发行人或公司：指中国国家铁路集团有限公司。 中国铁路总公司：指原中国铁路总公司。 铁道部：指原中华人民共和国铁道部。 一、 释义 在本发行办法中，除非上下文另有规定，下列词汇具有以下含义： 本期债券：指发行规模为50亿元的"2026年第一期中国铁路建设债券"。 募集说明书摘要：指发行人根据有关法律、法规为发行本期债券而制作的《2025年第三期中国铁路建设 债券（30年期）（第三次续发行）及2026年第一期中国铁路建设债券募集说明书摘要》。 主承销商：指本期债券发行及存续期限内对中信证券股份有限公司（以下简称"中信证券"）、国开证券 股份有限公司（以下简称"国开证券"）、申万宏源证券有限公司（以下简称"申万宏源证券"）、中德证 券有限责任公司（以下简称"中德证券"）的总称。 牵头主承销商：指中信证券。 承销团：指主承销商为本期债券发行组织的，由主承销商和分销商组成的承销团。 余额包销：指承销团全体成员按照承销协议的约定对发行人承担本期债券的余额包销责任。 中央结算公司：指中央国债登记结算有限责任公司。 证券登记公司：指中国证券登记结算有限责任公司。 招标系统：指上海证券交易所提供的债券发行系统。本期债券招投标采 ...

重要提示 1.根据《国务院关于组建中国铁路总公司有关问题的批复》（国函〔2013〕47号），中国铁路建设债券 是经国务院批准的政府支持债券。 6.投资者欲了解发行人及本期续发行债券发行的基本情况，请详细阅读于2026年1月7日刊登在《中国证 券报》《上海证券报》《人民铁道》上的《2025年第三期中国铁路建设债券（30年期）（第三次续发 行）及2026年第一期中国铁路建设债券募集说明书摘要》，或到以下互联网网址查询： 2.根据《财政部、税务总局关于铁路债券利息收入所得税政策的公告》（财政部税务总局公告2023年第 64号），对企业投资者持有本期续发行债券取得的利息收入，减半征收企业所得税；对个人投资者持有 本期续发行债券取得的利息收入，减按50%计入应纳税所得额计算征收个人所得税。 3.根据《财政部关于中国铁路总公司公司制改革有关事项的批复》（财建〔2019〕315号），明确中国 铁路总公司改制更名为"中国国家铁路集团有限公司"，国务院及相关部门给予的支持政策和优惠政策继 续适用于中国国家铁路集团有限公司。 4.根据《中国证券监督管理委员会关于同意中国国家铁路集团有限公司公开发行铁路建设债券注册的批 复》（证监 ...

债权融资的六大"武器库" 1. 银行抵押贷款——最传统的"主力军" 怎么操作：用房产、土地、设备等资产作为抵押 额度：通常为抵押物价值的50%-70% 适合谁：拥有固定资产的中小企业 真实案例：某机械厂用价值200万元的厂房作抵押，获得140万元贷款，利率4.2%，期限5年 2. 信用贷款——靠"信用记录"说话 核心逻辑：银行不看抵押物，看你的经营数据 评估依据：纳税记录、银行流水、用电数据、社保缴纳 额度：通常为年营业额的20%-30% 关键转变：中国正从"抵押为主"转向"信用为王" 3. 供应链金融——借大客户的"光" 三种常见形式： 4. 融资租赁——用"租"代替"买" 成本：年利率3.5%-5%，成本最低 不是借钱买设备，而是直接租设备 操作流程：租赁公司购买设备→租给你使用→你按月付租金→租期结束获得设备所有权 适合场景：医疗设备、工程机械、生产线等大型设备采购 成本：通常比直接贷款高1-2个百分点 5. 商业保理——快速"变现"应收账款 本质：把未来的钱"打折"换成现在的钱 举例：你有100万元应收账款（客户90天后付款），保理公司给你95万元现金 实际成本：那5万元"折扣"就是融资成本，相当于年 ...

