Investment Rating - The report does not explicitly provide an investment rating for the cable television industry Core Insights - The cable television industry is a crucial information infrastructure for the country and is under pressure from new media and internet competition, despite some user recovery due to policy interventions [2][14] - As of Q3 2025, the actual number of cable television users reached 207 million, showing a slight decline of 0.96% compared to the end of 2024, but a quarter-on-quarter increase of 0.49% [4][35] - The total revenue of the broadcasting and television service industry in the first three quarters of 2025 was 1,048.919 billion yuan, representing a year-on-year growth of 4.59% [4] Industry Operation Status - The broadcasting and television service industry saw total revenue of 1,048.919 billion yuan in the first three quarters of 2025, with actual revenue of 193.4598 billion yuan, up 4.31% year-on-year [4] - The revenue from broadcasting institutions was 446.904 billion yuan, up 6.73%, while revenue from online audio-visual service institutions was 602.015 billion yuan, up 3.05% [4][7] - The cable television network revenue has shown limited fluctuation, indicating a stable but pressured revenue stream [5] Competitive Landscape - The cable television industry faces significant user diversion due to the growth of new media, broadband networks, and mobile communications [11] - As of Q3 2025, the number of mobile internet users reached 1.269 billion, with video app monthly active users at 799 million, accounting for 62.96% of total internet users [11] - The short video sector has also seen explosive growth, with 1.129 billion monthly active users as of September 2025 [11] Policy Developments - In 2025, significant progress was made in hotel television governance and simplification of remote controls, which helped facilitate user recovery [16] - New standards for residential projects were implemented to ensure the inclusion of cable television systems, enhancing the infrastructure for broadcasting services [17] Company Performance - Among the eight sample companies, only three reported revenue growth: Jishi Media, Jiangsu Cable, and Huashu Media, with growth rates of 3.00%, 2.79%, and 0.92% respectively [18] - The remaining five companies experienced revenue declines, with Guizhou Network and Shaanxi Broadcasting facing the most significant drops of -27.63% and -22.16% [19] - Profitability varied, with Jiangsu Cable's profit increasing by 6.08%, while Huashu Media's profit decreased by 11.36% [24] Financial Health - The average debt-to-asset ratio for sample companies was 56.19%, with some companies exceeding 80%, indicating high leverage [28] - Cash flow from investment activities was generally negative, with several companies relying on external financing to meet their needs [32] Summary - The cable television industry is experiencing user recovery due to policy support, but it continues to face intense competition from new media and the internet [35] - Revenue growth is uneven among companies, with many facing losses and increasing debt levels, while the impact of 5G services on performance remains limited [35]

随着成渝地区双城经济圈建设持续推进，加之到期债务需要通过新增融资来维持流动性等因素， 近年来，四川省城投公司债务规模持续增长，但增速持续放缓。"一揽子化债方案"实施以来，四川省 城投公司债券发行及非标融资受限，相应新增融资主要向银行贷款转移，并通过银行贷款实现高息非 标债务置换，银行融资占比逐年提升，债券及其他融资合计占比逐年压降。但各区域债务结构出现分 化，不同地市再融资能力具有差异化表现；部分区域城投公司在偿债及流动性方面仍存在一定压力。 投融资结构优化，局部流动性压力仍存 ——四川省发债城投企业财务表现观察 联合资信 公用评级四部 |张丽斐 |刘凯元 2024 年以来，随着化债政策快速落地，四川省隐性债务有序化解，融资平台数量持续压降。通过 推动政府产业投资引导基金运作和盘活国有资产等市场化转型，城投公司投资结构持续调整。 城投公司投资端增速放缓，城建类投资受限，部分区域应收账款回款压力有待缓解。在财政收支 压力较大的背景下，城投企业除额度内置换债外难以获得大规模资金支持，财务基本面显著改善难度 仍大，未来经营性债务化解需依赖城投公司加快实质转型和提升自身造血能力，实现经济发展与化债 的新平衡。 www ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zhejiang Province has made phased achievements in debt resolution through multiple measures such as seeking superior funds, issuing special refinancing bonds, and controlling project investments. The province's 11 prefecture - level cities have formed a pattern of "full - scale promotion and gradient clearance" around debt reduction goals, with some regions achieving zero implicit debt and "dual zero" goals. At the same time, Zhejiang's urban investment enterprises' debt scale continues to grow but at a slower pace, with an optimized financing structure, and the short - term debt ratio has slightly increased. However, challenges remain, including regional differentiation, continued growth in accounts receivable in some areas, slowdown in investment growth, and insufficient self - hematopoietic ability in some urban investment enterprises. Therefore, it's necessary to plan for debt resolution and market - oriented transformation of urban investment enterprises simultaneously to improve their operational efficiency and risk - resistance ability [3][9][34]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Debt Control Situation - **Seeking Superior Funds**: In 2024, Zhejiang obtained 69.764 billion yuan in ultra - long - term special treasury bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan used for project construction, accounting for 9.1% of the national total, and 37.8 billion yuan for the completion of existing government investment projects [5]. - **Implicit Debt Replacement**: In 2024, the Ministry of Finance allocated a local government debt limit of 244.2 billion yuan to Zhejiang in three - year installments (81.4 