1月7日金融一线消息，近日，摩根大通银行（中国）有限公司正式获得中国银行间市场交易商协会授予 的非金融企业债务融资工具一般主承销商资格。这是摩根大通在华债券业务布局里程碑式的突破，将推 动公司继续全面深度参与中国债券市场的创新发展与高水平开放。 摩根大通银行（中国）有限公司行长熊碧华表示："从2004年摩根大通启动中国银行间市场债券交易， 2008年取得做市商资格，2017年荣获结算代理业务资格，到2018年成为债券通做市商，再到2025年底拿 下银行间市场一般主承销商资质，摩根大通全程见证并参与了中国债券市场的持续高水平开放。此次获 批一般主承销商资质，将进一步拓宽我们服务境内外发行人和投资者的广度与深度，帮助我们发挥'全 球资源+本地专长'的双重优势，服务好客户，继续推动中国资本市场的国际化和包容性建设，提升中国 资本市场在全球金融体系中的定价影响力和资源配置效率。" 作为全球金融市场的领军者，摩根大通集团在债券承销领域长期保持领先地位。2021年至2025年，摩根 大通集团以近1.7万亿美元的国际债券承销规模、近6%的市场份额稳居全球第一，服务全球发行人完成 9，000多笔发行交易，在国际主权及类主权债 ...

12月22日，由申万宏源担任联席主承销商的三门峡市投资集团有限公司2025年面 向专业投资者非公开发行公司债券（第一期）项目成功发行。本期债券发行规模6亿 元，债券期限为5+2年期，票面利率2.98%，全场认购倍数2.55倍。 本内容最终解释权归申万宏源证券有限公司所有。 未来，申万宏源将继续以服务国家战略、服务实体经济为主线，深耕重点地区和 核心客户，推动区域经济高质量发展，践行金融央企责任担当。 免责声明 三门峡市投资集团有限公司为三门峡市最大的国有资产运营主体，总资产规模超 1000亿元，依托于三门峡市黄金资源禀赋，经营金银精炼加工、销售等业务，同时 承担了三门峡市范围内重大项目建设和运营、一般性基础设施建设和营运、三门峡旧 城改造及城市更新项目和三门峡商务中心区南片区开发项目等，项目储备充足且处于 地方垄断地位。 本期债券是申万宏源作为主承销商与发行人的首次合作，整个发行安排高效紧 凑，且获得了发行人满意的发行结果，展现了申万宏源债券承销的专业性和强大的销 售实力。本期债券的成功发行夯实了与发行人的合作关系，为未来进一步深化双方业 务合作奠定了坚实基础。 ...

Group 1 - The core viewpoint of the articles highlights the significant growth and support for technology innovation bonds and private enterprise bonds in the Chinese bond market, driven by policy improvements and market mechanisms [1][2][4][6] - In the first three quarters, 75 securities firms acted as main underwriters for technology innovation bonds, with a total issuance amount of 705.18 billion yuan, marking a substantial year-on-year increase [2][5] - The technology innovation bond underwriting business saw a strong growth trend, with a year-on-year increase of nearly 60%, and the total amount underwritten exceeded 700 billion yuan [5][6] Group 2 - The bond market for low-carbon transition is rapidly growing, with 244 transition bonds issued by the end of 2024, totaling 220.8 billion yuan, primarily from high-carbon industries [4] - In the green finance sector, 51 securities firms underwrote 137 green bonds, totaling 109.01 billion yuan, with CITIC Construction leading the underwriting amount at 18.79 billion yuan [3][4] - The support for small and micro enterprises is evident, with 41 securities firms underwriting 50 bonds totaling 20.77 billion yuan, and regulatory bodies enhancing financing channels for private enterprises [7][8]

