Economic Performance - In Q1 2024, GDP grew by 5.3% year-on-year, exceeding the market expectation of 4.9% and up 1.6% quarter-on-quarter[2][6][15] - The contribution of the secondary industry to GDP growth was 41.6%, with industrial production significantly accelerating, contributing 2 percentage points to GDP growth[6][15] - Final consumption expenditure contributed 73.7% to GDP growth, although this was a decrease of 6.3 percentage points compared to the previous quarter[6][15] Industrial and Investment Trends - Industrial added value increased by 6.1% year-on-year, with high-tech manufacturing growing by 7.5%[12][70] - Manufacturing investment rose by 9.9% year-on-year, driven by equipment updates and policy support, with specific sectors like general equipment manufacturing seeing growth rates of 13.9%[70][59] - Infrastructure investment grew by 8.8% year-on-year, continuing to provide a stabilizing effect on the economy[62][59] Market and Asset Allocation Insights - The bond market saw a decline in yields, with the 10-year government bond yield reaching its lowest level since May 2002[23][3] - Stock market performance was mixed, with the Shanghai Composite Index rising while the Shenzhen Component and ChiNext Index fell[23][3] - Commodity performance varied, with gold and oil prices showing significant increases, indicating a preference for safe-haven assets[23][3]

| --- | --- | |-----------------------|----------------------------------| | | | | CPI、PPI | 双双回落，通胀压力处于可控范围-- | | 12 月价格数据点评及 | 年展望,2022 年 1 | | | | | 12 日 | | | CPI、PPI | 双双回落，通胀压力处于可控范围-- | | 12 月价格数据点评及 | 年展望,2022 年 1 | www.ccxi.com.cn -30.00 -10.00 10.00 30.00 50.00 2022-012022-032022-052022-072022-092022-112023-012023-032023-052023-072023-092023-112024-012024-03 % 中国:工业企业:利润总额:累计同比 中国:工业企业:利润总额:当月同比 数据来源：Wind,中诚信国际 数据来源：Wind,中诚信国际 图 3：国有、私营企业利润均边际减弱 图 4：3 月中游利润占比大幅回升 -50 0 50 100 150 2021-072021-09202 ...

www.ccxi.com.cn 中诚信国际 行业分析 保险资产管理行业研究 浙江省债权投资计划产品运行分析： 产品登记数量全国领先，区县级基投主体为 联络人 作者 产品运用主力 创新产品评级部 唐启元 010-66428877 qytang@ccxi.com.cn 国 徽 010-66428877 摘要 hguo@ccxi.com.cn 1. 2023 年，浙江省实现 GDP 为 8.26 万亿元，比上年增长 6.0%，经 济总量位居全国第四，同时人均 GDP 与人均可支配收入均位居全 国前列，综合经济实力较强，“富民强省”的地位持续巩固。 2021~2023 年，浙江省企业登记债权投资计划产品数量居全国第 三，产品运用情况国内领先，具体投向以基投行业为主，债项级别 主要为AAA级，且AA+级占比有所增加。 其他联络人 2. 浙江省内各地市经济发展水平呈现梯队序列，债权投资计划运用分 创新产品评级部评级总监 布情况与各地市经济发展程度、融资需求、债务结构相关，产品投 张凤华 010-66428877 向区域有所下沉，覆盖 19 个区县，且呈扩张趋势。其中，杭州、 fhzhang@ccxi.com.cn 宁波作 ...

