Group 1 - The report emphasizes the importance of financial support for the new industrialization transformation, highlighting investment opportunities in manufacturing bonds due to favorable policies [5][6][7] - The July manufacturing PMI is reported at 49.3, indicating a contraction in the manufacturing sector, with new orders and production indices also showing declines [8][26] - The issuance of credit bonds decreased in July, totaling 12,455.3 billion, a reduction of 1,471.83 billion from the previous month, while the net financing amount decreased to 2,787.19 billion [10][38] Group 2 - The report notes that the average issuance rates for credit bonds generally declined, with specific examples showing decreases between 2-29 basis points, while some specific bonds saw slight increases [39][40] - The report indicates that the credit risk remains manageable, with a rolling default rate of 0.23% in July and no new defaulting entities [14][16] - The report highlights the ongoing tightening of implicit debt regulation, emphasizing the need to prevent "the risk of risk disposal" [18][19]

Group 1 - The credit bond market is expected to recover, with a forecasted issuance volume of approximately 16.3-16.7 trillion yuan in 2025, reflecting a year-on-year growth of about 3%-6% [4][48][49] - The issuance of innovative products, particularly in the technology and green sectors, is accelerating, with technology bonds surpassing 1 trillion yuan in issuance, growing by 29.88% year-on-year [16][20] - The financing environment for private enterprises remains challenging, with only 1,400 billion yuan issued in the first quarter, accounting for just 3.62% of the total credit bonds [27][28] Group 2 - The first quarter saw a contraction in total credit bond issuance, with a total of 3.65 trillion yuan issued, a decrease of 2,104.14 billion yuan year-on-year [6][12] - The structure of credit bond issuance is shifting towards medium to long-term bonds, with those over three years accounting for nearly 40% of the total issuance [12][20] - The real estate sector continues to have the highest credit spread, at 84 basis points, indicating ongoing challenges despite some signs of recovery [45][46] Group 3 - The secondary market experienced a tightening of liquidity, with total credit bond transactions decreasing by 4.48% year-on-year to 12.92 trillion yuan [34] - The yield on 10-year government bonds rose from 1.60% at the beginning of the year to 1.90% by mid-March, reflecting market volatility [37][40] - Credit spreads narrowed across various industries, with most sectors experiencing a reduction in spreads, particularly in technology and transportation [43][45]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, the regional economy showed the characteristics of "rapid growth in the central and western regions and remaining resilience in the eastern region." GDP growth continued the pattern of "lower in the east and higher in the west," with the average GDP growth rate in the eastern region (5.3%) lagging behind the central (5.5%) and western (5.6%) regions for two consecutive quarters. The central and western regions benefited from industrial transfer and upgrading, with higher industrial added - value growth rates but the feature of "increasing revenue without increasing profit." The eastern region had better industrial enterprise profit performance supported by the integration of high - tech manufacturing and the digital economy. The central and western regions outperformed the eastern region in investment and consumption under policy support, while the eastern region was deeply affected by the decline in real estate development investment and had weak consumption. In the context of intensified Sino - US tariff game, the central and western regions achieved double - digit export growth, while the eastern region's export was greatly affected by Sino - US game [6]. - Looking ahead to the second half of the year, the economic downward pressure increases. For the central and western regions, attention should be paid to the problems of disorderly competition among enterprises and repeated government investment, and reversing the situation of "increasing revenue without increasing profit." For the eastern region, focus on the bottoming - out of the real estate market in the second half of the year and the implementation effects of consumption - promotion and foreign - trade - stabilization policies. For the northeastern region, pay attention to the industrial transformation and upgrading [6]. 3. Summary by Relevant Catalogs 3.1 Eastern Provinces Show Strong Resilience, Central and Western Provinces Have Faster Growth, and Economic Powerhouses Continue to "Shoulder the Heavy Burden" - In terms of scale, economic powerhouses played a stable "leading" role in H1 2025, with little change in the ranking of provincial GDP scale. The top five provinces in H1 2025 accounted for 40% of the national GDP, and the top ten accounted for 61.6%, basically the same as in 2024. Only Chongqing overtook Liaoning in the ranking. There were also cases of widening and narrowing differences in GDP scale among some provinces. For example, the GDP scale difference between Tianjin and Heilongjiang widened, while that between Guizhou and Shanxi narrowed [7]. - GDP growth continued the "lower in the east and higher in the west" pattern. The central and western provinces were the important engines of national economic growth in H1 2025. Most provincial GDP growth rates were higher than the national average (5.3%). The weighted average GDP growth rate of all provinces was 5.36%. The eastern region's average GDP growth rate was 5.3%, lagging behind the central and western regions for two consecutive quarters. However, the rapid development of high - tech manufacturing in the eastern region provided strong support for its economic growth. The central and western regions had fast economic growth, supported by industrial upgrading, major project construction, and high export growth. The northeastern region's GDP growth rate was 5.2%, lower than the national level, affected by real estate investment and its single - industrial structure [10][11]. - Most provincial GDP actual growth rates in H1 2025 were higher than the expected targets. Among the 31 provinces, 20 had higher growth rates than the targets, and 11 were lower, mainly in the western region. Considering the greater economic growth pressure in the second half of the year, these 11 provinces faced greater pressure to achieve their expected growth targets [11]. 