Group 1 - The core viewpoint of the article highlights the successful issuance of a short-term financing bond by Zigong State-owned Capital Investment Operation Group Co., Ltd., with a scale of 200 million yuan and a coupon rate of 1.92%, achieving a subscription multiple of 4.35, indicating strong market confidence in the issuer's credit quality and development prospects [3] - The bond issuance set a record for the lowest coupon rate for the same rating and type of unsecured bonds in the five southwestern provinces of China, showcasing the issuer's strong market position [3] - Zigong State-owned Capital Investment Operation Group plays a unique role in guiding investment, structural adjustment, and capital management in the economic and social development of Zigong City, with a stable issuer rating of AA [3] Group 2 - The successful issuance of the bond is expected to deepen the cooperation between Shenwan Hongyuan and the issuer, enhancing the brand recognition and professional competitiveness of Shenwan Hongyuan in the bond business in Zigong City [4] - This achievement is a significant result of Shenwan Hongyuan's strategy of "deepening regional engagement and serving the real economy," laying a solid foundation for expanding more quality projects and deepening cooperation with various quality issuers in Zigong City [4]

Group 1 - The core viewpoint of the article highlights the successful issuance of a non-public corporate bond by Meishan Tianfu New District Investment Group Co., Ltd., with a total issuance scale of 600 million yuan and a coupon rate of 2.30% [2] - The bond has a term of 3+2 years, indicating a structured approach to financing that allows for potential extension [2] - Meishan Tianfu New District Investment Group is the sole urban infrastructure construction and investment operation entity in the Meishan Tianfu New District, aiming to integrate various functions such as infrastructure construction, project investment operation, asset management, and urban service support [2] Group 2 - The successful bond issuance is expected to enhance the collaboration between Shenwan Hongyuan and the issuer, increasing brand recognition and professional competitiveness in the bond business within Meishan City [2] - Shenwan Hongyuan plans to leverage its professional capabilities and efficient communication to expand cooperation with the issuer's affiliated companies, laying a solid foundation for future quality project development in Meishan City [2]

韩国财政部周二表示，计划2026年面向个人投资者发行2万亿韩元（约合13.9亿美元）的政府债券，发 行规模比今年的1.2万亿韩元增加8000亿韩元左右。 韩国财政部表示，由于对短期债券的需求不断上升，将于4月份开始向散户投资者发行新的3年期债券。 韩国财政部官员表示，此举旨在减轻投资者的持有负担，使投资选择多样化。 韩国财政部表示，新债券的附加利率不会超过类似工具提供的利率。 责任编辑：于健 SF069 韩国财政部表示，新债券的附加利率不会超过类似工具提供的利率。 责任编辑：于健 SF069 韩国财政部周二表示，计划2026年面向个人投资者发行2万亿韩元（约合13.9亿美元）的政府债券，发 行规模比今年的1.2万亿韩元增加8000亿韩元左右。 韩国财政部表示，由于对短期债券的需求不断上升，将于4月份开始向散户投资者发行新的3年期债券。 韩国财政部官员表示，此举旨在减轻投资者的持有负担，使投资选择多样化。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - From December 22 to December 26, 2025, the issuance volume of credit bonds increased month - on - month, and the credit spreads of various industries showed mixed trends [1] 3. Summary by Directory 3.1 Primary Market 3.1.1 Issuance Statistics - During the week from December 22 to December 26, 2025, 267 credit bonds were issued, with a total issuance scale of 427.702 billion yuan, a month - on - month increase of 15.42%. Among them, 117 industrial bonds were issued, with a scale of 219.258 billion yuan (a 34.26% month - on - month increase, accounting for 51.26% of the total); 110 urban investment bonds were issued, with a scale of 71.364 billion yuan (an 18.87% month - on - month decrease, accounting for 16.69% of the total); 40 financial bonds were issued, with a scale of 137.08 billion yuan (a 14.92% month - on - month increase, accounting for 32.05% of the total) [1][11] - The average issuance term of credit bonds this week was 2.74 years. The average issuance term of industrial bonds was 2.36 years, urban investment bonds was 3.25 years, and financial bonds was 2.35 years [1][14] - The average issuance coupon rate of credit bonds this week was 2.26%. The average issuance coupon rate of industrial bonds was 2.12%, urban investment bonds was 2.41%, and financial bonds was 2.23% [2][19] 3.1.2 Cancellation of Issuance Statistics - Five credit bonds were cancelled for issuance this week [2][23] 3.2 Secondary Market 3.2.1 Credit Spread Tracking - By industry, in the Shenwan primary industries, the largest upward movement of the AAA - rated industry credit spread was in the pharmaceutical and biological industry (up 5.1BP), and the largest downward movement was in the real estate industry (down 1.3BP); the largest upward movement of the AA + - rated industry credit spread was in the household appliances industry (up 6.4BP), and the largest downward movement was in the textile and clothing industry (down 9.8BP); the largest upward movement of the AA - rated industry credit spread was in the building materials industry (up 11BP), and the largest downward movement was in the commercial trade industry (down 1BP) [3] - By region for urban investment bonds, this week, the largest upward movement of the AAA - rated credit spread was in Gansu (up 8.7BP), and the largest downward movement was in Jilin (down 2.9BP); the largest upward movement of the AA + - rated credit spread was in Liaoning (up 6.7BP), and the largest downward movement was in Fujian (down 3.2BP); the largest upward movement of the AA - rated credit spread was in Jiangxi (up 4.5BP), and the largest downward movement was in Anhui (down 3.3BP) [3] 3.2.2 Trading Volume Statistics - The total trading volume of credit bonds was 1.782747 trillion yuan, a month - on - month increase of 28.47%. The top three in terms of trading volume were commercial bank bonds, corporate bonds, and medium - term notes. Specifically, the trading volume of commercial bank bonds was 630.894 billion yuan (a 38.88% month - on - month increase, accounting for 35.39% of the total); the trading volume of corporate bonds was 521.309 billion yuan (a 15.93% month - on - month increase, accounting for 29.24% of the total); the trading volume of medium - term notes was 347.636 billion yuan (a 40.63% month - on - month increase, accounting for 19.50% of the total) [4][28] 3.2.3 Actively Traded Bonds This Week - According to DM client data, the top 20 urban investment bonds, industrial bonds, and financial bonds in terms of trading volume this week are provided for investors' reference [30]

