1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, most credit spreads in different industries widened, while a small number narrowed. Credit bond yields adjusted significantly, increasing the cost - performance of credit bonds from a static coupon perspective. With the rapid decline of black - series futures prices on Friday night, bond market sentiment may improve, and the space for further credit bond adjustment is relatively limited. It is recommended to continue to focus on long - duration sinking urban investment bonds, capital bonds, and insurance sub - debt, strongly recommend long - duration capital bonds of Minsheng, Bohai, and Hengfeng, and be bullish on urban investment dim sum bonds and US dollar bonds [3][4][56]. - Since July 2024, the long - end risk - free interest rate has been in a downward channel. The yield of ultra - long - term credit bonds has followed suit, and the current compression of credit spreads is not as extreme as last year. Buying sentiment may not have reached its end, and the market may further evolve towards long - duration assets [5][62]. 3. Summary by Relevant Catalogs 3.1 Primary Market 3.1.1 Net Financing Scale - This week, the net financing of traditional credit bonds (excluding asset - backed securities) was 390.6 billion yuan, a week - on - week increase of 220.3 billion yuan. The net financing of asset - backed securities was 3.09 billion yuan, a week - on - week increase of 910 million yuan. In terms of product types, the net financing of urban investment bonds was 3.31 billion yuan, an increase of 280 million yuan; that of industrial bonds was 11.06 billion yuan, an increase of 5 billion yuan; and that of financial bonds was 24.69 billion yuan, an increase of 16.74 billion yuan [16]. 3.1.2 Issuance Cost - The weighted average issuance rates of AA - rated industrial bonds and AA + - rated financial bonds increased significantly compared to last week, by 51BP and 41BP respectively. The fluctuations of other bond types and ratings did not exceed 10BP [23][24]. 3.2 Secondary Market 3.2.1 Trading Volume - This week, the trading volume of credit bonds (excluding asset - backed securities) increased by 178 billion yuan compared to last week. Among them, the trading volume of urban investment bonds was 227.2 billion yuan, an increase of 23.5 billion yuan; that of industrial bonds was 361.2 billion yuan, an increase of 3.3 billion yuan; and that of financial bonds was 611.6 billion yuan, an increase of 151.2 billion yuan. The trading volume of asset - backed securities was 1.45 billion yuan, a decrease of 220 million yuan [24]. 3.2.2 Yield - This week, the yields of credit bonds with different maturities and ratings increased significantly, ranging from 7 - 17BP. For example, the yields of AA, AAA -, and AAA + credit bonds within 1Y increased by 7BP, 8BP, and 8BP respectively compared to last week [31]. 3.2.3 Credit Spreads - Overall, most credit spreads in different industries widened, while a small number narrowed. Specifically, the credit spreads of AA + electronics and building materials narrowed by 17BP and 8BP respectively, and those of AA + light manufacturing and AAA leisure services narrowed slightly [34]. - **Urban Investment Bonds**: This week, the credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. Regionally, most urban investment credit spreads widened, while a small number compressed slightly [40][41]. - **Industrial Bonds**: This week, the credit spreads of AA + and above industrial bonds widened to varying degrees, and the short - end of AA industrial bonds also widened [45]. - **Bank Capital Bonds**: This week, the credit spreads of bank Tier 2 and perpetual bonds widened overall, with the widening range of different maturities and ratings between 3 - 9BP [50]. 3.3 This Week's Bond Market Sentiment - This week, Shenzhen Longfor Holdings Co., Ltd. extended the maturity of 5 debt issues; Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. had the implied ratings of 12 debt issues downgraded; Inner Mongolia Oujing Technology Co., Ltd. was put on the watchlist, and its "Oujing Convertible Bond" was also included; Midea Real Estate Group Co., Ltd. had the implied ratings of 20 debt issues downgraded; and Aoyuan Group Co., Ltd. extended the maturity of 3 debt issues [2][51]. 3.4 Investment Recommendations - Pay attention to the allocation and trading opportunities of ultra - long - term credit bonds. For industrial bonds, China State Grid has the largest scale of ultra - long - term credit bonds, but the yield is relatively low. China Chengtong Holdings Group, Sinochem Group, Guangzhou Yuexiu Group, and Sichuan Energy Investment Group are more cost - effective. For urban investment bonds, although the static coupon rate is generally better, the selectable scope is relatively narrow. Pay attention to the spread compression opportunities of Shenzhen Metro, Shaanxi Communications Holdings, Yantai Guofeng, and Yizhuang Investment and Development. The cost - performance of bank Tier 2 capital bonds is limited [6][63].

