1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - 2024 was a turning - point for the convertible bond market, with the long - standing zero - default pattern broken. From 2024 - 2025, 5 convertible bonds defaulted, and many rating - downgrade events occurred. Credit risk became prominent, and the risk is rooted in the dual attributes of "bond nature" and "equity nature", resulting from the combination of issuer's short - board in qualification and market policy changes [2][4]. - The disposal of convertible bond risks presents a gradient path system of "regular resolution - extreme disposal". The choice of path is a comprehensive consideration of fundamentals, clause design, and external support. The market may face a peak of concentrated bond maturities in 2027, and the risk stratification will intensify [2][44]. 3. Summary by Relevant Catalog 3.1 Convertible Bond Risk Overview - **Substantial Default**: Since 2024, there have been 5 cases of substantial default in the convertible bond market. As of November 2025, 5 listed convertible bonds failed to repay the principal and interest on schedule, including bonds like "Soute Convertible Bond" and "Hongda Convertible Bond" [4][5][7]. - **Rating Downgrade**: Since 2019, 123 convertible bonds have experienced 270 rating downgrades. The number of downgrades increased significantly in 2024. The construction industry had the most downgrades (49 times), and industries such as chemical, textile and apparel also had over 20 downgrades [8][9]. - **Delisting**: As of now, 5 convertible bonds have delisted along with their underlying stocks. Among them, 3 have defaulted, and 2 are at high risk of default [13][15]. 3.2 Causes of Convertible Bond Risks 3.2.1 Operational Risk - From the Perspective of Bond Nature - The issuers of convertible bonds are mainly small and medium - sized private enterprises with weak qualifications. The proportion of high - grade credit ratings is low. As of October 2025, the proportion of AA+ and above high - grade subjects in the outstanding public convertible bonds was only 14.95% [14]. - **External Environmental Changes**: Convertible bond issuers are more sensitive to external environment changes. For example, local financial pressure affects municipal engineering - related bonds, the real - estate downturn impacts downstream industries, and emergencies and environmental protection policies also affect relevant bonds [16][17]. - **Downturn in Cyclical Industries**: In the downturn of cyclical industries such as agriculture, forestry, animal husbandry, and fishery, and the photovoltaic industry, the debt - paying ability of enterprises weakens, leading to high risks for convertible bonds. For instance, "Zhengbang Convertible Bond" and "Jingneng Convertible Bond" faced problems due to industry downturns [21][22]. - **Goodwill Impairment Risk**: High - premium mergers and acquisitions may lead to goodwill impairment, which can drag down the issuer's performance. In the 2024 annual reports of 522 non - directional convertible bond issuers, 110 had goodwill impairment, with a total impairment of 5.565 billion yuan [24][25]. - **Corporate Governance Defects**: Common governance defects in private enterprises, such as information disclosure violations, illegal activities by actual controllers or senior executives, and high - proportion equity pledges, are important incentives for convertible bond risks [29]. 3.2.2 Market Risk - From the Perspective of Equity Nature - **Weakness in the Equity Market**: It weakens the effectiveness of clause games. On one hand, the conversion value is compressed, and investors' willingness to convert decreases. On the other hand, the put - back pressure surges, which may trigger issuer's default [31][32]. - **Deterioration of Market Liquidity**: It can lead to a vicious cycle of "panic selling - price decline - liquidity exhaustion", especially affecting low - rated and low - liquidity convertible bonds [33]. - **Tightening of Delisting Rules**: The new delisting rules in 2024 have accelerated the clearance of weak - quality issuers, making the credit risk and delisting risk of convertible bonds closely related. Four types of convertible bond issuers need to be closely monitored [34][43]. 3.3 Analysis of Diversified Paths and Practical Characteristics of Convertible Bond Risk Disposal - **Clause Game**: Issuers can lower the conversion price to encourage investors to convert bonds, reducing their own debt - paying pressure. However, this method has certain requirements, such as obtaining shareholders' approval and reasonable adjustment range [45][48]. - **Early Redemption**: When the underlying stock price is too low to trigger the put - back clause, the issuer can redeem the convertible bonds in advance. But this requires sufficient cash flow [51]. - **Introduction of Strategic Investors**: When the issuer is in trouble, introducing strategic investors can help it get out of difficulties and improve its debt - paying ability [52]. - **Extreme Disposal**: When the issuer's operation deteriorates continuously, it may enter debt restructuring or bankruptcy liquidation procedures, usually causing significant losses to investors [55]. - **Risk End - Game**: With the implementation of new delisting rules, convertible bonds usually delist along with their underlying stocks. Delisted convertible bonds have a high risk of default [59]. 3.4 Future Outlook - **Batch Maturity**: The year 2027 may be a peak year for convertible bond maturities, which may lead to local liquidity pressure and credit risk [62]. - **Risk Release**: The decline in the conversion ratio weakens the "natural clearance" ability, the high proportion of low - rated convertible bonds amplifies credit risk, and the difference in exit methods reflects risk stratification [64][66][67]. - **Key Industries**: The chemical industry will face a peak of risk release in 2028, while the construction industry has a gentle maturity rhythm, but still needs to pay attention to the repayment ability of individual issuers [68][69][71].

