Core Viewpoint - The Ministry of Finance of China issued a 2-year bond with a scale of 170 billion, reflecting a competitive interest rate environment and strong investor demand [1] Group 1: Bond Issuance Details - The total issuance scale of the 2-year bond is 170 billion [1] - The issuance interest rate is set at 1.4416% [1] - The marginal interest rate stands at 1.4676%, slightly below the expected rate of 1.4700% [1] - The bid-to-cover ratio is 3.14 times, indicating strong demand from investors [1] - The marginal bid-to-cover ratio is 2.83 times, suggesting a healthy level of interest in the bond [1]

Paris, 15 May 2025 Air France-KLM announces the successful issuance of hybrid bonds for an amount of €500 million Air France-KLM (the “Company”) successfully priced an issuance of €500 million hybrid bonds today, at an annual fixed coupon of 5.75% (yield at 5.875%) until the first reset date (the “Hybrid Bonds”). The Hybrid Bonds, undated and deeply subordinated, will be rated BB by Fitch and B+ by S&P and will qualify for 50% equity credit with both rating agencies. Fitch and S&P reaffirmed Air France-KLM ...

证券代码：300763 证券简称：锦浪科技 公告编号：2025-051 锦浪科技股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日收到深圳 证券交易所（以下简称"深交所"）出具的《关于锦浪科技股份有限公司申请向不 特定对象发行可转换公司债券的审核问询函》（审核函〔2025〕020015 号）。 公司按照审核问询函的要求，会同相关中介机构对审核问询函所列问题进行 了逐项落实并作出回复，具体回复内容详见公司于 2025 年 5 月 15 日在巨潮资讯 网（http://www.cninfo.com.cn/）披露的相关公告。 鉴于公司 2024 年年度报告和 2025 年第一季度报告已于 2025 年 4 月 29 日 公开披露，按照相关法规要求，公司会同相关中介机构对募集说明书等申请文件 的部分内容进行了相应的补充、更新和修订，具体内容详见公司于 2025 年 5 月 公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并获 得中国证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后 方可实施。该事项最终能否通过深交所审核，并获得中国证监会同意注册的决定 及其时间尚存在不确定 ...

山西发行20年期其他专项地方债，规模26.6500亿元，发行利率2.1100%，边际倍数1.16倍，倍数预期 2.05； 山西发行30年期其他专项地方债，规模3.2100亿元，发行利率2.1200%，边际倍数3.12倍，倍数预期 2.02； 山西发行10年期一般债地方债，规模51.4000亿元，发行利率1.7800%，边际倍数1.44倍，倍数预期 1.79。 ...

进出口行发行1年期债券，规模70亿元，发行利率1.2670%，预期1.4000%，投标倍数4.56倍，边际倍数 1.23倍。 ...

"地方政府发行专项债置换隐性债务相关贷款，统计上会下拉信贷增速，但实质上只是将金融体系对实 体经济的支持方式由贷款转变为债券，不影响金融支持力度。"另有权威专家表示。 政府债券发行加快社融增速抬升 政府债券发行加快是最主要的拉动因素。业内专家分析，今年政府债券发行明显加快，1～4月政府债券 净融资超过5万亿元，同比多约3.6万亿元。其中，4月启动超长期特别国债、中央金融机构注资特别国 债发行，加上用于置换存量隐性债务的再融资专项债发行持续推进，当月净融资约9700亿元，同比多约 1.1万亿元，上拉社融增速大约0.3个百分点。 5月14日，央行发布4月金融数据。受隐债置换、季末透支等影响，4月新增人民币贷款2800亿元，同比 少增4500亿元；而在政府债券大规模发行及上年同期低基数双重作用下，4月社会融资规模增量为1.16 万亿元，大幅同比多增1.22万亿元，月末社会融资规模存量同比增长8.7%。受上年同期低基数及存量社 融增速加快带动，4月末M2同比增长8%，比上月末高1个百分点。 受访分析人士认为，4月社融、M2增速加快，当前金融对实体经济支持力度增强。值得一提的还有，近 期一揽子支持稳市场稳预期的金融政策 ...

中国财政部发行10年期债券，规模1000亿元，发行利率0.0000%，边际利率1.6700%，预期1.6600%，投 标倍数3.17倍，边际倍数1.25倍。 ...

Core Viewpoint - Sichuan Province has successfully issued local government bonds with a total scale of 216.8009 billion yuan, indicating strong demand and favorable interest rates [1] Group 1: Bond Issuance Details - Sichuan issued 7-year general local government bonds with a scale of 213.7309 billion yuan and an issuance interest rate of 1.7000%, achieving a marginal multiple of 8.54 times against a forecast of 1.68 [1] - Additionally, Sichuan issued 5-year ordinary special local government bonds with a scale of 3.0700 billion yuan and an issuance interest rate of 1.5700%, resulting in a marginal multiple of 4.04 times compared to a forecast of 1.60 [1]

Group 1 - The core viewpoint of the article is the successful issuance of convertible bonds by JA Solar Technology Co., Ltd., with a total fundraising amount of RMB 8,960,307,700.00 [1][2] - The company has a registered capital of RMB 3,309,670,663.00 and is involved in the production and sale of solar energy products, including solar cells and components [1][3] - The bonds were issued at a face value of RMB 100.00 each, totaling 89,603,077 bonds, and the net amount raised after deducting underwriting fees was RMB 8,933,848,025.97 [1][2] Group 2 - CITIC Securities acted as the sponsor and underwriter for the bond issuance, responsible for ongoing supervision until December 31, 2024 [2] - During the due diligence phase, the sponsor conducted thorough investigations and coordinated with regulatory bodies to ensure compliance with relevant laws and regulations [2] - The company has established a robust information disclosure system and adhered to it during the ongoing supervision period, ensuring transparency in its operations [5] Group 3 - The company has complied with the regulatory requirements regarding the use of raised funds, signing a supervision agreement with the bank and ensuring that the use of funds aligns with disclosed plans [5] - No significant issues arose during the sponsorship period that required intervention from the sponsor [4] - The sponsor will continue to monitor the use of the raised funds even after the supervision period ends, as the funds have not yet been fully utilized [5]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 报告摘要 景气向上 1 、出行链：地铁客运及航班略有回升。地铁 ， 5 月前 8 日， 27 城地铁客运日均 8098 万人，同 比 +2.5% ； 4 月日均 8047 万人，同比 +0.6% 。 航班 ， 5 月前 10 日，国内航班日均执行 1.325 万架次，同比 +3.3% 。 4 月日均 1.28 万架次，同比 +3.6% 。 2 、土地：周度溢价率再度回升。 截至 5 月 4 日当周，百城土地溢价率为 12.37% ， 4 月 为 9.63% ； 3 月全月为 13.24% 。 3 、物价：国外品种偏强 ，油、金、铜价上涨。 COMEX 黄金收于 3326.3 美金 / 盎司，上涨 3.1% ； LME 三个月铜价收于 9432 美元 / 吨，上涨 2.7% ；美油收于 61.02 美元 / 桶，上涨 4.7% ， 布油收于 63.91 美元 / 桶，上涨 4.3% 。 景气向下 1 、外贸：美国进口高频边际回落。 从海运进口提单数据看，美国进口金额和数量环 ...