1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the number of newly defaulted bonds and the corresponding bond balances decreased compared to the previous quarter and the same period last year. The new issuer default rate and new bond default rate also declined. The new bond default rate of private enterprises dropped significantly, and no new bond defaults occurred among state - owned enterprises [2][6][9]. - The bond default of Huaming Intelligence in Q4 was caused by poor operating conditions, high short - term debt ratio, increased liquidity pressure, risk warnings from regulatory authorities, and high refinancing pressure [22]. - Since 2020, the default rates of state - owned enterprises and private enterprises in the bond market have been significantly different. The default rate of private enterprises is relatively high, which weakens their attractiveness to investors, increases financing difficulties and costs, and there is a large gap in net financing ability between state - owned and private enterprises [23][25][30]. - From 2020 to Q4 2025, the default rates of bond issuers in different industries varied. Industries such as real estate, transportation, and automobile had relatively more newly defaulted issuers, while industries like public utilities, banks, and petroleum and petrochemicals had no defaulting issuers. Industries such as communication, automobile, textile and apparel, media, and real estate had relatively high default rates [25][32]. 3. Summary by Relevant Catalogs 3.1 Fourth - Quarter Credit Bond Default Overall Situation - In Q4 2025, 3 new bonds defaulted, with a total default balance of 2.414 billion yuan, involving 3 defaulting issuers, 2 of which were first - time defaulters. The number of newly defaulted bonds and the default balance decreased compared to the previous quarter and the same period last year [6]. - The new issuer default rate (by number of issuers) in Q4 was 0.04%, lower than the previous quarter (0.07%). The new issuer default rate of private enterprises was 0.17%, significantly lower than the previous quarter (0.44%), and no new issuer defaults occurred among state - owned enterprises. The new bond default rate (by balance) was 0.01%, lower than the previous quarter (0.02%). The new bond default rate of private enterprises was 0.04%, significantly lower than the previous quarter (0.19%), and no new bond defaults occurred among state - owned enterprises [9]. 3.2 Fourth - Quarter Credit Bond Default Case Analysis - Huaming Intelligence, a company engaged in the R & D, manufacturing, and sales of automatic fare collection system terminal equipment, had its convertible bond "Huaming Dingzhuan" default on December 24, 2025. After paying part of the funds, 15.8513 million yuan was postponed for payment [11]. - Since 2019, due to changes in the market environment, the company has been in a state of continuous losses. From 2021 to 2024, the cumulative loss reached 307 million yuan. The company's asset - liability ratio has decreased steadily, but the conservative quick ratio has declined, indicating weakened liquidity. The scale of interest - bearing debt has decreased, but the proportion of interest - bearing debt in total debt has increased, and interest expenses have eroded profits. The debt structure is dominated by short - term debt, and the coverage of short - term debt by operating cash flow has fluctuated significantly [12][14][17]. - The company has exposed internal governance and financial compliance issues, triggering risk warnings. It has also faced many new lawsuits and arbitrations, with a large amount involved. Since 2020, the company's financing cash flow has been in a continuous net outflow state, resulting in high refinancing pressure [19][20][22]. 3.3 Recent Bond Market Default Changes - Since 2020, the new issuer default rate of state - owned enterprises has remained below 0.3%, while that of private enterprises has generally declined, reaching a maximum of nearly 2.5%. In 2025, the new issuer default rate of private enterprises was 1.31%, lower than the previous year (1.37%). In Q4 2025, it was 0.17%, significantly lower than the previous quarter (0.44%) [23]. - The relatively high default rate and frequent default events of private enterprises have weakened their attractiveness to bond market investors, increasing their bond financing difficulties and costs. In 2024, the net bond financing of private enterprises was - 3.9912 billion yuan, and that of state - owned enterprises was 339.04509 billion yuan. In 2025, the net bond financing of private enterprises was 3.2873 billion yuan, and that of state - owned enterprises was 37.07585 billion yuan. In Q4 2025, the net bond financing of private enterprises was 273.6 million yuan, and that of state - owned enterprises was 12.34815 billion yuan [25]. - From 2020 to Q4 2025, in terms of the number of newly defaulted issuers, industries such as real estate, transportation, and automobile had relatively more newly defaulted issuers, while industries like public utilities, banks, and petroleum and petrochemicals had no defaulting issuers. In terms of the marginal default rate of issuers over the years, industries such as communication, automobile, textile and apparel, media, and real estate had relatively high default rates [25][32]. 3.4 Summary - In Q4 2025, 3 new bonds defaulted, with a total default balance of 2.414 billion yuan, involving 3 defaulting issuers, 2 of which were first - time defaulters. The number of newly defaulted bonds and the default balance decreased compared to the previous quarter and the same period last year [30]. - The first - time defaulters in this quarter were Huaming Intelligence and Tianan Life Insurance. Huaming Intelligence had poor profitability and high refinancing pressure [30]. - Since 2020, the default rate of state - owned enterprises has remained low, while that of private enterprises has declined but is still significantly higher. There is a large gap in net financing ability between state - owned and private enterprises [30]. - From 2020 to 2025, the default rates of bond issuers in different industries varied. In Q4 2025, there was 1 new defaulting issuer in the computer industry and 1 in the non - banking financial industry, and no first - time defaults occurred among bond issuers in other industries [32].