billion yuan per year from 2024 - 2026). In 2024 and 2025, Zhejiang (including Ningbo) fully used the "special bonds for implicit debt replacement" quota of 81.4 billion yuan each year. The issuance of special refinancing bonds in 2025 was faster than the national average, which lowered the average financing cost of urban investment enterprises [5]. - **Controlling Project Investment**: Cities like Jiaxing and Taizhou proposed to control project investment to prevent new debt. They sorted out and reviewed existing government investment projects, strengthened support for key projects, and carefully considered or postponed non - urgent projects. They also tightened the review of new projects and coordinated the connection between the fiscal budget and the government investment plan [6]. - **Regional Achievements**: As of the end of September 2025, some regions in Zhejiang, such as Lin'an District and Chun'an County in Hangzhou, Zhoushan City, etc., achieved zero implicit debt, and some areas completed the "dual zero" goals of implicit debt resolution and platform exit. More than 600 urban investment platforms in Zhejiang have exited, accounting for half of the national total during the same period [9]. 3.2 Changes in Financial Indicators of Zhejiang's Urban Investment Enterprises 3.2.1 Investment - **Overall Situation in Zhejiang**: From 2022 to June 2025, the investment scale of urban - construction assets, self - operated assets, and equity and fund investments of Zhejiang's urban investment enterprises continued to grow, but the growth rate of urban - construction assets and equity and fund investments slowed down. By the end of June 2025, the growth rates of these three types of assets further decreased. The proportion of urban - construction assets decreased to 69.90% but remained the main asset component [13]. - **Regional Differences**: Most cities' total investment and urban - construction asset investment increased. The growth rates of Wenzhou, Shaoxing, Huzhou, and Zhoushan were below 10%, while the other seven cities exceeded 10%. In 2024, the growth rate of urban - construction assets in all cities slowed down, and the growth rates of self - operated assets in most cities increased. The growth rate of equity and fund investments decreased in half of the regions [14]. 3.2.2 Receivables - **Overall Situation in Zhejiang**: From 2022 to June 2025, the accounts receivable of Zhejiang's urban investment enterprises continued to grow, but the growth rate decreased in 2024 and June 2025. In 2024, the cash income ratio was relatively good, which may be affected by multiple factors such as the slowdown of project settlement and the change in the business structure [16]. - **Regional Differences**: At the end of 2024, the accounts receivable of urban investment enterprises in Hangzhou, Ningbo, and Huzhou exceeded 50 billion yuan, while those in Quzhou, Lishui, and Zhoushan were below 20 billion yuan. Except for Jinhua, the growth rate of accounts receivable in other cities exceeded 10% [18]. 3.2.3 Financing - **Overall Situation in Zhejiang**: From 2022 to 2024, the cash inflow and outflow of financing activities of Zhejiang's urban investment enterprises increased year by year, with a net inflow that fluctuated and decreased, mainly due to policy restrictions on new financing in 2024. The financing structure was optimized, with bank borrowing as the main channel and an increasing proportion of bank financing [20][25]. - **Regional Differences**: In 2024, the cash inflow of financing activities in Hangzhou, Shaoxing, Ningbo, and Huzhou exceeded 500 billion yuan. The net inflow of financing activities was positive in all cities, with significant regional differences. The net inflow in Zhoushan was only 6 billion yuan, while those in Hangzhou, Ningbo, and Jiaxing exceeded 100 billion yuan [20][23]. 3.2.4 Interest - Bearing Debt - **Overall Situation in Zhejiang**: By the end of June 2025, the debt scale of Zhejiang's urban investment enterprises continued to grow, but the growth rate slowed down from 22.55% in 2023 to 8.53%. The debt was mainly long - term, with a slightly increased proportion of short - term debt. The financing structure was optimized, with bank borrowing accounting for nearly 70% [25][26]. - **Regional Differences**: The debt scale of urban investment enterprises in Hangzhou, Shaoxing, Ningbo, and Huzhou ranked among the top, exceeding 1 trillion yuan in total. In 2024, the debt growth rates of urban investment enterprises in Jiaxing, Quzhou, Taizhou, and Lishui exceeded 15%. The proportion of short - term debt in some regions increased [26]. 3.2.5 Debt - Servicing Ability - **Overall Situation in Zhejiang**: From 2022 to June 2025, the overall debt burden of Zhejiang's urban investment enterprises continued to rise, and the cash - to - short - term - debt ratio fluctuated and decreased. Since 2025, with increased debt resolution efforts and support from financial institutions, the short - term debt - servicing ability has improved [29][33]. - **Regional Differences**: The debt burdens of urban investment enterprises in Shaoxing, Taizhou, Jinhua, Hangzhou, and Jiaxing were relatively heavy. The cash - to - short - term - debt ratio of cities in Zhejiang ranged from 0.3 to 0.5 times, with Lishui having the highest ratio. In 2025, the short - term debt - servicing ability of all cities improved to some extent [33].

