证券研究报告·固定收益·固收点评 固收点评 20260228 绿色债券周度数据跟踪 （20260224-20260227） [Table_Tag] [Table_Summary] 观点 ◼ 一级市场发行情况： 本周（20260224-20260227）银行间市场及交易所市场共新发行绿色债券 2 只，合计发行规模约 7.50 亿元，较上周减少 32.51 亿元。发行年限为 3 年；发行人性质为地方国有企业；主体评级为 AAA 级；发行人地域 为江苏省、福建省；发行债券种类为定向工具、中期票据。 ◼ 二级市场成交情况： 本周（20260224-20260227）绿色债券周成交额合计 514 亿元，较上周减 少 56 亿元。分债券种类来看，成交量前三为非金公司信用债、金融机 构债和利率债，分别为 247 亿元、195 亿元和 64 亿元；分发行期限来 看，3Y 以下绿色债券成交量最高，占比约 85.40%，市场热度持续；分 发行主体行业来看，成交量前三的行业为金融、公用事业、交运设备， 分别为 221 亿元、126 亿元和 20 亿元；分发行主体地域来看，成交量前 三为北京市、广东省、湖北省，分别为 159 亿元、 ...

·铁路12306累计发售春运期间车票2.98亿张 ·2026年度总票房已破60亿春节档电影总票房（含预售）已突破34亿元 ·加拿大2025年贸易逆差大幅扩大对美依赖下降 【国内要闻】 ·记者从应急管理部获悉，国务院安委办近日印发关于江苏连云港东海县福禄寿烟花爆竹经营部较大事 故和湖北襄阳宜城市千和百货店（烟花爆竹零售店）重大事故的通报，深刻剖析事故暴露的突出问题， 对烟花爆竹全链条特别是经营燃放环节安全监管工作作出部署，要求各地深刻吸取事故教训，立即开展 排查整治，坚决遏制事故多发势头，确保春节元宵节期间安全形势和社会大局稳定。 ·记者从中国国家铁路集团有限公司获悉，2月20日，全国铁路预计发送旅客1500万人次，计划加开旅客 列车1469列。2月19日，全国铁路发送旅客1353.9万人次，运输安全平稳有序。截至2月20日8时，铁路 12306累计发售春运期间车票2.98亿张。 【重点关注】 ·国务院安委办通报两起烟花爆竹爆燃事故部署全链条安全监管 ·环球银行金融电信协会（Swift）当地时间2月19日发布的人民币月度报告和数据统计显示，2026年1 月，在基于金额统计的全球支付货币排名中，人民币以3.13% ...

2025年，绿债指数样本券数量与市值延续扩容态势，截至2025年末，样本券数量达615只，同比增长 17.6%。从发行主体看，截至2025年末，绿债指数样本券覆盖主体255个，其中金融行业占比最高，占 比43.9%；工业、公用事业处于第二、三位。（记者任军） 【纠错】 【责任编辑:王萌萌】 记者日前从中国银行间市场交易商协会获悉，2025年我国共发行各类绿色债券10778.8亿元，年末托管 量达24154.8亿元。 绿色债券市场品种结构整体稳定，其中绿色金融债券规模同比增长129.1%，绿色公司信用类债券同比 增长15.9%。2025年中国绿色债券二级市场累计成交近1.2万亿元，同比增长78.8%，全年平均换手率为 57.1%，市场活跃度与2024年基本持平。 2025年，中国绿色债券指数运行稳健，绿债指数值全年累计增长1.7%，最大回撤幅度为0.4%，低于同 期综合债指数最大回撤1.3个百分点。 ...

中债指数 统计及分析月报 2025年12月 业务联系方式 产品获取：400-898-8989 指数编制：021-60813551、010-88174257 质量控制：021-60813562、021-60813561 咨询投诉邮箱：cbpc_complaints@chinabond.com.cn 中债金融估值中心有限公司 中债金融估值中心有限公司 债市动态及中债指数走势 2025年债券市场回顾 2025年，债券市场持续平稳健康发展。表征境内债券市场的中债-新综合指数全年持有收益1.81%、价 格收益-1.16%，指数全年总收益获0.65%。利率债中，长端利率债全年持有收益更高，在价格收益上稍 有逊色，总体呈现出久期越长，价格收益越负、总收益越低的特点。信用债同样受到利率波动上行的影 响，但因为久期较短价格下跌幅度比利率债小，总收益相对较好。其中，中债-短融AAA指数由于价格收 益的正贡献，全年收益达1.82%，略好于其他代表性宽基信用债指数。全年信用债市场整体信用利差进 一步收敛，信用债指数的利差收益贡献都为正，部分弥补了利率上行带来的价格下跌。主题指数中，中 债-投资优选绿色债券指数和中债-AAA科技创新债 ...

