发债规模同比增长逾八成 除定增外，发行债券融资也是券商重要的资本补充方式。今年以来，券商发债融资热情显著攀升。数据显示，截至10月9 日，已有71家券商合计发行了672只债券，合计募资金额达1.27万亿元，同比增长80.22%。此外，还有多笔券商大额债券正 在"路上"，例如，10月9日晚间，兴业证券披露，该公司获批发行不超过200亿元公司债。 具体来看，年内券商合计已发行证券公司债359只，募资金额为7502.5亿元；发行证券公司次级债73只，募资金额为 1129.39亿元；发行证券公司短期融资券240只，募资金额为4117.7亿元。 今年以来，资本市场向好态势显著，作为市场中的核心中介机构，券商踊跃进行资本补充以把握发展机遇。一方面，券商 积极推进定增，年内多家券商定增事项落地，同时，南京证券等券商的定增事项不断迎来新进展；另一方面，券商发债热情升 温，截至10月9日，年内券商发债募资规模达1.27万亿元，同比增长80.22%。 定增新进展不断 定增是上市券商实施再融资的一种重要方式。今年以来，多家上市券商的定增事项迎来新进展。9月29日，南京证券发布 公告称，该公司收到上交所出具的《关于南京证券股份有限公 ...

近年来，浙商银行（601916）德州分行统筹利用"行内行外"两种资源，依托"融资+融智+融服务""商行 +投行+私行"协同驱动，大力推行金融顾问制度，为政府、企业和居民提供涵盖"顶层设计、战略咨 询、资源整合、资产盘活、资本运作、招商引资、汇率避险、财富管理"等一揽子综合金融服务。在深 度调研市场需求后，浙商银行德州分行发现德州地方国企、城投、大型企业等，急需市场化转型，优化 债务结构，降低融资成本，面对企业的需求，浙商银行德州分行组建专业团队，注入投行力量，为企业 定制融资解决方案，通过资产优化、方案设计、投资人路演、市场化募资等一揽子"融资+融智"的金融 服务，成功助力多家企业创新融资模式，拓宽融资渠道。 2024年，浙商银行德州分行了解到德州市交通运输投资发展集团有限公司一直以来都有公开市场募集资 金的需求，但因为市场及主体资格的原因，客户融资利率较高，市场利率报价一度达到7%左右。分行 通过专业的金融服务，最终为客户成功发行超短融5亿元，利率为2.12%。该笔业务是德州区域2024年 唯一获批新增的协会债券产品，同时为德州市新增一户发债主体。 2025年4月，浙商银行德州分行作为主承销商落地德州市交通 ...

通用股份公告，拟面向专业投资者非公开发行公司债券，规模不超过10亿元。此次非公开发行的公司债 券面值为100元，按面值平价发行，期限不超过10年。债券票面利率将不超过国务院或其他有权机构限 定的水平。募集资金将用于偿还有息债务、补充流动资金及项目建设等。此发行方案已获得公司董事会 批准，尚需提交股东会审议通过。公司计划通过此次发行拓宽融资渠道并降低融资成本。 ...

1. 上市身份： 1. 合规记录： 2. 发行人需无重大违法违规记录，财务状况及经营情况透明，符合香港证监会（SFC）及港交所的信息披露要求。 二、债券品种选择 港交所债券市场品种丰富，上市公司可根据融资需求、成本偏好、风险承受能力选择不同类型： 港交所（HKEX）作为全球领先的金融市场，其债券市场（"港交所债券市场"）凭借国际化投资者基础、灵活的发行机制、完善 的法律框架，成为上市公司及企业重要的融资渠道。以下是上市公司在港交所进行债券融资的核心要点，涵盖发行条件、流 程、品种、监管及后续管理等关键环节： 一、发行基本条件 港交所对债券发行人的上市地位及资质有明确要求，核心条件包括： 品种类型 特点 适用场景 按币种划分 港元债 以港元计价，受香港本地及国际投资者欢迎，利率通常低于美元债（若港元利率低）。 需港元融资、降低汇率风险的发行人（如香港本地企业）。 美元债 全球流动性最高，投资者基础广，但需承担美元汇率波动风险。 大型跨国企业、需引入境外资金的发行人（如内地企业）。 人民币债（"点心债"） 以人民币计价，吸引关注人民币资产的投资者，近年发行量稳步增长。 2. 发行人需为港交所上市公司（主板或GEM ...

