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 The new ANZNZ 29-31s tightened 3-5bps from ROs this morning. MEITUAcurve tightened 3-5bps. JP AT1s and insurance subs edged 0.1-0.3pt higher,led by NOMURA 7 Perp. GLPSP 4.6 Perp/CKINF 4 Perp were 0.3-0.4pt Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk KUAISH:FV of the new KUAISH 31s to be T+50bps and the new KUAISH36s to be T+65bps. See below. Cyrena Ng, CPA吳蒨瑩(852) 39000801cyrenang@cmbi.com.hk China Economy:Rebalancing remains challenging. CMBI expects growthof exports of goods to slow from 5.5% in 2025 to 3.5% in 2026 while growthof imports of goods to rebound from 0% in 2025 to 2%. See comments from Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,MEITUA curve tightened 3-5bps.Chinese IG beta namesFRESHK/ZHOSHK tightened 2-4bps with flows among PB and AM accounts.In HK, LASUDE 26/FAEACO 12.814 Perp gained 0.3pt. HYSANs wereunchanged to 0.3pt higher. NWDEVL/VDNWDL complex were 0.4pt lower to0.2pt higher. CASHLD Perps/MTRC Perps were up by 0.1pt. In Chineseproperties, VNKRLE 27-29 recovered 1.2pts. GRNLGR rose 1.1pts. FTLNHD27 was up by 0.2pt. In KR space, recent new issues SKBTAM/HYNMTR aswell as older HYUELE/LGENSO curves tightened 2-3bps, driven by robustreal-money deployment demand from Chinese onshore accounts.POHANG/PKX28-35s also tightened 1-4bps,after the new issues ofPOHANG 31s/36s. In JP space, 5yr financial FRNs were 1-3bps tighter, whilerecent fixed-ratetranches of MUFG 32-37s tightened 5bps, benefited fromforeign account topping. JP AT1s and insurance subs had an active session; Marco News Recap宏观新闻回顾 Macro–S&P (-0.53%), Dow (-0.09%) and Nasdaq (-1.00%) wereloweron Wednesday. US Nov’25 PPI was+0.2% mom, same as market expectation. US Nov’25 retail sales and core retails sales was +0.6%/+0.5%,respectively, higher than the market expectation of +0.5%/+0.4%. UST yield was lower on Wednesday. 2/5/10/30 Desk Analyst Comments分析员市场观点 KUAISH:FV of the new KUAISH 31s to be T+50bps and the new KUAISH 36s to be T+65bps Kuaishou Technology (1024.HK, Kuaishou) purposes to issue 5yr-and 10yr-Reg S/144A USD seniorunsecured bonds (A3/A-/A-). We view the FV of the new KUAISH 31s to be T+50bps vs IPT at T+85bps, whilethe new KUAISH 36s to be T+65bps vs IPT at T+100bps. Our FV estimation is based on the valuation of itsChinese TMT peers and adjusted for a debut issuer premium. See Table 1. Net proceeds will be used for Kuaishou was found in 2011 and listed in Hong Kong in 2021. It is China’s 2nd largestshort video platform and3rd largest app in China by total time spent. In 9M25, average MAUs were 719mn and DAUs were 411mn, withmore than 1.3bn monthly short video uploads. Kuaishou generated revenue of RMB103bn in 9M25, up 12.8%yoy, comprised of 56% from online marketing, 29% from live streaming and 15% from other services.Adj. In 9M25, Kuaishou generated operating cash flow of RMB20bn which was sufficient to coverits capex ofRMB12bn. As of Sep’25, Kuaishou had total cash and cash equivalent and short-term investment of RMB59bnand total debt of RMB23bn, implying a net cash position of RMB36bn. The total debt/adj. EBITDA was 0.8x as China Economy: Rebalancing remains challenging China’sexports of goods in 2025 demonstrated resilience amid global challenges, with the 5.5% growthexceeding our forecasts, driven by enhanced ties with non-US economies and supply chain rerouting throughintermediaries. Manufacturing sector expanded through innovation and upgrading, with a significant rise of high-tech exports like integrated circuits, motor vehicles and medical equipment, while traditional sectors likegarments and toys declined. Imports stagnated at zero growth, widening the trade surplus toa recordUS$1.19trn (estimated 6.1% of GDP), constrained by weak demand and overcapacity pressure in the domesticmarket. China’s GDP growth slowed post-3Q25, dipping below 5% for at least two quarters, with furtherdeceleration expected in 1Q26. Policymakers may respond with additional policy stimulus. Deflation couldmildly ease as commodity prices rise. We expect growth of exports of goods to slow from 5.5% in 2025 to 3.5% China’s exports remained robust amid destination diversification and global supply chain rerouting. China’s exports of goods rose 5.5% in 2025, surpassing our forecast of 5.2%. Exports to the US slumped 20%amid ongoing China-US decoupling in trade and supply chains. However, demand from most other advancedeconomies was strong, with China’s exports to the EU, UK, Japanand Australia growing by 8.4%, 7.8%, 3.5%and 7.9% YoY, respectively. This resilience was supported by stable economic growth and stubbornly highprices in those markets as well as by significant price advantages of Chinese goods. Exports to most developingeconomies grew even faster, fuelled by their rapid economic expansion, accelerating industrialisation and China’s manufacturing sector continued to expand with accelerate