中诚信国际认为，烟台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。 来源：金融界 2025年7月31日，中诚信国际公布评级报告，烟台农村商业银行股份有限公司2018年第一期二级资本债 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，主要基于烟台农村商业银行股份有限公司（以下称"烟台农商 银行"或"该行"）在当地金融体系中较为重要的地位、良好的存款稳定性等信用优势。同时中诚信国际 也关注到烟台农商银行面临的诸多挑战，包括贷款行业和客户集中度较高、不良率处于较高水平、关注 贷款和延展期贷款占比高、资产质量下行和拨备计提压力较大、盈利能力弱、不良资产化解仍将对盈利 水平带来持续压力、贷款回收困难加大流动性风险管控难度、资本充足率低于监管要求等。此外，本次 评级也考虑了烟台市政府和山东省农村信用社联合社（以下称"山东省联社"）对该行的支持。 ...

国信证券股份有限公司 公司债券（第五期） 信用评级报告 编号：CCXI-20252068D-01 国信证券股份有限公司 2025 年面向专业投资者公开发行公司债券 方、评级对象和其他第三方的干预和影响。 ? 本次评级为委托评级，中诚信国际及其评估人员与评级委托方、评级对象不存在任何其他影响本次 评级行为独立、 客观、公正的关联关系。 ? 本次评级依据评级对象提供或已经正式对外公布的信息，以及其他根据监管规定收集的信息，中诚 信国际按照相关 性、及时性、可靠性的原则对评级信息进行审慎分析，但中诚信国际对于相关信息的合法性、真实 性、完整性、准 确性不作任何保证。 ? 中诚信国际及项目人员履行了尽职调查和诚信义务，有充分理由保证本次评级遵循了真实、客观、 公正的原则。 ? 评级报告的评级结论是中诚信国际依据合理的内部信用评级标准和方法、评级程序做出的独立判 断，未受评级委托 （第五期）信用评级报告 声 明 ? 本评级报告对评级对象信用状况的任何表述和判断仅作为相关决策参考之用，并不意味着中诚信国 际实质性建议任 何使用人据此报告采取投资、借贷等交易行为，也不能作为任何人购买、出售或持有相关金融产品 的依据。 ? ...

Core Viewpoint - Ningbo Development Investment Group Co., Ltd. has been assigned an "AAA" rating by China Chengxin International, reflecting its strong economic and financial capabilities within Ningbo and its significant role in urban development and state-owned capital operations [1][3]. Group 1: Company Overview - Ningbo Development Investment Group was established in 1997 with an initial registered capital of 200 million yuan, which has increased to 5.565 billion yuan as of March 2024 [2]. - The company is primarily owned by the Ningbo State-owned Assets Supervision and Administration Commission, holding 91.02% of shares, while Zhejiang Financial Development Co., Ltd. holds 8.98% [2]. - The company plays a crucial role in managing government investments in urban infrastructure, energy projects, and other development initiatives [2]. Group 2: Financial and Operational Insights - The company is expected to maintain stable credit levels over the next 12 to 18 months [3]. - The diversified business layout of the company is stabilizing, with asset scale expected to continue growing and investment asset quality remaining strong [1]. - However, there are concerns regarding the rapid growth of debt, capital expenditure pressures, and weak profitability from operational activities, which may impact its overall credit status [1].

Group 1 - The core viewpoint of the article is that Wuhan Urban Construction Group Co., Ltd. has maintained an "AAA" rating for its 2025 third phase medium-term notes, indicating strong creditworthiness and support from the local government [1] - The company plays a significant role in municipal infrastructure construction in Wuhan, benefiting from the city's strategic importance and growing economic and fiscal strength [1] - The company's real estate development business remains a leader among local firms, with expectations for asset growth due to ongoing project advancements [1] Group 2 - Despite the positive outlook, there are concerns regarding the company's high asset-liability ratio, weak asset liquidity, risks of inventory depreciation in real estate projects, capital expenditure pressures, and projected net profit losses in 2024 [1] - The credit level of Wuhan Urban Construction Group is expected to remain stable over the next 12 to 18 months [1]

Core Viewpoint - The rating agency China Chengxin International has maintained the "AAA" rating for Henan Asset Management Co., Ltd. for its 2023 first phase medium-term notes, indicating strong support from shareholders and good debt repayment indicators [1] Group 1: Rating and Support - The rating reflects the company's strong shareholder support and prominent strategic position [1] - The company's debt repayment indicators are performing well, contributing positively to its business development and credit level [1] Group 2: Economic Challenges - The agency has noted that macroeconomic downturns and capital market fluctuations are putting pressure on the company's asset quality [1] - The company has a significant amount of existing non-performing asset packages, which could impact its operations and overall credit status [1] - Equity investments and debt-to-equity swap projects are susceptible to capital market volatility, posing additional risks [1] Group 3: Future Outlook - The credit level of Henan Asset Management Co., Ltd. is expected to remain stable over the next 12 to 18 months [1]

