固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new SWIPRO 4 5/8 08/28/32 tightened 10bps to CT10+30from CT10+40. We saw PBs buying Asia AT1s, which overall lowered c0.3pt.GWFOOD 30 rose 0.9pt, and KOREAT 34 was up 0.7pt. CHGDNU 48 was1.3pts lower. GlennKo, CFA高志和(852) 3657 6235glennko@cmbi.com.hk AACTEC:Robust 1H25 performance despite lower margin, positive ratingaction expected. AACTEC 26-31 were unchanged to 1bp tighter post resultsannouncement. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk WYNMAC:Wynn Macau to early redeem USD1bn WYNMAC 5.5 01/15/26on 2 Sep’25 in full at par. WYNMAC 26s were 0.1pt higher this morning. Trading desk comments交易台市场观点 Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Yesterday,the new ALVGR 6.55 Perp edged up 0.3pt amid an overallcautious macro tone.In China, XIAOMI 30-31s widened 4-6bps,whileXIAOMI 51 tightened 2bps.See our comments on Xiaomi’s 2Q25 resultsyesterday. BABAs widened 2-4bps. MEITUA 28-30s were 4bps wider, amidthe news that Meituan’s brand Keeta was taken to court in Brazil by Chineserival (Didi Global, 99Food) for alleged trademark infringement. LIHHK 4.806/18/26 was 0.4pt higher, while CPREIT 2.95 06/15/30 was down 0.7ptdespitemedia report on the renewal of lease agreement with ICBC.WYNMAC 26-34s were unchanged to 0.2pt lower. In Chinese properties,CSCHCN 4 ½ 08/19/27 was 0.1pt lower.ChinaSouth City liquidators saidthatonshore operations would remain normal amid restructuring talks.YLLGSP 26/FUTLAN 28/FTLNHD 26 were 0.1pt lower to 0.1pt higher. In JP,MIZUHO/SUMIBKFRNs and SOBKCO 30-35s/NTTs widened 1-2bps.Yankee and Japanese AT1s andinsurance hybrids were 0.3-0.5pt weaker.In SEA, VLLPM 27-29s dropped 0.2-0.9pt. The Philippine Securities andExchange Commission ordered VLL’s sister company Villar Land to payadministrative fines due to its delayed financial filing. GLPSP 4.6 PERP and4 ½ PERP dropped 0.6-1.1pts. ADSEZ27-32s widened 2-7bps. Among theReNew Energy complex, RNW 26/INGPHL 27/RPVIN 27/INCLEN 27/RPVIN28 were unchanged to 0.1pt lower. See our comments on INCLEN on20Aug’25. LGFV 5% to 7% handle papers remained under moderate sellingpressure. ZBZCHD 6.9 02/28/28 rose 3pts higher. TSIVMG 1.55 12/17/29was up 0.8pt. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro––S&P (-0.40%), Dow (-0.34%) and Nasdaq (-0.34%) were lower on Thursday. The initial jobless claimswas +235k, higher than the market expectation of +226k. US Aug’25 S&P Global manufacturing/services PMIwas 53.3/55.4, higher than the market expectation of 49.7/54.2, respectively.UST yield was higher onThursday,2/5/10/30 yield at 3.79%/3.86%/4.33%/4.92%. Desk Analyst Comments分析员市场观点 AACTEC: Robust 1H25 performance despite lower margin, positive rating action expected AAC Technologies (AAC Tech) released strong 1H25 results with higherrevenue and profit despite lowermargin.We maintain our buy recommendations on AACTECs and prefer AACTEC 3 ¾ 06/02/31 given thehigher yield and lower cash price. The current valuations of AACTECs are less appealing after the goodperformance of AACTECs,moved 2.1-4.9pts higher YTD and 7-12pts higher in 2024.That said, we continueto view AACTECs lower beta and good carry plays, offering better risk-return profiles than peers such asSUNOTG 5.95 07/17/26 (Moody’s: Baa1, YTM of 4.6%/Z-spread of 71bps).Additionally, we also believe thatAACTECs are candidates for early redemptions through repurchases and tender offers and these shouldsupport the performance of AACTECs. In 1H25, AAC Tech’s revenue increased 18% yoy toRMB13.3bn, driven by growth across all businesssegments. The gross profit margin (GPM) stood at 20.7%, down by 0.8 pct pt from 1H24, driven by productionramp-up of new acoustics production and strong volume growth of lower-margin sensor and semiconductorproducts.That said, the impact was somewhat mitigated by the margin expansion of optics products. AACTech’s EBITDA increased 6.3% yoy to RMB2.3bn in 1H25. Net profit surged 63% yoy to RMB876mn, primarilysupported by revenue growth and one-off fair value gains on contingent consideration payables related to PSS,partly offset by higher expenses incurred from new business initiatives. We expect the strong performance of AAC Tech to continue and margin to pick up in 2H25 with AI-driven specupgrade cyclesuch as AI smartphones, foldable phones, glasses and AI-driven devices. AAC Tech guided theFY25 growth as follows: (1) acoustics: more mid-to-high end products ramping up in 2H25 that would improvethe GPM. The newly acquired company First Light, an automotive microphone manufacturer, should furtherstrengthen AAC Tech’s core competitiveness of acoustics system solutions; (2) ED: 18-20% yoy revenue growth with new business; (3) PM: 15-20% yoy revenue growth with GPM of 30%+; (4) optics: 20% yoy revenuegrowth with GPM at 10-15%; (5) SSE: 100% yoy revenue growth with GPM at 15-20%. In 1H25, AAC Tech’s operating cash inflow rose 9% yoy to RMB