Core Viewpoint - The successful issuance of bonds by Mianyang New Emerging Investment Holding Co., Ltd. reflects the strong professional and sales capabilities of Shenwan Hongyuan Securities, contributing to the support of the real economy and the implementation of national strategies [2] Group 1: Bond Issuance Details - The bond issuance consists of two varieties: the first, guaranteed by Tianfu Credit Enhancement Company, has a rating of AAA, a coupon rate of 2.7%, and a total amount of 400 million yuan with a 5-year term [2] - The second variety, guaranteed by Chongqing Three Gorges Group, also has a rating of AAA, a coupon rate of 2.85%, and a total amount of 250 million yuan with a 5-year term [2] - The first variety of bonds achieved the lowest historical credit bond rate for the issuer, receiving high praise from the issuer [2] Group 2: Strategic Importance - Mianyang, as the second-largest economy in Sichuan and a regional center in the Chengdu-Chongqing city cluster, is recognized as China's only technology city approved for construction by the central government [2] - The successful bond issuance is a significant outcome of Shenwan Hongyuan's strategy of "deepening regional engagement and serving the real economy," laying a solid foundation for expanding quality projects in the Southwest region and deepening cooperation with local issuers [2]

Group 1 - The 20th Central Committee's Fourth Plenary Session is a historically significant meeting that provides direction for the development of the party and the country as it embarks on a new journey towards building a modern socialist country [1] - The company prioritizes learning and implementing the spirit of the 20th Central Committee's Fourth Plenary Session as a key political task, aiming to unify thoughts and actions with the decisions of the Central Committee [1] Group 2 - The company has organized a comprehensive learning initiative, with leadership taking the lead in studying the session's key documents and engaging in discussions to deepen understanding [2] - All employees are encouraged to participate in various learning formats, ensuring that the spirit of the session reaches every staff member and fosters a strong learning atmosphere [2] Group 3 - The company emphasizes understanding the core essence of the session's spirit, particularly in relation to the futures market's role in supporting the modern industrial system and enhancing resource allocation [3] - Mechanisms are being established to enhance the role of party members, promoting their involvement in key annual tasks to leverage the party's organizational advantages for business development [3] Group 4 - The company is committed to improving service quality for the energy industry, providing comprehensive support for risk management and conducting specialized training for state-owned enterprises [4] - Financial risk prevention measures are being strengthened, including the revision of marketing regulations and the establishment of compliance management protocols to ensure stable business development [4] Group 5 - The company supports rural revitalization by collaborating on innovative insurance products and providing financial assistance to local farmers, enhancing agricultural productivity and market competitiveness [5] - The company aims to deepen the implementation of the session's spirit, enhancing professional service capabilities and risk management to contribute to national economic goals [5]

Group 1 - The central economic work conference outlines a clear blueprint for high-quality economic development in China and indicates the fundamental direction for capital markets to serve the real economy and mitigate risks [1] - Jinrui Futures emphasizes its commitment to implementing the conference's directives by adhering to the new development philosophy, focusing on serving the real economy, and strengthening risk control foundations [1][4] Group 2 - The conference calls for financial institutions to enhance support for key areas such as expanding domestic demand, technological innovation, and small and medium-sized enterprises [2] - Jinrui Futures aims to integrate futures tools more closely with the real economy, actively aligning with national strategies and focusing on rural revitalization [2] - The company plans to deepen its efforts in the industrial customer sector, enhancing its research and development capabilities centered around hedging, and providing comprehensive risk management services [2] Group 3 - The conference stresses the importance of maintaining a bottom line and actively and prudently addressing risks in key areas [3] - Jinrui Futures recognizes that risk management is vital for its survival and development, and it aims to be a benchmark for risk management in the futures market [3] - The company is enhancing its internal monitoring, compliance management, and investor education efforts to ensure prudent and stable financial operations [3] Group 4 - Jinrui Futures will continue to uphold the spirit of the central economic work conference, focusing on serving the real economy while maintaining vigilance against risks [4]

Core Viewpoint - The successful issuance of the bond by Changde City Urban Construction Investment Group marks a significant achievement for both the issuer and the underwriter, Shenwan Hongyuan, highlighting a strong partnership and setting a precedent for future collaborations [2][3]. Group 1 - The bond issuance scale is 700 million yuan, with a term of 3+2 years and a coupon rate of 2.12%, which is the lowest coupon rate in the issuer's history [2]. - Shenwan Hongyuan has been a key service provider for the issuer, which is the largest urban investment platform in Changde City, indicating a long-term relationship [2]. - The successful issuance is expected to enhance Shenwan Hongyuan's brand recognition and professional competitiveness in the bond market within Hunan Province [3]. Group 2 - This project is seen as a significant outcome of Shenwan Hongyuan's strategy of "deepening regional engagement and serving the real economy," laying a solid foundation for expanding quality projects in Hunan Province [3]. - The collaboration is anticipated to deepen the breadth and depth of future cooperation between Shenwan Hongyuan and the issuer, reinforcing their partnership [3].

Core Viewpoint - The company emphasizes the importance of "long-termism" in investment strategies, aligning with national economic goals and focusing on sustainable value creation for investors [1][4][12] Group 1: Financial Industry Context - The current economic environment in China is transitioning towards high-quality development, with the Central Financial Work Conference outlining a blueprint for building a strong financial nation [1] - The release of the new "National Nine Articles" provides strong momentum for the reform and steady development of the capital market [1] - The introduction of the "Action Plan for Promoting the High-Quality Development of Public Funds" aims to correct industry positioning and emphasize investor return orientation [1] Group 2: Investment Philosophy - The company's investment philosophy prioritizes "long-term returns," focusing on creating sustainable profits for clients while managing risk-return ratios [2] - A team-based, integrated research and investment system is established, promoting collaboration between experienced fund managers and researchers to enhance investment performance [2] Group 3: Performance Assessment and Incentives - The company has optimized its performance assessment by extending evaluation periods, with a focus on medium to long-term performance metrics, which now account for 80% of the assessment [3] - Emphasis is placed on the stability of performance and risk-adjusted returns, ensuring that fund managers are aligned with long-term investor interests [3] Group 4: Value Creation and Client Focus - The company recognizes the deep connection between the long-term interests of fund companies and investors, emphasizing the need to create continuous value for clients [4] - A shift towards a client-centered approach is underway, focusing on customized asset allocation and comprehensive client support throughout the investment cycle [7] Group 5: Business Model Innovation - The company is developing floating fee rate products to align its income with client profitability, thereby enhancing investment management capabilities [5] - A comprehensive "fixed income plus" product line is being established to meet diverse client needs while managing risk effectively [6] Group 6: Social Responsibility and Economic Service - The company actively engages in serving the real economy, aligning its investment strategies with national priorities and supporting key sectors such as technology and green finance [9][10] - Continuous innovation in product offerings is being pursued to enhance service to the real economy, including the development of various specialized funds [10] Group 7: Future Outlook - The company is committed to maintaining its focus on "long-termism," value creation, and social responsibility, aiming to contribute to the preservation and appreciation of residents' wealth while supporting economic innovation [12]