3.2 Central and Western Regions Lead in Industrial Added - Value Growth, and Eastern Region Has Bright Performance in Industrial Enterprise Profits - The eastern region had stable growth in industrial added - value and bright performance in industrial enterprise profits. The industrial added - value of eastern provinces increased by 7.1% in H1 2025, higher than the end of last year and the same period last year. High - tech manufacturing development, digital economy integration, and high R & D investment were the main driving forces. Some provinces like Hainan, Fujian, and Jiangsu had both industrial added - value growth rates above 7% and industrial enterprise profit growth rates over 10%. Shanghai had a relatively low industrial added - value growth rate of 5.1% but a high profit growth rate of 11.8%. Guangdong's industrial added - value only increased by 4%, lower than the national level for 11 consecutive months [13][14]. - The central and western regions had fast industrial added - value growth but poor overall profit performance, with some provinces showing a significant feature of "increasing revenue without increasing profit." The central and western regions' industrial added - value increased by 7.9% and 8.2% respectively in H1 2025, higher than the national level (6.4%), but industrial enterprise profits decreased by 5.1% in the central region and increased by 1.4% in the western region. Some resource - based provinces in the central and western regions had a significant decline in industrial enterprise profits, while Tibet and Guangxi had good performance in both industrial added - value and profit growth. The northeastern region's industrial added - value increased by 5.4%, and industrial enterprise profits decreased by 13.7%, significantly lower than other regions [15]. 3.3 Supported by "Two Major" Project Construction, Central and Western Regions' Fixed - Asset Investment Growth Rates Outperform the National Average, and the Impact of Real Estate Investment Decline on the Eastern Region Continues to Deepen - The central and western regions benefited from national support for "two major" project construction, with higher fixed - asset investment growth rates than the national average in H1 2025. The western region's fixed - asset investment increased by 6.6%, 3.8 percentage points higher than the national level, with 4 out of 5 provinces with investment growth rates over 10% in the western region. The central region's fixed - asset investment increased by 3%, slightly higher than the national level, driven by manufacturing investment in some provinces. The eastern region's fixed - asset investment growth was 1.7%, lower than the national level, dragged down by real estate development investment, which had been declining since September last year. Beijing led the eastern region with a 14.1% growth rate in fixed - asset investment. The northeastern region's fixed - asset investment decreased by 1.3%, mainly due to a 17% decline in real estate development investment. The fixed - asset investment growth rate of debt - resolving provinces was 0.9 percentage points lower than that of non - debt - resolving provinces, but the gap was narrowing [22][23]. 3.4 Central Region Leads in Social Retail Sales Growth Rate, and Eastern Region Has Weak Consumption - The central region's social retail sales (社零) growth rate continued to be higher than other regions, while the eastern region's was significantly lower than the national level. The central region had a bright consumption performance in H1 2025, with a 6.2% growth rate in social retail sales, leading the country, supported by population advantages and the "old - for - new" consumer goods policy. All six central provinces had social retail sales growth rates higher than the national level. The northeastern region's social retail sales increased by 5.4% driven by cultural and tourism economy and ice - snow economy. The western region had large differences in social retail sales growth rates among provinces. The eastern region's social retail sales growth was 4%, lower than the national level, affected by weak wealth effects and income expectations. Hainan was an exception, with an 11.2% growth rate in social retail sales, driven by multiple factors [27][28]. 3.5 Eastern Region's Exports Are Greatly Affected by Tariff Game, and Central and Western Regions Achieve Double - Digit Export Growth - The central and western regions had an export growth rate of over 15% in H1 2025, while the eastern region's export growth rate was significantly lower than the national level. In the context of Sino - US tariff game, weak external demand, and increasing trade disputes, the central and western regions' exports increased by 15.5% and 17.5% respectively, much higher than the national level (7.2%). They benefited from industrial transfer, forming export advantages in "new three items" and taking advantage of the Belt and Road Initiative and transit trade. The northeastern region's exports increased by 8.4%. The eastern region's exports only increased by 1.4%, mainly affected by Sino - US game, with Guangdong being the most affected. Shanghai had a 9.8% export growth, driven by high - tech product exports [31]. - Due to weak domestic demand, most provinces had negative import growth in H1 2025. There were 21 provinces with negative import growth, mainly in the eastern and northeastern regions. The eastern region's imports decreased by 5.3%, while the northeastern region's decreased by 13.5%. Ten provinces in the central and western regions had positive import growth, driven by resource - related products [35].

