Investment Rating - The outlook for the property insurance industry is stable, with no significant changes expected in overall credit quality over the next 12-18 months [3][51]. Core Insights - In 2024, the property insurance sector is expected to see steady growth in auto insurance premiums, while non-auto insurance segments such as health, agricultural, and liability insurance will increasingly contribute to overall revenue. However, the growth rate of the property insurance industry is slowing down, and significant differentiation within the industry remains evident [3][4]. - The regulatory environment is tightening, with new policies encouraging property insurance companies to support green, inclusive, and technology-driven insurance initiatives, while also promoting stable capital market participation [4][5][7]. - The financial performance of the property insurance industry is under pressure due to frequent natural disasters impacting underwriting profitability, although investment income is expected to rise due to lower interest rates and a rebound in capital markets [3][4][33]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance industry [5][6]. - Specific measures have been introduced to ensure the property insurance sector maintains stable growth and enhances risk prevention capabilities over the next five years [6][7]. Business Operations - The property insurance industry is experiencing a slowdown in premium growth, with total premium income reaching CNY 1.69 trillion, a year-on-year increase of 5.6% [15][19]. - The market remains competitive, with the top three property insurance companies holding a combined market share of 62.76% [19][20]. Financial Condition - The overall profitability of the property insurance sector is improving, with net profits increasing by 20.71% year-on-year to CNY 57.19 billion [36][37]. - The average comprehensive solvency ratio for property insurance companies is 238.5%, indicating a generally sufficient level of solvency [40][41]. Investment Strategy - Property insurance companies are diversifying their investment strategies, with a focus on fixed-income assets, while also increasing allocations to equities as the market recovers [29][32]. - The total investment assets of the property insurance industry reached CNY 33.26 trillion, reflecting a year-on-year growth of 15.08% [27][28].

Investment Rating - The report maintains a stable outlook for the life insurance industry, indicating that the overall credit quality will not undergo significant changes in the next 12-18 months [5][48]. Core Insights - The life insurance industry is expected to see premium growth in 2024, driven by renewal business despite challenges in new policy sales due to regulatory changes and declining interest rates [4][5]. - The regulatory environment is evolving with a focus on risk prevention and high-quality development, emphasizing the need for improved product pricing mechanisms and enhanced solvency supervision [6][7]. - The investment strategies of life insurance companies are diversifying, with a continued emphasis on fixed-income assets while increasing allocations to equities as market conditions improve [11][30]. - Financial performance is expected to improve significantly in 2024, with rising investment returns due to a recovering capital market, although sustainability of profits remains a concern [31][35]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance sector [6][7]. - The introduction of a comprehensive insurance company regulatory rating system will enhance risk assessment and management [7]. Business Operations - The life insurance sector is experiencing pressure on new policy sales due to regulatory impacts, but renewal business is supporting overall premium growth [13][14]. - The shift in product design towards lower guaranteed rates and the transformation of distribution channels are key trends [17][22]. Financial Condition - The life insurance industry achieved a premium income of CNY 4.01 trillion in 2024, reflecting a growth rate of 5.7% compared to the previous year, although the growth rate has slowed [31][32]. - The overall profitability of the industry is improving, with a significant increase in investment income driven by favorable market conditions [35][36]. - The solvency levels of life insurance companies remain robust, with a solvency adequacy ratio of 190.5% as of the end of 2024, indicating a stable capital position [42][43].