股权投资行业信用风险展望（2025 年 11 月） 工商评级二部 丨 孔祥一 股权投资行业募资情况 股权投资行业投资情况 股权投资行业退出情况 股权投资行业信用风险展望丨 2026 摘要 公司邮箱：lianhe@lhratings.com 网址：www.lhratings.com 电话：010-85679696 传真：010-85679228 地址：北京市朝阳区建国门外大街 2 号中国人保财险大厦 17 层 www.lhratings.com 信用风险展望 0 2025 年以来，国家层面聚焦股权投资领域培育耐心资本、畅 通私募股权"募投管退"全流程、规范政府投资基金运作等 核心方向，出台了一系列举措。《中共中央关于制定国民经济 和社会发展第十五个五年规划的建议》围绕股权投资对现代 化产业体系的支撑作用深化聚焦，通过募资、投资、退出三 大维度构建政策闭环，为耐心资本壮大及创业投资高质量发 展铺就清晰路径。 2025 年前三季度，中国股权投资募资端和投资端均持续回 暖，完成募集基金数量和募资规模、投资案例数和投资金额 同比均有增长；退出端的下滑趋势较上半年有所收窄，在政 策鼓励引导下，并购类退出数量强势增长，IP ...

Investment Rating - The report does not explicitly provide an investment rating for the cable television industry Core Insights - The cable television industry is a crucial information infrastructure for the country and is under pressure from new media and internet competition, despite some user recovery due to policy interventions [2][14] - As of Q3 2025, the actual number of cable television users reached 207 million, showing a slight decline of 0.96% compared to the end of 2024, but a quarter-on-quarter increase of 0.49% [4][35] - The total revenue of the broadcasting and television service industry in the first three quarters of 2025 was 1,048.919 billion yuan, representing a year-on-year growth of 4.59% [4] Industry Operation Status - The broadcasting and television service industry saw total revenue of 1,048.919 billion yuan in the first three quarters of 2025, with actual revenue of 193.4598 billion yuan, up 4.31% year-on-year [4] - The revenue from broadcasting institutions was 446.904 billion yuan, up 6.73%, while revenue from online audio-visual service institutions was 602.015 billion yuan, up 3.05% [4][7] - The cable television network revenue has shown limited fluctuation, indicating a stable but pressured revenue stream [5] Competitive Landscape - The cable television industry faces significant user diversion due to the growth of new media, broadband networks, and mobile communications [11] - As of Q3 2025, the number of mobile internet users reached 1.269 billion, with video app monthly active users at 799 million, accounting for 62.96% of total internet users [11] - The short video sector has also seen explosive growth, with 1.129 billion monthly active users as of September 2025 [11] Policy Developments - In 2025, significant progress was made in hotel television governance and simplification of remote controls, which helped facilitate user recovery [16] - New standards for residential projects were implemented to ensure the inclusion of cable television systems, enhancing the infrastructure for broadcasting services [17] Company Performance - Among the eight sample companies, only three reported revenue growth: Jishi Media, Jiangsu Cable, and Huashu Media, with growth rates of 3.00%, 2.79%, and 0.92% respectively [18] - The remaining five companies experienced revenue declines, with Guizhou Network and Shaanxi Broadcasting facing the most significant drops of -27.63% and -22.16% [19] - Profitability varied, with Jiangsu Cable's profit increasing by 6.08%, while Huashu Media's profit decreased by 11.36% [24] Financial Health - The average debt-to-asset ratio for sample companies was 56.19%, with some companies exceeding 80%, indicating high leverage [28] - Cash flow from investment activities was generally negative, with several companies relying on external financing to meet their needs [32] Summary - The cable television industry is experiencing user recovery due to policy support, but it continues to face intense competition from new media and the internet [35] - Revenue growth is uneven among companies, with many facing losses and increasing debt levels, while the impact of 5G services on performance remains limited [35]

Report's Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - Since 2024, with the rapid implementation of debt - resolution policies, Sichuan Province has achieved orderly resolution of implicit debts, a continuous decrease in the number of financing platforms, and optimization of the debt structure of urban investment companies. However, there are still some pressures on debt repayment and liquidity in some regions. The financial fundamentals of urban investment companies are difficult to improve significantly. In the future, the resolution of operating debts depends on the substantial transformation of urban investment companies and the enhancement of their self - hematopoietic ability to achieve a new balance between economic development and debt resolution [3][5]. Summary of Each Section I. Sichuan Province's Debt Management Situation - **Overall situation**: Since 2024, with the rapid implementation of debt - resolution policies, the number of local government financing platforms in Sichuan has been significantly reduced. The province has taken various measures to resolve implicit debts, and the debt - repayment pressure has been relieved to some extent. For example, in 2024, Sichuan issued 5079.2 billion yuan of local government bonds, of which 1982 billion yuan was used to replace existing debts [5][6]. - **City - level situation**: Different cities in Sichuan have different debt management measures and effects. For example, Chengdu issued 473.3 billion yuan of refinancing special bonds to replace existing implicit debts; Mianyang used 171.96 billion yuan of refinancing special bonds (issued in three years from 2024 - 2026) to replace existing implicit debts; Yibin established a risk - prevention and control mechanism and completed the annual debt - resolution task [6]. II. Changes in Financial Indicators of Urban Investment Companies Investment - **Overall in Sichuan**: From 2022 to June 2025, the scale of the three types of investments (urban - construction assets, self - operated assets, equity, and fund - investment assets) of urban investment