Core Viewpoint - The bond financing by securities firms remains robust entering 2026, with significant growth observed in 2025, driven by policy guidance and declining interest rates, making bond financing a key method for firms to supplement operating funds and refinance debts [1][3]. Group 1: Bond Financing Scale and Growth - In 2025, 77 securities firms issued a total of 1,004 domestic bonds, amounting to 1.89 trillion yuan, representing a year-on-year increase of nearly 40% [3]. - Major players in bond issuance included China Galaxy Securities, Guotai Junan, Huatai Securities, CITIC Securities, and others, with each issuing over 100 billion yuan [3]. - The increase in bond financing is attributed to the need for refinancing existing debts and supplementing operating funds amid a favorable policy and market environment [3]. Group 2: Types of Bonds and Financing Costs - In 2025, the issuance of short-term financing bonds totaled 326, amounting to 574.17 billion yuan, while regular corporate bonds accounted for 678 issues totaling 1.32 trillion yuan [4]. - The average coupon rate for outstanding securities company bonds was 1.97%, with some high-rated firms achieving rates as low as 1.54% [4]. - The average financing cost for short-term bonds was 1.76%, with a minimum of 1.52% and a maximum of 2.25% [4]. Group 3: Emerging Trends in Bond Issuance - The demand for perpetual subordinated bonds continued to grow, with 14 securities firms issuing a total of 66.8 billion yuan in 2025, marking an increase of over 40% from 2024 [7]. - The issuance of sci-tech bonds also saw rapid growth, totaling 83.44 billion yuan in 2025, reflecting a rising share of overall bond issuance [7]. - The average spread for bonds issued by securities firms was 43.27 basis points, while sci-tech bonds had a lower spread of 35.18 basis points, indicating a potential advantage for these types of bonds [7]. Group 4: International Financing Activities - In 2025, seven securities firms issued 30 offshore bonds, raising 4.703 billion USD, with growth exceeding 30% compared to 2024 [8]. - Notable examples include Tianfeng Securities planning to issue up to 960 million USD in offshore bonds to refinance existing debts [8]. - The trend of increasing offshore bond issuance is expected to continue as Chinese securities firms expand their international business [9].

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 ...

点评：2025年券商发债规模激增近四成，头部券商主力地位稳固。低利率环境利于降低融资成本，补充 资本助力业务扩张。科创债崛起与境外融资升温优化了债务结构，提升抗风险能力。这夯实了行业发展 基础，增强金融服务实体经济效能，为市场整体稳健运行提供有力支撑。 ｜2026年1月9日星期五｜ NO.1 2025年券商发债规模激增近四成！科创债崛起、境外融资升温 Wind显示，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%。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。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。 NO.3 扎堆恢复申购，基金"抢跑"2026年 2026年伊始，基金市场再现"抢跑"态势，成立仅月余的产品扎堆恢复日常申购。 ...

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].

Core Viewpoint - The recent announcements of bond issuance approvals by Xinda Securities reflect an increasing enthusiasm among brokerages for bond financing, with a total approved issuance of 475.7 billion yuan in 2025, indicating a significant rise compared to the previous year [1][2][5]. Group 1: Bond Issuance Trends - A total of 24 listed brokerages have received approval for bond issuance this year, with a combined approved scale of 475.7 billion yuan, which is higher than the same period last year [2][5]. - The bond issuance activity is characterized by three main trends: an increase in total approved issuance scale, a greater involvement of large brokerages, and the emergence of new bond types such as technology innovation bonds [3][4][5]. Group 2: Characteristics of Bond Issuance - The total scale of bond issuance approvals has increased, with 24 brokerages announcing successful applications, and 40% of these have been approved for issuance two or three times [5][6]. - Large brokerages are leading the way in bond issuance, with many having received approvals for multiple issuances and larger single issuance sizes compared to the previous year [6][8]. - The introduction of technology innovation bonds has been a notable development, with several leading brokerages quickly responding to new policies supporting such issuances [7][8]. Group 3: Financing Costs and Investor Interest - The financing costs for bond issuance have decreased, particularly for smaller brokerages, with average coupon rates dropping from 2.6% in 2024 to 2.0% in 2025 [11][10]. - The demand for securities company bonds has increased due to favorable market conditions, leading to a decline in bond yields and making these bonds more attractive to investors [9][10]. Group 4: Use of Proceeds from Bond Issuance - The primary use of proceeds from bond issuance remains the repayment of maturing debts, but there is a growing trend of issuing technology innovation bonds to support investments in the tech sector [12][13]. - The approval of perpetual subordinated bonds has emerged this year, indicating a strong demand for capital supplementation and liquidity among brokerages [13].