【Event Invitation】“Generating Bond Investment Ideas for Asia and Beyond” Webinar on May 7, 2026

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We Donated RMB 500,000 for Rescue and Reconstruction Following the Tai Po Fire Disaster in Hong Kong

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We are now a Recognized Credit Rating Agency by the Hong Kong Mandatory Provident Fund Schemes Authority

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We are the “Best Internationalized Chinese Credit Rating Agency of the Year” Recognized by Macau Exchange MOX

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We have been the “Public Finance Rating Agency of the Year” Named by the Asset for 5 Years

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海外市场双周报：全球主要央行按兵不动，中国PMI持续回暖

05 May 2026

中国PMI持续回暖，全球主要央行在最新议息会议上普遍选择按兵不动。过去两周，中资海外债一级市场新发规模合计约308.20亿美元，较前一周期大幅增加154.55%；二级市场则小幅回调。

The Strategic Calculus Behind Foreign Issuers’ Rush to Dim Sum Bonds

15 Apr 2026

Foreign issuance reached RMB 76.8bn in Q1 2026, capturing 31% of total issuance in the period. Key drivers include interest rate advantage and balance sheet currency matching, long-term dollar risk mitigation and RMB internationalisation.

China's Economy Off to a Strong Start with Indicators Showing Phased Improvement

20 Mar 2026

China's Jan–Feb data show a stronger-than-expected start: industrial output (+6.3%) led by high-tech (+13.1%), FAI turned positive (+1.8%) with infrastructure up 11.4% (front‑loaded fiscal support), mild consumption recovery (+2.8%), and exports surged +21.8%.

China's Economic Growth and Fiscal Policy Optimisation under a Flexible Growth Target

11 Mar 2026

China's 2026 economic growth target is set at 4.5%-5%, reflecting a shift toward flexible management while maintaining stability and supporting structural reforms. The fiscal policy remains proactive, with a projected deficit-to-GDP ratio of 4% and an increase in net general government debt to around 70%, aimed at enhancing internal demand and quality development amidst evolving economic conditions.

Core Drivers of High-Quality Development in China's New Energy Vehicle Sector Under the 2026 Government Work Report

11 Mar 2026

In 2026, China's NEV sector will be driven by policy support, demand stimulation, and technological advancement, with sales projected to exceed 19 million units; however, profit margins may remain pressured due to intensified competition and rising costs.

What's Driving the Surge in Hong Kong Dollar Bond Issuance?

09 Feb 2026

In 2025, overseas issuers significantly boosted HKD bond issuance, reaching HKD 268.2 billion, primarily driven by widening interest rate spreads between HKD and USD. As HKD bond issuers generally have strong credit quality, the market is expected to see continued growth, although a potential narrowing spreads may moderate future issuance.

Mainland “Three Red Lines” Fade, Hong Kong Reviews MPF Backed Home Purchases

04 Feb 2026

Chinese property developers are no longer required to submit “three red lines” metrics, shifting from regulatory constraints to cash-flow pressures. Meanwhile, Hong Kong's housing market is rebounding due to lower interest rates and potential policies allowing MPF funds to be used for down payments, signaling support for boosting market demand.

Macro and China Offshore Bonds Outlook - Fed Nears Neutral and China Offshore Bond Issuance Marginally Improve

03 Feb 2026

The Federal Reserve may shift to a neutral stance by 2026, with a weaker U.S. dollar potentially aiding a marginal improvement in China offshore bond issuance. This recovery will be uneven across sectors, supported by strong financing needs and growth in convertible, ESG, and digital bonds.

2026 Outlook for LGFV Offshore Bonds — Weak Issuance, Deepened Restructuring

30 Jan 2026

In 2025, Chinese LGFV overseas bonds experienced a historic negative net financing of -USD1.77 billion, with issuance down 50.3% year-on-year amid stringent policy constraints. While refinancing pressures are expected to ease in 2026, new issuance difficulties will persist, particularly for weak-credit issuers facing tight pricing power.

