新华财经上海11月25日电（记者 杨溢仁）2025年11月25日，由东吴证券主承的全国首单民营钢企高成 长科技创新公司债"25永钢K1"——即"江苏永钢集团有限公司2025年面向专业投资者公开发行科技创新 公司债券（高成长产业债）"，在上交所成功发行。 据悉，当期债券的发行人为江苏永钢集团有限公司，发行规模为1亿元，期限3年，票面利率2.9%；债 券的募集资金将全部用于建立"精品线材智能服务平台"创新平台，推动公司产业转型升级。 可以看到，上交所于2024年推出了高成长产业债，旨在畅通产业、企业的债券融资渠道。目前，高成长 产业债逐渐成为了产业高质量发展的"助推器"，也是支持实体经济发展的又一重要债券品种。 需指出，江苏永钢集团多年来致力于转型升级和技术创新。截至2024年末，永钢集团已累计获得了1086 项授权专利，其中发明专利460项。目前，集团拥有国家级研发平台1个、省级研发平台5个，拥有自主 核心技术一百余项，荣获国家科技进步奖、中国专利优秀奖等荣誉。 本次债券的募投项目——"精品线材智能服务平台"创新平台，将助力永钢集团提高物流服务效率、增强 企业竞争力。 编辑：林郑宏 据介绍，作为高成长产业债，" ...

编辑：林郑宏 近日，由国泰海通证券股份有限公司担任独家主承销商的日照创达产业集团有限公司2025年面向专业投 资者非公开发行公司债券（第一期）（高成长产业债）（债券简称"25创达01"）在上海证券交易所成功 发行。本期债券发行规模6亿元，发行期限2+1年，票面利率2.54%。 据悉，日照创达产业集团为市级国有资产运营主体，主要负责山东省日照市万平口景区、东夷小镇等重 要文旅景区及五星级酒店的运营管理，具备独特的区域文旅资源优势。公司依托日照海滨城市旅游产业 优势，推动文旅产业升级，促进产业协同与融合，赋能城市发展。公司通过产业转型，以"景区+酒 店"为核心，向上下游延伸，整合开发海洋文旅业态，形成彼此赋能、协同发展的产业链闭环，全面提 升公司盈利能力和抗风险能力。 本次高成长产业债成功发行是日照创达产业集团自身发展的关键一步，更是对日照市文旅产业发展的一 次有力赋能，具有深远的意义。在国泰海通证券股份有限公司的助力下，日照创达产业集团将以此次高 成长产业债发行为契机，聚焦区域特色，推动转型升级，不断为文旅产业高质量发展注入澎湃动力。 （邓侃） ...

Core Viewpoint - The successful issuance of the high-growth industry bonds by Shanxi Construction Investment Group represents a significant step in optimizing financing structures for industrial enterprises, contributing to the support of the real economy through innovative financial instruments [2][3]. Group 1: Bond Issuance Details - The high-growth industry bonds were issued on October 13, 2025, targeting professional investors, marking the first issuance of such bonds by Shenwan Hongyuan [2]. - The bonds include enhanced investor protection clauses and improved information disclosure mechanisms, facilitating better communication between investors and issuers [2]. - The issuance aims to support real enterprises in financing through the bond market, helping to establish a positive capital market image and diversify bondholder composition [2]. Group 2: Company Profile - Shanxi Construction Investment Group is the largest comprehensive state-owned investment and construction group in Shanxi Province, with a full industry chain advantage in planning, surveying, design, consulting, research, construction, and more [2]. - The company holds the right for foreign engineering contracting and trade, showcasing its comprehensive strength in investment, construction, and operation [2]. Group 3: Future Outlook - The bond issuance has strengthened the cooperative relationship between Shenwan Hongyuan Securities and the issuer, reflecting the company's commitment to supporting the development of the real economy [3]. - Shenwan Hongyuan plans to enhance its financial empowerment system and actively implement national development strategies, emphasizing its role as a financial central enterprise [3].

Key Points - Over 60% of financing platforms have cleared their hidden debts, indicating accelerated reform and transformation in the financing platform sector [1] - The Ministry of Finance has issued 4 trillion yuan of the 6 trillion yuan special debt limit, reducing average debt interest costs by over 2.5 percentage points, saving over 450 billion yuan in interest expenses [1] - The National Development and Reform Commission is promoting the expansion of the REITs market, focusing on infrastructure assets such as toll roads and clean energy [1][2] - The People's Bank of China has announced a new evaluation method for primary dealers, effective from 2025, to enhance monetary policy transmission [4] - The State Council is implementing measures to promote private investment, focusing on expanding access and removing barriers for private capital in new infrastructure and emerging service sectors [6] - As of August, M2 growth was 8.8% and M1 growth was 6%, indicating a narrowing gap between the two [7] - The People's Bank of China will conduct a 600 billion yuan reverse repurchase operation, indicating ongoing liquidity management [9] - The Ministry of Finance plans to issue 2.42 trillion yuan in government bonds, including 820 billion yuan in ultra-long-term special bonds [20] - The issuance of green corporate bonds and other innovative debt instruments is on the rise, reflecting a focus on sustainable financing [17][22]