| 2025年11月29日 電吊资訊 | | --- | | 星期六 | | Q | | ✔最新资本市场资讯一手掌握 | | 国内财经新闻 联合风险预警 | | 国际财经新闻 | | 热点对话 | | 六部门发文增强消费品供需适配性,旨在打通消费- | | 产业循环全链条堵点,精准施策破解结构性矛盾 | | 联合精读 | | 1. 联合资信发布研究报告《"东北化债成效凸显 | | 城投转型道阻且长"--东北三省化债进度观察与区 | | 域发展转型探索》 | | 2. 联合资信发布研究报告《以旧换新激活内需求 | | 力,促进消费持续复苏-- 2025年第四批国补落地政 | | 策点评》 | | 3. 联合资信发布研究报告《我国房地产市场未来雪 | | 求展望》 | | 资讯精选 | | 1. 前 10个月国企营收微增 0.9%,利润同比降 3.0% | | 2. 证监会拟推商业不动产投资信托基金试点,丰富投 | | 融资工具,助力房地产新模式与实体经济高质量发展 | | 3. 福建计划推动开发区联动创新,复制自贸区制度 | | 成果,培育台资产业与未来产业高地 | | 4. 2025 绿色发展投资贸易与食品博 ...

Investment Rating - The report indicates a stable credit outlook for the consumer electronics industry, with expectations of manageable credit risks despite potential short-term adjustments in 2026 [6][40]. Core Insights - The consumer electronics industry is driven by three core factors: AI technology empowerment, product iteration upgrades, and the trend towards high-end consumption. The market is expected to continue its recovery, with significant growth in demand stimulated by national policies [6][7]. - The global consumer electronics market is projected to exceed USD 800 billion in 2024, reflecting a year-on-year growth of 4.8%. The industry is entering a phase of stable growth, with strong performance in smartphones, PCs, and tablets [7][8]. - The industry is experiencing a structural differentiation, with high-end markets showing robust growth while mid-to-low-end markets face challenges due to increased competition and cost pressures [40][41]. Industry Fundamentals - The consumer electronics industry has shown a recovery trend, with significant revenue and profit growth in 2025. The total operating revenue increased by 20.49% year-on-year, while operating profit rose by 22.45% [26][27]. - The industry has undergone a complete cycle of "chip shortages—inventory pressure—AI technology breakthroughs—inventory recovery," leading to improved market conditions [7]. - AI technology is a key driver, with generative AI smartphones expected to account for 30% of total smartphone shipments by 2025. The penetration rate of smart home devices is projected to reach 37% [8][9]. Financial Performance - As of September 2025, the financial leverage of consumer electronics companies has increased but remains at a low level. The debt-to-capitalization ratio and asset-liability ratio have risen, indicating a stable financing environment [29][30]. - The industry's profitability has stabilized, with operating profit margins and return on assets remaining consistent compared to the previous year [27][28]. - Short-term debt repayment indicators have weakened, but the overall debt risk is considered manageable due to the industry's upward cycle driven by AI technology and policy support [32]. Market Conditions - The credit status of the consumer electronics industry is stable, with a predominance of short-term financing instruments. The credit spread has narrowed, reflecting improved market expectations for corporate credit quality [35][36]. - The industry has seen a concentration of bond issuances, primarily in short-term financing, indicating potential repayment pressures [36][37]. Competitive Landscape - The global smartphone market exhibits a high concentration, with Apple holding a 62% market share in the high-end segment. The mid-to-low-end market is characterized by intense competition among brands like Samsung, Xiaomi, and Transsion [17][18]. - The PC and tablet markets also show high concentration, with leading companies leveraging supply chain advantages and R&D capabilities to maintain dominance [20][21]. Policy and Regulatory Environment - The national "Two New" policy has stimulated demand for consumer electronics, with expectations of continued support through targeted subsidies even after the policy's official end in December 2025 [12][16]. - The government has allocated significant funding to support large-scale equipment updates and consumer product replacements, which is expected to further boost market demand [13][14].