本期债券的成功发行体现了申万宏源强大的专业能力和销售能力，是申万宏源践 行 "深耕区域、服务实体"战略的重要成果，为后续在拓展大西南区域更多优质项目、深 化与当地各类发行主体的合作关系筑牢了坚实根基。 免责声明 贯彻国家战略 助力实体经济 2025 年 12 月 22 日，由申万宏源证券担任联席主承销商的"绵阳新兴投资控股有 限公司 2025 年面向专业投资者非公开发行公司债券（第二期） "成功发行。其中品种 一由天府信用增进公司担保，债项评级 AAA ，票面利率为 2.7% ，金额 4 亿元，期限 5 年；品种二由重庆三峡集团担保，债项评级 AAA ，票面利率为 2.85% ，金额 2.5 亿 元，期限 5 年。本期债券品种一创发行人信用债利率历史最低，获得发行人高度评价。 绵阳新兴投资控股有限公司的实际控制人绵阳科技城管委会是四川省政府派出的正 厅级机构，委托绵阳市管理。绵阳是四川第二大经济体和成渝城市群区域中心城市，是 党中央、国务院批准建设的中国唯一科技城。 本内容最终解释权归申万宏源证券有限公司所有。 ...

免责 声 明 2025 年 11 月 24 日，由申万宏源担任牵头主承销商的常德市城市建设投资集 团有限公司 2025 年面向专业投资者非公开发行公司债券 ( 第五期 ) 成功 发行 ！本 期债券发行规模 7 亿元，债券期限 3+2 年，票面利率 2. 12 % 。 本期债券创下了 发行人的历史发行公司债最低票面利率！ 发行人作为常德市最大城投平台，长期以来都是申万宏源重点服务的区域核心客 户。 本期债券的成功发行 赢得了发行人的高度认可，也为双方未来持续深化合作筑 牢了坚实根基。 本次项目的成功发行将进一步加深申万宏源后续与 发行人的 合作广度和深度， 预计将极大地提升在 湖南省债券 业务的品牌知名度和专业竞争力，是申万宏源践行 "深耕区域、服务实体"战略的重要成果，为后续在 湖南省 拓展更多优质项目、深化 与当地各类优质发行主体的合作关系奠定了坚实基础。 本内容最终解释权归申万宏源证券有限公司所有。 ...

Core Viewpoint - Beijing Maoyuan Hongzhu Real Estate successfully acquired the Xuedarenzhuang 6017 land plot in Shunyi District for a base price of 1.03 billion yuan, translating to a floor price of 28,000 yuan per square meter, marking a strategic move to deepen its presence in the area [1][2][6]. Group 1: Land Acquisition Details - The recent land auction result was anticipated by the market [2]. - The newly acquired 6017 plot is adjacent to the existing Maoyuan Jingzhu project, which has a building area of approximately 58,000 square meters and a floor area ratio of 1.6 [9]. - The 6017 plot has a land area of about 2.3 hectares and a controlled building scale of 36,800 square meters, slightly smaller than the Jingzhu project but with the same floor area ratio [13]. Group 2: Market Context and Strategy - The real estate market has undergone significant changes over the past three years, with many private enterprises withdrawing from land auctions [5]. - Despite the market downturn, Maoyuan has remained aggressive, distinguishing itself as a leading private enterprise willing to acquire land independently [6]. - The strategy of acquiring adjacent plots is aimed at protecting market prices and avoiding price wars with competitors [8]. Group 3: Project Development Potential - The 6017 plot allows for a building height of 40 meters, which is rare in the Shunyi Central Villa area, providing ample design space for developers [15]. - The project is expected to feature high-standard renovations, with the potential to sell above the guidance price [15][16]. - The previous project, Maoyuan Yunjiji, achieved a sales average of 61,909.08 yuan per square meter, indicating strong market demand for Maoyuan's products [16].