Core Viewpoint - The bond issuance by securities firms has become a significant method for enhancing capital strength, with a notable increase in issuance scale and frequency in 2023 [1][2][3] Group 1: Bond Issuance Overview - As of August 5, 2023, securities firms have issued nearly 770 billion yuan in bonds, representing a year-on-year growth of over 32% [1] - A total of 446 bonds have been issued by securities firms this year, marking a 35.15% increase compared to the previous year [1] - The breakdown of bond issuance includes 239 securities company bonds totaling 439.64 billion yuan, 55 subordinated bonds totaling 80.279 billion yuan, and 152 short-term financing bonds totaling 250.07 billion yuan [1] Group 2: Individual Firm Performance - By August 5, 2023, 70 securities firms have issued bonds, with 24 firms exceeding 10 billion yuan in issuance [2] - China Galaxy leads in bond issuance with 24 bonds totaling 69.9 billion yuan, followed by Huatai Securities at 52.9 billion yuan, and several others including GF Securities and Guotai Junan with issuance scales above 39.3 billion yuan [2] - The primary purposes for bond issuance include repaying maturing bonds, adjusting debt structure, supplementing liquidity, and supporting business development [2] Group 3: Market Conditions and Trends - The increase in bond issuance is attributed to heightened capital market activity, leading to greater funding needs for securities firms' intermediary, proprietary, and investment banking businesses [3] - A favorable monetary supply and declining market interest rates have reduced the cost of bond financing [3] - The launch of a "technology board" in the bond market is expected to create multiple business opportunities for securities firms, further encouraging bond issuance [3] Group 4: Cost and Financing Advantages - The average coupon rate for securities company bonds issued this year is 1.97%, down from 2.52% in the previous year, while the average rate for short-term financing bonds is 1.8%, down from 2.13% [3] - Compared to other financing methods, bond financing offers advantages such as larger scale, controllable costs, flexible structure, and stability in company control, making it suitable for rapid capital replenishment during business expansion [3] - Firms are advised to balance debt levels with profitability and consider a diversified financing approach to avoid over-reliance on a single channel [3]

Group 1 - The core viewpoint of the articles highlights the significant increase in bond issuance by securities firms in 2023, driven by a vibrant capital market and favorable monetary conditions [1][2][3] - As of August 5, 2023, securities firms have issued nearly 770 billion yuan in bonds, representing a year-on-year growth of over 32% [1] - A total of 446 bonds have been issued by securities firms this year, with a 35.15% increase compared to the previous year [1] Group 2 - 70 securities firms have issued bonds this year, with 24 firms exceeding 10 billion yuan in issuance [2] - China Galaxy leads in bond issuance with 699 billion yuan, followed by Huatai Securities at 529 billion yuan [2] - The primary purposes for bond issuance include repaying maturing bonds, adjusting debt structure, and supporting business development [2] Group 3 - The average coupon rate for securities company bonds issued this year is 1.97%, down from 2.52% last year, indicating lower financing costs [3] - The favorable market conditions, including low interest rates and increased demand for capital, have encouraged securities firms to issue bonds [3] - Securities firms are advised to balance their debt levels with profitability and to diversify their financing sources to avoid over-reliance on a single channel [3]

Core Viewpoint - The issuance of bonds has become a significant method for brokerages to enhance their capital strength, with a notable increase in bond issuance in 2023 compared to the previous year [1][2]. Group 1: Bond Issuance Overview - As of August 5, 2023, brokerages have issued nearly 770 billion yuan in bonds, representing a year-on-year growth of over 32% [1]. - A total of 446 bonds have been issued by brokerages this year, marking a 35.15% increase compared to the previous year [1]. - The breakdown of bond issuance includes 239 securities company bonds totaling 439.64 billion yuan, 55 subordinated bonds totaling 80.279 billion yuan, and 152 short-term financing bonds totaling 250.07 