companies in Sichuan increased year by year, but the growth rates declined. The proportion of urban - construction assets decreased, while the proportion of equity and fund - investment assets increased. In 2024, the growth rate of urban - construction assets, equity and fund - investment assets, and self - operated assets decreased to 5.56%, 18.23%, and 3.53% respectively from 15.32%, 26.00%, and 13.30% in 2022 [10][11]. - **Regional differences**: In 2024, the total asset scale of enterprises in Chengdu was much larger than that in other cities. The growth rates of the three types of investments in Yibin, Nanchong, Ya'an, and Leshan were relatively high, while the investment scale in Dazhou and Panzhihua decreased [12][13]. Receivables - **Overall in Sichuan**: From 2022 to the end of 2024, the accounts - receivable scale of urban investment companies in Sichuan continued to expand, but the growth rate slowed down. The cash - income ratio remained at a relatively high level [14]. - **Regional differences**: At the end of 2024, the accounts - receivable scale of urban investment companies in Chengdu accounted for more than half of the province, and the collection pressure needed to be relieved. The growth rates of accounts - receivable in Meishan, Bazhong, and Yibin were relatively fast, while those in Dazhou, Luzhou, Panzhihua, and Ya'an decreased. The cash - income ratios in Nanchong and Panzhihua were high, while those in Guang'an, Chengdu, and Yibin were relatively low [15][17]. Fundraising - **Overall in Sichuan**: From 2022 to 2024, the net cash inflow from fundraising activities of urban investment companies in Sichuan decreased year by year. In 2024, except for Ya'an, Dazhou, and Luzhou, the fundraising activities of urban investment companies in other cities had net cash inflows, and the net inflow scale of most cities decreased year - on - year [18]. - **Regional differences**: In 2024, the cash inflow and outflow of fundraising activities of urban investment companies in Chengdu accounted for more than 60% of the province. The fundraising activities of different cities varied significantly. The net cash inflow of fundraising activities in Yibin was relatively large [18]. Interest - bearing Debt - **Overall in Sichuan**: From 2022 to June 2025, the debt scale of urban investment companies in Sichuan continued to grow, but the growth rate slowed down. The debt - term structure was mainly long - term debt. After the implementation of the "package debt - resolution plan", bank - loan financing increased, and the proportion of bond and other financing decreased [20][21]. - **Regional differences**: At the end of 2024, the debt scale of Chengdu accounted for nearly 70% of the province. The debt - growth rates in Meishan, Zigong, Ziyang, and Yibin were relatively fast. The proportion of short - term debt in some regions was relatively high. The bank - financing growth rates in Yibin, Guang'an, and Zigong were relatively high in 2024, and most cities' bond financing showed a net outflow [20][23]. Debt - repayment Ability - **Overall in Sichuan**: From 2022 to June 2025, the asset - liability ratio and total - debt capitalization ratio of urban investment companies in Sichuan increased year by year. The cash - to - short - term - debt ratio decreased from 2022 to the end of 2024 and rebounded significantly at the end of June 2025 [25][26]. - **Regional differences**: The debt burdens of urban investment companies in Mianyang, Chengdu, Guangyuan, and Yibin were relatively heavy, while those in Ya'an, Guang'an, and Liangshan were relatively light. The short - term debt - repayment pressures in Zigong, Suining, Leshan, and Yibin were relatively large, while those in Chengdu and Guang'an were relatively small [26]. III. Summary - Since 2024, through debt monetization and market - oriented transformation, the investment growth rate of urban investment companies in Sichuan has gradually slowed down, and the investment structure has been continuously adjusted. The debt scale has continued to grow, but the growth rate has slowed down. The proportion of bank financing has increased year by year. However, the overall debt burden of urban investment companies in Sichuan has continued to increase, and regional differences are obvious. In the context of large fiscal revenue and expenditure pressures, it is still difficult to significantly improve the financial fundamentals of urban investment companies [28].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zhejiang Province has made phased achievements in debt resolution through multiple measures such as seeking superior funds, issuing special refinancing bonds, and controlling project investments. The province's 11 prefecture - level cities have formed a pattern of "full - scale promotion and gradient clearance" around debt reduction goals, with some regions achieving zero implicit debt and "dual zero" goals. At the same time, Zhejiang's urban investment enterprises' debt scale continues to grow but at a slower pace, with an optimized financing structure, and the short - term debt ratio has slightly increased. However, challenges remain, including regional differentiation, continued growth in accounts receivable in some areas, slowdown in investment growth, and insufficient self - hematopoietic ability in some urban investment enterprises. Therefore, it's necessary to plan for debt resolution and market - oriented transformation of urban investment enterprises simultaneously to improve their operational efficiency and risk - resistance ability [3][9][34]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Debt Control Situation - **Seeking Superior Funds**: In 2024, Zhejiang obtained 69.764 billion yuan in ultra - long - term special treasury bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan used for project construction, accounting for 9.1% of the national total, and 37.8 billion yuan for the completion of existing government investment projects [5]. - **Implicit Debt Replacement**: In 2024, the Ministry of Finance allocated a local government debt limit of 244.2 billion yuan to Zhejiang in three - year installments (81.4 billion yuan per year from 2024 - 2026). In 2024 and 2025, Zhejiang (including Ningbo) fully used the "special bonds for implicit debt replacement" quota of 81.4 billion yuan each year. The issuance of special refinancing bonds in 2025 was faster than the national average, which lowered the average financing cost of urban investment enterprises [5]. - **Controlling Project Investment**: Cities like Jiaxing and Taizhou proposed to control project investment to prevent new debt. They sorted out and reviewed existing government investment projects, strengthened support for key projects, and carefully considered or postponed non - urgent projects. They also tightened the review of new projects and coordinated the connection between the fiscal budget and the government investment plan [6]. - **Regional Achievements**: As of the end of September 2025, some regions in Zhejiang, such as Lin'an District and Chun'an County in Hangzhou, Zhoushan City, etc., achieved zero implicit debt, and some areas completed the "dual zero" goals of implicit debt resolution and platform exit. More than 600 urban investment platforms in Zhejiang have exited, accounting for half of the national total during the same period [9]. 3.2 Changes in Financial Indicators of Zhejiang's Urban Investment Enterprises 3.2.1 Investment - **Overall Situation in Zhejiang**: From 2022 to June 2025, the investment scale of urban - construction assets, self - operated assets, and equity and fund investments of Zhejiang's urban investment enterprises continued to grow, but the growth rate of urban - construction assets and equity and fund investments slowed down. By the end of June 2025, the growth rates of these three types of assets further decreased. The proportion of urban - construction assets decreased to 69.90% but remained the main asset component [13]. - **Regional Differences**: Most cities' total investment and urban - construction asset investment increased. The growth rates of Wenzhou, Shaoxing, Huzhou, and Zhoushan were below 10%, while the other seven cities exceeded 10%. In 2024, the growth rate of urban - construction assets in all cities slowed down, and the growth rates of self - operated assets in most cities increased. The growth rate of equity and fund investments decreased in half of the regions [14]. 3.2.2 Receivables - **Overall Situation in Zhejiang**: From 2022 to June 2025, the accounts receivable of Zhejiang's urban investment enterprises continued to grow, but the growth rate decreased in 2024 and June 2025. In 2024, the cash income ratio was relatively good, which may be affected by multiple factors such as the slowdown of project settlement and the change in the business structure [16]. - **Regional Differences**: At the end of 2024, the accounts receivable of urban investment enterprises in Hangzhou, Ningbo, and Huzhou exceeded 50 billion yuan, while those in Quzhou, Lishui, and Zhoushan were below 20 billion yuan. Except for Jinhua, the growth rate of accounts receivable in other cities exceeded 10% [18]. 3.2.3 Financing - **Overall Situation in Zhejiang**: From 2022 to 2024, the cash inflow and outflow of financing activities of Zhejiang's urban investment enterprises increased year by year, with a net inflow that fluctuated and decreased, mainly due to policy restrictions on new financing in 2024. The financing structure was optimized, with bank borrowing as the main channel and an increasing proportion of bank financing [20][25]. - **Regional Differences**: In 2024, the cash inflow of financing activities in Hangzhou, Shaoxing, Ningbo, and Huzhou exceeded 500 billion yuan. The net inflow of financing activities was positive in all cities, with significant regional differences. The net inflow in Zhoushan was only 6 billion yuan, while those in Hangzhou, Ningbo, and Jiaxing exceeded 100 billion yuan [20][23]. 3.2.4 Interest - Bearing Debt - **Overall Situation in Zhejiang**: By the end of June 2025, the debt scale of Zhejiang's urban investment enterprises continued to grow, but the growth rate slowed down from 22.55% in 2023 to 8.53%. The debt was mainly long - term, with a slightly increased proportion of short - term debt. The financing structure was optimized, with bank borrowing accounting for nearly 70% [25][26]. - **Regional Differences**: The debt scale of urban investment enterprises in Hangzhou, Shaoxing, Ningbo, and Huzhou ranked among the top, exceeding 1 trillion yuan in total. In 2024, the debt growth rates of urban investment enterprises in Jiaxing, Quzhou, Taizhou, and Lishui exceeded 15%. The proportion of short - term debt in some regions increased [26]. 3.2.5 Debt - Servicing Ability - **Overall Situation in Zhejiang**: From 2022 to June 2025, the overall debt burden of Zhejiang's urban investment enterprises continued to rise, and the cash - to - short - term - debt ratio fluctuated and decreased. Since 2025, with increased debt resolution efforts and support from financial institutions, the short - term debt - servicing ability has improved [29][33]. - **Regional Differences**: The debt burdens of urban investment enterprises in Shaoxing, Taizhou, Jinhua, Hangzhou, and Jiaxing were relatively heavy. The cash - to - short - term - debt ratio of cities in Zhejiang ranged from 0.3 to 0.5 times, with Lishui having the highest ratio. In 2025, the short - term debt - servicing ability of all cities improved to some extent [33].

