中国人民银行、证监会联合发布关于支持发行科技创新债券有关事宜的公告：金融机构、科技型企业、 私募股权投资机构和创业投资机构等三类机构可发行科技创新债券，募集资金用于支持科技创新领域投 融资。 ...

金融机构的债券融资意愿仍在显露。 4月24日，中国平安公告，公司第十三届董事会第八次会议上，审议通过了《关于发行境内债券融资工 具的议案》，并同意将相关决议提交公司2024年年度股东会审议。 方案显示，中国平安此次拟根据市场情况进行债务融资，在境内一次或分多次发行人民币债券融资工 具，此次债务融资本金不超（含）500亿元。 境内债券融资案披露 具体公告显示，平安此次债券融资是为了满足公司长期稳定发展的需求，优化资本结构，调整公司债务 结构，降低财务融资成本，中国平安拟根据市场情况进行债务融资，在境内一次或分多次发行本金不超 （含）500亿元人民币债券融资工具，包括但不限于资本补充债券、金融债券、公司债券及其他监管机 构许可发行的境内人民币债券融资工具。 但本次境内债券融资工具不包含可转换债券。 回溯过去一年多，中国平安旗下子公司诸如平安产险、平安人寿亦有发债的记录。 2025年2月，平安人寿启动2025年第一期无固定期限资本债券的发行。该期债券发行规模80亿元，附不 超过50亿元的超额增发权，最终完成发行总规模130亿元，票面利率2.35%，认购倍数达2.4倍。该期债 券募集资金用于补充平安人寿核心二级资本。 ...

中国平安（601318）公告，在2024年年度股东会上增加临时提案，计划发行不超过500亿元人民币的境 内债券融资工具。该提案已于2025年4月24日的董事会上通过，旨在优化资本结构和降低融资成本。此 次债券发行将包括资本补充债券、金融债券等，授权有效期为三年。股东会将于2025年5月13日召开， 相关授权委托书已更新并随公告发布。 ...

Report Industry Investment Rating - No relevant information provided Core Views - The turmoil in the US bond market may have multiple impacts on the Chinese bond market, potentially attracting more long - term allocation funds in the short and long term, but also bringing uncertainties [2][12][13] - Four departments issued a guidance to support the high - quality development of the sports industry through bond financing, which may lead to the launch of innovative sports industry bond varieties, but the development of the industry depends on the improvement of residents' sports consumption levels [3][14][15] Summaries by Section Market Hotspots - On April 10, the US financial market was comprehensively impacted. The US stock, bond, and dollar markets tumbled, with the 10 - year US Treasury yield rising sharply and large - scale selling occurring. This reflected a systematic re - evaluation of the US fiscal prospects, policy stability, and inflation risks by global investors [10][11] - The US bond market turmoil may cause a regional shift in global asset allocation, and China's bond market may attract more long - term funds. The stability of RMB assets is more prominent, and the volatility of US bonds may prompt the Chinese regulatory authorities to re - consider cross - border capital flows and interest rate liberalization [12][13] - Four departments jointly issued a guidance to support the high - quality development of the sports industry through bond financing, which aims to guide financial resources to the sports industry, and may lead to the launch of innovative bond varieties. However, the long - term development of the industry depends on the improvement of residents' sports consumption levels [3][14][15] Macroeconomic Data - In March, CPI decreased by 0.4% month - on - month and 0.1% year - on - year, with the decline narrowing. Core CPI increased by 0.5% year - on - year. Food prices decreased, but the decline narrowed, and non - food prices increased slightly [4][16] - In March, PPI decreased by 0.4% month - on - month and 2.5% year - on - year, with the year - on - year decline widening due to falling international commodity prices and weak downstream demand. However, high - tech and some manufacturing industries showed stable or rising prices [4][17] Money Market - Last week, the central bank net - withdrew 4392 billion yuan through open - market operations. Although funds were withdrawn, the money market remained balanced, and money market interest rates generally declined [5][19][20] Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds was 2044.51 billion yuan, an increase of 763.71 billion yuan from the previous period. The cancellation scale of credit bond issuance decreased. The issuance scale of each bond type increased, and the average issuance cost generally decreased, except for the 5 - year AA - rated bonds [6][26][35] Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 106111.37 billion yuan, with the daily average trading volume increasing significantly. Bond yields generally declined, and the credit spreads of AAA - rated bonds mostly widened, as did the rating spreads [7][38][48]

