Core Viewpoint - The People's Bank of China (PBOC) is committed to continuing a moderately accommodative monetary policy to support economic growth and stabilize market expectations [2][5]. Group 1: Monetary Policy Implementation - Since 2020, the 1-year and 5-year Loan Prime Rates (LPR) have decreased by 115 and 130 basis points respectively, reflecting a supportive monetary policy environment [3]. - In the first half of 2025, the weighted average interest rate for newly issued corporate loans was approximately 3.3%, down about 45 basis points year-on-year, while the rate for personal housing loans was about 3.1%, down 60 basis points [4]. - The PBOC has implemented a comprehensive package of 10 monetary policy measures announced on May 7, which has positively impacted market confidence and expectations [6][7]. Group 2: Financing and Debt Market - The total loan balance in the "Five Major Areas" of finance reached 103.3 trillion yuan, a year-on-year increase of 14% [8]. - In the first half of 2025, the Chinese bond market issued various bonds totaling 44.3 trillion yuan, a 16% increase year-on-year, with net bond financing accounting for 38.6% of the total social financing increment [9]. - The issuance of technology innovation bonds has reached approximately 600 billion yuan, supporting the development of emerging industries [14]. Group 3: Consumer and Economic Support - The PBOC has established a 500 billion yuan re-loan facility for service consumption and elderly care to enhance supply in high-demand service sectors [11]. - Structural monetary policy tools are being utilized to support key areas such as technological innovation and consumption, aiming to facilitate economic transformation and upgrading [16]. Group 4: Currency Stability - The RMB exchange rate remains stable amid fluctuations, supported by a solid domestic economic foundation [12]. - The PBOC does not seek to gain international competitive advantage through currency depreciation and maintains a clear stance on exchange rate policy [13].

Group 1 - The central bank and the China Securities Regulatory Commission (CSRC) jointly issued an announcement to support the issuance of technology innovation bonds, proposing measures to enrich the product system and improve supporting mechanisms for these bonds [1] - Shenzhen, recognized as a national highland for technological innovation and a pioneer in capital market reform, has a strong technological industry foundation and an active capital market system [1] - In 2024, Shenzhen's strategic emerging industries are expected to achieve an added value of over 1.5 trillion yuan, accounting for nearly 45% of its GDP, with R&D investment reaching 6.46% of GDP, ranking among the top in the country [1] Group 2 - Following the new policy for technology innovation bonds, 12 brokerages disclosed bond issuance announcements on May 8, with a total proposed issuance scale of 17.7 billion yuan, marking the first response from institutions after the policy's implementation [2] - Among these, four brokerages in Shenzhen issued bonds totaling 8.5 billion yuan, representing 50% of the national issuance total [2] - From May 7 to June 30, Shenzhen issued 17 technology innovation bonds with a total issuance scale of 13.777 billion yuan, including 10 bonds from securities companies and venture capital institutions totaling 11.5 billion yuan [2]

Core Viewpoint - The company plans to issue technology innovation bonds to optimize its debt structure, reduce financial risks, and expand its operational scale [1] Group 1: Bond Issuance Details - The company will hold a board meeting on July 6, 2025, to review the proposal for issuing technology innovation bonds [1] - The maximum scale of the bond issuance is set at RMB 500 million (including 500 million) [1] - The issuance will be conducted through public or non-public targeted issuance, with a term not exceeding 3 years [1] Group 2: Financial Strategy - The specific term of the bonds will be determined by the company and the lead underwriter based on market conditions at the time of issuance [1] - The interest rate for the bonds will be set according to the market conditions of the interbank bond market at the time of each issuance [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The Chinese economy shows a mixed picture with stable GDP growth, but some indicators like PPI and export growth face challenges [1]. - Infrastructure investment is expected to accelerate, with most institutions forecasting a 6% growth in full - year infrastructure construction investment [2][17]. - The bond market has a complex situation with different trends in yields and prices, and the money market rates are mostly declining [24][25][26]. - The stock market has different performances in A - shares and Hong Kong stocks, and the insurance capital's active participation and IPO inspections are notable [34]. 