Core Insights - The high-yield bond market is experiencing a significant contraction, with a notable scarcity of high-interest assets, emphasizing the need for a refined balance between risk and return in bond selection [2][4][9] - The overall performance of high-yield bonds has been mixed, with net price indices generally declining, yet the wealth index shows a return that outperforms government and credit bonds [6][7][11] Market Performance - In the first quarter, the issuance of high-yield bonds was limited, with only 3 bonds issued totaling 1.41 billion, marking a year-on-year decrease of 86.36% [28][29] - The trading volume of high-yield bonds decreased by 39.55% to 58.72 billion, indicating a cooling market sentiment [33][39] - The net price index for high-yield bonds fell by 0.92%, reflecting the impact of market volatility and tightening monetary policy [12][21] Sector Analysis - The real estate sector is still in a recovery phase, with demand remaining weak and market confidence low, leading to significant valuation fluctuations in high-yield real estate bonds [21][26] - The coal industry is currently stable, with high-yield bonds primarily from state-owned enterprises showing relatively stable credit conditions, suggesting a cautious investment approach [5][21] - The chemical industry presents short-term opportunities with a safety margin, while the construction and real estate sectors lag in risk-adjusted returns [21][26] Regional Insights - Key regions such as Chongqing, Shandong, and Guangxi have shown relatively better risk-adjusted returns in high-yield bonds, while regions like Zhejiang and Jiangsu have underperformed [16][19] - The net price index for high-yield city investment bonds has generally declined, with significant drops in regions like Tianjin and Hunan [16][19] Investment Strategy - Investors are advised to focus on high-yield city investment bonds with a good safety margin, particularly in areas where debt resolution progress is swift [5][11] - The strategy should include careful selection of bonds based on fundamental support, while maintaining a cautious stance towards longer-duration bonds in the real estate sector [5][21]

Investment Rating - The report indicates a positive outlook for the real estate industry, highlighting the emergence of a "good housing" era and the expected stabilization of the market [1][7]. Core Insights - The real estate market has shifted towards improvement-driven housing demand, with "good housing" becoming a key focus for both central and local governments, aiming to stimulate market recovery [1][5][7]. - The introduction of new housing standards is expected to enhance sales velocity and pricing for new projects, while older projects may face increased challenges in sales [1][7]. - The demand for larger and more comfortable living spaces is evident, with a notable increase in the sales of four-bedroom units, indicating a shift in consumer preferences [2][7]. Summary by Sections Market Overview - The real estate market is currently experiencing a "small spring" with signs of recovery, driven by government policies promoting "good housing" [1][8]. - The first quarter of 2025 saw a shift in purchasing behavior from two- and three-bedroom units to four-bedroom units, with the latter's market share exceeding 30% for the first time [2][7]. Government Policies - Central and local governments are emphasizing the construction of "good housing," which is characterized by safety, comfort, sustainability, and intelligence [6][7]. - Various cities have implemented policies to enhance housing quality, such as increasing usable space and improving living conditions [6][7]. Sales Performance - New housing projects adhering to the new standards have shown significantly better sales performance compared to older projects, with a strong market presence for "fourth-generation housing" [6][7]. - In March, the sales area and sales amount of commercial housing saw a reduction in year-on-year declines, indicating a gradual market recovery [9][11]. Market Dynamics - The land market is experiencing a reduction in transaction volume but an increase in quality, with several new "land kings" emerging in major cities [10]. - The second-hand housing market is also stabilizing, with a notable increase in transaction volumes in key cities, particularly in first-tier cities [12][11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the infrastructure investment and financing (hereinafter referred to as "base investment") industry policies continue the overall idea of "controlling new debts and resolving existing debts" of the "package debt - resolution" policy in 2024, and pay more attention to the balance between debt resolution and development [3][5]. - The "package debt - resolution" policy has achieved phased results, with many regions achieving zero implicit debts. The industry adheres to resolving debts while developing and vice versa, strengthens special - bond support, and guides the standardized development of government investment funds to assist the transformation of base - investment enterprises [5][7][8]. - Under the influence of policies, the short - term debt - repayment pressure of base - investment enterprises has been relieved, the financing channels are continuously adjusted, the marginal liquidity is improved, and the bond financing cost is reduced. However, the non - standard debt situation in some provinces still needs attention [14]. - In 2025, the base - investment industry policies are expected to continue the main tone of "controlling new debts and resolving existing debts", and the industry's debt risk is generally controllable. New investment space may be opened, but issues such as the tightening of financing channels, non - standard debt replacement progress, and changes in the government - enterprise relationship after enterprise transformation need to be concerned [23][25]. 