Group 1: Financial Performance Overview - Traditional industries are experiencing a persistent decline in profitability, with over 50% of issuers reporting a year-on-year decrease in net profit as of Q1 2025[3] - The overall net profit of traditional industries is contracting, indicating ongoing financial pressure[3] - Despite weak operating cash flow, financing activities have improved significantly due to external support, leading to positive growth in cash reserves[3] Group 2: Debt and Leverage Trends - The leverage ratio among issuers in traditional industries has increased, with a notable rise in short-term debt pressure[3] - More than 60% of issuers are facing weakened short-term debt repayment capabilities, reflecting a concerning trend in financial health[6] - In the steel industry, while net profit growth turned positive in Q1 2025, high financial leverage continues to pressure short-term repayment abilities[7] Group 3: Sector-Specific Insights - In the traditional chemical industry, around 70% of issuers are profitable, but profitability is uneven, with over half experiencing an expansion in short-term debt[9] - The coal industry is facing declining profitability due to weak prices, with a significant number of issuers showing weakened short-term repayment indicators[12] - The steel sector is expected to have limited profit improvement potential due to ongoing supply-demand imbalances and high debt levels[7]

Investment Rating - The report indicates a positive outlook for the insurance asset management industry, particularly in innovative products, with a focus on structural adjustments and growth in asset-backed securities (ABS) and equity investments [5][38]. Core Insights - The insurance asset management industry is experiencing accelerated structural adjustments, with a notable increase in the registration scale of innovative products, driven by the expansion of asset-backed plans and significant growth in equity investment plans and private equity funds [7][26]. - The report highlights the importance of aligning investment strategies with government policies, particularly in the areas of "green finance" and new infrastructure projects, to achieve a balance between long-term returns and compliance with regulatory frameworks [34][36]. - The insurance asset management sector is expected to continue focusing on innovative products, with a shift towards equity investments and private equity funds, while traditional debt investment plans are declining in both quantity and scale [38][40]. Summary by Sections Product Operation Analysis - In the first half of 2025, the registration scale of innovative products in the insurance asset management industry increased by 6.35% year-on-year to 444.046 billion yuan, despite a 31-product decline in registration numbers [8][10]. - The debt investment plan remains the primary product type, accounting for 72.49% of the number and 47.78% of the scale, although its registration scale and quantity have significantly decreased [11][12]. - The growth of equity investment plans and private equity funds is notable, with the registration scale of private equity funds increasing by 524.94% year-on-year [26][27]. Institutional Operation Analysis - In the first half of 2025, Huatai Asset Management led in the registration scale and quantity of debt investment plans, while Everbright's asset-backed plans also showed strong performance [28][30]. - The number of institutions participating in equity investment plans increased significantly, with a total of 11 plans registered, amounting to 267.87 billion yuan [33]. - The report emphasizes the need for insurance asset management institutions to diversify their asset types and explore new investment opportunities that align with the characteristics of long-term insurance funds [19][21]. Policy Overview - Recent government policies have focused on promoting urban renewal and enhancing market-oriented financing mechanisms, which are expected to create investment opportunities for insurance asset management institutions [34][35]. - The report notes that the expansion of the long-term investment pilot program for insurance funds will inject more capital into the market, particularly in the areas of infrastructure and green finance [36][39]. - The insurance asset management sector is encouraged to prioritize investments in PPP projects and urban renewal initiatives, aligning with national strategies for sustainable development [38][40].