Core Viewpoint - The successful issuance of the first medium-term notes by Meishan Investment Holding Group Co., Ltd. marks a significant achievement, with the bond's interest rate being the lowest in the history of Meishan and the lowest among similar-rated bonds in Southwest China [2] Group 1: Bond Issuance Details - The bond issuance scale is 760 million yuan, with a term of 3+2 years and a coupon rate of 2.05% [2] - This issuance sets a record for the lowest bond cost in Meishan's history [2] - The issuer holds a credit rating of AAA with a stable outlook [2] Group 2: Company Background - Meishan Investment Holding Group Co., Ltd. was established in November 2024 with a registered capital of 5 billion yuan [2] - The company is a state-owned enterprise approved by the Meishan municipal government, focusing on five main business sectors: industrial investment and operation, real estate and construction, culture and tourism, non-ferrous metal manufacturing, and financial services [2] Group 3: Future Prospects - The successful bond issuance is expected to enhance the collaboration between Shenwan Hongyuan and the issuer, increasing brand recognition and competitive strength in Meishan's bond market [2] - Shenwan Hongyuan aims to leverage its professional capabilities and efficient communication to expand cooperation with the issuer's affiliated companies and establish a solid foundation for future projects in Meishan [2]

Group 1 - The core viewpoint of the article highlights the successful issuance of the 2025 fourth phase medium-term notes by Shanxi Coking Coal Group, with a scale of 1 billion yuan and a coupon rate of 2.16%, reflecting strong market confidence in the issuer's creditworthiness and development prospects [2] - Shanxi Coking Coal Group is recognized as the largest coking coal producer in China and a key supplier in the coking coal market, being one of the first 300 large enterprises prioritized for development by the state, and it has a stable issuer rating of AAA [2] - The successful issuance of the bonds is expected to deepen the cooperation between Shenwan Hongyuan and the issuer, enhancing the brand recognition and professional competitiveness of Shenwan Hongyuan in the bond business within Shanxi Province [3]

首创环境(03989)公布，首创环境控股有限公司2025年面向专业投资者公开发行公司债券(第一期)发行工 作已于2025年12月19日结束，本期债券品种一(债券简称：25CEHL01，代码：244387.SH)实际发行规模 20亿元，最终票面利率为2.00%，认购倍数为2.60倍;本期债券品种二(债券简称：25CEHL02，代码： 244388.SH)全部回拨至品种一。 ...