Report Industry Investment Rating - No information provided on the report industry investment rating Core Viewpoints - In May 2025, the issuance rhythm of asset - backed notes slowed down month - on - month, but the secondary market trading was active. The launch of science and technology innovation bonds and the successful issuance of the first science and technology innovation asset - backed securities are conducive to building a financial system suitable for scientific and technological innovation and promoting the development of science and technology - based enterprises [3][21][22] Summary by Directory Issuance Situation - In May 2025, 44 asset - backed note products were issued, with a total issuance scale of 43.337 billion yuan. The number of issuances decreased by 14 and the scale dropped by 26.78% compared with the previous month, while the number increased by 13 and the scale grew by 104.06% compared with the same period of the previous year. Only 4 were publicly issued, and the rest were privately placed [3][4] - The top five initiating institutions in terms of issuance scale were SDIC Taikang Trust Co., Ltd. (6.164 billion yuan, 14.22%), CITIC Trust Co., Ltd. (5 billion yuan, 11.54%), China National Foreign Trade Trust Co., Ltd. and Huaxin International Trust Co., Ltd. (both 4 billion yuan, 9.23%), Beijing Jingdong Century Trading Co., Ltd. (2.89 billion yuan, 6.67%), and State Power Investment Corporation (2.783 billion yuan, 6.42%). The total issuance scale of the top ten initiating institutions was 31.669 billion yuan, accounting for 73.08% [4] - The underlying asset types mainly included personal consumer finance, accounts receivable, supply chain, subsidy payments, and micro - loans. Personal consumer finance products accounted for 52.74% of the scale with 24 issuances [7] - The highest single - product issuance scale was 2.783 billion yuan, and the lowest was 1.79 billion yuan. Products with a single - issuance scale of (0, 10] billion yuan had the largest number and scale, with 38 issuances accounting for 75.41% [9] - The shortest product term was 0.25 years, and the longest was 11.14 years. Products with a term of (0, 1] years had the largest number and scale, with 17 issuances accounting for 32.22% [10] - According to the issuance scale statistics of notes at each level, AAAsf - rated notes accounted for 89.72% [11] - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.80%, the highest was 2.09%, and the interest rate center was around 1.86% [13] - In May 2025, 12 ABCP products were issued, with a total scale of 10.883 billion yuan, accounting for 25.11% of the ABN issuance scale, involving five types of underlying assets [17] Secondary Market Trading Situation - In May 2025, there were 391 secondary - market transactions of asset - backed notes, with a transaction amount of 37.496 billion yuan. The transaction amount increased by 9.83% month - on - month and 24.77% year - on - year, and the number of transactions increased by 17.07% month - on - month and 17.77% year - on - year [18] - The more active underlying asset types in the secondary - market trading were personal consumer finance, class REITs, micro - loans, accounts receivable, and supply chain, with transaction - amount proportions of 32.99%, 16.33%, 15.09%, 13.46%, and 8.23% respectively [18] Industry Dynamic Review - On May 7, 2025, the National Association of Financial Market Institutional Investors issued a notice to launch science and technology innovation bonds and build a "science and technology board" in the bond market. On May 26, the first science and technology innovation asset - backed securities was successfully issued, with a scale of 1.79 billion yuan and a coupon rate of 1.84% [21] - The launch of science and technology innovation bonds helps build a financial system suitable for scientific and technological innovation, and science and technology innovation asset - backed securities can further play the functions of revitalizing stock assets and broadening financing channels to empower the development of science and technology - based enterprises [22]

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - In May, Zhejiang issued special-purpose bonds worth 1753 million yuan for purchasing existing commercial housing as affordable housing, which will provide useful reference for other regions. The issuance scale of such bonds is expected to increase, but they face difficulties and potential pressure on returns [3]. - In May, the issuance and net financing scale of local government bonds increased month - on - month but decreased year - on - year. The issuance progress of new bonds was faster than last year but still lower than the average of the past three years. 16 provinces have completed the issuance of the second - batch replacement quota [4]. 3. Summary by Directory 3.1 Primary Market - In May, local government bond issuance was 77.9443 billion yuan, a year - on - year decrease of 13.74% and a month - on - month increase of 12.43%. Net financing was 55.4616 billion yuan, a year - on - year decrease of 12.64% and a month - on - month increase of 4.94%. From January to May, the cumulative issuance was 4.31 trillion yuan, a year - on - year increase of 52.93%, and the cumulative net financing was 3.71 trillion yuan, a year - on - year increase of 1.3 times [4]. - From January to May, special new special - purpose bonds issued exceeded 24.2384 billion yuan, with 9.8656 billion yuan issued in May. 29 provinces (excluding Guangdong and Shanghai) issued 162.9112 billion yuan of special refinancing bonds for replacing existing implicit debts, with 3.0168 billion yuan issued in May. 16 provinces completed the second - batch replacement issuance [6]. - In May, local government bond issuance was mainly new special - purpose bonds, with a scale of 44.3174 billion yuan, accounting for 56.86%. 