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,we saw better buying on short-term T2s like BNKEA/DAHSIN,which tightened 5-10bps. PBs were selling short duration, Middle Easternfront-end bank papers.VNKRLE 27/GLPSP 4.6 Perp leaked 0.8pt.Zhongsheng expected to turn to loss for FY25 due to increased gross loss Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk WESCHI:Potential China asset disposal to support liquidity profile. Maintainbuy on WESCHI 28-29, which were unchanged this morning. See below. China Economy:Softening credit demand. CMBI expects the PBOC to shiftfocus toward lowering the absolute cost of credit to stimulate demand; to cutLPR and RRR by 10-15 bps and 50 bps in the end of 2Q26, while focusingon targeted support through structural monetary instruments in the near term. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 LastFriday,Chinese TMTs/HAOHUA/BNKEA/DAHSIN opened 1-3bpstighter, but later retraced to 2-7bps wider at Asia close. ZHOSHK 28 tightened2bps. LASUDE 26 was 0.6pt lower. Lai Sun Development’s subsidiary LaiFung Holdings (LFH) said its 1H26 loss is expected to widen as the companyrecorded losses from a property disposal and asset write-downs. See ourcommentslast Friday. HYSANswere unchanged to 0.4pt lower. FOSUNI 26-29 were unchanged to 0.3pt lower, though we saw buying from Chinese AMs.WESCHI 28-29 lost 0.5-0.7pt. In Chinese properties, VNKRLE 27’ and 29’leaked 1.5-1.7pts. LNGFOR 27-32 were 0.1-0.4pt weaker. On the other hand,FUTLAN 28/FTLNHD 26-29 edged 0.1-0.3pt higher. KR corporate issuesHYUELE/HYNMTR/POHANG/LGENSO,KRfinancialT2sDAESEC/SHNHAN, JP financialnames SUMIBK/SUMIFL/MUFG/MIZUHOand JP corporate names NTT/MITHCC/JERA/KANSEL widened 2-7bps.Long-end SOFTBKs lost 0.6-0.7pt. AT1s and insurance subs were another Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.61%), Dow (-0.26%) and Nasdaq (-0.93%) were lower on last Friday. The US has liftedsanctionsagainst Russia pertaining to the delivery and sale of crude oil until 11 Apr’26. US 4Q25 GDP was+0.7% qoq, lower than the market expectation of +1.4%. US Jan’26 Core PCE Price Index was +0.4%mom/+3.1% yoy, in line with the market expectation. US Jan’26 JOLTS Job Openings was 6.946mn, higher than Desk Analyst Comments分析员市场观点 WESCHI:Potential China asset disposal to support liquidity profile We maintain buy on WESCHI 28-29, in view of West China Cement (Weschi)’s improving operating results,good execution of overseas expansion strategy, andconsiderably relieved refinancing risk following the tenderoffers for WESCHI 26 in Dec’25 and Feb’26, funded with the issuance of USD400mn WESCHI 28 and Weschiis in preliminary discussions with a potential buyer, an associate of Conch International which is asubstantial shareholder of the company, regarding the disposal of certain assets in mainland China.Weunderstand that no legally binding agreement or definitive agreement has been entered at this stage. In our The asset disposal also aligns with Weschi’s broader strategic pivot towardsmore profitableoverseas businessfrom the challenging domestic cement markets, which continued to face overcapacity and pricing pressure.Recalled that Weschi divested its non-core Xinjiang assets in Aug’25 for a total consideration of RMB1.65bn inthree installments (80% in 2025, 14% in 2026, and 6% in 2027). The disposals of Xinjiang assets were part ofitsplan to sell non-core assets in Xinjiang, Guizhou and Sichuan for RMB2-3bn.We believe that Weschi cRMB1.3-1.4bn. Weschi issued positive profitalert on 4 Mar’26,expecting its profit attributable to owners toincrease 33-43% yoy to RMB833-896mn in FY25 which was partly driven by an increase in overseas cement China Economy: Softening credit demand China’s credit data suggests that liquidity remained ample but endogenous demand stayedweak in 2M26.Social financing edged up supported mainly by corporate bonds and bankers’ acceptances, while M1 and M2pointed to improving liquidity conditions. However, new RMB loans continued to fall notably, dragged byrenewed household deleveraging inboth consumer credit and mortgage demand. Corporate borrowingremained tilted toward short-term loans rather than long-term capex. With credit demand remained subdued, Social financing flows edged up across Jan-Feb.Outstanding social financing (SF) growth remained flat at8.2% YoY for Feb 2026, down from 8.3% at the end of 2025. Monthly TSF rose 3.4%in Feb mostly driven bythe equity financing, while combined TSF flow across Jan-Feb (sorting out the CNY impacts) rose 3.4% to RMB9.6 tn. Government bond financing remained the key anchor at RMB2.40trn in Jan-Feb, broadly flat from a highbase last yearas fiscal policy remained supportive. Corporate bond financing increased 6.5% YoY toRMB655bn in Feb, while undiscounted bankers’ acceptances rose sharply to RMB454bn from RMB167bn a New RMB