Core Viewpoint - The credit rating of Shanxi Lu'an Environmental Energy Development Co., Ltd. is rated AAA with a stable outlook, reflecting its advantages in coal types, low financial leverage, and strong external support from shareholders [3][4]. Company Overview - Shanxi Lu'an Environmental Energy Development Co., Ltd. was established on July 19, 2001, and is primarily engaged in coal mining and coal chemical business. The company was listed on the Shanghai Stock Exchange in September 2006 [7]. - As of March 2025, the company had total assets of 948.06 billion yuan and total liabilities of 455.83 billion yuan, indicating a low debt level [4][25]. Financial Performance - In 2024, the company achieved total operating revenue of 358.50 billion yuan, with a net profit of 28.67 billion yuan [4][21]. - The company's operating income from coal mining accounted for over 90% of total revenue, but both revenue and gross profit margin have been declining since 2022 due to falling coal prices [21][22]. - The company maintains a strong profitability despite the market downturn, with a total profit of 199.11 billion yuan in recent years [21][23]. Operational Strength - The company has a diverse range of coal types, primarily producing spray coal, which is widely used in the steel industry. It holds approximately 15% of the national market share for spray coal [10][11]. - The company has established long-term partnerships with major steel and power companies, ensuring stable sales channels [14]. Industry Context - The coal industry is expected to face challenges in demand growth due to economic transitions and stricter environmental policies, but it remains a crucial part of China's energy security [10]. - The overall coal supply is expected to remain loose, with prices continuing to show weakness in the short term, impacting the profitability of coal enterprises [10][11]. Future Outlook - The company plans to focus its future investments on coal mining, with ongoing projects aimed at increasing production capacity [20]. - The acquisition of exploration rights in Shanxi province is expected to enhance the company's coal resource base [11][20].

Core Viewpoint - Shanxi Lu'an Environmental Energy Development Co., Ltd. has received a credit rating of AAA with a stable outlook from China Chengxin International Credit Rating Co., Ltd. for the period from July 2, 2025, to July 2, 2026 [1]. Company Credit Rating - The credit rating was based on a comprehensive analysis of the macroeconomic environment, relevant industry conditions, and the company's operational status [1]. - The credit rating report is identified as "2025 Annual Credit Rating Report of Shanxi Lu'an Environmental Energy Development Co., Ltd." with the report number CCXI-20252204M-01 [1].

Group 1 - The core point of the announcement is the change in the controlling shareholder of Chongqing Changan Automobile Co., Ltd. from China Weapon Equipment Group to China Changan Automobile Group, following a corporate split [1][2] - The credit rating agency, United Credit Ratings Co., Ltd., has maintained the company's long-term credit rating at AAA, with a stable outlook, indicating no significant adverse impact on the company's credit level due to the shareholder change [1][2] - Following the split, China Changan Automobile directly holds 1,410,747,155 shares of the company, accounting for 14.23% of the total share capital, and indirectly holds an additional 2,063,588,975 shares through subsidiaries, totaling 20.81% [2] Group 2 - The split involved the transfer of 14.23% of Changan Automobile's shares and 100% of the shares of Chanzhi Automotive Technology Group to the newly established China Changan Automobile, without any payment involved [2] - The actual controller of the company remains the State-owned Assets Supervision and Administration Commission of the State Council, ensuring continued state oversight [2] - The credit rating results for the company's bonds, including "22 Changan K1," have also been maintained at AAA, reflecting confidence in the company's financial stability post-restructuring [1][2]

Core Viewpoint - Guangxi Liugong Machinery Co., Ltd. maintains a stable credit rating of AAA, supported by its strong market position, diverse product structure, and effective internationalization strategy, despite facing certain operational risks and potential liabilities [4][7][10]. Financial Overview - Total assets increased from 422.58 billion in 2022 to 479.07 billion in 2024, with a projected rise to 497.15 billion by 2025 [4][24]. - Operating revenue is expected to grow from 264.80 billion in 2022 to 300.63 billion in 2024, reflecting a positive trend in sales [4][22]. - Net profit is projected to rise from 6.47 billion in 2022 to 13.87 billion in 2024, indicating improved profitability [4][22]. Market Position and Strategy - The company holds a leading market share in core products, with a recovery in production and sales expected in 2024 [4][12]. - The establishment of an Indonesian financial company is aimed at enhancing overseas business capabilities [4][12]. - The product line is diverse, with over 30 product lines, primarily in earth-moving machinery, which constitutes about 60% of revenue [12][13]. Operational Strengths - The company has a robust sales network, with over 143 authorized dealers in China and more than 1,300 sales outlets globally [16][17]. - The international sales revenue has increased significantly, accounting for over 50% of total sales, with a focus on high-growth regions [16][17]. - The company has implemented various cost-reduction measures, contributing to improved operating margins and profitability [20][21]. Risks and Challenges - The company faces risks related to accounts receivable and inventory levels, which require close monitoring to ensure cash flow stability [4][15][23]. - There are potential liabilities associated with financing leases and overseas operations that could impact overall credit status [4][15][23]. - The engineering machinery industry is currently experiencing a slow recovery, with demand still constrained by insufficient effective demand [10][11].