Core Insights - The China Securities Association reported a significant increase in bond underwriting activities by securities firms in the first three quarters of 2025, with a total of 75 firms underwriting 674 bonds worth 705.18 billion yuan, marking a year-on-year growth of 57.77% [1][2] Group 1: Green Bonds - In the first three quarters of 2025, 51 securities firms acted as lead underwriters for green bonds, underwriting 137 bonds totaling 109.01 billion yuan, with asset securitization products accounting for 40 bonds worth 49.62 billion yuan [1] - The top three firms in green bond underwriting were CITIC Securities, CITIC Jiantou, and Guotai Junan, with underwriting amounts of 18.79 billion yuan, 12.54 billion yuan, and 10.15 billion yuan respectively [1] Group 2: Low-Carbon Transition Bonds - A total of 26 securities firms served as lead underwriters for low-carbon transition bonds, underwriting 25 bonds with a total value of 14.38 billion yuan [1] - The leading firms in this category were Guotai Junan, GF Securities, and Guoxin Securities, with underwriting amounts of 1.70 billion yuan, 1.26 billion yuan, and 1.00 billion yuan respectively [1] Group 3: Technology Innovation Bonds - The same 75 securities firms also acted as lead underwriters for technology innovation bonds, underwriting 674 bonds worth 705.18 billion yuan, reflecting a year-on-year increase of 57.77% [2] - The top underwriters in technology innovation bonds included CITIC Securities, CITIC Jiantou, and Guotai Junan, with underwriting amounts of 141.79 billion yuan, 111.17 billion yuan, and 84.46 billion yuan respectively [2] Group 4: Support for SMEs and Private Enterprises - In the first three quarters, 41 securities firms underwrote 50 bonds for small and micro enterprises, totaling 20.77 billion yuan [2] - For private enterprise bonds, 56 firms underwrote 368 bonds worth 391.36 billion yuan, with asset securitization products accounting for 212 bonds valued at 190.40 billion yuan [2] - Leading firms in underwriting small and micro enterprise support bonds included Wukuang Securities, Guosen Securities, and Guotai Junan, while CITIC Securities, Ping An Securities, and Huatai Asset Management led in private enterprise bond underwriting [2] Group 5: Local Government Bonds - A total of 69 securities firms participated in issuing local government bonds, with a combined winning bid amount of 336.95 billion yuan across 31 regions [2] - The firms with the most successful bids were Galaxy Securities, Huatai Securities, and Guotai Junan, with successful bids in 31, 30, and 29 regions respectively [2]

Core Insights - The report from the China Securities Association highlights the significant growth in bond underwriting by securities firms in key sectors such as technology innovation, private enterprises, and green low-carbon initiatives, with CITIC Securities leading in many categories [1][2] Group 1: Bond Underwriting Performance - In the first three quarters of this year, the bond underwriting amount for technology innovation exceeded 700 billion yuan, marking a year-on-year increase of over 57% [1] - Private enterprise bond underwriting reached 391.36 billion yuan, reflecting a year-on-year growth of 43.46% [1] - CITIC Securities dominated the bond underwriting landscape, securing the top position in half of the key performance indicators [2] Group 2: Key Players in Bond Underwriting - Among 75 securities firms involved in technology innovation bonds, a total of 674 bonds were underwritten, amounting to 705.18 billion yuan, with CITIC Securities leading at 141.79 billion yuan [3] - In the private enterprise bond sector, 56 firms underwrote 368 bonds totaling 391.36 billion yuan, with CITIC Securities, Ping An Securities, and Huatai Asset Management taking the top three spots [3] - Smaller firms like Wenkang Securities excelled in underwriting bonds for small and micro enterprises, leading in both the number and amount of bonds underwritten [2][3] Group 3: Green and Low-Carbon Initiatives - In the green finance sector, 51 firms underwrote 137 green bonds totaling 109.01 billion yuan, with CITIC Jin Investment and CITIC Securities among the top underwriters [4] - The report indicates that 26 firms participated in low-carbon transition bonds, underwriting 25 bonds worth 14.38 billion yuan [4] - Securities firms are also actively supporting rural revitalization, with 41 firms underwriting 68 bonds totaling 42.65 billion yuan [4] Group 4: Belt and Road Initiative and Local Government Bonds - Nineteen firms underwrote 12 bonds related to the Belt and Road Initiative, with a total amount of 11.3 billion yuan [5] - A total of 69 firms participated in local government bond underwriting, achieving a combined winning bid amount of 336.95 billion yuan [5]

