本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 华泰证券股份有限公司（以下简称"公司"或"本公司"）境外全资子公司华泰国际金融控股有限公司（以 下简称"华泰国际"）的附属公司华泰国际财务有限公司（以下简称"华泰国际财务"）于2020年10月27日 设立本金总额最高为30亿美元（或等值其他货币）的境外中期票据计划（以下简称"中票计划"），此中 票计划由华泰国际提供担保（以下简称"本次担保"）。2025年11月25日，华泰国际财务在上述中票计划 下发行四笔中期票据，发行金额为三笔0.50亿美元及一笔0.80亿美元。按2025年10月31日美元兑人民币 汇率（1美元=7.0880元人民币）折算，担保金额共计为人民币16.30亿元。 二、被担保人基本情况 ■■ 三、担保协议的主要内容 根据华泰国际财务与华泰国际、中国建设银行（亚洲）股份有限公司（作为受托人）于2025年1月24日 签署的《信托契据》，华泰国际作为担保人就华泰国际财务在此中票计划下发行的中期票据，提供无条 件及不可撤销的保证担保。2025年11月25日，华泰国际财务在上 ...

Navios Maritime Partners (NYSE:NMM) Q3 2025 Earnings Call November 18, 2025 08:30 AM ET Speaker4Thank you for joining us for Navios Maritime Partners' third quarter 2025 earnings conference call. With us today from the company are Chairwoman and CEO, Ms. Angeliki Frangou, Chief Operating Officer, Ms. Efstratios Desypris, Chief Financial Officer, Ms. Erifili Tsironi, and Chief Trading Officer, Mr. Vincent Vandewalle. As a reminder, this conference call is being webcast. To access the webcast, please go to th ...

尽管信用保险的价值会随着市场对公司违约风险的预期上升而增加，但当前的价格表明，与其他行业相 比，这些科技公司的违约风险仍然较低。 该名直接了解交易情况的消息人士表示，Saba向银行出售了针对甲骨文、微软、Meta、亚马逊和谷歌母 公司Alphabet的CDS。 该消息人士称，一些大型资产管理公司，包括一只私人信贷基金，也热衷于购买该产品。 微软和甲骨文拒绝置评。Meta、谷歌和亚马逊没有立即回应置评请求。 科技公司债务攀升，银行寻求保护 知情人士表示，博阿兹.韦恩斯坦的Saba资本管理公司在最近几个月向银行出售了针对甲骨文 (ORCL.US)和微软(MSFT.US)等大型科技公司的信用衍生品，主要系担忧债务融资的AI投资热潮带来的 风险。 该人士称，银行通过从这家美国对冲基金管理公司购买信用违约互换(CDS)来寻求规避潜在损失。Saba 基金以其成功押注对抗摩根大通那位被称为"伦敦鲸"的交易员而闻名。"伦敦鲸"事件是指2012年摩根大 通一位交易员因建立巨额头寸导致银行亏损超过60亿美元。Saba基金(及其经理博阿兹.韦恩斯坦)在其中 扮演了对手方角色，他们识别出其中的风险，通过买入信用违约互换(CDS)进行 ...

智通财经APP讯，光大环境(00257)发布公告，本公司今天向中国银行间市场交易商协会(交易商协会)作 出申请，以注册总金额不高于人民币150亿元且本公司将于适当时候分多个批次发行的多品种债务融资 工具(建议发行)，建议发行将在交易商协会出具的接受注册通知书的日期起计为期两年内进行。由于申 请正在处理中，申请能否及何时获批准，以及注册债务融资工具何时将完成仍未确定。 ...

光大环境(00257)发布公告，本公司今天向中国银行间市场交易商协会(交易商协会)作出申请，以注册总 金额不高于人民币150亿元且本公司将于适当时候分多个批次发行的多品种债务融资工具(建议发行)， 建议发行将在交易商协会出具的接受注册通知书的日期起计为期两年内进行。由于申请正在处理中，申 请能否及何时获批准，以及注册债务融资工具何时将完成仍未确定。 ...

3.超短期融资券接受注册通知书(中市协注[2025]SCP338号)：超短期融资券注册金额为人民币8亿元。注 册额度自通知书落款之日起两年内有效。 4.短期融资券接受注册通知书(中市协注[2025]CP117号)：短期融资券注册金额为人民币2亿元。注册额 度自通知书落款之日起两年内有效。 1.中期票据接受注册通知书(中市协注[2025]MTN1098号)：中期票据注册金额为人民币15亿元。注册额 度自通知书落款之日起两年内有效。 2.中期票据接受注册通知书(中市协注[2025]MTN1099号)：中期票据注册金额为人民币25亿元。注册额 度自通知书落款之日起两年内有效。 安徽皖通高速（600012）公路(00995)发布公告，公司于近期收到中国银行间市场交易商协会发出的接 受注册通知书，确认接受公司发行中期票据、超短期融资券及短期融资券(债务融资工具)的注册申请。 ...

