SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-10-24 05:09Group 1 - The article discusses the successful issuance of "China Communications First Public Bureau Group Co., Ltd. 2025 Phase 6 First Targeted Asset-Backed Commercial Paper," with a total issuance scale of 940 million yuan and a term of approximately 355 days [2] - The bonds are structured into two types: Priority A with a coupon rate of 2.19% and Priority B with a coupon rate of 1.96%, achieving a subscription multiple of approximately 3.07 times [2] - The funds raised will be used for the renewal of ABCP products, enhancing the issuer's brand image in the capital market and optimizing financing channels [2] Group 2 - China Communications First Public Bureau Group is a wholly-owned subsidiary of China Communications Construction Company, controlled by the State-owned Assets Supervision and Administration Commission [3] - The company holds a special grade qualification for highway engineering construction and a first-grade qualification for municipal public engineering construction, focusing on high-grade highways, large bridges, municipal projects, and long tunnels [3] - It has constructed 15% of the total highway mileage in China and has participated in multiple key national projects, including the Belt and Road Initiative and over 50 major railway projects [3]