Report Industry Investment Rating - No relevant content provided Core Viewpoints of the Report - In April 2025, the issuance scale of enterprise asset - backed securities continued to rise, and the issuance cost continued to decline. The number of issued securities increased by 30 compared with the previous month, and the issuance scale rose by 22.13%. Compared with the same period of the previous year, the number of issued securities increased by 45, and the issuance scale rose by 68.09%. The interest rate median of one - year - around AAAsf - rated securities decreased by about 17BP month - on - month and about 37BP year - on - year [4][21] Summary by Relevant Catalogs Issuance Situation - In April 2025, 150 enterprise asset - backed securities were issued, with a total issuance scale of 132.149 billion yuan. Compared with the previous month, the number of issuances increased by 30, and the scale rose by 22.13%. Compared with the same period of the previous year, the number increased by 45, and the scale rose by 68.09%. The Shanghai Stock Exchange issued 111 products with an amount of 108.18 billion yuan (81.86% in proportion), and the Shenzhen Stock Exchange issued 39 products with an amount of 239.69 billion yuan (18.14% in proportion) [4][5] - The top five original equity holders in terms of issuance scale were CITIC Trust Co., Ltd. (10 billion yuan, 7.57%), Shandong Tonghui Jatai Financial Leasing Co., Ltd. (7.984 billion yuan, 6.04%), China Kangfu International Leasing Co., Ltd. (6.968 billion yuan, 5.27%), Ping An International Financial Leasing Co., Ltd. (6.029 billion yuan, 4.56%), and Shenghe (Shenzhen) Commercial Factoring Co., Ltd. (5.485 billion yuan, 4.15%). The total issuance scale of the top five was 36.466 billion yuan (27.59%), and that of the top ten was 52.986 billion yuan (40.10%) [6] - The top five managers in terms of new management scale were Huatai Securities (Shanghai) Asset Management Co., Ltd. (14.06%), CITIC Securities Co., Ltd. (13.61%), China International Capital Corporation Limited (9.39%), Ping An Securities Co., Ltd. (8.27%), and Shanghai Guotai Junan Securities Asset Management Co., Ltd. (8.17%). The total new management scale of the top five was 70.297 billion yuan (53.50%), and that of the top ten was 96.968 billion yuan (73.80%) [6][11] - The underlying asset types of the issued products mainly included enterprise financial leasing, personal consumer finance, quasi - REITs, supply chain, and policy loan. Enterprise financial leasing accounted for 21.73% in scale with 26 products issued, personal consumer finance accounted for 18.42% with 31 products issued, and quasi - REITs accounted for 12.89% with 6 products issued [4][12] - The highest single - product issuance scale was 7.984 billion yuan, and the lowest was 0.46 billion yuan. The number of products with a single - product issuance scale in the (5, 10] billion yuan range was the largest, with 61 products and an amount accounting for 38.25% [13] - The shortest product term was 0.30 years, and the longest was 48.03 years. The number of products with a term in the (1, 3] - year range was the largest, with 84 products and a scale accounting for 43.55% [14][15] - According to the issuance scale of securities at each level, AAAsf - rated securities accounted for 89.29%, AA + sf - rated securities accounted for 5.41%, AAsf - rated securities accounted for 0.23%, AA - sf - rated securities accounted for 0.20%, Asf - rated securities accounted for 0.33%, BBB + sf - rated securities accounted for 0.05%, and BBBsf - rated securities accounted for 0.05% [15] - The lowest issuance interest rate of one - year - around AAAsf - rated securities in April 2025 was 1.86%, and the highest was 3.20%. The interest rate center was approximately between 1.90% - 2.20%, and the median decreased by about 17BP month - on - month and about 37BP year - on - year [19] Filing Situation - In April 2025, 103 enterprise asset - backed securities were filed with the Asset Management Association of China, with a total scale of 91.459 billion yuan [4][22] Secondary Market Trading - In April 2025, enterprise asset - backed securities had 3,768 transactions on the exchange market, with a total transaction amount of 102.057 billion yuan. The number of transactions decreased by 20.91% month - on - month, and the transaction amount decreased by 14.31%. Compared with the same period of the previous year, the number of transactions increased by 52.92%, and the transaction amount increased by 99.68%. The Shanghai Stock Exchange had 2,855 transactions with an amount of 82.644 billion yuan (80.98% in proportion), and the Shenzhen Stock Exchange had 913 transactions with an amount of 19.413 billion yuan (19.02% in proportion) [4][23] - The more active underlying asset types in the secondary - market