Group 1 - The China Securities Association reported that 75 securities firms acted as main underwriters for technology innovation bonds, underwriting 674 bonds with a total amount of 705.18 billion yuan in the first three quarters of 2025, an increase from 446.98 billion yuan in the same period of 2024 [1] - In the first three quarters, 56 securities firms served as main underwriters for private enterprise bonds, underwriting 368 bonds with a total amount of 391.36 billion yuan [1] - A total of 51 securities firms acted as main underwriters for green bonds, managing 137 bonds with a total amount of 109.01 billion yuan [1] Group 2 - 41 securities firms served as main underwriters for rural revitalization bonds, managing 68 bonds with a total amount of 42.65 billion yuan [1] - 41 securities firms acted as main underwriters for small and micro enterprise support bonds, underwriting 50 bonds with a total amount of 20.77 billion yuan [2] - 26 securities firms served as main underwriters for low-carbon transition bonds, underwriting 25 bonds with a total amount of 14.38 billion yuan [2] Group 3 - 19 securities firms acted as main underwriters for Belt and Road bonds, underwriting 12 bonds with a total amount of 11.3 billion yuan [2] - 69 securities firms participated in issuing local government bonds, with a total winning bid amount of 336.95 billion yuan across 31 regions [2]

Group 1 - The core viewpoint of the article highlights the successful issuance of the 2025 public offering of renewable corporate bonds by Beijing Shounong Food Group, with a scale of 2 billion yuan and a coupon rate of 1.96% [2] - The bonds were oversubscribed with a multiple of 3.62 times, indicating strong investor interest [2] - The funds raised will be used for productive expenditures, emphasizing the company's commitment to enhancing its operational capabilities [2] Group 2 - Beijing Shounong Food Group is a state-owned agricultural industry group under the Beijing Municipal Government, playing a crucial role in food supply security in the capital [2] - The company has established a comprehensive industrial chain covering breeding, planting, breeding, product processing, trade circulation, and terminal sales across various food categories [2] - The issuer is recognized as a key player in ensuring food supply and safety in the capital, contributing to the integration of agricultural product supply networks in the Beijing-Tianjin-Hebei region [2] Group 3 - Shenwan Hongyuan Securities demonstrated strong financial capabilities and bond underwriting strength, enhancing its market influence in the Beijing-Tianjin-Hebei region [3] - The company aims to continue serving national strategies and the real economy, focusing on high-quality regional economic development [3]

Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 14.58 CNY [2][9]. Core Insights - Jiangsu Bank's performance shows steady growth, with a 7.83% year-on-year increase in operating income to 67.183 billion CNY and an 8.32% increase in net profit attributable to shareholders, reaching 30.583 billion CNY for the first three quarters of 2025 [2]. - The bank's non-performing loan (NPL) ratio remains low at 0.84%, with a provision coverage ratio of 322.62%, indicating strong asset quality [2][9]. - The bank's net interest income saw a significant increase of 19.61% year-on-year, amounting to 49.868 billion CNY, driven by effective balance sheet expansion and cost control [9]. Financial Performance Summary - For the first three quarters of 2025, Jiangsu Bank achieved: - Operating income: 67.183 billion CNY, up 7.83% year-on-year [2]. - Net profit attributable to shareholders: 30.583 billion CNY, up 8.32% year-on-year [2]. - NPL ratio: 0.84%, stable compared to the previous quarter [2]. - Provision coverage ratio: 322.62%, down 8.4 percentage points from the previous quarter [2]. - The bank's total assets reached 4.93 trillion CNY, a 24.68% increase from the beginning of the year, with total loans of 2.47 trillion CNY, up 17.87% [9]. Growth Drivers - The bank's growth is primarily driven by: - Strong net interest income growth due to effective management of interest expenses and a robust loan portfolio [9]. - Significant contributions from non-interest income, particularly from fees and commissions, which increased by 19.97% to 4.549 billion CNY [9]. - The bank continues to expand its corporate lending, focusing on infrastructure and manufacturing sectors, while also adjusting its retail loan strategy to manage risks [9]. Future Outlook - The report projects net profit growth rates of 8.5% for 2025 and 2026, and 7.3% for 2027, reflecting a stable growth trajectory [9]. - The target price of 14.58 CNY corresponds to a price-to-book (PB) ratio of 0.95X for 2026, indicating attractive valuation relative to the bank's growth potential [9].