Investment Rating - The report indicates a positive investment outlook for financial holding companies, highlighting their increased activity in the bond market and improved credit ratings [1][31]. Core Insights - In 2024, financial holding companies significantly increased their bond issuance, with a total issuance scale of 6,415.90 billion, representing a year-on-year growth of 55.92% [8][31]. - Central enterprise financial holding companies benefited from strong shareholder support and business resources, leading to higher credit ratings and larger issuance scales [1][31]. - Local financial holding companies also saw steady growth in issuance, primarily supported by local government backing, with credit ratings predominantly at AAA and AA+ [1][31]. - The overall bond financing was mainly used for refinancing maturing debts and supplementing liquidity, with a long-term bond structure that keeps short-term repayment pressure manageable [1][31]. Summary by Sections 1. Credit Status of Financial Holding Companies - As of the end of 2024, 76 financial holding companies were analyzed, with 72.37% holding AAA ratings [3][4]. - Five companies experienced credit rating changes, with three upgrades to AAA and one downgrade to AA+ [3][4]. 2. Bond Issuance Analysis - In 2024, 383 bonds were issued by the sample companies, with a total issuance scale of 6,415.90 billion, marking a 55.92% increase year-on-year [8][10]. - Central enterprise financial holding companies accounted for 46.58% of the issuance, while local financial holding companies made up 51.70% [8][10]. - The average issuance size for central, local, and other financial holding companies was 14.84 billion, 7.65 billion, and 6.10 billion, respectively [9][10]. 3. Central Enterprise Financial Holding Companies - Central enterprise financial holding companies issued 111 bonds totaling 1,646.90 billion, a 44.21% increase from the previous year [12][14]. - The bond types primarily included medium-term notes, corporate bonds, and short-term financing [12][14]. 4. Local Financial Holding Companies - Local financial holding companies issued 228 bonds totaling 1,833.00 billion, a 13.02% increase year-on-year [18][21]. - The issuance was diversified, with a significant portion coming from provincial-level companies [18][21]. 5. Other Financial Holding Companies - Other financial holding companies issued bonds totaling 61.00 billion, with a focus on corporate bonds and medium-term notes [23][24]. 6. Spread Analysis - The report indicates that the spread for central enterprise financial holding companies is generally low, with AAA-rated companies having spreads between 30BP and 50BP [25][26]. - Local financial holding companies' spreads align with their credit ratings, although some exhibit higher spreads due to regional economic weaknesses [28][29]. - Other financial holding companies have higher average spreads of 147.70BP, reflecting their weaker credit profiles [30].

Core Viewpoint - The article emphasizes the importance of supporting private enterprises in China, particularly through bond issuance in the Shanghai Stock Exchange, to enhance their financing capabilities and promote sustainable development [1][3][12]. Group 1: Bond Issuance and Financing Support - Dongyangguang successfully issued 500 million yuan in corporate bonds with a coupon rate of 4.7% to repay debts and reduce financing costs [1]. - In 2024, the Shanghai Stock Exchange supported over 100 private enterprises in raising more than 220 billion yuan through bonds and asset-backed securities [1][3]. - The introduction of innovative products and mechanisms by the Shanghai Stock Exchange aims to create a favorable environment for private enterprise bond financing [3][12]. Group 2: Innovative Financial Products - The issuance of the first private enterprise technology innovation bond in the medical sector by United Imaging Healthcare raised 1 billion yuan with a 3.19% interest rate [4]. - The establishment of credit protection tools for low-carbon transition bonds by Jiangsu Yonggang Group demonstrates innovative financing solutions [4][5]. - The development of asset-backed securities (ABS) has provided private enterprises with a viable channel to leverage quality assets for financing [7]. Group 3: Enhancing Communication and Market Access - The Shanghai Stock Exchange has organized roadshows and training sessions to facilitate communication between private enterprises and investors, addressing financing challenges [10][11]. - The introduction of a market-making mechanism for private enterprise bonds aims to improve liquidity and reduce financing costs [11]. - The successful roadshow by Hongshi Group attracted significant investor interest, showcasing the effectiveness of these initiatives [11]. Group 4: Future Outlook - The Shanghai Stock Exchange plans to continue supporting private enterprises by enhancing the bond financing ecosystem and promoting high-quality development in the bond market [12].