trading in April 2025 were quasi - REITs (31.17%), CMBS (12.32%), personal consumer finance (10.82%), enterprise financial leasing (10.00%), and supply chain (9.68%) [23] May 2025 Maturity Analysis - As of the end of April 2025, 99 outstanding enterprise asset - backed securities were due for repayment in May 2025, with a total scale of 24.104 billion yuan [25] - The main underlying asset categories of the due securities in May 2025 were accounts receivable (32.30%), personal consumer finance (15.33%), supply chain (13.32%), and specific non - financial claims (12.65%) [25] - From the perspective of original equity holders, China Railway Construction Commercial Factoring Co., Ltd. had 2 due securities with a repayment scale of 3.144 billion yuan (13.04%); China Orient Asset Management Co., Ltd. had 1 due securities with a repayment scale of 3.050 billion yuan (12.65%); Xiamen International Trust Co., Ltd. had 6 due securities with a repayment scale of 2.790 billion yuan (11.57%) [25]

Core Insights - The report emphasizes the stability of bond yields and suggests avoiding excessive downward adjustments during the current market gaming phase [4][8][26] - It highlights the scarcity of high-yield assets and the importance of balancing risk and return through meticulous selection of bonds [4][10][12] Market Performance - In April, the CCXI high-yield bond passive net price index rose to 99.75, an increase of 0.215% from the previous month [5][13] - The high-yield bond market saw only one new issuance, totaling 400 million yuan, indicating a continued low level of trading activity [22][23] - The total transaction volume for high-yield bonds was 15.064 billion yuan, a decrease of 3.216 billion yuan from the previous month, reflecting a generally sluggish market [22][24] Sector Analysis - High-yield city investment bonds are under pressure due to the "control increase and stabilize" policy, with a focus on debt resolution and transformation [10][11] - The real estate sector remains under scrutiny, with policies aimed at stabilizing the market, but the recovery is expected to take time as new housing sales declined by 2.8% in the first four months [12][12] - The report notes that the high-yield real estate bond index saw a significant increase, but caution is advised due to the lack of substantial fundamental improvements [12][12] Issuance and Trading Conditions - The report indicates that the issuance of high-yield bonds remains low, with only one new bond issued in April, reflecting a challenging environment for new financing [22][23] - The trading conditions for high-yield bonds are characterized by a significant portion of transactions occurring below estimated net prices, with 71.41% of trades falling into this category [34][34] - The report also highlights a decrease in the proportion of low-priced transactions, indicating a slight easing of valuation pressure [34][34]

Policy Support and Market Trends - The central government has issued guidelines to promote urban renewal and innovation, encouraging the issuance of REITs and ABS products[1] - Local policies are also supporting the issuance of public REITs in sectors like elderly care and technology innovation[1] REITs Market Performance - As of May 20, the CSI REITs Index rose to 865 points, a 2.25% increase from the end of April, while the CSI REITs Total Return Index reached 1084 points, up 2.46%[2] - Out of 65 listed REITs, 57 saw price increases ranging from 0.05% to 11.78%[2] Asset Securitization Overview - In April 2025, a total of 218 asset securitization products were issued, with a total scale of 2138.58 billion yuan, marking a 24% increase from the previous period[3] - The average issuance cost for policy-backed loans and leasing assets remains relatively high[3] Product Performance and Costs - The issuance scale of personal consumption loans accounted for 46% of the total, while factoring and intellectual property products had smaller issuance scales[14] - The average issuance cost for non-performing loan products is the highest, while credit card installment and personal auto loan products have lower average costs[8] Secondary Market Activity - In the interbank market, ABS transactions totaled 87.67 billion yuan, showing a slight increase in trading activity[17] - The exchange ABS market saw a total issuance of 148 products, amounting to 1302.38 billion yuan, a 19% increase from the previous month[17]

