非金融企业债务融资工具是企业银行间市场融资的重要渠道，涵盖短期融资券、中期票据、定向债务融 资工具等多种产品，对承销机构的风险管理能力、专业水平及综合服务实力均有较高要求。该市场年度 交易规模已突破万亿元。 渤海证券方面表示，将借此契机，进一步整合资源、强化团队建设，为各类企业提供更加高效、多元的 债务融资服务，为天津高质量发展作出更大贡献。 转自：天津日报 本报讯（记者 岳付玉）日前，渤海证券正式获得中国银行间市场交易商协会批准，取得非金融企业债 务融资工具承销商资格。此举标志着公司业务范围进一步扩大，实现了从交易所市场到银行间债券市场 的全覆盖，综合金融服务能力迈上新台阶。 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！ （来源：天津日报） ...

焦点关注 交易商协会：新增24家机构 非金融企业债务融资工具承销商资格 12月30日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具承销业务相关会员申请从事承销相 关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一般主承销商、1家科技创新非金融企业债务融资工 具主承销商、15家非金融企业债务融资工具承销商。 第 530 期 2025-12-30 宏观动态 625亿元超长期特别国债支持消费品以旧换新资金提前下达 日前，为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，国家发展改革委会同财政 部向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。 财政部：抓好地方政府债务监督 12月28日，财政部召开全国监管局工作会议。会议提出，2026年财政监管要紧密围绕服务党和国家中心工作，落实落 细"加强、聚焦、优化"工作方针，加大财政监管力度，履行财会监督职责，贯彻过紧日子要求，推进财政科学管理， 切实抓好地方政府债务监督，扎实开展财经纪律整治，有效抓好财政收入、基层"三保"、超长期特别国债、专项监督 检查等重点监管任务，为完成全年财政 ...

| 时间 | 家数 | 只数 | 金额 | | --- | --- | --- | --- | | 2025.1 | 673 | 1,059 | 9,221 | | 2 | 500 | 757 | 6,031 | | 3 | 703 | 1,124 | 9,009 | | 4 | 663 | 1,115 | 10,135 | | 5 | 378 | 686 | 5,571 | | 6 | 588 | 1,003 | 9,3 08 | | 7 | 629 | 1,019 | 9,175 | | 8 | 735 | 1,139 | 8,035 | | ਰੇ | 589 | 086 | 8,418 | | 10 | 572 | 903 | 8,131 | | 11 | | | | | 12 | | | | 【大河财立方消息】中国银行间市场交易商协会近日披露2025年10月债务融资工具发行统计数据。 数据显示，10月份银行间债券市场共发行债务融资工具903只，金额8131亿元。其中，超短融3140亿 元、短融329亿元、中票3738亿元、定向债务融资工具391亿元、资产支持票据514亿元。 | 的间 | 超短期 | ...

Group 1 - The core viewpoint of the articles emphasizes the enhancement of the targeted debt financing tool market in China, aligning with the spirit of the 20th Central Committee's fourth plenary session [1][2] - The updated list of targeted debt financing tool institutional investors includes 501 institutions, improving the investment transaction convenience for targeted issuance products [1] - The list encompasses various financial institutions such as banks, funds, securities, futures, trusts, and insurance companies, covering the main investment groups in the debt financing tool market [1] Group 2 - From January to October, the scale of targeted debt financing tool issuance exceeded 910 billion yuan, with over 90% being medium to long-term [2] - Various entities, including central enterprises, local state-owned enterprises, private enterprises, and foreign issuers, actively participated in the financing, supporting companies like JD Century Trade and Junlian Capital [2] - The targeted issuance also supports key areas of financing, contributing nearly 58 billion yuan to green debt financing tools and technology innovation bonds, aiding economic transformation and sustainable development [2]

Core Insights - The total issuance of debt financing instruments in the interbank market reached 986 in September 2025, amounting to 841.8 billion yuan [1] - The breakdown of the issuance includes 263.9 billion yuan in ultra-short-term financing bonds, 90.9 billion yuan in short-term financing bonds, 372.2 billion yuan in medium-term notes, 47.5 billion yuan in targeted debt financing instruments, and 67.4 billion yuan in asset-backed notes [1] - As of the end of September 2025, the cumulative issuance of panda bonds in the interbank market reached 824.3 billion yuan, with 121.9 billion yuan issued in the current year, including 32.5 billion yuan from international development institutions and 89.4 billion yuan from foreign non-financial enterprises [1] - In August, the issuance of innovative products included 31.6 billion yuan in green debt financing instruments, 4.4 billion yuan in rural revitalization notes, 12.8 billion yuan in asset-backed commercial paper, 3.4 billion yuan in sustainable development-linked bonds, and 42.2 billion yuan in sci-tech notes/science and technology bonds [1]