来源：金融界 本次跟踪维持主体及债项上次评级结论，主要基于济宁能源发展集团有限公司（以下简称"济宁能 源"或"公司"）煤炭储量较为丰富、煤种齐全，具有煤炭销售和运输成本优势，战略地位重要等方面的 优势。同时中诚信国际也关注到煤炭价格波动、存在一定短期债务压力以及存在一定的投资支出压力等 因素对公司经营及整体信用状况的影响。 中诚信国际认为，济宁能源发展集团有限公司信用水平在未来12~18个月内将保持稳定。 2025年7月31日，中诚信国际公布评级报告，济宁能源发展集团有限公司2024年度第一期中期票据跟踪 评级获"AA+"评级。 ...

来源：金融界 中诚信国际认为，贵州乌江水电开发有限责任公司信用水平在未来12~18个月内将保持稳定。 2025年7月31日，中诚信国际公布评级报告，贵州乌江水电开发有限责任公司2025年度第三期中期票据 跟踪评级获"AAA"评级。 本次跟踪维持主体及债项上次评级结论，主要基于贵州乌江水电开发有限责任公司（以下简称"乌江水 电"或"公司"）可获得股东的有力支持、在贵州省内较强的竞争力、优势显著的装机规模、较好的水电 资源禀赋、2024年盈利大幅扭亏、较多的储备项目及良好的经营获现水平等方面的优势对公司整体信用 实力提供了有力支持。同时，中诚信国际也关注公司盈利能力受来水及煤炭价格变动影响较大及财务杠 杆水平较高等因素对公司经营及信用状况造成的影响。 ...

根据监管规定及评级委托协议的约定，中诚信国际应当于每一会计年度结束之日起6个月（或公司发布 年度报告后2个月孰早）内发布定期跟踪评级报告。中诚信国际于2025年3月启动对昆明空港的定期跟踪 评级工作，于2025年6月30日出具了《中诚信国际关于延迟披露昆明空港投资开发集团有限公司2025年 度跟踪评级报告的公告》。中诚信国际认为，跟踪期内良好的政策支持为区域债务化解提供了一定空 间、云南滇中新区经济实力稳步增长对公司发展起到积极作用，但公司存在短期偿债压力、过往债务履 约情况有待改善、对外担保规模进一步增长等情况，或将对公司经营和整体信用状况产生影响。 2025年7月29日，中诚信国际收到公司出具的《昆明空港投资开发集团有限公司关于终止的告知函》 （以下简称"《终止函》"）。《终止函》称，现因公司未来战略发展规划及业务结构调整需要，经审慎 研究，公司决定终止与中诚信国际的《信用评级委托协议书》，自《终止函》出具日起不再委托中诚信 国际开展对公司主体及"19昆空港债/PR昆空港"的定期跟踪、不定期跟踪等评级服务，也不再提供评级 所需资料。 2025年7月31日，中诚信国际发布《关于终止昆明空港投资开发集团有限公 ...

中诚信国际认为，烟台农村商业银行股份有限公司信用水平在未来12~18个月内将保持稳定。 来源：金融界 2025年7月31日，中诚信国际公布评级报告，烟台农村商业银行股份有限公司2018年第一期二级资本债 券跟踪评级获"A"评级。 本次跟踪维持主体及债项上次评级结论，主要基于烟台农村商业银行股份有限公司（以下称"烟台农商 银行"或"该行"）在当地金融体系中较为重要的地位、良好的存款稳定性等信用优势。同时中诚信国际 也关注到烟台农商银行面临的诸多挑战，包括贷款行业和客户集中度较高、不良率处于较高水平、关注 贷款和延展期贷款占比高、资产质量下行和拨备计提压力较大、盈利能力弱、不良资产化解仍将对盈利 水平带来持续压力、贷款回收困难加大流动性风险管控难度、资本充足率低于监管要求等。此外，本次 评级也考虑了烟台市政府和山东省农村信用社联合社（以下称"山东省联社"）对该行的支持。 ...

国信证券股份有限公司 公司债券（第五期） 信用评级报告 编号：CCXI-20252068D-01 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 方、评级对象和其他第三方的干预和影响。 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 （第五期）信用评级报告 声 明 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ? ...

Core Viewpoint - Ningbo Development Investment Group Co., Ltd. has been assigned an "AAA" rating by China Chengxin International, reflecting its strong economic and financial capabilities within Ningbo and its significant role in urban development and state-owned capital operations [1][3]. Group 1: Company Overview - Ningbo Development Investment Group was established in 1997 with an initial registered capital of 200 million yuan, which has increased to 5.565 billion yuan as of March 2024 [2]. - The company is primarily owned by the Ningbo State-owned Assets Supervision and Administration Commission, holding 91.02% of shares, while Zhejiang Financial Development Co., Ltd. holds 8.98% [2]. - The company plays a crucial role in managing government investments in urban infrastructure, energy projects, and other development initiatives [2]. Group 2: Financial and Operational Insights - The company is expected to maintain stable credit levels over the next 12 to 18 months [3]. - The diversified business layout of the company is stabilizing, with asset scale expected to continue growing and investment asset quality remaining strong [1]. - However, there are concerns regarding the rapid growth of debt, capital expenditure pressures, and weak profitability from operational activities, which may impact its overall credit status [1].