登录新浪财经APP 搜索【信披】查看更多考评等级 | 은 한 가지 | 公司 | 主题内容 | | --- | --- | --- | | 被执行人 | 平凉城投 | 中证鹏元关注公司被列为被执行人及担保风险事项 | | 违约进展 | 华阳经贸 | 18 华阳经贸 CP001 等2 只债券发行人涉嫌犯罪被检察机关提起公 1/7 | | 法律诉讼 | 凉山州发展集团 | 终审判决维持原判,需支付重庆建工 2111.51 万元及利息 | | 法律诉讼 | 宏财集团 | 涉及两起重大诉讼,合计执行标的超6亿元 | 【中证鹏元：关注平凉城投被列为被执行人及担保风险事项】 中证鹏元发布关注公告称，公司关注到平凉市城乡发展建设投资集团有限公司因担保事项被列为被执行 人，执行标的合计2.07亿元，相关债务置换方案正在推进中，若无法解决可能加大公司资金压力。同时 公司作为平凉市城市开发建设的主要主体，对外部支持的依赖较强，需持续关注后续进展对公司信用状 况的影响。 2025年4月15日，平凉城投子公司平凉惠通公商务用车服务有限公司已被注销，同时其另一子公司平凉 市惠城物业服务有限责任公司2024年净利润大幅减少，2024年度 ...

Group 1 - The central financial institution has completed the bidding process for the second phase of special government bonds for 2025, with a planned issuance of 105 billion yuan [1] - The actual issuance amount of the bonds is 105 billion yuan, with a determined issuance price of 99.66 yuan, translating to an annual yield of 1.64% [1] - The distribution of the newly issued bonds will take place from the end of the bidding until June 5, and from June 9, it will be merged with the previously issued portion of 145 billion yuan for market trading [1]

湖南发行7年期一般债地方债，规模141.9981亿元，发行利率1.6800%，边际倍数1.32倍，倍数预期 1.69。 ...

债市周五（30日）震荡回暖，国债期货全线收涨，银行间现券超长端带动曲线回落，收益率普遍下行1- 2BPs；公开市场单日净投放1486亿元，资金利率再度分化。 机构认为，预计年内仍然有降准降息空间，央行也将适时重启国债净买入。随着新利率走廊框架基本完 成，中期资金到期规模大，但央行对资金利率的掌控力度增加，资金利率大概率维持平稳。 【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.56%报119.410，10年期主力合约涨0.21%报108.725，5年 期主力合约涨0.14%报106.02，2年期主力合约涨0.04%报102.396。 欧元区市场方面，当地时间5月29日，10年期法债收益率跌4.8BPs报3.174%，10年期德债收益率跌 4.7BPs报2.505%，10年期意债收益率跌4.6BPs报3.488%，10年期西债收益率跌4.6BPs报3.106%。其他市 场方面，10年期英债收益率跌8BPs报4.645%。 【资金面】 公开市场方面，央行公告称，5月30日以固定利率、数量招标方式开展了2911亿元7天期逆回购操作，操 作利率1.40%，投标量2911亿元，中标量2911亿元。数据显示，当 ...

Core Viewpoint - Lido Merger Sub, Inc. has successfully received tenders and consents for approximately 97.95% of Landsea Homes Corporation's outstanding 8.875% Senior Notes due 2029 as part of a cash tender offer and consent solicitation [1] Group 1: Tender Offer Details - The Company received tenders and consents amounting to $293,848,000 in aggregate principal of the Notes by the deadline [1] - The total consideration for the Notes is $1,044.38 per $1,000 in principal amount, which includes a $50 Early Participation Premium [3] - Holders whose Notes are accepted will also receive accrued and unpaid interest up to the settlement date [5] Group 2: Proposed Amendments - A supplemental indenture was executed to eliminate the "Change of Control Offer" requirement and most restrictive covenants related to the Notes [2] - The Proposed Amendments will only take effect if a majority of the Notes are accepted for purchase [2] Group 3: Conditions and Timeline - The consummation of the Tender Offer is contingent upon the successful completion of the Merger and certain financing conditions [7] - The Merger is expected to close early in the third quarter of 2025, with the Expiration Date of the Tender Offer likely extended until then [7][8] - The Company reserves the right to waive any conditions related to the Tender Offer [7]

Group 1 - Shaanxi issued 10-year general local bonds with a scale of 8.7 billion yuan and an issuance rate of 1.79%, with a marginal multiple of 1.29 times, compared to an expected multiple of 1.92 [1] - Shaanxi issued 15-year other special local bonds with a scale of 1.47 billion yuan and an issuance rate of 2.07%, with a marginal multiple of 7.14 times, compared to an expected multiple of 2.14 [1] - Shaanxi issued 20-year other special local bonds with a scale of 17.4 billion yuan and an issuance rate of 2.12%, with a marginal multiple of 6.63 times, compared to an expected multiple of 1.90 [1] - Shaanxi issued 7-year general local bonds with a scale of 90.994 billion yuan and an issuance rate of 1.67%, with a marginal multiple of 1.97 times, compared to an expected multiple of 2.04 [1]

