This report from CICC Research covers publicly offered corporate bonds and enterprise bonds issued in the past week, with detailed commentary on issuers where it has been more than nine months since the last tracking.

The total issuance amount for corporate bonds and enterprise bonds this week is 322.8 billion yuan, a decrease of 121.6 billion yuan from the previous week. The top five sectors by issuance amount are: municipal investment (92 billion yuan), comprehensive investment (65 billion yuan), infrastructure (60 billion yuan), real estate (33.3 billion yuan), and highways (30 billion yuan). By external rating, AAA-rated bonds account for 294.5 billion yuan, AA+-rated for 28.3 billion yuan, with no AA-rated issues. This week's issuance is concentrated in high-grade and municipal investment products. No changes were made to CICC's internal ratings this week.

Key Rating Actions

No enterprise bonds were issued this week. A total of 29 corporate bonds were issued, with 11 being municipal investment bonds, amounting to 92 billion yuan. The total issuance for corporate bonds is 322.8 billion yuan. This week, there are 28 corporate bond issuers and 11 municipal investment issuers.

Guangdong Yuecai Investment Holding Co., Ltd. is a direct subsidiary of the Guangdong Provincial Government. Its main businesses include asset management, guarantees, trusts, financial leasing, and investments, and it has recently taken control of Nanyue Bank. Earnings are relatively stable, but management expenses and asset impairment losses have some impact on profits. After taking control of Nanyue Bank, its debt burden has increased. It relies on credit lines and financial assets on its balance sheet for liquidity. CICC rating: 3-.

Xiamen C&D Inc. is a listed company controlled by the Xiamen State-owned Assets Supervision and Administration Commission. Its dual main businesses are supply chain operations and real estate development, along with home furnishing mall operations. The supply chain business has a large scale but low gross margins. The real estate business focuses on high-tier cities, but sales volume declined in 2025. The company reported a significant net loss in 2025, primarily due to increased asset impairment and fair value loss. Debt pressure has increased but remains manageable; financing channels are smooth. CICC rating: 4.

Guangzhou Yuexiu Financial Leasing Co., Ltd. is a financial leasing company controlled by the Guangzhou State-owned Assets Supervision and Administration Commission. It has a high asset allocation to the livelihood projects, inclusive finance, and clean energy sectors, with a regional focus on Jiangsu, Zhejiang, and Guangdong. The expansion of the new energy business has driven revenue growth, but the net interest margin has narrowed. Asset quality is above average in the industry. Financial leverage is high, but asset-liability maturity matching is acceptable. Short-term liquidity relies on external credit support. CICC rating: 4.

China Nuclear Industry Huaxing Construction Co., Ltd. is a subsidiary of China Nuclear Engineering Corporation. Its main businesses include nuclear power plant construction and industrial and civil engineering. Revenue turned to decline in 2025, and gross margins have narrowed slightly. Non-recurring gains and losses have impacted profits. The efficiency of earnings conversion to cash is low, though there have been no free cash flow gaps in most years. Financial leverage is high, and short-term liquidity depends on external credit lines. Attention should be paid to contingent liability risks. CICC rating: 4-.

Jiangsu Huanghai Financial Holding Group Co., Ltd. is the financial holding platform of Yancheng City. Its financial leasing business has not yet had any non-performing assets. Overall earnings are growing, but financial-related income is volatile. Operating cash flow fluctuates significantly, and there are some free cash flow gaps. Leverage levels are moderate, with no significant short-term net debt gaps. CICC rating: 5+.

Regarding municipal investment issuers, Nanjing Metro Group Co., Ltd. and Haixi Investment & Development Co., Ltd. are the platforms for Nanjing City and Qingdao West Coast New District, respectively. Their CICC ratings are 4+ and 5+.

For the bond issue, 26JFVY1 is a perpetual corporate bond with a subordinated repayment order. Given the issuer's good credit quality, the bond rating is consistent with the issuer's rating of 4.

External Rating Adjustments

No external rating adjustments were made this week.

Individual Industrial Bond Commentary

A detailed rating table for municipal investment bonds is provided in the original report.

Perpetual Bond Rating Table

A detailed rating table for perpetual bonds is provided in the original report.

Source

This article is based on the "Weekly Credit Analysis of China Corporate and Enterprise Bonds" published on August 6, 2026, by analysts including Wang Qing, Wang Ruijuan, Xu Yan, Lei Wenlan, Qiu Zixuan, Wan Xiaoyue, Wang Ruoyang, Yuan Wenbo, Xu Yuxuan, and Gao Siping.