Core Insights - The report highlights a collaborative initiative by six departments to enhance the adaptability of supply and demand in consumer goods, aiming to create a long-term mechanism that drives industrial upgrades through consumption upgrades [2][3] - The focus is on breaking down barriers in the entire chain from demand identification to supply response, financial support, and market environment, marking a shift from short-term measures to a systematic approach [2] Group 1: Policy Intent and Focus Areas - The core policy intent is to establish a dynamic matching mechanism by simultaneously addressing both supply and demand sides, utilizing big data analysis and consumption trend forecasting to identify and create new demands, particularly in green, smart, and health-oriented consumption [2] - On the supply side, the initiative encourages enterprises to shift from "producing what is sold" to "producing based on demand" and even "creating demand through intelligent production," promoting personalized customization and scenario-based solutions [2] Group 2: Impact on Industries and Credit Fundamentals - The implementation of this initiative is expected to accelerate credit differentiation among consumer goods-related industries, benefiting companies that can quickly respond to policy directions and possess strong product innovation capabilities, particularly in smart home, national trend culture, and green consumption sectors [3] - Conversely, companies that are slow to transform and have serious product homogeneity will face greater market pressure, while the emphasis on quality standards and consumer rights protection will raise compliance thresholds, favoring leading companies that meet regulatory and technical standards [3] Group 3: Bond Market Insights - In the bond market, a total of 632 credit bonds were issued this week, with an average interest rate of 2.09%, reflecting a year-on-year increase of 4 basis points [5] - The average interest rate for one-year AA+ rated bonds saw a significant year-on-year increase of 48 basis points, while AAA rated bonds experienced a decrease of 9.36 basis points [5][6]

Investment Rating - The report indicates a stable credit outlook for the consumer electronics industry, with expectations of manageable credit risks despite potential short-term adjustments in 2026 [6][40]. Core Insights - The consumer electronics industry is driven by three core factors: AI technology empowerment, product iteration upgrades, and the trend towards high-end consumption. The market is expected to continue its recovery, with significant growth in demand stimulated by national policies [6][7]. - The global consumer electronics market is projected to exceed USD 800 billion in 2024, reflecting a year-on-year growth of 4.8%. The industry is entering a phase of stable growth, with strong performance in smartphones, PCs, and tablets [7][8]. - The industry is experiencing a structural differentiation, with high-end markets showing robust growth while mid-to-low-end markets face challenges due to increased competition and cost pressures [40][41]. Industry Fundamentals - The consumer electronics industry has shown a recovery trend, with significant revenue and profit growth in 2025. The total operating revenue increased by 20.49% year-on-year, while operating profit rose by 22.45% [26][27]. - The industry has undergone a complete cycle of "chip shortages—inventory pressure—AI technology breakthroughs—inventory recovery," leading to improved market conditions [7]. - AI technology is a key driver, with generative AI smartphones expected to account for 30% of total smartphone shipments by 2025. The penetration rate of smart home devices is projected to reach 37% [8][9]. Financial Performance - As of September 2025, the financial leverage of consumer electronics companies has increased but remains at a low level. The debt-to-capitalization ratio and asset-liability ratio have risen, indicating a stable financing environment [29][30]. - The industry's profitability has stabilized, with operating profit margins and return on assets remaining consistent compared to the previous year [27][28]. - Short-term debt repayment indicators have weakened, but the overall debt risk is considered manageable due to the industry's upward cycle driven by AI technology and policy support [32]. Market Conditions - The credit status of the consumer electronics industry is stable, with a predominance of short-term financing instruments. The credit spread has narrowed, reflecting improved market expectations for corporate credit quality [35][36]. - The industry has seen a concentration of bond issuances, primarily in short-term financing, indicating potential repayment pressures [36][37]. Competitive Landscape - The global smartphone market exhibits a high concentration, with Apple holding a 62% market share in the high-end segment. The mid-to-low-end market is characterized by intense competition among brands like Samsung, Xiaomi, and Transsion [17][18]. - The PC and tablet markets also show high concentration, with leading companies leveraging supply chain advantages and R&D capabilities to maintain dominance [20][21]. Policy and Regulatory Environment - The national "Two New" policy has stimulated demand for consumer electronics, with expectations of continued support through targeted subsidies even after the policy's official end in December 2025 [12][16]. - The government has allocated significant funding to support large-scale equipment updates and consumer product replacements, which is expected to further boost market demand [13][14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the "Package Debt Resolution Plan," Chongqing has achieved phased results in debt resolution through multiple measures such as financial debt resolution, special refinancing bonds, and state - owned asset revitalization [3]. - The investment structure of Chongqing's urban investment companies is continuously adjusting, with the proportion of urban construction assets decreasing and new investments shifting towards self - operated assets, equity, and fund investments [35]. - There are significant regional differences in the refinancing ability and market - oriented transformation degree of urban investment companies in Chongqing. Strong regions can rely on resource advantages to participate in market - oriented businesses, while weak regions may still depend on the overall debt - resolution arrangements of Chongqing [35]. 