SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2026-01-19 02:28Core Viewpoint - The successful issuance of bonds by Xinjiang Jin Investment Asset Management Co., Ltd. demonstrates the effectiveness of financial support in promoting regional development and optimizing financial ecosystems in Xinjiang [2][3]. Group 1: Bond Issuance Details - The bond issuance amounted to 220 million yuan, with a term of 3+2 years and a coupon rate of 2.58%, achieving a subscription multiple of 3.32 times [2]. - The final coupon rate was 30 basis points lower than the valuation of existing bonds, effectively reducing the issuer's funding costs [3]. Group 2: Issuer and Market Position - The issuer, Xinjiang Financial Investment (Group) Co., Ltd., is the only asset management company in Xinjiang with qualifications for bulk acquisition and disposal of non-performing financial assets, highlighting its monopolistic advantage in the region [3]. - Since 2020, the company has served as the sole lead underwriter for five bond issuances for the issuer, indicating a deepening partnership and expanding market influence in Xinjiang [3].