2025债券市场高质量发展大会在郑州举行。（图片来源：河南日报） 资金"精准投" 大河网讯 为进一步规范河南省国有企业境外债券发行和资金使用，促进国有企业跨境投融资健康发展，有效 防范外债风险，近日，省政府办公厅出台《河南省国有企业境外债券管理办法》（以下简称《办法》），从 发行管理、资金使用、激励约束等方面织密监管网，为国有企业跨境融资稳健前行保驾护航。 发行"严把关" 国有企业是境外债券发行管理的责任主体 《办法》明确国有企业是境外债券发行管理的责任主体，需建立涵盖发行原则、流程职责、风险防控等内容 的管理制度，经内部决策机构审议通过后报出资人机构备案。 发行前，企业需配齐责任团队、制定服务机构维护管理制度、完成可行性论证并备好风险应急预案。出资人 机构根据对国有企业出资形式的不同，对其发行境外债券实行分类决策。股权多元化国有企业需将相关材料 报送全体股东，待出资人机构出具意见后，由其股东代表在股东会上行使表决权。 同时，国有企业需统筹管控子企业发债资格，明确可以发行境外债券的子企业名单。 风险防控贯穿债券管理全周期。《办法》要求企业定期研判债券风险，如出现可能影响本息兑付、滚动接续 困难等情况时，需在债 ...

为进一步规范河南省国有企业境外债券发行和资金使用，促进国有企业跨境投融资健康发展，有效防范 外债风险，近日，省政府办公厅出台《河南省国有企业境外债券管理办法》(以下简称《办法》)，从发 行管理、资金使用、激励约束等方面织密监管网，为国有企业跨境融资稳健前行保驾护航。 河南省人民政府办公厅 关于印发河南省国有企业境外债券管理办法的通知 豫政办〔2025〕73号 各省辖市人民政府，济源示范区、航空港区管委会，省人民政府各部门： 《河南省国有企业境外债券管理办法》已经省政府同意，现印发给你们，请认真贯彻执行。 (本文有删减) 河南省人民政府办公厅 2025年12月30日 河南省国有企业境外债券管理办法 第一章 总则 第一条 为规范我省国有企业境外债券发行和资金使用，促进国有企业跨境投融资健康发展，有效防范 外债风险，根据《中华人民共和国公司法》《中华人民共和国证券法》《中华人民共和国外汇管理条 例》《外债管理暂行办法》《企业中长期外债审核登记管理办法》等法律、法规、规章，制定本办法。 第二条 本办法所称国有企业是指由有关部门(以下统称出资人机构)代表同级政府履行出资人职责的国家 出资企业。 本办法所称境外债券是指国 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 转自：券商中国 进入2026年，券商债券融资热度不减。 长城证券、东方证券2026年第一期公司债将在近日发行，中信建投和中国银河2026年度第一期短期融资 券发行也已提上日程。 回望刚刚过去的2025年，券商债券融资步伐不停，全年境内发债规模高达1.89万亿元，同比增幅近 40%。在政策引导、利率下行等因素驱动下，债券融资成为券商补充营运资金、置换债务的关键手段。 与此同时，永续次级债发行需求稳固、科创债崛起成新秀、海外融资活跃，共同助力券商业务扩张与资 本实力提升。 券商债券融资规模大增近40% 按照发行起始日计算，2025年77家证券公司合计发行境内债券1004只，总规模为1.89万亿元。相比2024 年同期，券商债券融资规模增加了5293.58亿元，同比增长近40%。 头部券商是发债主力军，中国银河证券、国泰海通、华泰证券、中信证券、招商证券、广发证券的债券 发行规模均在千亿元以上。国信证券、中信建投、申万宏源和平安证券的发行规模也均在500亿元以 上。这十家券商合计发行规模就占去了整个市场的"半壁江山"。 2025年成为券商债券 ...

Core Viewpoint - The bond financing activity of securities firms remains strong as they enter 2026, with significant growth in issuance and diversification in financing channels [1][2]. Group 1: Bond Financing Scale and Growth - In 2025, the total bond issuance by 77 securities firms reached 1.89 trillion yuan, marking a nearly 40% increase compared to 2024, with an additional 529.36 billion yuan [3]. - Major players in bond issuance include China Galaxy Securities, Guotai Junan, Huatai Securities, CITIC Securities, and others, with each issuing over 100 billion yuan, collectively accounting for a significant portion of the market [3]. - The primary purposes of the raised funds are to repay short-term debts and supplement operational capital, with short-term financing bonds mainly used for operational funding [3][4]. Group 2: Types of Bonds and Financing Costs - In 2025, 326 short-term financing bonds were issued, totaling 574.17 billion yuan, while 678 corporate bonds accounted for 1.32 trillion yuan [4]. - The average coupon rate for outstanding securities company bonds is 1.97%, with some high-rated firms achieving rates as low as 1.54% [4]. - The average financing cost for short-term bonds is 1.76%, with a minimum of 1.52% and a maximum of 2.25% [4]. Group 3: Emergence of New Bond Types and International Financing - The issuance of perpetual subordinated bonds saw a significant increase, with 14 firms issuing a total of 66.8 billion yuan, reflecting a growth of over 40% from 2024 [5][6]. - The issuance of Sci-tech bonds also rose, totaling 83.44 billion yuan, indicating a growing share in the overall bond issuance by securities firms [6]. - International financing activities have increased, with seven firms issuing 30 offshore bonds worth 4.703 billion USD, representing a growth of over 30% from 2024 [6][7].

