Report Summary 1. Core Viewpoints The report presents the valuation price deviations of different types of bonds, including AA-rated urban investment bonds, individual bonds with top net price declines, individual bonds with top net price increases, and Tier 2 and perpetual bonds with top net price increases [2]. 2. Summary by Category 2.1 Discounted AA Urban Investment Bonds - Among the top 50 AA urban investment bonds (by subject rating) with the largest discount margins, "25 Dongtou Group PPN001B" has the largest valuation price deviation, with a remaining term of 4.66 years, a valuation price deviation of -0.29%, a valuation net price of 102.18 yuan, and a valuation yield of 2.78% [2][4]. 2.2 Individual Bonds with Top Net Price Declines - Among the top 50 individual bonds with the largest net price declines, "21 Ningzhuan 01" has the largest valuation price deviation, with a remaining term of 3.00 years, a valuation price deviation of -23.99%, a valuation net price of 63.43 yuan, and a valuation yield of 1.99% [2][5]. 2.3 Individual Bonds with Top Net Price Increases - Among the top 50 individual bonds with the largest net price increases, "H1 Bidi 02" has the largest valuation price deviation, with a remaining term of 1.84 years, a valuation price deviation of 7.48%, a valuation net price of 4.31 yuan, and a valuation yield of 2468.03% [2][7]. 2.4 Tier 2 and Perpetual Bonds with Top Net Price Increases - Among the top 50 Tier 2 and perpetual bonds with the largest net price increases, "23 Weifang Bank Tier 2 Capital Bond 01" has the largest valuation price deviation, with a remaining term of 3.05 years, a valuation price deviation of 0.08%, a valuation net price of 105.36 yuan, and a valuation yield of 2.92% [2][9].

Core Viewpoint - Country Garden is progressing with its domestic debt restructuring, having received approval from creditors for adjustments to the repayment plans of at least 8 domestic bonds, totaling 12.417 billion yuan [1]. Group 1: Debt Restructuring Details - The bonds involved in the restructuring include H16碧园5, H19碧地3, H20碧地3, H20碧地4, H1碧地01, H1碧地02, H1碧地03, and H1碧地04, with a total principal amount of 12.417 billion yuan [1]. - Seven of these bonds are issued by Country Garden's subsidiary, Country Garden Real Estate Group Co., Ltd. [1]. - As of the end of 2024, Country Garden's total borrowings are approximately 253.5 billion yuan, with about 42% being offshore debt [1]. Group 2: Future Plans and Legal Proceedings - The company's key focus in the first half of 2025 will be on ensuring the delivery of properties, while the second half will balance between property delivery and maintaining the company’s operations [1]. - Creditors have filed for the liquidation of Country Garden, prompting the company to disclose restructuring progress in court to avoid immediate liquidation [1]. - The Hong Kong court has postponed the hearing date for the liquidation petition to May 19, allowing Country Garden more time to reach a restructuring agreement with offshore creditors [1]. Group 3: Industry Context - Since 2025, several real estate companies, including Sunac, Oceanwide, and Shimao, have also made significant moves in debt restructuring and corporate self-rescue [2]. - Sunac successfully completed a second restructuring of its domestic debt, while Oceanwide and Shimao received approval for their offshore debt restructurings from the Hong Kong and England courts, respectively [2].