billion yuan [1]. Group 2: Individual Brokerage Performance - By August 5, 2023, 70 brokerages have issued bonds, with 24 of them exceeding 10 billion yuan in issuance [2]. - China Galaxy leads in bond issuance with 24 bonds totaling 69.9 billion yuan, followed by Huatai Securities at 52.9 billion yuan, and others like GF Securities, Guotai Junan, and Guoxin Securities with issuance sizes of 49.96 billion yuan, 48.4 billion yuan, and 39.3 billion yuan respectively [2]. Group 3: Purpose and Trends of Bond Issuance - The primary purposes for bond issuance include repaying maturing bonds, adjusting debt structure, supplementing liquidity, and meeting business development needs [3]. - In 2023, brokerages have actively issued 47 technology innovation bonds, totaling 44.67 billion yuan, with leading firms like CITIC Securities and China Merchants Securities contributing significantly [3]. - The increase in bond issuance is attributed to heightened capital market activity, lower market interest rates, and the launch of a technology board, which presents new business opportunities for brokerages [3]. Group 4: Cost and Advantages of Bond Financing - The average coupon rate for securities company bonds issued this year is 1.97%, down from 2.52% in the previous year, while the average rate for short-term financing bonds is 1.8%, down from 2.13% [3]. - Compared to other financing methods, bond financing offers advantages such as larger financing scale, controllable costs, flexible structure, and stability in company control, making it suitable for brokerages during expansion [4]. - Brokerages are advised to balance their debt levels with profitability and consider their repayment capabilities when determining bond issuance scales, promoting a diversified financing system [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of July 21, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds have all declined, with private enterprise bonds declining more than state - owned enterprise bonds, and short - term bonds being more favored than those over 1 year. Real estate bond yields mainly declined, with the yield of public non - perpetual bonds within 1 year dropping by more than 5BP. In financial bonds, urban and rural commercial bank capital supplementary tools and leasing company bonds have relatively high valuation yields and spreads. Compared with last week, financial bond yields generally declined, with some adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] Group 3: Summary According to Related Catalogs 1. Overall Outstanding Credit Bonds - The valuation yields and spreads of private enterprise real estate bonds and industrial bonds are higher than other varieties. Non - financial non - real estate industrial bond yields declined, with private enterprise bonds having a larger decline. Real estate bond yields mainly declined, and 1 - year - within public non - perpetual real estate bonds had a yield reduction of over 5BP. Financial bond yields generally declined, with certain adjustments in 3 - 5 - year non - perpetual varieties [2][3][8] 2. Urban Investment Bonds Public Urban Investment Bonds - In Jiangsu and Zhejiang provinces, the weighted average valuation yields are below 2.3%. Yields over 4.5% are in Guizhou's district - level. Yunnan, Gansu and other regions have high spreads. Compared with last week, yields generally declined, with an average decline of less than 2BP. Larger decline varieties include 2 - 3 - year and 3 - 5 - year non - perpetual bonds of Guangdong provincial level, 2 - 3 - year perpetual bonds of Shaanxi district - level, and 1 - 2 - year non - perpetual bonds of Yunnan prefectural - level [2][15][16] Private Urban Investment Bonds - Coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian have weighted average valuation yields below 2.8%. Yields higher than 3.5% are in Shaanxi prefectural - level, Guizhou and Yunnan prefectural - and district - levels. Gansu, Heilongjiang and other regions have high spreads. Compared with last week, yields mainly declined. Larger decline varieties include 2 - 3 - year non - perpetual bonds of Tianjin provincial level, 1 - year - within non - perpetual bonds of Guizhou district - level, 3 - 5 - year perpetual bonds of Shaanxi prefectural - level, and 2 - 3 - year non - perpetual bonds of Heilongjiang prefectural - level, with declines of 10.5BP, 11.1BP, 21.8BP, and 13.5BP respectively [2][24][25] 3. Non - Financial Non - Real Estate