Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has successfully completed the first batch of four corporate bond renewals, marking the initiation of a pilot program for corporate bond renewals and asset-backed securities expansion [1][3]. Group 1: Pilot Program Launch - On July 18, SZSE issued a notice to officially start the pilot program for corporate bond renewals, focusing on optimizing the issuance mechanism, aligning market-making mechanisms, and protecting investor rights [3]. - Issuers can use existing valid approval documents for renewals without reapplying for security codes, significantly reducing the average time from application to listing by nearly half [3]. Group 2: Market Impact - The renewed bonds will be listed alongside existing bonds, maintaining consistency in core elements, and eligible bonds will be included in the benchmark market-making range, enhancing price discovery and liquidity [3]. - The SZSE currently has 242 credit benchmark market-making bonds with a total balance exceeding 380 billion yuan, which supports improved market dynamics [3]. Group 3: Investor Participation - Following the announcement, companies such as GF Securities, China Merchants Highway, Guosen Securities, and Shenzhen Investment Holdings quickly participated in the pilot, representing various high-quality state-owned and private enterprises [3]. - The types of bonds issued include ordinary corporate bonds and technology innovation corporate bonds, with GF Securities issuing a renewal of 2 billion yuan for "25 GF D7" [3]. Group 4: Infrastructure Development - In recent years, SZSE has been enhancing bond market infrastructure to promote healthy interaction between primary and secondary markets, revising business guidelines, and launching a book-building system to improve issuance efficiency [4]. - The successful implementation of the renewal mechanism and the first batch of bond renewals have created a positive cycle of "expanding scale - increasing liquidity - reducing costs" [4]. - SZSE aims to continue strengthening market infrastructure to support high-quality economic development from both financing and investment perspectives [4].

近日，上交所发布了试点公司债券续发行的相关通知。已在上交所上市挂牌的存量公司债券的发行人可 以进行增量发行，并将增量发行债券与存量债券合并上市挂牌。5月29日，中信证券、招商证券等作为 首批试点发行人，完成了首批公司债券的续发行。 "续发行机制的建立有效提升了债券市场的流动性水平，增强了市场活跃度，完善市场价格体系，助力 交易所债券市场向更加成熟的方向迈进。"中信证券称。 增强市场流动性 5月21日，上海证券交易所发布《关于试点公司债券续发行和资产支持证券扩募业务有关事项的通 知》，试点开展公司债券续发行和资产支持证券扩募发行业务。公司债券续发行是指已在上交所上市挂 牌的存量公司债券的发行人进行增量发行，并将增量发行债券与存量债券合并上市挂牌。 通知称，发行人可以使用有效期内的公开发行注册文件或者非公开发行无异议函向上交所申请发行备 案，参与续发行业务。发行人、主承销商应当按照价格定价的方式确定续发行的发行价格。发行人应当 严格按照募集说明书的约定和有关规定使用续发行公司债券募集资金。变更募集资金用途，且可能对发 行和上市挂牌条件产生重大影响的，发行人应当依法履行债券持有人会议决议程序。 在招商证券看来，公司 ...

Core Viewpoint - The recent issuance of company bonds by CITIC Securities and China Merchants Securities marks a significant advancement in optimizing financing structures through bond renewals, injecting new vitality and possibilities into the bond market [1] Group 1: Issuer Perspective - The company bond renewal mechanism significantly enhances financing efficiency and reduces issuance costs. The simplified issuance process allows issuers to apply for issuance record using existing public offering registration documents, greatly shortening the issuance cycle [2] - By expanding the scale of incremental issuance, fixed costs can be diluted, leading to a notable decrease in unit financing costs. Successful renewals help issuers establish a good reputation and a stable financing channel [2] - In a declining interest rate environment, issuers can replace or supplement existing debt with low-interest bonds through renewals, optimizing overall debt cost structure [2] Group 2: Market Perspective - The company bond renewal mechanism enhances price discovery and market liquidity. Incremental issuance is anchored to the secondary market prices of existing bonds, leading to more market-aligned pricing [3] - High liquidity bonds attract a diverse range of investors, including hedge funds and high-frequency traders, enriching the investor structure and creating a positive feedback loop [3] - The inclusion of renewed bonds in the benchmark market-making category will enhance market maker quotation enthusiasm, reduce bid-ask spreads, and improve trading efficiency and transparency [3] Group 3: Overall Impact - The company bond renewal mechanism effectively reduces financing costs for issuers, significantly enhances secondary market liquidity, and transitions the credit bond market from "incremental expansion" to "stock optimization" [4] - This mechanism injects new momentum into financial market development and provides more stable and efficient financing support for the real economy [4]