issue up to 1 billion yuan in corporate bonds with a coupon rate of 1.79%, aimed at repaying existing debts [10] Group 3: Regional Developments - Hunan Province is promoting the "self-examination and self-issuance" of special bonds, with 1,127 projects identified for the first batch of 2026, ensuring funding for project construction [7] - The Guangxi Zhuang Autonomous Region is supporting key metal enterprises in direct financing through bond issuance and listing, while encouraging insurance institutions to develop relevant products [7] Group 4: Market Insights - CITIC Research indicates that the debt reduction work is entering a critical phase, with city investment platforms expected to transition to market-oriented operations, highlighting a significant regional differentiation [15]