Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The report analyzes the daily fixed - income market, including bond price changes, new issues, and macro - economic news. It also provides in - depth analysis of specific companies such as CNMDHL and Meituan [2][3][6]. - For CNMDHL, it is considered a yield pick - up play over CHMEDA, taking into account its relationship with Mengniu and trading liquidity [7]. - Regarding Meituan, although facing near - term profitability pressure due to intensified competition, its overall credit profile remains robust, and the analyst maintains a buy rating on some of its bonds [9]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new HOKKEL 30 tightened 3 - 4bps, while other IG new issues like OCBCSP 4.55 35s/BOCAVI 31/JERA 4.544 30 widened 1 - 2bps or were unchanged. MEITUAs widened 3 - 5bps due to EBITDA decline in 1H25, and other Chinese TMT names had minor changes. Some bonds like LIFUNG 5 ¼ PERP rose due to positive EBITDA news, while VNKRLE 27 - 29s lowered [2]. - This morning, the new CNH GUAMET 2.15 28 was 0.3pt lower, the new HOKKEL 30 tightened 1bp, and some IG new issues were unchanged. JP long - end insurance bonds and HYSAN 7.2 Perp rose [3]. Macro News Recap - On Thursday, S&P (+0.32%), Dow (+0.16%), and Nasdaq (+0.53%) were higher. US 2Q25 GDP was +3.3% qoq, higher than the market expectation of +3.0%. The latest initial jobless claims were +229k, lower than the market expectation of +231k. 2yr UST yield was higher while 10/30yr UST yield was lower [6]. Desk Analyst Comments - **CNMDHL**: CNMDHL 4 ⅞ 07/10/30 is trading at a YTM of 4.9% and 61bps over CHMEDA 2 ½ 06/17/30. It has lagged the recent rally in the 5 - year Asia USD bucket by 20 - 30bps. It is considered a yield pick - up play over CHMEDA [7]. - **MEITUA**: Competition in the mainland China food delivery market is heating up, and margin squeeze will continue in 3Q25. Despite the weak operating performance, Meituan's credit story remains solid with a net cash position of RMB120.0bn. The analyst maintains a buy on MEITUA 3.05 10/28/30 and MEITUA 0 04/27/28 (CB) [9]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [21][22]. News and Market Color - Yesterday, 91 credit bonds were issued onshore with an amount of RMB65bn. Month - to - date, 2,140 credit bonds were issued with a total amount of RMB1,805bn, representing an 8% yoy decrease [23]. Company - Specific News - ACEN decided to inject USD76mn into subsidiaries and a solar project and spend PHP34.5bn (cUSD602.6mn) to develop Quezon wind park [28]. - GLP secures up to USD1.5bn investment from ADIA to accelerate growth [28]. - Li & Fung 1H25 EBITDA rises 4% yoy to USD75mn [28]. - Mongolian Mining 1H25 adjusted EBITDA falls 65.2% yoy to USD94.1mn [28]. - Orix to issue unsecured five - year bonds for JPY20bn (cUSD135mn) [28]. - Shui On Land 1H25 profit before tax down 95.4% yoy to RMB13mn (cUSD1.8mn) [28]. - SJM Holdings 1H25 adjusted EBITDA drops 5% yoy to HKD1.7bn (cUSD212mn) and plans to buy part of Hotel Lisboa for HKD529m (cUSD68mn) [28]. - SK Telecom was slapped with a KRW134.8bn (cUSD97mn) penalty following a personal data breach [28]. - Fitch downgraded China Vanke and Vanke Hong Kong to CCC - from CCC +, reflecting further weakening in liquidity [28]. - Yuzhou Group offshore debt revamp to become effective on 29 Aug'25 [28].