3. Summary by Directory Macro Data - GDP in Q1 2025 grew 5.4% year - on - year, the same as the previous quarter [1]. - In June 2025, the manufacturing PMI was 49.7%, up from 49.5% in the previous month, and the non - manufacturing PMI was 50.5%, up from 50.3% [1]. - In May 2025, social financing scale increment was 22870 billion yuan, M0 grew 12.1% year - on - year, M1 grew 2.3%, and M2 grew 7.9% [1]. Commodity Investment Comprehensive - The Chinese government hopes to promote healthy and sustainable Sino - US economic and trade relations [2][3][17]. - The US "big and beautiful" tax and spending bill will raise the debt ceiling by 5 trillion dollars and may increase the budget deficit by 3.4 trillion dollars in the next decade [3]. - The US non - farm employment in June increased by 147,000, and the unemployment rate was 4.1% [3]. Metal - Peruvian copper mine transportation is disrupted due to protests by small miners [5][9]. - UBS raised its copper price forecasts for 2025 and 2026 by 7% and 4% respectively [5]. - Central banks are increasing gold reserves due to the "weaponization" of foreign exchange [6]. Coal, Coke, Steel and Minerals - Indonesia plans to change the mining quota validity period from three years to one year [9]. - China is summarizing the implementation of the "14th Five - Year Plan" for mineral resources and planning for the "15th Five - Year Plan" [5][9]. Energy and Chemicals - China's first natural gas full - chain multi - condition cryogenic treatment plant is put into operation [10]. - OPEC+ is discussing an 8 - month oil production increase of 411,000 barrels per day [12]. Agricultural Products - China's Ministry of Agriculture and Rural Affairs launches an action to ensure autumn grain harvest [14]. - The second import corn auction is about to start with changes in quantity, area and target [14]. Financial News Open Market - On July 3, the central bank conducted 57.2 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 452.1 billion yuan [16]. Key News - In June, the Caixin China Services PMI was 50.6, and the composite PMI output index rebounded to 51.3 [17]. - From January to May, China's service import and export totaled 32543.6 billion yuan, a year - on - year increase of 7.7% [18]. Bond Market - Bank - to - bank bond yields were generally stable with a slight decline, and the money market was more liquid [24]. - The on - shore RMB against the US dollar rose 59 points, and the US dollar index rose 0.35% [29]. Research Reports - Guoxin Macro Fixed Income expects China's CPI to decline slightly in June and PPI to continue to fall [30]. - Yangtze River Fixed Income believes that liquidity will remain relatively loose in July [30]. Stock Market - On Thursday, A - shares rose, with consumer electronics and innovative drugs leading the gains, while Hong Kong stocks fell [34]. - Insurance funds have accelerated their pace of stock market participation, and banks and public utilities are major targets [34]. - The China Securities Association announced the list of 12 IPO on - site inspection enterprises in the second batch of 2025 [35].

Core Viewpoint - The company, Zhejiang Haikong Nanke Huate Smart Technology Co., Ltd., has convened its 12th meeting of the 5th Supervisory Board to discuss the issuance of corporate bonds, which aims to optimize its debt structure and expand financing channels [1][2]. Meeting Details - The meeting was held on July 1, 2025, with all three supervisors present, and the procedures followed legal and regulatory requirements [1][2]. Bond Issuance Proposal - The Supervisory Board approved a proposal for the company to issue corporate bonds not exceeding RMB 2 billion (including RMB 2 billion) aimed at professional investors [2][3]. - The bonds will have a face value of RMB 100 and will be issued at par [2]. Bond Characteristics - The proposed bond term will not exceed 10 years, with the possibility of single or multiple maturities [3]. - The bonds will be fixed-rate, with interest calculated annually, and the specific interest rate will be determined