> **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 movements and key developments in the Asian, Middle Eastern, and other global credit markets. It includes market updates, trading desk insights, macroeconomic news, and financial highlights of specific issuers, along with important disclosures and legal disclaimers. ## Market Update - **Asian IG Space**: The spread widened by 3bps this morning. Better selling was observed on MEITUA, SUMIBK, NTT, and HYNMTR. Middle East names rebounded to c0.5pt higher. NWDEVL 28 gained 0.5pt, while HYSAN 4.85 Perp lost 0.9pt. - **WESCHI**: Despite strong FY25 results, the bond prices lost 1.2-1.7pts. The firm maintains a buy recommendation due to good risk-return profiles, improved overseas operations, and reduced refinancing risk. - **VEDLN**: VEDLN 28-33s dropped 0.5-2.7pts yesterday and were unchanged this morning. Vedanta Ltd is involved in legal proceedings with Adani Enterprise over Jaiprakash Associates' resolution. - **Other Markets**: In China, 5-10yr MEITUA, KUAISH, and LENOVO bonds widened 5-10bps due to better selling. In Hong Kong, NWDEVVL/VDNWDL complex dropped 0.9-1.8pts. In SE Asia, IHFLIN 30 dropped 3.5pts. In Australia, better selling occurred on Bank T2s and bank FRNs. In the Middle East, bond prices dropped 0.5-1.5pts. In LGFV space, flows remained two-way skewed to better selling. HFs and PBs were selling bonds to recycle cash, leading to a 25bps widening. ## Trading Desk Comments - **WESCHI 28-29**: Maintained a buy recommendation due to the company's good risk-return profile, strategic shift towards overseas markets, and reduced refinancing risk. - **Weschi's FY25 Performance**: Revenue increased by 15.3% yoy, driven by higher sales volumes. Gross profit rose by 24.6% yoy to RMB2.5bn, with a GP margin of 25.6%. EBITDA increased by 14.6% yoy to RMB3.0bn, though the margin slightly decreased to 31.3%. Net profit rose by 31.3% yoy to RMB1.1bn, aided by a net reversal of impairment charges. - **Weschi's Capex and Financial Position**: Capex decreased to RMB2.9bn in FY25 from RMB4.6bn in FY24. As of Dec'25, cash balances were RMB766mn, down from RMB1.2bn in Dec'24. Net debt increased by 3.4% to RMB10.8bn. Cash/ST debts ratio remained low at 0.2x. - **Geographic Performance**: Overseas revenue and GP contribution increased to 49% and 80% of total, respectively, from 38% and 67% in FY24. Domestic sales volume decreased by 18.8%, while overseas sales volume rose by 120%. ## Macro News Recap - **U.S. Markets**: S&P, Dow, and Nasdaq all rose by 1.15% to 1.38% on Monday. - **UST Yields**: Lower on Monday, with 2/5/10/30 year yields at 3.83%/3.95%/4.34%/4.91%. - **Political Developments**: Trump stated that renewed discussions with Iran began after threatening to bomb Iran's energy infrastructure, while Iran rejected these claims. - **Key Industry Developments**: - Aramco is preparing to sell a stake in its oil export and storage terminals business. - LG Chem plans to close its No.2 ethylene plant due to rising naphtha prices. - Sinopec has stockpiled oil to maintain stable production amid Iran war disruptions. - Country Garden is expected to swing to a profit in FY25 due to a non-cash gain from debt restructuring. - Moody's upgraded the outlook for Piramal Finance to positive. ## New Issues and Pipeline - **Offshore Asia New Issues (Priced)**: No new issues were priced today. - **Offshore Asia New Issues (Pipeline)**: Korea National Oil Corporation has a USD-denominated bond pipeline with tenors of 3yr/3yr/5yr and pricing terms of T+90/SOFR Equiv/T+95, with an issue rating of Aa2/AA/-. ## News and Market Color - **VEDLN**: Vedanta Ltd approved a third interim dividend of INR43bn (cUSD458mn) for FY26 and was directed by NCLAT to include Adani in petitions challenging Jaiprakash Associates' resolution. - **Other News**: - SoftBank Group announced a Portsmouth Consortium for large-scale power generation and AI infrastructure in the U.S. - EHICAR 7 09/21/26 launched an exchange offer and exit consent. - FOSUNI 26-29 rose by 1.2pts. - In SE Asia, IHFLIN 30 dropped by 3.5pts. - In China, HONGQI 28s were 0.3pt weaker post FY25 results. ## Important Disclosures - The report contains general market insights and is not tailored to individual investors. - CMBIGM does not guarantee the accuracy or completeness of the information provided. - The report may not be reproduced or distributed without prior written consent. - There are risks associated with investing in securities, and past performance does not indicate future results. - CMBIGM may have investment banking relationships with the issuers covered, which could affect the objectivity of the report. ## Legal Disclaimers - The report is intended for specific recipients in the UK, U.S., and Singapore, with restrictions on distribution. - U.S. recipients should use the report through a registered broker-dealer. - Singapore recipients should contact CMBISG for any matters related to the report.