Report Industry Investment Ratings - Gold: The price trend is volatile, and it has not yet broken out of the volatile range. It is recommended to wait and see [10][11][12]. - Stock Index Futures: It is recommended to allocate each stock index evenly. The market remains in a state of high - risk preference, where it is easy to rise and difficult to fall [13][15][16]. - US Dollar Index: It is expected to fluctuate in the short term [17][20][21]. - US Stock Index Futures: Whether the economic downward pressure intensifies still needs more data verification. Attention should be paid to the callback risk at the current level [22][23][24]. - Treasury Bond Futures: August is a favorable period for the bond market. It is recommended to look for short - term opportunities to narrow the spread between T09 - 12 contracts when the bond market sentiment warms up [25][26][27]. - Agricultural Products (Beans Meal): The internal strength and external weakness will continue. The operating center of beans meal will rise [28][30][31]. - Agricultural Products (Edible Oils): For palm oil, do not short. Consider gradually laying out long positions in the 01 contract when the price pulls back to 8800 yuan/ton. For soybean oil, it is recommended to choose the 01 contract for long positions [32][33][34]. - Agricultural Products (Cotton): The short - term downward space of Zhengzhou cotton is limited. There may be a rebound before a large number of new cotton hits the market [35][37][38]. - Agricultural Products (Corn Starch): The upward movement of the price difference between rice and flour is expected to be weak [39][40]. - Black Metals (Steam Coal): It is expected that the coal price will rise to around 670 yuan (the long - term agreement price) and fluctuate. Pay attention to the price performance after the decline in rigid demand [41][42]. - Black Metals (Iron Ore): The price is expected to fluctuate, and it is difficult to fall sharply in the short term. Pay attention to the actual implementation of production restrictions in mid - August [42][43]. - Agricultural Products (Corn): In the medium to long term, corn is expected to maintain a volatile downward trend. It is recommended to continue holding short positions in new crops [44]. - Black Metals (Rebar/HRC): The short - term market fluctuates greatly. It is recommended to operate with a light position [45][46][47]. - Black Metals (Coking Coal/Coke): In the short term, it will fluctuate. The 09 contract will focus on the delivery situation, and the market may return to fundamentals [48][49]. - Non - ferrous Metals (Copper): It is recommended to wait and see on a single - side basis. Pay attention to the internal - external reverse arbitrage strategy [50][52][53]. - Non - ferrous Metals (Polysilicon): In the short term, the price may operate between 45000 - 57000 yuan/ton. Consider selling out - of - the - money put options [55][56][57]. - Non - ferrous Metals (Industrial Silicon): Consider gradually stopping losses on short positions. Wait for an opportunity to go long after the macro - sentiment is released [58][59]. - Non - ferrous Metals (Nickel): In the short term, pay attention to band trading opportunities. In the medium term, look for opportunities to short at high prices [60][61][62]. - Non - ferrous Metals (Lithium Carbonate): Wait and see before the risk event is resolved. Stop profiting from the 9 - 11 reverse arbitrage [63][64]. - Non - ferrous Metals (Lead): Look for opportunities to buy at low prices and manage positions well. Wait and see on the arbitrage side [65][66]. - Non - ferrous Metals (Zinc): On a single - side basis, it is recommended to wait and see. Hold low - level speculative long positions with good position management. Pay attention to medium - term positive arbitrage opportunities [70][71]. - Energy Chemicals (Carbon Emissions): It will fluctuate in the short term [72][73]. - Energy Chemicals (Urea): Pay attention to the relevant meeting in Beijing tomorrow. The price has strong support in the short term [74][75][76]. - Energy Chemicals (Styrene): Pay attention to the opportunity to stop profiting from the position of narrowing the styrene - pure benzene price difference [77][78]. - Energy Chemicals (Caustic Soda): The subsequent market will fluctuate [79][80]. - Energy Chemicals (Pulp): The market is expected to decline following the commodity market [81][82]. - Energy Chemicals (PVC): The market will fluctuate in the short term [83][84]. - Energy Chemicals (PX): It will adjust in the short - term [85][86]. - Energy Chemicals (PTA): It will adjust in the short - term [87][88][89]. Core Viewpoints - The US economic data is weak, with the ISM non - manufacturing