based on market conditions [3]. Fund Utilization - Proceeds from the bond issuance will be used to repay interest-bearing debts and supplement the company's working capital [3][4]. Creditworthiness and Management Plans - The company has a good credit standing and plans to implement measures to ensure timely and full repayment of the bonds [4]. - The bonds will be underwritten by a lead underwriter through a balance underwriting method [4]. Company Performance and Recognition - The company has shown good operational performance and profitability, being recognized multiple times as a high-tech enterprise and included in the list of "Specialized and Innovative" small and medium-sized enterprises in Zhejiang Province [5]. - The company’s innovative products, such as the "Qingtian System" and "Dahuangfeng T-BOX," are supported by regulatory authorities for issuing technology innovation bonds [5]. Decision Validity - The resolution for the bond issuance is valid for 24 months from the date of approval by the shareholders' meeting [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In June, the manufacturing, non - manufacturing, and composite PMIs in China all rebounded, indicating that the overall economic prosperity level remained in the expansion zone [2][17]. - The central bank has been precisely regulating the mid - year capital market, injecting sufficient liquidity. However, the capital market in July may be affected by fiscal factors [16]. - The bond market in China is experiencing a complex situation. The current bond market has high congestion, but the fundamentals and capital still support it, though the room for growth is limited [31]. - The A - share market rose on Monday, while the Hong Kong stock market declined, and the Taiwan stock market suffered a "stock - exchange double - kill" [33][34]. 3. Summary by Directory 3.1 Macro Data Quick View - In Q1 2025, China's GDP grew by 5.4% year - on - year, the same as the previous quarter [1]. - In June 2025, the manufacturing PMI was 49.7%, up 0.2 percentage points from the previous month; the non - manufacturing business activity index was 50.5%, up 0.2 percentage points [1][2][17]. - In May 2025, the year - on - year growth rates of M0, M1, and M2 were 12.1%, 2.3%, and 7.9% respectively [1]. - In May 2025, the CPI decreased by 0.1% year - on - year, and the PPI decreased by 3.3% year - on - year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - In June, the three major PMI indexes in China rebounded, and the overall economic prosperity level remained in the expansion zone [2][17]. - From January 1, 2025, to December 31, 2028, eligible overseas investors can get a 10% tax credit for direct investment in China [2][18]. - Trump criticized the Fed for not cutting interest rates and said the US should pay an interest rate of 1% [3][21]. - On June 30, the Baltic Dry Index fell 2.10% to 1489 points, falling for four consecutive days [4]. 3.2.2 Metals - The central bank issued regulations on anti - money laundering and anti - terrorist financing for precious metals and gemstone institutions [5]. - On June 27, zinc, copper, lead, nickel, and tin inventories decreased, while aluminum inventory increased [6]. - Citi expects the gold price to fall to $2500 - 2700 per ounce by the second half of 2026 [7]. - As of June 30, the SPDR Gold Trust's holdings decreased by 0.24% [7]. - Japan's aluminum price premium for July - September is set at $108 per ton, down 41% from the current quarter [8]. 3.2.3 Coal, Coke, Steel, and Minerals - In June 2025, the steel industry PMI was 45.9%, down 0.5 percentage points month - on - month, indicating continued pressure [9]. - Starting from July 1, 2025, anti - dumping duties will continue to be imposed on imported stainless steel billets and hot - rolled stainless steel sheets/coils from the EU, UK, South Korea, and Indonesia for 5 years [9]. - As the July 9 tariff negotiation deadline approaches, Indonesia will relax or cancel import restrictions on ten categories of goods and raw materials [9]. - Japan plans to extract rare earth minerals from seabed deposits starting from January next year [10]. 3.2.4 Energy and Chemicals - On July 1, domestic refined oil prices are expected to increase by about 230 yuan per ton [11]. - OPEC+ plans to increase production by 411,000 barrels per day in August [11]. - The number of active oil drilling platforms in the US decreased by 6 to 432 last week [11]. - In May, Japan's crude oil imports increased by 13.9% year - on - year, while refined oil sales decreased [11]. - Morgan Stanley expects non - OPEC oil supply to grow strongly from 2025 to 2026, and the Brent crude oil price to fall to about $60 per barrel early next year [12]. 