Group 1 - The Ministry of Finance plans to issue the 2025 Book-Entry Interest-Bearing (Fifteenth Issue) Government Bonds with a total competitive bidding face value of 145 billion yuan [1][2] - This bond is a 3-year fixed-rate interest-bearing bond, with interest payments starting from August 15, 2025, and the principal repayment on August 15, 2028 [1][2] - The bidding will take place on August 14, 2025, from 10:35 AM to 11:35 AM, using a modified multiple-price bidding method [2][3] Group 2 - The issuance will be conducted through the Ministry of Finance's government bond issuance system at the Beijing Stock Exchange [4] - The bidding positions will have specific limits, with exclusions for bids and winning bids set at 80 and 30 positions respectively, and each underwriter member limited to 40 positions [5] - The issuance fee for this bond will be 0.03% of the underwriting face value for each underwriter member [7] Group 3 - Distribution of the bonds will occur from the end of the bidding until August 15, 2025, with trading commencing on August 19, 2025 [8]

Group 1 - The core viewpoint of the articles highlights the declining operating rates in the construction machinery sector, particularly excavators, which are seen as indicators of national economic health [1][3] - In July 2025, the operating rate for major construction machinery products was reported at 56.2%, a year-on-year decrease of 6.72 percentage points and a month-on-month decrease of 0.66 percentage points [1] - The excavator operating rate specifically was 56.7%, reflecting a slight month-on-month decline of 1.5 percentage points [1] Group 2 - The Chinese government is expected to continue implementing policies to expand domestic demand, which is increasingly important for stabilizing economic growth amid rising external uncertainties [1] - A meeting of the Central Political Bureau on July 30, 2025, emphasized the need for sustained macroeconomic policy efforts and the acceleration of government bond issuance to improve fund utilization [1] - The Ministry of Finance plans to enhance fiscal policies and increase counter-cyclical adjustments, including the issuance of long-term special bonds and local government bonds to support economic activities [1] Group 3 - According to estimates from Industrial Securities, the issuance of government bonds is projected to reach 7.9 trillion yuan in the third quarter of 2025, with a net financing scale of 4.6 trillion yuan [3] - The anticipated bond issuance includes 4.4 trillion yuan in national bonds and 3.5 trillion yuan in local bonds, with significant issuance expected in August and September [3] - A report from China Galaxy Securities indicates that government special bonds and long-term bonds will support domestic demand recovery, with a focus on infrastructure and real estate projects [3]

Core Viewpoint - The Philippines is issuing 210 billion pesos in retail bonds to address its budget deficit, with a 6% coupon rate for the 5-year bonds [1] Group 1: Bond Issuance Details - The bond auction received bids exceeding 354 billion pesos, indicating strong demand [1] - The bonds will be available to the public until August 15 [1] - The issuance aims to fill a budget gap and is part of a broader borrowing strategy [1] Group 2: Historical Context and Future Plans - The expected fundraising may not exceed last year's record of 585 billion pesos from similar bonds [1] - Earlier this year, the government raised 300 billion pesos through a large bond issuance [1] - The Finance Secretary indicated that the Philippines may issue large bonds again in 2026, aiming to establish a new liquidity benchmark for institutional investors [1]

来源：金融界 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意马鞍山市花山区城市发展投 资集团有限责任公司2025年面向专业投资者非公开发行公司债券（第一期）（品种一）于2025年8月6日 起在上交所挂牌，并采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25 花山01"，证券代码为"259559"。 8月5日，上交所发布关于马鞍山市花山区城市发展投资集团有限责任公司2025年面向专业投资者非公开 发行公司债券（第一期）（品种一）挂牌的公告。 ...