PMI falling short of expectations. There are signs of stagflation, and the inflation pressure will increase after the implementation of tariffs. The market risk preference has weakened [11][17][20]. - China's seven - department policy on financial support for new - type industrialization and the free pre - school education policy have boosted the stock market, and the market has strong expectations for policies [13][14][15]. - The bond market's reaction to the rise of the stock market needs to be closely monitored. In early August, the fundamentals and capital situation are favorable for the bond market [25]. - For commodities, different varieties have different supply - demand situations. For example, the supply of some agricultural products is affected by weather and planting conditions, and the supply of some non - ferrous metals is affected by production capacity and inventory [35][50][52]. Summary According to the Directory 1. Financial News and Comments 1.1 Macro Strategy (Gold) - Trump criticized Powell for late interest - rate cuts and announced tariff increases, which raised market risk aversion. The US July ISM non - manufacturing PMI was lower than expected, showing stagflation risks. The gold price fluctuated and was waiting for a breakthrough [10][11]. 1.2 Macro Strategy (Stock Index Futures) - Seven departments issued a guiding opinion on financial support for new - type industrialization, and the State Council announced free pre - school education. The stock market was strong, and the Shanghai Composite Index reached a new high this year. The market priced in policy expectations boldly and remained in a high - risk - preference state [13][14][15]. 1.3 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - The US July ISM non - manufacturing PMI was lower than expected, and the economic downward pressure increased. The market risk preference weakened, and the US dollar index fluctuated [17][20]. 1.4 Macro Strategy (US Stock Index Futures) - The US Treasury plans to issue a record - high amount of four - week Treasury bonds. The weakening of the service PMI has increased market concerns, and the US stock market is expected to continue to pull back [22][23]. 1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted a 7 - day reverse repurchase operation, with a net withdrawal of funds. The bond market's reaction to the rise of the stock market was dull. If it becomes insensitive to the stock market rise, the bond market can be more optimistic in the short term [25]. 2. Commodity News and Comments 2.1 Agricultural Products (Beans Meal) - The far - month basis trading volume of beans meal increased. The cost of imported soybeans supported the futures price, and the market was worried about the future supply of imported soybeans [28][30]. 2.2 Agricultural Products (Edible Oils) - The supply of palm oil from Indonesia and Malaysia may decrease by 20% in the next five years, which has increased market concerns. The export of soybean oil from China has increased, and the price has risen [32][33]. 2.3 Agricultural Products (Cotton) - The global cotton production, consumption, and trade volume in the 2025/26 year will change little. The growth progress of US cotton is slightly slow, and the excellent rate is stable. The short - term downward space of Zhengzhou cotton is limited [35][37][38]. 2.4 Agricultural Products (Corn Starch) - The spot price of corn starch is stable at a high level. The downstream demand is weak, and the loss of enterprises in North China is expected to expand [39][40]. 2.5 Black Metals (Steam Coal) - The price of steam coal in the northern port market is rising steadily. The price is expected to rise to around 670 yuan and fluctuate, and the daily consumption will reach an inflection point in mid - to late August [41][42]. 2.6 Black Metals (Iron Ore) - The Onslow project's iron ore shipment volume has increased significantly. The iron ore price will fluctuate, and the port inventory is expected to decline in the next 1 - 2 weeks [42][43]. 2.7 Agricultural Products (Corn) - The成交 rate of imported corn auctions has dropped significantly, and the market sentiment has turned pessimistic. In the long - term, corn is expected to decline [44]. 2.8 Black Metals (Rebar/HRC) - The passenger car sales forecast has been raised, and the steel price has rebounded. The short - term market is volatile [45][46][47]. 2.9 Black Metals (Coking Coal/Coke) - The coking coal market in Luliang is oscillating. The supply of coal and coke is gradually recovering, and the market will oscillate in the short term [48][49]. 