4.债券风险管控。要求市管企业严格限制信用评级低、集中到期债券规模大、现金流紧张、经营指标显 著恶化的子企业债券发行。明确市管企业应遵守资本市场规则和监管要求，切实履行信息披露义务，严 格按照募集说明书及融资协议约定的用途使用债券发行募集资金，重视债券违约风险防控，按要求及时 报告并妥善处置债券违约风险事件。 5.监督追责。明确市国资委对市管企业债券发行管理情况实施监督评估，对违反规定、造成国有资产损 失或其他严重不良后果的违规行为进行责任追究。 新华财经北京1月7日电近日，北京市国资委印发《市管企业债券发行管理办法》的通知。《办法》共六 章26条，分为总则、发行计划管理、债券品种与期限管理、债券风险管控、监督追责及附则。 1.总则。明确债券管理的总体目标是规范市管企业债券发行管理，利用债券融资推动国有资本和国有企 业做强做优做大，提升企业核心竞争力。明确适用范围与基本原则及市国资委与市管企业权责界定等内 容。 2.债券发行计划管理。明确对市管企业债券发行实行年度计划管理。明确市管企业需上报本级年度债券 发行计划、可行性研究报告、决策文件及所属子企业债券发行计划。明确市管企业在审核范围内发行债 券可自行决定事 ...

Group 1 - Tianfeng Securities plans to issue offshore bonds not exceeding $960 million to optimize debt structure and enhance the financing capability of its subsidiary Tianfeng International Securities [1] - The funds raised will be used to repay offshore debts, including medium to long-term offshore bonds and bank loans due within one year, which will alleviate short-term repayment pressure and enhance liquidity [1] - This move reflects the proactive approach of Chinese financial institutions in expanding financing channels, potentially stabilizing market expectations [1] Group 2 - Wang Ying has been appointed as the new chairman of China Merchants Fund, indicating further optimization of the company's governance structure [2] - Wang's extensive banking management experience is expected to bring new strategic perspectives and promote business collaboration and innovation within the fund [2] - Changes in leadership at major fund companies often lead to a reassessment of the competitive landscape in the industry, signaling ongoing reforms [2] Group 3 - CICC is planning a major asset restructuring through a share swap to absorb Dongxing Securities and Xinda Securities, which may reshape the brokerage industry landscape and increase market concentration [3] - The restructuring is expected to significantly expand CICC's business scale and market share, with potential synergies and a revaluation of its valuation logic [3] - The acceleration of consolidation in the brokerage sector may intensify competition for smaller firms, while also injecting structural vitality into the overall market [3] Group 4 - China Galaxy Securities has established its Beijing Internet Securities branch, marking a significant step in its wealth management business transformation [4] - This branch is positioned as an "innovative business subsidiary" aimed at integrating online and offline financial services and exploring sustainable operational development paths [4] - The establishment of this internet branch may accelerate the digital transformation in the brokerage sector and intensify competition driven by technological empowerment [4]

Group 1 - Tianfeng Securities plans to issue offshore bonds totaling no more than $960 million to expand financing channels and ensure the normal repayment of existing debts [2][3] - The funds raised will be used to repay offshore debts, including medium to long-term bonds and bank loans due within one year [2] - The bonds will be treated as general liabilities, ranking ahead of subordinated bonds and equity capital [3] Group 2 - As of the end of Q3 2025, Tianfeng Securities reported total assets of 92.496 billion yuan, with bond liabilities amounting to 28.867 billion yuan, representing 31.21% of total assets [3][6] - The company achieved a revenue of 2.112 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 57.53% [6] - Tianfeng Securities has a high debt ratio of 71.73% as of December 31, 2024, which is expected to decrease following the issuance of new shares [7]

Core Viewpoint - The company, Tianfeng Securities, has announced the convening of its sixth extraordinary general meeting of shareholders for 2025, scheduled for December 12, 2025, to discuss various proposals including the issuance of bonds in overseas markets [2][47]. Meeting Details - The extraordinary general meeting will take place on December 12, 2025, at 14:30 in Wuhan, Hubei Province, at Tianfeng Building [2][10]. - Voting will be conducted through a combination of on-site and online methods using the Shanghai Stock Exchange's voting system [2][3]. Voting Procedures - The online voting will be available on December 12, 2025, during specific trading hours [3]. - Shareholders can vote through the trading system or the internet voting platform, with specific instructions for those holding multiple accounts [7][9]. Agenda Items - The meeting will review proposals that have already been disclosed, including the issuance of bonds by the company and its subsidiaries in overseas markets [6][22]. - There are no special resolutions or related party transactions requiring abstention from voting [7]. Bond Issuance Proposal - The company plans to issue bonds not exceeding $960 million (including) to enhance financing capabilities and ensure the repayment of existing debts [22][32]. - The bonds will have a maximum term of five years, and the specific terms will be determined based on market conditions [29][38]. Fund Utilization - Proceeds from the bond issuance will be used to repay existing overseas debts, including short-term and long-term loans [32][41]. - The company will implement measures to ensure the timely repayment of principal and interest on the bonds [43]. Authorization for Management - The board seeks authorization for management to handle all matters related to the bond issuance, including adjustments based on market conditions [44][46]. - The authorization will remain effective for 24 months from the date of the board's approval [36].

Core Viewpoint - Tianfeng Securities plans to issue offshore bonds totaling up to $960 million to expand financing channels and ensure the normal repayment of existing debts within the merged entity [1] Group 1: Financing Strategy - The board of directors has approved the issuance of offshore bonds to enhance the financing capabilities of Tianfeng International [1] - The funds raised will be used to repay both the company's and its subsidiaries' offshore debts, including medium to long-term bonds and bank loans maturing within one year [1]

Core Viewpoint - Tianfeng Securities plans to issue offshore bonds totaling no more than $960 million [1] Group 1 - The total amount of the bond issuance is capped at $960 million [1]