本期债券采取网下面向专业机构投资者询价配售的方式发行，发行工作已于2025年11月24日结束。本期 债券实际发行金额10.00亿元，认购倍数3.61倍，最终票面利率为1.89%。 招金矿业(01818)发布公告，根据《招金矿业股份有限公司2025年面向专业投资者公开发行科技创新公 司债券(第一期)发行公告》，招金矿业股份有限公司2025年面向专业投资者公开发行科技创新公司债券 (第一期)(以下简称"本期债券")发行规模不超过10亿元。本期债券期限为5年。本期债券设置投资者回售 选择权，债券持有人有权在本期债券存续期的第3年末将其持有的全部或部分本期债券回售给发行人。 本期债券设置票面利率调整选择权，发行人有权在本期债券存续期的第3年末决定是否调整本期债券后 续计息期间的票面利率。 ...

1. Report Industry Investment Rating - Not provided in the text 2. Core Viewpoints of the Report - The restoration of VAT on the interest income of newly issued government bonds, local government bonds, and financial bonds from August 8, 2025, may lead to various changes in the bond market and asset allocation, including potential preferences for old bonds, the popularity of credit bonds, changes in treasury bond futures spreads, and long - term rebalancing of stock - bond assets [2][3] - The policy change is based on considerations such as unifying the tax system, increasing tax sources, optimizing bond market stratification, preventing capital idling, and guiding long - term funds to increase equity allocation [6] 3. Summary According to Relevant Catalogs 3.1 Policy's Past and Present and Institutions' Bond Tax Rate Burden - The policy on VAT exemption for the interest income of government bonds, local government bonds, and policy - financial bonds has gone through three stages: the initial stage (90s - 2016) with exemption from business tax, the transition stage (2016 - 2025) with exemption from VAT, and the turning stage (2025) with the restoration of VAT collection [6][7] - The current reform only targets VAT on interest income and does not involve negotiable certificates of deposit, railway bonds, and credit bonds. From the perspective of the overall asset management and proprietary business ecosystem, the bond tax rate burden from low to high is public funds, other asset management institutions, and proprietary institutions. Public funds and other asset management institutions enjoy a 3% "half - levy" VAT rate on interest income [11] 3.2 Hints in the First - Quarter Monetary Policy Report and Echo of the Anti - Involution Policy - The central bank has been aware of potential interest rate risks since the first quarter and has carried out phased regulation of the bond bull market. The bond market has problems such as liquidity stratification, short - term trading by some institutions, and the popularity of long - term active government bonds. The new tax policy aims to improve bond market trading rules, support the real economy, and stabilize long - term interest rate fluctuations [13][15] - After the "anti - involution" policy this year, the commodity market has moved up, and the treasury bond futures market has had a correction. The bond market may show a volatile and bearish trend in the second half of the year [16] 3.3 Impact on the Market - After August 8, new bonds will have interest rate compensation, and old bonds will be more popular. The market may adopt a "long old bonds, short new bonds" strategy. The CTD of old bonds corresponding to active contracts may have a supplementary increase, but the medium - term trend is difficult to change. The basis will fluctuate to a reasonable range [18] - The inter - delivery spread of treasury bond futures may widen further, and the curve may steepen in the medium term [18] - Credit bonds may be favored in the short term, and the stratification of credit bonds and credit spreads will be more reasonable in the medium term, attracting capital inflows to support the real economy [18] - The tax on interest - rate bonds indirectly benefits equity assets, but short - term discount expectations of bond - related assets of some companies need to be noted [19]