2.10 Non - ferrous Metals (Copper) - Mitsubishi may cut its copper smelting business, and Codelco's mine has an accident. The market is worried about the US recession, and the copper price may be under pressure [50][51][53]. 2.11 Non - ferrous Metals (Polysilicon) - The photovoltaic power generation utilization rate in June was 95.4%. The spot price of polysilicon has increased slightly, and the price is expected to operate between 45000 - 57000 yuan/ton [54][55][57]. 2.12 Non - ferrous Metals (Industrial Silicon) - Yunnan and Inner Mongolia Tongwei passed the industrial silicon measurement audit. The supply of industrial silicon may increase in August, but the demand from polysilicon will also rise, and the inventory may decrease [58]. 2.13 Non - ferrous Metals (Nickel) - The LME nickel inventory increased. The raw material price is weakening, but the nickel price is difficult to fall deeply in the short term. It is recommended to pay attention to short - term band opportunities and medium - term short - selling opportunities at high prices [60][61][62]. 2.14 Non - ferrous Metals (Lithium Carbonate) - POSCO plans to acquire lithium assets. The demand for lithium carbonate is growing, but the supply is uncertain. It is recommended to wait and see before the risk event is resolved [63][64]. 2.15 Non - ferrous Metals (Lead) - The LME lead spread was at a discount. Anhui's environmental protection measures affected the production of recycled lead. The short - term bottom of the lead price was established, but the downward trend has not been reversed [65][66]. 2.16 Non - ferrous Metals (Zinc) - The LME zinc inventory decreased. Glencore and Western Mining's zinc production increased. The supply of zinc is high, and the demand is weak. The zinc price will oscillate, and there is a risk of a short - term upward movement from the external market [67][68][70]. 2.17 Energy Chemicals (Carbon Emissions) - The CEA price was 72.38 yuan/ton, down 0.33%. The trading volume did not increase significantly. The CEA price is expected to fluctuate around 73 yuan/ton [72]. 2.18 Energy Chemicals (Urea) - The government issued agricultural disaster - prevention measures. The urea price rose slightly, and the market was affected by the India tender and export policy expectations [74][75][76]. 2.19 Energy Chemicals (Styrene) - The price of caprolactam was stable. The styrene market fluctuated slightly, and the inventory was expected to increase in August. It is recommended to pay attention to the opportunity to stop profiting from the styrene - pure benzene spread [77][78]. 2.20 Energy Chemicals (Caustic Soda) - The price of caustic soda in Shandong decreased slightly. The supply decreased slightly, and the demand was weak. The subsequent market will fluctuate [79][80]. 2.21 Energy Chemicals (Pulp) - The price of imported wood pulp decreased. The market was affected by weak fundamentals and the end of the "anti - involution" sentiment [81][82]. 2.22 Energy Chemicals (PVC) - The PVC price rose. The market was affected by the rise of coking coal prices and will fluctuate in the short term [83][84]. 2.23 Energy Chemicals (PX) - The PX price was slightly stronger. The demand was in the off - season, and the supply was expected to increase. The price will adjust in the short term [85][86]. 2.24 Energy Chemicals (PTA) - The PTA spot price weakened, and the trading improved slightly. The market was affected by the downstream off - season and followed the crude oil price. It will adjust in the short term [87][88][89].

Core Viewpoint - The meeting between the provincial governor Zhao Gang and the general manager of the National Energy Group, Feng Laifa, focused on enhancing strategic cooperation in energy and chemical projects in Shaanxi province [1] Group 1: Strategic Cooperation - The discussions emphasized increasing strategic layout in Shaanxi province [1] - There is a commitment to accelerate the construction of major energy and chemical projects [1] - The collaboration aims to promote stable coal production and increase output [1] Group 2: Innovation and Resource Allocation - The meeting highlighted the importance of energy technology innovation [1] - There is a focus on optimizing the allocation of electric power resources [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 ■ 特此公告。 2、由于公司将取消监事会，由董事会审计委员会行使监事会的职权，"监事会""监事"相关表述相应进 行调整，相关"监事会"职责一并调整由"董事会审计委员会"行使； 3、涉及条款序号变化的，根据最终修订结果一并调整； 除上述内容外，《公司章程》内的其他内容保持不变，修订后的《公司章程》具体内容详见上海证券交 易所网站（www.sse.com.cn）。 注：1、全文相关表述修改，包括但不限于："股东大会"调整为"股东会"，"或"调整为"或者"，"做出"调 整为"作出"等； 本次章程修订事项尚需提交公司股东大会审议，并经出席股东大会的股东所持表决权的三分之二以上通 过。公司董事会提请股东大会授权董事会办理本次《公司章程》修订的工商变更等手续。 ●会议召开时间：2025年8月18日(星期一)下午13:00-14:00 ●会议召开地点：上海证券交易所上证路演中心（网址：http://roadshow.sseinfo.com/） ●会议召开方式：上证路演中心网络互动 ●投资者可于2025年8月11日(星期一)至8月15日(星期五)16:00前登录上证路演中心网 ...

