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 core viewpoint of the article emphasizes the successful issuance of "China Communications First Public Bureau Group Co., Ltd. 2025 Annual 6th Phase Targeted Asset-Backed Commercial Paper," which aids the real economy and enhances the issuer's brand image in the capital market [2][3] - The total issuance scale of the targeted asset-backed commercial paper is 940 million yuan, with a maturity of approximately 355 days, and both the issuer and debt ratings are AAA [2] - The issuance includes two types of structured enhancement: 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] 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 of the State Council [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 national key railway projects [3]