3. Summary by Relevant Catalogs 3.1 Policy Review - **Policy Continuity and New Requirements**: In 2025, the base - investment industry policies continue the "controlling new debts and resolving existing debts" idea of 2024, and the 2025 national government work report puts forward new requirements such as dynamically adjusting the list of high - risk debt regions and opening up new investment space [3][5]. - **Phased Results of Debt Resolution**: In the first quarter of 2025, many regions announced that they had achieved zero implicit debts in 2024, involving 10 provinces and 23 cities. For example, Xuzhou in Jiangsu Province used 11.881 billion yuan of special bonds to replace implicit debts and completed the task of zero implicit debts [5]. - **Debt Resolution in Development**: The 2025 national government work report proposes to dynamically adjust the list of high - risk debt regions. Some regions may be planning to withdraw from the list of key provinces. The central bank also guides the resolution of financial debt risks of financing platforms and supports their market - oriented transformation [7]. - **Support for Enterprise Transformation**: Special bonds are strengthened to support infrastructure construction, rural revitalization, and consumption - related fields. The State Council General Office issues a guiding opinion on promoting the high - quality development of government investment funds, and the Shanghai Stock Exchange revises relevant rules to guide the transformation of base - investment enterprises [8][9][11]. 3.2 Policy Main Impacts - **Relieved Short - term Debt - Repayment Pressure**: Since November 2024, the government has increased the local government debt limit to replace existing implicit debts. In the first quarter of 2025, 1.34 trillion yuan of special bonds were issued for this purpose, exceeding half of the annual quota, and the short - term debt - repayment pressure of base - investment enterprises has been relieved [14][15]. - **Adjusted Financing Channels**: In the first quarter of 2025, the issuance scale and net financing of base - investment bonds decreased compared with the same period last year. The non - standard debt scale decreased, and the proportion of bank loans in the debt of base - investment enterprises may increase [16]. - **Improved Liquidity and Reduced Financing Cost**: The liquidity of base - investment enterprises has been continuously improved, and the weighted average issuance interest rate of base - investment bonds in the first quarter of 2025 decreased by 11BP compared with the fourth quarter of 2024. The financing cost of base - investment enterprises in key provinces has decreased significantly [17]. - **Converged Non - standard and Bill Public Opinions**: The negative public opinions of base - investment non - standard risks have converged. In the first quarter of 2025, the total number of non - standard risk events decreased by about 41% compared with the fourth quarter of 2024 and about 51% compared with the first quarter of 2024. However, the non - standard risk situation in some regions still needs attention [18]. - **Released Liquidity by Special Bonds**: Special bonds support project investment and land asset recovery. In the first quarter of 2025, the new quota of government special bonds for infrastructure construction increased significantly, and some special bonds were used for land reserve projects, which helped base - investment enterprises dispose of idle and inefficient land assets and release liquidity [19][20]. - **Enterprise Transformation and High - quality Development**: Policy guidance promotes the transformation and high - quality development of base - investment enterprises. The proportion of market - oriented entities among bond - issuing enterprises has increased, and the transformation is expected to accelerate [21][22]. 3.3 Industry Development Expectations - **Controllable Debt Risk**: In 2025, the base - investment industry policies will continue the main tone of "controlling new debts and resolving existing debts". The debt risk of the industry is generally controllable, but the implementation of financial debt - resolution policies and the adjustment of financing channels need to be concerned [23][25]. - **New Investment Space and Enterprise Transformation**: The current debt - resolution work emphasizes the balance between debt resolution and development. New investment space may be opened, and base - investment enterprises are expected to focus on key investment fields and industrial investment. The process of enterprises withdrawing from the platform and industrial transformation is expected to accelerate [25]. - **Challenges and Concerns**: The fundamental improvement of base - investment enterprises is still under pressure, and the progress of non - standard debt replacement is uncertain, which may affect the public opinion trend. The changes in the government - enterprise relationship after enterprise transformation also need continuous attention [25][33][34].