国元证券晨会纪要-20250319

Investment Rating - The report indicates a stable investment rating for Longfa Group with a BBB rating from Fitch and a Baa2 rating from Moody's [3]. Core Insights - The offshore bond issuance in the primary market has decreased, with only 12 bonds issued last week totaling approximately 2.62 billion USD, primarily from the urban investment sector [1]. - The high-yield bonds outperformed investment-grade bonds in the secondary market, with the Markit iBoxx index for Chinese USD bonds rising by 0.05% last week [1]. Summary by Sections Primary Market - Last week, the primary market saw a total of 12 bonds issued, amounting to around 2.62 billion USD, with a significant issuance from the urban investment sector [1]. - Notably, the Shouhua Group issued a bond worth 450 million USD with a coupon rate of 7.15%, which was oversubscribed by more than 10 times [1]. Secondary Market - The secondary market showed a slight increase in returns, with the investment-grade return index rising by 0.04% and the high-yield return index increasing by 0.08% [1]. Market Overview - As of March 18, the Hang Seng Index increased by 2.46%, with all major sectors showing positive performance, particularly non-essential consumer goods and materials [5]. - The Shanghai Composite Index closed at 3429.76 points, up by 0.11%, while the Shenzhen Composite Index rose by 0.49% to 2122.66 points [5].