来源：金融界 2025年7月28日，中诚信国际公布评级报告，2020年湖南湘阴农村商业银行股份有限公司二级资本债券 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，主要基于湖南湘阴农村商业银行股份有限公司（以下称"湘阴 农商银行"或"该行"）在当地金融体系中的重要地位以及较好的存款稳定性等信用优势。同时中诚信国 际也关注到湘阴农商银行面临的诸多挑战，包括经营区域集中且经济总量有限、贷款行业和客户集中度 高以及面临资产质量下行和资本补充压力等。此外，本次评级也考虑了湖南省农村信用社联合社（以下 称"湖南省联社"）对该行的支持。 中诚信国际认为，湖南湘阴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。 ...

本次跟踪维持主体及债项上次评级结论，其中"24国经01"债项级别充分考虑了四川发展融资担保股份有 限公司（以下简称"四川发展担保"）提供的无条件不可撤销的连带责任保证担保，"24国经02"债项级别 充分考虑了天府信用增进股份有限公司（以下简称"天府信用增进"）提供的不可撤销的连带责任保证担 保。中诚信国际认为，跟踪期内，四川省经济财政实力不断增强，综合实力在西部地区领先，潜在的支 持能力很强；四川省国有资产经营投资管理有限责任公司（以下简称"四川国经"或"公司"）为四川省以 农业和科技产业为重点领域的国有资本运营公司，职能定位重要，继续获得政府大力的支持。同时中诚 信国际也关注到公司利润总额对个别股权投资收益依赖较大、担保业务扩张较快带来的代偿风险、存量 逾期委托贷款本息尚未收回以及参股公司股权拟无偿划出等因素对其经营和整体信用状况造成的影响。 中诚信国际认为，四川省国有资产经营投资管理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29日，中诚信国际公布评级报告，四川省国有资产经营投资管理有限责任公司2024年面向专 业投资者公开发行公司债券(第一期)跟踪评级获"AAA"评级。 来源 ...

Group 1 - The core viewpoint of the article is that China International Capital Corporation (CICC) has received an "AAAsti" rating for its first phase of technology innovation corporate bonds aimed at professional institutional investors, indicating strong creditworthiness [1] - China Chengxin International recognizes CICC's strong overall competitiveness, high-quality client base, diversified equity structure, and balanced business development as positive factors supporting the company's operational and credit levels [1] - The rating agency also notes concerns regarding the pressure on CICC's profitability due to declining investment banking performance, the need for higher management standards for business development, and the company's leverage being at a relatively high level within the industry [1] Group 2 - CICC was established in July 1995 with an initial registered capital of USD 100 million, which has undergone multiple increases and changes, reaching a registered capital of RMB 4.827 billion by November 2020 after its A-share listing [2] - As of March 2025, Central Huijin Investment holds a direct and indirect stake of 40.17%, making it the largest shareholder of CICC [2] - China Chengxin International believes that CICC's credit level will remain stable over the next 12 to 18 months [3]

Group 1 - The core concept of bonds is that they are debt instruments issued by borrowers to investors, who receive periodic interest payments and the return of principal at maturity [1] - Different types of bonds carry varying levels of risk and return, with government bonds generally considered lower risk due to national backing, while corporate bonds can vary significantly based on the issuing company's financial health [1][2] - Bond ratings are crucial for assessing risk, as higher ratings indicate lower default risk, and investors should analyze the issuer's financial condition, including assets, profitability, and cash flow [2] Group 2 - Economic conditions significantly impact bond performance; during economic slowdowns, bonds may be favored for their safety, while in overheating economies, inflation expectations can pressure bond prices [2] - A diversified investment strategy involving various types and maturities of bonds can mitigate risks associated with individual bonds, combining government, municipal, and high-quality corporate bonds [2] - Holding bonds to maturity is a straightforward method to ensure stable returns, as long as the issuer does not default, despite market price fluctuations due to interest rate changes [3] Group 3 - Interest rate risk is a critical factor in bond investing, as rising rates can decrease the attractiveness of existing bonds, leading to price declines, while falling rates can increase their prices [3]

Core Viewpoint - Guangdong Yuehai Holdings Group Co., Ltd. received an "AAA" rating for its 2025 public bond issuance aimed at professional investors, reflecting strong support from the Guangdong provincial government and robust financial health [1] Group 1: Company Overview - Guangdong Yuehai Holdings was established in January 2000 as a state-owned asset management company to assist in the debt restructuring of Yuehai Enterprises [2] - The company has evolved into a comprehensive enterprise group focused on capital investment, primarily in water management, environmental governance, urban construction operations, and food biotechnology [2] - Key business segments such as water supply, property sales, and manufacturing significantly influence the company's overall operational strength and have contributed to sustained revenue growth in recent years [2] Group 2: Financial Strength and Risks - The company is expected to maintain asset growth and good asset quality, ensuring strong recognition in capital markets and robust refinancing capabilities [1] - However, attention is needed on the declining gross margin in the property sales segment, high capital expenditures, and elevated financial leverage of the parent company, which may impact its operations and overall credit status [1]

