近年来，党中央、国务院对债券市场发展高度重视，债券市场日益成为深化金融市场改革、服务实体经 济融资的重要抓手。2025年《政府工作报告》按照党的二十届三中全会的部署，强调"加快多层次债券 市场发展"，对债券市场深化融资服务功能提出了更高要求。 从政策方向看，金融五篇大文章明确了金融支持实体经济的锚定领域，也为债券市场服务实体经济指明 了方向。近年来，债券市场通过创新品种和机制优化，精准对接科技创新、绿色低碳、乡村振兴、普惠 金融等领域，进一步提升服务实体经济的效能。科技创新作为其中的核心领域，今年以来支持力度再次 加码，在全国两会经济主题记者会上，中国人民银行首次提出创设债券市场"科技板"，政策利好下科创 债等主题品种将迎来扩容窗口期。随着未来产融结合的不断深化，债券市场服务产业创新、赋能实体经 济仍大有可为，这也有望为信用评级行业服务升级带来新的机遇。 《金融时报》记者：我国信用评级行业经历了怎样的发展阶段？在助力债券市场发展中发挥了怎样的重 要作用？ 岳志岗：回顾评级行业发展历程，中国信用评级行业伴随金融市场改革发展而产生，随着债券市场跨越 式发展而逐步壮大，其经历了三个阶段。1987年至2004年为起步 ...

Economic and Fiscal Overview - Henan Province has a large economic scale with ongoing optimization of its industrial structure and rapid development of emerging industries, but its economic growth rate and urbanization level need improvement compared to other provinces in Central China [1][29] - The province has a relatively high comprehensive financial capacity and significant central government support, but the quality of general public budget revenue and fiscal self-sufficiency require enhancement, with a growing trend in debt scale and pressure [1][29] - The bond issuance scale in Henan Province increased from 2022 to 2023, with a slight decline in the first half of 2024 but an optimized structure [1][30] Bond Financing Analysis - Within the province, state-owned enterprises, urban investment enterprises, and industrial state-owned enterprises have distinct characteristics in domestic bond financing, with innovative bonds and asset-backed securities showing an upward trend [2] - Compared to other provinces in Central China, Henan's domestic bond issuance scale and costs differ, with urban investment bonds being dominant and industrial state-owned enterprises' bond issuance relatively weak [2] - In the offshore bond financing sector, the issuance of Chinese dollar bonds and dim sum bonds varies, with Henan's offshore labeled bond issuance becoming active again in the first half of 2024 [2] Credit Rating Situation - The credit ratings of bond issuers in Henan Province are primarily concentrated in the AAA, AA+, AA, and AA- categories, with state-owned enterprises generally having higher credit ratings compared to private enterprises [3] - State-owned enterprises are mostly rated AAA, while urban investment state-owned enterprises predominantly fall within the AA+ and AA categories [3] - Compared to other provinces in Central China, Henan's urban investment bond issuers have relatively better credit quality, with a strong willingness among urban investment entities to issue offshore bonds or obtain ratings [3] ESG Rating Analysis - Henan Province actively implements ESG-related policies to promote sustainable development among enterprises, with an increasing disclosure rate of ESG reports among listed companies [3] - The overall ESG ratings of bond-issuing enterprises are higher than those of listed companies, but there is still room for improvement [3] - The disclosure rate of ESG reports among listed companies in Henan is relatively high compared to other provinces in Central China, although local state-owned listed enterprises need to enhance their disclosure practices [3] Development Recommendations - It is recommended to optimize the debt structure of urban investment enterprises and promote their market-oriented transformation [3] - Strengthening corporate credit rating cultivation and supporting private enterprise financing are suggested to enhance the overall financing environment [3] - Increasing the issuance of innovative bonds and enhancing corporate ESG performance are also recommended to boost sustainable development capabilities [3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The inflation rate in February showed a year-on-year decrease of 0.7%, which is lower than the market expectation of -0.4% and the previous value of 0.5% [3][9] - The Producer Price Index (PPI) also decreased by 2.2% year-on-year, which is below the market expectation of -2.1% but higher than the previous value of -2.3% [5][20] - The report indicates that the CPI and PPI are expected to remain low, with CPI fluctuating between 0-1% in the near term, while PPI is anticipated to show slight recovery [7][27] Data Summary - February CPI year-on-year growth was -0.7%, with a month-on-month decrease of -0.2% [3][9] - February PPI year-on-year growth was -2.2%, with a month-on-month decrease of -0.1% [5][20] - The core CPI for February showed a year-on-year decrease of -0.1%, marking the first negative growth in nearly four years [4][10] Specific Analysis - The report highlights