Group 1 - The company, Tianneng Power (00819), announced plans to broaden its financing channels and optimize its financing structure [1] - Tianneng Co., a subsidiary indirectly owned 86.53% by the company, intends to apply for the registration and issuance of corporate bonds totaling up to RMB 2 billion (including RMB 2 billion) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a maximum term of five years from the issuance date [1] - Tianneng Holdings, a wholly-owned subsidiary of the company, plans to apply for the registration and issuance of targeted debt financing instruments totaling up to RMB 2 billion (including RMB 2 billion), with a maximum term of five years from the issuance date [1]

Core Viewpoint - TianNeng Power (00819) aims to expand its financing channels and optimize its financing structure through the issuance of bonds and debt financing tools totaling up to RMB 40 billion [1] Group 1: Bond Issuance - TianNeng Co. proposes to apply for the registration and issuance of corporate bonds with a total principal amount of up to RMB 20 billion, with a maturity of up to five years from the issuance date [1] - The bonds will be issued in one or more tranches to qualified professional investors [1] Group 2: Debt Financing Tools - TianNeng Holdings, a wholly-owned subsidiary of the company, plans to apply for the registration and issuance of targeted debt financing tools with a total principal amount of up to RMB 20 billion, also with a maturity of up to five years from the issuance date [1] - These targeted debt financing tools will be issued in one or more tranches to specific institutional investors in the interbank bond market [1]

| 广上海浴券交易所 | | | 热烈祝贺 | | | | --- | --- | --- | --- | --- | --- | | | | | 2025年江西省政府债券 | | | | | | | 成功发行 | | | | 发行日期 | 债券代码 234937 | 债券同称 25江西34 | 债券类型 专项债券 | 发行年限 20年 | 发行规模 票面利率 13.5 亿元 2.07% | | | 234938 234939 | 25江西35 25江西36 | 专项债券 专项债券 | રે ર્ફ 7年 | 8.5282 亿元 1.62% | | | | | | | 5.7806 亿元 1.72% | | | 234940 | 25江西37 | 专项债券 | ાર જે | 1.8584 亿元 2.03% | | | 234941 | 25江西38 | 专项债券 | 20年 | 4.0055 亿元 2.11% | | | 234942 | 25江西39 | 专项债券 | 30年 | 64.7117 亿元 2.09% | | 7月28日 | 234943 | 25江西40 | 专项债券 | 20年 | 49. ...

Group 1 - The Ministry of Finance reported that in the first half of the year, the issuance of national bonds reached a record high of 7.88 trillion yuan, an increase of 20,547 million yuan or 35.28% year-on-year, with an average issuance interest rate of 1.52%, down 43 basis points [1] - The average bidding multiple for book-entry national bonds was 3.03 times, indicating strong investor interest [1] - Special bonds for state-owned banks' core tier one capital were issued successfully, totaling 500 billion yuan, completed in four phases from late April to early June [1] Group 2 - The Ministry of Finance plans to complete the issuance of 1.3 trillion yuan in ultra-long-term special bonds to support key projects [3] - The issuance of new local government special bonds reached 2.16 trillion yuan in the first half of the year, a 45% increase year-on-year, playing a positive role in infrastructure and public welfare [3] - The management of special bond usage has shifted from a "positive list" to a "negative list," allowing more projects to apply for funding, excluding only non-revenue projects and certain restricted areas [5] Group 3 - The scope for using special bonds as project capital has expanded from 17 to 22 industries, with 191.7 billion yuan issued for this purpose in the first half of the year, a 16% increase [7] - Policies now allow special bonds to be used for land reserves and to support local governments in acquiring existing residential properties for affordable housing, promoting a stable real estate market [7]

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 30 billion yuan and an issuance rate of 1.2231% [1] - The marginal rate for the 91-day bonds was 1.2634%, with an expected rate of 1.2600% and a bid-to-cover ratio of 3.28 times [1] - The Ministry also issued 182-day bonds with a scale of 60 billion yuan and an issuance rate of 1.3243% [1] Group 2 - The marginal rate for the 182-day bonds was 1.3832%, with an expected rate of 1.3300% and a bid-to-cover ratio of 2.30 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was significantly higher at 5.29 times [1]

