本报讯(记者毛艺融)数据显示，截至6月30日，上交所累计已有53只高成长产业债成功落地。目前多家 企业相继完成高成长产业债的发行，发行规模合计373亿元，在债券市场中小发行人、民营企业间迅速 引发热议。同时，年内已有80余家非银机构参与该产品投资，高成长产业债已成为各类投资机构增厚收 益的重要选择。 高成长产业债的蓬勃发展吸引了市场参与者的关注。据悉，上交所建立了全链条的高成长产业债服务团 队，对有良好的偿债意愿和信用记录，无财务造假的实体企业，创设"交易所搭台，市场主体唱戏"的服 务模式。一方面，上交所推动中介机构优化产业企业立项标准，鼓励证券公司积极承销产业企业债券； 另一方面，上交所建立了上证路演、投融交流会、组织调研等多层次投融对接支持机制，帮助投资机构 增进对企业的认识，挖掘产业企业的投资价值，努力为企业营造更友好的融资环境。 上交所债券部相关负责人介绍，在信息披露方面，高成长产业债要求发行人以偿债能力为核心，提高信 息披露的及时性、针对性，鼓励发行人通过高频次披露核心财务数据指标、强化行业特定信息披露等， 使投资者能够及时掌握企业经营动态与偿债能力。 在投资者保护方面，前述负责人介绍，企业在发行高 ...

固收定期研究 2025 年 6 月 16 日 Table_First|Table_Summary 【华福固收】5y 以上产业债怎么选 ➢ 5y以上产业债怎么选 4月29日以来，信用债利率整体震荡下行，分期限来看，以中票为例，5年期、6年期和 7年期表现不错。目前来看，5年期以上产业债估值所处的历史分位点普遍在3%到7%之 间。品种方面，可关注以下几个方面： 承担较大社会责任、有一定影响力的央企：如中国诚通、中国国新等。6月9日，中国国 新、中国诚通两家国有资本运营公司在银行间市场成功发行395亿元稳增长扩投资专项 债，进一步支持中央企业加强"两重""两新"投资。存续债方面，如25诚通控股MTN001(稳 增长扩投资专项债)剩余期限9.9836年，中债行权估值在2.17%左右。 产投或兼具城投&产业属性的省属国企：这类主体在前期享受了较大政府支持，现阶段 在区域一盘棋的思路下，或仍承担了区域内基建的任务；另一方面，产业属性则暗含着 这类主体可能会被直接注入一定具有现金流业务的资产，在新发债方面或有一定优势。 可关注南通地铁、山东高速、越秀集团等。对收益有较高要求的机构可关注水发集团、 陕旅集团等。如水发集团，2 ...

5月29日，山西忻州神达能源集团有限公司（以下简称"神达集团"）成功发行2025年第一期非公开发行公司债券（高成长产业债）。本期债券发行规模为 10亿元，债券期限为3+2年期，票面利率为2.58%。 本期债券不仅是山西省首单高成长产业债，也是神达集团在交易所债券市场的首次亮相，票面利率创下发行人全品种债券历史新低。 致同太原办公室为本期债券的成功发行提供了专业审计服务支持。在项目早期阶段，致同团队即深度参与，为神达集团提供融资规划、合规管理等专业服 务。发行过程中，致同持续协助客户高效完成包括前期国资审批、首次评级认定在内的全流程关键节点工作，为最终成功发行奠定坚实基础。 山西忻州神达能源集团有限公司 神达集团成立于2009年，控股股东为忻州市人民政府国有资产监督管理委员会。作为市属地方骨干企业，神达集团年设计产能超3000万吨，主要销售长焰 煤和气煤等动力煤。集团在忻州市辖区内煤矿企业的兼并重组、资源整合方面得到忻州市政府的重点支持，在本地煤炭行业具备显著竞争优势。 *创意配图，与文中案例无实际关联。 高成长产业债是上交所推出的专项债券品种，旨在通过优化机制设计，重点支持和服务实体企业高效对接债券市场融资， ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall operation of industrial bond - issuing entities was under pressure in 2024, with differentiated industry performance. The total operating revenue and net profit of industrial bond entities decreased year - on - year, and the proportion of loss - making enterprises increased. In 2025Q1, the overall operating revenue of industrial bond entities decreased year - on - year, while the net profit remained flat. [2][3] - The economic fundamentals are expected to continue the characteristics of domestic demand support, external demand pressure, and policy escort this year. Attention should be paid to the improvement of the fundamentals of entities under the influence of pro - growth policies. [2][13] - For the real estate industry, it is still in the bottom - building stage. Attention can be paid to the income - mining opportunities of central and state - owned enterprise real estate bonds with an implied rating of AA and above within 1 - 2 years. [4] - For the coal industry, there is downward pressure on the industry's prosperity. Short - term medium - and high - grade varieties can be focused on, and institutions with higher income requirements can appropriately invest in 1 - 2y varieties of coal enterprises with an implied rating of AA. [5] - For the steel industry, the problem of over - supply is still serious. Caution should be exercised when investing in lower - quality entities, and 1 - 2yAA + varieties can be focused on. [6] 3. Summary According to the Directory 3.1. How Did the Annual Reports and Q1 Reports of Each Industry Perform? 