Conference Call 3Q25-Results Disclaimer and Forward-Looking Statement This presentation may contain forward-looking statements within the meaning of federal securities law that are subject to risks and uncertainties. These statements are only predictions based upon our current expectations and projections about possible or assumed future results of our business, financial condition, results of operations, liquidity, plans and objectives. In some cases, you can identify forward-looking statements by terminol ...

Core Insights - The Ministry of Finance emphasizes the need to continuously prevent and resolve risks in key areas while implementing a comprehensive debt management policy [1] - The central bank conducted a net withdrawal of 213.4 billion yuan through reverse repos, indicating a tightening of liquidity in the market [3] - Jiangxi and Hunan provinces plan to issue a total of approximately 29.2 billion yuan in new special bonds for land reserve and other projects [4][5] Fiscal Policy - The Ministry of Finance will continue to implement a package of debt management policies, focusing on replacing hidden debts and holding accountable new hidden debt behaviors [1] - The ministry aims to strengthen financial operation analysis and dynamic monitoring to ensure stable grassroots financial operations [1] Market Dynamics - The central bank's operation today included a 1.40% interest rate for a 7-day reverse repo, with a total of 3.55 billion yuan in reverse repos maturing, leading to a net withdrawal of 213.4 billion yuan [3] - The issuance of special bonds in Jiangxi and Hunan is aimed at funding land reserves and other projects, with specific amounts detailed for each province [4][5] Debt Issuance - Henan Investment Group plans to issue 1.5 billion yuan in medium-term notes with a subscription range of 1.50% to 2.50% [7] - The issuance of 740 million yuan in bonds by Henan Southeast Industry Development Group has been accepted by the Shanghai Stock Exchange [8] - Luoyang Guohong Group completed the issuance of 1 billion yuan in PPN at a rate of 2.4% [9] - Anhui Construction Investment Group made its market debut with a 500 million yuan medium-term note issuance [10][11] Regulatory Developments - The Anhui Regulatory Bureau of the Ministry of Finance has established a leadership group for the supervision of government bond funds, emphasizing the importance of this task [6] Market Sentiment - Xinyin Fund suggests that incremental fiscal policies may not materialize until early next year, while the bond market is expected to maintain a bullish trend [19] - The central bank's resumption of government bond trading is seen as a positive signal for the market, with expectations of continued liquidity support [19]

债券发行主要由金融机构主导，同时各国政府为资助不断膨胀的预算赤字也增加了发债规模。 数据显示，最近一波由谷歌母公司Alphabet和Meta等科技巨头掀起的巨额发债潮，正使通信行业脱颖而 出，其债务发行量比去年增加了三分之二。 Meta于10月30日发行了总额300亿美元的债券，这是自2023年以来规模最大的美国高评级债券销售，吸 引了高达1250亿美元的认购需求，创下了公司债发行认购倍数的纪录。人工智能领域的支出同样推动了 Alphabet于11月3日发行巨额多币种债券，日本软银集团也于10月发行了双币种债券。 "完全有理由认为，你将看到很大一部分资本支出以债务形式出现，"高盛集团美洲投资级银团业务负责 人John Sales在接受采访时表示。他指出，这些科技巨头拥有状况极佳的资产负债表，因此在美联储降 息且利差处于低位时，它们具备加杠杆的能力。 智通财经11月6日讯（编辑 潇湘）尽管今年还有一个多月的时间才结束，但全球债券的发行量已飙升至 了年度历史新高。从人工智能项目的蓬勃发展到并购活动的复苏，借款方正利用宽松的市场环境为各类 项目融资。 业内汇编数据显示，2025年大部分时间里债券发行都一直势头迅猛， ...

Core Viewpoint - Google owner Alphabet is engaging in a multi-tranche senior unsecured notes offering in the U.S. dollar and euro debt markets [1] Group 1 - The company is tapping into both the U.S. dollar and euro debt markets for its financing needs [1] - This offering consists of multiple tranches, indicating a structured approach to raising capital [1] - The senior unsecured notes suggest that the company is looking to secure funding without collateral, which may reflect confidence in its creditworthiness [1]

Group 1: Government Debt Management - The Ministry of Finance has established a Debt Management Division, which includes six departments, with Li Dawei appointed as the director [1] - The main responsibilities of the Debt Management Division include formulating national and local government debt balance limit plans, managing government internal debt issuance and repayment, and enhancing government debt monitoring and regulation [1] Group 2: Monetary Policy and Market Operations - The central bank conducted a 783 billion yuan reverse repurchase operation on November 3, with a net withdrawal of 2,590 billion yuan for the day [3] - Short-term Shibor rates have collectively declined, with the overnight rate down by 0.5 basis points to 1.316% [3] Group 3: Corporate Debt Issuance - The Zhumadian Urban Construction Investment Group plans to issue 34 billion yuan in medium-term notes and corporate bonds [8][9] - Pingdingshan Tianan Coal Industry Co., Ltd. successfully issued 10 billion yuan in technology innovation bonds at an interest rate of 2.82% [11] - Henan Water Investment Group completed the issuance of 11 billion yuan in medium-term notes at an interest rate of 1.88% [12] - Nanyang's Wancheng District Urban Construction Investment Co., Ltd. plans to issue 10 billion yuan in bonds to support small and micro enterprises [13][14] - Zhumadian Urban Construction Investment Group completed the issuance of 4.25 billion yuan in corporate bonds, with two varieties having different terms and interest rates [16] Group 4: Corporate Restructuring and Risk Management - Weifang Binhai Investment Development Co., Ltd. plans to absorb and merge with Weifang Binhai Construction Group, which will be dissolved [17] - Suzhou Wuzhong Urban Investment Group is undergoing a restructuring process involving the transfer of equity stakes among various subsidiaries [18] Group 5: Market Outlook and Analysis - Huatai Fixed Income suggests that the bond market will face significant challenges in the coming year, with expectations of a return to nominal GDP growth [22] - CITIC Securities indicates that the risk of rising bond yields is limited, forecasting a general government bond issuance scale of around 1 trillion yuan in November [23]