3.2.5 Agricultural Products - Datagro estimates Brazil's 2024/25 soybean production at 1.691 billion tons and corn production at 1.269 billion tons [13]. - Malaysia's palm oil exports in June were 1.382 million tons, up 4.7% year - on - year [14]. - US exporters sold 204,000 tons of bean cake and soybean meal [15]. - In 2025, the number of food products with price increases or planned price increases in Japan may exceed 20,000 [15]. 3.3 Financial News Compilation 3.3.1 Open Market - On June 30, the central bank conducted 3315 billion yuan of 7 - day reverse repurchase operations, with a net investment of 1110 billion yuan [16]. - The central bank's precise regulation has ensured sufficient liquidity, but the capital market in July may be affected by fiscal factors [16]. 3.3.2 Key News - In June, China's manufacturing, non - manufacturing, and composite PMIs all rebounded [17]. - The Politburo emphasized the role of decision - making and coordinating institutions [18]. - Overseas investors can get a 10% tax credit for eligible direct investment in China from 2025 to 2028 [18]. - The State Administration of Foreign Exchange issued $3.08 billion in QDII investment quotas [18]. - In the third quarter, 11 issues of ultra - long - term special treasury bonds will be issued [18]. - As of May, overseas institutions' bond holdings in China were 4.4 trillion yuan [19]. - On June 30, the "North - bound Swap Connect" product contract term was extended to 30 years [19]. - In the first half of 2025, the total bond market stock in China reached 188.11 trillion yuan [19]. - The issuance scale of green financial bonds in the inter - bank market has increased significantly this year [19]. - As of June 30, 387 science and technology innovation bonds were issued, with a scale exceeding 580 billion yuan [20][21]. - Trump criticized the Fed for not cutting interest rates [21]. - The US Treasury Secretary said there is no reason to increase the issuance of long - term treasury bonds [21]. - Some bond - related events such as rating changes, redemption, and litigation occurred [22]. - Some overseas credit ratings were confirmed or maintained [22]. 3.3.3 Bond Market Summary - China's bond market declined, with bond yields rising and futures prices falling [24]. - Some bonds in the exchange bond market rose or fell slightly [24]. - The CSI Convertible Bond Index rose 0.35% [25]. - Most money market interest rates rose [26]. - US bond yields fell, and European bond yields mostly rose [27][28]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar rose 34 points, and the central parity rate rose 41 points [29]. - The US dollar index fell 0.50%, and non - US currencies mostly rose [29]. 3.3.5 Research Report Highlights - CITIC Construction Investment believes that the bond market may have short - term profit - taking pressure but may rise in the medium - term [30]. - Huatai Fixed Income turns neutral and cautious on convertible bonds and suggests choosing relatively cheap varieties [31]. - Huatai Fixed Income believes the bond market is highly congested and has weak odds [31]. - CITIC Securities believes that new policy - based financial tools will support key areas [31]. 3.3.6 Today's Reminders - On July 1, 136 bonds will be listed, 86 bonds will be issued, 38 bonds will be paid, and 135 bonds will have principal and interest repaid [32]. 3.4 Stock Market Key News - The A - share market rose on Monday, with over 4000 stocks rising [33]. - The Hong Kong stock market declined, with the Hang Seng Index down 0.87% [34]. - The Taiwan stock market suffered a "stock - exchange double - kill" [34]. - The IPO applications of 5 companies on the Science and Technology Innovation Board were accepted [34]. - The IPO of Kaiyuan Securities was terminated [35]. - In the first half of 2025, 43 new stocks were listed in Hong Kong, and the funds raised exceeded that of 2024 [35]. - In the first half of 2025, 163 public funds conducted 40,093 research visits to 1943 A - share listed companies [35]. - In the first half of 2025, 1493 A - share companies planned 1984 merger and acquisition plans, with 102 being major reorganizations [36]. - The Zheng Yutong family in Hong Kong received HK$88.2 billion in refinancing [36].

