1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Chengdu is a key city in the national regional development strategy, with significant economic scale and fiscal strength. In 2024, its economy steadily improved, and the general public budget revenue slightly increased, but the comprehensive fiscal resources declined due to the decrease in government - funded revenue. With favorable national policies, it aims to build into an influential regional economic and technological innovation center [4]. - Chengdu conducts industrial spatial layout around the principle of "Eastward Expansion, Southward Extension, Westward Control, Northward Reconstruction, and Central Optimization". The economic and fiscal strength shows a decreasing trend from the inner - circle to the outer - circle areas. The government debt level in the main urban area is much lower than that in other districts and counties, and the city is strengthening the resolution of existing debts [4]. - Affected by the implementation of a package of debt - resolution policies, the bond issuance scale in Chengdu decreased significantly in 2025, with net outflows in bond financing. The financing structure of bond - issuing城投 enterprises is mainly bank loans and bond financing. The short - term debt repayment pressure in the near - suburban and far - suburban areas is relatively large [4]. 3. Summary According to Relevant Catalogs 3.1 Chengdu's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Chengdu is a provincial capital, sub - provincial city, and national central city, playing a prominent role in the national regional development strategy. It has obvious locational advantages, with developed aviation transportation and rich water, mineral, and tourism resources. The population shows a continuous net inflow, and the urbanization rate has room for further improvement. In 2024, its GDP exceeded 2.30 trillion yuan, ranking third among sub - provincial cities, with a growth rate of 5.7%. The tertiary industry contributes significantly to the economy, and the city is focusing on cultivating industrial clusters such as electronic information, equipment manufacturing, and aerospace [5][7][8]. - In the future, under the guidance of national policies, Chengdu will build a new urban development pattern of "One Mountain Connecting Two Wings" and adhere to the "One - Game - of - Chess" concept of Sichuan and Chongqing to enhance its international competitiveness and regional radiation ability [11]. 3.1.2 Fiscal Strength and Debt Situation - Chengdu's fiscal strength ranks high among national sub - provincial cities, with strong stability of general public budget revenue and fiscal self - sufficiency. In 2024, the comprehensive fiscal resources declined due to the decrease in government - funded revenue. The government debt level ranked in the upper - middle position among sub - provincial cities in 2024. With large - scale future project investments, the government debt ratio may continue to rise [12][13]. 3.2 Economic and Fiscal Conditions of Each District and County in Chengdu 3.2.1 Economic Strength of Each District and County - Chengdu conducts industrial spatial layout according to the principle of "Eastward Expansion, Southward Extension, Westward Control, Northward Reconstruction, and Central Optimization" to achieve industrial differentiation and clustering. The economic scale of Chengdu High - tech Zone is far ahead, and the economic scale and urbanization rate of other districts and counties decrease layer by layer from the inner - circle to the outer - circle areas. The main urban area has obvious advantages in per - capita GDP and urbanization rate, and the far - suburban areas are relatively weak [16][22]. 3.2.2 Fiscal Strength and Debt Situation of Each District and County - Fiscal Revenue: The fiscal strength of Chengdu High - tech Zone is the strongest, and the fiscal strength of other districts and counties decreases from the main urban area to the outside. The general public budget revenue of Chengdu High - tech Zone, Chengdu Tianfu New Area, and the main urban area is relatively stable, while the comprehensive fiscal resources of the far - suburban areas rely more on superior subsidies. In 2024, the comprehensive fiscal resources of most far - suburban areas increased due to the growth of superior subsidies, while those of other areas declined to varying degrees due to the decrease in government - funded revenue [25][29]. - Debt Situation: The government debt level in the main urban area is much lower than that in other districts and counties. The government debt distribution is related to the industrial layout and development principle. In 2024, the government debt scale of each district and county generally increased. The main urban area had a significant increase in government debt mainly due to the large - scale issuance of refinancing special bonds. The city is strengthening debt management and promoting debt resolution and replacement [32][34]. 3.3 Debt - Repayment Ability of Chengdu's城投 Enterprises 3.3.1 Overview of Chengdu's城投 Enterprises - As of the end of October 2025, there were 106城投 enterprises with outstanding bonds in Chengdu, a decrease of 5 compared with the previous year. Among them, there are 9 municipal - level, 3 park - level, and 94 district - and - county - level城投 enterprises. In terms of grade distribution, there are 10 AAA - rated, 34 AA + - rated, and 57 AA - rated enterprises. Jin tang County has the most bond - issuing城投 enterprises [36]. 3.3.2 Bond Issuance of城投 Enterprises - In 2024, the number and scale of bonds issued by Chengdu's城投 enterprises decreased compared with the previous year. In 2025, from January to October, the bond issuance scale continued to decline, with a year - on - year decrease of about 28%. Most of the bond financing is used for debt rollover, and the overall bond financing shows a net outflow [39][40]. 3.3.3 Debt - Repayment Ability Analysis of Chengdu's城投 Enterprises - The financing structure of Chengdu's城投 enterprises is mainly bank loans and bond financing. Some district - and - county - level城投 enterprises have heavy debt burdens. In the next two years, the bond maturity scale of some districts and counties is relatively large, and the short - term debt - repayment ability of some areas is weak. The refinancing ability of the main urban area and near - suburban areas is significantly stronger than that of the far - suburban areas [45][49][51]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue of Each District and County in Chengdu for the Debt of Bond - Issuing城投 Enterprises - Overall, the debt scale of Chengdu's城投 enterprises is large, and the ratio of "total debt of bond - issuing城投 enterprises + local government debt" to comprehensive fiscal resources in most districts and counties exceeds 500% [53].

