[Caitong Research·Fixed Income] # Key entities and primary/secondary market performance overview 20260731

English summary

# Rating adjustment related key entities · Secondary: Yesterday, Huaqiao Group's average credit spread widened by 12.49bp, and Shaanxi Construction Engineering Group widened by 7.65bp. Shaanxi Construction Engineering, Chengdu Economic Development Investment, Jingmen Urban Construction, etc. saw transactions at more than 50bp above valuation. # Regions and entities with high share of short-term NAFMII bonds · Primary: Among the top 30 cities with recent NAFMII short-term debt scale, Qingdao and Xi'an had the most issuances, with issuance rates of 1.75%-2.09% and 2.25%-3.39% respectively, showing large regional differences. Secondary: Yesterday, Kunming urban investment balance credit spread widened the most, about 2.37bp; in Chengdu, Jingmen, Chongqing and other cities, some urban investment companies with large existing short-term debt saw high-valuation transactions, with deviations above 50bp. Contact: Zhang Chunyi / Wang Chenli