SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-05-09 02:32Core Viewpoint - The successful issuance of the fourth phase of medium-term notes by Shaanxi Transportation Holding Group Co., Ltd. highlights the company's strong financial standing and the effective collaboration with Shenwan Hongyuan Securities, reinforcing its position in the bond market [1] Group 1: Company Overview - Shaanxi Transportation Holding Group Co., Ltd. was established on January 30, 2021, as a large state-owned enterprise funded by the Shaanxi provincial government [1] - The company has a registered capital of 50 billion yuan and operates in various sectors including transportation infrastructure design, investment, construction, operation, and logistics [1] - Total assets of the company exceed 610 billion yuan, with a management network of 6,582 kilometers of roads, of which 5,783 kilometers are expressways, accounting for approximately 90% of the expressways in Shaanxi province [1] Group 2: Financial Performance - The recent medium-term note issuance was for a scale of 2 billion yuan, with a term of 5+N years and a coupon rate of 2.22% [1] - This issuance marks the fifth medium-term note that Shenwan Hongyuan Securities has assisted in issuing for Shaanxi Transportation Holding Group since September 2024, with a cumulative underwriting scale of 8.5 billion yuan [1] - Shenwan Hongyuan Securities has successfully underwritten over 1 billion yuan of the total issuance, demonstrating its underwriting expertise and ability to meet client needs [1] Group 3: Strategic Collaboration - The partnership between Shaanxi Transportation Holding Group and Shenwan Hongyuan Securities has evolved from mutual trust to deep collaboration, establishing a long-term stable relationship [1] - This collaboration has solidified Shenwan Hongyuan Securities' professional brand image in the Shaanxi bond market and set a benchmark for regional service [1]