Core Insights - Morgan Stanley's report highlights the significant role of AI infrastructure in the U.S. economy, indicating that data center construction is a key driver of non-residential building investment in 2023 [1][2] - The report emphasizes the challenges in scaling up electricity supply to meet the growing demand from AI data centers, with a projected need for substantial new power generation capacity [3][11] - The financial landscape for tech giants is shifting towards debt financing to support their capital expenditures in AI, with notable increases in bond issuance among major companies [22][25] Group 1: AI Infrastructure and Economic Impact - The construction of data centers is expanding from tech giants to a broader range of companies, significantly contributing to non-residential building investment in the U.S. [2][10] - Although over 300 GW of data center capacity is planned, only 175-200 GW is realistically expected to materialize, with annual additions projected to be five times higher than previous years [2][10] - Data centers are becoming a critical component of the U.S. economy, with their spending accounting for 6% of non-residential construction, despite overall declines in other sectors [7][10] Group 2: Electricity Supply Challenges - The U.S. electricity grid is currently unable to support the simultaneous operation of 300 GW of data centers, making power supply the primary constraint on AI expansion [11][20] - New power generation projects, particularly natural gas, are being prioritized, with a 158% increase in planned capacity to 147 GW [16][20] - The annual electricity consumption of data centers is expected to rise significantly, necessitating the addition of at least 100 GW of new generation capacity [13][14] Group 3: Financial Strategies of Tech Giants - Major tech companies are increasingly turning to debt financing to support their capital expenditures, with Oracle, Meta, and Alphabet leading in bond issuance [22][25] - The total capital expenditure for global data centers has reached $450 billion annually, prompting companies to seek external financing options [22][23] - Oracle faces significant debt pressures, with total debt exceeding $100 billion, while other companies like Microsoft maintain a more stable financial position [25][26] Group 4: Revenue Generation and Investment Returns - To achieve a reasonable investment return of 10%, the AI industry must generate approximately $650 billion in annual revenue, equating to 0.6% of global GDP [3][34] - The potential increase in costs for consumers, such as an additional $35 per month for iPhone users, highlights the need for effective monetization strategies in the AI sector [3][35] - Historical parallels with the telecom industry suggest that the success of AI investments will depend on viable business models rather than just technological advancements [31][32]

重要内容提示： ● 担保对象及基本情况 ■ ● 累计担保情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 本次被担保人在其中票计划下发行中期票据，实际用途为补充担保人集团的营运资金。被担保人CSI MTN Limited是公司为境外债务融资专门设立的票据发行主体，执行公司和担保人的融资决定，公司通 过中信证券国际对其持有100%控股权，能够及时掌握其偿债能力，担保风险可控，该项担保不会损害 公司及股东利益。 五、董事会意见 ■ 公司境外全资子公司中信证券国际有限公司（以下简称中信证券国际）的附属公司CSI MTN Limited （以下简称发行人或被担保人）于2022年3月29日设立境外中期票据计划（以下简称中票计划），此中 票计划由中信证券国际提供担保。根据存续票据到期情况，结合公司业务发展实际需要，发行人于2025 年11月14日在中票计划下发行一笔票据，发行金额210万美元。本次发行后，发行人在中票计划下已发 行票据的本金余额合计26.68亿美元。 （二）内部决策程序 经公司第八届董事会第二十二次会议、2023年度股 ...

Core Insights - Morgan Stanley's report highlights the significant role of AI infrastructure in the U.S. economy, indicating that data center construction is a key driver of non-residential building investment in 2023 [1][2] - The report emphasizes the need for substantial revenue generation to achieve reasonable investment returns in the AI sector, estimating that the industry must generate approximately $650 billion annually to reach a 10% return on investment [3][31] Group 1: AI Infrastructure and Economic Impact - The construction of data centers is expanding from tech giants to a broader range of companies, significantly contributing to non-residential building investment in the U.S. [2][11] - Although over 300 GW of data center capacity is planned, only 175-200 GW is expected to be realized, with an annual addition of 18-20 GW over the next decade [2][12] - The U.S. power grid is under pressure, with over 100 GW of new power projects queued for connection, primarily relying on natural gas, which has seen a 158% increase in planned capacity [2][16] Group 2: Financial Dynamics of Tech Giants - Major tech companies are shifting from self-funding to debt financing due to rising capital expenditures, with Oracle, Meta, and Alphabet issuing significant bonds to support AI investments [18][21] - The market for data center-related securities is rapidly growing, with $21.2 billion issued this year, nearly doubling from the previous year [26] - The total debt of Oracle has surpassed $100 billion, raising concerns about its financial flexibility in the face of increasing capital expenditures [21][24] Group 3: Revenue Generation and Market Viability - To achieve a 10% return on investment, the AI industry must generate around $650 billion in revenue, equating to 0.6% of global GDP [3][31] - The potential increase in costs for consumers, such as an additional $35 per month for iPhone users, raises questions about the market's ability to absorb these expenses [3][32] - The historical context of the telecom industry serves as a cautionary tale, highlighting the risks of overestimating demand and the importance of sustainable business models in the AI sector [28][29]

Group 1: AI Investment Trends - The current AI investment boom is seen as unstoppable, regardless of whether it leads to revolutionary advancements or bubbles [2] - AI is viewed as a solution to major challenges such as climate change and aging population, and is crucial for national competitive advantage [2] - China's advantages in AI development include a vast market and diverse application scenarios, which should align with domestic demand [2] Group 2: Financial Support for Technology Innovation - There are three main shortcomings in China's technology innovation: insufficient original innovation capability, reliance on foreign core technologies, and a lack of leading talent [3] - A shift from debt-based to equity-based financial support for technology innovation is recommended to enhance the capital market's role [3][4] - Encouragement of venture capital development and normalization of IPOs and refinancing are essential for stable expectations in the investment market [4] Group 3: Economic Growth Projections - China's GDP growth for the first three quarters of the year was 5.2%, ranking among the top globally, with a projected annual growth target of around 5% [5] - The goal for 2026 is to maintain a GDP growth rate of approximately 5%, aligning with the "14th Five-Year Plan" [6] - Recommendations include increasing the budget deficit rate to 4.5% and implementing more proactive fiscal and monetary policies to support economic stability [6]