1. Company Events 1.1 Regulatory Actions - Xianyang Financial Holding Group Co., Ltd. was warned and ordered to rectify for non - market - oriented issuance of debt financing instruments in 2020, and Xianyang Finance and Investment Holding Co., Ltd., which provided convenience, was also warned [2] - Taixing Zhiguang Environmental Protection Technology Co., Ltd.'s subsidiary was fined 4 million yuan for financial fraud from 2021, and its executives were also fined [2] 1.2 Litigation - Mengzi New Urbanization Development Investment Co., Ltd. announced the progress of four lawsuits as of June 30, 2025, with a total involved amount of 54.3326 million yuan, and one case worth 5.592 million yuan was settled [2] 1.3 Ownership Changes - Zhejiang Hanghai New City Holding Group Co., Ltd.'s controlling shareholder changed from Haining State - owned Assets Office to Zhejiang Hanghai Asset Operation Co., Ltd. through a free transfer of 100% equity, while the actual controller remained unchanged [2] - After Suzhou International Development Group Co., Ltd. and its affiliated Dongwu Securities increased their holdings in Suzhou Bank, they became the controlling shareholders with 15.00% of shares, and the Suzhou Finance Bureau became the actual controller [2] - The Ministry of Finance transferred its shares in China Orient Asset Management Co., Ltd. to Central Huijin Investment Co., Ltd., which then held 71.55% of shares and became the actual controller of Orient Asset Management (China) Co., Ltd. [2] 1.4 Name Change - Hefei High - tech Urban Development Group Co., Ltd. changed its name from Hefei High - tech Co., Ltd., and the change did not affect its issued bonds, with all rights and obligations inherited [3] 1.5 Credit Rating Changes - Credit rating upgrades: Yueyang Urban Construction Investment Group Co., Ltd. was upgraded from AA+ to AAA; Xiamen Xiangyu Group Co., Ltd. was upgraded from BBB+ to A -; Ba Zhong State - owned Capital Operation Group Co., Ltd. was upgraded from AA to AA+; Qinhuangdao Bank Co., Ltd. was upgraded from AA to AA+; Chengdu Xiangcheng Investment Group Co., Ltd. was upgraded from AA+ to AAA; Chengdu Ronghe Investment Development Group Co., Ltd. was upgraded from AA to AA+ [3] - Credit rating downgrades: Heilongjiang Chuangda Group Co., Ltd. was downgraded from AA to A+; Shuangliang Energy - Saving System Co., Ltd. was downgraded from AA to AA -; Wenzhou Hongfeng Electrical Alloy Co., Ltd. was downgraded from A to BB+ [3] 1.6 Other Events - Qingdao Economic and Technological Development Zone Investment Holding Group Co., Ltd.'s subsidiary, Shanda Shenghua, received a warning letter from Shandong Securities Regulatory Bureau for insider information registration management violations [2] - Li Dong, the deputy general manager of Guangxi Liuzhou Urban Construction Investment Development Group Co., Ltd., is suspected of serious disciplinary violations and is under investigation, and the issuer has 12 outstanding bonds with a total balance of 8.654 billion yuan [2]

Company Events Summary Litigation and Execution - Guizhou Hongcai Investment Group Co., Ltd. is involved in two major lawsuits and is listed as an executor. The execution amounts are 317.2 million yuan and 287.3 million yuan respectively. The company is actively promoting reconciliation, and it currently has 2 outstanding bonds with a total balance of 320 million yuan [2] Bond Repayment and Credit Enhancement Issues - For "H20 Shanshan 1" issued by Shanshan Group Co., Ltd., the credit enhancement measures have significant adverse changes due to uncompleted agreements and non - repayment of pledged accounts receivable. The company will communicate with relevant parties to seek solutions [2] Asset Separation - China National South Industries Group Corporation is implementing a separation. Its automotive business will be separated into an independent central enterprise, and its equity will be injected into China North Industries Group Corporation. The actual controller remains unchanged, and it has no significant adverse impact on the company [2] Arbitration - Huai'an Hongxin State - owned Assets Investment Management Co., Ltd. was applied for arbitration for failing to pay project funds in time. The arbitration award requires it to pay 224 million yuan in project funds, 17.34 million yuan in financial expenses, and over 16.86 million yuan in overdue payment interest. The company expects