Group 1 - In August 2025, the interbank market issued a total of 1,139 debt financing instruments amounting to 8,035 billion yuan [1] - The breakdown of the issuance includes: 2,523 billion yuan in super short-term financing bonds, 466 billion yuan in short-term financing bonds, 3,985 billion yuan in medium-term notes, 499 billion yuan in targeted debt financing instruments, and 493 billion yuan in asset-backed notes [1] - As of the end of August 2025, the cumulative issuance of panda bonds in the interbank market reached 8,149 billion yuan, with 1,125 billion yuan issued in the current year [3] Group 2 - In August, the issuance of innovative products included: 138 billion yuan in green debt financing tools, 59 billion yuan in rural revitalization notes, 160 billion yuan in asset-backed commercial paper, 70 billion yuan in sustainable development-linked bonds, and 772 billion yuan in sci-tech notes/sci-tech bonds [3]

Core Viewpoint - China General Nuclear Power Corporation (CGN Power) has received approval from the interbank market association to register and issue various debt financing instruments, enhancing its financial flexibility and funding options for future projects [1] Group 1: Debt Financing Tools - The company has obtained a registration notice from the interbank market association, allowing it to issue debt financing tools for a period of two years from the date of the notice [1] - The registered debt financing tools include short-term financing bonds, medium-term notes, asset-backed notes, green debt financing tools, and targeted debt financing tools [1] - The company will determine the lead underwriter, product type, issuance scale, and duration for each issuance [1]

Core Viewpoint - China General Nuclear Power Corporation (CGN) has announced the approval of its application to register and issue multi-variety debt financing instruments in the interbank market, allowing for flexible financing options over the next two years [1] Group 1: Debt Financing Tools - The company will be able to issue various types of debt financing tools including super short-term financing bonds, short-term financing bonds, medium-term notes, asset-backed notes, green debt financing tools, and targeted debt financing tools during the registration period [1] - The registration of the debt financing tools is valid for two years from the date of the acceptance notice issued by the trading association [1] - Each issuance will require the determination of key elements such as the lead underwriter, type of product, issuance scale, and duration [1]

Group 1 - In July 2025, the interbank market issued a total of 1,019 debt financing instruments amounting to 9,175 billion yuan [1] - The breakdown of the issuance includes: 3,285 billion yuan in super short-term financing bills, 427 billion yuan in short-term financing bills, 4,548 billion yuan in medium-term notes, 455 billion yuan in directed debt financing instruments, and 390 billion yuan in asset-backed notes [1][2] Group 2 - As of the end of July 2025, the cumulative issuance of panda bonds in the interbank market reached 8,032 billion yuan, with 1,008 billion yuan issued in the current year [3] - The issuance of innovative products in July included: 201 billion yuan in green debt financing tools, 156 billion yuan in rural revitalization notes, 72 billion yuan in asset-backed commercial papers, 24 billion yuan in sustainable development-linked bonds, and 1,034 billion yuan in science and technology innovation notes/bonds [3]

Core Viewpoint - The company plans to register and issue targeted debt financing instruments not exceeding RMB 1 billion to meet operational funding needs and optimize its debt structure [1][4]. Group 1: Issuance Plan - The company intends to apply for a total registration amount of up to RMB 1 billion for technology innovation bonds, which can be issued in one or multiple tranches based on actual funding needs and market conditions [1][2]. - The proposed term for the targeted debt financing instruments will not exceed 5 years [1]. - The interest rate for the issuance will be determined based on the company's credit rating, market conditions at the time of issuance, and relevant regulatory requirements [1]. Group 2: Use of Proceeds - The funds raised from the issuance will be used for various corporate activities, including project construction in technology innovation, research and development, mergers and acquisitions, debt repayment, and working capital supplementation [2][4]. - The company and its wholly-owned subsidiaries may provide guarantees for the issuance, with a total guarantee amount not exceeding RMB 1 billion [2][3]. Group 3: Authorization Matters - The board of directors will seek authorization from the shareholders' meeting to handle all matters related to the issuance, including the determination of issuance scale, price, interest rate, and timing [2][3]. - The authorization will remain effective throughout the registration period and the duration of related matters [3]. Group 4: Decision-Making Process - The proposal for the targeted debt financing instruments has been approved by the company's board of directors and supervisory board, and it will be submitted for shareholder approval [3][4]. - The issuance is subject to approval from the China Interbank Market Dealers Association and will be implemented after registration acceptance [4]. Group 5: Impact on the Company - The issuance of targeted debt financing instruments is expected to enhance the company's development, broaden financing channels, optimize financing structure, and improve liquidity management [4].