Group 1: Report Industry Investment Rating - Not mentioned in the provided content Group 2: Report's Core View - This week, most credit spreads in different industries widened, with only a few narrowing. The credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. For industrial bonds, the credit spreads of AA+ and above industrial bonds widened to varying degrees, and the short - end of AA industrial bonds also widened. The credit spreads of bank secondary and perpetual bonds widened overall. After a significant adjustment in credit bond yields, the cost - effectiveness of credit bonds has increased from a static coupon perspective. With the rapid decline in black - series futures prices on Friday night, the bond market sentiment may improve, and the space for further adjustment of credit bonds is relatively limited. It is recommended to focus on long - duration urban investment bonds, capital bonds, and insurance sub - debt, especially the long - duration capital bonds of Minsheng, Bohai, and Hengfeng banks, and be optimistic about urban investment dim sum bonds and US dollar bonds [4][43] - Since July 2024, the long - end risk - free interest rate has been in a downward channel, and the yield of ultra - long - term credit bonds has followed suit. Although the proportion of low - valuation transactions and TKN transactions has been rising this year, it has not exceeded last year's high, indicating that the buying sentiment may not have reached its end. With the concentrated listing of science - innovation bond ETFs on July 17, the spreads of medium - and short - term component bonds have been compressed to an extreme level. In the context of the "asset shortage" in the low - interest - rate environment this year, the market may further evolve towards long - duration assets. Investors can still find relatively suitable ultra - long - term credit bond targets in the market [5][49] Group 3: Summary According to the Directory 1. Primary Market 1.1 Net Financing Scale - This week, the net financing of credit bonds (excluding asset - backed securities) was 390.6 billion yuan, an increase of 220.3 billion yuan compared with last week. The total issuance was 631.6 billion yuan, an increase of 233.9 billion yuan, and the total repayment was 241 billion yuan, an increase of 13.6 billion yuan. The net financing of asset - backed securities was 3.09 billion yuan, an increase of 0.91 billion yuan [10] - By product type, the net financing of urban investment bonds was 3.31 billion yuan, an increase of 0.28 billion yuan; that of industrial bonds was 11.06 billion yuan, an increase of 5 billion yuan; and that of financial bonds was 24.69 billion yuan, an increase of 16.74 billion yuan [10] - In terms of the number of issuances and redemptions, the number of urban investment bond issuances increased by 10, and the number of redemptions increased by 33. The number of industrial bond issuances increased by 16, and the number of redemptions decreased by 7. The number of financial bond issuances increased by 7, and the number of redemptions decreased by 3 [12] 1.2 Issuance Cost - The weighted average issuance rates of AA - rated industrial bonds and AA+ - rated financial bonds increased significantly compared with last week, while the issuance rates of other bond types and ratings fluctuated slightly. The issuance rate of AA - rated industrial bonds increased by 51BP, mainly due to bonds such as "25 Nonggu 03" and "25 Tiandiyuan MTN001". The issuance rate of AA+ - rated financial bonds increased by 41BP, mainly due to "25 Donghai 03". The fluctuations of other bonds did not exceed 10BP [18] 2. Secondary Market 2.1 Transaction Situation - In terms of trading volume, the trading volume of credit bonds (excluding asset - backed securities) increased by 178 billion yuan compared with last week. The trading volume of urban investment bonds was 227.2 billion yuan, an increase of 23.5 billion yuan; that