第 521 期 2025-12-17 焦点关注 河南债市盛会，这些信息值得关注 12月17日，2025债券市场高质量发展大会两大先行会议——创新债券专场会议、资产证券化专场会议在郑州举办。 会议现场，《2025年河南省地方政府投融资平台转型发展报告》正式发布。《报告》系统梳理了河南省区域概况、债务情况、投融资平台转型进展及启示等 内容，为行业发展提供思路与参考。《报告》显示，近几年河南省政府债务规模持续增长，城投平台有息债务规模增速则趋于放缓。截至2024年末，河南省 政府债务余额2.13万亿元，其中一般债务0.66万亿元，专项债务1.47万亿元；全省城投有息负债为2.93万亿元，规模位居全国第7位。 大河财立方记者现场获悉，近年来，河南债券市场亮点纷呈、成效显著，债券发行规模居中部前列，产业类国有企业已成为省内债券发行主力，科创债、绿 色债等创新品种扩容速度加快；城投企业市场化转型成效显著，市场化声明主体数量及隐性债务偿付进度均居中部六省首位。今年以来，全省资产证券化产 品发行规模已超200亿元，创历史最好水平。 河南两大国企整合落地！已签署吸收合并协议 12月17日，河南省自然资源投资集团公告称，已与中国 ...

第 520 期 2025-12-16 焦点关注 债市盛会，明天见 12月17日至19日，2025债券市场高质量发展大会将在郑州举行，为期三天的议程以"政策解读+业务交 流+资源对接+实地考察"为核心框架，吸引来自监管机构、金融行业、实体企业、学术院校等领域代表 齐聚中原，共同探讨债券市场创新路径与产业赋能新机遇。 宏观动态 央行开展1353亿元7天逆回购操作，净投放180亿元 12月16日，央行开展1353亿元7天逆回购操作，投标量1353亿元，中标量1353亿元，操作利率为 1.40%，今日有1173亿元逆回购到期，当日实现净投放180亿元。 12月15日，洛阳市委常委会召开扩大会议，传达学习中央经济工作会议精神。会议强调，要着力防范化 解重点领域风险，深入推进党建引领基层高效能治理，抓好房地产、地方政府债务、国有企业债务、社 会稳定等领域风险隐患排查化解，牢牢守住不发生系统性风险的底线。 年内专项债券投向政府投资基金合计规模近850亿元 近段时间，多地陆续发行专项债券投向政府投资基金，俨然出现一波"小高峰"。 区域热点 11月份河南省金融运行情况公布 12月16日，中国人民银行河南省分行公布2025年11 ...

挂钩公司债券（第一期）发行结果公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 天津泰达资源循环集团股份有限公司（以下简称"发行人"）非公开发行不超过人民币10亿元低碳转型挂 钩公司债券已获得深圳证券交易所出具的《关于天津泰达资源循环集团股份有限公司非公开发行低碳转 型挂钩公司债券符合深交所挂牌条件的无异议函》（深证函〔2025〕1014号）。天津泰达资源循环集团 股份有限公司2025年面向专业投资者非公开发行低碳转型挂钩公司债券（第一期）（以下简称"本期债 券"）发行规模为不超过人民币10亿元（含），分为两个品种：品种一为三年期，品种二为五年期，发 行价格为每张人民币100元，采取网下面向专业机构投资者询价配售的方式发行。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：000652 证券简称：泰达股份公告编号：2025-115 天津泰达资源循环集团股份有限公司 2025年面向专业投资者非公开发行低碳转型 特此公告。 天津泰达资源循环集团股份有限公司 董 事 会 本期债券发行工作已于2025年11月20日结束，具体发行情况如下： 2.发行人的 ...