3.1.1. Overall Situation Analysis: The Overall Profitability Declined - In 2024, the total operating revenue and net profit of industrial bond entities decreased year - on - year, and the proportion of loss - making enterprises increased from 18% in 2023 to 21% in 2024. [13][14] - In 2025Q1, the overall operating revenue of industrial bond entities decreased by 2% year - on - year, while the net profit remained flat. [15] 3.1.2. Industry Performance: A Minority of Industries Had Positive Revenue and Net Profit Growth, and Most Industries Had Positive Growth in Operating Net Cash Flow - In 2024, about one - third of industries had positive revenue growth, and about 40% of industries had positive net profit growth. Nearly half of the industries had an increase in asset - liability ratio, and about 60% of industries had positive growth in operating net cash flow. [3] - Industries with revenue growth of over 5% in 2024 included non - ferrous metals, electronics, etc.; industries with a decline of over 5% included coal, steel, etc. [20] 3.1.3. Situations of Continuously Loss - making and Turnaround Entities - There were 79 bond - issuing industrial entities with net profit losses for 3 consecutive years or more, mainly distributed in transportation, real estate, etc. [36] - There were 20 bond - issuing industrial entities that had net profit losses for 2 consecutive years or more and turned profitable in 2024, mainly in public utilities, social services, etc. [39] 3.2. Financial Analysis of Key Industries: Real Estate, Coal, and Steel 3.2.1. Real Estate Industry: The Industry Is Still in the Bottom - building Stage, and Attention Should Be Paid to the Investment Opportunities of Central and State - owned Enterprises within 1 - 2 Years - **Fundamentals**: Pro - real - estate policies have been actively implemented, and the effect of destocking policies is gradually emerging, but the industry's prosperity is still low. [41] - **Financial Indicator Performance**: The profitability is under continuous pressure, the operating net cash flow is stable, the gaps in investment and financing net cash flows are narrowing, the median asset - liability ratio has decreased slightly, and the short - term solvency has declined. [4][50][51] - **Investment Strategy**: Attention can be paid to the income - mining opportunities of central and state - owned enterprise real estate bonds with an implied rating of AA and above within 1 - 2 years. Some 1 - year central and state - owned enterprise real estate bonds with an implied rating of AA and AA + have yields ranging from 2.2% to 2.7%. [4][61] 3.2.2. Coal Industry: There Is Downward Pressure on the Industry's Prosperity, and Attention Should Be Continuously Paid. Currently, Appropriate Investment in Lower - Grade Entities Can Be Made - **Fundamentals**: Since last year, there has been downward pressure on the coal industry's prosperity. Supply is sufficient but demand is weak, and coal prices have fluctuated downward. There may still be some downward pressure on coal prices this year. [5][63] - **Financial Indicator Performance**: The overall profitability has declined, the operating net cash flow has shrunk, the gap in investment cash flow has widened, the gap in financing cash flow has narrowed, the median asset - liability ratio has decreased, and the short - term solvency has declined. [5][68][71] - **Investment Strategy**: Short - term medium - and high - grade varieties can be focused on. Institutions with higher income requirements can appropriately invest in 1 - 2y varieties of coal enterprises with an implied rating of AA, and medium - and high - grade entities can extend the duration to 3y. [5][77] 3.2.3. Steel Industry: The Problem of Over - Supply in the Industry Is Still Serious. Caution