1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - Zhejiang Province has prominent regional advantages, a well - developed economy and finance, and a relatively low government debt burden. It is accelerating industrial transformation and upgrading and has received strong policy support [3][5]. - Although the general public budget revenues of all prefecture - level cities in Zhejiang Province have increased, the government - funded budget revenues have declined due to the real estate industry. The government debt scale of each city has increased, with Hangzhou having a relatively light debt burden [3]. - Zhejiang has a large number of urban investment enterprises with outstanding bonds and a large bond outstanding scale, mainly concentrated in the cities around the Hangzhou Bay Greater Area. Affected by the debt - resolution policy, the issuance scale of urban investment bonds in Zhejiang declined in 2024, and the financing was in a net outflow state. Since 2025, the issuance term has been further extended, and the financing has turned into a net inflow [3]. - The total debt of urban investment enterprises in Zhejiang has continued to grow, with the debt structure mainly relying on bank financing. In 2026, the maturity scale of urban investment bonds in Taizhou is relatively concentrated. In 2024, Huzhou and Shaoxing had relatively high regional debt pressures [4]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development in Zhejiang Province - Zhejiang has prominent regional advantages, with well - developed transportation infrastructure, a significant port economy, a continuous net inflow of permanent residents, and a high urbanization rate. In 2024, its GDP ranked fourth in the country, and its per - capita GDP ranked fifth. In the first half of 2025, its GDP continued to grow at a rate higher than the national average [5][7][8]. - The industrial structure is dominated by the secondary and tertiary industries, with the proportion of the tertiary industry continuously increasing. The province has a solid industrial foundation, a well - developed private economy, and is steadily developing new productive forces. It is accelerating the construction of the "415X" advanced manufacturing cluster and focusing on cultivating future industries [9][11][14]. - A series of policies have provided strong support for Zhejiang's economic development. The province has completed the "14th Five - Year Plan" with high quality. By the end of 2025, its economic aggregate is expected to reach about 9.5 trillion yuan, and the per - capita GDP is expected to exceed 20,000 US dollars [16][18]. 3.1.2 Fiscal Strength and Debt Situation in Zhejiang Province - Zhejiang has strong fiscal strength. In 2024, its general public budget revenue ranked third in the country, with high revenue quality and fiscal self - sufficiency rate. Although the government - funded revenue continued to decline, it still contributed significantly to the local comprehensive financial resources. In the first half of 2025, the general public budget revenue changed little year - on - year, but the revenue quality declined [20]. - The provincial government's debt burden is relatively low in the country. In recent years, the local government debt scale has been increasing, with the debt balance ranking fourth in the country at the end of 2024. The local government debt ratio and debt - to - GDP ratio have been rising [21]. - Zhejiang has continued to receive debt - resolution policy support. In 2024 and from January to September 2025, it issued special refinancing bonds of 10.9 billion yuan and 8.14 billion yuan respectively. In 2025, it applied for a new government debt quota of 378.8 billion yuan [23]. 3.2 Economic and Fiscal Strength of Prefecture - Level Cities in Zhejiang Province 3.2.1 Economic Strength and Industrial Situation of Prefecture - Level Cities in Zhejiang Province - Most prefecture - level cities in Zhejiang have a per - capita GDP higher than the national average, but the economic development elements are unevenly distributed, and the GDP gap between cities is large. The economic vitality increases from the southwest to the northeast. The pillar industries of cities around the Hangzhou Bay Greater Area are manufacturing, with many national industrial parks and listed companies [25]. - The cities around the Hangzhou Bay Greater Area and in the southeast mainly have manufacturing as their pillar industries, while those in the southwest mainly rely on the tertiary industry. Each city has its own dominant and emerging industries [27][29]. - In 2024, the GDP of Hangzhou and Ningbo exceeded 2 trillion yuan and 1.8 trillion yuan respectively, accounting for more than 44% of Zhejiang's GDP. Except for Hangzhou, the GDP growth rates of other cities were higher than the national average. The per - capita GDP of cities around the Hangzhou Bay Greater Area was significantly higher than that of other regions [32][33]. 3.2.2 Fiscal Strength and Debt Situation of Prefecture - Level Cities in Zhejiang Province - The general public budget revenues of all prefecture - level cities in Zhejiang have increased, but the scale gap is significant. Hangzhou and Ningbo lead by a large margin. Affected by the real estate industry, the government - funded budget revenues of all cities have declined. Cities with low fiscal self - sufficiency rates rely more on superior subsidies [34]. - The fiscal self - sufficiency rates of prefecture - level cities are highly polarized. In 2024, Hangzhou had a fiscal self - sufficiency rate close to 100%, while Quzhou and Lishui had rates of only 32% and 30% respectively [36]. - The government debt scale of each prefecture - level city has increased, with Hangzhou having a relatively light debt burden. Except for Hangzhou, the local government debt ratios of other cities exceeded 100% in 2024. Zhejiang is continuing to prevent and resolve local debt risks [38][41][43]. 3.3 Debt - Repayment Ability of Urban Investment Enterprises in Zhejiang Province 3.3.1 Overview of Urban Investment Enterprises in Zhejiang Province - As of the end of September 2025, there were 479 urban investment enterprises with outstanding bonds in Zhejiang, an increase of 22 compared to the end of October 2024. The administrative levels of these enterprises are mainly concentrated at the district - county level, and most are located in cities around the Hangzhou Bay Greater Area. The main credit ratings are AA and AA+ [44]. 3.3.2 Issuance and Outstanding Situation of Urban Investment Bonds in Zhejiang Province - Affected by the debt - resolution policy, the issuance scale of urban investment bonds in Zhejiang declined in 2024, but the outstanding scale remained large, mainly concentrated in cities around the Hangzhou Bay Greater Area. The financing of urban investment bonds showed a net outflow. Since 2025, the issuance term has been further extended, and the financing has turned into a net inflow [48]. - In 2024, the number and scale of urban investment bond issuances in Zhejiang decreased by 16.13% and 19.78% respectively compared to the previous year. From January to September 2025, the number and scale of issuances decreased by 11.04% and 17.65% respectively compared to the same period in the previous year [49]. - In 2024, the issuance term of urban investment bonds in Zhejiang shifted to long - term. From January to September 2025, the proportion of 5 - year bonds increased by 5.2 percentage points compared to the whole year of 2024 [50]. - In 2024, the net financing of urban investment bonds in Zhejiang turned negative, with a net outflow of about 2 billion yuan. From January to September 2025, it turned into a net inflow of 1.4051 billion yuan [52]. - As of the end of September 2025, the outstanding scale of urban investment bonds in Zhejiang was 200.61 billion yuan, with Hangzhou having the largest balance [55]. 