债券市场的投资者对信用评级的投资人付费模式表示认可。华夏银行金融市场部总经理王大为表 示，从目前的实践状况看，投资人付费模式可有效避免评级机构与评级对象在利益上的捆绑，立场更加 客观、公正。这种模式为投资人进行风险管理提供多样选择，在债券估值定价等机制安排中也可以参考 投资者付费评级结果。 目前，我国已是全球第二大债券市场，且债市国际吸引力也在不断提高。人民银行数据显示，截至 2022年5月末，我国债券市场总规模达139万亿元人民币。其中，境外机构投资我国债券规模为3.74万亿 元人民币。 "我们需要积极培育公信力较强、评级区分度较高、风险揭示较为有效、市场认可度较好的本土评 级机构。"吴育辉说，促进信用评级行业的健康发展，不仅有利于提升债券市场服务实体经济的现实能 力，也是提升我国债券市场在风险定价和标准制定方面的国际话语权和主动权，维护国家金融安全的重 要内容。 2021年8月，人民银行等五部委联合印发通知明确提出，鼓励发行人选择两家及以上信用评级机构 开展评级业务，"鼓励信用评级机构开展主动评级、投资者付费评级并披露评级结果，发挥双评级、多 评级以及不同模式评级的交叉验证作用。" "对外披露评级结果发挥 ...

Core Viewpoint - Moody's has maintained China's sovereign credit rating at "A1" with a negative outlook, reflecting a positive assessment of China's economic recovery and stability [1] Economic Performance - Since the fourth quarter of last year, the Chinese government has implemented a series of macroeconomic policies that have led to a rebound in economic indicators, stabilizing market expectations and confidence [1] - The sustainability of debt in the medium to long term has improved, contributing to Moody's decision to keep the credit rating stable [1] Global Economic Context - The global economy is facing multiple challenges, including insufficient momentum, escalating geopolitical conflicts, and instability in international trade [1] - Despite these uncertainties, China's economy has shown a strong start, with stable production and consumption demand, enhancing the stability and coordination of economic operations [1] Future Outlook - A series of incremental and existing policies will continue to work in tandem to support high-quality economic development [1] - China is committed to maintaining confidence and focus on internal matters, regardless of external changes [1]

8月8日，中国银行间市场交易商协会(以下简称"交易商协会")一连披露5份罚单，均涉及债券一级发行 环节违规，如"自融+代持""隐蔽性返费"等，被处分对象涵盖信用评级机构、私募机构和期货公司。 "针对债券发行承销环节乱象频出，交易商协会通过完善相关自律规则、及时查处违规行为，进一步加 强自律管理与市场约束，有效发挥警示惩戒效应。"在业内人士看来，无论是发行人、承销商还是投资 者，均应严格遵守自律规定，履行合规义务，协力净化市场生态，推动债券市场高质量发展和服务实体 功能有效发挥。 评级作业不独立中证鹏元被予以警告 交易商协会开出的5份罚单中，受处分对象包括1家信用评级公司、1家期货公司及3家私募机构。且私募 机构中的两家均已被撤销私募管理人登记。 就在前一日，《关于加强银行间债券市场承销报价自律管理的通知》(以下简称《通知》)发布，这也是 交易商协会在不到两个月内，第三次发文明确债券承销费报价不得低于成本价。 具体来看，中证鹏元资信评估股份有限公司(以下简称"中证鹏元")存在四方面违反银行间债券市场相关 自律管理规定的行为。 一是向潜在受评对象发送级别提升建议方案。二是在评级协议签订前，评级分析人员与市场营销人 ...

