日前，中国银行间市场交易商协会（以下简称"交易商协会"）正式发布《关于2025年非金融企业债务融 资工具承销业务相关会员申请从事承销相关业务市场评价结果的公告》（下称《公告》），宣布新增一 批会员机构获得非金融企业债务融资工具承销业务资格。 本次扩容共纳入24家会员单位，涵盖多家银行机构，进一步丰富了市场参与主体，增强了金融体系对实 体经济特别是科技创新与地方经济的服务支撑能力。 三类承销商名单扩充 公告显示，交易商协会于2025年11月14日发布公告，启动了2025年非金融企业债务融资工具承销业务相 关会员申请从事承销相关业务市场评价工作。截至申请截止日2025年11月28日，共有37家会员提交了申 请材料，交易商协会秘书处依据市场评价标准组织审核工作，形成评价结果。本次资格调整新增三类业 务主体： 1．新增非金融企业债务融资工具一般主承销商8家，其中包括财通证券股份有限公司等机构。 | 序号 | 机构名称 | | --- | --- | | 1 | 财通证券股份有限公司 | | 2 | 第一创业证券承销保存有限责任公司 | | ﺗﻤﺎ | 华创证券有限责任公司 | | 4 | 华泰联合证券有限责任公司 | ...

西部证券公告称，近日中国银行间市场交易商协会发布评价结果公告，公司可开展银行间债券市场非金 融企业债务融资工具一般主承销业务。公司将按相关规则，设立主承销业务相关部门，配备专职人员， 健全业务规程、风险管理和内部控制制度，规范开展主承销业务。 ...

Core Viewpoint - The China Interbank Market Dealers Association has rated Dongguan Rural Commercial Bank as a D-class general underwriter, which may lead to the loss of its underwriting qualifications if it remains in this category for two consecutive years [1][5][8]. Group 1: Market Evaluation Results - The evaluation results are the first disclosure following the revision of market evaluation rules in June 2024, which categorized underwriters into general and specialized types [4]. - Among 26 national and 28 local banks, most were rated B-class, with 12 rated A-class, while Dongguan Rural Commercial Bank and two others received a D-class rating [2][5]. Group 2: Underwriting Business Performance - Dongguan Rural Commercial Bank's net commission income has decreased by 35.9% year-on-year to 457 million yuan in 2024, influenced by adjustments in insurance and wealth management product fees [1][9]. - The bank's overall commission income has declined from 1.585 billion yuan in 2016 to 457 million yuan in 2024, a reduction of 71.2% [9]. Group 3: Regulatory and Compliance Issues - The D-class rating may be linked to a fine of 800,000 yuan imposed on the bank in December 2024 for inadequate bond underwriting management and inappropriate insurance product sales to elderly clients [8]. - The evaluation criteria include business scale and quality, with the bank reportedly falling below the bottom 10% in terms of underwriting amounts and issuer numbers [2][6]. Group 4: Financial Performance Impact - The bank's net profit has been declining, with a 12.11% drop in 2023 and a 9.08% drop in 2024, indicating pressure on overall financial performance [10]. - The decline in underwriting qualifications could further impact the bank's intermediary income and overall performance growth [10].