3.3.3 Analysis of the Debt - Repayment Ability of Urban Investment Enterprises in Zhejiang Province - The total debt of urban investment enterprises in Zhejiang has continued to grow, with the debt structure mainly relying on bank loans. In 2026, the maturity scale of urban investment bonds in Taizhou is relatively concentrated. At the end of 2024, the coverage of short - term debt by cash - like assets decreased. Since 2024, the cash flow from financing activities has remained in a net inflow state, indicating strong financing ability [57]. - As of the end of 2024, the total debt of urban investment enterprises in Zhejiang reached 8.25 trillion yuan, a year - on - year increase of 11.9%. As of the end of June 2025, it increased by 6.6% compared to the end of 2024 [58]. - As of the end of 2024, bank financing accounted for 62.9% of the total debt of urban investment enterprises in Zhejiang, with the proportion continuously increasing. The proportion of bond financing in Shaoxing, Huzhou, and Zhoushan exceeded 30%, and the proportion of other financing in Jinhua and Zhoushan exceeded 15% [58]. - As of the end of September 2025, the scale of urban investment bonds due in 2026 and 2027 was about 700 billion yuan and 450 billion yuan respectively, accounting for about 36% and 23% of the total. The proportion of bonds due in Taizhou in 2026 was 46.7%, relatively concentrated [61]. - As of the end of June 2025, the total debt capitalization ratio of urban investment enterprises in each prefecture - level city increased, all exceeding 50%, with those in Shaoxing, Jinhua, and Taizhou exceeding 60% [61]. - At the end of 2024, the coverage of short - term debt by cash - like assets of urban investment enterprises in Zhejiang decreased compared to the end of 2023. As of the end of June 2025, the cash - to - short - term debt ratio of each city increased compared to the end of the previous year, but except for Ningbo and Wenzhou, it was still lower than that at the end of 2023 [63]. - In 2024, the cash flow from financing activities of urban investment enterprises in Zhejiang remained in a net inflow state, but the net inflow scale decreased year - on - year. In the first half of 2025, it still maintained a net inflow state, and the net inflow of Shaoxing, Quzhou, and Zhoushan exceeded the whole - year level of 2024 [63][64]. 3.3.4 Support and Guarantee Ability of Fiscal Revenues of Prefecture - Level Cities in Zhejiang for the Debt of Bond - Issuing Urban Investment Enterprises - Among the prefecture - level cities in Zhejiang, the scale of "local government debt + total debt of bond - issuing urban investment enterprises" in Hangzhou is the largest, followed by Ningbo, Shaoxing, Huzhou, and Jiaxing. The ratio of "local government debt + total debt of bond - issuing urban investment enterprises" to comprehensive financial resources in most cities exceeds 400%, with Shaoxing and Huzhou approaching 1000%, indicating relatively high regional debt pressures [65].

1. Report's Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "package debt resolution plan" advanced its efforts, with two "500 billion" injections in succession, highlighting the policy approach of balancing debt resolution and development. The intensified proactive fiscal policy is expected to ease the liquidity pressure on local governments and urban investment enterprises [4][5]. - In Q3 2025, the issuance scale of urban investment bonds increased both year - on - year and quarter - on - quarter, and the net repayment scale narrowed significantly. The financing situation of key provinces improved marginally, and provincial and park - level urban investment entities turned into net inflows [4][8][9]. - In Q4, the maturity and repayment scale of urban investment bonds will decline, but considering the large total debt of urban investment enterprises, the interest payment pressure remains severe, and the repayment pressure on urban investment bonds in Q4 will not decrease. Attention should be paid to the liquidity pressure in regions with high concentrated repayment pressure and district - county - level urban investment enterprises [4][33]. - The powerful incremental debt resolution plan has achieved phased results, significantly reducing costs and accelerating the transformation of urban investment enterprises. Urban investment enterprises have entered a critical transition period from "debt resolution" to "transformation and quality improvement" [4][37]. 3. Summary by Relevant Catalogs Policy Environment - The "package debt resolution plan" advanced its efforts, with two "500 billion" injections, highlighting the policy approach of balancing debt resolution and development. The proactive fiscal policy was intensified, and the liquidity pressure on local governments and urban investment enterprises is expected to ease. The Ministry of Finance increased support for implicit debt resolution by using the debt resolution quota in advance. As of the end of October 2025, the special refinancing bonds for replacing implicit debt had a cumulative issuance of 1.993 trillion yuan, with a issuance progress of 99.67%. The issuance of special new special bonds accelerated significantly since May, with a cumulative issuance of 738.1 billion yuan in Q3, and the total issuance exceeded 1.2 trillion yuan by the end of September, exceeding the annual issuance target of 800 billion yuan [5]. - A new policy - based financial instrument of 500 billion yuan was established, which was fully used to supplement the capital of major projects. As of the end of October, all the funds had been invested, supporting more than 2,300 projects with a total investment of about 7 trillion yuan, mainly in digital economy, artificial intelligence, and other fields. It can relieve the project capital bottleneck caused by tight local finances and help some urban investment companies relieve capital pressure and expand financing channels [6]. - The central government allocated 500 billion yuan from the local government debt balance limit to local governments, an increase of 100 billion yuan compared with the previous year, and the scope was expanded. In addition to supplementing local government comprehensive financial resources and supporting debt resolution, it was also used for project construction in eligible economic provinces to support effective investment [7]. Review of the Urban Investment Bond Market Issuance Overview - In Q3, the issuance scale of urban investment bonds increased both year - on - year and quarter - on - quarter, and the net repayment scale narrowed significantly. The issuance of private placement bonds and ABS increased significantly, while the issuance of ultra - short - term financing bills and medium - term notes decreased significantly. The net repayment scale of inter - bank and exchange - traded products decreased significantly year - on - year. The issuance scale of urban investment bonds in Q3 was 1.26 trillion yuan, a year - on - year increase of 0.42% and a quarter - on - quarter increase of 17.38%, with a net repayment of 2.6007 billion yuan. The issuance scale of urban investment bonds of entities that declared themselves as market - oriented business entities accounted