Core Insights - The issuance of technology innovation bonds (科创债) has seen significant growth, with over 650 bonds issued nationwide, amounting to nearly 800 billion yuan by the end of July [1] - Suzhou leads in the issuance of technology innovation bonds among provinces, with 15 companies issuing a total of 124.8 million yuan [1] - The expansion of eligible issuers for technology innovation bonds is a notable highlight of the recent market developments [1] Group 1: Policy and Market Developments - The People's Bank of China and the China Securities Regulatory Commission announced 13 measures to support the issuance of technology innovation bonds, focusing on enriching the product system and improving support mechanisms [1] - Following the new policy, various financial institutions, including banks and venture capital firms, have disclosed their plans for issuing technology innovation bonds by 2025 [1] - Suzhou was quick to implement the new policy, with three technology innovation bonds issued shortly after, including a 5 billion yuan bond from Hengli Group, marking the first issuance by a private enterprise in the province post-policy [1] Group 2: Issuance Trends and Financial Implications - Suzhou's private enterprises have a high proportion of convertible bonds issued, with 38 million yuan issued across the province, and 37 million yuan from Suzhou alone [2] - Yuanhe Holdings issued the first batch of technology innovation bonds in the interbank market with a 3-year term and a 1.92% coupon rate, setting a new low for similar bonds [2] - The bond market is becoming a new engine for supporting technology innovation, providing large-scale, low-cost funding without diluting existing shareholders' control [2] Group 3: Innovation Ecosystem in Suzhou - Suzhou has a robust innovation ecosystem, with 76 national-level technology incubators and over 24,300 technology-based SMEs [3] - The city has a reserve of 195 qualified issuers for technology innovation bonds, including 113 technology enterprises and 75 equity investment institutions [3] - The issuance of technology innovation bonds is expected to enhance Suzhou's innovation environment and support the development of a globally influential industrial technology innovation center [3]

招金矿业(01818)公布，招金矿业股份有限公司2023年面向专业机构投资者公开发行公司债券(第一期)将 于2025年8月10日(如遇非交易日，则顺延至其后的第1个交易日)开始支付自2024年8月10日至2025年8月 9日期间的利息。 债券简称"23招金01"，发行总额10亿元，票面利率为2.99%，每手本期债券面值为1000元，派发利息为 29.90元(含税)。 ...

8月4日，上交所发布关于肇庆新区投资发展集团有限公司2025年面向专业投资者非公开发行公司债券 （第一期）挂牌的公告。 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意肇庆新区投资发展集团有限 公司2025年面向专业投资者非公开发行公司债券（第一期）于2025年8月5日起在上交所挂牌，并采取点 击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25肇新01"，证券代码 为"259363"。 来源：金融界 ...

2025年8月4日，上海清算所网站披露公告，为保证珠海华发集团有限公司2024年度第十三期中期票据 （债券简称：24华发集团MTN013，债券代码：102483490.IB）付息工作的顺利进行相关事宜发布公 告。该期债券发行金额人民币15亿元，起息日为2024年08月13日，发行期限5年，债项余额人民币15亿 元，最新评级主体评级AAA，债项评级AAA，本计息期债项利率2.68%，利息兑付日为2025年08月13日 （如遇法定节假日或休息日，则顺延至其后的第一个工作日），本期应偿付利息金额4020万元。托管在 银行间市场清算所股份有限公司的债券，其付息兑付资金由发行人在规定时间之前划付至指定收款账户 后，由清算所于付息兑付日划付至债券持有人指定银行账户。 来源：金融界 ...

来源：金融界 2025年8月4日，上海清算所网站披露公告，联发集团有限公司发布2022年度第二期中期票据兑付公告， 该期债券简称"22联发集MTN002"，代码为102281663，发行金额为人民币7.5亿元，起息日为2022年8月 10日，发行期限为3+3年，回售债券总金额为人民币6.95亿元，本计息期债券利率为3.6%，付息日及回 售部分兑付日为2025年8月10日。托管在银行间市场清算所股份有限公司的债券，其付息及回售部分兑 付资金，由发行人在规定时间之前划付至上海清算所指定的收款账户后，由银行间市场清算所股份有限 公司划付至债券持有人指定的银行账户 。 ...

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]