3. Summary According to Relevant Catalogs 3.1 Chongqing's Debt Management Situation - **Policy and Mechanism**: Chongqing government and financial regulatory authorities have introduced policies, held meetings, and established debt risk early - warning and monitoring mechanisms to prevent systemic financial risks [6]. - **Debt - Resolution Measures and Achievements** - **Financial Debt Resolution**: In 2023, Chongqing signed cooperation agreements with 21 financial institutions. In 2023, the first 50 million yuan silver - group loan to replace non - standard debt was successfully issued in Yubei District. Banan District obtained a 4.534 billion yuan silver - group loan, and in 2025, Wanzhou District completed the first silver - group loan in Northeast Chongqing [7]. - **Special Refinancing Bonds**: From 2023 to October 2025, the issuance scale of special refinancing bonds in Chongqing was 72.6 billion yuan, 75.4 billion yuan, and 75.4 billion yuan respectively, which helped replace high - interest debts [9]. - **State - owned Asset Revitalization**: Since 2024, Chongqing's state - owned enterprises have revitalized over 180 billion yuan of assets and recovered over 70 billion yuan of funds through various means. In 2024, Chongqing's non - tax revenue increased by 11.3% [9]. - **Remarkable Debt - Resolution Results in Some Areas**: Jiangbei, Shapingba, Jiangjin, Qijiang, Wuxi, Fuling, Dazu, and Chengkou have achieved significant results in debt resolution, such as reducing implicit debts, optimizing debt structures, and reducing financing costs [9]. 3.2 Changes in Financial Indicators of Urban Investment Companies - **Investment** - **Overall Situation**: From 2022 to June 2025, the total assets of Chongqing's urban investment companies continued to grow, with a compound growth rate of 7.06%. The growth was mainly driven by self - operated assets, equity, and fund investments, while the growth rate of urban construction assets decreased significantly [15]. - **Regional Differences**: Urban construction assets in the municipal and Liangjiang New Area are significant. Self - operated assets, equity, and fund investments are concentrated in municipal - level urban investment companies. The investment structures of different regions vary, with the municipal - level having a more balanced asset structure [17][18]. - **Receivables** - **Overall Situation**: From 2022 to June 2025, the accounts receivable of Chongqing's urban investment companies continued to grow, mainly concentrated in the central urban area and the new urban area of the main city [21]. - **Regional Differences**: Regions with large accounts receivable include Banan, Nan'an, Jiulongpo, Hechuan, Jiangjin, Bishan, and Wanzhou. Regions with large growth rates include the municipal - level, Tongnan, and Wulong [21]. - **Financing** - **Overall Situation**: In 2024, the net cash inflow from financing activities of Chongqing's urban investment companies decreased significantly. In the first half of 2025, the net cash inflow from financing activities of most regional urban investment companies increased [23]. - **Regional Differences**: In 2024, the net financing was concentrated in municipal - level urban investment companies, and 22 districts and counties had net cash outflows from financing activities. In the first half of 2025, most regions had net cash inflows from financing activities [24]. - **Interest - Bearing Debt** - **Overall Situation**: At the end of 2024, the total debt of Chongqing's urban investment companies remained almost the same as the previous year. The debt was mainly long - term, and the proportion of short - term debt remained stable. Bank financing increased, while bond financing and other financing decreased [26][27]. - **Regional Differences**: At the end of 2024, the debt of most districts and counties in the central urban area, the new urban area of the main city, and Northeast Chongqing decreased. Some regions had a relatively high proportion of short - term debt, and some regions were highly dependent on bond financing [27][28]. - **Bond Financing** - **Overall Situation**: From 2022 - 2023, Chongqing's urban investment bonds had a large - scale net inflow. In 2024, they showed a net repayment, and from January - October 2025, the net repayment scale increased [32]. - **Regional Differences**: From 2024 to the end of October 2025, some regions such as the municipal - level, Liangjiang New Area, and Yubei had net inflows of urban investment bonds, while others had net repayments [32]. - **Debt - Servicing Ability** - **Overall Situation**: At the end of 2024, the overall debt burden of Chongqing's urban investment companies remained stable, but the short - term debt - servicing pressure increased [33]. - **Regional Differences**: Most districts and counties controlled the total debt capitalization ratio within 60% and the asset - liability ratio within 65%. Some regions had a heavy debt burden, and most regions had a large short - term debt - servicing pressure [33]. 