Should Be Exercised When Investing in Lower - Quality Entities - **Fundamentals**: Since 2024, the steel industry has been in the bottom - exploring stage. Although the pro - growth policies have slightly improved the industry's prosperity, the sustainability is weak. The problem of over - supply is still serious. [6] - **Financial Indicator Performance**: The profitability has been under continuous pressure, with a marginal improvement in Q1. The operating net cash flow has shrunk, the gap in investment net cash flow has widened, the financing net cash flow has turned positive, the median asset - liability ratio has increased, and the short - term solvency has slightly declined. [6] - **Investment Strategy**: Caution should be exercised when investing in lower - quality entities. 1 - 2yAA + varieties can be focused on. [6]

本报记者 田鹏 据Wind资讯统计，随着国家电网有限公司2025年度第八期超短期融资券发行上市，年内新增大额（发行规模在百亿元及以 上，以实际发行规模计）产业债项目累计达21单，相较去年同期翻番，发行规模合计达3110亿元。 这是当前产业债市场发行热度高涨的生动写照。今年以来，得益于政策层面的大力扶持与市场需求持续旺盛等多重利好因 素驱动，产业债发行总量保持稳健增长态势。值得关注的是，其对基础设施建设和城市发展的资金支持力度显著增强——资金 持续向交通、能源、水利等传统基建领域以及智慧城市、新基建等新兴城市发展方向倾斜，为经济社会发展的"底盘"筑牢资金 保障。 接受《证券日报》记者采访的专家表示，产业债对基础设施建设和城市发展的定向支持，既是稳增长政策的重要抓手，也 是金融服务实体经济的直接体现。展望未来，在政策持续发力和市场机制不断健全的背景下，产业债发行和净融资有望保持较 高规模，并在推动产业结构调整、培育经济新动能等方面发挥更关键作用。 交易所市场表现亮眼 今年以来，产业债发行延续去年活跃态势，总体规模稳步增长。据Wind资讯统计，截至目前，年内已有4309只产业债成功 发行（含银行间市场和交易所市场） ...

皖通高速 20250429 摘要 • 皖通高速 2025 年一季度营收 28.21 亿元，同比增长 95.33%；净利润 5.51 亿元，同比增长 5.19%；基本每股收益 0.3,323 元，同比增长 5.19%。通行费收入显著增长，主要受益于春运期间天气良好及抚州、四 徐高速并表，实际利润增长约 19%。 • 公司通过强经营、提质效方案，包括管理提效、开源增收、节本降耗，提 升路网效率和服务质量。成功发行省内首单高成长产业债，年减少贷款利 息约 2,300 万元，并拓展硅谷网通产业园租赁收入，同比增长 30%。 • 皖通高速完成收购抚州高速和四许高速 100%股权，完善路网布局，增强 盈利能力。宣广高速改扩建项目完工，提升通行能力，一季度车流量恢复 至同期 80%-85%，但因折旧问题账面略有亏损，预计未来吞吐量将显著 增长。 • 宣广改扩建项目转固后财务费用预计上升，但 2025 年一季度财务费用未 显著上升，因部分贷款资金尚未到位，已到位约 30 亿元，贷款利率 2%- 3%。后续贷款利率取决于 LPR 走势，若 LPR 下降，融资成本有望进一步 降低。 宣广改扩建项目于去年年底至今年初基本完工。尽管 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing its role as a market organizer to improve financing mechanisms for industrial enterprises, focusing on alleviating the challenges of "difficult and expensive financing" [1][2][4]. Group 1: Financing Mechanisms - The issuance scale of industrial bonds in the SSE reached 196.9 billion yuan in the first two months of 2025, a 40% increase year-on-year [1]. - The SSE has revised its guidelines for special corporate bonds in 2024, expanding the eligibility for issuers to include technology innovation and rural revitalization bonds [2]. - In 2024, the total issuance of industrial bonds exceeded 1.5 trillion yuan, marking a 33% year-on-year growth, with the SSE accounting for over 80% of the market [3]. Group 2: Investor Engagement - The SSE is actively encouraging industrial enterprises to enhance information disclosure and investor protection measures to improve investor confidence and understanding of industrial bonds [2][5]. - A new bond issued by the Eastern Airport Group in June 2024, which combined carbon neutrality and rural revitalization themes, set a record low interest rate of 2.23% [2]. Group 3: Market Collaboration - The SSE has established a comprehensive service team to facilitate connections between issuers and investors, aiming to create a more favorable financing environment for industrial enterprises [5]. - The SSE promotes a "one primary, one secondary" linkage model to enhance liquidity in the secondary market, encouraging securities firms to provide simultaneous primary issuance and market-making services [6].