Group 1: Non-standard Asset Risk Events - A total of 103 non-standard risk events involving bond issuers have occurred since the beginning of 2025, with Shandong and Yunnan provinces reporting the highest numbers at 20 and 11 events respectively[3] - The most affected cities include Kunming, Weifang, and Qingdao, with 8, 8, and 7 events respectively[3] - In the week of March 2 to March 5, 2025, one new non-standard risk event was reported involving the "Ruihai Tianze Xianning Equity Investment Partnership" with a total investment of 73.1233 million yuan[2] Group 2: Specific Risk Cases - The "Ruihai Tianze Xianning Equity Investment Partnership" was established in May 2017 with a total fund size of 200 million yuan, where Hubei Chutian Expressway Investment Co., Ltd. invested 50 million yuan, holding a 25% share[2] - As of July 3, 2023, the partnership failed to transfer the investment shares as agreed, leading to a lawsuit by Chutian Expressway for the transfer payment of 73.1233 million yuan[2] - The Hubei High Court dismissed Chutian Expressway's lawsuit on March 5, 2026, stating that the defendant was not a party to the transfer agreement[2] Group 3: Financial Implications - The total amount involved in the reported non-standard risk events since 2025 is significant, with individual cases such as the "Zhongrong-Xiangrong No. 287 Collective Fund Trust Plan" involving 110 million yuan and "Xiang Guo Investment Fund" involving 13.5 million yuan[4] - The ongoing financial distress in the non-standard asset sector is highlighted by multiple defaults, with significant amounts at stake, indicating a potential risk for investors and stakeholders[4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The report presents a weekly summary of non - standard asset risk events from February 9 to February 28, 2025, including new events and a comprehensive list of non - standard risk events involving bond - issuing entities since 2025 [1][2] Summary by Relevant Content New Non - Standard Risk Events in the Report Period - On February 9, 2026, 3 new non - standard risk events occurred, with 1 involving a bond - issuing entity, which was the "Zhongrong - Xiangrong 287th Collective Fund Trust Plan" on February 11. This trust plan, issued by Zhongrong International Trust Co., Ltd., has a total scale of 1.1 billion yuan, and the funds are invested in the perpetual debt of Huaxia Happiness. As of 2026, the trust plan is considering taking legal action against relevant parties [2] Statistics of Non - Standard Risk Events Involving Bond - Issuing Entities - As of the end of last week, there were 102 non - standard risk events involving bond - issuing entities since 2025. By province, Shandong and Yunnan had 20 and 11 events respectively, followed by Guangdong with 9 and Shaanxi with 7. By prefecture - level city, Kunming, Weifang, and Qingdao had relatively more occurrences, with 8, 8, and 7 events respectively. Since 2026, there have been 14 such events, mainly in Shandong and Tianjin, with 4 and 3 events respectively. By prefecture - level city, Dezhou, Shenzhen, and Xi'an each had 2 events [3] Detailed List of Non - Standard Risk Events Involving Bond - Issuing Entities - The report provides a detailed list of non - standard risk events involving bond - issuing entities since 2025, including event dates, product names, involved bond - issuing entities, financing parties, risk types, involved regions, and involved amounts. The risk types include "defaulted", "risk warning", and "repaid" [4][6][8]

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - The report focuses on non - standard asset risk events from January 30, 2025, to February 4, 2026, including details of new risk events, their status, and related information about the involved entities [2] 3. Summary by Related Catalogs New Non - standard Risk Events Last Week - There were 5 new non - standard risk events last week, 3 of which involved bond - issuing entities. The "Everbright Yongming - CITIC Guoan Mianhuapian Renovation Project Real Estate Debt Investment Plan" was in default, the "China Jianyin Investment Anquan 593 (Qingdao Sunac) Collective Fund Trust Plan" was repaid, and the "Shaanxi International Trust Fengdong New City Urban Development Fund Collective Fund Trust Plan" was in default [2] Details of Each Risk Event Everbright Yongming - CITIC Guoan Mianhuapian Renovation Project Real Estate Debt Investment Plan - In November 2016, Everbright Yongming Asset Management Co., Ltd. issued a debt investment plan with a raised fund scale of 2.665 billion yuan for the Mianhuapian renovation project. CITIC Guoan Group Co., Ltd. provided guarantee. It defaulted in 2019, and the cumulative impairment loss of the investor ChangSheng Life Insurance Co., Ltd. reached 68.57 million yuan by the 4th quarter of 2025 [2] China Jianyin Investment Anquan 593 (Qingdao Sunac) Collective Fund Trust Plan - In January 2021, China Jianyin Investment Trust Co., Ltd. issued a trust loan to Dongfang Yindu Sunac Investment Co., Ltd. The loan matured early in May 2022. After a series of arrangements, the principal and income of the trust product were fully recovered by February 2, 2026 [3][4] Shaanxi International Trust Fengdong New City Urban Development Fund Collective Fund Trust Plan - Established in October 2023, the trust funds are invested in infrastructure projects in Fengdong New City. As of February 4, 2026, two subsidiaries of Mengcao Eco - Environment (Group) Co., Ltd. had 135 million yuan of principal overdue, and the recovery of the trust plan balance is uncertain [4] Analysis of Fengdong Holdings - Fengdong Holdings is an important entity in Fengdong New City. As of June 2025, its asset - liability ratio was 72.70%, with a large proportion of non - standard debt. It has a large short - term debt repayment pressure and bond payment pressure, but its refinancing ability is acceptable [5] Regional Risk in Xixian New Area - Since 2025, there have been multiple default and extension events in Xixian New Area. The regional debt scale is large, with a GDP of 94.12 billion yuan in 2024 and a growth rate of 5.40%, and local government debt and urban investment interest - bearing debt balances are high [6] Statistics of Non - standard Risk Events - As of last weekend, there were 101 non - standard risk events involving bond - issuing entities in 2025, mainly in Shandong and Yunnan. In 2026, there were 13 such events, mainly in Shandong and Tianjin [7]

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]