Report Overview - The report focuses on the financial performance of emerging industries, including electronic components, new chemical industry, and automotive industry from 2024 to Q1 2025 [2][3]. Industry Investment Rating - Not provided in the given content. Core Viewpoints - Emerging industries are facing profit - pressure but show resilience, and policy support helps optimize financing. Although the growth rate of total net profit is still negative, the decline has narrowed, over 70% of issuers are profitable, and over 50% have increased operating cash flow. The overall risk is controllable due to continuous policy support and relatively smooth financing channels [3]. Sub - industry Summaries Electronic Components Industry - From 2024 to Q1 2025, the industry showed recovery and differentiation. The total net profit growth rate turned negative in 2024 (-10.52%) but rebounded to 28.2% in Q1 2025. The asset - liability ratio fluctuated upward, short - term debt expanded, but the coverage ratio of monetary funds to short - term debt increased. The semiconductor manufacturing capacity gap in China is still large, and panel prices showed different trends. The industry may develop towards smaller processes and advanced packaging technologies [8]. New Chemical Industry - From 2024 to Q1 2025, the industry was in a low - boom cycle due to weak demand and over - capacity. The total net profit growth rate decreased by 9.53% in Q1 2025. The enterprise leverage ratio was high but stabilizing, and short - term debt growth slowed. The short - term solvency is generally controllable but with internal differentiation [10]. Automotive Industry - In 2024, domestic automobile sales increased by 4.6% year - on - year, and the increase expanded to 11.7% in Q1 2025. However, the average price reduction of 8.3% compressed the gross profit margin, and the net profit growth rate of traditional car - makers turned negative. The debt scale expanded, but the leverage ratio was stable, and solvency was controllable. The industry may continue the "stronger get stronger" pattern [12].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The downward trend of the yield central tendency in the bond market is difficult to reverse in the long - term due to economic pressure, but it may first decline and then rise in the short - term [4][29] - The macro - environment is still favorable for the bond market, with the possibility of reserve requirement ratio cuts and interest rate cuts, and the central bank will maintain liquidity [24][29] - The resumption of VAT collection on the interest income of government bonds and other bonds has multiple meanings and will affect the bond market [6] Summary by Directory Hot - Spot Review - Starting from August 8, 2025, VAT will be resumed on the interest income of newly issued national, local, and financial bonds. The VAT rate for banks, insurance, and securities self - operating departments will change from 0 to 6%, and for public funds and other asset management products, from 0 to 3% [6] - The resumption has three meanings: releasing incremental fiscal space to ease fiscal pressure (estimated to increase annual fiscal revenue by 200 - 410 billion yuan), optimizing the bond market tax policy and strengthening the benchmark function of national bond yields, and optimizing resource allocation by guiding funds to other fields and narrowing the spreads between old and new bonds and credit spreads [6][7][9] July Interest Rate Operation Review Funds and Liquidity Monitoring - In July, the central bank's open - market operations were relatively loose, with a net capital injection of 488 billion yuan, but a decrease of 365.9 billion yuan compared to the previous month. The central bank increased reverse - repurchase operations at times of tight liquidity [11] - The central tendency of capital interest rates declined. The DR007 central tendency was 1.516%, a 6.17 - BP decline from the previous month, and the R007 central tendency was 1.5296%, a 10.35 - BP decline. The DR007 - R007 spread was at a historically low level, indicating looser non - bank liquidity [12][14] Interest - Bearing Bond Yield Review - The 10 - year national bond yield central tendency increased. At the end of the month, it reached 1.7044%, a 5.75 - BP increase from the previous month's end, and the central tendency increased by 2.66 BP to 1.68%. The term spread widened by 1.7 BP to 32.37 BP [16] - In July, the trading volume of interest - bearing bonds increased by 5.25 trillion yuan to 28.18 trillion yuan. The trading volume of national bonds increased by 1.39 trillion yuan, local bonds decreased by 195.833 billion yuan, and policy - financial bonds increased by 4.06 trillion yuan [16] Follow - up Outlook Macro - environment - The central tendency of national bond yields may continue to decline, but short - term incremental policies may drive yields up. The manufacturing PMI in July was 49.3%, a 0.4 - percentage - point decline from the previous month. Consumption and investment in June showed marginal cooling [22] - The central government will accelerate the issuance and use of government bonds, and the NDRC will promote the establishment of new policy - based financial instruments, which may improve macro - data but have a negative impact on the bond market [22] Monetary Policy - The central bank will maintain a moderately loose monetary policy. There is a need for reserve requirement ratio cuts and interest rate cuts due to high real interest rates. The Fed may cut interest rates in the third quarter, providing space for China's monetary policy easing. The central tendency of yields may decline further this year [24] - In the short - term, the central bank will maintain liquidity by increasing open - market operations despite the accelerated issuance of government bonds [24] Bond Market Strategy - The short - term adjustment of the interest - income tax rate on national bonds may lead to a rush to buy old bonds, driving yields down, and then the yield central tendency may rise due to the tax premium [28] - The stock market's anti - involution trend and the NDRC's new policies may increase market risk appetite and have a negative impact on bond yields [29] - Enterprises planning to issue bonds can consider starting in late Q3 to reduce financing costs [29]

Group 1: Economic Planning and Strategy - The Politburo meeting announced the convening of the 20th Central Committee's fourth plenary session in October to discuss the 15th Five-Year Plan, marking a strategic transition from the 14th Five-Year Plan[1] - The meeting emphasized the complexity and variability of the development environment during the 15th Five-Year Plan period, highlighting the need for a robust economic foundation and long-term positive trends[1] Group 2: Key Economic Focus Areas - Promoting price stabilization is crucial, as weak overall price levels hinder internal circulation and affect corporate profitability, investment, and consumer spending[2] - The strategy to deepen and expand domestic demand is essential, with a focus on enhancing consumer contributions to economic growth amid external pressures[4] - Innovation-driven growth is prioritized, with recommendations to support strategic emerging industries and optimize the business environment to foster new economic drivers[4] Group 3: Macroeconomic Policy and Challenges - The meeting acknowledged a GDP growth of 5.3% in the first half of the year, laying a foundation for achieving the annual target of around 5%[5] - Structural issues were identified, including discrepancies between nominal and actual growth rates, and challenges in demand and supply dynamics, indicating a need for targeted policy interventions[5] - The emphasis on flexible and anticipatory macroeconomic policies aims to address both external pressures and domestic structural challenges[6] Group 4: Fiscal and Monetary Policy Measures - Fiscal policy will focus on accelerating government bond issuance, with 2.61 trillion yuan issued in the first half, representing 49.1% of the annual quota, but still below the three-year average of 58.68%[8] - Monetary policy will maintain a moderately loose stance, with potential for interest rate cuts to stimulate microeconomic activity, particularly for small and micro enterprises[9] - The meeting highlighted the importance of enhancing the efficiency of fiscal spending, shifting from investment-heavy to a balanced approach that includes consumer spending[8] Group 5: Consumer Demand and Service Sector - The meeting proposed actions to boost consumption, particularly in the service sector, recognizing the need to address supply shortages and enhance service offerings[10] - The introduction of child-rearing subsidies aims to increase disposable income and consumer willingness, reflecting a shift towards a more human-centered approach in consumption policies[12] Group 6: Market Competition and Structural Reforms - The meeting reiterated the need to optimize market competition and address "involution" in industries, which has contributed to low price levels and weak corporate profits[13] - Emphasis was placed on the orderly exit of outdated production capacity and the need for a legal and market-based governance system to manage competition effectively[14]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - Family - support - oriented fiscal policies are continuously introduced, optimizing the fiscal expenditure structure towards a "people - investment" and "people's livelihood - focused" direction, with potential long - term economic and social benefits [5][8][9]. - The Ministry of Finance has once again reported six typical cases of implicit debt accountability, highlighting the need to strengthen the investigation and accountability of implicit debt and improve the investment and financing mechanisms in key policy - supported areas [10][11][13]. - The process of key provinces "exiting the list" continues, with Inner Mongolia being the first to officially announce its exit, and efforts are needed to consolidate the results and prevent new implicit debts [14]. 