Report Industry Investment Rating No information about the industry investment rating is provided in the report. Core Viewpoints of the Report - Guangxi has obvious resource endowment advantages but faces challenges such as lower - than - national - average GDP growth, a relatively heavy debt burden, and low urbanization rates. In 2024, the economy maintained growth with foreign trade as the main driver, and the government actively promoted debt resolution, achieving certain results [4]. - There are significant disparities in economic strength among prefecture - level cities in Guangxi. Nanning leads in economic development, population, and urbanization, while Liuzhou faced economic growth pressure in 2024. Most cities' comprehensive financial resources rely highly on superior subsidies due to the downturn in the real estate market [4][21]. - Guangxi's bond - issuing urban investment enterprises are mainly at the prefecture - level city level, with concentrated bonds in Liuzhou, Nanning, and provincial - level enterprises. In 2024, the debt term structure slightly improved, but short - term solvency was weak, and regional financing capabilities were polarized [4]. Summary by Relevant Catalogs I. Guangxi's Economic and Fiscal Strength 1. Guangxi's Regional Characteristics and Economic Development - Guangxi has rich natural resources and a unique strategic position. It is an important gateway for opening up to ASEAN and a core hub of the New Western Land - Sea Corridor. The modern three - dimensional transportation pattern is initially formed, and infrastructure construction will be further promoted in the "14th Five - Year Plan" and "15th Five - Year Plan" periods [5][6]. - In 2024, Guangxi's economic aggregate was at a medium - low level nationwide, with a lower - than - national - average GDP growth rate, a low - ranking per capita GDP, and a low urbanization rate. The industrial structure remained stable, and foreign trade was the main driver of economic growth. The government continued to improve infrastructure and deepen economic and trade cooperation with ASEAN countries in 2025 [5][9]. 2. Guangxi's Fiscal Strength and Debt Situation - In 2024, Guangxi's general public budget revenue increased slightly, with weak fiscal self - sufficiency. Government - funded revenues continued to decline, and the central government provided strong support through transfer payments. Government debt balances continued to grow, and the debt ratio and liability ratio ranked in the upper - middle level nationwide, indicating a relatively heavy debt burden [17]. II. Economic and Fiscal Conditions of Prefecture - Level Cities in Guangxi 1. Economic Strength of Prefecture - Level Cities in Guangxi - There are significant disparities in economic strength among prefecture - level cities in Guangxi. Nanning leads in GDP, population, and urbanization. Liuzhou's economic growth was under pressure in 2024. Most cities' per capita GDP is lower than the national average, and the proportion of the primary industry is generally high [21][25]. - The Beibu Gulf Economic Zone and the Xijiang Economic Belt have better industrial bases. Each city develops relevant industries based on its own resource advantages [23]. 2. Fiscal Strength and Debt Situations of Prefecture - Level Cities in Guangxi - Fiscal Revenues: General public budget revenues vary greatly among cities, with Nanning having the highest. Most cities' fiscal self - sufficiency is weak. Government - funded revenues of most cities decreased due to the real estate market downturn, and superior subsidies contribute significantly to the comprehensive financial resources of most cities [27][28][30]. - Debt Situations: In 2024, the government debt balance of Guangxi increased by 16.01% year - on - year, and the debt balances of all prefecture - level cities rose. Except for Guilin, the debt ratios of other cities increased, and the debt ratios of Liuzhou, Laibin, and Qinzhou exceeded 200% [33]. 3. Debt Management Policies and Measures - Since 2024, Guangxi has promoted local debt resolution through various means such as special refinancing bonds, financial institution support, and asset revitalization, achieving certain results. Liuzhou's debt structure has been significantly optimized [35]. III. Debt Repayment Ability of Urban Investment Enterprises in Guangxi 1. Overview of Urban Investment Enterprises in Guangxi - As of the end of September 2025, there were 50 bond - issuing urban investment enterprises in Guangxi, mainly at the prefecture - level city level, concentrated in Liuzhou and Nanning [40]. 