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. successfully completed the issuance of its short-term corporate bonds aimed at professional investors, indicating a strong market demand for its debt instruments [1] Summary by Categories Bond Issuance Details - The total issuance scale of the bonds is RMB 3.4 billion [1] - The first type of bond has an issuance scale of RMB 1.2 billion, with a maturity of 135 days and a coupon rate of 1.67% [1] - The second type of bond has an issuance scale of RMB 2.2 billion, with a maturity of 254 days and a coupon rate of 1.72% [1] - The bonds are set to be listed and traded on the Shenzhen Stock Exchange after registration [1]

2025-10-30 焦点关注 第 487 期 洛阳工控集团拟发行40亿元小公募 预计拉动项目总投资超7万亿元！5000亿元新型政策性金融工具完成投放 历时一个月，5000亿元新型政策性金融工具额度投放完毕。记者据三家政策性银行公布的信息数据统 计，国家开发银行、进出口银行、中国农业发展银行新型政策性金融工具分别支持项目1054个、360余 个、881个，合计超2200个项目；预计可分别拉动项目总投资3.85万亿元、超1.3万亿元、超1.93万亿 元，合计约7.08万亿元。 宏观动态 央行开展3426亿元逆回购操作，净投放1301亿元 中国人民银行公告称，以固定利率、数量招标方式开展了3426亿元7天期逆回购操作，操作利率 1.40%，与此前持平。因今日有2125亿元7天期逆回购到期，当日实现净投放1301亿元。 区域热点 江苏省：推动地方政府债务率较高、财政收支平衡压力较大的地区，加快盘活存量资产 《关于江苏省2024年度国有资产管理情况综合报告和2024年度行政事业性国有资产管理情况专项报告的 审议意见》中提到，进一步加大盘活低效闲置资产力度。目标路径上，要深刻领会党中央关于资产盘活 工作的出发点和落脚点 ...

Core Points - China Galaxy has completed the non-public issuance of the 2025 corporate bonds (second phase) to professional investors on October 30, 2025 [1] - The issuance includes two types of bonds: Type One with a scale of RMB 3 billion and a coupon rate of 1.84%, and Type Two with a scale of RMB 2 billion and a coupon rate of 2.05% [1] - The funds raised will be used to repay maturing corporate bond principal and to supplement working capital [1] Bond Details - Type One bond has a term of 13 months starting from October 16, 2025, with an issuance price of RMB 100.133 per unit [1] - Type Two bond has a term of 25 months starting from October 16, 2025, with an issuance price of RMB 100.219 per unit [1] - The total issuance scale for both types of bonds is RMB 5 billion [1] Underwriting Participation - The main underwriter, CITIC Securities, and its affiliates participated in the subscription of the bonds, with CITIC Bank and CITIC Trust acquiring RMB 170 million and RMB 180 million of Type Two bonds, respectively [2] - Nanjing Securities, another main underwriter, had its affiliate, Zijin Trust, acquire RMB 10 million of Type One bonds [2]

Group 1 - Meituan plans to launch its largest-ever regular bond issuance, seeking to raise approximately $3 billion to bolster its financial position amid intense price competition in China's food delivery and local retail markets [1][5] - The company aims to issue $2 billion in US dollar-denominated notes and an equivalent of $1 billion in offshore renminbi notes, with the issuance potentially hitting the market as early as this week [1][5] - The funds raised will primarily be used for refinancing existing offshore debt and meeting general corporate needs, with a $750 million bond maturing this week [1][5] Group 2 - Major industry players, including Alibaba and JD.com, have introduced significant discounts and incentives this year, intensifying market competition and putting pressure on Meituan's stock performance [4] - Fitch Ratings has assigned a "BBB+" rating to Meituan's proposed US dollar bonds, consistent with its existing senior unsecured bond rating, but has revised the outlook from "positive" to "stable" due to expected revenue growth slowdown [6] - Despite short-term pressures, Fitch remains optimistic about Meituan's long-term prospects, anticipating a moderation in the intensity of the price war over the next 6 to 12 months, and expects the company to return to positive free cash flow by 2026 [6]

Group 1 - Meituan plans to launch its largest-ever regular bond issuance, seeking to raise approximately $3 billion to bolster its financial position amid intense price competition in China's food delivery and local retail markets [1][7] - The company aims to issue around $2 billion in US dollar-denominated notes and an equivalent of $1 billion in offshore renminbi notes, with the issuance potentially hitting the market as early as this week [1][7] - The funds raised will primarily be used for refinancing existing offshore debt and meeting general corporate operational needs, with a $750 million bond maturing this week [1][7] Group 2 - Major industry players, including Alibaba and JD.com, have intensified market competition by offering significant discounts and incentives, which has put pressure on Meituan's stock performance [4] - Fitch Ratings has assigned a "BBB+" rating to Meituan's proposed US dollar bonds, consistent with its existing senior unsecured bond rating, but has adjusted the outlook from "positive" to "stable" due to expected revenue growth slowdown [8] - Despite short-term pressures, Fitch remains optimistic about Meituan's long-term prospects, anticipating a moderation in the intensity of the price war over the next 6 to 12 months, and expects the company to return to positive free cash flow by 2026 [8]