胜遇研究 据不完全统计，截至上周末，2025 年以来涉及发债主体的非标风险事件共 102 起，按 省份看，主要分布在山东省和云南省，分别有 20 起和 11 起，广东省 9 起，陕西省 7 起， 其余省份相对较少；按地级市分布看，昆明市、潍坊市和青岛市发生次数较多，分别发生 8 起、8 起、7 起。2026 年以来涉及发债主体的非标风险事件共 14 起，按省份看，主要分 布在山东省和天津市，分别有 4 起和 3 起；按地级市分布看，德州市、深圳市和西安市发 生均发生 2 起，各事件详细情况见下表。 表 2025年以来涉及发债主体的非标风险事件汇总 | 事件日期 | 产品名称/事件 | 涉及发债主体 | 融资方 | 风险类型 | 涉及地区 | 涉及金额 （万元） | | --- | --- | --- | --- | --- | --- | --- | | 2026-02-11 | 中融-享融 287 号集合资金信托计划 | 华夏幸福基业股份有限公司 | 华夏幸福基业股份有限公 司 | 已违约 | 廊坊市 | | | 2026-02-04 | 陕国投·沣东新城城市发展基金集 合资金信托计划 | 西安沣东控股有限 ...

上周新增非标风险事件 5 条，其中涉及发债主体的有 3 条，分别为 1 月 30 日的"光大 永明-中信国安棉花片危改项目不动产债权投资计划"（更新消息）、2 月 2 日的"中建 投·安泉 593 号(青岛融创)集合资金信托计划"（更新消息）和 2 月 4 日的"陕国投·沣东 新城城市发展基金集合资金信托计划"，目前状态分别为已违约、已偿还、已违约，融资 方式分别为债权计划、信托计划和信托计划。 1. 光大永明-中信国安棉花片危改项目不动产债权投资计划 中信国安棉花片危改项目不动产债权投资计划（以下简称"债权投资计划"），2016 年 11 月，光大永明资产管理股份有限公司（以下简称"光大永明"）发行了债权投资计划， 募集资金规模 26.65 亿，用于棉花片危改项目 A7 地块的拆迁、开发、建设，偿债主体为北 京中融物产有限责任公司，中信国安集团有限公司（胜遇评级 10-，债券已违约，以下简 称"中信国安"）提供本息全额无条件不可撤销连带责任保证担保。2019 年 11 月 6 日， 光大永明公告确认，中信国安未能按约定支付利息，已构成实质性违约；2024年 7月 26日 消息，投资人长生人寿保险有限公司（以 ...

Group 1: Open Market Operations - The central bank will have a total of 20,770 billion yuan in reverse repos maturing from August 25 to 29, along with 3,000 billion yuan in MLF, 5,000 billion yuan in 6-month reverse repos, and 4,000 billion yuan in 3-month reverse repos [1] Group 2: Funding Conditions - The interbank market is experiencing a generally loose funding environment due to continuous liquidity injections from the central bank, with overnight and seven-day repo weighted rates both declining by approximately 5 basis points [3] - The current D R001 is around 1.41% and D R007 is around 1.46%, with overnight quotes in the anonymous X-repo system also concentrated around 1.4% [3] - The latest overnight financing rate in the US is 4.31% [4] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit among major banks is around 1.67%, remaining stable compared to the previous day [8] Group 4: Government Bond Futures - The closing prices for government bond futures show a decline: 30-year main contract down 0.12%, 10-year down 0.18%, 5-year down 0.07%, 2-year down 0.01% [15] Group 5: Key Economic Events - The Shanghai Cooperation Organization summit will be held from August 31 to September 1 in Tianjin, hosted by the national leader [16] - The central bank announced a fixed quantity MLF operation of 600 billion yuan on August 25, with a one-year term [16] - The Ministry of Finance's newly issued government bonds had weighted average bidding rates higher than market estimates, with 10-year and 30-year bonds at 1.83% and 2.15% respectively [16] Group 6: Bond Market Developments - Recent rumors regarding restrictions on dialogue pricing for small and medium institutions have been addressed by industry insiders, stating no new notifications have been received [16] - Japan's budget application for the fiscal year 2026/27 is expected to reach approximately 120 trillion yen, marking a historical high for the third consecutive year [17] - South Korea's Ministry of Finance has revised its GDP growth forecast for 2025 down to 0.9% from 1.8% [17] Group 7: Bond Negative Events - Several companies have experienced downgrades in implied ratings, including Hunan Overseas Chinese Town Cultural Tourism Investment Co., Ltd. and China Communications Real Estate Group [18] Group 8: Non-Standard Asset Risks - Various non-standard assets in Nanchang have been flagged for risk, including private equity investment funds and trust plans [19]