Industrial Bonds - Yields declined compared with last week, with private enterprise bonds having a larger decline than state - owned enterprise bonds, and short - term bonds being more popular [3][8] 4. Real Estate Bonds - Yields mainly declined, and the yield of 1 - year - within public non - perpetual bonds dropped by more than 5BP [3][8] 5. Financial Bonds - Valuation yields and spreads are relatively high in urban and rural commercial bank capital supplementary tools and leasing company bonds. Yields generally declined compared with last week. 1 - year - within private and 2 - 3 - year public perpetual leasing bonds had large declines, while 3 - 5 - year non - perpetual varieties had adjustments. Commercial financial bond yields declined within 4BP, and 3 - 5 - year urban and rural commercial bank varieties had callbacks. Short - duration bank sub - bonds performed better than medium - and long - term ones [4][8]

Credit Spread Performance - In May, the supply of credit bonds decreased, leading to a general decline in credit spreads, with lower-rated credit bonds experiencing a more significant narrowing [1] - The AAA-rated industrial bonds saw a uniform narrowing of credit spreads across all sectors, with the real estate sector showing the largest reduction of 18.98 basis points, while the financial holding sector had the smallest reduction of 2.36 basis points [8][9] - For private placement bonds, the pharmaceutical and biological sector had the largest narrowing of 17.18 basis points, while the environmental protection sector had the smallest at 0.99 basis points [8][9] City Investment Bonds - In May, credit spreads for city investment bonds across major ratings and maturities all declined, with the largest narrowing observed in Qinghai province for both public and private bonds [1] - The overall trend indicates that credit spreads for city investment bonds are moving downward across various regions and issuer levels [1] Financial Bonds - The credit spreads for bank perpetual bonds and other financial instruments generally narrowed, with most varieties experiencing a decrease, although some maturity spreads widened [1] - Securities companies' subordinated bonds and insurance companies' capital replenishment bonds saw a complete decline in credit spreads during the month [1] Historical Context - By the end of May, various types of credit bonds maintained historically low credit spreads, particularly for short-duration non-financial credit bonds and short-duration financial bonds, while medium to long-term financial bonds remained at relatively high historical percentiles [1][6]

Group 1: Industry Investment Rating - No information provided in the content Group 2: Core Viewpoints - As of June 16, 2025, the valuation yields and spreads of private enterprise real estate bonds and industrial bonds in the outstanding credit bonds are generally higher than those of other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds mostly declined, while those of some bonds such as private perpetual bonds of state - owned enterprises within 1 year and 3 - 5 years increased. The yields of real estate bonds also mainly declined, especially those of private public non - perpetual bonds within 1 - 2 years, with a yield reduction of more than 4.5BP. In financial bonds, the varieties with higher valuation yields and spreads are leasing company bonds and capital supplementary tools of urban and rural commercial banks. More than half of the yields of financial bonds declined compared with last week [3][8]. - In public urban investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces are both below 2.4%. The urban investment bonds with yields exceeding 4.5% are in prefecture - level and district - county - level areas of Guizhou. The spreads in other regions such as Yunnan and Gansu are also relatively high. Compared with last week, the yields of public urban investment bonds generally declined, with an average decline of 3.7BP for 3 - 5 - year varieties [2][14]. - In private urban investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. The varieties with yields higher than 4% appear in prefecture - level areas of Guizhou and Shaanxi, and prefecture - level and district - county - level areas of Yunnan. The spreads in other areas such as Gansu and Heilongjiang are also relatively high. Compared with last week, the yields of private urban investment bonds basically declined, with an average