Core Viewpoint - The meeting aimed to enhance financial support for private enterprises in Meishan, aligning with national policies to promote high-quality development in the private sector [1][4][7]. Group 1: Financial Support Initiatives - A strategic cooperation agreement was signed between the People's Bank of Meishan and the Municipal Federation of Industry and Commerce to deepen policy collaboration, financing promotion, and information sharing [4]. - A total of 16 financial institutions and private enterprises signed on-site agreements, with a credit amounting to 1.635 billion [4]. - The financial system in Meishan has seen a rapid increase in credit for private enterprises, with a loan balance of 54.764 billion by the end of 2024, reflecting a year-on-year growth of 14.82% [11]. Group 2: Policy Implementation and Collaboration - The meeting emphasized the importance of collaboration between financial institutions and relevant departments to ensure effective implementation of support policies for the private economy [7][9]. - Financial institutions are encouraged to provide equal treatment to private enterprises in terms of credit access, collateral requirements, and performance evaluation [9]. - The meeting proposed the "Private Enterprise Escort Action" to strengthen financial and industrial collaboration, ensuring robust support for the high-quality development of private enterprises [9]. Group 3: Economic Growth Projections - The private economy in Meishan is projected to reach an added value of 117.037 billion in 2024, with a growth rate of 7.4% [11].

Core Viewpoint - Guangdong Province is implementing measures to promote high-quality development in venture capital by creating a supportive financial ecosystem for technological innovation [1] Group 1: Policy Initiatives - The Guangdong Provincial Government is encouraging banks, insurance companies, leasing firms, and guarantee companies to collaborate with venture capital institutions through linked business models such as "loan + external direct investment" and "loan + bank investment subsidiary + external direct investment" [1] - There will be a relaxation of the applicable scope, duration, and investment ratio for merger loans in the technology innovation sector, aimed at increasing the availability of such loans [1] Group 2: Financial Support for Startups - The policy emphasizes the use of intellectual property financial pilot zone policies to encourage trust companies to establish service trusts based on new types of property rights, such as intellectual property [1] - There is an increased focus on providing comprehensive financial support for seed-stage and early-stage technology enterprises [1]

Group 1 - The State Administration of Foreign Exchange in Sichuan is enhancing financial foreign exchange services to support foreign trade and improve expectations through various measures [1] - The Export-Import Bank of China Sichuan Branch has increased its special credit quota for foreign trade enterprises to 80 billion yuan and established a special quota of no less than 5 billion yuan for foreign investment cooperation [1] - The Bank of China Sichuan Branch has implemented a tiered management approach for U.S.-related enterprises and launched a service to provide foreign exchange settlement options for eligible small and micro enterprises [1] Group 2 - Citic Bank Chengdu Branch has created a credit insurance whitelist to support export enterprises in trade financing, lowering credit conditions for listed companies [2] - Chengdu SME Financing Guarantee Co., Ltd. is providing targeted support for small and micro enterprises through various loan products, reducing financial burdens [2] - As of this year, 44 technology enterprises in the province have benefited from cross-border financing policies, with a total signed external debt amounting to 6.67 billion USD [2]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]

Core Viewpoint - Anhui Xingtai Guarantee has been recognized for its innovative financial products that effectively address the financing challenges faced by technology-based enterprises, showcasing a comprehensive financial service system that supports the growth of private enterprises [1][3]. Group 1: Inclusive Financing - Anhui Xingtai Guarantee has provided financing guarantees totaling 134 billion yuan for 39,000 small and micro enterprises and agricultural entities, with an average guarantee fee rate reduced from 1% to 0.65% [3]. - The company has saved clients 200 million yuan in financing costs over the past three years, demonstrating its commitment to enabling businesses to achieve more with less [3]. Group 2: Technology Financing - Since its establishment, Anhui Xingtai Guarantee has supported 6,536 technology enterprises with 26.7 billion yuan in guarantees, helping over 20 companies go public [4]. - The company has introduced various specialized products targeting key industries, with a total investment of 3.3 billion yuan to address the financing difficulties of technology enterprises [4][5]. Group 3: Debt Guarantee - Anhui Xingtai Guarantee has supported the issuance of technology bonds and medium-term notes, with a credit scale exceeding 6 billion yuan, enhancing the fundraising capabilities of various funds [6]. - The company has achieved a credit rating of AAA, with a bond guarantee scale exceeding 34 billion yuan over three years [6][7]. Group 4: Guarantee Services - The company has developed an electronic guarantee platform, transitioning from paper guarantees to fully online services, facilitating 61.3 billion yuan in performance guarantees for major infrastructure projects [8]. - The electronic bidding guarantee has expanded its reach across multiple provinces, totaling 36.9 billion yuan in business, enhancing cash flow for enterprises [8]. Group 5: Commitment to Private Economy - Anhui Xingtai Guarantee aims to deepen its service to the private economy by focusing on the entire lifecycle needs of small and micro enterprises, promoting high-quality development in the sector [9].