Core Points - The issuance of the "2025 10th Phase China Railway Construction Bonds" has been approved, with a total scale of 100 billion yuan [1][4] - The bonds are categorized into two types: 10-year and 30-year, each with an issuance scale of 50 billion yuan [2] - The interest rates for the bonds will be determined through a bidding process, with the 10-year bond's rate ranging from 1.12% to 2.12% and the 30-year bond's rate ranging from 1.32% to 2.32% [2][3] Company Information - The issuer of the bonds is the China National Railway Group Co., Ltd., formerly known as China Railway Corporation [5] - The bonds are government-supported bonds approved by the State Council, which provides certain tax benefits for investors [1][2] Bond Details - The bonds will be issued through a bidding system on the Shenzhen Stock Exchange, with the bidding date set for July 28, 2025 [4][14] - The final interest rates will be fixed based on the market bidding results and will remain unchanged throughout the bond's duration [2][3] - The bonds will be registered and managed by the China Securities Depository and Clearing Corporation Limited [4][23] Tax Policy - Corporate investors will have their interest income from the bonds taxed at half the corporate income tax rate, while individual investors will have 50% of their interest income included in taxable income [2]