> **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 credit analysis for the Asian region, focusing on key corporate credits and macroeconomic developments. It includes insights from the trading desk, detailed financial performance of major issuers, and market-moving news affecting credit valuations. ## Key Market Updates - **Asian IG Credits**: - Overall, Asian investment-grade (IG) credits were largely unchanged this morning. - **GLPSP 28** decreased by 0.7 points. - **FAEACO 12.814 Perp** fell by 0.5 points. - **NWDEVL 28** rose by 0.6 points. - There were two-way flows in the LGFV (Loan-Grade Floating Rate Notes) space, with better buying concentrated in higher-yielding issues. - **Liquidity and Performance**: - **MEITUA**: Maintained a robust liquidity profile despite margin pressure from competition. MEITUA bonds were unchanged this morning. - **ZHOSHK 28**: Increased by 1.5 points, reflecting the expected net losses of RMB1.9bn for Zhongsheng in FY25, which were anticipated after the profit warning. ## Trading Desk Comments - **LGENSO 29-36**: Initially traded 5bps tighter inside ROs but eased back to RO levels. - **LGENSO Float 31**: Closed 10bps wider than RO at SOFR+156. - **ZHOSHK 28**: Gained 1.2 points. - **WESCHI 28-29**: Lost 0.6 points. - **BTSDF 28**: Fell by 0.1 point. - **Chinese/HK Properties**: FAEACO 12.814 Perp rose by 1.1 points. - **Vanke (VNKRLE)**: Bonds leaked by 1.2-1.3 points, with media reports indicating restructuring efforts and potential repayment delays. - **NANFUN 5 Perp**: Fell by 1.1 points. - **SE Asian Credits**: GLPSPs and GLPCHI bonds edged higher by 0.1-0.8 points. - **PTTGC/TOPTB Perps**: Leaked by 0.1-0.3 points. - **Middle East**: FABUHs were unchanged to 0.2 points lower. - **First Abu Dhabi Bank**: Plans to redeem USD750mn FABUH 4.5 Perp on 5 Apr'26. - **Japanese and Yankee AT1s/Insurance Subs**: Leaked by up to 1.0 point. - **HSBC 6.75 Perp and HSBC 7 Perp**: PBs (Primary Buyers) were better buyers, but the bonds closed 1.0 points lower. - **LGFV Space**: Lower-yielding IG issues were switched out for cash, while higher-yielding issues remained in demand. ## MEITUA Credit Analysis - **Liquidity**: Maintained a strong net cash position of RMB80.2bn as of Dec'25, down from RMB106.7bn in Dec'24 but still above the five-year average of RMB70.6bn. - **Performance**: - **FY25 Revenue**: RMB364.9bn, up 8.1% yoy. - **Core Local Commerce Segment**: Operated at a loss of RMB6.9bn, down from RMB36.8bn profit in FY24. - **New Initiatives Segment**: Operated at a loss of RMB10.1bn, reflecting increased investment in overseas operations. - **Adj. EBITDA**: Negative RMB13.8bn in FY25, compared to positive RMB49.1bn in FY24. - **Adj. Net Loss**: RMB18.6bn in FY25. - **Qoq Improvements**: - User incentives and promotional expenses declined qoq in 4Q25. - Core local commerce operating loss narrowed to RMB10bn from RMB14.1bn in 3Q25. - Operating cash outflow improved to RMB6.6bn from RMB22.1bn in 3Q25. - **Future Outlook**: - The acquisition of Dingdong Grocery for USD717mn (cUSD5.0bn) is viewed as manageable, with no material concern. - The main credit driver is the pace of margin recovery in core local commerce. ## Macro News Recap - **U.S. Markets**: S&P, Dow, and Nasdaq declined on Thursday. - **Jobless Claims**: Initial jobless claims increased by 210k, below market expectations. - **UST Yields**: 2/5/10/30 year yields were at 3.96%/4.08%/4.42%/4.93% on Wednesday. ## Top Movers | Top Performers | Price | Change | |-----------------------------|-------|--------| | ZHOSHK 5.98 01/30/28 | 95.1 | 1.2 | | FAEACO 12.814 PERP | 83.2 | 1.1 | | GLPSP 9 3/4 05/20/28 | 82.4 | 0.8 | | GLPCHI 7 3/4 04/30/29 | 80.4 | 0.7 | | TSINGH 6 1/2 01/31/28 | 87.8 | 0.7 | | Top Underperformers | Price | Change | |-----------------------------|-------|--------| | VNKRLE 3.975 11/09/27 | 38.7 | -1.3 | | VNKRLE 3 1/2 11/12/29 | 36.6 | -1.2 | | NANFUN 5 PERP | 77.1 | -1.1 | | HSBC 7 PERP | 98.8 | -1.0 | ## Important Disclosures - The report contains general market insights and is not investment advice. - CMBIGM does not provide individually tailored investment advice. - There are risks involved in transacting in any securities. - The value of investments is uncertain and may fluctuate. - The report is for the use of intended recipients only and may not be reproduced or distributed without prior written consent. ## Author Certification - The author certifies that the views expressed accurately reflect personal views. - No compensation was directly or indirectly related to the views expressed. - The author and associates did not trade in the stocks covered in the report within 30 calendar days prior to the report's issue date. ## Disclaimer - **UK**: The report is only for persons within Article 19(5) of the Financial Promotion Order or those within Article 49(2) of the Order. - **US**: The report is only for "major US institutional investors" and not for the general public. - **Singapore**: The report is distributed by CMBISG, an Exempt Financial Adviser, and is subject to legal regulations in Singapore. ## Contact Information - **Fixed Income Department**: - Tel: 852 3657 6235 / 852 3900 0801 - Email: fis@cmbi.com.hk - **Analysts**: - **Glenn Ko, CFA**: (852) 3657 6235 / glennko@cmbi.com.hk - **Cyrena Ng, CPA**: (852) 3900 0801 / cyrenang@cmbi.com.hk - **Yujing Zhang**: (852) 3900 0830 / zhangyujing@cmbi.com.hk