Group 1: Fixed Income Market Insights - The revision of the Shanghai Stock Exchange's guidelines has tightened the issuance review of urban investment bonds, leading to credit differentiation among issuers [5][6][8] - The 2025 fiscal policy aims to "develop while reducing debt," with a focus on replacing hidden debts and controlling new financing for urban investment [9][10] - The urban investment bond market is showing signs of differentiation, with credit spreads widening between regions, indicating a shift towards market-oriented transformations [10][12] Group 2: Real Estate and Construction Sector - The company "I Love My Home" has turned a profit, with net profit expected to reach 1.6 billion yuan in 2025, driven by cost control and a recovering second-hand housing market [24][25] - The overall GTV (Gross Transaction Value) for the company increased slightly, reflecting a positive trend in the real estate sector [25][26] Group 3: Food and Beverage Sector - Zhongju Gaoxin's seasoning business has returned to positive growth, with revenue expected to reach 9.5 billion yuan in 2025, despite a slight decline in profit due to previous legal issues [29][30] - The company is focusing on internal reforms and external acquisitions to support long-term growth [33] Group 4: Retail Sector - Jihong Co. reported a revenue decline of 17.4% in 2024, but anticipates growth through AI empowerment and international expansion [35][36] - The cross-border e-commerce segment faced challenges, but adjustments in marketing strategies are expected to lead to a recovery [36][37] Group 5: Home Appliances Sector - Xiaoxiong Electric's performance improved significantly in Q4 2024, with revenue reaching 16.19 billion yuan, supported by government incentives and a focus on quality OEM business [39][40] - The company is expected to see continued growth in both domestic and international sales, particularly in the kitchen appliance segment [41][42]

2025 年 04 月 10 日 从上交所 3 号指引修订看城投债信用分化 固定收益研究团队 ——事件点评 陈曦（分析师） 刘瑞（分析师） chenxi2@kysec.cn 证书编号：S0790521100002 liurui2@kysec.cn 证书编号：S0790525010001 事件：2025 年 3 月 28 日，上海证券交易所发布《上海证券交易所公司债券发行 上市审核规则适用指引第 3 号——审核重点关注事项（2025 年修订）》，对公司 债的发行审核提出新的监管要求。 城投债发行审核收紧，推动城投债信用分化 本次修订的内容对发行主体的信息披露和发行监管方面作出了进一步明确和细 化，强调合规展业。 （1）细化财务指标及信息披露要求（如存货及应收类款项占总资产比例等）， 要求充分披露指标并说明原因、合理性，对盈利能力/市场化运营能力/偿债能力 的影响。 （2）对城投判断标准"335"指标再次确认，要求充分披露。 （3）城投转型时用于扩充收入的"贸易"业务，要求充分披露并说明合理性； 要求拼合多种市场化业务主体说明各板块协同性、对各板块实际控制情况等。 （4）压实主承、律师等中介机构的责任。 从指引修 ...