> **来源：[研报客](https://pc.yanbaoke.cn)** ```markdown # CMBI Credit Commentary Summary ## Core Content Overview This document provides a detailed market update and analysis from the Fixed Income Department of CMB International Global Markets Limited (CMBIGM). It covers recent market movements in the Asia IG (Investment Grade) space, trading desk insights, macroeconomic developments, and company-specific updates, particularly focusing on **West China Cement (WESCHI)**. The report also includes financial highlights, new bond issues, and important disclosures regarding the use and limitations of the information provided. --- ## Market Update - **Asia IG Space**: The spread widened by 2-4bps. Key bonds: - **KYUSEL 36**: Tightened 4bps from RO at T+115 - **NECORP 31**: Tightened 5bps from RO at T+75 - **TMT BABA/KUAISH/BABA**: Better selling flows in long-end - **Indian Banks**: Profit taking observed - **WESCHI**: - Spreads were unchanged this morning - Domestic performance was weak, but offshore growth offset some of the weakness - The company executed a full redemption of WESCHI 4.95 07/08/26 on 6 Mar'26 - **GRNCH**: - Revenue down 26% yoy to RMB39.5bn - Profit attributable to owners down 61% yoy to RMB81.7mn - Spreads remained unchanged --- ## Trading Desk Comments - **Asian IG Space**: Two-way flows observed - **HPHTSP'31**: 5bps wider from RO of T+78 - **KOBCOP'31** and **SUMITR'29/31**: 1-2bps wider - **JERA'31**: Stable at RO of T+90 - **China/HK Space**: - **BABA/MEITUA/JD'28-35**: Tightened 5-7bps - **HK banks T2s**: Under better buying flows - **NANYAN'34/BNKEA'34/DAHSIN'33**: Pushed 5-6bps tighter - **KR Space**: - **HYUSEC'29/NHSECS'29/DAESEC'31**: Spread narrowed 6-8bps - **SEA Space**: - **ICICI'31** and **HDFCB'31**: Tightened 6-8bps - **Other Markets**: - **European AT1 space**: Unchanged to 0.3pt lower - **China/HK space**: HONGQI/FOSUNI unchanged - **CNH space**: Buying flows on high-quality LGFVs, LCTIGP'29/JXWHAG'29 firm - **CNH TMT**: MEITUA/TENCNT moved -0.1 to 0.1pt, BABA rallied c0.5pt --- ## Last Trading Day's Top Movers ### Top Performers - **CITLTD 4 3/4 02/04/36**: 97.3 (+3.8) - **VLLPM 7 1/4 07/20/27**: 77.8 (+1.3) - **RIOLN 5 7/8 03/14/65**: 98.1 (+1.0) - **HKINTL 5 1/4 01/11/53**: 100.9 (+1.0) - **CCAMCL 5 02/08/48**: 89.3 (+1.0) ### Top Underperformers - **VNKRLE 3.975 11/09/27**: 56.3 (-0.4) - **VNKRLE 3 1/2 11/12/29**: 51.7 (-0.3) - **GLPSP 7.865 PERP**: 60.7 (-0.3) - **NWDEVL 4.8 PERP**: 58 (-0.2) - **GLPCHI 7 3/4 04/30/29**: 89.8 (-0.2) --- ## Macro News Recap - **U.S. Markets**: S&P (+0.32%), Dow (+0.30%), Nasdaq (+0.66%) rallied - **U.S. Treasury Yields**: 2/5/10/30 year yields at 4.17%/4.35%/4.64%/5.17% --- ## Weschi's Financial Highlights (1H26) | RMB mn | 1H25 | 1H26 | Change | |--------|------|------|--------| | Revenue | 5,418 | 4,527 | -16.5% | | Gross profit | 1,552 | 1,404 | -9.5% | | EBITDA | 1,847 | 1,518 | -17.8% | | Net profit | 895 | 557 | -37.8% | | Operating cash flow | 665 | 702 | +5.6% | | GP margin | 28.6% | 31.0% | +2.4 ppts | | EBITDA margin | 34.1% | 33.5% | -0.6 ppts | | RMB mn | Dec'25 | Jun'26 | Change | |--------|--------|--------|--------| | Cash | 766 | 1,344 | +75.4% | | ST debt | 4,880 | 4,381 | -10.2% | | LT debt | 6,646 | 7,809 | +17.5% | | Total debt | 11,526 | 12,190 | +5.8% | | Net debt | 10,760 | 10,846 | +0.8% | | Total debt/LTM EBITDA | 3.8x | 4.5x | - | | Net debt/LTM EBITDA | 3.6x | 4.0x | - | | Cash/ST debt | 0.2x | 0.3x | - | --- ## Offshore Asia New Issues (Priced) | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | |------------------|---------------|-------|--------|--------|-----------------------| | Kyushu Electric | 500 | 10yr | 5.816% | T+115 | A3/-/- | | NEC Corporation | 500 | 5yr | 5.129% | T+75 | -/A-/- | --- ## Offshore Asia New Issues (Pipeline) - **No Offshore Asia USD New Issues Pipeline Today** --- ## News and Market Color - **Onshore Primary Issuances**: - 133 credit bonds issued yesterday with RMB116bn - Month-to-date: 1,765 credit bonds issued, RMB1,728bn raised, 12.2% yoy increase - **Company Updates**: - **BTSDF**: H&H revenue up 23.9% yoy to RMB8.7bn, adjusted EBITDA up 71.9% yoy to RMB1.9bn - **CHJMAO**: China Jinmao revenue down 14.7% yoy to RMB21.4bn, pretax profit down 35.7% yoy to RMB1.5bn - **CNMDHL**: China Modern Dairy revenue up 8.6% yoy to RMB6.6bn, cash EBITDA up 8.3% yoy to RMB1.6bn - **FWDGHD**: FWD Group insurance revenue up 6.3% yoy to USD1.58bn, pretax profit up 137.6% yoy to USD259mn - **SJMHOL**: SJM Holdings revenue down 20.8% yoy to HKD11.6bn, adjusted EBITDA up 3.3% yoy to HKD1.7bn --- ## Key Points - **Weschi's Performance**: - Domestic revenue and EBITDA declined significantly, while overseas revenue grew - The company's reliance on overseas markets increased, with overseas gross profit contributing 92% in 1H26 - Weschi's liquidity improved slightly, with cash increasing to RMB1.3bn in 1H26 - The company is strategically repositioning away from China due to weak demand - **Refinancing and Leverage**: - Weschi mitigated near-term refinancing pressure through USD bond refinancing - Net leverage increased to 4.0x, while net debt remained stable at RMB10.8bn - Weschi plans to upstream USD100mn in 2H26 and is in discussions with Conch Cement for asset monetization - **Market Outlook**: - Weschi's credit profile remains dependent on overseas execution, cash repatriation, and disciplined capital allocation - The company's ability to reduce leverage is expected to be more reliant on overseas cash generation --- ## Important Disclosures - The report is for informational purposes only and does not constitute investment advice - CMBIGM is not liable for any loss or damage incurred from reliance on the report - The information is based on publicly available data and may be subject to change - The report may contain conflicts of interest due to CMBIGM's market-making activities - The report is intended for specific investors only and may not be distributed without consent ```