二级速览： 中资美元债二级市场涨跌不一，截至12月26日，Markit iBoxx中资美元债综合指数周度上行0.06%，报251.26；投资级美元债指数周度上涨0.08%， 报244.35；高收益美元债指数周度下跌0.14%，报 241.3。地产美元债指数周度涨0.12%，报178.37；城投美元债指数周度下跌0.01%，报153.9；金融 美元债指数周度下跌0.06%，报290.9。 基准利差： 截至12月26日，中美10年期基准国债利差缩小至229.47bp，较前一周缩小2.13bp。 评级异动： 近两周市场情况 一级市场： 据新华财经统计，近两周（12月15日至12月26日）共发行12笔中资离岸债券，其中包括6笔离岸人民币债券和6笔美元债券，发行规模分别为430.58 亿元人民币和2.96亿美元。近两周发行方式为直接发行的债券共9只，担保发行2只，"直接发行+担保"的1只。 在离岸人民币债券领域，近两周人民币债券单笔发行最大规模为10.5亿元人民币，由南安市发展投资集团有限公司发行。近两周人民币债券发行最 高票息为6.9%，由淄博高新国有资本投资有限公司发行。 在中资美元债券市场，近两周美元债券单笔最大 ...

Primary Market - A total of 24 offshore bonds were issued this week, including 6 RMB bonds, 10 USD bonds, 3 HKD bonds, and 5 EUR bonds, with issuance scales of 8.842 billion RMB, 3.2032 billion USD, 13.195 billion HKD, and 4.85 billion EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 5 billion RMB by Hong Kong Mortgage Corporation Limited, while the highest coupon rate for RMB bonds was 6.9% issued by Zibo High-tech State-owned Capital Investment Co., Ltd [1] - In the USD bond market, the largest single issuance was 1.07197 billion USD, with the highest coupon rate of 9% issued by New World Development Company Limited [1] Secondary Market - The Markit iBoxx China USD Bond Composite Index rose by 0.06% to 251.16, while the investment-grade USD bond index increased by 0.07% to 243.85. The high-yield USD bond index decreased by 0.05% to 244.11 [2] - The real estate USD bond index fell by 0.12% to 183.44, while the city investment bond index rose by 0.09% to 153.36, and the financial bond index increased by 0.08% to 290.78 [2] Benchmark Spread - The spread between the 10-year benchmark government bonds of China and the US narrowed to 228.76 basis points, a decrease of 5.52 basis points from the previous week [3] Rating Changes - Moody's confirmed the "A1" issuer rating for Hong Kong and China Gas Company Limited, changing the outlook from "stable" to "negative" on November 17 [5] Domestic News - The Ministry of Finance and the People's Bank of China announced that savings bonds (electronic) will be included in the personal pension product range starting June 2026 [6] - The Ministry of Finance successfully issued 4 billion euros in sovereign bonds in Luxembourg, with a total subscription amount of 100.1 billion euros, 25 times the issuance amount [7] - The Bond Connect Northbound trading volume reached 572.3 billion RMB in October, with an average daily trading volume of 31.8 billion RMB [8] Overseas News - Major overseas investors held 9.25 trillion USD in US Treasury bonds as of September, with Japan continuing to increase its holdings [9] - Japan's 10-year government bond yield reached 1.765%, the highest since the financial crisis, driven by concerns over potential large-scale fiscal stimulus [10] Default and Restructuring - 78% of creditors have signed a restructuring support agreement with Zhongjun Group Holdings [11] - Western Cement announced a cash offer to repurchase its 4.95% senior notes due in 2026 while issuing new senior notes [12] - Road King Group's subsidiary received a winding-up petition related to approximately 442 million USD in unpaid principal and interest [13]