Summary of Moody's (MCO) FY Conference Call - August 11, 2025 Company Overview - Moody's is primarily recognized as a credit rating agency but has expanded into software through Moody's Analytics, which accounted for approximately 46% of total revenue in the first half of the year [2][2]. Key Points and Arguments AI and Software Development - Moody's is actively investing in AI and software tools to enhance their analytics capabilities, particularly in the lending space, which is seeing significant digitalization [7][8]. - The company is focusing on creating ecosystems that integrate various services, such as KYC checks, credit scoring, and risk assessment, to provide comprehensive solutions for clients [41][41]. Growth Areas - The lending sector is a primary focus for growth, with ongoing investments in data tools and software applications to support banks in their lending operations [8][8]. - Moody's has made strategic acquisitions, such as Cape Analytics, to enhance their capabilities in insurance underwriting and risk assessment [9][9][50][50]. - The company is also expanding its KYC offerings, targeting corporate clients who are increasingly concerned about supply chain resiliency and regulatory compliance [60][60][62][62]. Product Development and Performance - Approximately 40% of Moody's products now include some form of Generative AI capabilities, contributing to higher growth rates compared to the overall product suite [16][16][18][18]. - The Net Promoter Score (NPS) is significantly higher for clients using AI-enhanced products, indicating increased customer satisfaction and engagement [24][24][26][26]. Market Position and Strategy - Moody's is positioning itself to provide insights and analytics for private credit markets, leveraging its extensive database and credit scoring capabilities [66][66][70][70]. - The company is also focusing on enhancing its existing products, such as CreditLens, to drive incremental revenue growth through cross-selling opportunities [39][39][41][41]. Expense Management and Efficiency - Moody's is undergoing a restructuring process aimed at improving efficiency and productivity, particularly through the use of AI tools in various operational areas [80][80][81][81]. - The company is committed to redeploying resources to areas with higher growth potential, such as lending and AI development [80][80]. Other Important Insights - The integration of Cape Analytics is expected to contribute to organic ARR in the following year, enhancing Moody's capabilities in property risk assessment [58][58]. - The KYC business has shown strong growth, with an ARR increase of about 15% in the second quarter, driven by the demand for third-party risk management tools [74][74][75][75]. This summary encapsulates the key insights from the Moody's FY Conference Call, highlighting the company's strategic focus on AI, software development, and market expansion while managing operational efficiency.

本次培训紧扣行业前沿与市场实际需求，内容聚焦宏观经济形势解读、城投企业产业化转型路径分析、科创债业务产品体系详解等核心板块，既立足行业 发展大势，又深耕具体业务场景。公司领导全程参与指导，强调要以此次培训为契机，精准补齐能力短板，将所学知识与实战经验深度融合，切实转化为 市场突破的强劲动能。 为全面提升团队专业素养、凝聚战略共识，2025年8月初，联合资信评估股份有限公司市场团队全员培训工作会在平谷金海湖顺利举办。公司董事长王少 波、总裁万华伟及部分兄弟公司负责人出席会议，市场部门93名成员齐聚一堂，围绕最新市场战略、业务攻坚等核心模块开展系统性深度学习。 通过系统培训，团队进一步统一了战略执行思路，强化了专业业务能力，为后续工作开展明晰了方向。下一步，市场团队将以学促干、以知践行，聚焦年 度目标任务全力攻坚，为公司市场业绩持续增长筑牢坚实根基。 ...

Group 1 - On August 8, the China Interbank Market Dealers Association issued five penalties related to violations in the primary bond issuance process [1] - The penalties involved one credit rating agency, one futures company, and three private equity firms, two of which had their private fund manager registrations revoked [1][7] Group 2 - Zhongzheng Pengyuan Credit Rating Co., Ltd. was warned for multiple violations, including sending rating upgrade proposals to potential rated entities and failing to maintain effective separation between rating analysts and marketing personnel [3] - The association mandated Zhongzheng Pengyuan to conduct a comprehensive rectification regarding the issues identified in marketing and rating operations [3] Group 3 - Four of the five penalized institutions were involved in assisting issuers in violating bond issuance regulations, impacting market order [4] - Shanghai Fuxi Asset Management Co. and Jiangsu Yuning Private Fund Management Co. were severely warned for assisting multiple issuers in non-market-based issuance and charging substantial fees [4] - Shanghai Huancai Private Fund Management Co. was warned for facilitating "self-financing" issuance through nested asset management plans [4][5] Group 4 - The penalties reflect ongoing issues in the structured bond issuance market, where private equity funds frequently engage in violations, including self-financing practices and charging "channel fees" [6] - The actions of these institutions have significantly disrupted the orderly issuance of bonds in the market [6]

