格隆汇11月26日丨京能清洁能源(00579.HK)宣布，于2025年11月26日，第二次资产支持商业票据发行事 项的簿记建档程序已经完成。因此，公司谨此作出更新，优先级资产支持商业票据的票息率为1.76%。 ...

京能清洁能源(00579)发布公告，于2025年11月26日，第二次资产支持商业票据发行事项的簿记建档程 序已经完成。因此，本公司谨此作出更新，优先级资产支持商业票据的票息率为1.76%。 ...

董事会认为，第二次资产支持商业票据发行事项可令本集团的集资渠道多元化，从而用于改善本集团的 融资结构并提升其营运活动及投资。其亦使本集团能够实现减少应收账款结余及优化本集团资产负债率 的目标。董事认为，为第二次资产支持商业票据发行事项进行的出售事项，将加快本集团资产的整体周 转。此外，通过此项安排拟进行的转让基础资产将加快回收本集团的应收账款。 京能清洁能源(00579)发布公告，于2025年11月24日，本公司与华润信托订立信托合同，据此(其中包 括)，本公司已有条件同意将基础资产委托予华润信托以成立信托、发行资产支持商业票据以及管理、 使用及处置信托财产，而华润信托已有条件同意为受益人的利益就第二次资产支持商业票据发行事项担 任信托的受托人及管理机构。 基础资产指(i)应收补贴的所有权利、权益、利益及收益(现在及未来、现有及或有);(ii)应收补贴应占的 所有到期或即将到期的收回款项;(iii)转让、出售、拍卖、变卖或以其他方式处置应收补贴的全部所得款 项;(iv)请求、起诉、收回或接受有关应收补贴的所有应付款项之权利;及(v)来自应收补贴的利益以及有 关强制执行应收补贴的全部权利和法律救济。 董事认为， ...

智通财经APP讯，京能清洁能源(00579)发布公告，于2025年11月24日，本公司与华润信托订立信托合 同，据此(其中包括)，本公司已有条件同意将基础资产委托予华润信托以成立信托、发行资产支持商业 票据以及管理、使用及处置信托财产，而华润信托已有条件同意为受益人的利益就第二次资产支持商业 票据发行事项担任信托的受托人及管理机构。 董事会认为，第二次资产支持商业票据发行事项可令本集团的集资渠道多元化，从而用于改善本集团的 融资结构并提升其营运活动及投资。其亦使本集团能够实现减少应收账款结余及优化本集团资产负债率 的目标。董事认为，为第二次资产支持商业票据发行事项进行的出售事项，将加快本集团资产的整体周 转。此外，通过此项安排拟进行的转让基础资产将加快回收本集团的应收账款。 就第二次资产支持商业票据发行事项而言，于2025年11月24日，本公司与华润信托订立服务合同、与华 润信托及招商银行订立承销合同以及与华润信托及招商银行北京分行订立资金监管合同，并已出具流动 性支持承诺函。 董事认为，尽管信托合同、服务合同、承销合同、流动性支持承诺函及资金监管合同各自的条款并非于 本集团一般及日常业务过程中订立，乃按正常 ...

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]

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]

Investment Rating - The investment rating for the environmental industry is "Positive" [2] Core Viewpoints - The environmental industry has seen a surge in bond issuance in the first half of 2025, exceeding 30 billion yuan, primarily for cash replenishment and debt repayment [14][24] - The industry is characterized by a dual focus on "green" and "technological innovation" as reflected in the types of bonds issued [14] - The report highlights the ongoing market performance of the environmental sector, which has outperformed the broader market, with specific sub-sectors showing varied performance [3][6] Summary by Sections Market Performance - As of August 15, 2025, the environmental sector index rose by 1.72%, outperforming the Shanghai Composite Index, which increased by 1.70% [3][6] - The top-performing sub-sectors include solid waste management, which saw a 12.44% increase, while water governance experienced a decline of 0.96% [9][12] Industry Dynamics - Various provinces have issued and planned special bonds totaling 153.98 billion yuan to repay overdue corporate debts, showcasing proactive measures to address financial obligations [24] - The Ministry of Natural Resources released a report indicating that the existing seawater desalination projects in China will increase to 158, with a total capacity of 2.856 million tons per day, marking a 33,300 tons per day increase from 2023 [25] Company Announcements - Zhongke Environmental reported a revenue of 848.20 million yuan in the first half of 2025, a year-on-year increase of 4.48%, with a net profit of 196.26 million yuan, up 19.83% [37] - Chengfa Environment achieved a revenue of 3.216 billion yuan, with an environmental business revenue of 2.454 billion yuan, reflecting a 14.58% increase year-on-year [37] Investment Recommendations - The report suggests maintaining a positive outlook on the environmental sector, particularly in energy conservation and resource recycling, which are expected to sustain high growth [42] - Recommended companies include Hanlan Environment, Xingrong Environment, and Hongcheng Environment, with additional attention to Wangneng Environment and Junxin Co., Ltd. [42]