证券研究报告 固收定期报告 hyzqdatemark 2026 年 01 月 05 日 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 赵孟田 SAC：S1350525070004 zhaomengtian@huayuanstock.com 联系人 长端收益率走高，利差大多小幅收窄 ——信用分析周报（2025/12/29-2026/1/4） 投资要点： 本周信用热点事件：12 月 26 日"15 天安人寿"公告实质性违约。 本周市场概览： 1）一级市场：本周传统信用债发行量、偿还量、净融资额环比上周均有所减少；资 产支持证券净融资额环比上周减少 192 亿元。本周由于元旦节前整体发行量较少， 不同评级不同券种的平均发行利率较上周变化幅度相对较大。 2）二级市场：本周信用债成交量环比上周减少 8328 亿元；换手率方面，本周信用 债换手率较上周整体下行。本周 1Y 短端信用债收益率小幅下行，其余不同评级不同 期限的信用债收益率大多有所上行。总体来看，本周不同行业不同评级的信用利差 较上周波动幅度均不超过 5BP，且大多有所压缩。具体来看，本周 ...

Core Viewpoint - Tianan Life Insurance Co., Ltd. announced that its capital supplementary bond "15 Tianan Life" issued in 2015 will not be able to pay back principal and interest by the due date of December 29, 2025, due to the company's inability to meet its obligations during a risk disposal period [2][10] Company Summary - The total issuance amount of "15 Tianan Life" is 2 billion RMB, a ten-year fixed-rate bond with a conditional redemption option at the end of the fifth year. The bond was issued on December 25, 2015, with a segmented interest rate of 6.25% for the first five years and 7.25% for the last five years [4][12] - Since being taken over by regulatory authorities in July 2020, Tianan Life decided not to exercise the redemption option and postponed interest payments, leading to the current inability to repay, which highlights the risks associated with this bond [4][12] - The bond default is a culmination of long-term risks and regulatory actions against Tianan Life, which has faced multiple serious violations, resulting in the revocation of its business license on June 13, 2025 [4][12][13] Regulatory Actions - Following the revocation of the business license, regulatory authorities imposed severe penalties on responsible individuals, including fines totaling 990,000 RMB and lifetime bans for several key personnel from the insurance industry [5][13] - The risk disposal process for Tianan Life is part of a broader effort to mitigate financial risks in the industry, initiated by the former China Banking and Insurance Regulatory Commission in July 2020 [7][15] Industry Context - The default of "15 Tianan Life" bonds is part of a larger trend, as another company under the same group, Tianan Property Insurance, also defaulted on its capital supplementary bonds, indicating systemic issues within the "Tomorrow System" insurance companies [6][14] - The handling of these defaults underscores the priority of capital supplementary bonds in the repayment hierarchy, which ranks below policyholder liabilities and other ordinary debts, complicating recovery efforts for bondholders [14] Risk Disposal Framework - The risk disposal of "15 Tianan Life" bonds will follow market-oriented and legal principles, aiming to balance the interests of creditors and other stakeholders within the risk disposal framework [16]

Core Viewpoint - Tianan Insurance, part of the "Tomorrow System," has announced that it will be unable to repay a 5.3 billion yuan capital supplement bond due to insufficient solvency, marking the first default of its kind in China's insurance industry [2][4]. Group 1: Bond Details - The "15 Tianan Insurance" bond was issued on September 20, 2015, with a 10-year term, featuring a coupon rate of 5.97% for the first five years and 6.97% for the latter five years [4]. - In September 2020, Tianan Insurance opted not to exercise its redemption option, indicating ongoing asset verification efforts, and the bond's interest payments were suspended [4]. Group 2: Financial Health and Historical Context - Tianan Insurance's financial troubles have been evident since 2020, when its credit rating was downgraded from "AA" to "AA-" by China Bond Rating Co., citing deteriorating asset quality and liquidity [4]. - The company reported a net loss of 2.924 billion yuan in the first three quarters of 2019, a significant decline year-on-year [4]. Group 3: Asset Management and Future Implications - To alleviate liquidity pressures, Tianan Insurance sold its stake in Industrial Bank, completely divesting by August 2019, which resulted in the loss of a key asset and revenue source [5]. - In 2024, a newly established company, Sheneng Insurance, acquired Tianan Insurance's insurance business, including its assets and liabilities, but the 5.3 billion yuan bond was excluded from this transfer, leaving Tianan Insurance responsible for the debt [6][7]. Group 4: Industry Impact and Future Risks - The default on the 5.3 billion yuan bond serves as a warning sign for the development of the insurance industry in China, with potential implications for other companies [8]. - Tianan Life, another entity within the "Tomorrow System," has a 2 billion yuan capital supplement bond maturing on December 25, 2025, which also chose not to exercise its redemption option, raising concerns about future defaults [8].