Group 1 - Modern Logistics Group successfully issued a non-public corporate bond of 500 million yuan with a 5-year term and a coupon rate of 2.80%, achieving a subscription multiple of 2.90 times [1] - This bond issuance set a historical low for the coupon rate of 5-year private bonds of the same rating in Guangxi and a historical high for the subscription multiple of the same rating industry bonds [1] - The issuance of high-growth industry bonds aims to encourage financing for enterprises with different credit ratings, promoting credit stratification in the Chinese bond market [1] Group 2 - Modern Logistics Group is the largest state-owned commercial circulation enterprise in Guangxi and a 5A-level logistics enterprise in China, with strong regional advantages and a solid industrial foundation [2] - The company is a vice president unit of the China Logistics and Purchasing Federation and has a high reputation and influence in the industry, particularly in logistics park operations and resource recycling [2] - In the context of the upgraded China-ASEAN Free Trade Area 3.0, Modern Logistics Group will focus on import and export trade, accelerate the integrated development of the supply chain, and strive to enhance its business scale and creditworthiness [2]

Group 1 - The core point of the news is that Shanxi Xinzhou Shenda Energy Group successfully issued its first non-public corporate bond in the high-growth industry category, with a total issuance scale of 1 billion yuan and a coupon rate of 2.58% [1][2] - This bond issuance marks the first high-growth industry bond in Shanxi Province and the first appearance of Shenda Group in the exchange bond market, setting a historical low coupon rate for the issuer's bonds [1][2] - The bond is designed to support and service real enterprises in efficiently connecting with the bond market for financing, helping to establish a good capital market image, reduce comprehensive financing costs, and improve bond issuance efficiency [2] Group 2 - Shenda Group was established in 2009 and is controlled by the State-owned Assets Supervision and Administration Commission of the People's Government of Xinzhou City, making it a key local enterprise [3] - The company has an annual designed production capacity of over 30 million tons, primarily selling long flame coal and gas coal, and has significant competitive advantages in the local coal industry due to government support in mergers, acquisitions, and resource integration [3]

Summary of Wantuo Expressway Conference Call Company Overview - **Company**: Wantuo Expressway - **Industry**: Expressway and Transportation Key Financial Performance - **Q1 2025 Revenue**: 2.821 billion CNY, up 95.33% YoY [2] - **Q1 2025 Net Profit**: 551 million CNY, up 5.19% YoY [2] - **Basic Earnings Per Share**: 0.3323 CNY, up 5.19% YoY [2] - **2024 Revenue**: 7.092 billion CNY, up 6.94% YoY [3] - **2024 Net Profit**: 1.669 billion CNY, up 0.55% YoY [3] Revenue Drivers - Significant increase in toll revenue due to favorable weather during the Spring Festival and consolidation of Fuzhou and Suxu expressways [2][10] - Expected additional revenue of approximately 100 million CNY from the adjustment of ETC discount from 85% to 95% [4][11] Operational Improvements - Implementation of efficiency enhancement measures including management optimization, revenue increase, and cost reduction [5] - Issued the first high-growth industrial bond in the province, reducing annual loan interest by approximately 23 million CNY [5] - Expansion of rental income from Silicon Valley Internet Communication Industrial Park, which grew by 30% [2][5] Strategic Acquisitions and Projects - Completed acquisition of 100% equity in Fuzhou and Suxu expressways, enhancing network layout and profitability [2][6] - Completion of the Xuan-Guan expressway expansion project, which is expected to significantly increase traffic volume in the future [2][6][7] - High-Jie expressway expansion project design approved, with construction expected to start by the end of April 2025 [4][13] Financial Management - Financial expenses are expected to rise post-expansion project completion, but Q1 2025 expenses did not show significant increases due to some loan funds not being fully utilized [8] - Current loan interest rates range from 2% to 3%, with potential for further reduction depending on LPR trends [8] Market and Policy Impact - The adjustment of the ETC discount policy is anticipated to positively impact toll revenue, although vehicle flow needs to be monitored [11] - The company is actively pursuing new investment opportunities in expressway projects to optimize asset structure and enhance fundamentals [18] Future Outlook - The company aims to balance investment returns and growth in the final year of the 14th Five-Year Plan, with a focus on highway construction and asset investment [22] - Initiatives for the 15th Five-Year Plan are underway, with a commitment to high-quality development and strategic investments in emerging industries [23] Additional Insights - The company’s performance metrics, including stock price ranking and return on equity, indicate strong market recognition [22] - The impact of regional economic changes and traffic flow adjustments on toll revenue is being closely monitored [19][20] This summary encapsulates the key points from the Wantuo Expressway conference call, highlighting financial performance, operational strategies, and future plans within the expressway industry.