Group 1 - The new Federal Reserve Governor, Milan, advocates for aggressive interest rate cuts, suggesting a reduction of at least 150 to 200 basis points from the current range of 4.00%-4.25% [2] - Milan's stance is based on the concept of "neutral interest rate," which he believes is currently around 2%, significantly lower than the existing federal funds rate [2] - He attributes the previous higher neutral rate to government borrowing and increased immigration, which have now slowed due to tightened border policies and rising tariff revenues [2] Group 2 - No new issuances were reported in the primary market today [4] - Three companies had their ratings updated, including New World Development, which terminated a subscription agreement due to current market conditions [5] - Shimao Group is actively negotiating loan extensions and restructuring with domestic creditors, with approximately RMB 22.8 billion of loans successfully extended [5] - Poly Property Group announced a reduction in the coupon rate of a bond by 180 basis points, effective from November 1, 2025 [5] Group 3 - The Hong Kong Monetary Authority is expanding its RMB trade financing liquidity arrangement to support offshore RMB business growth [10] - The People's Bank of China conducted a reverse repurchase operation of CNY 165.8 billion at a rate of 1.40%, with a net injection of CNY 4.115 billion for the day [10]

Core Viewpoint - *ST Huike has announced the termination of its 2023 annual private placement of shares due to regulatory disapproval from the local state-owned assets supervision authority [1][3]. Group 1: Termination of Share Issuance - The company received a notice from Zibo Guotou on August 21, 2025, indicating the formal cancellation of the share transfer framework agreement and related agreements [2]. - The termination is a result of the Zibo municipal state-owned assets supervision authority's disapproval of Zibo Guotou's acquisition and subscription of shares [1][3]. - The planned private placement aimed to raise approximately RMB 360 million, intended for supplementing working capital [3][4]. Group 2: Financial Performance - In the first half of 2025, the company reported revenue of RMB 48.25 million, a year-on-year increase of 5.49% [6]. - The net profit attributable to shareholders was RMB 3.66 million, reflecting a significant year-on-year growth of 210.89% [6]. - The net profit after excluding non-recurring gains and losses was RMB 3.26 million, up 193.49% compared to the previous year [6].

| 珠海汇金科技股份有限公司 | | | 2025 年半年度报告摘要 | | --- | --- | --- | --- | | 证券代码：300561 汇科 | 证券简称：*ST | | 公告编号：2025-067 | | 珠海汇金科技股份有限公司 2025 年半年度报告摘要 | | | | | | | | 珠海汇金科技股份有限公司 2025 年半年度 | | 报告摘要 | | | | | 一、重要提示 | | | | | 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投 | | | | | 资者应当到证监 | | | | | 会指定媒体仔细阅读半年度报告全文。 | | | | | 所有董事均已出席了审议本报告的董事会会议。 | | | | | 非标准审计意见提示 | | | | | □适用 ?不适用 | | | | | 董事会审议的报告期利润分配预案或公积金转增股本预案 | | | | | □适用 ?不适用 | | | | | 公司计划不派发现金红利，不送红股，不以公积金转增股本。 | | | | | 董事会决议通过的本报告期优先股利润分配预案 | | | | | ...

Core Viewpoint - The control change of *ST Huike has been terminated due to the rejection of the acquisition and capital increase by the local state-owned asset supervision authority [1][2]. Group 1: Control Change Termination - *ST Huike received a notice from Zibo High-tech State Capital Investment Co., Ltd. regarding the termination of the conditional share subscription agreement [1][2]. - Zibo Guotou intended to acquire a total of 65.6216 million shares from Chen Zhe, Ma Zheng, and Zhuhai Ruixin Investment Management Co., Ltd., which accounted for 20% of the company's total share capital [1]. - The control change was supposed to occur upon the transfer of shares to Zibo Guotou, but the local state asset supervision authority disapproved the acquisition and capital increase [2]. Group 2: Impact on Company Operations - As of the announcement date, the first equity transfer related to this transaction had not been completed, and the company's controlling shareholder and actual controller remained unchanged [2]. - The termination of this control change will not have a significant adverse impact on the company's daily operations and financial status [2].

格隆汇8月21日丨*ST汇科（维权）(300561.SZ)公布，公司于2025年8月21日收到淄博高新国有资本投资 有限公司(简称"淄博国投")的《关于"<附条件生效的股份认购协议>"的解除函》以及陈喆女士、马铮先 生、珠海瑞信投资管理有限公司(简称"瑞信投资")的《告知函》，公司本次控制权变更相关事项终止， 敬请广大投资者注意投资风险。 ...