市场跟踪 政府工作报告首提"稳住楼市"，坚持在发展 中逐步化解风险——2025年3月房地产市场 跟踪 作者: 中诚信国际 企业评级部 | 肖 | 瀚 | 027-87339288 | | --- | --- | --- | | | | hxiao@ccxi.com.cn | | 熊 | 攀 | 027-87339288 | | | | pxiong @ccxi.com.cn | | 杜志英 | | 027-87339288 | | | | zhydu @ccxi.com.cn | 其他联络人 贺文俊 027-87339288 wjhe @ccxi.com.cn 楼市"小阳春"如期而至，"好房子"时 代来临——2025年4月房地产市场跟踪 法拍房成交率有望提升，助力新房市场企 稳——2025年1月房地产市场跟踪 市场交易明显升温，政策薪火持续加力— —2024年 12月房地产市场跟踪 房价现企稳迹象，政策加速落地继续保驾 护航——2024年11月房地产市场跟踪 重启货币化安置和土储专项债：止跌回稳 转向信号下的老路新履——2024 年 10 月房 地产市场跟踪 美联储降息与房地产新政：市场活力的新 希望——20 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The "Opinions on Continuously Promoting Urban Renewal Actions" was released, defining the "roadmap" and "timetable" for urban renewal, and multiple - dimensional financing support will be strengthened [6][7]. - Xinjiang plans to clear all financing platforms by the end of 2025, and Jilin aims to exit the list of key provinces with high - risk debts [6][12]. - This week, 10 urban investment enterprises prepaid bond principal and interest, with a total scale of 1524 million yuan [6][14]. 3. Summary by Directory 3.1. News Review 3.1.1. "Opinions on Continuously Promoting Urban Renewal Actions" - Since 2019, the central and local governments have actively promoted urban renewal. By the end of 2024, China's urbanization rate reached 67%. From 2019 - 2024, 280,000 old communities were renovated, benefiting over 120 million people. Various infrastructure improvement projects have also achieved remarkable results [8]. - Future urban renewal focuses on eight tasks, aiming to make important progress by 2030 [9]. - Financing support includes central finance (continuing to increase investment and special treasury bond support), local finance (expanding special bond investment areas), financial institutions (formulating special loan management methods), and diversifying financing methods (such as PPP and REITs) [10][11]. 3.1.2. Xinjiang and Jilin's Debt - related Goals - Xinjiang plans to complete the clearance of all financing platforms by the end of 2025, and prohibits the establishment of new ones [12]. - Jilin aims to exit the list of high - risk debt provinces by innovating investment and financing models,盘活 "three capitals" of finance, and reducing the number of financing platforms [12]. 3.1.3. Pre - payment of Bonds by Urban Investment Enterprises - This week, 10 urban investment enterprises prepaid 10 bonds, with a total scale of 1524 million yuan, a decrease of 14.409 billion yuan compared to the previous value. Most of these enterprises are from the east and west regions, and the majority of their credit ratings are AA [14]. 3.2. Issuance of Local Government Bonds and Urban Investment Bonds 3.2.1. Local Government Bonds - This week, 51 local government bonds were issued, with a total scale of 197.25 billion yuan, a decrease of 0.66% from the previous value, and a net financing increase of 7.02% to 171.114 billion yuan. As of May 18, the replacement progress of local bonds this year reached 80%, and more than half of the provinces completed their annual tasks [6][16]. - The weighted average issuance interest rate decreased by 1.49BP to 1.88%, and the weighted average issuance spread narrowed by 2.04BP to 12.79BP [16]. - Anhui had the largest issuance scale of 56.452 billion yuan, and Guangxi had the highest issuance interest rate and spread [16]. 3.2.2. Urban Investment Bonds - This week, 35 urban investment bonds were issued, with a total scale of 32.227 billion yuan, a significant decrease of 80.01% from the previous value, mainly due to seasonal factors. The net financing increased by 4.51 billion yuan to - 21.62 billion yuan [6][20]. - The overall issuance interest rate was 2.17%, a decrease of 28.78BP from the previous value, and the issuance spread was 67.58BP, a narrowing of 26.77BP [20]. - Private placement bonds were the main issuance type, accounting for 45.71%. The 3 - year term was the most common, accounting for 37.14%. The issuer's main credit rating was AAA, accounting for 40.00% [20][21]. - Three overseas urban investment bonds were issued, with a total scale of 862 million yuan, and the weighted average issuance interest rate was 5.90% [21]. 3.3. Trading of Local Government Bonds and Urban Investment Bonds - The central bank conducted 486 billion yuan of reverse repurchases this week, with a net withdrawal of 475.1 billion yuan. Short - term capital interest rates mostly increased [26]. - This week, the trading volume of local government bond spot was 452.947 billion yuan, a decrease of 17.66% from the previous value, and most of the maturity yields increased, with an average increase of 3.33BP [26]. - The trading volume of urban investment bonds was 290.14 billion yuan, a decrease of 31.50% from the previous value, and most of the maturity yields increased, with an average increase of 1.41BP. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 7.96BP, 3.71BP, and 6.10BP respectively [26]. - In a broad sense, 25 bonds of 22 urban investment entities had 30 abnormal trades, with an increase in the number of entities, bonds, and abnormal trades [27]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 63 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [32].