Core Viewpoint - Shanxi Securities is actively implementing the "Five Major Articles" strategy to enhance its service to the local economy, focusing on innovation and financial support for traditional industries and technology-driven enterprises [1][2]. Group 1: Organizational Structure and Strategy - Shanxi Securities has developed a three-year action plan regarding the "Five Major Articles," which includes top-level design and deep integration of business operations [2]. - A dedicated task force led by the chairman has been established to oversee the implementation of the strategy, ensuring comprehensive coordination of major decisions and resource allocation [4]. - The company has formed five major business committees and a technology governance committee to integrate the "Five Major Articles" requirements into daily operations, enhancing cross-departmental collaboration [4]. Group 2: Focus on Technology Finance - Technology finance is identified as a core area in the three-year action plan, with a comprehensive financial service matrix covering the entire lifecycle of technology enterprises [6]. - Shanxi Securities has established specialized teams in high-end manufacturing, healthcare, and renewable energy sectors to support technology enterprises, particularly those in critical technology fields [6][7]. - The company has implemented a collaborative model of "industrial investment banking + patient capital" to support early-stage enterprises with significant R&D investments, some exceeding 15% of their revenue [7]. Group 3: Green Finance Initiatives - Shanxi Securities is prioritizing green finance to support the dual carbon goals, creating a three-pronged service system that includes product innovation, full lifecycle services, and ecological collaboration [9][10]. - The company has developed innovative green financial products, such as the low-carbon transition-linked corporate bond for Yangcheng Guotou, which set a historical low interest rate for similar-rated bonds in Shanxi [9][10]. - Shanxi Securities has underwritten nearly 10 billion yuan in various green bonds, establishing a strong position in the green finance sector [10].

Core Viewpoint - Shanxi Securities is actively implementing the "Five Major Articles" strategy to support local economic development through a detailed three-year action plan aimed at transforming traditional industries and fostering new technological momentum [1][2]. Group 1: Organizational Structure and Strategy - Shanxi Securities has established a dedicated task force led by the chairman to efficiently advance the "Five Major Articles" strategy, involving senior executives and business department heads [2]. - The company has created a comprehensive three-year action plan (2025-2027) with 58 specific tasks, aiming to enhance financial services for technology enterprises and develop a diverse range of financial products [2][3]. Group 2: Focus on Technology Finance - Technology finance is identified as a core area in the three-year action plan, with a full lifecycle financial service matrix covering the needs of technology enterprises from startup to expansion [3]. - Shanxi Securities has a significant focus on early-stage companies, particularly in critical technology sectors, with some companies achieving breakthroughs in high-end manufacturing, healthcare, and new energy [3]. Group 3: Cross-Departmental Collaboration - The company has developed an integrated service mechanism for "New Third Board Listing + Beijing Stock Exchange IPO" and is enhancing cross-border financial services through collaboration with its Hong Kong subsidiary and Deutsche Bank [4]. - Shanxi Securities has established a working group to support the local economy, focusing on key industries and investment projects within Shanxi province [4]. Group 4: Green Finance Initiatives - Shanxi Securities and its subsidiary, Zhongde Securities, are prioritizing green finance as a key pathway to support the dual carbon goals, developing a comprehensive green finance service system [5][6]. - The company has successfully launched innovative green financial products, including the first low-carbon transition-linked corporate bond for an AA-rated enterprise in Shanxi, achieving a record low interest rate for similar bonds [6]. Group 5: Research and Development - Shanxi Securities has been publishing the "Carbon Neutrality Research Report Collection" for four consecutive years, providing intellectual support for achieving carbon neutrality goals in Shanxi and nationwide [7].

Policy Overview - The Ministry of Finance of China released the "Green Sovereign Bond Framework," promoting the issuance of green sovereign bonds in overseas markets, reflecting the country's commitment to sustainable development and enhancing the diversity of high-quality green bond products in the international market [3][4]. Green Bond Market Update - In the first half of 2025, China saw the issuance of 251 new green bonds, with a total issuance scale of approximately 4749.87 billion yuan, marking a 25.5% increase in the number of bonds and an 89.5% increase in issuance scale compared to the same period in 2024 [8][9]. - The structure of green bonds showed significant growth in financial bonds (+330%), medium-term notes (+53%), and short-term debt financing tools (+126%), indicating strong demand for long-term green infrastructure financing [9][10]. Transition Bonds - A total of 43 transition bonds were issued in the first half of 2025, with a new issuance scale of approximately 289.50 billion yuan, reflecting a 0.49% increase in the number of bonds but a 25.4% decrease in issuance scale compared to the previous year [37][42]. Case Studies - The first issuance of RMB green sovereign bonds by the Ministry of Finance in London amounted to 6 billion yuan, with a dual structure of 3-year and 5-year bonds, showcasing strong international investor confidence with a subscription rate of 6.9 times [26][27]. - Huaneng Lancangjiang issued "twin green bonds," marking the first application of the "Li Sheng Green Bond" model in the domestic interbank market, which aims to quantify the market performance differences between green and non-green bonds [30][31]. Sustainable Development Linked Bonds - In the first half of 2025, 27 sustainable development linked bonds were issued, with a total scale of 176.00 billion yuan, focusing on various key performance indicators related to energy efficiency and renewable energy development [45]. - The issuance of low-carbon transition linked corporate bonds totaled 13, with a scale of approximately 73.50 billion yuan, primarily concentrated in the power and energy sectors [46]. Issuer Information - State-owned enterprises dominated the green bond issuance in the first half of 2025, accounting for 86.85% of the number of bonds and 82.06% of the issuance scale, indicating a stable market foundation but highlighting the need for policy support to enhance participation from private enterprises [17][19].

