Core Viewpoint - HKEX's bond market serves as a crucial financing channel for listed companies and enterprises, supported by an international investor base, flexible issuance mechanisms, and a comprehensive legal framework [2]. Group 1: Issuance Conditions - HKEX has specific requirements for bond issuers, including the need for a compliant record and transparent financial status [8]. - Issuers must be listed companies on HKEX or meet the "qualified issuer" standards, such as large state-owned enterprises or financial institutions [8]. - Financial stability is essential, with basic financial metrics required to demonstrate debt repayment capability; while credit ratings are not mandatory, they are critical for attracting investors [8] [9]. Group 2: Types of Bonds - The HKEX bond market offers various types of bonds, allowing issuers to choose based on financing needs and risk tolerance [3]. - HKD bonds are popular among local and international investors, typically offering lower interest rates compared to USD bonds [4]. - USD bonds provide high global liquidity but come with currency fluctuation risks, suitable for large multinational corporations [6]. - RMB bonds, known as "Dim Sum bonds," have seen steady growth, appealing to investors interested in RMB assets [7][9]. Group 3: Issuance Process - The issuance process for public bonds on HKEX is standardized, involving several key steps, including preparation, HKEX review, and issuance [20]. - Issuers must engage intermediaries for due diligence and prepare a prospectus, which HKEX reviews for completeness and accuracy [20]. - After pricing and allocation, bonds are listed on HKEX, typically within 1-2 working days [20]. Group 4: Regulatory Requirements - The regulatory framework emphasizes disclosure, with multiple regulatory bodies involved in overseeing bond issuance [21]. - HKEX requires issuers to comply with listing rules, including regular financial reporting and significant event announcements [24]. - The SFC regulates the sales process to ensure investor protection, while the HKMA oversees the underwriting activities of financial institutions [24]. Group 5: Investor Base and Liquidity - Institutional investors dominate the HKEX bond market, accounting for approximately 80% of the investor base [22]. - Public bonds generally exhibit strong liquidity, while private bonds have lower liquidity and are primarily traded privately [22]. Group 6: Cost and Risk Management - Issuance costs typically range from 2% to 5% of the financing amount, including underwriting fees and legal costs [22]. - Risk management strategies include hedging against currency and interest rate risks, as well as maintaining credit ratings [22]. Group 7: Ongoing Management and Investor Relations - Issuers must adhere to strict ongoing disclosure requirements and maintain communication with investors to uphold market trust [23]. - Regular updates on financial performance and timely announcements of significant events are crucial for investor relations [23]. Summary - The HKEX bond market offers a robust platform for financing, characterized by diverse bond types, a structured issuance process, and stringent regulatory oversight, while emphasizing the importance of ongoing disclosure and investor relations [25].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Short - term bond market may still be volatile, but credit can be relatively more optimistic. The 2Y - 3Y segment has adjusted to a certain level of cost - effectiveness, and allocation investors can increase their credit bond positions when yields are high. It is recommended to be conservative in terms of maturity selection, focusing on sinking credit in urban investment bonds within 3Y instead of exposing to large duration risks. [5][8] - The valuation stability of 3Y credit bonds varies among different provinces. It is advisable to use regions with stronger stability as the foundation and appropriately explore regions where the 3Y - 1Y spread has widened. [5][10] - The 3Y public bonds have further adjusted to show cost - effectiveness, and the coupon protection has reached a relatively high level, which is suitable for products with stable liability sides and high - risk preferences. Many AA + and above public bonds with a 3Y - 1Y spread of about 20bp already have investment value. [5][14][17] 3. Summary of Each Section 3.1 Credit Bond Weekly