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The high - pressure situation of implicit debt supervision remains unchanged, emphasizing the prevention of "risks from risk disposal". The Ministry of Finance's implicit debt accountability notification cases involve PPP projects for the first time, and Henan has issued a draft of the management measures for state - owned enterprise overseas bonds [3][5]. - The number and scale of cases in the fifth implicit debt accountability notification have decreased, indicating that local illegal debt - raising and debt - resolving behaviors have converged under high - pressure supervision. The case involving PPP projects serves as a warning to all parties involved [5][8]. - The issuance of the "Interim Measures for the Management of Overseas Bonds of State - owned Enterprises in Henan Province (Draft for Comment)" is of positive significance for standardizing cross - border financing of urban investment enterprises, preventing local debt risks, and has a demonstration effect for other provinces [5][10]. Summary by Directory 1. News Review - **Ministry of Finance's fifth notification of implicit debt accountability cases involving PPP projects for the first time**: The Ministry of Finance released a notification of six typical implicit debt accountability cases from 2019 - 2022, including five cases of new implicit debt and one case of false debt resolution. The number and scale of cases have decreased compared with previous notifications, and it's the first time to involve PPP projects. This reflects the convergence of local illegal behaviors under supervision and warns all parties involved in PPP projects [5][7][8]. - **Henan's issuance of management measures for state - owned enterprise overseas bonds**: On April 14, Henan issued the "Interim Measures for the Management of Overseas Bonds of State - owned Enterprises in Henan Province (Draft for Comment)", which is divided into five parts. As of April 20, the outstanding balance of urban investment enterprise overseas bonds in Henan is about 24 billion yuan. The measures are of positive significance for standardizing cross - border financing, preventing risks, and have a demonstration effect [10]. - **27 urban investment enterprises prepaid bond principal and interest this week**: 27 urban investment enterprises prepaid the principal and interest of 29 bonds, with a total scale of 6.041 billion yuan, an increase of 2.512 billion yuan from last week. The prepaid enterprises are mainly in the eastern region, and the main rating is AA [12]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local government bonds**: This week, the issuance scale and net financing of local government bonds decreased, the issuance interest rate increased, and the spread widened. The outstanding balance of local government bonds reached 50.24 trillion yuan, and the debt replacement progress reached 77%. 48 local bonds were issued, with a scale of 200.617 billion yuan. The weighted average issuance interest rate was 2.00%, and the weighted average spread was 19.58BP. The issuance was mainly in 30 - year terms, and Hubei had the largest issuance scale [14]. - **Urban investment bonds**: The issuance scale and net financing of urban investment bonds increased this week. 234 urban investment bonds were issued, with a scale of 155.969 billion yuan. The average issuance interest rate was 2.43%, and the spread was 94.62BP. The issuance was mainly private placement bonds and 5 - year terms, and the issuer's main rating was AA +. Five overseas urban investment bonds were issued, with a total scale of 5.287 billion yuan [18][19]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Fund situation**: The central bank carried out 808 billion yuan of reverse repurchase operations this week, with a net investment of 233.8 billion yuan. Short - term capital interest rates mostly increased [24]. - **Urban investment rating adjustment and credit events**: There was no credit rating adjustment of urban investment enterprises this week, and no urban investment credit risk events occurred [24]. - **Local government bond trading**: The spot trading volume of local government bonds was 489.61 billion yuan, a decrease of 10.51% from the previous value. The maturity yields mostly decreased, with an average decrease of 2.75BP [24]. - **Urban investment bond trading**: The trading volume of urban investment bonds was 313.394 billion yuan, an increase of 13.72% from the previous value. The maturity yields mostly increased, with an average increase of 0.55BP. The spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 2.48BP, 4.76BP, and 3.57BP respectively. There were 15 abnormal transactions of 14 bonds of 14 urban investment entities [24][25]. 4. Important Announcements of Urban Investment Enterprises - 66 urban investment enterprises issued announcements on changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, changes in the use of raised funds, and name changes this week [28].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The implementation of the "Bank - to - Bond Market Bond Valuation Business Self - Regulatory Guidelines (Trial)" is conducive to improving the bond market valuation ecosystem, promoting diversified development of the bond valuation market, and playing the functions of price discovery and rational resource allocation in the bond market [10][11][12]. - The issuance of 1.3 trillion yuan of ultra - long - term special treasury bonds may cause short - term fluctuations in the bond market, but it has long - term allocation value. The second quarter may be an important window for reserve requirement ratio cuts and interest rate cuts, and attention should be paid to the policy tone of the Politburo meeting and the central bank's operation rhythm [4][13][14]. - The risk clearance of real estate bonds is coming to an end, and the market pattern is accelerating towards central and state - owned enterprises. The future real estate bond market may present a pattern of coexistence of "risk convergence" and "structural differentiation", and the tail risk still needs attention [4][16][17]. Summary by Directory