Core Viewpoint - The company plans to issue up to RMB 2 billion (including 2 billion) in low-carbon transition-linked corporate bonds, with a maturity of up to 10 years, supported by an unconditional guarantee from an affiliated party [2] Group 1: Bond Issuance - The company announced a non-public offering of corporate bonds not exceeding RMB 2 billion [2] - The bonds will be linked to low-carbon transition initiatives [2] - The maturity of the bonds is proposed to be no more than 10 years [2] Group 2: Guarantee and Related Party Transactions - Tianjin Bohai State-owned Assets Management Co., Ltd. will provide an unconditional and irrevocable joint liability guarantee for the bond issuance [2] - The company will not incur any guarantee fees, handling fees, or other compensations for this guarantee [2] - Bohai State-owned Assets is an indirect subsidiary of the company's controlling shareholder, Tianjin TEDA Investment Holding Co., Ltd., making this transaction a related party transaction [2]

Core Viewpoint - The company Tianjin TEDA Resource Recycling Group Co., Ltd. has approved a proposal to accept a guarantee from its related party, Tianjin Bohai State-owned Assets Management Co., Ltd., for the issuance of bonds, which aims to enhance the success rate and reduce costs of the bond issuance [1] Group 1 - The company plans to privately issue bonds not exceeding 2 billion yuan with a term of up to 10 years, linked to low-carbon transformation [1] - Bohai State-owned Assets, as the indirect controlling subsidiary of the company's major shareholder, will provide an unconditional and irrevocable joint liability guarantee without any fees [1] - The total amount of related party transactions between the company and the related party has reached 16.24 million yuan since the beginning of 2025, which does not meet the disclosure standards [1]

Meeting Details - The meeting was held on July 30, 2025, at 14:30, with network voting available from 9:15 to 15:00 on the same day [1][2] - A total of 447 shareholders and authorized representatives attended the meeting, representing 517,207,679 shares, which is 35.0513% of the total voting shares [1] Voting Participation - One shareholder attended the meeting in person, representing 486,659,104 shares, or 32.9810% of the total voting shares [2] - 446 shareholders participated via online voting, representing 30,548,575 shares, or 2.0703% of the total voting shares [2] Proposal Review and Voting Results - The proposal for the non-public issuance of low-carbon transition-linked corporate bonds was approved, with 504,078,048 shares in favor, accounting for the majority of the valid voting shares [2] - There were 200,620 shares abstained from voting, which is 0.0388% of the valid voting shares [2] Legal Opinion - The legal opinion was provided by Shanghai Jintiancheng Law Firm, confirming that the meeting's procedures and voting results complied with relevant laws and regulations [3]

Core Points - The company plans to issue non-public low-carbon transformation-linked corporate bonds not exceeding RMB 2 billion to optimize its debt structure and promote green low-carbon development [1][2][4] - The bond issuance is subject to approval from the shareholders' meeting and the Shenzhen Stock Exchange [4][5] Summary by Sections Issuance Details - The bond issuance will have a term of up to 10 years and may include single or multiple maturity types [2] - The bonds will be issued to professional investors through a non-public offering [2] - The key performance indicator for the bonds is the waste treatment volume of the company's environmental protection sector, with a target of processing at least 5.3 million tons by 2026 [2][3] Financial Terms - The bonds will have a face value of RMB 100 and will be issued at par [3] - The interest rate will be fixed and linked to the achievement of the low-carbon transformation performance target, with a potential increase of 10 basis points if the target is not met [2][3] Use of Proceeds - The funds raised will be used to repay maturing debts [3] Approval Process - The issuance has been approved by the company's board and will require further approval from the shareholders and the Shenzhen Stock Exchange [4][5]