Core Insights - In June, a total of 1,003 debt financing instruments were registered and issued, amounting to 9,308 billion yuan, representing a 67% increase compared to May [1][2] - The issuance of various short-term financing instruments included 2,825 billion yuan in ultra-short-term financing, 300 billion yuan in short-term financing, 5,121 billion yuan in medium-term notes, 515 billion yuan in directed tools, and 547 billion yuan in asset-backed notes [1][2] Group 1: Debt Financing Instruments - The total issuance of debt financing tools in June reached 9,308 billion yuan, with a significant increase from the previous month [1][2] - The breakdown of issuance includes 2,825 billion yuan in ultra-short-term financing, 300 billion yuan in short-term financing, 5,121 billion yuan in medium-term notes, 515 billion yuan in directed tools, and 547 billion yuan in asset-backed notes [1][2] Group 2: Innovative Products - In June, the issuance of sci-tech notes and bonds amounted to 1,011 billion yuan, indicating the growing influence of the "technology board" in the bond market [2][3] - Other innovative products such as green debt financing tools, asset-backed commercial papers, and rural revitalization notes had issuance volumes of 292 billion yuan, 153 billion yuan, and 61 billion yuan respectively [2][3] Group 3: Market Trends - As of the end of June, the cumulative issuance of panda bonds in the interbank market reached 7,868 billion yuan, with a custody volume of 2,628 billion yuan [3] - The custody volumes for various financing instruments as of June 30 included 16,138 billion yuan for ultra-short-term financing, 5,117 billion yuan for short-term financing, 121,575 billion yuan for medium-term notes, 19,946 billion yuan for directed debt financing tools, and 6,798 billion yuan for asset-backed notes [3] Group 4: Holder Distribution - Non-legal person products accounted for the majority of holdings in various tools, with a total holding scale of 109,074 billion yuan, representing 65.06% of the total [4] - Deposit-taking financial institutions and non-bank financial institutions held 40,395 billion yuan and 11,610 billion yuan respectively, ranking second and third in terms of holdings [4][5]

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to regulate the issuance and underwriting of bonds in the interbank market, effective from August 11, 2025, emphasizing the need for improved management of underwriting quotes and the establishment of internal management systems by lead underwriters [1][2]. Group 1: Underwriting and Pricing Management - The notification mandates that lead underwriters must establish internal management systems for underwriting quotes, ensuring that quotes are based on comprehensive project cost assessments and not below cost [1]. - Issuers are required to set reasonable selection criteria for bids based on market principles, without interfering with the independent pricing decisions of lead underwriters [1][2]. Group 2: Subscription and Information Disclosure - The notification encourages investors to submit subscription requests early, and underwriters must use approved communication tools to maintain records of subscription information [1][2]. - Any withdrawal or modification of subscription orders within one hour before the closing time must be announced in real-time and reported to the association in writing before the trading circulation date [1]. Group 3: Pricing Mechanism and Distribution Management - Issuers and lead underwriters must determine the pricing range for bond issuance based on market principles and comparable bond rates, ensuring that the pricing reflects fair market levels [2]. - Lead underwriters are required to enhance the quality and standardization of market-based issuance services, with specific disclosure requirements for balance underwriting and self-investment [2][3]. Group 4: Underwriter Selection and Complaints Management - For short-term and medium-term financing instruments, issuers can select a limited number of lead underwriters based on the issuance scale, with specific limits set for different issuance sizes [3]. - The association will accept complaints regarding violations of laws and self-regulatory rules during the issuance process, with verified cases recorded in integrity archives for public disclosure [3].