to settle the project funds within the time limit and currently has 6 outstanding bonds with a total balance of 2.66 billion yuan [2] Executive Illegal Issues - Zhang Tian'an, the former chairman of Jiangsu Jinhui Group Co., Ltd., is under disciplinary review and supervision and investigation. As of now, the company has 3 outstanding bonds with an amount of 1.45 billion yuan [2] New Bond Issuance Plans - Kazakhstan National Oil and Gas Company (KazMunayGas) is considering issuing RMB - denominated bonds such as offshore RMB dim - sum bonds, on - shore RMB panda bonds, or bonds in Arab countries. If successful, it will be the company's first RMB - denominated bond [2] - China Chengtong Holdings Group Co., Ltd. plans to issue 16.5 billion yuan of medium - term notes in 2025. China National New Holdings Co., Ltd. plans to issue 23 billion yuan of medium - term notes in 2025 with a subscription range of 1.9% - 2.14%. The funds will be used for stable growth and investment expansion [2] Bond Interest Payment and Redemption - Vanke Enterprise Co., Ltd. will pay the interest on "22 Vanke 04" on June 6, 2025, with a bond balance of 650 million yuan and a current coupon rate of 3.53%. "22 Vanke 03" will be fully redeemed, with a redemption amount of 350 million yuan and an interest payment of 10.15 million yuan [3] Credit Rating Upgrade - The credit rating of Shanghai Jing'an Investment (Group) Co., Ltd. has been upgraded from AA+ to AAA by Xinshiji [3]

Group 1: Overdue Bills Overview - The number of overdue bill issuers decreased to 5,534 in April 2025, down 4.02% from 5,766 in March 2025[2] - In the credit bond market, 2,228 issuers had overdue records, a decrease of 2.71% from 2,290 in the previous month[2] - The number of unique issuers with outstanding bonds dropped to 252, a significant decline of 16.28%[2] Group 2: Industry Analysis - Among overdue issuers, 57 were from urban investment, down from 75, while 104 were from the industrial sector, a decrease of 19[3] - The real estate development sector accounted for 39.42% of overdue bills, a drop of 8.58 percentage points from the previous month[3] - The financial sector had 22 overdue issuers, a decrease of 9%[3] Group 3: Overdue Amounts - The total overdue amount for all companies reached CNY 1,042.40 billion, a decrease of 14.10% month-on-month[16] - The overdue balance was CNY 638.48 billion, down 12.89% from the previous month[16] - The overdue balance for the urban investment sector was CNY 16.09 billion, a significant decline of 32.02%[16] Group 4: Notable Issuers - The top ten overdue issuers accounted for a total overdue balance of CNY 53.17 billion, a decrease of 3.57%[16] - The largest overdue issuer was Shandong Chenming Paper Group Co., Ltd., with an overdue balance of CNY 10.04 billion[18] - Real estate sector overdue amounts increased to CNY 17.47 billion, reflecting a 15.01% rise month-on-month[16]

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - Highway REITs, as the largest category of underlying assets in the REITs market, have expanded significantly in the past two years and are highly sought after by the market. The proportion of institutional holdings, represented by insurance, has increased, indicating enhanced attractiveness to long - term funds [2][79]. - In 2024, the traffic volume of highway REITs generally declined to varying degrees, and the toll revenue of 8 products decreased. However, the fluctuations of major highway REITs were within about 10%. The net profit of major highway REITs has shown certain fluctuations in recent years, with low stability [2][16][79]. - From 2023 - 2024, the cash distribution rate of highway REITs was generally high, but there were significant differences among different projects. In terms of fund dividend ratio, there were also large disparities among different products [3][80]. - After the sharp decline in 2023, the REITs index stabilized and rebounded in 2024. Since 2025, all 13 highway REITs have continued to rise. Some REITs with small fluctuations in revenue and net profit, positive growth, strong turnaround expectations, and other factors have shown strong excess returns [4][31][81]. Group 3: Summary by Directory 1. Basic Situation - As of now, 13 highway public offering REITs have been issued, with a total issuance scale of 68.771 billion yuan, accounting for over 40% of the entire market. The single - issuance scale of highway public offering REITs is relatively large, with the scale of CICC Anhui Expressway REIT exceeding 10 billion yuan and that of E Fund Shenzhen Expressway REIT being 2.048 billion yuan [7]. 