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 Asset G3 Bond Benchmark Review 2026 Glenn Ko, CFA高志和(852) 36576235glennko@cmbi.com.hk We hope you found our commentaries and ideas helpful. Weseek to elevate ourefforts and value-add further in the coming year. We highly appreciate yoursupport to us in Sell-Side Analysts of the polls of “The AssetG3 Bond Benchmark Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk This morning, the new fixed and floating NAB 29s tightened 2-3bps from ROat T+37 and SOFR+54, respectively. The new STANLN 7 Perp edged 0.6pthigher from RO at par. LGENSOs tightened 1-2bps amid better buying.SOFTBK 65/GENTMK 8.3 Perp gained 0.4pt. NWDEVL 5.25 Perp/EHICAR XIAOMI:Weaker 1Q26 results amid significant increase in key componentprices and subsidies paid for vehicle purchase tax. Chinese TMT names were Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk BTSDF:Media reported that H&H is in talks with lenders for a cUSD400mnloan refinancing. The proposed facility is expected to have a three-yearmaturity, with a two-year extension option, and the indicative price talk is at Trading desk comments交易台市场观点 Yesterday,WESCHI 28-29 led the space and rose 1.9-2.2pts. GLPSPs/GLPCHI edged another 1.2-1.5pts higher. FOSUNI 27-29/HONGQIs wereunchanged to 0.1pt higher. Fitch changed the outlook of China Hongqiao topositive from stable and affirmed BB+ ratings on improved debt structure,strongprofitability,robust cash flow generation,and solid industryfundamentals. In HK, MTRC Perps lost 0.1-0.2pt. FAEACO 12.814 Perp was0.3pt lower.Front-end Hong Kong T2s like the BNKEA andNANYAN 34sfaced selling pressure but closed largely unchanged.In Chinese properties,VNKRLE 27-29/FUTLAN 28/FTLNHD 27-29 were unchanged to 0.2pt lower.Chinese TMTs were overallunchanged amid two-way flows.See ourcommentsbelow on XIAOMI 1Q26 results.Taiwan Lifers/LGENSO/POHANG and the recent new issue HANFGI 31 widened by 1–3bps.In SEAsianspace,VEDLN 28-33s gained 0.1-0.5pt.See our thoughts on Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (+0.58%), Dow (+0.05%) and Nasdaq (+0.91%) were higher on Thursday. The US Apr’26 CorePCE Price Index increased by 0.2% mom and 3.3% yoy, the priorlower than the forecast of 0.3% mom, whilethe latter same as market expectation. The Apr’26 Durable Goods Orders rose 7.9% mom, higher than the marketexpectation of a 4.0% mom increase. The US Initial Jobless Claims was +215k, higher than the expectationof Desk Analyst Comments分析员市场观点 XIAOMI:Weaker 1Q26 results amid significant increase in key component prices and subsidies paid For the Chinese TMT credits, we prefer BBB over A given the formers’ more balanced risk-return profiles.Within the BBB subset, we continue to prefer MEITUAs and XIAOMIs in view their more solid credit and liquidityprofiles despite their weakened operating performance. We also prefer bonds with tenors of 3-to 5-year givenour expectation of high UST volatility, especially in the long-end of the curve.Hence, we maintain buy on The revenue of Xiaomi decreased by 10.9% yoy to RMB99.1bn in 1Q26, against the backdrop of geopoliticaluncertainties, significant increase in prices of memory and commodities, and intensified industry competition.Revenue in Smartphone x AIoT dropped 14.5% yoy, partially offset by a 6.9% yoy revenue growth in Smart EV,AI and other new initiatives. The significant rise in memory cost has continued to impact the overall smartphoneindustry. Within the Smartphone x AIoT segment, Xiaomi’s smartphones revenue declined by 12.5% yoy due shipments ofmid and low-end smartphones.Nonetheless,Xiaomi remained as the world’s 3rd largestsmartphone manufacturer (after Samsung and Apple) by shipment volumes with a market share of 11.3%.Thesmartphone ASP increased by 8.2% yoy to record high of RMB1,310 per unit.Its revenue of IoT and lifestyleproducts declined 23.7% yoy, as a result of lower revenue in the Chinese Mainland after the reduction in national Xiaomi’s Smart EV segment revenue increased 6.9% yoy and reached RMB19.9bn in 1Q26, driven by a 6.6%yoy growth in vehicle deliveries, partially offset by a 1.3% yoy decrease in ASP toRMB238,301. The increasein vehicle deliveries was primarily due to the introduction of Xiaomi YU7 Series, while decline in ASP was aresult of subsidies for vehicle purchase tax of cRMB10-15k and the sales of in-stock vehicles with lowerASP.On 19 Mar’26, Xiaomi launched the New-Generation Xiaomi SU7 Series, and lock-in orders surpassed80k vehicles by 6 May’26. As per the company’s earnings call, Xiaomi did not sell any of the old SU7 in Jan- Although gross margin in both the Smartphone x AIoT segment and Smart EV segment declined in 1Q26, theoverall GP margin of Xiaomi in 1Q26 was largelystable at 22.0%, compared to 22.8% in 1Q25. The margindecline was affected by rising prices of key components, intensified competition in the Chinese mainland, andsubsidies for vehicle purchase tax.Its EBITDA