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the "Package Debt Resolution Plan," Chongqing has achieved phased results in debt resolution through multiple measures such as financial debt resolution, special refinancing bonds, and state - owned asset revitalization [3]. - The investment structure of Chongqing's urban investment companies is continuously adjusting, with the proportion of urban construction assets decreasing and new investments shifting towards self - operated assets, equity, and fund investments [35]. - There are significant regional differences in the refinancing ability and market - oriented transformation degree of urban investment companies in Chongqing. Strong regions can rely on resource advantages to participate in market - oriented businesses, while weak regions may still depend on the overall debt - resolution arrangements of Chongqing [35]. 3. Summary According to Relevant Catalogs 3.1 Chongqing's Debt Management Situation - **Policy and Mechanism**: Chongqing government and financial regulatory authorities have introduced policies, held meetings, and established debt risk early - warning and monitoring mechanisms to prevent systemic financial risks [6]. - **Debt - Resolution Measures and Achievements** - **Financial Debt Resolution**: In 2023, Chongqing signed cooperation agreements with 21 financial institutions. In 2023, the first 50 million yuan silver - group loan to replace non - standard debt was successfully issued in Yubei District. Banan District obtained a 4.534 billion yuan silver - group loan, and in 2025, Wanzhou District completed the first silver - group loan in Northeast Chongqing [7]. - **Special Refinancing Bonds**: From 2023 to October 2025, the issuance scale of special refinancing bonds in Chongqing was 72.6 billion yuan, 75.4 billion yuan, and 75.4 billion yuan respectively, which helped replace high - interest debts [9]. - **State - owned Asset Revitalization**: Since 2024, Chongqing's state - owned enterprises have revitalized over 180 billion yuan of assets and recovered over 70 billion yuan of funds through various means. In 2024, Chongqing's non - tax revenue increased by 11.3% [9]. - **Remarkable Debt - Resolution Results in Some Areas**: Jiangbei, Shapingba, Jiangjin, Qijiang, Wuxi, Fuling, Dazu, and Chengkou have achieved significant results in debt resolution, such as reducing implicit debts, optimizing debt structures, and reducing financing costs [9]. 3.2 Changes in Financial Indicators of Urban Investment Companies - **Investment** - **Overall Situation**: From 2022 to June 2025, the total assets of Chongqing's urban investment companies continued to grow, with a compound growth rate of 7.06%. The growth was mainly driven by self - operated assets, equity, and fund investments, while the growth rate of urban construction assets decreased significantly [15]. - **Regional Differences**: Urban construction assets in the municipal and Liangjiang New Area are significant. Self - operated assets, equity, and fund investments are concentrated in municipal - level urban investment companies. The investment structures of different regions vary, with the municipal - level having a more balanced asset structure [17][18]. - **Receivables** - **Overall Situation**: From 2022 to June 2025, the accounts receivable of Chongqing's urban investment companies continued to grow, mainly concentrated in the central urban area and the new urban area of the main city [21]. - **Regional Differences**: Regions with large accounts receivable include Banan, Nan'an, Jiulongpo, Hechuan, Jiangjin, Bishan, and Wanzhou. Regions with large growth rates include the municipal - level, Tongnan, and Wulong [21]. - **Financing** - **Overall Situation**: In 2024, the net cash inflow from financing activities of Chongqing's urban investment companies decreased significantly. In the first half of 2025, the net cash inflow from financing activities of most regional urban investment companies increased [23]. - **Regional Differences**: In 2024, the net financing was concentrated in municipal - level urban investment companies, and 22 districts and counties had net cash outflows from financing activities. In the first half of 2025, most regions had net cash inflows from financing activities [24]. - **Interest - Bearing Debt** - **Overall Situation**: At the end of 2024, the total debt of Chongqing's urban investment companies remained almost the same as the previous year. The