Group 1 - The Government Debt Management offered 10% of the nominal value sold in the auction on July 18 at the price of accepted bids [1] Group 2 - The additional issuance for the RIKS 29 0917 series is 160,000,000 [2] - The total outstanding nominal value for the RIKB 27 0415 series is 115,586,000,000 and for the RIKS 29 0917 series is 78,275,000,000 [2]

Core Viewpoint - Eurozone countries are set to issue more short-term bonds as the appeal of long-term debt diminishes [1] Group 1 - The shift towards short-term bonds indicates a changing investor sentiment regarding long-term debt instruments [1] - This trend may reflect concerns over interest rate fluctuations and economic uncertainty within the Eurozone [1] - Increased issuance of short-term bonds could lead to a more volatile debt market as investors seek liquidity [1]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The China - Latin America and the Caribbean Community (CELAC) cooperation has entered a new stage, with deepening political mutual trust and expanding economic and trade cooperation. The issuance of panda bonds is an important direction for financial cooperation between the two sides, but attention should be paid to the sovereign credit risks in Latin America and the construction of a new sovereign credit rating system [1][2][6][10]. 3. Summary by Relevant Catalogs 3.1 China - Latin America Cooperation Enters a New Stage - On May 13, 2025, the Fourth Ministerial Meeting of the China - CELAC Forum was held in Beijing. On May 14, a seminar on China - Latin America panda bonds was held, with representatives from China and Brazil participating [1]. - Latin America is rich in resources and strategically important. In 2024, the bilateral trade volume between China and Latin America reached $500 billion. By the end of 2023, China's direct investment stock in Latin America was $600.8 billion. China has 5 free - trade partners in Latin America, and the free - trade dividends are constantly emerging [2]. - China's political relations with Latin American countries have been upgraded. China has proposed initiatives that are increasingly recognized by Latin American countries, and more than 20 countries have signed Belt and Road cooperation memorandums with China [4]. 3.2 Promising Prospect of China - Latin America Panda Bond Cooperation - In 2024, 44 entities issued 109 panda bonds with a total issuance scale of 194.8 billion yuan, a year - on - year increase of 26.1%. The proportion of overseas investors increased significantly to nearly 50% [6]. - In November 2024, the first panda bond issued by a Latin American entity was successfully issued, setting a benchmark for more Latin American issuers [6][7]. - Chinese rating agencies play an important role in bridging information asymmetry between overseas issuers and domestic investors. However, they need to innovate rating methods due to the limitations of local ratings and geopolitical changes [9]. 3.3 Attention to Sovereign Credit Risks in Latin America - Sovereign credit risk is an important factor affecting Latin American entities' issuance of panda bonds. The deepening of China - Latin America political mutual trust and cooperation helps improve the sovereign credit strength of Latin American economies in RMB terms [10]. - In 2025, Latin American economic growth is expected to slow from 2.4% in 2024 to 2.0%. Different countries face various challenges: Brazil has fiscal problems; Mexico is affected by the US economy; Argentina has high inflation and debt; Chile is at risk of relying on single - resource exports; and Colombia has fiscal and political uncertainties [11].

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 30 billion yuan and an issuance rate of 1.2069% [1] - The marginal rate for the 91-day bonds was 1.2392%, with an expected rate of 1.2200% and a bid-to-cover ratio of 3.44 times [1] - The Ministry also issued 182-day bonds with a scale of 60 billion yuan and an issuance rate of 1.2654% [1] Group 2 - The marginal rate for the 182-day bonds was 1.3223%, with an expected rate of 1.3200% and a bid-to-cover ratio of 2.29 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was 1.67 times [1]

Core Insights - Dalian issued 10-year general local bonds with a scale of 5.91405 billion, an issuance rate of 1.7100%, and a marginal multiple of 1.16 times, with an expected multiple of 1.75 [1] - Dalian also issued 20-year ordinary special local bonds with a scale of 723 million, an issuance rate of 2.0400%, and a marginal multiple of 3.53 times, with an expected multiple of 2.02 [1] Summary by Category - **Bond Issuance** - Dalian's 10-year general local bonds totaled 5.91405 billion with a rate of 1.7100% and a marginal multiple of 1.16 times [1] - The expected multiple for the 10-year bonds was 1.75 [1] - **Special Bonds** - The 20-year ordinary special local bonds issued by Dalian amounted to 723 million with a rate of 2.0400% and a marginal multiple of 3.53 times [1] - The expected multiple for the 20-year bonds was 2.02 [1]