Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In 2024, the panda bond market continued to be hot, with the annual issuance volume reaching a new high, and the market is expected to remain active in 2025 [1][17] - The development of the panda bond market is driven by factors such as the low - cost financing advantage of RMB, the improvement of relevant systems, and the increase in foreign investment participation [1][2] Summary According to Related Content 2024 Review - **Issuance Scale and Structure**: In 2024, 44 entities issued 109 panda bonds, with a total issuance scale of 194.8 billion yuan, a year - on - year increase of 26.1%. The proportion of pure foreign issuers rose from about 20% in 2023 to nearly 40%. The proportion of bonds with a term of 5 years and above exceeded 20%, and the proportion of bonds with a single - issue scale of over 25 billion yuan rose from 25% to 50% [1] - **Regional and Industry Diversity**: Since 2023, panda bond issuers have covered five continents globally, with new issuers from South America in 2024. The issuer industries include finance, consumption, industry, etc., with new sub - industries such as pulp and original research drugs [1] - **Investment - side Changes**: The proportion of foreign investors and foreign banks in panda bond investment increased from 20% in 2023 to nearly 50% in 2024, due to RMB internationalization, good issuer qualifications, and yield advantages [2] 2024 Highlights - **BASF's First Panda Bond**: In June 2024, BASF issued a 2 - billion - yuan panda bond with a final coupon rate of 2.39%, using an optimized pricing and allocation mechanism [10][11] - **Suzano's First Panda Bond in Latin America**: In November 2024, Suzano issued a 1.2 - billion - yuan green panda bond, highlighting the deepening of China - Brazil bilateral financial cooperation [12] - **UOB's Return and Listing on SGX**: In October 2024, UOB issued a 5 - billion - yuan panda bond, and it was listed on the Singapore Exchange in November, the first panda bond to be listed outside the Greater China region [13] - **Beijing Enterprises' 10 - year Panda Bond**: In April 2024, Beijing Enterprises issued a 2 - billion - yuan 10 - year panda bond, setting multiple market records and forming a relatively complete bond valuation system [14] - **CapitaLand's Sustainable - linked Panda Bonds**: In 2024, CapitaLand issued two phases of panda bonds totaling 2 billion yuan, the first being a sustainable - linked panda bond from a Singaporean enterprise, which helps achieve sustainability goals [16] 2025 Outlook - **Issuance Scale**: The panda bond issuance scale is expected to remain high in 2025, with regular issuers likely to increase issuance frequency, issue long - term bonds, and diversify issuance varieties [17] - **Issuer Structure**: The proportion of pure foreign issuers may further increase, and more issuers from regions such as Africa, the Middle East, and Latin America are expected to enter the market [18] - **Investment - side Trends**: Foreign investors are expected to maintain high enthusiasm for investing in panda bonds due to the optimization of investment mechanisms, and the investment value of panda bonds is expected to be further demonstrated [20] Rating Market - In 2024, China Chengxin International maintained a leading position in the panda bond rating market, with a comprehensive market share of 54% and 70% in the pure foreign issuer rating market [21]

Report Summary 1) Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2) Core Viewpoints - The successful issuance of the first panda bond in Latin America and Brazil by Suzano Group is a milestone in China - Brazil economic and trade exchanges, which is expected to attract more Brazilian entities to participate in the panda bond market [1][4]. - Zhongchengxin International rated Suzano Group's entities and the panda bond as AAA with a stable outlook, considering its strong business strength, profitability, and solvency, while also paying attention to some influencing factors [2]. - Zhongchengxin International upgraded Brazil's sovereign credit rating from BBg to BB+g in April 2024, and the Brazilian economy shows certain resilience and development potential in the medium - long term [3]. 3) Summary by Related Content A. Panda Bond Issuance - On November 15, 2024, "24 Suzano GN001BC" was successfully issued, raising RMB 1.2 billion with a coupon rate of 2.8%. It is the first panda bond issued in Latin America and Brazil [1]. B. Credit Rating of Suzano Group - Zhongchengxin International rated the issuer Suzano International Financial Co., Ltd. and the guarantor Suzano S.A. with a AAA credit rating and a stable outlook, and also rated the panda bond "24 Suzano GN001BC" as AAA [2]. - Suzano Group has a complete R & D system, integrated industry chain, high raw material self - sufficiency rate, low production cost, strong profitability, and good solvency [2]. C. Brazil's Economic Situation and Sovereign Credit Rating - In April 2024, Zhongchengxin International upgraded Brazil's sovereign credit rating from BBg to BB+g with a stable outlook [3]. - Brazil's economy showed strong resilience in 2023 and 2024, but may slow down in 2025. In the medium - long term, relevant plans and tax reforms are expected to promote economic transformation and upgrading [3]. D. China - Brazil Economic and Trade Relations - China is Brazil's largest trading partner, and bilateral trade exceeded $180 billion in 2023. China's cumulative investment in Brazil has exceeded $70 billion [4]. - The successful issuance of Suzano Group's panda bond deepens China - Brazil cooperation in the financial field and promotes the participation of Brazilian entities in the panda bond market [4]. E. Zhongchengxin International's Market Position and International Cooperation - Zhongchengxin International has an absolute advantage in the public - issuance market of panda bond ratings, with a long - term market share of over 50% and has underwritten multiple first - of - its - kind panda bonds [5]. - Zhongchengxin International actively participates in BRICS rating cooperation, serving as the Chinese contact chair of the credit rating group of the BRICS Business Council Financial Services Working Group since 2024 [6].