3.3 Summary - **Debt - Resolution Achievements**: Since the second half of 2023, Chongqing has effectively curbed new debt, optimized the debt term structure in some districts and counties, reduced bond financing and other financing scales, and alleviated the debt burden in most districts and counties [35]. - **Investment Structure Adjustment**: The "Document 47" has effectively managed government investment projects, and the investment structure of urban investment companies in Chongqing has been continuously adjusted [35]. - **Regional Differences**: There are differences in the refinancing ability and market - oriented transformation degree among regions. Strong regions can enhance their self - hematopoietic ability, while weak regions may rely on the overall debt - resolution arrangements of Chongqing [35].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - In 2024, due to the decline in domestic coal prices, Shanxi's GDP growth slowed and economic development faced pressure. The general public budget revenue increased slightly, while the government - funded revenue decreased. The provincial government debt scale grew, but the overall debt burden was relatively light. There were disparities in the economic and fiscal strength among cities in Shanxi. The provincial government refined the debt - reduction plan and strengthened debt risk management [4]. - The number of bond - issuing urban investment enterprises in Shanxi was small, mainly at the prefecture - level. Taiyuan had nearly half of the outstanding bond scale. Some cities' urban investment enterprises faced short - term debt repayment pressure. Except for Taiyuan, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources in other cities was less than 200% [4]. Group 3: Summary by Directory 1. Shanxi's Economic and Fiscal Strength 1.1 Regional Characteristics and Economic Development - Shanxi had obvious advantages in natural resources, with a coal - based industrial structure. In 2024, coal prices fell, leading to slower GDP growth and economic pressure. It faced challenges in industrial upgrading and structural adjustment. The province had a well - developed transportation network and rich tourism resources. The permanent population was decreasing, and the urbanization rate was lower than the national average [5][6][8]. - In 2024, Shanxi's GDP and per - capita GDP ranked in the middle of the country. The nominal GDP declined due to the drop in coal prices. Infrastructure and manufacturing investment growth turned positive, but fixed - asset investment still faced pressure. The coal industry was affected, with a 7.2% decline in coal production. The province was promoting traditional industry transformation and emerging industry cultivation [9][10][13]. 1.2 Fiscal Strength and Debt Situation - In 2024, Shanxi's general public budget revenue increased slightly, ranking 13th in the country. Tax revenue decreased, while non - tax revenue increased significantly. Government - funded revenue declined due to the real - estate market slump. The proportion of superior subsidy revenue in the local comprehensive financial resources increased. The local government debt rate and debt - to - GDP ratio were relatively low, with a light overall debt burden [16][17][18]. 2. Economic and Fiscal Strength of Cities in Shanxi 2.1 Economic Situation of Cities - Most cities in Shanxi were resource - based, with economies highly correlated with coal. Taiyuan had a relatively mature industrial structure and was far ahead in economic strength. In 2024, Taiyuan's GDP accounted for 21.25% of the provincial total. Only Taiyuan and Jincheng had per - capita GDP higher than the national average. In 2025, the GDP of all cities grew, but some cities' economic growth was weak [19][23][24]. 2.2 Fiscal Strength and Debt Status of Cities - There were significant disparities in fiscal strength among cities. Taiyuan was much stronger than others, with the highest government debt scale. In 2024, most cities' general public budget revenues decreased. Superior subsidy revenue contributed significantly to the comprehensive financial resources of many cities. The government debt rate of all cities increased, with Yangquan having the highest debt rate [27][28][33]. - Shanxi refined the debt - reduction plan, accelerated the reduction of financing platforms, strengthened financial risk prevention, and proposed "dual - reduction targets" to manage local debt risks. Special refinancing bonds were issued to replace implicit debt [34]. 3. Debt - Repayment Ability of Urban Investment Enterprises in Shanxi 3.1 Overview of Urban Investment Enterprises - As of October 2025, there were 17 bond - issuing urban investment enterprises in Shanxi, mainly at the prefecture - level. Taiyuan accounted for nearly half of the outstanding bond scale. Some cities had no outstanding urban investment bonds [37]. 3.2 Bond - Issuing Situation of Urban Investment Enterprises - In 2024, the bond - issuing of urban investment enterprises in Shanxi increased significantly. AA + - level and above enterprises were the main issuers. In 2024 and the first nine months of 2025, the bond financing of urban investment enterprises turned to net repayment, and the net repayment scale expanded [39][40]. 3.3 Debt - Repayment Ability Analysis - At the end of 2024, Taiyuan's bond - issuing urban investment enterprises had a large interest - bearing debt scale and a relatively heavy debt burden. Most cities' short - term debt - repayment indicators declined. In 2026, Taiyuan had a large amount of due urban investment bonds, facing concentrated repayment pressure [41]. 3.4 Support and Guarantee Ability of Fiscal Revenue of Cities for Urban Investment Enterprises' Debt - Limited by economic and fiscal strength, most cities in Shanxi had few bond - issuing urban investment enterprises with small scales. Except for Taiyuan, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources in other cities was less than 200% [47].