Core Viewpoint - Recent bond issuance by internet platform companies has attracted significant market attention, driven by increased investments in AI and a strategic move to optimize debt structures while locking in low interest rates [1][2][5] Group 1: Bond Issuance Details - Tencent Holdings announced plans to issue a total of RMB 90 billion in bonds, with specific amounts allocated to different maturities: RMB 20 billion for 5-year bonds at 2.10%, RMB 60 billion for 10-year bonds at 2.50%, and RMB 10 billion for 30-year bonds at 3.10% [2] - Baidu plans to issue offshore priority unsecured bonds worth RMB 44 billion, with proceeds aimed at general corporate purposes, including debt repayment [2][3] - Alibaba has also been active in the bond market, announcing a zero-coupon convertible bond issuance of approximately USD 3.2 billion and completing a zero-coupon exchangeable bond issuance of HKD 12.023 billion [3] Group 2: Strategic Financial Management - The bond issuance is seen as a strategy to refinance upcoming debts, with Tencent having USD 1 billion maturing in January 2026 and USD 500 million in April 2026 [4] - Despite having sufficient cash flow to cover maturing debts, the issuance allows companies to take advantage of low-cost financing options available in the current market [5] - The issuance of "dim sum" bonds (RMB-denominated bonds) is particularly attractive due to lower financing costs and better liquidity, which helps optimize the capital structure [5] Group 3: AI Investment and Future Outlook - The increasing bond issuance is closely linked to the growing capital expenditure in AI, with projections indicating that major Chinese internet companies will spend USD 32 billion by 2025, up from USD 13 billion in 2023 [7] - Alibaba plans to allocate approximately 80% of the proceeds from its bond issuance to enhance cloud infrastructure, while the remaining 20% will support international business expansion [7] - The trend of issuing bonds to fund AI investments reflects a broader strategy among internet companies to secure necessary capital for long-term growth and maintain competitive advantages in the market [7]

Core Viewpoint - Recent bond issuance by internet platform companies has attracted significant market attention, driven by increased investments in AI [1] Group 1: Bond Issuance Trends - Tencent announced plans to issue a total of RMB 90 billion in bonds, with maturities ranging from 5 to 30 years and interest rates between 2.10% and 3.10% [2] - Baidu plans to issue offshore RMB-denominated bonds worth RMB 44 billion, with proceeds aimed at general corporate purposes, including debt repayment [2] - Alibaba has also been active in the bond market, planning to issue approximately USD 3.2 billion in zero-coupon convertible bonds and completing a HKD 12.023 billion zero-coupon exchangeable bond issuance [3] Group 2: Financial Strategy - Tencent's bond issuance may serve as refinancing for upcoming debt maturities, despite having sufficient cash flow to cover these obligations [4][5] - The current low-interest-rate environment allows internet companies to lock in lower funding costs through bond issuance, which is seen as a strategic move to optimize debt structure [5][6] Group 3: AI Investment Focus - The increasing bond issuance is linked to the need for funding AI investments, with a projected capital expenditure of USD 32 billion by major Chinese internet firms by 2025, up from USD 13 billion in 2023 [7] - Alibaba plans to allocate approximately 80% of the proceeds from its bond issuance to enhance cloud infrastructure, while the remaining 20% will support international business expansion [7] - The growing demand for funds to support AI initiatives is making bond issuance a vital financing channel for internet companies [7]

腾讯或将开启新一轮债券融资计划。 9月15日，腾讯控股竟在早盘前十分意外地宣布更新其一项总额高达300亿美元的全球中期票据计划。 据了解，腾讯最早于2014年4月10日设立该计划，最初其总累计最高限额仅有50亿美元，在后续数年过程中，该计划不断膨胀，其最高限额已达到300亿美 元。 在当时的公告中，腾讯表示，计划旨在提供一个平台，在中长期而言提高日后融资或资本管理的灵活性及效率。"计划是为了让票据得以不时提取而设 立，而公司目前无意提取计划的全部金额。计划项下的票据本金额及提取时间须取决于多项因素而定，包括但不限于市场状况及本公司的企业需求。" 在设立该计划后的2014年，腾讯完成多次票据发行，包括一笔25亿美元以及一笔20亿港元的票据发行。 值得注意的是，在后续的数年间，腾讯每一次更新全球中期票据计划，都在不久后迎来大手笔票据融资。 因此，时隔4年多后，腾讯再一次更新其全球中期票据计划，引发了市场的巨大关注，因为腾讯或将又一次开启债券融资大幕。 在本次最新的更新公告中，腾讯表示，公司根据计划仍有本金总额177.5亿美元的未偿还票据。公司已向联交所申请于2025年9月15日后12个月内计划（仅 向若干专业投资 ...