of industrial bonds was 361.2 billion yuan, an increase of 3.3 billion yuan; and that of financial bonds was 611.6 billion yuan, an increase of 151.2 billion yuan. The trading volume of asset - backed securities was 1.45 billion yuan, a decrease of 0.22 billion yuan [19] - In terms of turnover rate, the turnover rate of traditional credit bonds increased overall, while that of asset - backed securities decreased. The turnover rate of urban investment bonds was 1.48%, an increase of 0.15 pct; that of industrial bonds was 2.06%, an increase of 0.01 pct; that of financial bonds was 4.12%, an increase of 0.96 pct. The turnover rate of asset - backed securities was 0.42%, a decrease of 0.06 pct [20] 2.2 Yield - The yields of credit bonds with different maturities and ratings increased significantly this week, with an increase range of 7 - 17BP. For example, the yields of AA, AAA -, and AAA+ credit bonds with a maturity of less than 1 year increased by 7BP, 8BP, and 8BP respectively; those with a maturity of 3 - 5 years increased by 10BP, 11BP, and 11BP respectively; and those with a maturity of more than 10 years increased by 17BP, 10BP, and 9BP respectively [24] - Taking AA+ - rated 5 - year bonds of each type as an example, the yields of non - publicly issued industrial bonds and perpetual industrial bonds increased by 11BP and 10BP respectively; the yield of AA+ - rated 5 - year urban investment bonds increased by 10BP; the yields of commercial bank ordinary bonds and secondary capital bonds increased by 7BP and 17BP respectively; and the yield of AA+ - rated 5 - year asset - backed securities increased by 11BP [25] 2.3 Credit Spread - Overall, most credit spreads in different industries widened this week, with only a few narrowing. The credit spreads of AA+ - rated electronics and building materials narrowed by 17BP and 8BP respectively, the credit spread of AA+ - rated light industry manufacturing narrowed by less than 1BP, and the credit spread of AAA - rated leisure services narrowed by 1BP. The credit spreads of other industries and ratings mostly widened, with an increase range of 0 - 7BP [27] 2.3.1 Urban Investment Bonds - By maturity, the credit spreads of urban investment bonds widened overall, with the short - end widening more than the long - end. The 0.5 - 1Y credit spread was 36BP, a widening of 5BP; the 1 - 3Y credit spread was 40BP, a widening of 4BP; the 3 - 5Y credit spread was 58BP, a widening of 1BP; the 5 - 10Y credit spread was 49BP, a widening of less than 1BP; and the credit spread of more than 10Y remained unchanged [32] - By region, most urban investment credit spreads widened, with only a few regions showing a slight compression. For example, the AA - rated credit spreads in Henan and Guizhou compressed by 6BP and 3BP respectively, while the AA - rated credit spread in Yunnan and the AA+ - rated credit spread in Guizhou widened by 12BP and 13BP respectively. The credit spreads in other regions mostly widened by no more than 5BP [33] 2.3.2 Industrial Bonds - The credit spreads of AA+ and above industrial bonds widened to varying degrees this week, and the short - end of AA industrial bonds also widened. For example, the credit spreads of 1Y AAA -, AA+, and AA private - placement industrial bonds widened by 5BP, 5BP, and 3BP respectively, and those of 10Y AAA -, AA+, and AA private - placement industrial bonds compressed by 5BP, 3BP, and less than 1BP respectively. The credit spreads of 1Y AAA -, AA+, and AA perpetual industrial bonds widened by 4BP, 4BP, and 7BP respectively, and those of 10Y widened by 5BP, 3BP, and 1BP respectively [36] 2.3.3 Bank Capital Bonds - The credit spreads of bank secondary and perpetual bonds widened overall this week, with the widening range of different maturities and ratings being 3 - 9BP. The credit spreads of 10Y AAA -, 10Y and 5Y AA+ and 10Y and 5Y AA secondary capital bonds widened by more than 8BP, and the credit spreads