Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has successfully completed the first batch of four corporate bond renewals, marking the initiation of a pilot program for corporate bond renewals and asset-backed securities expansion [1][3]. Group 1: Pilot Program Launch - On July 18, SZSE issued a notice to officially start the pilot program for corporate bond renewals, focusing on optimizing the issuance mechanism, aligning market-making mechanisms, and protecting investor rights [3]. - Issuers can use existing valid approval documents for renewals without reapplying for security codes, significantly reducing the average time from application to listing by nearly half [3]. Group 2: Market Impact - The renewed bonds will be listed alongside existing bonds, maintaining consistency in core elements, and eligible bonds will be included in the benchmark market-making range, enhancing price discovery and liquidity [3]. - The SZSE currently has 242 credit benchmark market-making bonds with a total balance exceeding 380 billion yuan, which supports improved market dynamics [3]. Group 3: Investor Participation - Following the announcement, companies such as GF Securities, China Merchants Highway, Guosen Securities, and Shenzhen Investment Holdings quickly participated in the pilot, representing various high-quality state-owned and private enterprises [3]. - The types of bonds issued include ordinary corporate bonds and technology innovation corporate bonds, with GF Securities issuing a renewal of 2 billion yuan for "25 GF D7" [3]. Group 4: Infrastructure Development - In recent years, SZSE has been enhancing bond market infrastructure to promote healthy interaction between primary and secondary markets, revising business guidelines, and launching a book-building system to improve issuance efficiency [4]. - The successful implementation of the renewal mechanism and the first batch of bond renewals have created a positive cycle of "expanding scale - increasing liquidity - reducing costs" [4]. - SZSE aims to continue strengthening market infrastructure to support high-quality economic development from both financing and investment perspectives [4].

近日，首批4单公司债券在深交所完成续发行。续发行通过优化融资流程、强化市场联动，为发行人提 供了更加灵活高效的融资工具，为投资者创造了更具流动性的交易环境。 深交所《通知》围绕发行机制优化、做市机制衔接、投资者权益保护三大目标，在多个方面作出系统性 安排。 发行更为便捷、高效。发行人可使用存量有效批文参与续发行，无需重复申请证券代码，显著减少发行 准备工作，缩短发行周期，首批续发行公司债券从提交发行申请至披露发行文件平均用时2个交易日， 从完成发行到上市挂牌平均用时3个交易日，用时缩短近半，发行效率显著提升。 7月18日，深交所发布了《关于试点公司债券续发行和资产支持证券扩募业务有关事项的通知》(简称 《通知》)，正式启动公司债券续发行试点工作。 有效衔接做市机制。续发行债券与存量债券合并上市后，保持证券代码、票面利率等核心要素一致，符 合要求的可纳入基准做市范围，目前首批4单续发行债券均符合信用债基准做市券纳入标准。截至目 前，深市信用基准做市券已达242只(含企业债)，债券余额超3800亿元，做市商持续做市服务有助于提 升基准券价格发现及流动性水平。 强化投资者权益保护。明确续发行可能导致重大权益变化时， ...

广发证券（000776）(01776)发布公告，根据深圳证券交易所债券上市的有关规定，广发证券股份有限 公司2025年面向专业投资者公开发行短期公司债券(第五期)(续发行)符合深圳证券交易所债券上市条 件，将于2025年8月1日起在深圳证券交易所与存量债券合并上市、合并托管，并面向专业投资者中的机 构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。存量债券规模为 30亿元，续发行面值为20亿元。 该债券证券全称为"广发证券股份有限公司2025年面向专业投资者公开发行短期公司债券(第五期)"，证 券简称为"25广发D7"，证券代码为"524303"，保持不变。 ...

该债券证券全称为"广发证券股份有限公司2025年面向专业投资者公开发行短期公司债券(第五期)"，证 券简称为"25广发D7"，证券代码为"524303"，保持不变。 智通财经APP讯，广发证券(01776)发布公告，根据深圳证券交易所债券上市的有关规定，广发证券股份 有限公司2025年面向专业投资者公开发行短期公司债券(第五期)(续发行)符合深圳证券交易所债券上市 条件，将于2025年8月1日起在深圳证券交易所与存量债券合并上市、合并托管，并面向专业投资者中的 机构投资者交易，交易方式包括匹配成交、点击成交、询价成交、竞买成交和协商成交。存量债券规模 为30亿元，续发行面值为20亿元。 ...