量体裁衣方为智：国际三大评级机构主权评级方法的中国适用性偏误

10 Apr 2025

国际三大评级机构的主权评级方法应用于中国时存在局限。其一体验在对中国经济转型期的基本面判断不全面；二是对中国政策制度的评估不深入，以西方经验审视中国，带有意识形态偏见；三是对中国应对内外部风险的政策与经济协同缺乏客观认知。

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RATING  ACTIONS

CSPI Ratings Assigns ‘BBB’ Rating to Emeishan Modern Agricultural Development Group Co., Ltd. (EMADG) and Assigns ‘A+’ Issuance Rating to Two Offshore Bonds issued by EMADG; Outlook Stable 28 Apr 2026
中证鹏元国际授予峨眉山现代农业发展集团有限公司‘BBB’国际评级，并授予其发行的两笔境外债券'A+'的债项评级; 展望稳定 28 Apr 2026
CSPI Ratings Assigns ‘BBB-’ Rating to Zhangzhou Tianyuan Culture and Tourism Co., Ltd.; Outlook Stable 20 Apr 2026
中证鹏元国际授予漳州田园文旅有限公司‘BBB-’国际评级，展望稳定 20 Apr 2026
CSPI Ratings Affirms Ji’an Chengtou Holding Group Co., Ltd.’s ‘BBB+’ Issuer Credit Rating; Outlook Stable 14 Apr 2026
中证鹏元国际确认吉安城投控股集团有限公司‘BBB+’国际评级；展望稳定 14 Apr 2026
CSPI Ratings Upgrades Suining Investment Group Co., Ltd.’s Rating to ‘BBB+’; Outlook Stable 13 Apr 2026
中证鹏元国际上调遂宁投资集团有限公司国际评级至“BBB+”；展望稳定 13 Apr 2026
中证鹏元国际确认并撤销中国银行股份有限公司'AA-'国际评级 27 Mar 2026
CSPI Ratings Affirms and Withdraws ‘A+’ Rating on Bank of Communications Co., Ltd. 27 Mar 2026
CSPI Ratings Affirms and Withdraws ‘AA-’ Rating on China Construction Bank Corporation 27 Mar 2026
中证鹏元国际确认并撤销交通银行股份有限公司'A+'国际评级 27 Mar 2026
CSPI Ratings Affirms and Withdraws ‘AA-’ Rating on Bank of China Limited 27 Mar 2026
CSPI Ratings Affirms and Withdraws ‘AA-’ Rating on Industrial and Commercial Bank of China 27 Mar 2026
中证鹏元国际确认并撤销中国建设银行股份有限公司'AA-'国际评级 27 Mar 2026
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EVENTS  &  REPLAYS

Online · 07 May 2026 【Event Invitation】Join us with Cbonds in the Online Seminar «BondLab: Generating Bond Investment Ideas for Asia and Beyond»
Shenzhen, China · 09 Apr 2026 【会议回顾】中证鹏元国际应邀于“中证信用2026信用服务年会”发表演讲
Shenzhen, China · 09 Apr 2026 【Recap】CSPI Ratings was Invited to Speak at “CSCI 2026 Credit Services Annual Conference”
Hong Kong · 26 Mar 2026 【会议回顾】中证鹏元国际应邀于“DMI信用科技2026年度峰会”发表演讲
Hong Kong · 26 Mar 2026 【Recap】 CSPI Ratings was Invited to Speak at the “DMI CreditTech 2026 Annual Conference”
Online · 19 Mar 2026 【会议回顾】中证鹏元国际与摩根士丹利成功举办“中国公共财政2026年信用展望”线上研讨会（英文）
Online · 19 Mar 2026 【Recap】CSPI Ratings Invited Morgan Stanley to Speak at the “2026 Credit Outlook - China Public Finance” Webinar
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