Core Insights - Jiangsu Province issued various local government bonds with different maturities and interest rates, indicating active participation in the bond market [1] Summary by Category 1-Year General Bonds - Issued amount: 73.1 billion - Issuance interest rate: 1.50% - Bid-to-cover ratio: 14.48 times, with an expected ratio of 1.50 [1] 10-Year General Bonds - Issued amount: 114.9 billion - Issuance interest rate: 1.76% - Bid-to-cover ratio: 4.12 times, with an expected ratio of 2.51 [1] 7-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.67% - Bid-to-cover ratio: 5.67 times, with an expected ratio of 3.10 [1] 15-Year Other Special Bonds - Issued amount: 300 billion - Issuance interest rate: 1.92% - Bid-to-cover ratio: 2.66 times, with an expected ratio of 1.94 [1] 20-Year Other Special Bonds - Issued amount: 251 billion - Issuance interest rate: 2.03% - Bid-to-cover ratio: 2.93 times, with an expected ratio of 2.05 [1]

Core Viewpoint - The U.S. bond market is expected to remain volatile at high levels, with investment banks warning of a "calm before the storm" scenario, indicating potential trading opportunities in response to liquidity shocks [1] Group 1: Market Trends - The bond market has stabilized this week, suggesting a temporary lull in volatility [1] - The U.S. Treasury's safe-haven appeal is diminishing, prompting considerations for left-side long positions to be entered in phases [1] Group 2: Currency and Equity Insights - The Japanese yen and Japanese stocks have returned to a negative correlation, raising questions about whether the Nikkei index has reached a bottoming opportunity [1] - There are indications that gold and the Japanese yen may present new positioning windows for investors [1]

Group 1: Company Bond ETF Performance - As of May 26, 2025, the Company Bond ETF (511030) increased by 0.01%, marking its sixth consecutive rise, with the latest price at 105.79 yuan [1] - Over the past six months, the Company Bond ETF has accumulated a total increase of 1.12% [1] - The latest scale of the Company Bond ETF reached 14.914 billion yuan, a new high in nearly one year [1] - The latest share count for the Company Bond ETF is 14.1 million, a new high in nearly one month [1] - The Company Bond ETF has seen continuous net inflows for the past eight days, with a maximum single-day net inflow of 323 million yuan, totaling 1.23 billion yuan, averaging 154 million yuan per day [1] Group 2: Economic Outlook and Market Trends - The expected growth rates for 2024 are 3.5% for retail sales, 3.2% for investment, and 7.1% for exports, with only exports showing strong performance [1] - For 2025, the anticipated growth rates are around 5% for consumption, 4% for investment, and 7% for export total value, indicating a potential stabilization of the economy [1] - The recovery of consumption is viewed as a core support for economic stabilization [1] - Analysts suggest waiting until late June for interest rate bonds and recommend focusing on credit bonds with yields above 2% [1] Group 3: Government Bond ETF Performance - As of May 26, 2025, the Government Bond ETF (511020) is in a state of equilibrium, with the latest quote at 117.24 yuan, and has seen a cumulative increase of 2.86% over the past six months [5] - The latest scale of the Government Bond ETF is 1.491 billion yuan, with recent inflows and outflows balancing out [6] - Over the past five trading days, the Government Bond ETF has attracted a total of 24.605 million yuan [6] - Since its inception, the Government Bond ETF has achieved a maximum monthly return of 2.58% and a historical holding period profitability rate of 100% over three years [6] Group 4: National Development Bond ETF Performance - As of May 26, 2025, the National Development Bond ETF (159651) increased by 0.02%, with the latest price at 106.03 yuan, and has seen a cumulative increase of 2.02% over the past year [9] - The National Development Bond ETF has experienced a significant growth of 378 million yuan in scale over the past six months, ranking it among the top half of comparable funds [9] - The latest net outflow for the National Development Bond ETF is 29.258 million yuan, with a total of 86.187 million yuan attracted over the past ten trading days [9] - The National Development Bond ETF has a historical profitability rate of 100% over two years, with a monthly profitability probability of 87.6% [9]

Group 1 - The bond market continues to show volatility, with recent reserve requirement ratio cuts and subsequent interest rate reductions leading to a balanced short-term sentiment [1] - The central bank has continued to implement net OMO (Open Market Operations), resulting in a relatively loose funding environment that supports the mid-to-short end of the yield curve [1] - The market is expected to maintain a narrow range of fluctuations, as the overall monetary easing policies have been implemented without significant negative impacts [1] Group 2 - Attention should be paid to the upcoming MLF (Medium-term Lending Facility), reverse repos, and central bank bond purchases, as unexpected liquidity injections could lead to further declines in yields [1] - The government bond ETF (511520) has seen active trading, with transaction amounts exceeding 10 billion yuan for four consecutive days, making it the largest bond ETF in the market with a total scale exceeding 46 billion yuan [1] - The ETF has a duration of approximately 7.5 years, offering good liquidity and serving as a useful tool for clients looking to adjust duration and engage in tactical trading within the bond market [1]