浙江嘉化能源化工股份有限公司 信息披露暂缓及豁免管理制度 浙江嘉化能源化工股份有限公司 信息披露暂缓及豁免管理制度 为规范浙江嘉化能源化工股份有限公司（以下简称"公司"）信息 披露暂缓与豁免行为，督促公司及相关信息披露义务人依法合规履行信息披露 义 务，保护投资者的合法权益，根据《证券法》《上市公司信息披露管理办 法》《上海证券交易所股票上市规则》 （以下简称《股票上市规则》）《上市 公司信息披露暂缓与豁免管理规定》等法律法规、部门规章、规范性文件、《公司 章程》和公司《信息披露管理制度》等规定，特制定本制度。 根据《股票上市规则》，公司可对如下信息进行暂缓披露： 公司及相关信息披露义务人拟披露的信息被依法认定为国家秘密，按照 本规则披露或者履行相关义务可能导致其违反法律法规或者危害国家安全 的，可以按照证券交易所相关规定豁免披露。 根据《股票上市规则》，公司可对如下信息进行豁免披露： 公司及相关信息披露义务人拟披露的信息属于商业秘密、商业敏感信 息，按照本规则披露或者履行相关义务可能引致不当竞争、损害公司及投资 者利益或者误导投资者的，可以按照证券交易所相关规定暂缓或者豁免披露 该信息。 公司暂缓、豁免披露 ...

浙江嘉化能源化工股份有限公司 关联交易管理办法 为规范浙江嘉化能源化工股份有限公司（以下简称"公司"）的关 联交易行为，保障公司及中小股东的合法权益，根据《中华人民共和国公司 法》、《上海证券交易所股票上市规则》（以下简称"《上市规则》"） 、上海证 券交易所上市公司自律监管指引第1号——规范运作》《上海证券交易所上市公司 自律监管指引第5号——交易与关联交易》等法律、法规、规范性文件及《浙江嘉 化能源化工股份有限公司章程》（以下简称"《公司章程》"）的有关规定，制 定本办法。 公司在处理与关联人间的关联交易时，不得损害公司及公司全体 股东特别是中小股东的合法权益。 公司交易与关联交易行为应当合法合规，不得隐瞒关联关系，不得通过将 关联交易非关联化规避相关审议程序和信息披露义务。相关交易不得存在导致 或者可能导致上市公司出现被控股股东、实际控制人及其他关联人非经营性资 金占用、为关联人违规提供担保或者其他被关联人侵占利益的情形。 公司的关联人包括关联法人和关联自然人。公司与其合并范围内 的控股子公司之间发生的关联交易不适用本办法。 具有以下情形之一的法人或其他组织，为公司的关联法人： （一）直接或间接控制公司 ...

Core Points - The article outlines the futures trading management system of Zhejiang Jiahua Energy Chemical Co., Ltd, aimed at regulating futures investment and controlling associated risks [1][2] - The system applies to the company and its subsidiaries, focusing on hedging activities related to essential raw materials and commodities [1][2] - The primary goal is to manage price fluctuations in the spot market to reduce procurement costs and enhance company profitability [1] Summary by Sections Futures Trading Principles - Futures trading must comply with national laws and regulations, emphasizing risk prevention and ensuring the safety of fund operations [3] - The company is required to strictly control the scale of futures trading to avoid impacting normal operations and is prohibited from using raised funds for futures trading [3][4] Investment Authorization and Disclosure - Futures investment activities exceeding 10% of the latest audited net assets and over 10 million RMB require board approval and timely disclosure [2] - If the investment exceeds 30% of net assets and 50 million RMB, it must be approved by both the board and the shareholders' meeting, along with a special analysis report on necessity and feasibility [2][3] Risk Management and Reporting - A futures trading management team is established, responsible for risk management procedures, operational plans, and monitoring overall execution [4][5] - The team must provide risk analysis reports to the management and board, detailing trading authorizations, positions, and risk assessments [5] Personnel and Authorization - Personnel involved in futures trading must have written authorization, which includes trading and fund allocation permissions [4] - Any changes in personnel must be promptly communicated, and security measures like password changes must be implemented [4][5] Loss Control Measures - A stop-loss mechanism is in place, where losses reaching 15% of the board's authorized limit will trigger a liquidation of positions [5]

公司董事会应当切实履行职责，认真、按时组织股东会。 公司全体董事应当勤勉尽责，确保股东会正常召开和依法行使职权。 浙江嘉化能源化工股份有限公司 股东会议事规则 二○二五年八月 浙江嘉化能源化工股份有限公司 股东会议事规则 为完善浙江嘉化能源化工股份有限公司（以下简称"公司"） 股东会 运作机制，保障公司股东会规范、高效运作，切实保护股东特别是中小股东的合 法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、中国证 券监督管理委员会（以下简称"中国证监会"）颁布的《上市公司股东会规则》 《上海证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第1 号——规范运作》等有关法律、行政法规、部门规章和规范性文件以及《浙江嘉 化能源化工股份有限公司章程》（以下简称"《公司章程》"）的规定，制定本 规则。 公司应当严格按照法律、行政法规、本规则及《公司章程》的相关 规定召开股东会，保证股东能够依法行使权利。 股东会是公司的权力机构。 股东会依法行使下列职权： （一）选举和更换非由职工代表担任的董事，决定有关董事的报酬事项； （二）审议批准董事会的报告； （三）审议批准公司的利润分配方案和弥补亏损方案 ...