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In the first three quarters of 2025, the issuance scale and net financing of local government bonds reached a record high for the same period, with the 2 - trillion - yuan implicit debt replacement nearing completion. The fourth - quarter government bond supply pressure is expected to decline, and the incremental fiscal policy will maintain its previous positive tone, with ample room for future action. The bond market interest rate is expected to fluctuate downward within a certain range, and efforts will continue to be made to resolve debts while promoting development and build a long - term government debt management mechanism [2][32][34]. 3. Summary According to the Directory 3.1 Local Government Bond - Related Policy Review - Fiscal policy: A more active fiscal policy is implemented, with a larger - scale government bond issuance plan. The fiscal deficit rate is increased to about 4%, and the deficit scale is 5.66 trillion yuan. The planned issuance of ultra - long - term special treasury bonds is 1.3 trillion yuan, and special treasury bonds of 500 billion yuan are to support state - owned banks in replenishing core tier - one capital. The new local government special bond quota is 4.4 trillion yuan. The government also promotes the early issuance and use of bonds and guides and drives social capital [4][5][6]. - Debt replacement: The implicit debt replacement policy is accelerated, with a 6 - trillion - yuan local government debt quota approved to replace the stock implicit debt from 2024 - 2026, 2 trillion yuan per year. Additionally, 80 billion yuan is allocated from new local government special bonds annually for five consecutive years for debt resolution. The debt - risk - high area list is dynamically adjusted [7][8]. - Debt management: The local debt monitoring system and government debt risk indicator system are improved, and the special bond management mechanism is optimized. Penalties for illegal debt - raising and false debt - resolution are strengthened, and the reform and transformation of local government financing platforms are promoted [9]. 3.2 Review of the Local Government Bond Market in the First Three Quarters of 2025 - **Issuance overview**: In the first three quarters of 2025, 1,816 local government bonds were issued, totaling 8.53 trillion yuan, a 27.60% increase year - on - year. Special bonds accounted for 75.96% of new issuances. New bonds were issued at 4.35 trillion yuan, and refinancing bonds at 4.18 trillion yuan, with 1.99 trillion yuan of special refinancing special bonds for implicit debt replacement. The net financing was 6.15 trillion yuan, a 54.24% increase. The issuance of land reserve special bonds accelerated in Q3. The issuance of bonds with a term of 10 years or more increased, and the weighted average issuance term was 15.63 years. Economically active regions and "self - review and self - issuance" pilot areas were the main issuers of new special bonds, while key provinces mainly issued refinancing bonds [13][19][20]. - **Interest rate and spread analysis**: In Q3 2025, the average issuance interest rate of local government bonds rebounded due to multiple factors. The average issuance interest rates in Q1, Q2, and Q3 were 1.94%, 1.85%, and 2.01% respectively. The spread widened in the first three quarters of 2025, and there were significant differences in the spread trends among provinces [22][23]. - **Investment areas of local government special bonds**: In the first three quarters of 2025, infrastructure was the main focus of special bond funds. The top three investment areas were urban infrastructure, transportation infrastructure construction, and urban - rural development, accounting for 51.95% of the total. Land reserve special bonds for idle land recovery projects restarted, with an issuance amount accounting for 7.01% [29]. 3.3 Future Outlook for Local Government Bonds - **Issuance outlook**: In the fourth quarter, the government bond issuance will enter the final stage, with reduced supply pressure. The new local government debt quota for 2026 is expected to be issued more quickly. The planned issuance of local government bonds in Q4 is 1.26 trillion yuan, including 730 billion yuan of new special bonds [32]. - **Fiscal policy outlook**: The fiscal policy will maintain its previous positive tone in Q4, with funds tilted towards large economic provinces. The government will strengthen the supervision of relevant funds and project lifecycle management [34]. - **Interest rate outlook**: The bond market interest rate is expected to fluctuate downward within a certain range, affected by multiple factors such as monetary policy, market sentiment, and policy changes [35]. - **Debt management outlook**: The principle of resolving debts while promoting development will be adhered to, and efforts will be made to build a long - term government debt management mechanism. The government will continue to implement a package of debt - resolution measures, strengthen debt management, and improve the performance of bond fund use [36][37].