for 33.99%, and they achieved a net financing of 3.444 billion yuan. The early repayment scale of urban investment bonds in Q3 was about 453.6 billion yuan, with year - on - year and quarter - on - quarter increases of 3.65% and 4.10% respectively [8][9]. - In terms of issuance varieties, the issuance scale of exchange - traded products increased both year - on - year and quarter - on - quarter, mainly private placement bonds, with significant increases in private placement bonds and ABS. The issuance scale of inter - bank products decreased year - on - year, with significant declines in ultra - short - term financing bills and general medium - term notes of over 10%. The net repayment scale of the inter - bank and exchange markets decreased significantly year - on - year, with a decline of over 80% [11]. - Regionally, the issuance scale of non - key provinces increased both year - on - year and quarter - on - quarter, with a quarter - on - quarter increase of about 16%. The issuance scale of key provinces decreased year - on - year but increased significantly quarter - on - quarter, with a quarter - on - quarter increase of about 26%. The net repayment scale of both key and non - key provinces narrowed significantly. In non - key provinces, Zhejiang, Shanghai, and Guangdong had large net inflows, while Jiangsu had the largest net repayment scale of 45.09 billion yuan. In key provinces, except for Tianjin, Liaoning, Qinghai, and Inner Mongolia, other provinces had net repayments, and Chongqing had the largest net repayment scale of 9.293 billion yuan [13][15]. - In terms of credit ratings, the issuance of urban investment bonds was still dominated by AA + and AAA - rated entities, with high - level entities accounting for over 77%. The AAA - rated entities maintained a net inflow, and provincial and park - level entities turned into net inflows, while the net repayment scale of municipal and district - county - level entities narrowed [17][19]. - The issuance scale of ultra - long - term urban investment bonds further increased and was concentrated in high - quality entities in more economically developed regions. In key provinces, the issuance term structure of Guizhou and Yunnan improved. The issuance term of urban investment bonds was still mainly medium - and long - term, with bonds over 3 years accounting for over 55%. The issuance of ultra - long - term (10 years and above) urban investment bonds was 128 issues with a scale of 84.028 billion yuan, increasing both year - on - year and quarter - on - quarter. Non - key provinces were the main issuers of ultra - long - term urban investment bonds, with the issuers mainly in Shandong, Jiangsu, Zhejiang, and other economically developed provinces [20]. - In Q3, the issuance interest rate and spread of urban investment bonds fluctuated upward, but the spread center decreased quarter - on - quarter. The issuance spreads of some key provinces decreased significantly, but the spreads of Guizhou, Yunnan, and Guangxi remained high. Among non - key provinces, the spreads of Shandong, Xinjiang, and Henan were higher than the national average, and the credit differentiation intensified [23]. New Issuance Situation - In Q3, driven by the policy of balancing debt resolution and development, the number of issues and scale of newly issued bonds of urban investment entities increased both year - on - year and quarter - on - quarter. The newly issued entities showed the characteristic of "concentration on high - quality entities", mainly high - level entities in regions with strong economic and fiscal strength and industrial advantages such as Guangdong, Shanghai, and Zhejiang. The newly issued bonds were mainly invested in rural revitalization, green industries, and other fields. A total of 68 urban investment entities newly issued bonds, with 89 issues and a scale of 53.591 billion yuan [28][29]. Outlook - In Q4, the maturity and repayment scale of urban investment bonds will decline, but considering the large total debt of urban investment enterprises, the interest payment pressure remains severe, and the repayment pressure on urban investment bonds in Q4 will not decrease. Attention should be paid to the liquidity pressure in regions with high concentrated repayment pressure and district - county - level urban investment enterprises. The scale of outstanding urban investment bonds at the end of Q3 was about 13.36 trillion yuan. Assuming that all callable bonds are exercised, the maturity scale of urban investment bonds in Q4 2025 is 1.2 trillion yuan, a decrease of about 15% compared with Q4 2024 [33][35]. - The powerful incremental debt resolution plan has achieved phased results, significantly reducing costs and accelerating the transformation of urban investment enterprises. Urban investment enterprises have entered a critical transition period from "debt resolution" to "transformation and quality improvement". After the replacement of implicit debt with local government debt, the average interest cost of debt decreased by over 2.5 percentage points, saving over 450 billion yuan in interest payments. As of the end of June 2025, over 60% of financing platforms had exited. In the future, urban investment enterprises will be classified and disposed of in an orderly manner, and some financing platforms may be forced to accelerate their market - oriented transformation. Urban investment enterprises should explore substantial transformation paths based on their own conditions and regional resource endowments [37][38].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Urban investment enterprises have played a crucial role in stabilizing economic growth and promoting urbanization in China since their inception [2] - The development of urban investment enterprises is categorized into five stages: origin and initial development (before 2008), rapid expansion and initial regulation (2008-2013), standardized governance and transformation exploration (2014-2016), strict regulation and risk resolution (2017-2022), and comprehensive debt resolution and accelerated transformation (2023-present) [5][11][42] Summary by Sections 1. Definition of Urban Investment Enterprises - Urban investment enterprises are defined as economic entities established by local governments to undertake financing for government investment projects, possessing independent legal status [4] - They typically finance infrastructure projects through various means such as bonds, bank loans, and public-private partnerships (PPP) [4] 2. Origin and Initial Development (Before 2008) - Urban investment enterprises emerged in the 1990s due to a lack of funding for urban infrastructure and the mismatch between fiscal authority and responsibilities of local governments [8] - By the end of 2008, there were over 3,000 urban investment enterprises focusing on land development and municipal engineering [10] 3. Rapid Expansion and Initial Regulation (2008-2013) - The number of urban investment enterprises exceeded 10,000 during the implementation of the four trillion yuan economic stimulus plan, with significant growth in bond issuance [11][12] - Regulatory measures were introduced to address issues such as debt maturity mismatches and high financing costs [11][13] 4. Standardized Governance and Transformation Exploration (2014-2016) - The new Budget Law granted local governments the authority to incur debt, leading to an increase in bond issuance and a shift towards market-oriented operations [17][20] - By the end of 2016, the total debt of sample urban