Market Dynamics - The National Association of Financial Market Institutional Investors issued the "Bank - to - Bond Market Bond Valuation Business Self - Regulatory Guidelines (Trial)", aiming to improve the scientificity and transparency of bond valuation, promote the transformation of market pricing from "price tracking" to "value anchoring", and lay a foundation for the participation of overseas investors and the optimization of credit risk pricing [3][10][11]. - On April 17, the Ministry of Finance announced the issuance arrangement of 1.3 trillion yuan of ultra - long - term special treasury bonds, covering 20 - year, 30 - year, and 50 - year varieties. The central bank may cooperate through monetary policy to maintain market liquidity [4][13][14]. - The risk clearance of real estate bonds is approaching the end, with central and state - owned enterprises accounting for more than 85% of the issuance and stock of real estate bonds. The market shows a pattern of concentration towards central and state - owned enterprises, and the duration of real estate bonds has significantly shrunk [4][16][17]. Macroeconomic Data - In the first quarter, the GDP was 31.88 trillion yuan, a year - on - year increase of 5.4%. The growth rates of the secondary and tertiary industries were 5.9% and 5.3% respectively. In March, the export was 3139.12 billion US dollars, with the year - on - year growth rate turning from negative to positive; the import was 2122.69 billion US dollars, with the year - on - year growth rate turning from positive to negative [5][19][20]. Money Market - Last week, the central bank net - injected 2338 billion yuan through open market operations. Due to the tax payment pressure near the middle of the month, the capital demand increased, and the capital price fluctuated [6][23]. Primary Market - Last week, the issuance of credit bonds continued to heat up, with a scale of 2681.76 billion yuan, an increase of 637.25 billion yuan compared with the previous period. The scale of cancelled issuance was 110.5 billion yuan, an increase of 87.7 billion yuan compared with the previous period. The issuance scale of each bond type and industry varied [7][26][28]. Secondary Market - Last week, the secondary - market trading volume of bonds decreased, with the average daily trading volume decreasing by 4410.25 billion yuan to 17112.02 billion yuan. Bond yields fluctuated within a narrow range. Interest - rate bond yields showed different trends, and most credit bond yields increased [8][40][41].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "moderately loose" tone of monetary policy continues, and a comprehensive reserve requirement ratio cut may be implemented first. Monetary policy will strengthen counter - cyclical adjustment and cooperate with fiscal policy. A comprehensive reserve requirement ratio cut may land in the first half of the year, and a comprehensive interest rate cut may be launched if necessary. Structural tools will support key areas and new tools may be created to promote consumption and stabilize foreign trade [4][34][36]. - The supply pressure of interest - rate bonds may increase. The annual issuance of interest - rate bonds may exceed 31 trillion yuan, with supply peaks in the second and third quarters. The yield will remain highly volatile under the game between the fundamentals and incremental policies, and the yield center may decline in the second half of the year. Attention can be paid to local bond trading opportunities [4][37][44]. 3. Summary According to Relevant Catalogs 3.1 Fundamental and Liquidity Monitoring - In the first quarter, the economy started well with GDP growing by 5.4% year - on - year. The industrial added value increased by 6.5% year - on - year, and high - tech manufacturing grew rapidly. Investment and social retail sales increased, but there were still issues such as negative real estate investment growth. CPI and PPI showed different trends, and PMI data indicated overall weak performance [6]. - The MLF policy interest rate attribute was diluted, and the money market was tight with the central money rate rising. The central bank mainly used repurchase operations for net capital injection, and did not cut interest rates or the reserve requirement ratio. Banks faced high liability pressure, and non - bank deposits decreased significantly [9][12]. 3.2 Interest - rate Bond Market Operation - The issuance scale of interest - rate bonds increased year - on - year. In the first quarter, the total issuance scale reached 7.87 trillion yuan, with increases in all types of bonds. Special refinancing bonds for local debt increased significantly, while the issuance progress of new special bonds was still slow compared with 2022 - 2023 [15]. - The yield of interest - rate bonds first rose and then fell, with high volatility. The 10 - year treasury bond yield was 1.8129% at the end of March, up 13.77BP from the end of last year. The yield can be divided into three stages in the first quarter: interval fluctuation, upward fluctuation, and downward fluctuation [17][18][19]. - The trading volume of interest - rate bonds increased, mainly driven by the increase in policy - financial bond trading. The 10Y - 1Y spread of treasury bonds narrowed, and the local bond trading spread widened [24][25]. 3.3 Monetary Policy Outlook - The "moderately loose" tone of monetary policy continues. Considering overseas uncertainties and domestic economic challenges, the central bank will choose the timing to cut the reserve requirement ratio and interest rates. A comprehensive reserve requirement ratio cut may be implemented first, and the use of structural tools will be increased [34][36]. 