Group 1 - CITIC Securities and China Merchants Securities have completed the first batch of bond renewals for securities companies on the Shanghai Stock Exchange, with the renewed issuance sizes of 2 billion and 1.5 billion respectively, bringing the total bond sizes to 4 billion and 4.2 billion [1] - This marks the successful implementation of the first batch of bond renewals for securities companies on the Shanghai Stock Exchange [1] - Some high-quality central and state-owned enterprises are actively preparing for the renewal of existing corporate bonds, which are expected to gradually materialize in the near future, indicating a potential demonstration effect [1]