investment enterprises reached 12.8 trillion yuan, a 42.43% increase from 2014 [26] 5. Strict Regulation and Risk Resolution (2017-2022) - Regulatory policies continued to tighten, impacting the financing capabilities of urban investment enterprises, which experienced fluctuating debt levels [30][32] - The issuance of urban investment bonds and net financing showed a volatile growth trend during this period [32][34] 6. Comprehensive Debt Resolution and Accelerated Transformation (2023-Present) - In July 2023, a comprehensive debt resolution plan was proposed, leading to restrictions on new financing and a decline in bond issuance [42][46] - The pace of urban investment enterprises exiting the platform and transitioning to market-oriented operations has accelerated, with approximately 1,370 enterprises completing the exit process by August 2025 [50]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The number of overdue bills of bond - issuing urban investment enterprises increased rapidly and then fluctuated after the introduction of the "package debt - resolution plan", and has been generally stable since November 2024. District - county - level entities among overdue enterprises account for a high proportion and are concentrated in Shandong, Henan, and Guizhou. The regions with concentrated overdue bills have weak regional fiscal self - sufficiency, heavy local government debt burdens, and large broad - based debt repayment pressures. In addition, restrictions on new bond financing and changes in financial indicators of urban investment enterprises in recent years are also reasons for bill overdue. The median net financing of urban investment enterprises that first had bill overdue from January to August 2025 increased in the year before the bill overdue, possibly related to the "targeted support" of local governments and financial institutions under the "package debt - resolution plan". Bill overdue has a negative impact on enterprise credit, financing ability, and the regional financial market. Urban investment enterprises should pay attention to policy impacts, improve liquidity management, and enhance their self - hematopoietic ability [2]. - Bills are an early warning signal of enterprise credit risk, reflecting the lack of enterprise liquidity to some extent and being a leading indicator of enterprise bond default risk. This report tracks, observes, and analyzes the performance, causes, and impacts of bill overdue of urban investment enterprises under the background of the "package debt - resolution plan" and proposes corresponding countermeasures and suggestions [4]. 3. Summary According to Relevant Catalogs 3.1 Overview of Bill Overdue of Urban Investment Enterprises - From November 2021 to August 2025, the number of bond - issuing urban investment enterprises on the list of continuous bill overdue increased fluctuantly. The credit quality of these enterprises is generally average, with AA - rated enterprises accounting for nearly 70%. District - county - level entities among overdue enterprises account for a high proportion. There are 19 provinces involved in bill overdue risks, with more enterprises in Shandong, Henan, and Guizhou. Since 2025, the number of such enterprises has generally stabilized, possibly related to the reduced debt - resolution pressure of urban investment enterprises under the "package debt - resolution plan" [5]. - The Shanghai Commercial Paper Exchange started to release the "List of Continuous Overdue Commercial Bills" monthly since August 2021. The statistical criteria for the continuous overdue list are: since August 2021, acceptors who have had more than 3 payment overdue within 6 months from the cut - off date of the list disclosure, and have an overdue balance at the end of the month or have payment overdue in the current month [5]. - From November 2021 to August 2025, the number of bond - issuing urban investment enterprises with continuous bill overdue as commercial bill acceptors showed a fluctuating growth trend. From August to October 2023, the number of such enterprises increased rapidly, possibly related to restricted new financing and increased short - term debt repayment pressure. From November 2023 to the end of 2024, the number increased slightly with fluctuations. Since 2025, the number has generally stabilized. During this period, bond - issuing urban investment enterprises were included in the bill continuous overdue list 1362 times, involving 155 enterprises [7][8]. - In terms of credit rating, bill - overdue bond - issuing urban investment enterprises are mainly AA - rated, accounting for 67.74% (105 enterprises), followed by AA + - rated enterprises, accounting for 22.58% [12]. - In terms of administrative level, district - county - level platforms among bill - overdue urban investment enterprises account for a high proportion, and there are no provincial - level platforms. There are 91 district - county - level platforms (accounting for 58.71%), 44 municipal - level platforms (accounting for 28.39%), 6 provincial - level park platforms, 6 national - level development zone platforms, 3 national - level high - tech zone platforms, and 5 national - level new area platforms [14]. - In terms of geographical distribution, there are 19 provinces involved in bill overdue risks, including Shandong, Henan, and Guizhou. Shandong has the largest number of bill - overdue bond - issuing urban investment enterprises, reaching 56 (accounting for 36.13%), followed by Henan with 18 and Guizhou with 15 [18]. 3.2 Analysis of the Causes of Bill Overdue of Urban Investment Enterprises 3.2.1 External Factors - **Regional Fiscal and Debt Burden**: In the regions where bill - overdue bond - issuing urban investment enterprises are concentrated, except for Qingdao and Zibo, the fiscal self - sufficiency of other regions is lower than the national average. Most of the cities with a high risk of bill overdue of bond - issuing urban investment enterprises in 2024 had a growth rate of general public budget revenue lower than the national average (0.9%), and the fiscal self - sufficiency rate of most cities was lower than the national average (71.22%). Affected by the sluggish land market in 2024, the government fund revenue in some regions with a high incidence of bill overdue showed a significant downward trend, further increasing the debt repayment pressure of urban investment enterprises in these regions [23][24]. - In 2024, due to factors such as the government's replacement of stock implicit debt under the "package debt - resolution plan", the local government debt balance of cities with a high risk of bill overdue of bond - issuing urban investment enterprises increased year - on - year. These cities have relatively heavy local government debt burdens and large broad - based debt repayment pressures. The government debt ratio of these cities is higher than 150%, and the broad - based debt ratio (including the interest - bearing debt of local urban investment enterprises) of most cities is higher than 400%. The non - standard financing ratio of some cities decreased in 2024, which may be related to the debt replacement policy [27]. - **Other Possible Factors**: In recent years, regulatory authorities and financial institutions have tightened new financing for urban investment enterprises, increasing their financing difficulty. Since bond repayment has strong rigidity, for urban investment enterprises, the risk of bond default is much greater than that of bill overdue. Coupled with the lack of professional debt coordination ability in some regions and the lack of attention to bill repayment management, the repayment priority of bills is relatively low, leading to bill overdue of some bond - issuing urban investment enterprises [30]. 