Group 1: Product Expiration Overview - In 2024, a total of 260 credit ABS products will expire, with NPL and RMBS products accounting for 89 and 78 products respectively, together representing nearly two-thirds of all expiring products[4] - The top five initiating institutions for expiring products include China Construction Bank, Bank of China, Ping An Bank, China Merchants Bank, and Minsheng Bank, with a focus on RMBS and NPL products[5] Group 2: Product Duration Analysis - Among the 260 expiring products, 237 have had their subordinate securities redeemed, while 23 products, all NPLs, have not been redeemed[9] - RMBS products have an average duration of 5.47 years, with the longest at 9.10 years, while other products like Auto ABS and consumer loan ABS have durations mainly concentrated between 1-2 years[11] Group 3: Product Liquidation Methods - Out of the 260 products, 226 have been liquidated, leaving 34 products unliquidated, which includes 12 normal loan ABS and 22 NPL products[12] - The predominant liquidation methods are warehouse repurchase and original distribution, accounting for over 98% of liquidated products[12] Group 4: Subordinate Securities Placement and Yield Analysis - Of the 260 products, 127 had subordinate securities placed externally, representing nearly 50% of the total[14] - The average yield for subordinate securities in normal loan ABS is significantly lower, typically in the 6-7% range, while NPL products have an average yield of 24.65%[17]

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry Core Insights - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, while the number of registrations continued to decline. The registration scale grew by 9.32% year-on-year to 185.596 billion yuan, primarily due to the growth in asset-backed plans and equity investment plans [7][8] - The report highlights a significant decline in debt investment plans, with both the number and scale dropping sharply. The debt investment plans accounted for 72.94% of the total registrations, but this figure represents a year-on-year decrease of 13.33% [8][11] - The report emphasizes the increasing focus on urban renewal projects and the supportive policies from the government, which may present investment opportunities for insurance asset management firms [7][37] Summary by Sections Product Operation Analysis - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, driven by growth in asset-backed plans and equity investment plans. The number of registrations decreased by 17 to 85 [8] - Debt investment plans saw a significant decline, with a registration scale of 99.775 billion yuan and a year-on-year decrease of 27.19% [11] - The report indicates that the focus of debt investment plans is shifting towards the East China region, with Anhui province leading in investment allocation [13][16] Institutional Operation Analysis - In Q1 2025, Huatai Asset Management led in the registration scale of debt investment plans, while Minsheng Tonghui Asset Management ranked first in the number of asset-backed plan registrations [31][33] - The report notes that the insurance asset management industry is experiencing a head effect, with some institutions demonstrating strong product operation capabilities [44] Industry Policy Review - The report discusses the government's emphasis on urban renewal and the introduction of policies to attract social capital for infrastructure projects, which may benefit insurance asset management firms [37][38] - It highlights the ongoing support for green finance initiatives, encouraging the issuance of green bonds and asset-backed securities [43][44] Observations and Outlook - The report anticipates that the innovative product business in the insurance asset management industry will face challenges in 2025, but it remains a crucial financing tool. The focus will likely shift towards structured product issuance [44][45] - The report suggests that insurance asset management firms should pay attention to urban renewal projects and green finance opportunities as potential areas for investment [44][45]

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry Core Insights - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, while the number of registrations continued to decline. The registration scale grew by 9.32% year-on-year to 185.596 billion yuan, primarily due to the growth in asset-backed plans and equity investment plans [7][8] - The report highlights a significant decline in debt investment plans, with both the number and scale dropping sharply. The focus of investment has shifted towards the East China region, with the transportation sector remaining the largest investment target [9][11] - The report emphasizes the importance of urban renewal and city investment policies, which are expected to create investment opportunities for insurance asset management in urban renewal projects and industry transformation [7][37] - Green finance policies continue to support qualified green industry enterprises in issuing green bonds and asset-backed securities, indicating a growing space for green asset