Group 1 - On August 8, the China Interbank Market Dealers Association issued five penalties related to violations in the primary bond issuance process [1] - The penalties involved one credit rating agency, one futures company, and three private equity firms, two of which had their private fund manager registrations revoked [1][4] - The penalties highlight issues of non-compliance and misconduct in the bond market, particularly concerning the role of private equity firms in assisting issuers with non-market-based bond issuance [4][5] Group 2 - Zhongzheng Pengyuan Credit Rating Co., Ltd. received a warning for multiple violations, including sending rating upgrade proposals to potential rated entities and failing to maintain the required separation between rating analysts and marketing personnel [3] - The association mandated a comprehensive rectification of the issues identified, emphasizing the importance of independence and objectivity in credit rating practices [3] - The penalties reflect a broader concern regarding potential conflicts of interest within credit rating agencies and the need for stringent adherence to professional standards [3] Group 3 - Four of the penalized institutions were involved in assisting issuers with illegal bond issuance, violating principles of fairness and transparency in the market [4] - Shanghai Fuxi Asset Management Co. and Jiangsu Yuning Private Fund Management Co. were specifically noted for facilitating non-market-based issuance and charging significant fees for their services [4][5] - The actions of these firms have been described as disruptive to market order, with a trend of private equity firms engaging in similar misconduct leading to multiple disciplinary actions in recent years [5][6]

Core Viewpoint - The article discusses the self-regulatory disciplinary actions taken by the Interbank Market Dealers Association against five companies for violating market principles and regulations related to non-market-based issuance and inadequate rating practices [1][2][3][4]. Group 1: Disciplinary Actions - Five companies, including Fuxi Asset, Shanghai Huancai, Jiangsu Yuning, Zhongyuan Futures, and Zhongzheng Pengyuan, received self-regulatory disciplinary actions from the Interbank Market Dealers Association [1]. - Fuxi Asset was severely warned for assisting multiple issuers in non-market-based issuance and charging large financial support or holding service fees, violating principles of fairness and transparency [2]. - Shanghai Huancai was warned for facilitating "self-financing" issuance through nested private funds, also breaching fairness and transparency principles [2]. - Jiangsu Yuning received a severe warning for similar violations as Fuxi Asset, assisting issuers in non-market-based issuance and charging large financial support [3]. - Zhongyuan Futures was warned for failing to prudently verify the relationships between entrusted parties and issuers, which aided in "self-financing" issuance [3]. - Zhongzheng Pengyuan was warned for multiple violations, including sending rating upgrade proposals to potential subjects and failing to maintain effective separation between rating analysts and marketing personnel [4].

Group 1 - The Central Political Bureau of the Communist Party of China emphasizes the need for sustained macroeconomic policies, including proactive fiscal policies and moderately loose monetary policies to enhance policy effectiveness [1] - The meeting highlights the importance of accelerating government bond issuance and improving fund utilization efficiency, while maintaining ample liquidity in monetary policy to lower overall financing costs [1] - The focus for the second half of the year includes addressing key areas such as "bottleneck" technologies and promoting domestic demand growth under the "dual circulation" strategy [2][4] Group 2 - The meeting introduces the concept of "effective, orderly, and powerful" clearing of local financing platforms, with a timeline set for completion by June 2027 [2] - The number of local financing platforms has significantly decreased from over 15,000 to around 3,000, indicating a clear progress in the clearing process [2] - Future efforts will focus on increasing the speed and intensity of clearing, while ensuring that the process is orderly and does not lead to a resurgence of past issues [3] Group 3 - The economic growth in the first half of the year is attributed to several factors, including active fiscal policies, effective management of local government debt, and a series of industrial policies that have spurred productivity [4] - The narrowing gap in the urban-rural structure and between different regions is also noted, with significant investment opportunities in rural infrastructure and healthcare [4] - Financial support is needed in three key areas: market-oriented interest rates, loan securitization, and asset securitization, particularly in the real estate sector [5]

Group 1 - Zhongzheng Pengyuan Credit Rating Co., Ltd. received a warning and was ordered to rectify multiple violations, including sending rating upgrade proposals to potential rated entities [1][2][5] - The company failed to effectively isolate rating analysts from marketing personnel before signing rating agreements, and analysts conducted rating work prior to the agreements [3][5] - The company issued ratings for certain core assets before completing the necessary business registration changes, leading to insufficient reliability of the rating basis [3][5] Group 2 - Zhongzheng Pengyuan has faced multiple regulatory penalties in recent years, including a warning and a fine of 6.00995 million yuan for six violations, such as not following legal rating procedures and independence requirements [5][6] - In January 2024, the Zhejiang Securities Regulatory Bureau issued a warning letter due to the company's failure to diligently execute industry norms during a convertible bond rating [6] - Zhongyuan Futures, a subsidiary of Zhongyuan Securities, was also warned for failing to prudently verify the relationship between entrusted parties and issuers, which facilitated self-financing issuance [6][7]