交易商协会表示，下一步，将持续优化定向发行机制安排及定向投资人管理模式，充分发挥投资人 群体在推动定向发行市场纵深发展中的积极作用，健全银行间市场多层次制度体系，为实体经济发展提 供高质量金融服务。 责任编辑：杨喜亭 今年以来，交易商协会持续推动定向发行市场深化发展，持续服务实体经济提质增效。1至10月， 债务融资工具定向发行规模超9100亿元，中长期限占比超90%，央企、地方国企、民营企业、境外发行 人等各类主体积极参与。其中，支持京东世纪贸易、君联资本、东方富海、亨通集团等多家民营企业融 资。同时，定向发行积极支持重点领域融资，持续落实金融"五篇大文章"，支持定向发行绿色债务融资 工具、科技创新债券等专项产品近580亿元，为经济转型升级和可持续发展贡献力量。 为深入贯彻党的二十届四中全会精神，深化金融供给侧结构性改革，推动多层次债务融资工具市场 建设，中国银行间市场交易商协会（以下简称"交易商协会"）近期完成了《定向债务融资工具专项机构 投资人名单》（以下简称《名单》）2025年度第二次评估更新，经债券市场专业委员会审议通过并发布 施行。 本次更新后的《名单》共遴选501家机构，有效提升定向发行产品投资交 ...

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]

证券代码：688231 证券简称：隆达股份 公告编号：2025-040 江苏隆达超合金股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 本次拟注册发行定向债务融资工具的期限为不超过 5 年（含 5 年）。 本次拟注册发行定向债务融资工具的利率将根据公司信用评级、发行时的市 场状况以及监管部门有关规定确定。 全国银行间债券市场机构投资者。 本次注册发行定向债务融资工具的募集资金将结合公司用款需求，扣除发行 费用后，可用于企业生产经营活动，如科技创新领域的项目建设、研发投入、并 购重组（含参股型）、偿还有息负债、补充营运资金等用途，增强企业科技创新 能力，拓宽并购资金来源等合法合规的用途。 本次注册发行定向债务融资工具或将由本公司、全资附属公司及/或第三方 提供（反）担保、出具担保函等。公司、公司全资附属公司对本次公司债务融资 工具的发行提供的担保总额不超过人民币 10 亿元（含 10 亿元），具体担保金额 以实际发行情况为准。具体提供（反）担保、出具担保函等安排提请股东大会授 权董事会并同意董事会授权其获授权人按每次 ...

Core Insights - The recent Politburo meeting emphasized the need to effectively and orderly advance the clearing of local financing platforms, accelerating the market-oriented transformation of urban investment enterprises [2][3] - Various regions are actively implementing the "exit platform" strategy, achieving significant results in debt reduction and platform reform [2][3] Group 1: Policy and Implementation - The policy push has led to multiple regions successfully implementing the "exit platform" initiative, with notable achievements in debt clearance and platform reform [2] - In Leqing City, Zhejiang Province, both "hidden debt clearance" and "financing platform clearance" have been achieved, with the city's debt rate currently at a controllable yellow level [2] - Xi'an's Huyi District has completed the exit of three out of five platform companies, fulfilling its annual reduction task [2] Group 2: Regional Achievements - In Ji'an City, 23 enterprises have exited the financing platform, exceeding the provincial target of 29 exits [3] - Wuxue City has successfully completed the exit of five financing platform companies ahead of schedule [3] - Gansu's Public Aviation and Tourism Group plans to exit the government financing platform by the end of 2024 and has already secured 2.15 billion yuan in targeted debt financing tools [3] Group 3: Financial Performance - After completing the exit from the financing platform, Chongqing Science City High-tech Industry Development Co., Ltd. has successfully raised 1.015 billion yuan, with 820 million yuan being new financing [3] - Various regions are reporting significant reductions in hidden debts, with some achieving over 82.9% clearance in their respective areas [5][6] - The overall debt rate in several districts is showing a steady decline, with effective measures in place to manage and reduce debt risks [6][7]

Group 1 - The company, Tianneng Power (00819), announced plans to broaden its financing channels and optimize its financing structure [1] - Tianneng Co., a subsidiary indirectly owned 86.53% by the company, intends to apply for the registration and issuance of corporate bonds totaling up to RMB 2 billion (including RMB 2 billion) on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a maximum term of five years from the issuance date [1] - Tianneng Holdings, a wholly-owned subsidiary of the company, plans to apply for the registration and issuance of targeted debt financing instruments totaling up to RMB 2 billion (including RMB 2 billion), with a maximum term of five years from the issuance date [1]

Core Viewpoint - TianNeng Power (00819) aims to expand its financing channels and optimize its financing structure through the issuance of bonds and debt financing tools totaling up to RMB 40 billion [1] Group 1: Bond Issuance - TianNeng Co. proposes to apply for the registration and issuance of corporate bonds with a total principal amount of up to RMB 20 billion, with a maturity of up to five years from the issuance date [1] - The bonds will be issued in one or more tranches to qualified professional investors [1] Group 2: Debt Financing Tools - TianNeng Holdings, a wholly-owned subsidiary of the company, plans to apply for the registration and issuance of targeted debt financing tools with a total principal amount of up to RMB 20 billion, also with a maturity of up to five years from the issuance date [1] - These targeted debt financing tools will be issued in one or more tranches to specific institutional investors in the interbank bond market [1]