市场跟踪 地方政府债与城投行业监测周报2022年第9期 隐性债务监管高压态势不变强调防范“处置风险的风险” 房地产行业 双轨制渐行渐近，关注配售型保障房 对商品房市场的冲击 作者 中诚信国际 企业评级部 ——2024年 4 月房地产市场跟踪 侯一甲 027-87339288 yjhou@ccxi.com.cn 行业热点 熊 攀 027-87339288 pxiong@ccxi.com.cn  配售型保障性住房对商品房市场影响：对保障房体系的完善健全可 充分满足核心城市的刚性住房需求，为核心城市的持续、稳定发展提供 曹文龙 027-87339288 wlcao@ccxi.com.cn 保障，同时配售型保障房的入市将推动我国房地产市场进入“双轨制” 阶段，长期而言对住房市场健康发展产生深远影响。另一方面，在当前 其他联络人 商品房市场容量不断萎缩的背景下，具有明显价格优势的配售型保障房 龚天璇 027-87339288 无疑是对周边存在库存压力的商品市场的二次加压，尤其是配售型保障 txgong@ccxi.com.cn 房供应节奏相对较快且供应区域临近中心城区的城市，短期内或将面临 全市商品房去库存难度升级的严 ...

Group 1: Market Overview - Credit card installment ABS products have seen a total issuance of 46 units, amounting to CNY 394.5 billion from 2016 to 2023[3] - The issuance scale of credit card installment ABS products has significantly declined since 2020, with only 9 units issued totaling CNY 53.5 billion from 2020 to 2023[3] Group 2: Clearing and Settlement - As of the end of 2023, 43 out of 46 credit card installment ABS products have been cleared, resulting in a clearance ratio of 93.48%[10] - Among the cleared products, 40 were settled through repurchase, accounting for 93.02% of the cleared units[33] Group 3: Product Characteristics - The average expected term for the subordinate securities of cleared credit card installment ABS products is 28.16 months, while the average actual term is 15.72 months, indicating a ratio of 0.56[15] - The actual term of subordinate securities is closely related to the weighted average remaining term of the asset pool, especially for non-revolving purchase structures[16] Group 4: Yield and Investment Trends - The yield of subordinate securities is primarily concentrated below 20%, with only 2 products exceeding 30%[39] - The marketization level of credit card installment ABS products is high, with approximately 77% of subordinate securities being placed externally[26]

Market Overview - The issuance scale of consumer loan ABS products has steadily increased, reaching a total issuance of 96 products and a cumulative scale of CNY 1,923 billion by the end of 2023[15] - In 2023, 24 products were issued by 10 initiating institutions, with a total issuance scale of CNY 410 billion, representing a growth of 35.59% compared to the previous year[15] Securitization Characteristics - The average remaining term of the underlying asset pools for the issued consumer loan ABS products is generally within 30 months, indicating a high early repayment rate[9] - Among the 68 cleared consumer loan ABS products, 70.83% have completed liquidation, with a total liquidation scale of CNY 1,394.52 billion[12] Issuance and Liquidation Structure - The majority of consumer loan ABS products are issued by consumer finance companies, accounting for 69 products with a total issuance of CNY 1,159 billion, while commercial banks issued 27 products totaling CNY 764 billion[18] - The liquidation methods include repurchase and original distribution, with repurchase accounting for 49.86% and original distribution for 50.14% of the total liquidation scale[14] Risk and Return Analysis - The average expected term for the subordinate securities at issuance was 29.31 months, with an average actual term of 13.10 months, reflecting the flexibility of personal consumer loan repayments[46] - The internal rate of return (IRR) for subordinate securities ranges from 5.25% to 15.01%, with an average of 8.43% for externally placed products[54] Default Rates - The cumulative default rate for asset pools of consumer finance companies is concentrated above 3%, which is significantly higher than that of commercial banks[33] - The average cumulative default rate for products cleared through repurchase is 2.45%, with a maximum of 5.45%[58]