decline of 3BP and 5BP for 2 - 3 - year and 3 - 5 - year varieties respectively [2][23]. Group 3: Summary by Relevant Catalogs Chart 1: Weighted Average Valuation Yield of Outstanding Credit Bonds (as of June 16, unit: %) - Displays the weighted average valuation yields of different bond types (such as urban investment bonds, non - financial non - real estate industrial bonds, real estate bonds, etc.) in different time periods (1 year or less, 1 - 2 years, 2 - 3 years, 3 - 5 years) and different issuance methods (private or public) [10]. Chart 2: Weighted Average Spread of Outstanding Credit Bonds (as of June 16, unit: BP) - Presents the weighted average spreads of different bond types in different time periods and issuance methods, with the calculation benchmark being the same - term government - developed bonds [11]. Chart 3: Change in Weighted Average Valuation Yield of Outstanding Credit Bonds Compared with Last Week (as of June 16, unit: BP) - Shows the changes in the weighted average valuation yields of different bond types compared with last week, calculated as (this week's weighted average valuation yield - last week's weighted average valuation yield) * 100 [12]. Chart 4: Change in Weighted Average Spread of Outstanding Credit Bonds Compared with Last Week (as of June 16, unit: BP) - Illustrates the changes in the weighted average spreads of different bond types compared with last week, calculated as this week's weighted average spread - last week's weighted average spread [13]. Chart 5: Weighted Average Valuation Yield of Public Urban Investment Bonds (as of June 16, unit: %) - Provides the weighted average valuation yields of public urban investment bonds in different administrative levels (provincial, prefecture - level, district - county - level) of various provinces [15]. Chart 6: Weighted Average Spread of Public Urban Investment Bonds (as of June 16, unit: BP) - Displays the weighted average spreads of public urban investment bonds in different administrative levels of various provinces, with the calculation benchmark being the same - term government - developed bonds [17]. Chart 7: Change in Weighted Average Valuation Yield of Public Urban Investment Bonds Compared with Last Week (as of June 16, unit: BP) - Shows the changes in the weighted average valuation yields of public urban investment bonds in different administrative levels of various provinces compared with last week [20]. Chart 8: Weighted Average Valuation Yield of Private Urban Investment Bonds (as of June 16, unit: %) - Presents the weighted average valuation yields of private urban investment bonds in different administrative levels of various provinces [24]. Chart 9: Weighted Average Spread of Private Urban Investment Bonds (as of June 16, unit: BP) - Displays the weighted average spreads of private urban investment bonds in different administrative levels of various provinces, with the calculation benchmark being the same - term government - developed bonds [26].

Group 1 - Tianfeng Securities announced that its controlling shareholder intends to fully subscribe to the upcoming private placement shares and has committed not to transfer them for five years, which will strengthen the state-owned shareholder's control over the company [1] - The fundraising is expected to enhance the company's governance level and stabilize its equity structure, demonstrating the controlling shareholder's confidence in the company's high-quality development [1] - The securities industry is capital-intensive, and financing is crucial for enhancing comprehensive strength and risk resistance, as well as better serving the real economy [1] Group 2 - Several securities firms, including Guotai Junan and Guolian Minsheng, have successfully implemented private placements this year to raise funds for mergers and acquisitions, aiming for business expansion and integration [2] - As of May 6, 62 securities firms have issued a total of 229 bonds, with a combined issuance scale of 381.528 billion yuan, indicating a growing trend in bond issuance as a financing method [2] - Among the 62 firms, 11 have issued bonds exceeding 10 billion yuan, with Huatai Securities leading at 31.2 billion yuan, followed by GF Securities at 27.56 billion yuan [2] Group 3 - The advantages of bond issuance for financing include not diluting shareholder equity and lower costs in a relatively low-interest-rate environment, allowing firms to flexibly choose bond terms for short-term liquidity [3] - Funds raised through private placements typically provide long-term and stable financial support for the implementation of the company's long-term strategies [3]