Core Insights - The article provides an overview of the Chinese bond market performance for the first three quarters of 2025, highlighting trends in various bond categories and the competitive landscape among financial institutions [4][5]. Bond Market Overview - As of September 30, 2025, the issuance of Panda bonds by foreign institutions in China reached 137.75 billion yuan, showing a decrease of 14.44% compared to the same period last year [6]. - The total issuance of credit bonds in China for the first three quarters of 2025 was approximately 13.91 trillion yuan, reflecting a growth of about 3.15% year-on-year [9]. - The issuance of interbank certificates of deposit reached approximately 25.87 trillion yuan, up 6.90% from the previous year, driven by higher yields compared to government bonds [11]. Rankings and Market Shares - In the Bloomberg bond underwriting rankings for the first three quarters of 2025, Guotai Junan Securities led with a market share of 6.058%, followed by CITIC Securities (5.861%) and Industrial Bank (5.300%) [8]. - For corporate bonds, CITIC Securities (12.998%) and Guotai Junan Securities (12.826%) were the top two underwriters [8]. - In the offshore RMB bond rankings (excluding certificates of deposit), HSBC (6.960%) and Bank of China (4.435%) were among the top performers [16]. Local Government Bonds - The issuance of local government bonds reached approximately 851 billion yuan, marking a significant increase of about 29.65% year-on-year, with general bonds at 204 billion yuan and special bonds at 647 billion yuan [14]. Offshore Bond Market - The issuance of offshore bonds by Chinese enterprises (excluding certificates of deposit) exceeded 1.40 trillion yuan, representing a year-on-year growth of approximately 34.80% [17]. - The average coupon rate for newly issued Chinese dollar bonds has decreased by 102 basis points this year, making dollar financing more attractive compared to offshore RMB markets [22]. Conclusion - The article emphasizes the evolving dynamics of the Chinese bond market, with significant growth in local government bonds and offshore issuance, alongside competitive rankings among major financial institutions [4][5][9].

Core Viewpoint - The demand for refinancing of urban investment bonds is expected to be concentrated before the third quarter of 2025, with the Federal Reserve's interest rate cuts in September providing a loose liquidity environment, which together drives a rebound in the issuance scale of Chinese offshore bonds in the primary market. However, there is a clear differentiation in risk appetite, with some low-quality enterprises still facing refinancing challenges [2]. Group 1: Overall Market Performance - In the first three quarters of 2025, a total of 1,108 Chinese offshore bonds were newly underwritten, amounting to $145.46 billion. Among these, urban investment bonds accounted for 235 bonds totaling $22.87 billion, while financial bonds accounted for 590 bonds totaling $55.54 billion [2]. - The underwriting performance of various institutions in the Chinese offshore bond market is highlighted, with a focus on the leading underwriters [2]. Group 2: Underwriting Rankings - The top three institutions in terms of underwriting scale for Chinese offshore bonds are: 1. Bank of China with 209 bonds totaling $9.85 billion 2. HSBC with 169 bonds totaling $8.01 billion 3. Guotai Junan International with 243 bonds totaling $6.33 billion [4][5]. - In terms of the number of projects underwritten, CITIC Securities led with 380 bonds, followed by Haitong International with 271 bonds and Minsheng Bank with 264 bonds [9][10]. Group 3: Institutional Distribution - HSBC ranked first in total underwriting amount with $8.01 billion, followed by Guotai Junan International with $6.33 billion, and Bank of China (Hong Kong) with $4.61 billion [13]. - The ranking of banks in underwriting scale shows Bank of China at the top with $9.85 billion, followed by HSBC and Industrial and Commercial Bank of China with $4.78 billion [17][18]. Group 4: Specific Bond Types - For US dollar bonds, Guotai Junan International led with 157 bonds totaling $5.04 billion, followed by Bank of China with 100 bonds totaling $4.75 billion [25]. - In the urban investment bond category, Guotai Junan International also ranked first with 92 bonds totaling $2.12 billion, followed by Dongfang Securities with 61 bonds totaling $1.47 billion [30]. - In the financial bond category, Bank of China led with 110 bonds totaling $5.45 billion, followed by HSBC with 95 bonds totaling $3.85 billion [35]. - For green bonds, Bank of China ranked first with 32 bonds totaling $1.23 billion, followed by Industrial and Commercial Bank of China with 33 bonds totaling $1.12 billion [39].