of 10Y AAA -, AA+, and AA bank perpetual bonds also widened by more than 8BP. The widening range of other bonds did not exceed 6BP [38] 3. This Week's Bond Market Negative News - Shenzhen Longfor Holdings Co., Ltd. extended the maturity of 5 bond issues; Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. had the implied ratings of 12 bond issues downgraded; Inner Mongolia Oujing Technology Co., Ltd. was placed on the watchlist, and its "Oujing Convertible Bond" was also placed on the watchlist; Midea Real Estate Group Co., Ltd. had the implied ratings of 20 bond issues downgraded; and Agile Group Co., Ltd. extended the maturity of 3 bond issues [2][40] 4. Investment Recommendations - Pay attention to long - duration urban investment bonds, capital bonds, and insurance sub - debt, especially the long - duration capital bonds of Minsheng, Bohai, and Hengfeng banks, and be optimistic about urban investment dim sum bonds and US dollar bonds [43] - Focus on the allocation and trading opportunities of ultra - long - term credit bonds. For industrial bonds, State Grid has the largest scale of ultra - long - term credit bonds and good trading atmosphere, but the yield level is relatively low. Chengtong Holdings, Sinochem Group, Guangzhou Yuexiu, and Sichuan Energy Development are more cost - effective. For urban investment bonds, although the static coupon levels are generally better than industrial bonds, the range of available bonds is relatively narrow. Pay attention to the opportunities for further compression of the spreads of Shenzhen Metro, Shaanxi Communications Control, Yantai Guofeng, and Yizhuang Investment Development. The cost - effectiveness of the ultra - long - term bank secondary capital bonds of several large state - owned and joint - stock banks is limited [6][50]

股票代码：A 股：600663 股票简称：陆家嘴 编号：临 2025-026 B 股：900932 陆家 B 股 上海陆家嘴金融贸易区开发股份有限公司 ，实际发行金额为人民币 6 亿元，期限 2 年，每 张面值为人民币 100 元，发行票面利率为 1.79%。募集资金已于 2025 年 7 月 25 日全额到账。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国银行间市场交易商协会出具的《接受注册通知书》 （中市协注〔2024〕 MTN796 号），中国银行间市场交易商协会接受上海陆家嘴金融贸易区开发股份 有限公司（以下简称"公司"）中期票据注册，注册金额为人民币 50 亿元，注册 额度自上述通知书落款之日起 2 年内有效（详见临 2024-053 号公告）。 公司于 2025 年 7 月 24 日发行了 2025 年度第三期中期票据（简称：25 陆金 开 MTN003，代码：102583087） 关于 2025 年度第三期中期票据发行结果的公告 上海银行股份有限公司为本次中期票据发行的主承销商和簿记管理人，中国 民生 ...

Group 1 - The first Lujiazui Financial Services Forum and the opening ceremony of Century Financial Plaza L HUB were successfully held in Shanghai, where the "L FOR MORE" white paper was released [1] - Lujiazui Group is actively exploring its role as a city comprehensive operator to deeply participate in urban industrial upgrading and development [1] - The newly launched L HUB is a key implementation of this strategic transformation, effectively filling the gap for high-quality light business communication spaces in Lujiazui Financial City [1] Group 2 - The L HUB covers an area of over 3,600 square meters and integrates business office, green concepts, and humanistic spaces [2] - It features a conference room that can accommodate 200 people, along with spaces for roadshows, children's crafts, and more, catering to various needs such as coffee, reception, work, socializing, leisure, and parent-child interaction [2] - The L FOR MORE business ecosystem is built through four dimensions: products, spaces, supporting facilities, and services, promoting sustainable development in the commercial office market [1]

根据中国银行间市场交易商协会出具的《接受注册通知书》（中市协注〔2024〕 MTN796 号），中国银行间市场交易商协会接受上海陆家嘴金融贸易区开发股份 有限公司（以下简称"公司"）中期票据注册，注册金额为人民币 50 亿元，注册 额度自上述通知书落款之日起 2 年内有效（详见临 2024-053 号公告）。 公司于 2025 年 7 月 24 日发行了 2025 年度第三期中期票据（简称：25 陆金 开 MTN003，代码：102583087），实际发行金额为人民币 6 亿元，期限 2 年，每 张面值为人民币 100 元，发行票面利率为 1.79%。募集资金已于 2025 年 7 月 25 日全额到账。 上海银行股份有限公司为本次中期票据发行的主承销商和簿记管理人，中国 民生银行股份有限公司、交通银行股份有限公司、兴业银行股份有限公司、上海 浦东发展银行股份有限公司为本次中期票据发行的联席主承销商。本次中期票据 发行的有关文件详见中国货币网(www.chinamoney.com.cn)和上海清算所网站 （www.shclearing.com.cn）。 特此公告。 上海陆家嘴金融贸易区开发股份有限公司 二〇二 ...