二○二五年八月 浙江嘉化能源化工股份有限公司 控股股东、实际控制人行为规范 第一章 总 则 第一条 为引导和规范浙江嘉化能源化工股份有限公司（以下简称"公司"） 控股股东、实际控制人的行为，切实保护公司和其他股东的合法权益，根据《中 华人民共和国公司法》《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司治理准则》《上海证券交易所股票上市规则》（以下简称"《股票上 市规则》"）《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等 法律、法规、规范性文件以及《浙江嘉化能源化工股份有限公司章程》（以下简 称"《公司章程》"）等相关规定，并结合公司的实际情况，特制定本规范。 第二条 控股股东、实际控制人及其相关人员应当遵守证券市场有关法律法 规的规定，促进公司规范运作，提高公司质量。 第三条 控股股东、实际控制人应当依照法律、行政法规、中国证监会和证 券交易所的规定行使权利、履行义务，维护上市公司利益。 第四条 控股股东、实际控制人不得通过关联交易、资产重组、对外投资、 担保、利润分配和其他方式直接或者间接侵占上市公司资金、资产，损害公司及 其他股东的利益。 浙江嘉化能源化工股份有限公司 控股 ...

浙江嘉化能源化工股份有限公司 董事会秘书工作制度 二○二五年八月 浙江嘉化能源化工股份有限公司 董事会秘书工作制度 为促进浙江嘉化能源化工股份有限公司 （以下简称"公司"） 的规范 运作，明确董事会秘书的职责权限，根据《中华人民共和国公司法》（以下简称 "《公司法》"）《中华人民共和国证券法》（以下简称"《证券法》"） 《上海证券交易所股票上市规则》（以下简称"《上市规则》"）《上海证券交 易所上市公司自律监管指引第1号——规范运作》（以下简称"《规范运作指 引》"）等法律、法规、规范性文件以及《浙江嘉化能源化工股份有限公司章 程》（以下简称"《公司章程》"）的相关规定， 制订本制度。 董事会秘书为公司的高级管理人员，对公司和董事会负责，应忠 实、勤勉地履行职责。 法律、法规及《公司章程》对公司高级管理人员的有关规定，适用于董事会 秘书。 董事会秘书是公司与证券监管机构、上海证券交易所（以下简称"证 券交易所"）之间的指定联络人。 公司董事会办公室为信息披露事务部门，由董事会秘书负责管理。 公司设董事会秘书一名。董事会秘书由董事长提名，经董事会聘 任或解聘。公司董事会应当在原任董事会秘书离职后3个月内聘任董事 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Viewpoints of the Report - The economic growth rate of Shaanxi Province is above the national average, but its fiscal revenue is under pressure, and there is significant differentiation among cities. The debt burden is at a medium level in the country, and the debt structure is expected to gradually optimize in the future [1]. - The scale and cost of Shaanxi's existing urban investment bonds are at a medium - upper level in the country. The credit quality of the bonds is good, mainly short - to medium - term, and the financing cost is expected to decline [1]. - In the first half of 2025, the issuance of Shaanxi's urban investment bonds showed the characteristics of "stable total volume and negative net financing". The financing end will maintain a tight balance, and the incremental financing space may open up in the future [1]. - The overall debt repayment pressure of Shaanxi's urban investment bonds shows a downward trend in steps, but attention should be paid to the credit risk of some platforms in the third quarter of 2025 [2]. - The secondary market trading activity of Shaanxi's urban investment bonds has room for improvement. The yield has been declining, and the credit spread has been narrowing. It is recommended to be cautious when sinking the credit rating [2]. 3. Summary by Relevant Catalogs 3.1 Shaanxi Province Overview 3.1.1 Economic and Fiscal Perspective - In 2024, Shaanxi's GDP was about 3.55 trillion yuan, with a year - on - year growth rate of 5.30%, higher than the national average. Its per capita GDP was 89,915 yuan, a year - on - year increase of 5.23% [9]. - The general public budget revenue in 2024 was 339.308 billion yuan, ranking 15th in the country, a year - on - year decrease of 1.30%. The budget expenditure increased slightly, and the fiscal self - sufficiency rate decreased by 1.41 pct to 46.50% [14]. - There is significant differentiation in the fiscal strength of cities in Shaanxi. Xi'an has a leading position in fiscal revenue and expenditure, while the fiscal self - sufficiency rates of some cities are less than 25% [20]. - Tax revenue accounts for a relatively high proportion of Shaanxi's general public budget revenue, reaching 93.75% in 2024, but showing a downward trend [26]. 3.1.2 Industrial Layout Perspective - The proportion of the tertiary industry in Shaanxi has gradually exceeded 45% in the past 7 years, while the proportion of the secondary industry has slightly decreased, and the proportion of the primary industry is less than 8%. The economic structure is accelerating its transformation towards a service - led model [32]. - Shaanxi has introduced a series of policies to promote the development of emerging industries, such as the development of the low - altitude manufacturing industry and the digital economy [33]. 