3. Summary by Relevant Catalogs 3.1. Important News Reviews 3.1.1. Family - support - oriented Fiscal Policies - Since July, family - support - oriented policies such as the implementation plan for child - rearing subsidies and the gradual implementation of free preschool education have been successively introduced. These policies are expected to increase the proportion of people's livelihood expenditure in fiscal expenditure, optimize the central - local expenditure structure, and stimulate consumption and human capital development [5][8][9]. 3.1.2. Ministry of Finance's Report on Implicit Debt Accountability - On August 1, 2025, the Ministry of Finance reported six typical cases of implicit debt accountability, all involving new implicit debts. The new implicit debts occurred relatively recently and were concentrated in policy - supported areas such as urban renewal and high - standard farmland construction [10][11][13]. 3.1.3. Key Provinces "Exiting the List" - Inner Mongolia has officially announced its exit from the list of key provinces with local debt risks. However, it still faces challenges such as high debt ratios in some areas and large temporary fiscal payments, and efforts are needed to prevent new implicit debts [14]. 3.1.4. Early Redemption of Bonds by Urban Investment Enterprises - This week, 32 urban investment enterprises redeemed bond principal and interest in advance, involving 33 bonds with a total scale of 59.14 billion yuan. The enterprises are mainly from the central region, and the majority of the bond issuers have an AA rating [17]. 3.1.5. Cancellation of Bond Issuance - Two urban investment bonds were cancelled this week, with a planned total issuance scale of 17.5 billion yuan. As of August 4, 77 urban investment bonds have been postponed or cancelled this year, with a total scale of 442.26 billion yuan [18]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds 3.2.1. Local Government Bonds - This week, the issuance scale and net financing of local government bonds decreased. The issuance progress of new special bonds exceeded 60%. The issuance interest rate and spread both increased. The weighted average issuance interest rate rose to 1.89%, and the weighted average issuance spread rose to 10.42BP [19]. 3.2.2. Urban Investment Bonds - The issuance scale of urban investment bonds decreased this week, while the net financing scale increased. The issuance interest rate increased, and the spread widened. The overall issuance interest rate was 2.33%, and the issuance spread was 78.73BP. Five overseas urban investment bonds were issued, with a total scale of 33.22 billion yuan [22][23]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - The central bank conducted 1663.2 billion yuan in reverse repurchases this week, with 1656.3 billion yuan in reverse repurchases maturing, resulting in a net investment of 690 million yuan. Short - term capital interest rates generally declined [26]. - This week, the trading scale of local government bond cash bonds decreased by 7.14% to 380.769 billion yuan, and most of the maturity yields declined, with an average decline of 1.50BP. The trading scale of urban investment bonds increased by 2.69% to 277.6 billion yuan, and most of the maturity yields declined, with an average decline of 2.44BP [27]. - There were 16 abnormal transactions of 14 bonds from 14 urban investment entities this week. The number of entities decreased, but the number of bonds and abnormal transactions increased [28]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 50 urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, names, and business scopes [31].

2025 年 7 月 财务表现分析系列研究 图说财报系列(一)|解码产业债发行人财务表现 在经济结构调整、行业周期轮动与政策调整的复杂影响下，产业债 发行人财务表现正 成为信用风险 研判的 关键维度。中诚信 国际 基于 2018 年至今的持续追踪研究，正式推出《图说财报系列》，通过可视 化数据呈现与重点行业深度解析相结合的方式，系统梳理发行人财务特 征与信用趋势。本系列依次推出开篇报告、传统产业、新兴产业和消 费行业专题。作为系列开篇，本报告将立足全市场视角，以直观图表拆解 产业债发行人整体财务表现，为后续各行业深度研究奠定分析基础。 产业债发行人财务表现 盈利呈弱修复态势，稳定性持续上升 2024 年以来，受国际环境复杂多变、国内需求不足等因素影响， 发行人整体盈利能力呈现弱修复态势。"弱"体现在发行人净利润总额 仍在持续缩减，主要受尾部主体盈利恶化所拖累。但与此同时，"修复" 特征亦明显，从变动趋势看，去年三季度以来净利润同比改善的发行人 逐季增多，净利润增幅在 0-20%区间的发行人增加至近三成，盈利稳定 性持续上升。 图 1：发行人盈利能力呈现弱修复态势 图 2：净资产收益率中枢小幅上移 数据来源：W ...