Core Viewpoint - The "Weidan Flower Industry Loan" has been recognized as a typical product of inclusive finance, marking a significant step for Weifang in integrating characteristic industries with inclusive finance [1] Group 1: Product Overview - The "Weidan Flower Industry Loan" was developed by Weifang Guarantee Group to address financing challenges in the flower industry, which faces issues such as limited collateral, seasonal funding needs, and price volatility [3][5] - The loan utilizes a "government-bank-guarantee" risk-sharing mechanism and an online approval process, significantly lowering financing thresholds and costs [3][5] Group 2: Financial Ecosystem Innovation - The loan supports the entire flower supply chain, including upstream suppliers, midstream manufacturers, and downstream retailers, effectively covering all financing needs [5] - The loan process has been streamlined, reducing the number of steps from four to one and the required documents from 14 to 5, improving processing efficiency by over 80% [5] Group 3: Policy Collaboration - The loan is part of a broader strategy to enhance financial support for agriculture in Shandong Province, offering flexible terms and significantly reduced guarantee fees [7] - The average guarantee fee is only 0.2% per year, an 80% reduction compared to the typical 1% rate, leading to an overall financing cost reduction of over 30% [7] Group 4: Impact and Future Prospects - Since its launch, the "Weidan Flower Industry Loan" has served 128 clients, with a total business amount of 107.04 million yuan, promoting the upgrade of the flower industry towards scale, technology, and branding [8] - The success of this loan model provides a replicable and scalable experience for financial services in characteristic agricultural industries across the province [8][9]

6月20日，联合资信公布评级报告，江苏大行临港产业投资有限公司2024年度第一期中期票据 获"AAA"评级。 来源：金融界 联合资信评级报告认为，跟踪期内，江苏大行临港产业投资有限公司（以下简称"公司"）仍是江苏省扬 中市重要的基础设施建设和国有资产运营主体，主要从事江苏省扬中经济开发区（以下简称"扬中经开 区"）的基础设施建设和安置房建设业务，业务仍保持较强区域专营优势。2024年，扬中市地区生产总 值和一般公共预算收入同比均保持增长，扬中经开区对扬中市经济及财政贡献度较高，公司外部发展环 境良好，且继续在财政贴息和政府补助等方面获得外部支持。跟踪期内，公司在股权结构、治理结构和 高级管理人员方面均未发生重大变化。经营方面，2024年，公司营业总收入同比有所下降，综合毛利率 同比变化不大。公司已完工工程施工项目回款程度尚可，主要在建项目待投资规模一般；材料销售业务 毛利率水平低，对公司资金形成一定占用，且存在回款风险；自营业务面临一定投资压力，且开发进度 受地方招商引资政策影响较大，未来经营及盈利情况存在一定不确定性；公司已完工在售安置房项目销 售进度尚可，暂无在建及拟建安置房项目；担保业务存续规模较小，历 ...