Viewpoint: Riding on the Steep 2Y - 3Y Yield Curve - Short - term bond market repair may not be smooth, but allocation investors can increase credit bond positions when yields are high. It is recommended to be conservative in maturity selection and focus on urban investment bond sinking within 3Y. The 2Y - 1Y spread has widened significantly, and the 2Y - 3Y segment of the yield curve has adjusted to show cost - effectiveness. [5][8] - Different regions have different 3Y valuation stabilities. Regions with strong stability include Shanghai, Fujian, Hubei, Sichuan, and Hainan, while regions with a relatively fast 3Y valuation increase include Shaanxi and Ningxia. [10] - 3Y public bonds are suitable for products with stable liability sides and high - risk preferences. AA + and above public bonds with a 3Y - 1Y spread of about 20bp have investment value. [14][17] 3.2 Credit Bond Weekly Review: Valuation Faces New Challenges, and Low - Grade Bonds Have Stronger Valuation Stability 3.2.1 Negative Information Monitoring - There were no bond defaults, overdue payments, or downgrades of corporate or bond ratings during the week from August 11 to August 17, 2025. However, several companies, including Fanhai Holdings, Ningxia Shengyan Industrial Group, and Guangzhou R & F Properties, announced negative events such as debt repayment difficulties, new cases of being listed as dishonest executors, and asset auctions. [20][21][22] 3.2.2 Primary Market Issuance: Net Financing Turns Negative, and New Bond Financing Costs Rise Across the Board - From August 11 to August 17, the primary issuance of credit bonds decreased by 29% month - on - month to 261.1 billion yuan, while the total repayment amount increased significantly to 276.4 billion yuan, resulting in a net financing outflow of 15.3 billion yuan, turning negative for the first time since July. [22] - The number of cancelled or postponed bond issuances was 10 last week, with a total scale of 11.65 billion yuan, doubling month - on - month. The average coupon rates of AAA and AA + new bonds last week were 2.09% and 2.49% respectively, up 3bp and 19bp from the previous week. [22][23] 3.2.3 Secondary Market Transactions: Valuation Adjusts Again, and Credit Spreads Narrow Passively - The valuations of credit bonds across all grades and maturities adjusted upwards again, with a central increase of about 3bp, while spreads mostly narrowed passively by about 1bp. High - grade medium - and long - term bonds had larger adjustment amplitudes. [26] - The term spreads of medium - and high - grade bonds widened across the board, with the 3Y - 1Y and 5Y - 1Y spreads of AAA bonds widening by 4bp, while the low - grade spreads narrowed. The AA - AAA grade spreads of medium - and long - term bonds narrowed significantly, with the 5Y spread narrowing by up to 6bp, indicating that the urban investment sinking strategy continued to be dominant. [28] - The credit spreads of urban investment bonds in each province narrowed by about 1bp last week, with small differences among provinces. High - valuation regions such as Guizhou and Heilongjiang saw their spreads narrow by about 2bp, but the median spreads of many provinces widened. The credit spreads of industrial bonds also mostly narrowed by 1bp, similar to urban investment bonds, and the real estate industry's spreads remained unchanged month - on - month. [30][33] - The liquidity of credit bonds continued to decline, with the turnover rate dropping by 0.04 percentage points to 1.72% month - on - month. The top ten bonds in terms of turnover rate were mainly issued by central and local state - owned enterprises. There were 8 credit bonds with a discount of more than 10% last week, mainly issued by Sunshine City and Country Garden. Among individual entities, the top five entities with widening spreads in the industrial sector were all real estate companies. [34][35][37]

今天几个重要的经济数据都公布了，首先看看上个月70个大中城市的房价情况： | | | 环比 | 同比 | 1-11月平均 | | | 环比 | 同比 | 1-11月平均 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 城市 | | 上年同月 | 上年同期 | 城市 | | | 上年同月 | 上年同期 | | | | 上月=100 | | | | | 上月=100 | | | | | | | =100 | =100 | | | | =100 | =100 | | 北 | 京 | 100.9 | 93.8 | 92.7 | 唐 | III | 99.0 | 88.2 | 91.1 | | 天 | 津 | 100.2 | 93.3 | 94.4 | 秦皇岛 | | 99.1 | 88.4 | 91.6 | | | | 99.8 | 92.7 | 95.2 | | | 99.2 | 88.6 | 91.8 | | 石家庄 | | | | | 包 | ग्रे | | | | | 太 | 原 | 99.7 | 95.3 | તે જ ...