that the CPI's decline is primarily due to the significant drop in food prices, which fell by 3.3% year-on-year, contributing to over 80% of the total CPI decline [4][10] - The PPI's decline is attributed to seasonal factors related to the Spring Festival, slow post-holiday resumption of production, and falling prices of some international commodities [5][20] - The report notes that the core CPI's negative growth reflects weak demand and a need for improved supply-demand relationships to stabilize prices [7][30] Outlook - The report anticipates that the CPI will experience low fluctuations in the near term, while the PPI is expected to gradually recover as the impact of seasonal factors diminishes [7][27] - It emphasizes the importance of maintaining a loose monetary policy to support economic recovery and stabilize prices [7][30] - The bond market is expected to face short-term adjustments, but the long-term trend remains unchanged, with a forecast for the 10-year government bond yield to stabilize between 1.8% and 2.0% [7][30]

Financial Data and Key Metrics Changes - Moody's reported a record year in 2024, with revenue growth of 20% to over $7 billion and a 26% adjusted diluted EPS growth [9][37] - Adjusted operating margin expanded by over 400 basis points, reaching 51.3% in Q4 [9][38] - Q4 revenues were nearly $1.7 billion, up 13% year on year, with adjusted diluted EPS at $2.69, up 20% year on year [37][38] Business Line Data and Key Metrics Changes - Moody's Investors Service (MIS) achieved 18% total revenue growth, with a 29% growth in transactional revenue in Q4 [10][38] - Ratings revenue grew by 33% for the full year, with a 51.3% adjusted operating margin in Q4 [10][38] - Moody's Analytics (MA) reported Q4 revenue of $863 million, up 8% year on year, with recurring revenue growth of 10% [41][40] Market Data and Key Metrics Changes - MIS revenue growth was driven by a 134% increase in leveraged loan issuance activity in Q4 [39] - Strong performance in structured finance, particularly in U.S. CLOs and CMBS, contributed to revenue growth [39] - MA's Decision Solutions segment led with 12% ARR growth, driven by strong demand in banking, insurance, and KYC [41][42] Company Strategy and Development Direction - The company is focusing on strategic investments in technology, including Gen AI, to enhance operational efficiency and market position [13][17] - Moody's aims to capitalize on trends in private credit and transition finance, with significant investments in these areas [15][16] - The company plans to simplify its organizational structure and implement an efficiency program to enhance profitability [52][53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing expansion of debt capital markets and the increasing pace of digital transformation [29][30] - The company anticipates continued strong demand for its services, particularly in understanding financial impacts of extreme weather events [30][34] - Management highlighted the importance of maintaining robust internal controls while pursuing growth opportunities [20][34] Other Important Information - Moody's was named the best rating agency for the thirteenth consecutive year, reinforcing its leadership position in the market [14] - The company plans to incur restructuring charges of $200 to $250 million over two years, with expected annualized cost savings of $250 to $300 million [53] Q&A Session Summary Question: Clarification on medium-term guidance and organic numbers - Management confirmed that the medium-term guidance reflects organic growth, with less reliance on M&A than initially expected [64][67] Question: Insights on MIS margins and earnings growth - Management indicated that higher incentive compensation in 2024 would provide a tailwind for margins in 2025, while continuing investments in efficiency would support long-term growth [69][72] Question: Demand environment and sales cycles in MA - Management noted that sales cycles have not changed materially, with strong new business production and retention rates in 2024 [90][91] Question: Revenue growth expectations despite ARR growth - Management explained that the difference is driven by transactional revenue dynamics, which are expected to narrow as customers migrate to the platform [94][96] Question: Impact of federal government exposure and policy changes - Management stated that federal government exposure is minimal, accounting for less than 1% of consolidated revenue, with potential impacts from policy changes being sector-specific [106][107]