3.2.2 Enterprise Self - factors - **Payable Amount Scale**: The relative scale of accounts payable and notes payable of bill - overdue urban investment enterprises is generally higher than the industry median level, and the relative scale of notes payable fluctuates greatly [32][33]. - **Debt Structure**: The proportion of short - term debt of bill - overdue urban investment enterprises has increased rapidly, and the proportion of short - term debt in the year before the first bill overdue is significantly higher than the industry median level [34]. - **Asset Structure**: The median increase in the proportion of funds occupied by business operations of bill - overdue urban investment enterprises is higher than the industry median increase [39]. - **Short - term Debt Repayment Ability and Fund Raising**: The coverage of cash - like assets to short - term debt of bill - overdue urban investment enterprises is significantly lower than the industry median level. From 2022 to 2024, the median net financing of bill - overdue urban investment enterprises decreased rapidly in the year before the bill overdue, significantly lower than the industry median level. In 2025, the median net financing of bill - overdue urban investment enterprises in the year before the bill overdue increased against the trend, possibly related to the "targeted support" of local governments and financial institutions [40][41]. - **Financing Channels and Costs**: From 2022 to 2024, the proportion of non - standard financing in the total debt of bill - overdue urban investment enterprises is generally higher than the industry median level and fluctuates greatly. The financing cost of bill - overdue urban investment enterprises in the three years before the bill overdue is generally higher than the industry median level [42][43]. 3.3 Impact of Bill Overdue of Urban Investment Enterprises and Countermeasure Suggestions - **Impact**: Bill overdue has a negative impact on enterprise credit, financing ability, and the regional financial market. It will damage the credit of urban investment enterprises, lead to financing difficulties and increased capital costs, and may also trigger legal disputes. It may also cause market concerns about the credit risk of urban investment enterprises in the region, affecting market confidence and leading to tight liquidity in the regional financial market [46]. - **Countermeasure Suggestions**: Urban investment enterprises need to shift from "passively relying on policies" to "actively enhancing resilience". They should strengthen asset liquidity management and improve short - term debt repayment ability through asset revitalization, accounts receivable collection, and optimized fund scheduling. They should also gradually reduce their dependence on government resources, transform from "platform - type" to "operation - type", and cultivate sustainable operating cash flow through refined operations to improve profitability and self - debt - repayment ability [47][48]. 3.4 Summary and Outlook - **Summary**: Although the proportion of notes payable in the interest - bearing debt of urban investment enterprises is low, bill overdue can be an early warning signal, indicating that the enterprise has certain liquidity tension, which may lead to other credit risk events. Since July 2023, after the introduction of the "package debt - resolution plan", the number of bill - overdue bond - issuing urban investment enterprises increased rapidly and then fluctuated. Since November 2024, the number has generally stabilized. District - county - level platforms among overdue enterprises account for a high proportion, and are concentrated in Shandong, Henan, and Guizhou. Bill overdue not only damages the enterprise's own credit and financing ability but may also cause a chain reaction in the regional financial market [49]. - **Outlook**: In 2026, the short - term risk mitigation expectation of urban investment enterprises is clear, but the debt repayment ability of most urban investment enterprises has not been substantially improved, and the operating cash flow has insufficient support for bill repayment. Some urban investment enterprises still have relatively heavy debt burdens, a high proportion of short - term debt, weak financing ability, and high financing costs. Therefore, the phenomenon of continuous bill overdue will still exist in some regions. Urban investment enterprises should pay attention to bill, debt, and public opinion management, strengthen credit management and maintenance, and actively transform into industries that enhance their self - hematopoietic ability [50].

Group 1: Report Summary - The report focuses on the debt risks of local governments and urban investment enterprises in Shaanxi Province, covering the province's economic and fiscal strength, the economic and fiscal strength of its prefecture - level cities, and the solvency of urban investment enterprises [4] - Shaanxi Province has prominent location advantages, rich cultural and tourism resources, and obvious transportation and mineral resource advantages. In 2024, its economic aggregate and per - capita GDP were at the middle level in the country. The industrial structure is constantly optimized, and new productive forces are developing steadily [4] - The economic strength and general public budget revenue scale of Shaanxi's prefecture - level cities are significantly differentiated. The province has formulated a package of debt - resolution plans, and each city has achieved certain results in debt risk prevention and control [5] - From January to September 2025, the number and scale of bond issuances by Shaanxi's urban investment enterprises exceeded the full - year level of 2024, still mainly in Xi'an [6] Group 2: Shaanxi Province's Economic and Fiscal Strength Economic Development Status - Shaanxi is located in the inland hinterland of China, with obvious transportation location advantages, rich cultural and tourism and mineral resources. It has a large number of universities and research institutions, and a well - developed transportation network [7] - As of the end of 2024, Shaanxi's permanent population was 39.53 million, with a slight increase from the previous year. The urbanization rate reached 66.14%, slightly lower than the national average. In 2024, the GDP was 3.553877 trillion yuan, ranking 14th in the country, with a growth rate of 5.3% [10] - Shaanxi is an energy - rich province. The industrial structure has been continuously optimized, with the proportion of the tertiary industry significantly increasing. The new productive forces are developing steadily, and the province is gradually transforming from traditional energy dependence to green and high - tech manufacturing [12][15] - Shaanxi focuses on promoting the development of advanced manufacturing, forming a "one - area, six - base" energy development pattern. In 2024, it focused on strategic emerging industries such as new productive forces [17][19] - Shaanxi promotes coordinated development among Guanzhong, northern Shaanxi, and southern Shaanxi, implementing the "6 + 5+N" modern manufacturing system and the three - region development strategy [20] - Since 2024, Shaanxi has introduced various economic - promotion policies in areas such as opening up international markets, promoting free - trade zone strategies, and building industrial innovation clusters [22] Fiscal Strength and Debt Situation - In 2024, Shaanxi's general public budget revenue was 339.328 billion yuan, ranking 15th in the country. The tax revenue accounted for about 77%, with good tax quality. The fiscal self - sufficiency rate decreased to 46.50%, showing weak self - sufficiency [26] - Shaanxi's government - funded revenue continued to decline. In 2024, it was 167.16 billion yuan, a decrease of 6.4%. In the first half of 2025, it was 48.09 billion yuan, a decrease of 27.6% [27][29] - In 2024, Shaanxi's superior subsidy revenue increased to 349.736 billion yuan, ranking 17th in the country, accounting for 40.85% of the local comprehensive financial resources. The comprehensive financial resources ranked 15th in the country [30] - In 2024, Shaanxi's local government debt ratio and debt - to - GDP ratio were 146.87% and 35.39% respectively, ranking 8th and 11th among 31 provincial - level administrative regions, showing a slight increase from the previous year [34] Group 3: Economic and Fiscal Strength of Shaanxi's Prefecture - level Cities Economic Development Status of Prefecture - level Cities - The economic strength of Shaanxi's prefecture - level cities is significantly differentiated. Xi'an and Yulin have a significant driving effect on Shaanxi's economic growth. Xi'an has obvious industrial advantages, and Yulin's GDP ranks second in the province, with a much higher per - capita GDP than other cities [36] - Each prefecture - level city in Shaanxi develops relevant industries based on its own resource advantages. Xi'an has prominent industrial advantages and a significant agglomeration effect, while northern Shaanxi has obvious resource advantages [37] Fiscal Strength and Debt Situation of Prefecture - level Cities Fiscal Revenue - The general public budget revenue scale of Shaanxi's prefecture - level cities is significantly differentiated. Resource - based cities' local fiscal revenues are highly dependent on energy prices, and non - resource - based cities generally have low self - sufficiency rates. Xi'an and Yulin have much larger general public budget revenues than other cities [43][44] - In 2024, the general public budget revenues of Xianyang and Weinan declined significantly. Most prefecture - level cities' government - funded revenues decreased due to the weakening real - estate market. Superior subsidy revenues contribute significantly to the comprehensive financial resources of prefecture - level cities [44][45] Debt - The government debt balance, debt ratio, and debt - to - GDP ratio of Shaanxi's prefecture - level cities have been continuously increasing, with the debt mainly concentrated in Xi'an. The province has formulated a package of debt - resolution plans, and each city has achieved certain results in debt replacement and resolution [51] - Shaanxi and its prefecture - level cities have introduced various debt - resolution measures, including setting up regional stability - development funds, coordinating financial institutions for support, and striving for central government debt - resolution funds. They also actively participate in debt resolution by盘活存量 assets and expanding revenue sources [59] Group 4: Solvency of Shaanxi's Urban Investment Enterprises Overview of Urban Investment Enterprises - Shaanxi's urban investment enterprises are concentrated in Xi'an. The credit ratings of bond - issuing urban investment enterprises are mainly AA and AA+. Some urban investment enterprises have been put on the credit rating watch list due to factors such as debt overdue, high debt - repayment pressure, and operating losses [62] Bond Issuance of Urban Investment Enterprises - In the first three quarters of 2025, the number and scale of bond issuances by Shaanxi's urban investment enterprises exceeded the full - year level of 2024, still mainly in Xi'an. The bond issuance scale of AAA - rated urban investment enterprises accounted for a significantly increased proportion year - on - year [65]

Group 1: Report Summary - The report focuses on the debt risks of local governments and urban investment enterprises in Anhui Province, covering economic, fiscal, and debt situations at provincial, municipal, and enterprise levels [4] Group 2: Anhui's Economic and Fiscal Strength Regional Characteristics and Economic Development - Anhui is in the central - eastern China, adjacent to six provinces, and is a key part of the Yangtze River Delta economic zone. It has rich agricultural, mineral, and tourism resources, with well - developed land transportation [5] - In 2024, Anhui completed a GDP of 5062.5 billion yuan, ranking 11th in China, with a growth rate of 5.8%. Fixed - asset investment, especially manufacturing investment, is the main driving force. The per - capita GDP was 82,700 yuan, ranking 13th [8] - Anhui's industrial structure is being optimized, with the automobile - led manufacturing driving the economy. In 2024, the added value of industrial enterprises above designated size increased by 9.0%, and the high - tech manufacturing increased by 14.1% [9] Fiscal Strength and Debt - In 2024, Anhui's general public budget revenue was 404.16 billion yuan, ranking 10th in China, with a 2.6% year - on - year increase. The fiscal self - sufficiency rate was 44.91%. The government - owned fund revenue decreased by 14.0% due to the real - estate market downturn [13][14] - By the end of 2024, Anhui's local government debt ratio and debt - to - GDP ratio were 169.50% and 36.60% respectively, ranking 16th and 12th among 31 provinces [17] Group 3: Economic and Fiscal Strength of Anhui's Prefecture - level Cities Economic Situation - Anhui's prefecture - level cities have economic disparities, with Hefei leading in GDP. In 2024, all 16 cities had a GDP over 100 billion yuan, and most cities maintained a growth rate between 5.0% - 6.5% [28] - The per - capita GDP varies greatly among cities, with southern Anhui higher than northern Anhui. Hefei had the highest per - capita GDP of 136,100 yuan in 2024 [29] - Northern Anhui has a population advantage but a lower urbanization rate. Hefei has a strong population siphon effect [30] Fiscal Revenue - The general public budget revenue of cities is in line with their economic strength. In 2024, all cities' general public budget revenues increased year - on - year, but most cities' growth rates slowed down. The government - owned fund revenues of all cities decreased [31][32] - The fiscal self - sufficiency rates of Hefei and Wuhu are over 60.0%, while 10 cities have a rate below 50.0% [33] Debt - By the end of 2024, the government debt of all cities increased. The debt ratios of Fuyang and Bozhou were relatively high, while Hefei's was the lowest [38] - Anhui is carrying out a pilot project to eliminate implicit debts and has taken measures to manage and reduce debts [42] Group 4: Solvency of Anhui's Urban Investment Enterprises Enterprise Overview - Anhui's bond - issuing urban investment enterprises are mainly at the prefectural and district levels, with more in central and southern Anhui. Most enterprises have a credit rating of AA, and high - grade ones are concentrated in Hefei [46] Bond Issuance - In 2024, the number and scale of bonds issued by Anhui's urban investment enterprises decreased year - on - year. The net bond financing was - 46.364 billion yuan, with most cities having a net outflow [49][52] - From January to September 2025, Hefei had a relatively large net bond financing, while most other cities continued to have negative net financing [52] Solvency Analysis - By the end of 2024, the overall debt burden of Anhui's urban investment enterprises increased slightly. The debt burden of enterprises in Huaibei was relatively heavy [53] - Most cities' bond - issuing urban investment enterprises had a weak short - term debt coverage ratio. The bonds due in 2026 in Bozhou, Wuhu, Fuyang, and Ma'anshan are relatively large [53][55] Support of Fiscal Revenue - By the end of 2024, except for Chizhou and Huangshan, the combined debt of bond - issuing urban investment enterprises and local governments in other cities exceeded 10 billion yuan. The ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to "local comprehensive financial resources" in most cities exceeded 300.00%, with Huaibei and Bengbu exceeding 600.00% [62]