22 provinces issued local government bonds, and Jiangsu had the largest issuance scale at 10.39 billion yuan [6]. - From January to May, the cumulative issuance of new general bonds was 35.1022 billion yuan, completing 43.9% of the annual quota. The cumulative issuance of new special - purpose bonds was 1.63 trillion yuan, completing 37.1% of the quota, faster than last year but still lower than the average of the past three years [6]. - In May, local government bond issuance was mainly 10 - year bonds. The issuance interest rate decreased month - on - month to 1.87%, and the issuance spread narrowed month - on - month to 10.69BP. Guangxi had the highest issuance interest rate, and Inner Mongolia had the largest issuance spread [8]. 3.2 Secondary Market - In May, the spot trading volume of local government bonds was 160.8804 billion yuan, a year - on - year increase of 13.36%. The short - end yield to maturity decreased overall, while the long - end yield to maturity increased overall [9]. 3.3 Repayment Situation - August is the peak of bond maturity this year. The interest payment scale in May is estimated to be around 15 billion yuan, a year - on - year increase of nearly 20%. The annual interest payment scale in 2025 may exceed 1.5 trillion yuan, a year - on - year increase of about 12% [10][12]. - The maturity scale from June to September is relatively large, and Henan, Zhejiang and other places have relatively high local government bond maturity scales this year [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The "15th Five - Year Plan" period will be a new turning point for the urban investment industry. Urban investment enterprises need to seize development opportunities, use relevant policies, and address long - standing issues such as low profitability, poor asset quality, high debt pressure, and heavy reliance on local government resources [3][4]. - In 2024, under the "package debt resolution" policy, urban investment enterprises showed some positive changes, but the substantial improvement of the overall fundamentals still needs further observation. Key provinces achieved certain debt - resolution results, but their profitability, investment, and financing capabilities were weaker than other regions, and the debt - repayment pressure was prominent [2][15]. - Urban investment enterprises in the process of transformation need to pay attention to issues such as insufficient profitability in the initial stage, low asset quality, and high debt pressure, and promote the smooth transition between old and new businesses [5][6]. 3. Summary by Relevant Catalogs Asset Side - The expansion speed of urban investment enterprises was lower than the growth rate of social financing, and assets were concentrated towards the top. The asset growth rate of urban investment enterprises in key provinces slowed down significantly. By the end of 2024, the total asset scale of urban investment enterprises reached 162.70 trillion yuan, with a year - on - year growth of 5.31%, lower than the social financing growth rate of 8% in 2024 [8][17]. - The liquidity of urban investment assets weakened. The scale of monetary funds decreased significantly, and the scale and proportion of accounts receivable increased. By the end of 2024, the total scale of monetary funds of urban investment enterprises was 7.59 trillion yuan, a year - on - year decrease of 8.65% [24]. - Due to investment constraints, infrastructure business was restricted, and the growth rate of inventory slowed down. The scale of construction - in - progress projects of urban investment enterprises in key provinces decreased. In 2024, the inventory growth rate of urban investment enterprises was only 3.24%, a significant decrease of 5.46 percentage points [30][33]. Liability Side - The growth rate of debt scale slowed down. The asset - liability ratio and the scale of interest - bearing debt of urban investment enterprises in key provinces decreased for the first time. By the end of 2024, the total liability scale of urban investment enterprises reached 101.13 trillion yuan, with a year - on - year growth of 6.33%, and the growth rate decreased by 5.19 percentage points compared with 2023 [38][40]. - The financing cost of urban investment enterprises increased slightly but was still in a downward channel. The cost in key provinces decreased more significantly but was still relatively high. In 2024, the median financing cost of urban investment enterprises was 5.16%, a slight increase of 9BP compared with 2023 [46]. - The scale and proportion of non - standard financing of urban investment enterprises "double - dropped", and the debt structure of urban investment enterprises in key provinces improved significantly. In 2024, the proportion of non - standard financing of urban investment enterprises dropped to 8.57%, a decrease of 1.19 percentage points [49]. Cash Flow - The net cash flow from operating activities turned positive for the first time in five years, and nearly 80% of urban investment enterprises in key provinces had positive cash flow net. In 2024, the net cash flow from operating activities of urban investment enterprises was 0.81 trillion yuan, turning positive for the first time in five years [12][53]. - The cash outflow from investment activities slowed down. Urban investment in key provinces was more restricted, but long - term equity investment improved. In 2024, the cash outflow from investment activities of urban investment enterprises was 8.72 trillion yuan, a year - on - year decrease of 4.49% [12][56]. - The cash inflow from financing activities was under pressure, and the net amount decreased. Urban investment financing in key provinces was more restricted. In 2024, the cash inflow from financing activities of urban investment enterprises was 29.98 trillion yuan, with a year - on - year growth of 5.27%, and the growth rate decreased significantly by 6.53 percentage points [13][61]. Debt - Repayment Ability - The debt - repayment ability of urban investment enterprises continued to decline, and urban investment enterprises in key provinces faced greater debt - repayment pressure. In 2024, the current ratio, the coverage ratio of monetary funds to short - term debt, and the EBITDA interest coverage ratio of all urban investment enterprises were 2.41, 0.30, and 2.72 respectively [65]. - The debt - repayment ability of entities facing the maturity or put - back of urban investment bonds in 2025 tended to weaken. From May to December 2025, the entities facing the maturity or put - back of urban investment bonds were mainly AAA - rated and municipal - level. The maturity pressure in key provinces such as Heilongjiang and Gansu was relatively large [69].