Report Title - "The Divergence of Long - Short Term Spreads - Credit Spread Weekly Report (5/4)" [1][6] Report Industry Investment Rating - Not provided in the given content Core Viewpoints - From April 27th to April 30th, most bond yields declined. For 0.5 - 1Y industrial bonds, commercial bank second - tier capital bonds, securities company subordinated bonds, and securities company perpetual bonds, most yields dropped by over 2bp; for 0.5 - 1Y urban investment bonds and commercial financial bonds, most yields decreased by over 1bp; for 2Y industrial bonds and commercial financial bonds, most yields declined by over 1bp; the 2Y securities company subordinated bond yield rose by over 2bp; and the 3 - 5Y commercial financial bond yield dropped by over 2bp. Regarding credit spreads, the 0.5Y industrial bonds and commercial bank second - tier capital bond credit spreads mostly narrowed by over 5bp; the 1Y commercial bank second - tier capital bond credit spread narrowed by over 3bp; the 2Y securities company subordinated bonds and securities company perpetual bond credit spreads widened by over 3bp; and the 5Y urban investment bonds and industrial bond credit spreads mostly widened by over 2bp [2][6] Summary by Relevant Catalogs Yield and Spread Overview Yield and Spread of Each Maturity - Treasury bond yields at 0.5Y, 1Y, 2Y, 3Y, and 5Y were 1.47%, 1.46%, 1.45%, 1.48%, and 1.52% respectively, with weekly changes of - 3.5bp, 0.9bp, - 2.2bp, - 2.5bp, and - 2.2bp. Their historical quantiles were 11.9%, 13.2%, 8.7%, 6.2%, and 3.9% respectively. Similar data for other bond types such as national development bonds, local government bonds, etc., are also presented in detail [14] Credit Spread and Its Changes for Each Maturity - The 0.5Y, 1Y, 2Y, 3Y, and 5Y credit spreads of local government bonds were -, 12.01bp, 13.93bp, 14.34bp, and 14.37bp respectively, with weekly changes of -, 0.1bp, 0.2bp, - 1.5bp, and - 2.8bp. Their historical quantiles were -, 44.9%, 43.7%, 45.1%, and 38.6% respectively. Similar data for other bond types are also provided [16] Credit Bond Yields and Spreads by Category (Hermite Algorithm) Urban Investment Bonds by Region - In terms of yields, from April 27th to April 30th, most provincial urban investment bond yields declined. For example, the 5Y Guizhou urban investment bond yield dropped by about 35bp. In terms of credit spreads, the 0.5 - 1Y urban investment bond credit spreads mostly narrowed; the 2Y urban investment bond credit spreads mostly widened; the 3 - 5Y urban investment bond credit spreads showed differentiation, with the 3 - 5Y Guizhou urban investment bond credit spreads narrowing significantly [7] Industrial Bonds by Industry - From April 27th to April 30th, industrial bond yields generally declined. The 0.5 - 1Y industrial bond credit spreads generally narrowed, the 2 - 3Y industrial bond credit spreads showed differentiation, and the 5Y industrial bond credit spreads generally widened [7] Financial Bonds by Subject - From April 27th to April 30th, financial bond yields generally declined, with the 5Y city commercial bank second - tier capital bond yield dropping by about 55bp. The 0.5 - 1Y financial bond credit spreads generally narrowed, and the 2 - 5Y financial bond credit spreads showed differentiation [7] Credit Bond Yields and Spreads by Category (Balance Average Algorithm) Urban Investment Bonds by Region - Based on the balance average algorithm, from April 27th to April 30th, the 5Y Yunnan urban investment bond could target a return of over 3.2%, and the 5Y Qinghai urban investment bond could target a return of 3.0% or more. The 5Y Yunnan urban investment bond credit spread was significantly higher than that of medium - and short - term bonds, with high riding returns [8] Real Estate Private Enterprise Bonds - From April 27th to April 30th, the yields of real estate private enterprise bonds at all maturities were higher than those of other bond types, and the 0.5 - 1Y real estate private enterprise bond yields dropped by over 17bp [8] Financial Bonds - From April 27th to April 30th, the financial bond credit spreads generally narrowed, and the 3 - 5Y private securities company subordinated bonds could target a return of 4.7% or more [8]