Core Viewpoint - Zhuhai Huijin Technology Co., Ltd. is facing significant risks related to stock trading volatility and potential administrative penalties due to alleged information disclosure violations [1][2]. Group 1: Stock Trading Volatility - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 30% over three consecutive trading days (August 13, 14, and 15, 2025) [1]. - The board of directors has verified the situation and confirmed that there are no undisclosed significant information affecting the stock price [1][3]. Group 2: Regulatory Actions - The China Securities Regulatory Commission (CSRC) has initiated an investigation into the company for suspected violations of information disclosure regulations, with a formal notice issued on August 8, 2025 [2]. - An administrative penalty is being considered against the company and related parties, with the final decision pending from the Guangdong Securities Regulatory Bureau [2][5]. Group 3: Acquisition and Financial Transactions - The company has approved the acquisition of a 51% stake in Nanjing Yizheng Information Technology Co., Ltd. for 29.07 million RMB [3]. - The company has received a notice from the Zibo Municipal Finance Bureau rejecting the acquisition and capital increase by Zibo Guotou [2][5]. Group 4: Disclosure and Reporting - The company confirms that there are no undisclosed matters that should be reported according to the Shenzhen Stock Exchange rules, and previous disclosures do not require corrections or supplements [3][4]. - Investors are advised to pay attention to the upcoming half-year report for 2025 [3].

Core Viewpoint - The control change of *ST Huike, which has been planned for over two years, may be terminated due to the refusal of the Zibo Municipal Finance Bureau to approve the acquisition by Zibo Guotou [1][4]. Group 1: Control Change Process - In February 2023, *ST Huike's actual controller and shareholders signed an agreement to transfer a total of 65.62 million shares (20% of total share capital) to Zibo Guotou for 580 million yuan [3]. - The first transfer involved 16.24% of the total share capital, with the remaining shares' voting rights waived by the sellers [3]. - Zibo Guotou was set to acquire an additional 46.34 million shares through a private placement, which would increase its stake to 29.9% post-placement [3]. Group 2: Regulatory Challenges - The control change process stalled after it was discovered that provincial or municipal-level approvals were required for the share transfer [4]. - Zibo Guotou has not obtained the necessary approvals from the relevant state-owned asset supervision departments, leading to a request from the original shareholders to terminate the agreement [4]. Group 3: Business Performance and Risks - *ST Huike primarily provides operational management, risk control, and transformation solutions for financial industry clients, but has experienced declining performance and is projected to incur losses in 2024 [4]. - The company received a warning and a fine of 2 million yuan from the Guangdong Securities Regulatory Commission for misleading disclosures regarding its 2024 performance [5].

Core Viewpoint - *ST Huike is facing significant challenges, including regulatory scrutiny and a failed acquisition attempt by Zibo Guotou, which has led to uncertainty regarding its control and future operations [1][2][3] Group 1: Regulatory Issues - The company has been under investigation by the China Securities Regulatory Commission (CSRC) and received an administrative penalty notice from the Guangdong Securities Regulatory Bureau due to misleading statements in its earnings forecast [3] - The Guangdong Securities Regulatory Bureau plans to impose a fine of 2 million yuan on the company and additional fines on its executives for violations related to information disclosure [3] Group 2: Acquisition Attempt - Zibo Guotou's attempt to acquire a 20% stake in *ST Huike and a subsequent private placement of shares has been rejected by the Zibo Municipal Finance Bureau [1][2] - The acquisition was initially planned to give Zibo Guotou a 29.90% stake in the company, changing the controlling shareholder to Zibo Guotou and the actual controller to the Zibo High-tech Zone Management Committee [1] Group 3: Market Reaction - Despite the negative news, *ST Huike's stock hit the daily limit up, potentially due to market speculation about the strategic entry of state capital and reduced concerns about delisting [3] - The company has been involved in the financial technology sector, providing solutions using IoT, AI, and other technologies for financial clients [3]