Group 1: Overall Market Trends - The first quarter of 2025 saw a significant increase in bond underwriting by securities firms, with both technology innovation bonds and private enterprise bonds surpassing 100 billion yuan in scale [1] - The bond underwriting business is becoming an important support for the performance of securities firms, prompting them to enhance their service capabilities and diversify their bond offerings [1][13] Group 2: Technology Innovation Bonds - In Q1 2025, 40 securities firms acted as main underwriters for technology innovation bonds, underwriting 107 bonds with a total scale of 1042.93 billion yuan, marking a year-on-year increase of 10.26% [2][6] - The top five firms by underwriting volume were CITIC Securities (243.58 billion yuan), CITIC Jiantou (150.67 billion yuan), Guotai Junan (128.26 billion yuan), CICC (100.50 billion yuan), and Huatai United [2][3] Group 3: Green Bonds - A total of 26 securities firms underwrote 25 green bonds in Q1 2025, with a total amount of 217.19 billion yuan, of which asset-backed securities accounted for 91.89 billion yuan [4][6] - The leading firms in green bond underwriting were CITIC Jiantou (51.79 billion yuan), Guotai Junan (27.27 billion yuan), CICC (22.37 billion yuan), CITIC Securities (20.60 billion yuan), and Guoxin Securities (13.55 billion yuan) [4][5] Group 4: Private Enterprise Bonds - In Q1 2025, 33 securities firms acted as main underwriters for private enterprise bonds, underwriting 98 bonds with a total amount of 1071.66 billion yuan, reflecting a year-on-year growth of 18.84% [6][7] - CITIC Securities led the market with an underwriting amount of 168.14 billion yuan, followed by Ping An Securities (133.33 billion yuan) and GF Securities (102.59 billion yuan) [7][9] Group 5: Local Government Bonds - In Q1 2025, 63 securities firms participated in the issuance of local government bonds, with a total winning bid amount of 420.46 billion yuan across 20 regions [10] - Huatai Securities topped the market with a total winning bid amount of 40 billion yuan, winning bids in 15 regions [10] Group 6: Niche Bond Markets - Securities firms are actively engaging in niche bond markets, with 13 firms underwriting 11 rural revitalization bonds totaling 96.63 billion yuan [11] - For low-carbon transition bonds, 10 firms underwrote 6 bonds totaling 31.5 billion yuan, while another 10 firms underwrote "Belt and Road" bonds totaling 41 billion yuan [12][13]

Core Insights - The report highlights the significant growth in bond underwriting activities by securities firms in the first quarter of 2025, particularly in the technology innovation bond sector, which saw a 30.49% increase in the number of bonds underwritten compared to the previous year [1][2]. Group 1: Technology Innovation Bonds - In 2024, securities firms collectively underwrote technology innovation bonds amounting to 613.686 billion yuan, marking a year-on-year increase of 68.48% [1]. - In Q1 2025, 40 firms underwrote 107 technology innovation bonds, totaling 104.293 billion yuan, which is a 10.26% increase year-on-year [1]. - Leading firms in this sector included CITIC Securities, CITIC Construction Investment, Guotai Junan, and CICC, with underwriting amounts of 24.358 billion yuan, 15.067 billion yuan, 12.826 billion yuan, and 10.05 billion yuan respectively [1]. Group 2: Private Enterprise Bonds - In Q1 2025, 33 firms underwrote 98 private enterprise bonds, achieving a total amount of 107.166 billion yuan, which represents an 18.84% increase year-on-year [2]. - Among these, asset-backed securities accounted for 59 bonds with a total amount of 54.838 billion yuan [2]. - The top underwriters in this category were CITIC Securities, Ping An Securities, and GF Securities, with amounts of 16.814 billion yuan, 13.333 billion yuan, and 10.259 billion yuan respectively [2]. Group 3: Other Bond Categories - In the rural revitalization bond sector, 13 firms underwrote 11 bonds, totaling 9.663 billion yuan, reflecting a substantial year-on-year increase of 263.27% [3]. - For the "Belt and Road" bonds, 10 firms underwrote 6 bonds with a total amount of 4.1 billion yuan [3]. - In the green bond category, 26 firms underwrote 25 bonds, amounting to 21.719 billion yuan, with asset-backed securities making up 7 bonds totaling 9.189 billion yuan [3]. Group 4: Strategic Developments - Several securities firms are enhancing their bond underwriting strategies, such as Northeast Securities focusing on regional strategies and client analysis to provide tailored financing solutions [4]. - First Capital is set to deepen its customer service strategy, aiming to strengthen its position in the North Exchange bond market while expanding into technology innovation and green bonds [4].