2. Holder Analysis - As of the end of June 2024, the institutions holding highway public offering REITs were mainly original equity holders, securities company proprietary trading, and insurance (including insurance asset management). Except for CICC Shandong Expressway REIT, Huaxia Yuexiu REIT, and Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT, whose top ten shareholder holding ratios decreased by 0.67%, 4.43%, and 3.05% respectively, the top ten shareholder holding ratios of other products increased, indicating enhanced market attractiveness to long - term funds [9]. 3. Overall Operational Performance - **Traffic Volume**: In 2024, among the 8 REITs listed for over a year, only Zheshang Shanghai - Hangzhou - Ningbo REIT and Huatai Jiangsu Expressway REIT achieved year - on - year growth in traffic volume, while the traffic volume of other highway REITs declined to varying degrees. CICC Anhui Expressway REIT, Guojin China Railway Construction REIT, and Huaxia China Communications Construction REIT had relatively large declines [12]. - **Toll Revenue**: In 2024, the toll revenue of 8 highway REITs decreased. Zheshang Shanghai - Hangzhou - Ningbo REIT and CICC Shandong Expressway REIT had relatively small decline ranges, while CICC Anhui Expressway REIT, Huaxia China Communications Construction REIT, and Huaxia Yuexiu REIT had relatively large decline ranges. The quarterly环比 growth rate of major highway REITs fluctuated within about 10%, and some REITs had relatively large fluctuations [16]. - **Net Profit**: From 2022 - 2024, the net profit of major highway REITs fluctuated, with low stability. Gongyin Hebei Expressway REIT and CICC Anhui Expressway REIT had large losses, while Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT had high and stable net profit [19]. - **Cash Distribution Rate**: From 2023 - 2024, the cash distribution rate of highway REITs was generally stable, but there were significant differences among different projects. Zheshang Shanghai - Hangzhou - Ningbo REIT and Guojin China Railway Construction REIT had relatively high distribution rates, while Huaxia China Communications Construction REIT had a relatively low rate [3][24]. - **Fund Dividend Ratio**: In 2024, Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT, Ping An Guangzhou Jiaotong Guanghe Expressway REIT, and Huaxia Yuexiu Expressway Closed - end Infrastructure REIT ranked among the top three. On the other hand, Gongyin Hebei Expressway Group Expressway REIT, CICC Shandong Expressway Group Expressway REIT, and CICC Anhui Expressway REIT had an average dividend rate of less than 2% [27]. - **Remaining Term**: The remaining terms of highway REITs are mainly concentrated between 10 - 25 years, but there are large differences among different projects. Some projects may extend the franchise term due to reconstruction and expansion [30]. 4. Secondary Market Performance and Analysis - **Overall Performance**: After the sharp decline in 2023, the REITs index stabilized and rebounded in 2024, with the CSI REITs Total Return Index rising 13.92% for the whole year, and the average increase of highway REITs being 7.26%. Since 2025, all 13 highway REITs have achieved positive returns [31]. - **Specific REITs**: - **Huaxia Nanjing Transportation Expressway REIT**: Listed in November 2024, it has risen 21.58% since 2025 and 29.48% since listing. Its operation is relatively stable, with small fluctuations in revenue and net profit and positive growth. The newly listed floating shares are only 126 million yuan, which may be the reason for the increase in the secondary - market price [35][36]. - **China Merchants Fund Highway Expressway REIT**: Listed in November 2024, it has risen 15.37% since 2025 and 11.26% since listing. Its operation and profitability are similar to those of Huaxia Nanjing Transportation Expressway REIT, with better profitability [37][38]. - **CICC Anhui Expressway REIT**: Listed on November 1, 2022, it has risen 14.65% since 2025 but still declined 9.91% since listing. In 2024, its operation deteriorated due to factors such as bad weather and road - network diversion. However, after the reconstruction and expansion project of Xuangang Expressway was completed in 2025, its