3.4 Interest - rate Bond Outlook - The annual issuance of interest - rate bonds may exceed 31 trillion yuan. The issuance of government bonds will accelerate, and the second and third quarters may see supply peaks. If the US maintains high tariffs, it may drag down China's GDP growth, and incremental fiscal policies may be introduced, increasing the supply of interest - rate bonds [37][40]. - The yield will remain highly volatile under the game between the fundamentals and incremental policies. In the second quarter, the yield may fluctuate within a range, and may face upward pressure if the tariff negotiation eases. In the second half of the year, the yield center may decline if the economic repair pressure increases [43][44].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The economic growth in the central Jiangsu region is rapid, but the industrial layout is still traditional, and the tax - source cultivation ability lags behind that of the southern Jiangsu region. The government's fiscal revenue is under pressure due to the real - estate market adjustment, resulting in dual debt pressure. However, significant progress has been made in debt risk prevention and control. The bond - issuing urban investment enterprises in the three cities in central Jiangsu have prominent problems such as large debt scale, weak profitability, and over - dependence on government subsidies, and they need to transform and resolve debts [3][38][39]. Summary According to the Table of Contents 1. Debt Cause Analysis - **Economic and Demographic Situation**: The central Jiangsu region has strong economic development momentum, with a compound GDP growth rate of 6.32% in the past five years. However, the population growth in some cities is slow, and the urbanization rate and per - capita disposable income still have room for improvement [5]. - **Industrial Structure**: The fixed - asset investment in the three cities in central Jiangsu has promoted industrial transformation, but the industrial structure is still "secondary - tertiary - primary", and the proportion of the tertiary industry is relatively low compared to the provincial average. The traditional industries in each city are relatively strong, and the emerging industries are weak, with low tax - creation ability [7]. - **Fiscal Revenue**: From 2020 - 2024, the compound growth rate of the general budget revenue in the three cities in central Jiangsu was 2.9%. The fiscal budget balance rate is mostly below 65%, and the fiscal self - sufficiency rate is low. The government - funded revenue is under pressure due to the real - estate market adjustment, and the urban investment platforms' land - acquisition behavior has increased their debt burden [11]. - **Debt Scale**: The local debt in the central Jiangsu region has expanded rapidly in the past five years, with a compound growth rate of 13.6%. Since 2021, the broad - based debt ratio has been on the rise [14]. 2. Main Debt - Resolution Measures and Progress - **Policy and Measures**: The Jiangsu provincial government implements a full - scale debt classification management system. The three cities in central Jiangsu have formulated corresponding management policies, including debt scale control, cost reduction, and platform transformation [18]. - **Specific Actions**: Each city has introduced a series of measures, such as debt risk warning mechanisms, budget management reforms, and platform company integration. As of March 1, 2025, 105 government financing platforms in the three cities have exited. The financing costs in each city have also been significantly reduced [19][21]. 3. Observation of the Fundamentals of Bond - Issuing Urban Investment Enterprises in the Three Cities in Central Jiangsu - **Enterprise Hierarchy and Credit Rating**: As of December 31, 2024, there were 151 bond - issuing urban investment enterprises in the three cities in central Jiangsu, mainly at the district - county level, and the credit ratings are mainly AA and AA+. The overall quality of the district - county - level enterprises is relatively weak [24][25]. - **Asset and Financial Leverage**: The asset scale of the bond - issuing urban investment enterprises is increasing, mainly driven by government - related assets. The financial leverage is also rising [24]. - **Operating Performance**: The operating cash - generating ability of the enterprises is limited, and they are highly dependent on government subsidies. The cash - recovery ability is acceptable, but the profitability of some enterprises is declining [31]. - **Debt Situation**: The scale of the existing interest - bearing debt is increasing, and the progress of debt scale reduction is average, but the financing cost has decreased significantly. The financing is generally tightening, and the effect of non - standard financing reduction is remarkable [24][33][36]. 4. Summary - The economic development in the central Jiangsu region is accompanied by dual debt pressure. Although progress has been made in debt control, the bond - issuing urban investment enterprises still face problems such as large debt scale and weak self - hematopoietic ability. They need to transform and resolve debts [38][39].

8 2025 2024 年 年第 4 月 14 14 期 作者: 中诚信国际 研究院 院长 袁海霞 hxyuan@ccxi.com.cn 研究员 张堃 kzhang02@ccxi.com.cn 研究员 张文宇 wyzhang@ccxi.com.cn 政府债融资支撑社融改善，微观主体信贷 需求仍待提振，2025 年 3 月 17 日 信贷实现"开门红"，但内生需求仍有待 改善，2025 年 2 月 17 日 信贷持续拖累社融，化债落地加速M1 改善， 2024 年 12 月 16 日 新增人民币贷款触历史新低，政策亟需发 力提振有效需求，2024 年 8 月 14 日 如需订阅研究报告，敬请联系 中诚信国际品牌与投资人服务部 赵 耿 010-66428731 gzhao@ccxi.com.cn 微观主体信贷需求边际回升，外部承压下政策需协同 发力 ——3 月金融数据点评 事件：3 月社融新增 5.89 万亿，同比多增 1.05 万亿，存量社融增 速8.4%，环比上升0.2pct，同比下降0.3pct；金融机构人民币贷款新 增 3.64 万亿，同比多增 0.55 万亿； M1（新口径）同比增长 1.6%，环 比上 ...