Investment Rating - The report indicates a positive outlook for the textile and apparel industry, emphasizing the need for technological innovation and green transformation as key drivers for future growth [1][3]. Core Insights - The textile and apparel industry is undergoing significant changes due to weakened cost advantages and increased environmental requirements, necessitating a shift towards technological innovation and green transformation [1][3]. - The "14th Five-Year Plan" highlights the importance of smart and green development paths, positioning the industry for modernization and enhanced competitiveness on a global scale [3][10]. - The report outlines two main development paths: smart upgrade through technological innovation and green transformation for sustainable development [4][7]. Summary by Sections Smart Upgrade - The report emphasizes the need for traditional technology upgrades and the promotion of intelligent manufacturing to enhance production efficiency and reduce operational costs [4][5]. - By 2027, significant improvements in production efficiency and cost reductions are expected in various sectors, including a 5% to 10% decrease in comprehensive costs in the dyeing industry [5]. - Leading companies are already investing in product innovation and technology development, leveraging digital and intelligent technologies to enhance competitiveness [4][6]. Green Transformation - The textile industry is characterized by high energy and water consumption, with the dyeing process accounting for over 10% of industrial water usage [7][8]. - From 2005 to 2024, the industry has seen a cumulative energy consumption reduction of over 65% per unit of output, with a 12% annual growth in the recycling of used textiles [8]. - The report identifies challenges in achieving comprehensive green transformation, including insufficient investment in environmental equipment by small and medium enterprises and the high costs of producing green fibers [8][9]. Policy Outlook - The report outlines the evolution of policies from focusing on technology and equipment innovation to emphasizing intelligent manufacturing and high-quality development [10][12]. - The "14th Five-Year Plan" establishes a dual focus on smart and green development, setting the macroeconomic tone for the next five years [10][12].

Investment Rating - The report indicates a positive outlook for the tourism industry, emphasizing a shift from scale-driven growth to a focus on quality and efficiency during the 14th Five-Year Plan period [4][12]. Core Insights - The tourism industry is positioned as a key driver for economic growth, with a focus on enhancing domestic demand, promoting deep integration of culture and tourism, and addressing shortcomings in inbound tourism services [4][10]. - The report highlights the need for systemic solutions to current structural issues, including supply-demand mismatches and product homogenization, to optimize consumption structure and enhance service quality [5][12]. Summary by Sections 1. Strengthening Domestic Demand - The report states that domestic tourism is expected to reach 5.615 billion trips and generate 5.75 trillion yuan in total spending in 2024, reflecting year-on-year growth of 14.8% and 17.1% respectively, surpassing pre-pandemic levels [5]. - It emphasizes the importance of implementing paid leave and promoting diverse service offerings to address the dual characteristics of price sensitivity and quality pursuit among consumers [6]. 2. Deep Integration of Culture and Tourism - The report notes a strategic elevation of the relationship between culture and tourism, aiming for a deeper integration that transforms culture from a supporting element to the core of tourism products [8][9]. - It identifies the need for innovative expressions of cultural resources and the use of technology to create immersive experiences, thereby enhancing the quality of tourism offerings [9]. 3. Addressing Shortcomings in Inbound Tourism - The report highlights that inbound tourism recovery lags behind domestic tourism, with only 30% of 2019 levels achieved in 2023, prompting the government to introduce various facilitation measures [10][11]. - It projects that inbound tourism will see significant recovery in 2024, with an expected 131.9 million inbound visitors, a 61% increase year-on-year, and 26.94 million foreign tourists, reflecting a 96% growth [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Tianjin has significant location advantages, a well - developed transportation network, and relatively strong comprehensive economic strength. In 2024, its per - capita GDP was in the upper level nationwide, and the urbanization rate was high. The government has promoted industrial innovation and optimized the industrial structure, showing a "tertiary - secondary - primary" economic development pattern. Although the general public budget revenue scale is in the middle - lower level nationwide, the revenue quality is good, the fiscal self - sufficiency rate is acceptable, and the overall debt risk is controllable [4]. - There are large differences in economic development among districts in Tianjin. Binhai New Area leads in economic aggregate. The fiscal strength of each district is also highly differentiated, with Binhai New Area being the strongest. By the end of 2024, local government debts were mainly concentrated in the municipal - level and Binhai New Area, and the debt scale of each district increased [4]. - With the support of national policies, Tianjin has taken multiple measures to resolve debts, effectively controlling the debt growth rate of urban investment enterprises, improving the debt term structure and financing channels, narrowing the issuance spread of urban investment bonds, and reducing the interest rate of interest - bearing implicit debts. The number of negative public opinions in the region has decreased [4]. - High - credit - rated bond - issuing urban investment enterprises in Tianjin are concentrated in the municipal - level and Binhai New Area. There are large differences in the scale of urban investment debts among districts. In 2025 from January to September, the net financing of bond - issuing urban investment enterprises in Tianjin was positive. In 2024, the municipal - level and Xiqing District had relatively good support and guarantee capabilities for "total debts of bond - issuing urban investment enterprises + local government debts" [4]. 