固定收益部市场日报：绿城中国融资灵活性支撑信用状况，中西部水泥盈利反弹

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, the new CNHDBKAZ3.35 09/01/28 was down 0.5pt frompricingat par.Asia IG space overall retraced and widened 1-2bps.GWFOOD 3.258 10/29/30 was 0.7pt higher, and ACPM 4.85 PERP was up0.4pt. Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk GRNCH:Strong funding flexibility underpins its credit profile despite earningpressure. We maintain buy on GRNCH 8.45 02/24/28 which was up 0.3ptpost results announcement. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk WESCHI:Volume and margin growth drove 1H25 profit rebound. Wemaintain neutral on WESCHI 4.95 07/08/26 which was 0.1pt higher postresults announcement. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,in Asia IG space,we saw more activities on 5yr papers after themore Dovish tone in Jackson Hole.China IG benchmarks were largelyunchanged; however, WB outperformedand closed 2bps tighter.CNMDHL30 tightened 1bp amid active buying flows from global and Chinese onshoreAMs. In Chinese properties, VNKRLE 27-29s were 0.2-0.3pt higher. See ourcommentsyesterday. GRNCH was up 0.4pt. See comments below onGreentown’s 1H25 results.Greater China high-beta perps such as MTRC 55/8 and 4 7/8 PERPs were 0.3-0.5pt higher.NWDEVL 4 ½ 05/19/30 rose1.2pts, and NWDEVL PERPs were unchanged to 0.4pt higher. Media reportthatNew World Development’s K11 Art Mall maintains 100%overalloccupancy rate. In HK bank T2s, DAHSIN 31-33s widened 1-5bps with PBsselling, and BNKEA 32 tightened 2bps with Chinese accounts buying. LIHHK4.8 06/18/26 rose 0.9pt, while LASUDE 5 07/28/26 was down 1.3pts. In KR,we saw better selling flow on DFHOLD front-end curve, and HIGHWY front-end FRNs. NTT 32s/35s widened 1-3bps amid two-way flows.Japanese andYankee AT1s and insurance hybrids were 0.3-0.5pt higher. In the Middle East,we saw two-way trading flows onFABUH 30 FRNs.In SEA, PERTIJ 29-60sincreased by 0.1-0.4pt.Pertamina is considering a merger between energyservices arm Elnusa and Pertamina Drilling Services Indonesia in upstreamoperations. VLLPM 9 3/8 07/29/29 was down 1.1pts, and PTTEPT 6.3506/12/42 was 0.6pt lower. ADSEZ 29-32s tightened 8-10bps. In LGFVs, higher-yielding USD issues tightened 5bps. Meanwhile, CNHpapers across LGFVs and other sectors were overall stable, despite aweaker long end, amid moderate two-way flows among onshore Chineseinstitutions. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.43%), Dow (-0.77%) and Nasdaq (-0.22%) were lower on Monday. US Jul’25 new home saleswas652k, higher than the market expectation of 635k. Trump orders removal of Fed governor Lisa Cook overmortgage fraud claims.UST yield was higher onMonday, 2/5/10/30 yield at 3.73%/3.80%/4.28%/4.89%. Desk Analyst Comments分析员市场观点 We maintainbuy on GRNCH 8.45 02/24/28 and consider the bond a low-beta and carry play. At 103.5, GRNCH8.45 02/24/28 is trading at YTM of 6.6%. We consider Greentown one of the survivors of the Chinese propertysector given its state-ownership and smooth access tofunding channels. In 1H25, Greentown’s revenue decreased by 23.3% yoy to RMB53.4bn. Recognized GFAfell by 22.7% yoy to2.0mn sqm, while the recognized ASP rose slightly to RMB24,264/sqm.The gross profit margin (GPM)improved by 0.3 pct pt to 13.4% in 1H25, mainly due to a higher proportion of revenue coming from ShanghaiWaitan Lanting project whichcarried a higher GPM. Greentown reported 90% yoy decline in net profit attributable to the equity holders in 1H25 to RMB210mn, inline with the profit warning issued in early Aug’25. The sharp decrease was primarily attributable to an unevendistributionof delivery schedules and the asset impairment losses.Excluding the impairment losses, the netcore profit dropped 41% to cRMB2.9bn. In 1H25, its gross contract sales fromself-investedprojects declined 6.0% to RMB80.3bn. This translated intoa sell-through rate of c55%.As of Jun’25, Greentown’s self-invested saleable resources totaled RMB176.3bn(5.8mn sqm), of which 83% (by value) are located in Tier 1 and 2 cities. In 7M25, Greentown’s contract salesdeclined 7.3% yoy to RMB136.8bn, equivalent to49% of FY24 contract sales of RMB276.8bn.Assuming a sell-through rate of55%, we estimate Greentown’s gross contract sales from self-invested projects to becRMB220mn in FY25. Meanwhile, Greentown had RMB143.5bn in attributable unbooked sales, c56% of these are expected to berecognized in FY25. Greentown anticipates further improvement in the GPM in 2H25 to mid-to-high teens from13.4% in 1H25, as projects scheduled for deliveries in 2H25 will have higher margin than that of projectsrecognized n 1H25. As of Jun’25, Greentown held RMB66.8bn in cash, including RMB27.3bn in escrow accounts.Its net debtincreased by18.6%to RMB76.7bn during 1H25, reflecting its more active land replenishment.In 1H25,Greentown acquired 35 projects (3.6mn sqm) for an attributable land cost of RMB36.2bn. T