中诚信国际认为，湖北清能投资发展集团有限公司信用水平在未来12~18个月内将保持稳定。 2025年7月30日，中诚信国际公布评级报告，湖北清能投资发展集团有限公司2025年面向专业投资者公 开发行公司债券跟踪评级获"AAA"评级。 本次跟踪维持主体及债项上次评级结论，主要基于湖北清能投资发展集团有限公司（以下简称"湖北清 能"或"公司"）控股股东综合实力雄厚，公司在业务及资金等方面可获得股东支持、融资渠道较为通畅 等方面的优势。同时中诚信国际也关注到房地产行业风险、土地储备质量有待改善、新能源业务投资及 经营情况有待观察等因素对其经营和整体信用状况造成的影响。本次债项信用等级充分考虑了湖北省融 资担保集团有限责任公司（以下简称"湖北担保"）提供的全额无条件不可撤销的连带责任保证担保对债 项还本付息的保障作用。 来源：金融界 ...

来源：金融界 中诚信国际认为，中电建新能源集团股份有限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，中电建新能源集团股份有限公司2024年面向专业投资者公 开发行可续期公司债券(第一期)跟踪评级获"AAA"评级。 本次跟踪维持主体及债项上次评级结论，主要基于中电建新能源集团股份有限公司（以下简称"电建新 能源"或"公司"）股东背景强且支持力度大、装机具备规模优势且区域布局广泛、全部为新能源机组、 项目储备丰富、盈利和营运现金流水平表现较好、资本实力不断增强及融资渠道多元且畅通等方面的优 势。同时中诚信国际也关注到公司平均上网电价呈下降趋势、新能源机组利用效率和整体消纳情况有待 改善、债务规模较大且持续攀升及未来存在一定投资压力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，诚通商业保理有限公司信用水平在未来12~18个月内将保持稳定。 来源：金融界 本次跟踪维持主体上次评级结论，主要基于诚通商业保理有限公司（以下称"诚通保理"或"公司"）较强 的股东背景、明确的战略定位以及较好的资产质量等正面因素对公司整体经营及信用水平的支撑作用； 同时，中诚信国际关注到建筑及房地产行业景气度承压或对未来资产质量带来不利影响、资产投放集中 度较高、盈利承压等因素对公司经营及信用状况形成的影响。 2025年7月29日，中诚信国际公布评级报告，诚通商业保理有限公司主体等级获"AA+"评级。 ...

中诚信国际认为，中国能源建设集团投资有限公司信用水平在未来12~18个月内将保持稳定。 来源：金融界 2025年7月29日，中诚信国际公布评级报告，中国能源建设集团投资有限公司2024年面向专业投资者公 开发行绿色公司债券(第一期)跟踪评级获"AAA"评级。 本次跟踪维持主体及债项上次评级结论，主要基于中国能源建设集团投资有限公司（以下简称"能建投 资"或"公司"）股东支持力度大、电源品种多元且布局分散、项目储备充足、控股装机容量及上网电量 持续提升、海外BOT煤电项目优质以及债务结构较优等方面的优势。同时中诚信国际也关注到公司海外 业务利润贡献占比较高、地缘政治风险、可再生能源补贴对资金形成一定占用、投资需求较大、债务规 模及财务杠杆水平持续上升、权益结构稳定性有待加强等因素对其经营和整体信用状况造成的影响。 ...

Core Viewpoint - China Electronics HIK Group Co., Ltd. (referred to as "the company") has been rated "AAAsti" by China Chengxin International, reflecting its strong business diversification, comprehensive product range, and leading position in the security industry through its subsidiary Hikvision [1][2]. Group 1 - The company has a high degree of business diversification and a wide coverage of downstream application fields [1][2]. - Hikvision, a subsidiary of the company, possesses industry-leading technological capabilities and maintains a solid leadership position in the security sector [1][2]. - The company has demonstrated continuous growth momentum through innovative business practices, a reduction in debt scale, and a low overall financial leverage [1][2]. Group 2 - The company reported a total operating revenue of 95.434 billion yuan in 2024 [2]. - China Chengxin International anticipates that the company's credit level will remain stable over the next 12 to 18 months [2]. - The company has strong capital and government recognition, supported by a robust shareholder background [1][2]. Group 3 - The company faces ongoing challenges related to the stability of its supply chain due to changes in the international trade environment [1]. - There is a noted increase in the period expense ratio, indicating a need for improved expense control capabilities [1].