3. Summary by Relevant Catalogs 3.1 Tianjin's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Tianjin is one of the four municipalities directly under the Central Government in China, with a superior geographical location, rich resources, and a well - developed land, sea, and air comprehensive transportation network. In 2024, the fixed - asset investment in comprehensive transportation was about 1.75 billion yuan [5][6]. - In 2024, Tianjin's GDP was 1.802432 trillion yuan, ranking 24th nationwide, with a growth rate of 5.1%. The per - capita GDP was 132,100 yuan, ranking 6th nationwide. The urbanization rate was 86.01%, much higher than the national average [9]. - The industrial structure has been optimized, showing a "tertiary - secondary - primary" pattern. In 2024, the added value of the tertiary industry was 1.152577 trillion yuan, a year - on - year increase of 5.5%, which was the main driving force for economic growth. The added value of high - tech manufacturing increased by 8.9% [12]. - Multiple policies support regional development, such as the "Tianjin Territorial Spatial Master Plan (2021 - 2035)" and a series of policies in 2024 to promote economic development [13]. 3.1.2 Fiscal Strength and Government Debt - In 2024, Tianjin's general public budget revenue scale was in the middle - lower level nationwide, with good revenue quality, an acceptable fiscal self - sufficiency rate, and an increase in government - funded revenue. The government debt burden was heavy, but the overall debt risk was controllable [19]. - In 2024, the local government debt ratio and debt - to - GDP ratio were 344.03% and 74.36% respectively, ranking 31st and 29th among provincial - level administrative regions [20]. 3.2 Economic, Fiscal, and Debt Management in Tianjin's Districts 3.2.1 Economic Strength of Districts - There are large differences in economic development among districts in Tianjin. Binhai New Area leads in economic aggregate, with a "1 + 3+4" industrial layout. The core six districts have a high proportion of high - tech industries, the four suburban districts benefit from industrial transfer, and the far - flung districts have different development levels [23][25]. - In 2024, most districts in Tianjin achieved varying degrees of economic growth. The GDP growth rate of Hongqiao District was the highest at 6.6% [29]. 3.2.2 Fiscal Strength of Districts - The fiscal strength of each district in Tianjin is highly differentiated, with Binhai New Area being the strongest. In 2024, Binhai New Area's general public budget revenue was 5.9649 billion yuan, leading among all districts [31]. - The growth rate of general public budget revenue varies among districts. In 2024, except for Hongqiao and Jizhou Districts, other districts achieved positive growth. The tax revenue proportion in general public budget revenue also varies, and the overall revenue quality is acceptable [32]. - The fiscal self - sufficiency rate of each district in 2024 was between 20.74% and 75.50%, with large differences. Hexi District had the highest fiscal self - sufficiency rate at 75.50% [33]. - The scale of government - funded revenue varies greatly among districts. In 2024, Binhai New Area ranked first with 1.3447 billion yuan. Except for some districts, other districts' government - funded revenue increased [38]. 3.2.3 Debt Management Measures and Results - By the end of 2024, local government debts in Tianjin were mainly concentrated in the municipal - level and Binhai New Area, and the debt scale of each district increased. Binhai New Area had the fastest growth rate of government debt balance [44][45]. - With the support of national policies, Tianjin has taken measures such as improving debt management systems, strengthening cooperation with financial institutions, debt replacement, and revitalizing stock assets to resolve debts [46]. - Through these measures, the debt growth rate of urban investment enterprises in Tianjin has been effectively controlled, the debt term structure and financing channels have been improved, the issuance spread of urban investment bonds has narrowed, the interest rate of interest - bearing implicit debts has decreased, some financing platforms have been cleaned up and merged, and negative public opinions in the region have decreased [50]. 3.3 Debt - Repayment Ability of Tianjin's Urban Investment Enterprises 3.3.1 Overview of Urban Investment Enterprises - As of the end of September 2025, there were 31 urban investment enterprises with outstanding bonds in Tianjin, including 4 at the municipal - level and 27 at the district - level. Binhai New Area had the largest number of bond - issuing urban investment enterprises [59]. - The credit ratings of bond - issuing urban investment enterprises are mainly AA +, and 2 enterprises' credit ratings were upgraded in 2024 [59][60]. 3.3.2 Bond - Issuing Situation - In 2024, the bond - issuing scale of Tianjin's urban investment enterprises decreased significantly year - on - year, and the net financing was in a net outflow state. In 2025 from January to September, the net financing turned positive [61][63]. 3.3.3 Debt - Repayment Ability Analysis - As of the end of 2024, the coverage of monetary funds for short - term debts of Tianjin's urban investment enterprises was weak, and most enterprises faced large short - term debt - repayment pressure. The debt scale of municipal - level and Binhai New Area's urban investment enterprises accounted for a high proportion, and there was a large concentrated repayment pressure in 2026 [65]. - In 2024, the cash flow from financing activities of Tianjin's urban investment enterprises was in a net inflow state [65]. 3.3.4 Support and Guarantee Ability of District - Level Fiscal Revenue for Urban Investment Enterprises' Debts - The ratio of "total debts of bond - issuing urban investment enterprises + local government debts" to "comprehensive fiscal revenue" in Tianjin's municipal - level and districts was between 300.00% and 1100.00%. Dongli District had the highest ratio at 1055.05%. The municipal - level and Xiqing District had relatively good support and guarantee capabilities [76].

Fundraising - The "14th Five-Year Plan" emphasizes the need to enhance the inclusiveness and adaptability of the capital market, aiming for better alignment between investment and financing functions[5] - State-owned capital has become the main contributor to China's private equity investment market, with social security funds and insurance capital increasingly active as long-term investors[6] - In 2024, China's social security fund's equity investment ratio is projected to be around 8.3%, while corporate annuities are below 5%, indicating significant room for growth in long-term capital allocation[6] Investment - The "15th Five-Year Plan" focuses on nurturing emerging and future industries, with equity investment targeting "early, small, long-term, and hard technology" sectors[8] - By 2024, the economic value added by the "three new" (new industries, new business formats, new business models) is expected to exceed 18% of GDP, highlighting its role as a new growth pillar[8] - In the first half of 2025, investment in hard technology sectors like AI and innovative drugs is expected to dominate, with over 70% of investment concentrated in IT, semiconductors, and biotechnology[9] Exit Strategies - The lack of smooth exit channels has been a key constraint on the high-quality development of the private equity market, prompting policy initiatives to enhance exit mechanisms[10] - The "15th Five-Year Plan" proposes improvements in merger and acquisition systems and market exit protocols to facilitate diverse exit channels[10] - Ongoing reforms aim to support unprofitable tech companies in going public, thereby enhancing the inclusivity and efficiency of the IPO process[11]