腾讯或将开启新一轮债券融资计划。 9月15日，腾讯控股竟在早盘前十分意外地宣布更新其一项总额高达300亿美元的全球中期票据计划。 据了解，腾讯最早于2014年4月10日设立该计划，最初其总累计最高限额仅有50亿美元，在后续数年过程中，该计划不断膨胀，其最高限额已达到300亿美 元。 在当时的公告中，腾讯表示，计划旨在提供一个平台，在中长期而言提高日后融资或资本管理的灵活性及效率。"计划是为了让票据得以不时提取而设立，而 公司目前无意提取计划的全部金额。计划项下的票据本金额及提取时间须取决于多项因素而定，包括但不限于市场状况及本公司的企业需求。" 在设立该计划后的2014年，腾讯完成多次票据发行，包括一笔25亿美元以及一笔20亿港元的票据发行。 值得注意的是，在后续的数年间，腾讯每一次更新全球中期票据计划，都在不久后迎来大手笔票据融资。 如2019年4月1日，腾讯宣布更新全球中期票据计划，将全球中期票据计划的总累计最高限额由100亿美元提高至200亿美元，在4月4日即宣布根据该计划对 60亿美元票据进行定价，4月12日即完成该笔60亿美元的票据发行。 在本次最新的更新公告中，腾讯表示，公司根据计划仍有本金总额1 ...

Group 1: Financial Data Overview - As of the end of August 2025, the total social financing scale reached 433.66 trillion yuan, with a year-on-year growth of 8.8%, maintaining a high growth trend since the beginning of the year [1] - In the first eight months of 2025, the cumulative increase in social financing was 26.56 trillion yuan, with an additional 2.57 trillion yuan in August, which was 4.63 billion yuan less than the previous year but significantly increased by 1.44 trillion yuan month-on-month [1] - The broad money supply (M2) stood at 331.98 trillion yuan at the end of August, also growing by 8.8% year-on-year, while the narrow money supply (M1) was 111.23 trillion yuan, with a year-on-year growth of 6% [1] Group 2: Credit and Loan Dynamics - In August, the balance of domestic and foreign currency loans reached 273.02 trillion yuan, with a year-on-year increase of 6.6%, while the balance of RMB loans was 269.1 trillion yuan, growing by 6.8% year-on-year [2] - The increase in RMB loans for the first eight months of 2025 was 13.46 trillion yuan, with August alone seeing a new addition of 590 billion yuan, which was 3.1 billion yuan less than the previous year but 6.4 trillion yuan more than the previous month [2] - The recovery in credit growth in August was attributed to improved macroeconomic conditions, reduced overdraw effects from previous loan disbursements, and a decrease in the downward pressure from hidden debt replacement [2][3] Group 3: Government and Corporate Bonds - By the end of August, the balance of corporate bonds reached 33.47 trillion yuan, growing by 3.7% year-on-year, while government bonds increased significantly by 21.1% to 91.36 trillion yuan [6] - In the first eight months of 2025, net financing from corporate bonds was 1.56 trillion yuan, a decrease of 2.21 trillion yuan year-on-year, while government bonds saw net financing of 10.27 trillion yuan, an increase of 4.63 trillion yuan [6] - The issuance of local government bonds was robust, with 7.68 trillion yuan issued nationwide, including 3.26 trillion yuan in new special bonds, completing 74% of the annual quota [6][7] Group 4: Economic and Sectoral Insights - The advanced manufacturing sector, particularly high-tech and equipment manufacturing, showed strong demand for financing, supporting credit growth [4] - Personal loans in August saw a slight increase, with short-term loans adding 10.5 billion yuan and medium to long-term loans increasing by 20 billion yuan [5] - The issuance of special bonds for land reserves has accelerated since June, contributing to stabilizing the real estate market [7] Group 5: Monetary Policy and Future Outlook - The M1-M2 spread narrowed to its lowest level in nearly four years, indicating increased monetary activity and potential for funds to flow into consumption and investment [8] - The current monetary policy is expected to remain supportive, with room for further easing given the low domestic price levels [9] - Financial institutions are encouraged to adapt to changing credit demands due to economic structural transformations, focusing on effective demand in emerging sectors [9]

Group 1 - The project status of Shaanxi Coal and Chemical Industry Group Co., Ltd.'s 7 billion yuan small public bond has been updated to "accepted" as of September 5, 2025 [1] - The funds raised from this bond issuance, after deducting issuance costs, are intended to be used for repaying maturing debts and interest [1]