Core Viewpoint - The credit rating agency, United Ratings, has assigned an "AAA" rating to the second tranche of bonds issued by Yibin City Nanxi District Financial Resources State-owned Assets Management Co., Ltd. in 2018, indicating strong creditworthiness [1] Group 1: Company Overview - Yibin City Nanxi District Financial Resources State-owned Assets Management Co., Ltd. is a major entity for urban infrastructure construction in the Nanxi District, demonstrating strong regional specialization [2] - The company's economic and fiscal strength is expected to remain stable in 2024, although it faces challenges such as weak fiscal self-sufficiency and a heavy debt burden [2] Group 2: Financial Performance - The primary source of income for the company is its engineering construction business, which has delayed payment collection and faces capital expenditure pressures on ongoing projects [2] - The company has completed its land consolidation business and has not initiated new projects, leaving some land available for transfer [2] - The asset composition is primarily made up of other receivables and inventory, with a decrease in interest-bearing debt, indicating a relatively light overall debt burden [2] Group 3: Debt and Guarantees - The company has a high proportion of non-standard financing, leading to significant short-term repayment pressure and potential contingent liability risks [2] - The bonds "18 Financial Resources Bond 01/PR Nanxi 01" and "18 Financial Resources Bond 02/PR Nanxi 02" include principal repayment clauses that help alleviate concentrated repayment pressure [2] - Both bonds are fully guaranteed by Sichuan Development Financing Guarantee Co., Ltd., which has a long-term credit rating of "AAA" and a stable outlook, significantly enhancing the security of principal and interest repayment for these bonds [2]

证券代码：603829 证券简称：洛凯股份 公告编号：2025-040 债券代码：113689 债券简称：洛凯转债 江苏洛凯机电股份有限公司 关于"洛凯转债"2025 年跟踪评级结果的公告 ? 本次评级结果较前次未发生变化。 一、 2024年度权益分派方案基本情况 根据《上市公司证券发行管理办法》 《公司债券发行与交易管理办法》及《上 海证券交易所股票上市规则》等有关规定，江苏洛凯机电股份有限公司（以下简 称"公司"）委托信用评级机构东方金诚国际信用评估有限公司（以下简称"东方 金诚"）对公司2024年发行的"洛凯转债"进行了跟踪信用评级。 公司前次主体信用评级结果为"AA-"， "洛凯转债"前次评级结果为"AA-"， 评级展望为"稳定"，评级机构为东方金诚，评级时间为2024年6月14日。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 前次债券评级："AA-"，主体信用等级评级："AA-"，评级展望：稳定。 ? 本次债券评级："AA-"，主体信用等级评级："AA-"，评级展望：稳定。 本次跟踪评级报告《 ...

Group 1 - The core viewpoint of the news is that Jiangsu Huahong Technology Co., Ltd. has maintained its credit rating of A with a stable outlook for both its corporate and bond ratings [1][2] - The tracking rating report was issued by Dagong Global Credit Rating Co., Ltd. on June 19, 2025, confirming that there were no adjustments to the previous ratings [2] - The previous ratings were also A with a stable outlook, indicating consistency in the company's creditworthiness over time [1][2] Group 2 - The company is subject to the regulations of the China Securities Regulatory Commission regarding the issuance and trading of corporate bonds [1] - The ratings are based on a comprehensive analysis of the company's business, management, and financial conditions [2] - Investors are advised to pay attention to risks and invest cautiously, as highlighted in the announcement [2]

Group 1 - The company, China Communications First Highway Engineering Group Co., Ltd. (referred to as "the company"), received a "AAA" rating for its public issuance of perpetual corporate bonds aimed at professional institutional investors in 2025 [1] - The company has a strong market position in the construction sector, particularly in highway and tunnel engineering, with steadily increasing new contract amounts and a diversified project portfolio of high quality [1] - The company benefits from smooth financing channels and relatively sufficient backup liquidity, providing strong support for its overall credit strength [1] Group 2 - The company was originally established as the First Highway Division of the People's Liberation Army and underwent several restructurings, becoming a wholly-owned subsidiary of China Communications Construction Company in 2006 [2] - The company primarily focuses on infrastructure engineering construction, with a business system centered on highway engineering, supplemented by railway and municipal projects, achieving a total operating revenue of 131.292 billion yuan in 2024 [2] - The company is currently undergoing a merger with China Communications Tunnel Engineering Group Co., Ltd., which was approved in September 2018 [2]

Core Viewpoint - Zhongtai Securities Co., Ltd. has received an "AAA" rating for its 2025 public bond issuance aimed at professional investors, reflecting strong support from the Shandong Provincial State-owned Assets Supervision and Administration Commission and the company's robust competitive position [1][3]. Company Background - Zhongtai Securities was established in May 2001 as Shandong Qilu Securities Brokerage Co., Ltd. with an initial registered capital of 512 million yuan [2]. - The company underwent several capital increases and name changes, becoming Zhongtai Securities Co., Ltd. in September 2015 with a registered capital of 6.272 billion yuan [2]. - In June 2020, Zhongtai Securities completed its A-share listing, increasing its total share capital to 6.969 billion shares [2]. - As of the end of 2024, the controlling shareholder is Zaozhuang Mining (Group) Co., Ltd., holding 32.62% of the shares, with the actual controller being the Shandong Provincial State-owned Assets Supervision and Administration Commission [2]. Credit Rating Outlook - Zhongtai Securities' credit level is expected to remain stable over the next 12 to 18 months, according to Zhongcheng International [3].