> **来源：[研报客](https://pc.yanbaoke.cn)** # CMBI Credit Commentary Summary ## Core Content Overview This document provides a comprehensive summary of the fixed income market updates and analysis for the Asian region, with a focus on China and South Korea. It includes market performance data, company-specific results, and macroeconomic insights. The analysis is supplemented by financial highlights, news, and investment disclosures. ## Market Update Summary - **Asia IG Space**: Remained weak with some names widening by 1-4bps. - **KR Space**: HYUELEs were heavy and widened 2-4bps. - **China TMTs**: Slightly recovered and tightened 1bp. - **TW Lifers**: Remained unchanged. - **CNH LGFVs**: Underpinned by better buying flows. - **LASUDE'29**: Lost yesterday's gain and dropped 2.5pts. - **Higher-Yielding Space**: SOFTBKs slightly recovered, with the curve rising 0.1-0.3pt. European AT1s were quiet. China/HK names remained stable. - **CNH Space**: MEITUA, TENCNT, and BABA dropped 0.1-0.2pt due to weak sentiment. ## Trading Desk Comments - **Asian IG Space**: Weak performance continued, with recent issues like HPHTSP'31, KOBCOP'31, SUMITR'29/31 widening by 1bp. - **China TMTs**: BABA, MEITUA, and JD'28-35 were under better selling pressure and widened 2-4bps. - **Financials**: Bank T2s were heavily sold, with names like ANZNZ'34, BNKEA'32, and OCBCSP'32 widening 1-2bps. - **KR Space**: EIBKOR'30, DAESEC'31, and HYUSEC'29 remained unchanged but widened 2bps. - **SEA Space**: ICICI'31 and HDFCB'31 widened another 1-2bps. - **Front-End CHALUMs**: Widened 2-3bps due to weak 1H26 results. - **GRNCH**: Maintained a manageable liquidity profile and stable pricing despite weaker results. The bond is considered a low-beta carry name. - **LGFV Space**: Showed firmness with buying demand for Shandong names. - **CNH Space**: Continued weak sentiment, with MEITUA, TENCNT, and BABA dropping. ## Key Financial Highlights of Greentown (GRNCH) ### 1H26 Financial Performance | Metric | 1H25 | 1H26 | Change | |--------|------|------|--------| | Revenue | 53,368.3 | 39,481.4 | -26.0% | | Property Sales | 49,651.4 | 36,165.1 | -27.2% | | Non-Property Sales | 3,716.9 | 3,316.3 | -10.8% | | Gross Profit | 7,158.9 | 4,387.6 | -38.7% | | Gross Margin | 13.4% | 11.1% | -2.3 ppts | | Recognized GFA (mn sqm) | 2.0 | 1.8 | -12.4% | | Recognized ASP/sqm (RMB) | 24,264.0 | 20,171.0 | -16.9% | ### Cash and Debt Position | Metric | Dec'25 | Jun'26 | Change | |--------|--------|--------|--------| | Cash | 63,237.6 | 61,864.9 | -2.2% | | Cash in Escrow | 22,403.0 | 23,613.0 | +5.4% | | ST Debt | 24,782.4 | 30,341.5 | +22.4% | | LT Debt | 109,066.4 | 100,842.5 | -7.5% | | Net Debt | 70,611.3 | 69,319.2 | -1.8% | | Net Gearing | 66.8% | 64.2% | -2.6 ppts | | Cash/ST Debt | 2.6x | 2.0x | - | | Adj. Liab/Asset | 69.0% | 66.8% | -2.2 ppts | ### Key Observations - **Revenue and Profit**: Revenue dropped 26.0% yoy to RMB39.5bn, and attributable profit fell 61.0% yoy to RMB82mn. - **Sales Performance**: Property sales declined 27.2% yoy to RMB36.16bn, with a sell-through rate of ~37%. - **Funding Access**: Greentown's liquidity profile remains manageable, with cash collection rate at 101% and improved cash/ST debt ratio to 2.0x after offshore refinancing. - **Debt Management**: Net gearing improved to 64.2%, and the company has good access to onshore funding channels. ## News and Market Color - **CHALUM**: Chalco's 1H26 revenue increased 7.7% yoy to RMB125.4bn, and operating profit rose 96.7% yoy to RMB27.1bn. - **CHCOMU**: China Communications Construction's revenue declined 1.2% yoy to RMB333.2bn, and operating profit dropped 22.2% yoy to RMB12.4bn. - **FOSUNI**: Fosun International's revenue fell 0.4% yoy to RMB87.0bn, but profit attributable to owners increased 160.2% to RMB1.7bn. - **SHUION**: Shui On Land's revenue rose 18% yoy to RMB1.7bn, and profit before tax increased to RMB319mn. - **VNKRLE**: China Vanke's revenue dropped 33% yoy to RMB70.2bn, and pretax loss increased to RMB12.3bn from RMB6.7bn in 1H25. ## Offshore Asia New Issues - **Priced Today**: No offshore USD new issues were priced. - **Pipeline**: Korea Southern Power Co., Ltd. is planning a USD-denominated issue with a 3-5 year tenor and an issue rating of Aa2/-/AA-. ## Important Disclosures - **Investment Risks**: There are risks in transacting in any securities, and past performance does not guarantee future results. - **CMBIGM Disclaimer**: The report is for informational purposes only and does not constitute investment advice. It is not an offer to buy or sell securities. - **Legal Responsibility**: CMBIGM does not assume responsibility for any reliance on the information provided. - **Distribution Restrictions**: The report is distributed only to certain categories of investors and may not be shared without prior consent. - **Regulatory Compliance**: The report is subject to the laws and regulations of the jurisdictions in which it is distributed. ## Conclusion The fixed income market in Asia remained volatile, with IG and HY names showing mixed performance. Greentown (GRNCH) demonstrated resilience in its operating performance and liquidity profile, despite weaker 1H26 results. The company's exposure to Tier 1 and 2 cities and its ability to access onshore funding channels position it relatively better than its peers. Investors are advised to conduct their own due diligence and consult with professional financial advisors before making investment decisions.