Core Viewpoint - The company bond market is becoming an essential engine for listed companies to obtain medium to long-term funding and optimize their financial structure during the current economic transformation phase [1] Group 1: Company Bond Issuance - As of June 29, 62 company bond issuance plans have been approved by the China Securities Regulatory Commission (CSRC), with a total approved scale of 577.966 billion yuan, involving 53 listed companies [1] - Gansu Energy Chemical Co., Ltd. announced the approval for a public issuance of company bonds totaling no more than 2 billion yuan, aimed at repaying interest-bearing debts and supporting various operational needs [2] - The issuance of company bonds plays a critical role in the overall capital strategy and financial planning of listed companies, providing stable funding sources for long-term financial plans [3] Group 2: Market Trends and Innovations - Several listed companies, including Guotai Junan Securities and Anhui Provincial Transportation Planning and Design Research Institute, are actively participating in the issuance of technology innovation bonds, which provide targeted financing channels [4] - Recent government policies have emphasized the expansion of the bond market's financing functions, promoting the issuance of various specialized bonds, including technology innovation bonds and carbon neutrality bonds [4] - Experts are optimistic about the future of the company bond market, anticipating more innovative financial products to emerge as regulatory policies improve [4][5] Group 3: Investor Dynamics - The company bond market is expected to attract more listed companies as the economy develops steadily and the proportion of direct financing increases [5] - The investor structure is becoming more diversified, with a growing share of institutional investors and increased participation from foreign investors [5] - Marketization is expected to enhance, leading to more market-driven pricing and improved transparency in information disclosure [5]

Core Viewpoint - Hengli Petrochemical Co., Ltd. has successfully issued its first phase of technology innovation bonds for 2025, raising a total of 1 billion yuan at an interest rate of 1.85% [2][3]. Group 1: Bond Issuance Details - The company held a board meeting on April 9, 2024, to approve the registration for issuing short-term financing bonds, with a maximum amount of 3 billion yuan [2]. - The registration for the short-term financing bonds was accepted by the trading association, with a validity period of 2 years from the date of the notice [2]. - The technology innovation bonds were issued on June 25, 2025, with a total planned issuance of 1 billion yuan, which was fully realized [2]. Group 2: Bond Characteristics - The bond has a maturity of 365 days, with an interest start date of June 26, 2025, and a repayment date of June 26, 2026 [2]. - The bond code for the issued technology innovation bond is 042580325, and it was issued at a price of 100 yuan per 100 yuan face value [2]. - The main underwriter for this bond issuance is Industrial Bank Co., Ltd., with joint underwriters including China Merchants Bank Co., Ltd. and China Postal Savings Bank Co., Ltd. [2].

从主体发行规模看，截至6月26日，政策性银行国家开发银行共发行了3只科创债，规模共计200亿元；5家国有 大行，即工商银行、农业银行、中国银行、建设银行、交通银行，共计发行了7只科创债，合计发行规模1100 亿元。 自5月债市"科技板"落地至今，新发科创债主体进一步扩容至中小银行。6月25日，四川银行公告，拟于6月 30日发行总额为11亿元的科创债。 根据Wind数据，截至6月25日，新发科创债整体规模超过了5500亿元。其中，有21家银行成功发行了25只科创 债，发行规模合计达2190亿元，占到科创债整体发行规模的四成。 银行发行主体主要集中于北京、长三角地区和沿海地区，由于民营经济更为发达，区域内的银行也更为积极发 行科创债。此次四川银行发行科创债，意味着发行主体向西南区域进一步覆盖。 银行是科创债发行主力 自5月上旬有关支持科创债发行相关举措落地，过去一个多月，金融机构科创债放量发行，且银行是发行科创 债的主力。 具体看，5月份以国开行和五大国有行为发行科创债主力，进入6月，中小银行加速参与发行科创债。 另有6家股份行，即兴业银行、浦发银行、中信银行、浙商银行、华夏银行、渤海银行，各发行了1只科创债， ...

科技创新债券正式推出至今已近2个月，券商、银行、企业、投资机构等各类发行主体掀起发行潮。 其中，既可作为发行主体，又能作为承销机构的证券公司，在科技创新债券发行中的表现尤为值得关 注。 21世纪经济报道记者根据Wind数据梳理发现，2025年5月7日至5月25日期间，超30家券商推出近40只科 技创新债券，总规模超过300亿元。其中，大部分为新获批债券，也有个别券商将此前获批债券变更为 科技创新债券。 利率，是债券发行中最值得关注的要素之一。记者采访与梳理发现，相较于同期其他类型债券，科技创 新债券利率相对更低，有投行资深人士告诉记者，二者差距约为30BP（基点）。 头部券商利率普遍较低，中信证券、中信建投、申万宏源等头部券商科技创新债券发行利率均不足 1.7%。与之相对，中小券商发行利率则普遍在1.9%以上；其中，东北证券发行利率最高为2.29%。 券商为何如此热衷于科技创新债券发行？ 记者综合调研发现，这既与券商响应政策、支持科技企业发展的功能性作用密切相关，又得益于投资者 认购热情踊跃，还与券商的业务结构优化相关联。 与此同时，如何促进科技创新债券这一新类型债券规范发展，也是市场关注的重点之一。而规范资 ...