Core Viewpoint - The successful issuance of the "China Water Resources and Hydropower 14th Engineering Bureau Co., Ltd. 2025 First Phase Medium-Term Notes" marks a significant achievement, with a total issuance scale of 1 billion yuan and a coupon rate of 2.12%, the lowest for the same rating and term in the interbank market in 2025 [1] Group 1 - The issuer, China Water Resources and Hydropower 14th Engineering Bureau Co., Ltd., is a state-owned enterprise under the State-owned Assets Supervision and Administration Commission, and a key subsidiary of the China Power Construction Group, ranked among the Fortune Global 500 [1] - The company specializes in energy engineering construction and infrastructure projects both domestically and internationally, earning a reputation in the industry as the "Underground Iron Army," "Hydropower Elite," and "Pumped Storage Ace" [1] - The bond issuance represents the first collaboration between Shenwan Hongyuan and the issuer, which has been highly recognized by the issuer, laying a foundation for deepening cooperation [1] Group 2 - Shenwan Hongyuan aims to continue deepening its collaboration with the issuer, leveraging its professional capabilities and efficient communication to expand the breadth and depth of cooperation with clients [1] - The bond issuance is seen as an important achievement in supporting the recovery of the Yunnan capital market and focusing on high-quality central enterprise clients [1] - The company is committed to actively integrating and serving national major strategies through its future collaborations [1]