Group 1 - The core viewpoint of the news is the launch of the "Su Gang Loan" business in Suzhou, which aims to support employment and stabilize jobs through innovative financial products [1][2] - The "Su Gang Loan" is designed to provide financial support to private enterprises and individual businesses in Jiangsu province that have a good employment absorption capacity and stable job retention [1][2] - The loan program features low entry thresholds, fast approval speeds, and low financing costs, making it accessible for small and micro enterprises [1][2] Group 2 - The collaboration between China Bank Suzhou Branch and Jiangsu Provincial Credit Re-guarantee Group aims to enhance financial support for employment stabilization and economic development [2] - The target beneficiaries include private enterprises and individual businesses that are recommended by the Jiangsu Provincial Human Resources and Social Security Department [2] - The initiative focuses on providing financial assistance to small and micro enterprises, agricultural sectors, and strategic emerging industries, thereby injecting financial resources into job stabilization efforts [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of a volatile bond market and a passive widening of credit spreads, investors should prioritize high - coupon assets for certain returns and prepare in advance for the spread compression market driven by the seasonal inflow of wealth management funds in July [1][5]. - The current core contradiction in the credit bond market is the co - existence of weakening allocation demand and a passive widening of spreads in a volatile environment. Investors should seize pricing deviation opportunities under the protection of coupon safety cushions [5]. - The volatile market pattern caused by the interplay of multiple factors will continue, providing tactical opportunities for layout during market adjustments [6]. - The coupon strategy is the optimal solution in a volatile market, and portfolios should be constructed in a stratified manner according to the characteristics of liabilities [7]. - Investors should "pre - position" for the seasonal spread compression market in July and seize structural opportunities in specific bond varieties [8]. 3. Summary by Relevant Catalog 3.1 Yield and Spread Overview 3.1.1 Yields and Changes of Each Tenor - Yields of various types of bonds at different tenors are presented, along with their weekly changes and historical percentiles. For example, the 0.5 - year Treasury yield is 1.41%, down 4.0bp from last week, with a historical percentile of 8.4% [14]. 3.1.2 Spreads and Changes of Each Tenor - Credit spreads of various types of bonds at different tenors are shown, including their weekly changes and historical percentiles. For instance, the 0.5 - year credit spread of public non - perpetual urban investment bonds is 25bp, up 2.1bp from last week, with a historical percentile of 12.7% [16]. 3.2 Yields and Spreads of Credit Bonds by Category (Hermite Algorithm) 3.2.1 Yields and Spreads of Urban Investment Bonds by Region - **Yields and Changes of Each Tenor**: Yields of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are provided. For example, the 0.5 - year yield of Anhui's public non - perpetual urban investment bonds is 1.77%, up 2.6bp from last week, with a historical percentile of 1.1% [19]. - **Spreads and Changes of Each Tenor**: Credit spreads of public non - perpetual urban investment bonds in different provinces at key tenors, their weekly changes, and historical percentiles are given. For example, the 0.5 - year credit spread of Anhui's public non - perpetual urban investment bonds is 30.41bp, up 4.6bp from last week, with a historical percentile of 7.2% [22]. - **Yields and Changes of Each Implied Rating**: Yields of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are presented. For example, the AAA - rated yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.8bp from last week, with a historical percentile of 5.1% [26]. - **Spreads and Changes of Each Implied Rating**: Credit spreads of public non - perpetual urban investment bonds in different provinces for each implied rating, their weekly changes, and historical percentiles are shown. For example, the AAA - rated credit spread of Anhui's public non - perpetual urban investment bonds is 28.96bp, up 4.8bp from last week, with a historical percentile of 32.2% [31]. - **Yields and Changes of Each Administrative Level**: Yields of public non - perpetual urban investment bonds in different provinces at each administrative level, their weekly changes, and historical percentiles are provided. For example, the provincial - level yield of Anhui's public non - perpetual urban investment bonds is 1.80%, up 3.5bp from last week, with a historical percentile of 3.7% [35].

Group 1 - Chongqing has completed a systematic restructuring of its state-owned enterprises (SOEs), reducing the number of key SOEs from 51 to 33 through five batches of strategic mergers [1] - The overall loss ratio of Chongqing's key SOEs has decreased from approximately 40% to 18.6%, with operational losses dropping to 13.7% after excluding certain reasonable losses [1] - The restructuring aims to enhance the efficiency of SOEs by integrating various sectors such as real estate, finance, construction, and port resources, achieving a synergistic effect [1] Group 2 - Chongqing's SOEs are increasing investments in sectors related to national security and new productive forces, with notable projects including collaborations with Ningde Times and Huawei [2] - After the restructuring, Chongqing Water Environment Group ranked first in net assets among China's top 50 environmental enterprises, while Chongqing Three Gorges Guarantee Group achieved the second-largest registered capital in the country [2] - Chongqing Yufu Holding Group has completed 208 investments totaling 35.059 billion yuan, with 33.6 billion yuan directed towards advanced manufacturing and strategic emerging industries, stimulating an additional 111 billion yuan in related investments [2] Group 3 - The Chongqing government plans to merge Three Gorges Guarantee with two other guarantee companies to enhance risk management and service capabilities [3] - The restructuring is characterized as a "systematic reshaping," transitioning the operational model of key financing platforms from administrative to market-oriented [3] - The reform aims to shift the industrial system from traditional to modern and to drive development through innovation rather than just resource factors [3]

转自：新华网 "市委六届四次全会以来，全市国资国企系统拉开了直辖以来最大的一场改革，这是一场艰苦卓绝的攻 坚战，是一块真正的'硬骨头'。"重庆市国资委党委书记、主任曾菁华感叹。 重庆市政府新闻办今天举行"扛起新使命 谱写新篇章"系列主题新闻发布会（第八场）——"深化国资国 企改革，加快打造一流现代企业"新闻发布会。曾菁华表示，通过两年多的努力，重庆国资国企终于啃 下了这块"硬骨头"。整个改革依法高效，平稳有序。 今年5月12日，重庆市委召开深化国有企业改革推进会，用"取得了重大成果、交出了高分答卷"高度评 价这场改革攻坚战，称市属重点国企实现了一次"系统重塑"。 能瘦身的就瘦身，该止血的就止血。改革前，重庆市属国有企业亏损面长期在40%左右，经过近两年止 损治亏，目前，市属重点国企的整体亏损面下降到18.6%，剔除掉一些政策性、功能性、包括建设期、 培育期的合理亏损企业，经营性亏损面已经下降到13.7%。 资产盘活方面，本轮改革以来，重庆市属重点国企累计盘活资产1510亿元，回收资金595亿元。通过改 革，把沉淀资产释放出来，带动产业发展，特别是通过"三企"联动，用优质资产吸引央企、民企、外企 落户重庆，推动 ...

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]