3.2 Current Situation of Existing Urban Investment Bonds and Urban Investment Entities in Shaanxi Province 3.2.1 Review of the Changes and Development of Shaanxi's Urban Investment Bonds - The development of urban investment financing in Shaanxi can be traced back to 1992. After several stages of development, the number of urban investment platforms has increased, and debt management has been continuously strengthened [39]. - Since 2018, Shaanxi's debt ratio has shown an upward trend, and the local debt burden has increased. However, the "controlling increment and resolving stock" of urban investment bonds has been effective, and the urban investment debt ratio has decreased in recent years [45]. 3.2.2 Focus on the Current Structure of Existing Bonds - As of July 15, 2025, the balance of Shaanxi's existing urban investment bonds was about 232.748 billion yuan, ranking 12th in the country, and the weighted average coupon rate was about 4.14%, ranking 10th [54]. - In terms of credit rating, AAA and AA+ - rated bonds account for a relatively high proportion. The remaining maturity of bonds is mainly concentrated in the 1 - 3 - year interval, and the bond types are mainly corporate bonds [55]. 3.2.3 Focus on the Current Situation of Urban Investment Entities - As of July 15, 2025, there were 75 urban investment entities in Shaanxi, with 55 having existing bonds. The bond - issuing entities are mainly high - rated municipal and development zone urban investment platforms [63]. - There are 5 urban investment entities with a bond balance of over 10 billion yuan, all with AA+ or above ratings. Xi'an High - tech Holdings Co., Ltd. has the largest balance of existing urban investment bonds [67]. 3.3 Issuance Situation of Shaanxi's Urban Investment Bonds in the Primary Market in the First Half of 2025 - In the first half of 2025, Shaanxi issued urban investment bonds worth 55.725 billion yuan, ranking 12th in the country, and the cumulative net financing was - 109 million yuan. The issuance showed the characteristics of "stable total volume and negative net financing" [69]. - The average coupon rate of bond issuance in the first half of 2025 was 3.01%, significantly lower than the existing coupon rate. It is expected that the financing cost will continue to decline [70]. - In terms of issuance structure, the issuance scale of AAA - rated entities accounted for more than half. The issuance term was mainly 3 - 5 years, and the bond types were mainly corporate bonds and medium - term notes [74]. 3.4 Debt Repayment Situation of Shaanxi's Urban Investment Bonds in the Next 3 Years - The overall debt repayment pressure of Shaanxi's urban investment bonds shows a downward trend in steps, but attention should be paid to the credit risk of some platforms in the third quarter of 2025 [2]. - The overall debt repayment structure is consistent with the structure of existing bonds, mainly corporate bonds and AAA - rated bonds [2]. 3.5 Secondary Market Transaction and Yield Performance of Shaanxi's Urban Investment Bonds - In the first half of 2025, the secondary market trading volume was about 9.5107 billion yuan, and the turnover rate was 62.14%, lower than the national average. The trading activity has room for improvement [2]. - From July 2018 to July 2025, the yield of Shaanxi's urban investment bonds showed a fluctuating downward trend, and the credit spread has narrowed significantly [2]. - The market's expectation of the credit risk of Shaanxi's urban investment bonds has improved, but it is recommended to be cautious when sinking the credit rating [2].