debt was mainly long - term, and the proportion of short - term debt remained stable. Bank financing increased, while bond financing and other financing decreased [26][27]. - **Regional Differences**: At the end of 2024, the debt of most districts and counties in the central urban area, the new urban area of the main city, and Northeast Chongqing decreased. Some regions had a relatively high proportion of short - term debt, and some regions were highly dependent on bond financing [27][28]. - **Bond Financing** - **Overall Situation**: From 2022 - 2023, Chongqing's urban investment bonds had a large - scale net inflow. In 2024, they showed a net repayment, and from January - October 2025, the net repayment scale increased [32]. - **Regional Differences**: From 2024 to the end of October 2025, some regions such as the municipal - level, Liangjiang New Area, and Yubei had net inflows of urban investment bonds, while others had net repayments [32]. - **Debt - Servicing Ability** - **Overall Situation**: At the end of 2024, the overall debt burden of Chongqing's urban investment companies remained stable, but the short - term debt - servicing pressure increased [33]. - **Regional Differences**: Most districts and counties controlled the total debt capitalization ratio within 60% and the asset - liability ratio within 65%. Some regions had a heavy debt burden, and most regions had a large short - term debt - servicing pressure [33]. 3.3 Summary - **Debt - Resolution Achievements**: Since the second half of 2023, Chongqing has effectively curbed new debt, optimized the debt term structure in some districts and counties, reduced bond financing and other financing scales, and alleviated the debt burden in most districts and counties [35]. - **Investment Structure Adjustment**: The "Document 47" has effectively managed government investment projects, and the investment structure of urban investment companies in Chongqing has been continuously adjusted [35]. - **Regional Differences**: There are differences in the refinancing ability and market - oriented transformation degree among regions. Strong regions can enhance their self - hematopoietic ability, while weak regions may rely on the overall debt - resolution arrangements of Chongqing [35].

地方政府与城投企业债务风险研究报告－山西篇 联合资信 公用评级 | 王文燕 www.lhratings.com 研究报告 1 报告概要 www.lhratings.com 研究报告 2 ⚫ 山西省自然资源禀赋良好，产业结构以煤炭及相关产业为主。2024 年以来，国内煤炭价 格震荡回落，山西省 GDP 增速放缓，经济发展承压；一般公共预算收入小幅增长，规模 位于全国中游水平，财政自给能力尚可；受房地产市场低迷影响，政府性基金收入持续下 降；上级补助收入占当年地方综合财力比例持续升高；政府债务规模持续增长，整体债务 负担较轻。 ⚫ 山西省各地级市经济及财政实力存在分化，太原市产业结构相对成熟，经济财政实力处于 绝对领先地位；其他地市长期的资源依赖导致其经济及产业结构与煤炭高度挂钩，2024 年 以来，受煤炭等大宗商品价格波动、钢铁及建材行业需求不足等因素叠加影响，大部分地 市一般公共预算收入同比下降；各地市政府债务余额均呈扩张趋势，整体债务水平有所上 升。山西省细化完善全省化债方案，加快融资平台压降进度，加强金融风险防范，提出"双 降目标"，加强地方债务风险管控。 ⚫ 山西省发债城投企业数量较少，以地市级为主；太 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - In the first three quarters of 2025, the issuance scale and net financing of local government bonds reached a record high for the same period, with the 2 - trillion - yuan implicit debt replacement nearing completion. The fourth - quarter government bond supply pressure is expected to decline, and the incremental fiscal policy will maintain its previous positive tone, with ample room for future action. The bond market interest rate is expected to fluctuate downward within a certain range, and efforts will continue to be made to resolve debts while promoting development and build a long - term government debt management mechanism [2][32][34]. 3. Summary According to the Directory 3.1 Local Government Bond - Related Policy Review - Fiscal policy: A more active fiscal policy is implemented, with a larger - scale government bond issuance plan. The fiscal deficit rate is increased to about 4%, and the deficit scale is 5.66 trillion yuan. The planned issuance of ultra - long - term special treasury bonds is 1.3 trillion yuan, and special treasury bonds of 500 billion yuan are to support state - owned banks in replenishing core tier - one capital. The new local government special bond quota is 4.4 trillion yuan. The government also promotes the early issuance and use of bonds and guides and drives social capital [4][5][6]. - Debt replacement: The implicit debt replacement policy is