traffic volume and toll revenue are expected to recover, and there is a certain upward momentum in valuation re - evaluation [39][40]. - **Ping An Ningbo Jiaotong Hangzhou Bay Bridge REIT**: Listed in December 2024, it has risen 13.97% since 2025 and 23.64% since listing. Its operation is good, with increasing traffic volume and toll revenue. It is expected that its secondary - market price will remain strong [44]. - **CICC Shandong Expressway Group Expressway REIT**: Listed on October 27, 2023, it has risen 12.35% since 2025 and 35.29% since listing. In 2024, its traffic volume declined slightly. In the future, the completion and opening of competitive roads may bring greater competitive pressure, and the secondary - market price may face adjustment pressure [45][47]. - **Huaxia China Communications Construction Expressway REIT**: Listed in April 2022, it has risen 12.57% since 2025 but still declined 34.48% since listing. In 2024, its net profit declined significantly due to impairment losses on intangible assets. The change in the surrounding road network may affect its traffic volume, and the secondary - market price may face adjustment pressure [50][51]. - **Huatai Jiangsu Expressway REIT**: Listed in November 2022, it has risen 11.46% since 2025 and 3.63% since listing. In 2024, its revenue and net profit declined, but the cash - flow situation improved. It is located in the Yangtze River Delta region, with a good operating environment. The impact of competitive roads is small, and the secondary - market price may continue to rise steadily [53][55]. - **Guojin China Railway Construction Expressway REIT**: Listed in July 2022, it has risen 11.08% since 2025 and 30.15% since listing. In 2024, its revenue and net profit declined slightly. It is located in the Chengdu - Chongqing Twin - City Economic Circle, with a good operating environment. The impact of competitive projects is small, and the secondary - market price may still have opportunities [57]. - **E Fund Shenzhen Expressway REIT**: Listed in March 2024, it has risen 5.36% since 2025 and 10.80% since listing. In 2024, its traffic volume and toll revenue declined due to bad weather and road - network diversion. In the future, the opening of Yichang North Expressway may bring greater competitive pressure, and the secondary - market price may face pressure [61][62]. - **Gongyin Hebei Expressway Group Expressway REIT**: Listed in June 2024, it has risen 5.15% since 2025 and 4.57% since listing. In 2024, its net profit was poor due to high operating costs and interest expenses, but it was positive in the second half of the year. There are no new competitive projects around, and the secondary - market price may still have potential [65][66]. - **Zheshang Securities Shanghai - Hangzhou - Ningbo Expressway REIT**: Listed in July 2021, it has risen 4.23% since 2025 and 21.07% since listing. In 2024, its operation was relatively stable. The opening of the new competitive section may have a certain negative impact on its operation, but the impact is expected to be small, and the secondary - market price may continue to rise steadily [67][69]. - **Huaxia Yuexiu Expressway Closed - end Infrastructure REIT**: The project is mainly the Hanxiao Expressway. It has risen only 1.69% since 2025 but still has an increase of 10.51% since listing. In 2024, its revenue and net profit declined. The short - term diversion of the Beijing - Hong Kong - Macao Expressway affected its traffic volume and toll revenue, and the secondary - market price performance was weak [71]. - **Ping An Guangzhou Jiaotong Guanghe Expressway REIT**: One of the earliest listed REITs, it has risen only 0.83% since 2025 and still declined 6.96% since listing. From 2022 - 2024, its overall performance was good and stable. The traffic volume has declined since 2024 due to bad weather and other factors. The secondary - market price may have room to rise due to the strengthening of capital allocation [75][78]. 5. Summary - Highway REITs have expanded significantly in the past two years and are highly attractive to long - term funds. In 2024, the traffic volume and toll revenue generally declined, and the net profit fluctuated. There are differences in the cash distribution rate and fund dividend ratio among different projects. Some REITs have strong excess returns in the secondary market, while others may face price adjustment pressure [79][80][81].