securitization projects [7][43] Summary by Sections Product Operation Analysis - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, driven by growth in asset-backed plans and equity plans. The number of registrations decreased, with debt investment plans still accounting for over 70% of the total but on a downward trend [8][29] - The report notes that the debt investment plan registration scale and number have significantly decreased, with a year-on-year decline of 27.19% and 29.55% respectively in Q1 2025 [11][12] - The focus of debt investment plans has shifted towards the East China region, with Anhui province leading in investment share [13][16] Institutional Operation Analysis - In Q1 2025, Huatai Asset maintained a leading position in the registration scale of debt investment plans, while Minsheng Tonghui Asset led in project registration numbers for asset-backed plans [31][33] - The report indicates that the insurance asset management industry is experiencing a head effect, with some institutions showing strong product operation capabilities and capturing a significant market share [44] Industry Policy Review - The report discusses the recent urban renewal and city investment policies aimed at attracting social capital and promoting collaboration between government and private investments [37][38] - It highlights the regulatory support for green finance, encouraging the issuance of green bonds and asset-backed securities, which aligns with the growing focus on sustainable investments [43][44] Observations and Outlook - The report anticipates that the innovative product business in the insurance asset management industry will face pressure in 2025, but it remains a crucial financing tool. The focus will likely be on structured product issuance and green finance opportunities [44][45] - The report suggests that while the supply of innovative products may decrease, they will continue to be an important investment category for insurance funds, particularly in the context of low interest rates and ongoing debt resolution policies [44][45]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The asset - backed note issuance scale has continuously increased, with asset - backed commercial paper accounting for about half, and personal consumer finance - related assets are active [3]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - In April 2025, 58 asset - backed note products were issued, with a total issuance scale of 59.188 billion yuan. Compared with the previous month, the number of issuances increased by 9, and the issuance scale grew by 33.71%. Compared with the same period last year, the number of issuances increased by 11, and the issuance scale grew by 55.01%. Only 4 were publicly issued, and the rest were privately placed [4][5]. - The top five initiators in terms of issuance scale were China Orient Asset Management Co., Ltd. (8.945 billion yuan, 15.11%), Beijing Jingdong Century Trading Co., Ltd. (8.725 billion yuan, 14.74%), China Cinda Asset Management Co., Ltd. (6.043 billion yuan, 10.21%), SDIC Taikang Trust Co., Ltd. (5.964 billion yuan, 10.08%), and Huaneng Guicheng Trust Co., Ltd. (4.4 billion yuan, 7.43%). The total issuance scale of the top ten initiators was 48.094 billion yuan, accounting for 81.26% [5]. - The underlying asset types included personal consumer finance, specific non - financial claims, accounts receivable, micro - loans, and financial leasing. Personal consumer finance products accounted for 47.96% of the scale [7]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 1.0 billion yuan. The number and scale of products with a single - issuance scale between (0, 10] billion yuan were the largest, with 52 products issued, accounting for 66.13% of the scale [9]. - The shortest product term was 0.25 years, and the longest was 5.02 years. Products with a term between (0, 1] years had the largest issuance scale, accounting for 49.24%. Products with a term between (1, 2] years had the largest number of issuances, with 26 products issued [10]. - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 91.44% [11]. - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.94%, the highest was 3.60%, and the interest rate center was around 2.02% [13]. - In April 2025, 24 ABCP products were issued, with a total issuance scale of 29.368 billion yuan, accounting for 49.62% of the ABN issuance scale. Specific non - financial claim ABCP accounted for 51.03% of the ABCP issuance scale, personal consumer finance ABCP accounted for 27.54%, and accounts receivable ABCP accounted for 11.60% [17]. 