【环球网财经综合报道】当前，外资公募基金公司牌照落地五年有余。截至1月27日，2025年以来共有9家外资公募合 计成立57只新基金，募集规模超750亿元。其中，23只为被动基金、19只为固收基金，11只为主动权益基金，还有4只 FOF基金。进一步来讲，被动基金与固收产品为发行主力，主动权益类产品也逐渐崭露头角，特别是在科技、港股 通、ESG等主题赛道上，外资机构凭借其全球投研优势，正试图打造具有辨识度的产品线。 从机构布局来看，9家参与新发的外资公募呈现鲜明的差异化特征。摩根资产管理以17只新发产品位居数量榜首，覆 盖被动指数、增强指数、短期纯债、混合型FOF等多个品类，践行"主动+被动"双轮驱动策略，既布局港股通50ETF、 科创债ETF等被动工具，也发行主动权益类产品，形成均衡的产品线矩阵。 摩根士丹利基金聚焦主动权益赛道，期间发行的6只产品中有3只为偏股混合型基金，包括大摩沪港深科技混合、大摩 港股通多元成长混合、大摩景气智选混合。而宏利基金在固收与指数增强领域发力，期间发行了多只混合债券型基金 和中证A50、A500指数增强产品，契合其"稳健+增强"的产品风格。贝莱德基金继续深耕指数与固收赛道，发行了 ...

Core Viewpoint - The company Qifu Life Service has adopted a unique profit strategy by investing in silver, achieving significant returns that exceed its projected net profit for 2024 [2][11]. Group 1: Investment Strategy - Qifu Life Service reported a total investment gain of approximately 2.47 billion yuan from two silver trading transactions, which is 2.53 times its expected net profit for 2024 of 97.539 million yuan [2][5]. - The company purchased 800,000 ounces of silver bars in 2020 at an average cost of 128.75 yuan per ounce, setting the stage for future profits [5][6]. - In January 2024, the company sold 400,000 ounces of silver for 226 million yuan and 280,000 ounces for 162 million yuan, achieving average selling prices of 565.5 yuan and 577.5 yuan per ounce, respectively [8][10]. Group 2: Financial Performance - For the first half of 2025, Qifu Life Service reported total revenue of 161 million yuan, a year-on-year decline of approximately 11.6%, with a gross profit of about 82.5 million yuan, down 2.4% [12]. - The company's revenue sources are diverse, including property management, retail, extracurricular training, information technology services, and supporting life services, but performance across these sectors has been inconsistent [11][12]. - The retail services segment, which includes 24 stores, generated 63.1 million yuan in revenue, reflecting a slight decline of 1.1% year-on-year [12]. Group 3: Market Reaction and Future Outlook - Following the announcement of its silver trading profits, Qifu Life Service's stock price rose by 8.64% on January 12, indicating positive market sentiment [10]. - Industry experts suggest that while Qifu Life Service's silver investment has been a successful strategy, it may not be replicable for other small property companies facing similar growth challenges [10][11].

Core Insights - The article highlights the strong performance of ESG bonds in 2025, outperforming the global aggregate bond index by 439 basis points as of December 15, 2025 [3][4]. Group 1: ESG Bond Performance - The Bloomberg Global Aggregate Green Social Sustainable Development Bond Index (GSS) recorded a return of 12.28%, significantly higher than the global aggregate bond index's return of 7.89% [4]. - The excess return of GSS was primarily driven by the second quarter, where it achieved an 8.02% return compared to 4.52% for the global aggregate bond index, influenced by uncertainties in tariff policies [4]. - GSS experienced positive returns in November and the first half of December, contributing 0.42% and 0.48% respectively [9]. Group 2: Market Conditions and Influences - Following the Federal Reserve's interest rate cut in December, credit spreads, particularly for corporate bonds, narrowed from a high of 87 basis points to around 81 basis points [6]. - The GSS index's performance benefited from a strong demand for high-quality priority debt in the financial sector, leading to a return of 14.5% [11]. - The GSS index's largest currency exposure is to the Euro (63%), which appreciated by 1.9% since the end of October, contrasting with the global aggregate bond index's primary exposure to the US dollar [9]. Group 3: Sector Performance - In 2025, all sectors within the GSS index recorded positive total returns, with the financial sector leading at 14.5%, followed by real estate at 13.6% and utilities at 13.5% [11]. - The healthcare and technology sectors, despite low issuance volumes over the past two years, showed respectable returns of 9.4% and 9.8% respectively [11]. - The energy sector lagged with a return of 8.8%, although Raizen Fuels bonds rebounded during corporate restructuring and debt reduction efforts [11].