Investment Rating - The report does not explicitly provide an investment rating for the industry or region discussed [1]. Core Insights - Zhuzhou, as a key industrial city in China, has shown significant industrial development but continues to face challenges in tax revenue generation compared to Hunan Province [2][51]. - The city's economic growth is under pressure due to declining permanent population, poor real estate market conditions, and constrained retail sales growth [2][41]. - Despite these challenges, Zhuzhou's industrial output has been growing, with a notable increase in the scale of industrial value added [22][27]. Summary by Sections Economic and Industry - Zhuzhou's GDP reached 3,667.9 billion yuan in 2023, with a growth rate of 5.5% projected for 2024, outperforming both national and provincial averages [9][13]. - The industrial structure of Zhuzhou is characterized by a "three-two-one" model, with the tertiary sector showing an upward trend [15][17]. - Key industries contributing to growth include general equipment manufacturing and automotive manufacturing, with significant growth rates of 27.8% and 27.7% respectively in 2023 [27]. Fiscal Strength - Zhuzhou ranks fifth in Hunan Province for fiscal strength, with a public budget revenue of 192.3 billion yuan in 2023, reflecting a growth of 1.1 times since 2014 [51][53]. - The city's tax revenue accounts for 72.1% of its total revenue, indicating a stable fiscal environment [51]. Debt Pressure - The report highlights concerns regarding the expansion of local government debt, particularly in the context of economic growth pressures and a sluggish real estate market [1][2]. - Zhuzhou's local government has been taking measures to manage and reduce financing costs to mitigate credit risks [2]. Debt Market Performance - The report does not provide specific insights into the performance of the debt market or city investment platforms [1]. Summary - Overall, Zhuzhou's economic and industrial performance is commendable, with a focus on developing a modern industrial system characterized by key sectors such as rail transit and advanced materials [48]. However, challenges remain in population retention and real estate market stability [41][48].

Economic Overview - In the first half of 2024, Jiangsu Province's GDP reached CNY 63,326.3 billion, with a growth rate of 5.8%, surpassing the national growth rate by 0.8 percentage points[5] - Taizhou's GDP in 2023 was CNY 673.17 billion, doubling from a decade ago, contributing 5.2% to Jiangsu's total GDP[7] - Taizhou's GDP growth rate for the first half of 2024 was 5.8%, aligning with Jiangsu's overall growth rate[7] Industrial Performance - The industrial sector in Taizhou accounted for 38.7% of the GDP, with significant contributions from construction (10.6%) and wholesale and retail (9.0%) in 2022[9] - In 2023, Taizhou's industrial added value was CNY 2,497.3 billion, with a growth rate of 6.1%[11] - The number of industrial enterprises in Taizhou increased, with 3,676 enterprises reported by the end of 2022, ranking 8th in Jiangsu[11] Debt and Financial Strength - Taizhou's government has focused on reducing debt costs and addressing hidden debts, with ongoing efforts to improve fiscal strength amid economic pressures[1] - The city aims for a GDP growth of over 6% in 2024, with specific targets for agriculture and service sectors set at 4% and 6% respectively[7] Market Trends - The healthcare industry in Taizhou, a key sector, saw a decline in production in 2023, with major companies experiencing significant drops in output[12] - The overall industrial profit margin in Taizhou faced pressure, with a reported 13.8% of industrial enterprises operating at a loss in 2023[12]