入户玄关设大容量柜体区。约40余㎡的客餐厅一体化空间，尺度宽绰。中西双厨设计，岛台可切换为早餐区、轻办公区或亲子空间。厨房旁设有 储物间，有效缓解厨房与阳台储物压力。南向双卧设计，约30㎡套房主卧空间，配备五件套卫浴、步入式衣帽间及独立浴缸区。次卧预留X灵动 空间，既可以做一个储藏室、衣帽间，甚至是卫生间、办公学习区域。 约240㎡样板房，入户即与江天对望，约8.6米的大面宽横厅，将黄浦江 S 湾的蜿蜒曲线尽收眼底。玄关处采用隐形收纳系统，与墙体完美融合拓 展视觉通透感。约55㎡LDK一体化空间，采用创新洄游动线设计，餐厅、客厅与西厨岛台形成家庭互动空间，中西厨之间设置可移动隔断，在保 障烹饪私密性的同时，实现空间使用的弹性切换。 效果图 7月19日，陆家嘴滨江全新180-240㎡艺境样板房正式开放，以艺术化的空间设计重新诠释滨江品质生活。现场持续的热度印证了市场对优质滨江 资产的认可，活动当日高净值人群纷至沓来，对项目的户型格局、精装细节及后续推盘计划表现出浓厚兴趣。 除了地段上的不可替代、无法复制，陆家嘴太古源 源邸在审美和品位方面亦具有极高的造诣。此次以"流韵藏心"为主题的样板间开放活动，旨在 打造一个 ...

Group 1: U.S. Stock Market and Earnings Reports - The current earnings season shows that good performance is no longer sufficient to support stock prices, with high valuations acting as a constraint [1] - Major banks like JPMorgan and Bank of America reported solid earnings, but stock price increases were limited, indicating a low tolerance for mistakes among investors [1][2] - The S&P 500's expected earnings growth for Q2 is 10%, down from 13% in Q1, with technology, communications, and healthcare sectors expected to lead growth [1][3] Group 2: Banking Sector Performance - Six major U.S. banks benefited from a rebound in trading activities, with notable increases in investment banking revenues: JPMorgan up 7% to $2.5 billion, Citigroup up 13% to $1 billion, and Goldman Sachs up 26% to $2.191 billion [2][3] - Some banks are increasing loan loss provisions in anticipation of potential economic downturns, with Citigroup's provisions up 16% and JPMorgan's up 25% [3] Group 3: Semiconductor Industry Insights - NXP Semiconductors reported Q2 revenue of $2.93 billion, down 6% year-over-year, but the decline is slowing compared to a 9% drop in Q1 [5][6] - The automotive chip business generated $1.73 billion, halting a five-quarter decline, but the overall outlook remains cautious due to weak demand in automotive and industrial sectors [5][6] Group 4: Technology Sector Outlook - The upcoming earnings reports from major tech companies are expected to significantly influence the market, with anticipated earnings growth of 14.1% for the tech giants [8][9] - A weaker dollar is expected to benefit U.S. stocks, particularly tech companies, as over half of their revenue comes from overseas [8] Group 5: AI and Technology Financing - Morgan Stanley highlights a $1.5 trillion financing gap for AI development, with significant capital expenditure expected in data centers, projected to reach $2.9 trillion by 2028 [10][11] - The demand for funding in the tech sector is rising, with large tech firms facing a $1.5 billion financing gap despite strong cash flows [11]

Core Insights - The "Lujiazui Swire Source" project is a significant part of the expansion and efficiency enhancement of Lujiazui Financial City and the "One River, One River" construction plan in Shanghai [1][2] - The project covers a total construction area of approximately 540,000 square meters and is designed to integrate waterfront luxury residences, international commercial spaces, and cultural activity areas [1] - The project aims to create a vibrant high-end lifestyle multi-format complex, differentiating its commercial positioning from existing Swire brands like "Taikoo Li" and "Taikoo Hui" [1] Project Overview - The project is located on a site that was previously the Minsheng Wharf, now being redeveloped by Lujiazui Group and Swire Properties [1] - It emphasizes the advantages of its riverside location and aims to respond to the Shanghai government’s planning direction for creating an "open, shared, multifunctional, and eco-friendly" waterfront space [1] Residential and Commercial Aspects - The residential portion of the project is expected to be delivered between 2026 and 2027, showcasing the results of urban renewal in Shanghai [2] - The commercial section will focus on high-end lifestyle brands, potentially introducing over 130 premium and selected lifestyle brand tenants, including supermarkets, diverse dining options, and both international and local fashion and home brands [1]