Key Points - The total bond market in mainland China reached 196.18 trillion yuan by the end of 2025, an increase of 20.30 trillion yuan from the beginning of the year, with interest rate bonds at 123.61 trillion yuan, credit bonds at 52.88 trillion yuan, and interbank certificates at 19.69 trillion yuan [3] - In 2025, the issuance of various bonds in mainland China totaled 89.0 trillion yuan, a year-on-year increase of 11%, with interest rate bonds reaching 33.0 trillion yuan, up 18% from the previous year [3] - The issuance of government bonds increased by 28% year-on-year, while local government bonds grew by 5%, and policy financial bonds rose by 17% [3] - Credit bonds issuance was 22.2 trillion yuan, an 8% increase year-on-year, and interbank certificates totaled 33.8 trillion yuan, up 7% [3] Bond Issuance Statistics - Interest rate bonds: 3,534 issues, 329,829.6 billion yuan, 18% growth [4] - Government bonds: 206 issues, 160,140.2 billion yuan, 28% growth [4] - Local government bonds: 2,449 issues, 102,901.0 billion yuan, 5% growth [4] - Policy bank bonds: 879 issues, 66,788.4 billion yuan, 17% growth [4] - Credit bonds: 24,003 issues, 222,246.7 billion yuan, 8% growth [4] - Financial bonds: 1,499 issues, 56,780.6 billion yuan, 25% growth [6] Bank Underwriting Rankings - The top three banks in total underwriting amount (including local government bonds) are China Bank (16,765.2 billion yuan), Industrial and Commercial Bank (16,479.0 billion yuan), and Construction Bank (15,020.5 billion yuan) [12] - In the detailed local government bond underwriting, the top three are Industrial and Commercial Bank (22,584.8 billion yuan), China Bank (16,312.8 billion yuan), and Construction Bank (14,568.1 billion yuan) [17] Securities Firm Underwriting Rankings - The top three securities firms (excluding local government bonds) in total underwriting amount are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [21] - In the local government bond underwriting (averaged), the top three are CITIC Securities (22,491.6 billion yuan), CITIC Jianzhong (17,333.3 billion yuan), and Guotai Junan (16,426.2 billion yuan) [26] NAFMII Debt Financing Tool Underwriting Rankings - CITIC Bank leads the NAFMII debt financing tool underwriting with 9,043.4 billion yuan, followed by Industrial Bank with 8,412.7 billion yuan and Construction Bank with 6,077.7 billion yuan [36] Credit Bond Underwriting Rankings - The top three in credit bond underwriting are CITIC Securities (16,136.2 billion yuan), Guotai Junan (13,613.4 billion yuan), and CITIC Jianzhong (12,419.6 billion yuan) [40]

Macro Strategy - The core viewpoint indicates that the Q3 2025 US GDP grew at an annualized rate of +4.3%, significantly exceeding Bloomberg analysts' consensus expectation of +3.3% and the Atlanta Fed's GDPNow estimate of +3.5% [1][10] - The main contributions to this growth were strong consumer spending and a reduction in inventory drag, with inventory changes being the largest marginal contributor to the acceleration in GDP growth [1][10] - Despite the strong GDP data, the market initially reacted with concerns of economic overheating, leading to a temporary cooling of interest rate cut expectations, which later reversed as asset prices adjusted [1][11] Fixed Income - The 10-year government bond yield rose from 1.8425% to 1.835% during the week of December 15-19, 2025, reflecting a mixed sentiment in the bond market [2][12] - The issuance of green bonds totaled approximately 21.11 billion yuan, a decrease of 15.64 billion yuan from the previous week, while the secondary market saw a total transaction volume of 80.1 billion yuan, an increase of 15.7 billion yuan [4][17] - The issuance of secondary capital bonds amounted to 8.46 billion yuan, with a total transaction volume of approximately 273.9 billion yuan, a decrease of 55.3 billion yuan from the previous week [4][19] Industry Analysis - 康耐特光学 (Kangnate Optical) is a leading manufacturer of resin lenses in China, with a robust growth trajectory expected as the market for AI smart glasses expands [5][20] - The company is projected to achieve a compound annual growth rate (CAGR) of 17.2% in revenue and 35.2% in net profit from 2020 to 2024, driven by high-value products and automation improvements [5][21] - The smart glasses market is anticipated to create significant demand for high-refractive lenses, with 康耐特光学 positioned to benefit from this trend due to its technological advantages and partnerships with major tech companies [5][21]

Group 1 - Mowi ASA successfully issued NOK 4,500 million (EUR 382 million) in new senior unsecured green bonds, split into two tranches [1][2] - The first tranche of NOK 3,500 million (EUR 297 million) has a tenor of 5 years with a coupon of 3-month Nibor + 1.10% margin p.a., while the second tranche of NOK 1,000 million (EUR 85 million) has a fixed coupon of 4.95% p.a. [1] - The entire issue amount and coupons will be swapped into floating EUR, and the transaction was well oversubscribed [1] Group 2 - Proceeds from the green bond issues will be allocated to green projects as defined by Mowi's Green and Sustainability-Linked Financing Framework dated May 2023 [2] - The settlement date for both tranches is set for 5 December 2025, with an application for listing on the Oslo Stock Exchange [2] Group 3 - Danske Bank, DNB Carnegie, and Nordea acted as Joint Global Coordinators, with additional support from ABN AMRO, Crédit Agricole Corporate and Investment Bank, Rabobank, and SEB as Joint Lead Managers [3] - Mowi is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated 2026 harvest of 605,000 tonnes from seven farming countries [4][5] - Mowi employs 12,300 people in 26 countries and reported a turnover of EUR 5.6 billion in 2024 [5]