Investment Rating - The report indicates a positive outlook for the cultural tourism investment sector, with expectations of continued high prosperity in 2024 [1][14]. Core Insights - The cultural tourism investment companies have seen improved profitability due to the strong recovery of the cultural tourism industry in 2023, although they still face significant short-term debt pressure [1][9]. - The number of cultural tourism investment companies has increased, but remains relatively small, with a concentration in the East China region, particularly in Jiangsu and Zhejiang provinces [2][9]. - The revenue structure of cultural tourism investment companies is primarily derived from scenic area operations, construction income, and other related business activities, with a predominance of development-type companies [3][10]. Summary by Sections Investment Rating - The cultural tourism market is expected to maintain a high level of activity in 2024, supported by government policies aimed at stimulating the sector [14]. Profitability and Financial Health - The profitability of cultural tourism investment companies has improved in 2023, with average operating income rising from 2.21 billion to 2.88 billion yuan [9][11]. - Despite improvements, many companies still struggle with high financial leverage, with some exceeding 80% debt-to-asset ratios [9][11]. - Approximately 78% of companies have cash reserves that do not effectively cover short-term debts, indicating ongoing financial pressure [9][11]. Market Dynamics - The cultural tourism sector has benefited from a significant rebound in domestic travel, with 4.89 billion trips taken in 2023, a 93.3% increase year-on-year [7][9]. - The report highlights a disparity in resource endowment across regions, affecting the operational capabilities of cultural tourism investment companies [8][9]. Government Support and Policy - Central and local governments have implemented various supportive measures to boost the cultural tourism industry, including financial assistance and policy incentives [14]. - The report notes that the relationship between cultural tourism investment companies and local governments is generally weaker compared to other types of urban investment companies [8][9].

2024年4月12日，国务院发文《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》（以下简称"新国九条"），"新国九条"是继2004年、2014年两个"国九条"之后，再 次相隔十年，国务院根据当前经济金融形势出台的资本市场指导性文件。2004 年国九条将发 展资本市场提升到国家战略任务的高度，提出 "积极稳妥解决股权分置问题"，推动资本市 场制度框架的建立；2014 年国九条提出"积极稳妥推进股票发行注册制改革"，"加快多层次 股权市场建设"，"鼓励市场化并购重组"。新"国九条"相比此前两份文件，更加突出资本市 场的政治性、人民性和强监管、防风险、促高质量发展的主线。 | --- | --- | --- | |--------------------|-----------------------------------|---------------------------------------------------------------------------------------------------| | www.ccxi.com.cn | | | | | | 中诚信国际 | ...

| --- | --- | |-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 1 2 20 02 24 4 年 年第 4 月 16 15 期 日 | 月价格数据点评 通胀水平延续回落、物价稳中 进出口数据点评 宏观经济 | | | 基数走高 3 月出口回落，外贸结构有所改善 —— 2024 年 3 月进出口数据点评 | | 作者 : | | | 中诚信国际 研究院 执行院长 袁海霞 | 基数走高 3 月出口增速低于预期，一季度出口温和回升。受全 | | hxyuan@ccxi.com.cn | 球制造业以及半导体周期回暖影响， 1-3 月 ...

www.ccxi.com.cn 中诚信国际 特别评 论 收费公路行业特别评论 2024年4月 路产到期压力逐步显现，对收费公路运营企业 信用影响整体可控 目录 随着收费公路的到期问题日益突出，路产面临的到期压力亦逐步显 要点 1 现，目前对于已到期的政府还贷高速，各地大多通过“统贷统还” 主要关注因素 2 方式继续收费；经营性高速主要通过改扩建方式延续收费，部分到 结论 5 期后无偿移交至政府；虽然改扩建、到期移交对收费公路企业或产 生不同程度的影响，但总体而言，收费公路运营企业目前整体财务 杠杆较低，经营获现能力较强，同时，随着多元化业务的发展，未 来几年路产到期对收费公路运营企业的信用水平影响可控。 联络人 要点 作者 企业评级部  政府还贷高速通过“统贷统还”的方式继续收费，直至债务偿 王 昭 027-87339288 清的模式，多地已经有所实践，而经营性高速仍主要依据现行 zhwang02@ccxi.com.cn 的收费公路管理条例，其收费期限主要集中在20~30年。目前 其他联络人 经营性高速主要通过改扩建方式延续收费，部分到期后无偿移 龚天璇 027-87339288 交至政府。 txgong@ ...