accelerated, with a 6 - trillion - yuan local government debt quota approved to replace the stock implicit debt from 2024 - 2026, 2 trillion yuan per year. Additionally, 80 billion yuan is allocated from new local government special bonds annually for five consecutive years for debt resolution. The debt - risk - high area list is dynamically adjusted [7][8]. - Debt management: The local debt monitoring system and government debt risk indicator system are improved, and the special bond management mechanism is optimized. Penalties for illegal debt - raising and false debt - resolution are strengthened, and the reform and transformation of local government financing platforms are promoted [9]. 3.2 Review of the Local Government Bond Market in the First Three Quarters of 2025 - **Issuance overview**: In the first three quarters of 2025, 1,816 local government bonds were issued, totaling 8.53 trillion yuan, a 27.60% increase year - on - year. Special bonds accounted for 75.96% of new issuances. New bonds were issued at 4.35 trillion yuan, and refinancing bonds at 4.18 trillion yuan, with 1.99 trillion yuan of special refinancing special bonds for implicit debt replacement. The net financing was 6.15 trillion yuan, a 54.24% increase. The issuance of land reserve special bonds accelerated in Q3. The issuance of bonds with a term of 10 years or more increased, and the weighted average issuance term was 15.63 years. Economically active regions and "self - review and self - issuance" pilot areas were the main issuers of new special bonds, while key provinces mainly issued refinancing bonds [13][19][20]. - **Interest rate and spread analysis**: In Q3 2025, the average issuance interest rate of local government bonds rebounded due to multiple factors. The average issuance interest rates in Q1, Q2, and Q3 were 1.94%, 1.85%, and 2.01% respectively. The spread widened in the first three quarters of 2025, and there were significant differences in the spread trends among provinces [22][23]. - **Investment areas of local government special bonds**: In the first three quarters of 2025, infrastructure was the main focus of special bond funds. The top three investment areas were urban infrastructure, transportation infrastructure construction, and urban - rural development, accounting for 51.95% of the total. Land reserve special bonds for idle land recovery projects restarted, with an issuance amount accounting for 7.01% [29]. 3.3 Future Outlook for Local Government Bonds - **Issuance outlook**: In the fourth quarter, the government bond issuance will enter the final stage, with reduced supply pressure. The new local government debt quota for 2026 is expected to be issued more quickly. The planned issuance of local government bonds in Q4 is 1.26 trillion yuan, including 730 billion yuan of new special bonds [32]. - **Fiscal policy outlook**: The fiscal policy will maintain its previous positive tone in Q4, with funds tilted towards large economic provinces. The government will strengthen the supervision of relevant funds and project lifecycle management [34]. - **Interest rate outlook**: The bond market interest rate is expected to fluctuate downward within a certain range, affected by multiple factors such as monetary policy, market sentiment, and policy changes [35]. - **Debt management outlook**: The principle of resolving debts while promoting development will be adhered to, and efforts will be made to build a long - term government debt management mechanism. The government will continue to implement a package of debt - resolution measures, strengthen debt management, and improve the performance of bond fund use [36][37].

地方政府与城投企业债务风险研究报告－河北篇 联合资信 公用评级三部 |张宁|龚宇奇 www.lhratings.com 研究报告 1 报告概要 河北省作为京津冀城市群重要的组成部分，交通发达，资源禀赋和港口经济发展优势明显。经 济总量和一般公共预算收入居全国中上游，人均 GDP 处于下游水平，城镇化率偏低。京津冀协同发 展以及高标准高质量建设雄安新区的政策和规划有利于河北省承接更多来自京津的产业，并促进区 域发展现代商贸物流和推动产业转型升级。河北省一般公共预算收入在全国排名处于中上游，但财 税质量一般，财政自给率偏低，近年来政府性基金收入波动下降，政府债务负担处于全国中游水平。 河北省各地级市经济实力分化明显，形成三级梯队格局，唐山市 GDP 总量和人均 GDP 明显高 于河北省其他地级市，唐山市和石家庄市一般公共预算收入远高于其他地级市。 债务方面，河北省各地级市政府债务余额均持续增长，政府负债率整体有所上升。河北省政府 层面采取了完善的政府性债务化解措施，各地级市主要通过加强债务监测和预警、争取再融资债券 支持、债务化解试点等方式，防范和化解债务风险，并取得了一定成效。 发债城投企业方面，石家庄市、唐山 ...

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