中国银河在近期研报中分析指出，新城控股2025年上半年公司销售均价提高，全口径资金回笼率超过 100%，实现高效运转；商管强者恒强，商业收入同比双位数增长，出租率维持高位；控制负债规模， 融资渠道通畅。 值得一提的是，依托于良好的业绩表现以及安全稳定的财务结构，今年6月，国际信用评级机构穆迪公 司还宣布将新城发展评级展望上调至正面。 9月25日，新城控股（601155.SH）成功发行2025年度第二期中期票据，发行规模9亿元，认购倍数1.5 倍，期限为5年，票面利率为3.29％，中诚信国际给予发行人主体和本期债项双AAA评级，并获得中债 增全额担保。 根据2025年半年报，上半年新城控股实现营业收入221亿元，归属于上市公司股东的净利润8.95亿元， 扣非归母净利润9.47亿元；毛利率为26.85%，同比增长5.25个百分点；公司在手现金余额102.96亿元， 在手现金充裕；净负债率为52.44%，继续保持较低水平；经营性现金流净额为15.12亿元。 商业方面，新城控股上半年实现商业运营总收入为69.44亿元，同比增长11.8%；物业出租及管理业务毛 利45.73亿元，占公司总毛利由去年同期的57.21%提升 ...

9月25日，新城控股(601155.SH)成功发行2025年度第二期中期票据，发行规模9亿元，认购倍数1.5倍， 期限为5年，票面利率为3.29％。中诚信国际给予发行人主体和本期债项双AAA评级。主承销商为中信 证券，联席主承销商为邮储银行和招商银行。 中债信用增进投资股份有限公司(简称"中债增")为该笔中票提供全额无条件不可撤销连带责任保证担 保。这也是自2022年9月发行首笔中债增全额担保中票后，新城控股成功发行的第八笔中期票据，连续 四年持续获得民企债券融资支持工具的政策支持。而此次中期票据的成功发行，进一步巩固了 "中债增 增信 + 民营房企融资" 的良性循环模式，成为"第二支箭"政策以来中票到期后的首单续发。这一 "继往 开来" 的实践，印证了优质民营房企通过规范经营与政策支持相结合，能够持续获得资本市场青睐。 自 政策落地以来，"第二支箭" 始终聚焦民营企业合理融资需求，政策效能持续释放，助力修复市场对民 营企业的信用预期，为民营企业拓宽融资渠道、降低融资成本搭建了核心桥梁。 而这一切成果的背后，离不开人民银行与监管机构的持续支持。人民银行始终将民营房企融资环境改善 作为重要工作方向；同时，监管层 ...

据中指研究院监测，2025年8月房地产行业债券融资总额为553.1亿元，同比下降4.3%。不过，2025年前 8个月，房地产企业债券融资总额为3808.9亿元，同比微增0.8%。从融资结构来看，房地产行业信用债 融资2290.9亿元，同比下降6.9%，占比60.1%；海外债融资57.3亿元，同比下降14.4%，占比1.5%；ABS 融资1460.7亿元，同比增长16.8%，占比38.3%。 中指研究院企业研究总监刘水表示，近期多家房企披露了新增融资或者债务重组的最新进展。截至2025 年8月末，20余家出险房企债务重组、重整获批。目前，房地产政策环境预计维持宽松，各项已出台政 策有望进一步落实，但城市及项目分化行情或将延续。企业还应结合销售拿地情况，提前筹划现金流， 防范资金风险。同时，可积极利用项目"白名单"机制、经营性物业贷、公募REITs和持有型不动产ABS 等融资政策，多渠道拓展融资现金流入。 上海易居房地产研究院副院长严跃进认为，优质房企融资端的畅通叠加融资成本的下降，有助于稳定市 场主体预期。一方面，债务工具的成功发行为企业提供了必要的流动性，减轻偿债高峰期的集中压力； 另一方面，随着更多房企尝试 ...

Group 1 - Recently, Fosun International successfully issued a total of $400 million in senior unsecured bonds on September 3, showcasing its financing capability in the international market [1][3] - The bonds have a term of 4NC2.5 and a coupon rate set at 6.8%, which is attractive to investors [3] - Standard & Poor's assigned a BB- issuer rating to Fosun International with a stable outlook, enhancing confidence in the bond issuance [3] Group 2 - The funds raised will primarily be used for refinancing part of the existing offshore debt, including payments related to any tender offers [3] - Additional funds will be allocated for the company's working capital and general corporate purposes to support Fosun International's ongoing development [3]

Core Points - Yuncheng Development Investment Group Co., Ltd. has issued a 3-year senior unsecured bond denominated in RMB [2] - The bond has a total issuance size of 1 billion RMB with a fixed coupon rate and yield of 6.5% [2] - The bond is set to mature on September 1, 2028, with a settlement date of September 1, 2025 [2] Summary by Category Issuer Information - Issuer: Yuncheng Development Investment Group Co., Ltd. [2] - Expected issuance rating: unrated [2] Bond Details - Type: Fixed-rate, senior unsecured bond [2] - Issuance rules: Reg S [2] - Currency: RMB [2] - Issuance size: 1 billion RMB [2] - Term: 3 years [2] - Coupon rate: 6.5% [2] - Yield: 6.5% [2] - Issue price: 100 [2] - Maturity date: September 1, 2028 [2] - Settlement date: September 1, 2025 [2] - Change of control put option: 101% [2] Use of Proceeds - Proceeds will be used for project construction and to supplement working capital [2] Additional Terms - Listed on MOX Australia [2] - Minimum denomination/increment: 1 million RMB/10 thousand RMB [2] - Joint global coordinators, joint lead managers, and joint bookrunners include: Cinda Capital, Tianfeng International, Chuangshi Securities, Haitong International [2] - Joint lead managers and joint bookrunners include: CITIC Securities, Xingsheng International, CITIC Jianfu International, Fuqiang Securities, Shanzheng International [2] Clearing and ISIN - Clearing institution: European Clearing Bank/Mingxun Bank [3] - ISIN: XS3157575419 [3]

Group 1: Market Operations - The central bank conducted a 7-day reverse repurchase operation of 35.9 billion yuan at a fixed rate of 1.5% on March 13, with 104.5 billion yuan of reverse repos maturing, resulting in a net withdrawal of 68.6 billion yuan for the day, marking three consecutive days of net withdrawal [2][3] Group 2: Funding Conditions - The interbank funding market remained stable, with overnight repo rates around 1.75%, while the overnight borrowing rates for credit bonds from non-bank institutions also maintained similar levels. The latest overnight financing rate in the US was reported at 4.32% [3][4] Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit in the secondary market was around 1.96%, showing a significant decline compared to the previous day [5] Group 4: Bond Market Trends - The performance of major interbank interest rate bonds showed divergence, with short-term bonds performing slightly better while medium to long-term bonds weakened. Specific yields included 1-year at 1.57%, 3-year at 1.56%, and 10-year at 1.84% [7] Group 5: Treasury Futures - Treasury futures closed mixed, with the 30-year main contract up by 0.04%, the 10-year up by 0.03%, while the 5-year and 2-year contracts fell by 0.02% and 0.03% respectively [9] Group 6: Bond Issuance and Events - Notable bond issuance included the issuance of $500 million senior unsecured bonds by the Bank of China Panama branch and Baidu's completion of a $2 billion zero-coupon convertible bond issuance. Additionally, Henan Province successfully issued 6.742 billion yuan in government bonds [13][14]