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The inclusion of 9 credit - bond ETFs in the general pledge - style repurchase collateral list is a significant institutional breakthrough in the bond ETF pledge mechanism, which may enhance the market recognition and investment enthusiasm for credit - bond ETFs, improve the liquidity of the credit - bond market, and optimize the bond market ecosystem [3][8]. - The bond market shows a volatile trend. The issuance of credit bonds has warmed up, and the trading activity in the secondary market has increased. Bond yields show a differentiated trend, with credit spreads generally widening and rating spreads generally narrowing [6][7][35]. - The manufacturing PMI in May showed marginal improvement, but there was an imbalance in supply - demand recovery. Industrial enterprise profits continued to recover [12][13]. 3. Summary by Directory Market Hotspots - On May 29, 2025, China Settlement approved 9 credit - bond ETFs to be included in the general pledge - style repurchase collateral list. As of June 3, the scale of these 9 products exceeded 80 billion yuan, nearly 2.5 times the scale at the beginning of the year. Their secondary - market trading is active [3][8]. - The inclusion of credit - bond ETFs in the collateral range can make up for their shortcomings in liquidity management and financing support, transform them from single - function tools to composite products, and is expected to attract more long - term funds and promote the expansion of the credit - bond market [9][10]. - Since the beginning of this year, bond - type ETFs have expanded against the trend. The inclusion of credit - bond ETFs in the collateral system is a positive factor for the market and may be a key variable for the next - round expansion of credit - bond ETFs [10]. Macroeconomic Data - In May, the manufacturing PMI rose 0.5 percentage points to 49.5%, still in the contraction range but with marginal improvement. The production index returned above the boom - bust line, while the new - order index remained below it, indicating an imbalance in supply - demand recovery. The Caixin China Manufacturing PMI in May dropped to 48.3%, the lowest since October 2022 [12][13]. - From January to April, the profits of industrial enterprises above the designated size increased by 1.4% year - on - year, 0.6 percentage points faster than from January to March. In April, the profits increased by 3.0% year - on - year, 0.4 percentage points higher than in March [13]. Money Market - Last week, the central bank net - injected 656.6 billion yuan through open - market operations. The overnight and one - month pledged - style repurchase rates decreased by 8bp and 6bp respectively, while other term rates increased by 5 - 8bp. The 3 - month Shibor remained unchanged, and the 1 - year Shibor increased by 1bp, with the spread widening to 5bp [5][16]. Primary Market of Credit Bonds - Last week, the issuance of credit bonds warmed up, with a scale of 286.088 billion yuan, an increase of 44.777 billion yuan from the previous period. The cancellation of issuance also increased by 772 million yuan [21]. - By industry, the infrastructure investment and financing industry's issuance scale was 67.074 billion yuan, an increase of 28.569 billion yuan. The industrial bond issuance scale was 157.159 billion yuan, a decrease of 5.541 billion yuan. Most industries in industrial bonds showed net financing outflows [6][21]. - In terms of issuance costs, the average issuance rates of most bonds with different terms and ratings increased by 2 - 8bp, except for the 1 - year bonds of all grades, whose average issuance rates decreased by 12 - 15bp [21][32]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 8.655833 trillion yuan, and the average daily trading volume increased by 49.422 billion yuan to 173.1167 billion yuan, indicating increased trading activity [35][36]. - The yields of treasury bonds and policy - bank bonds showed a differentiated trend. The 10 - year treasury bond yield decreased by 5bp to 1.67%. Credit - bond yields fluctuated, with changes ranging from 1 - 10bp [35]. - Credit spreads generally widened by 1 - 12bp, and rating spreads generally narrowed by 1 - 10bp [35].

Group 1 - The report highlights that the credit bond issuance has increased, with a total issuance scale of 14,804.29 billion yuan in April, up by 2,392.84 billion yuan from the previous month [4][35] - The average issuance interest rates for most credit bonds have decreased, with the decline ranging from 15 to 77 basis points across various industries [4][40] - The technology innovation bonds have seen a significant increase in issuance, with 772.48 billion yuan issued in April, an increase of 453.21 billion yuan from the previous month [4][39] Group 2 - The report indicates that the rolling default rate in the bond market rose to 0.28% in April, an increase of 0.03 percentage points from the previous month, with one new defaulting entity in the real estate sector [6][18] - The manufacturing PMI for April was reported at 49%, down by 1.5 percentage points from the previous month, indicating weakened supply and demand in the manufacturing sector due to tariff impacts [4][26] - The report notes that the issuance scale of infrastructure investment and financing credit bonds was 4,521 billion yuan, a decrease of 600 billion yuan from the previous period [4][40]

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].