固定收益市场每日更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 Asian IG credits were largely unchanged this morning amid mixed flows.GLPSP 28 down 0.7pt. FAEACO 12.814 Perp was 0.5pt lower. NWDEVL 28edged 0.6pt higher. We saw two-way flows in LGFV space, with better Glenn Ko, CFA高志和(852) 3657 6235glennko@cmbi.com.hk MEITUA:Liquidity profile remained robust despite persistent marginpressure from competitive headwinds. MEITUAs were 3bps wider yesterdayand unchanged this morning. See below. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk ZHOSHK:Zhongsheng recorded net losses of RMB1.9bn in FY25, asexpectedafter the profit warning. ZHOSHK 28 was 1.5pts higher thismorning. See our comments onZhongsheng’s FY25 results. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday,the new fixed-rate LGENSO 29-36 initially traded 5bps tighterinside ROs but eventually eased back to RO levels, while the new LGENSOFloat 31 closed 10bps wider than RO at SOFR+156. ZHOSHK 28 gained1.2pts.Zhongsheng announced net losses of RMB1.9bn in FY25,asexpected after the profit warningbut we see the silver linings of the weakFY25 results.See our comments onZhongsheng’s FY25 results.In contrast,WESCHI 28-29 lost 0.6pt. BTSDF 28 was 0.1pt lower. See our comments onH&H on25 Mar’26.Chinese IG spreads widened 1-5bps, driven by betterselling on MEITUA and KUAISH 7-10yr tranches. Meituan’s FY25 adj.EBITDA was negative RMB13.8bn versuspositive RMB49.1bn in FY24,while Kuaishou’s FY25 adj. EBITDA increased by 20.5% yoy to RMB29.8bn.See comments on Meituan’s FY25 results below. Taiwanese lifers eased to1-2bps wider with light selling on SHIKON.In Chinese/HK properties,FAEACO 12.814 Perp was 1.1pts higher. On the other hand, VNKRLE 27’and 29’ leaked 1.2-1.3pts. Media reported that Vanke is asking holders of anRMB bond maturing on 23 Apr’26 to postpone repayment while it plans for alarger restructuring. NANFUN 5 Perp was 1.1pts weaker. In SE Asian space, Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-1.74%), Dow (-1.01%)and Nasdaq (-2.38%) were lower on Thursday. The US latest initial joblessclaims were +210k, lower than the market expectation of +211k. UST yield was higher on Wednesday. 2/5/10/30year yield was at 3.96%/4.08%/4.42%/4.93%. Desk Analyst Comments分析员市场观点 MEITUA:Liquidity profile remained robust despite persistent margin pressure from competitive Despite near-term headwinds, we view Meituan’s overall credit profile remains robust with a strong net cashpositionofRMB80.2bn as of Dec’25.This should continue to cushion the near-term impact on its earnings Intense competition in China's food delivery market materially weighed on Meituan’s FY25 profitability, primarilydriven by elevated incentives and marketing expenses aimed at defending market share against aggressivesubsidy campaigns from its competitors. While the price war has eroded sector-wide margins, weexpectthis In 4Q25, Meituan’s revenue increased 4.1% yoy, supported by 18.9% yoy increase in new initiatives segment,despite the discontinuation of Meituan Select. Core local commerce revenue down 1.1% yoy to RMB64.8bn,as higher incentives and elevated marketing and promotional costs more than offset growth transaction volumesand GTV.Meituan continued to record an operating loss in 4Q25 of RMB16.1bn, with both segments in loss, other financialinvestments and other income. Adj. EBITDA was negative RMB14.0bn while adj. net loss wasRMB15.1bn in 4Q25. In FY25, Meituan’s revenue grew 8.1% yoy to RMB364.9bn. Core local commerce segment swung to anoperating loss of RMB6.9bn due to intensified industry competition, particularly in 2H25. New initiativessegment’s operating loss widened to RMB10.1bn, reflecting increased investment in overseas operations. Asa result, Meituan recorded an operating loss of RMB25.0bn in FY25, from a profit of RMB36.8bn in FY24. Adj. That said, on a qoq basis, user incentives and promotional expenses declined qoq in 4Q25, reflecting marketingstrategy optimization. There appear signs of Meituan’s pivoting toward a more rational, sustainable approachto growth. The local core commerce operating loss narrowed qoq, to RMB10bn in 4Q25 from RMB14.1bn in3Q25, with operating margin improved to negative 15.5% from negative 21.0%.Operating cash outflow alsoimproved sequentially, narrowed to RMB6.6bn from RMB22.1bn in 3Q25.While Meituan saw a meaningful Meituan’s liquidity position remained solid with net cash position of RMB80.2bn as of Dec’25, despite it downfrom RMB106.7bn as of Dec’24. Meituan had a net cash position averaged RMB70.6bn over past five In Feb’26, Meituan announced the acquisition of Dingdong Grocery for an initial consideration of USD717mn(cUSD5.0bn), subject to regulatory approval, aimed at strengthening its on-demandgrocery capabilities in EastChina. We view the cash outlay as manageable, represented c6% of Meituan’s net cash position of RMB80.2bnas of Dec’25.At the current