Core Insights - The current stage of the office market indicates that operational capability has become the core competitive advantage, necessitating a shift from mere space leasing to transforming office spaces into industrial ecosystem platforms [1][7] - As of January to May 2025, the total investment and sales in office buildings across the country were 141.2 billion and 103.3 billion respectively, showing year-on-year declines of 16.3% and 10.8% [2] - The new construction and completion areas for office buildings during the same period were 6.15 million square meters and 5.58 million square meters, reflecting year-on-year decreases of 24.1% and 6.7% [2] Market Conditions - The national office market is currently in a downturn, facing challenges in investment, sales, and construction, with a supply-demand imbalance and short-term demand unlikely to improve [2] - Recovery in the office market is expected to depend on improvements in the macroeconomic environment, enhanced corporate confidence, and the emergence of new office demands driven by industrial restructuring and upgrades [2] Notable Projects and Developments - Shanghai Zhonghai Center recorded a net absorption of 70,000 square meters in 2024, becoming the leading project in Shanghai's office market [3] - The project aims to create a legal service ecosystem by establishing a "Building Legal Service Center," attracting various legal institutions to form a comprehensive legal service platform [3] - Other notable projects include the Chengdu Zhonghai International Center, which has signed Takeda Pharmaceutical to establish an innovation center, and the relocation of Merck's China headquarters to the Xujiahui Center [4][7] Industry Trends - The demand for office spaces is concentrated in sectors such as finance, technology, pharmaceuticals, professional services, manufacturing, cross-border e-commerce, and consumer goods [4] - The Shanghai Science and Technology Innovation Building has seen significant occupancy, with a rental rate exceeding 75% for its first-class office projects, indicating strong demand in the tech sector [5] - The "Luchuang AI Accelerator" at the Science Gate West Tower has welcomed eight companies in cutting-edge fields, showcasing a diversified layout in AI and vertical industries [7] Rental Market Dynamics - The rental rates for the Xujiahui Center's A Tower range from 7 to 11 yuan per square meter per day, with Merck's estimated monthly rent between 4.83 million and 7.59 million yuan, reflecting an increase compared to their previous location [8] - The relocation of Merck's headquarters exemplifies the changing tenant behavior in Shanghai's office market, highlighting the need for landlords to adapt to evolving tenant demands through optimized rental strategies and enhanced building services [8][9]

Group 1: Geopolitical Developments - Trump announced a 100% tariff on Russia if the Ukraine conflict is not resolved within 50 days, which led to a significant drop in international oil prices [1] - The U.S. will provide advanced weaponry to NATO, with costs covered by NATO allies, and a new military aid package for Ukraine is expected [1][2] - Concerns about geopolitical tensions are likely to increase risk aversion in the market, although the impact on the dollar and U.S. bonds may be limited due to the shared financial burden among allies [2] Group 2: Market Reactions and Trends - International oil prices fell sharply, with Brent crude down 1.63% to $69.21 per barrel and WTI down 2.15% to $66.98 per barrel [1] - Hedge funds have been selling bank stocks while rapidly buying consumer staples, indicating a shift in investment strategy amid economic uncertainty [4] - The upcoming earnings season for U.S. stocks is expected to show the weakest growth in two years, with S&P 500 profits projected to rise only 2.5% year-over-year [5][6] Group 3: Company-Specific Insights - Tesla is set to hold a major demonstration event for its Optimus robot, which is anticipated to showcase significant advancements [7][8] - Amazon's Prime Day sales reached a record $24.1 billion over four days, reflecting a 30.3% year-over-year increase, driven by consumer demand and promotional strategies [10][11] - The focus on cash flow quality and corporate guidance adjustments will be crucial for assessing market trends in the second half of the year [6]