3.2 Secondary Market Transaction Situation - In April 2025, there were 563 secondary - market transactions of asset - backed notes, with a transaction amount of 54.198 billion yuan. The transaction amount decreased by 10.76% month - on - month, and the number of transactions decreased by 20.59% month - on - month. The transaction amount increased by 46.82% year - on - year, and the number of transactions increased by 35.66% year - on - year [4][18]. - The more active underlying asset types in the secondary - market transactions were personal consumer finance, specific non - financial claims, class REITs, accounts receivable, and supply chains, with transaction - amount proportions of 26.43%, 18.42%, 16.75%, 13.13%, and 5.23% respectively [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy support for science - innovation bonds (Sci - tech bonds) is increasing, and Sci - tech bonds issued by urban construction investment companies (Urban Construction Investment Bonds) are expected to continue to expand. In 2025, the issuance of Sci - tech bonds reached 568.097 billion yuan, a 1.3 - fold increase year - on - year, with urban construction investment enterprises issuing 31.955 billion yuan, a 17.6% increase year - on - year, accounting for 5.6% of the total Sci - tech bond issuance. This can help some urban construction investment enterprises transform and enhance their self - financing ability [6][8]. - The People's Congress of Taizhou, Jiangsu Province, reviewed the government debt management report, pointed out existing problems, and put forward suggestions such as strengthening debt management constraints, promoting platform transformation, and reducing non - standard financing to achieve zero balance of existing targeted financing [6][10]. 3. Summary by Directory 3.1 News Review 3.1.1 Continuous Increase in Support for Sci - tech Bonds, Expected Expansion of Urban Construction Investment Sci - tech Bonds - Since April, multiple policies have been introduced to support the issuance of Sci - tech bonds. As of May 14, the outstanding scale of Sci - tech bonds was about 2.09 trillion yuan, with urban construction investment Sci - tech bonds at 218.39 billion yuan, accounting for 10.45%. The issuance of urban construction investment Sci - tech bonds has significantly increased, and it is expected to further accelerate in the future. Some urban construction investment enterprises can use this to promote transformation [6][8][9]. 3.1.2 Taizhou, Jiangsu Reviews Government Debt Management, Aims to Reduce Non - standard Financing and Eliminate Existing Targeted Financing - Taizhou pointed out problems in debt management such as non - standard use, rising debt ratio, insufficient special bond issuance, and difficulty in controlling platform costs. Suggestions include strengthening constraints, promoting platform transformation, improving special bond management, and optimizing debt structure [6][10][11]. 3.1.3 77 Urban Construction Investment Enterprises Pre - paid Bond Principal and Interest - In this statistical period, 77 urban construction investment enterprises pre - paid bond principal and interest, involving 85 bonds with a total scale of 15.933 billion yuan, an increase of 4.143 billion yuan from the previous value. Most of the enterprises are from the eastern region, and the main credit rating is AA [13]. 3.1.4 4 Urban Construction Investment Bonds Postponed or Cancelled Issuance - In this statistical period, 4 urban construction investment bonds were postponed or cancelled, with a planned issuance scale of 1.7 billion yuan. As of May 11, 55 urban construction investment bonds had been postponed or cancelled this year, with a total scale of 33.898 billion yuan [14]. 3.2 Issuance of Local Government Bonds and Urban Construction Investment Enterprise Bonds 3.2.1 Local Government Bonds - In this statistical period, the issuance scale of local government bonds increased by 3.89% to 198.551 billion yuan, the net financing decreased by 1.61% to 159.889 billion yuan. The issuance interest rate increased, and the spread widened. As of now, the local debt replacement progress this year has reached 80%, with more than half of the provinces completing their annual tasks [6][15]. 3.2.2 Urban Construction Investment Bonds - The issuance scale of urban construction investment bonds increased by 1.55% to 161.213 billion yuan, and the net financing decreased by 45.612 billion yuan to - 66.72 billion yuan. The issuance interest rate and spread increased. The issuance was mainly private placement bonds, with a 5 - year term, and the issuer's main credit rating was AA +. 8 overseas urban construction investment bonds were issued, with a total scale of 5.315 billion yuan [20]. 3.3 Trading of Local Government Bonds and Urban Construction Investment Enterprise Bonds - In this statistical period, the central bank had a net withdrawal of 13.59 billion yuan in the open market. Short - term capital interest rates declined. There were no credit rating adjustments for urban construction investment enterprises and no credit risk events. The trading scale of local government bonds and urban construction investment bonds increased, and the maturity yields decreased. There were 28 abnormal trades of 22 bonds from 22 urban construction investment entities [26][27]. 3.4 Important Announcements of Urban Construction Investment Enterprises - In this statistical period, 64 urban construction investment enterprises announced changes in senior management, legal representatives, directors, supervisors, controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [30].