2. Bond - Issuing Situations of Urban Investment Enterprises in Guangxi - In 2024, the bond - issuing scale of urban investment enterprises in Guangxi decreased by 12.18% year - on - year, mainly for debt replacement, and was concentrated in Liuzhou and provincial - level enterprises. From 2024 to the first three quarters of 2025, the net repayment scale of urban investment bonds in Guangxi narrowed, but Liuzhou's net repayment scale remained large [41][43]. 3. Analysis of Debt Repayment Ability of Urban Investment Enterprises in Guangxi - At the end of 2024, the total debt of urban investment enterprises in Guangxi increased slightly, with relatively heavy debt burdens on provincial - level, Liuzhou, Guilin, and Hechi enterprises. The debt term structure slightly improved, but short - term solvency indicators were weak. Regional financing capabilities were polarized [45]. 4. Support and Guarantee Ability of Fiscal Revenues of Prefecture - Level Cities in Guangxi for the Debts of Bond - Issuing Urban Investment Enterprises - Limited by economic and fiscal strength, most prefecture - level cities in Guangxi have small bond - issuing scales for urban investment enterprises. The "total debt of bond - issuing urban investment enterprises + local government debt" in Nanning and Liuzhou is large, and in Liuzhou, this ratio to comprehensive financial resources is close to 800%, indicating high regional debt pressure [53].

聚焦科技型企业科创债券：潜力蓝 海与信用风险特征深度研究 联合资信 工商评级｜宁立杰｜崔濛骁 我国科创债券市场在政策推动下发展迅速，市场规模持续扩大，科创产业的行业 分布呈现出多元化的特征，未来发展潜力巨大。本研究报告以科创板、创业板、北交 所 1032 家样本企业为样本，预测其发行科创债券规模超过 5000 亿元；未来随着政策 支持和基础设施优化，科技型企业发行意愿将增强。但不同科创行业信用风险特征差 异显著，信息技术行业细分领域面临强周期波动与技术迭代风险；生物制药行业具备 研发周期主导的"高不确定性型"信用风险，头部企业与尾部企业分化加剧；高端装 备制造业具有资金密集型和技术密集型的特点，信用风险在一定程度上取决于其设备 的先进性、生产能力和市场订单情况。同时，需关注成长性弱、盈利能力一般、偿债压 力较大的科创企业，如软件服务行业增长缓慢、盈利能力弱，生物制药行业部分企业 研发受阻且债务负担重，工业行业少数企业过度负债等，这些企业的财务风险也更加 突出。 www.lhratings.com 研究报告 1 一、科创债券市场概况 我国科创债券市场先后经历了双创债、科创公司债与科创票据、科技创新债券这三个阶段 ...

1. Report Industry Investment Rating No relevant information provided in the report. 2. Core Viewpoints of the Report - Benefiting from the debt - resolution policy tilt towards key provinces, the release of special refinancing bonds and special new special bond quotas, and the orderly progress of debt - resolution measures such as debt extension, interest rate cuts, and replacement of financing platforms, the overall debt risk in Guizhou Province has been further mitigated. The debt scale of bond - issuing urban investment enterprises has continued to decline, and the financing structure has improved, but short - term solvency and liquidity still face significant pressure, and the net financing amount shows obvious regional differentiation. - In the short term, the debt resolution of bond - issuing urban investment enterprises in Guizhou Province still relies on the "combination punch" of debt - resolution policies to reduce debt risks, with obvious regional differentiation and greater difficulty in improving the financial fundamentals of tail - end regions. In the long run, urban investment enterprises need to "develop while resolving debts and resolve debts while developing", promoting high - quality economic development through optimizing the investment structure and expanding domestic demand to create conditions for debt resolution [4]. 3. Summary by Relevant Catalogs 3.1 Guizhou Province's Debt Control Situation - In 2024, Guizhou's debt ratio continued to rise, with Guiyang, Zunyi, and Liupanshui exceeding the provincial average. The overall debt risk was further mitigated due to policy support and debt - resolution measures [5]. - From the end of 2022 to 2024, Guizhou's comprehensive financial resources continued to grow, but the growth rate dropped significantly in 2024. Government debt balance increased, while the debt balance of bond - issuing urban investment enterprises decreased. Both the government debt ratio and the broad - sense government debt ratio continued to rise [5]. - By the end of 2024, government debt in Guizhou was mainly concentrated in the provincial - level, Guiyang, and Zunyi, accounting for 50.43% of the total. Liupanshui, Tongren, and Qianxinan had relatively fast - growing government debt balances. Most prefecture - level cities' government debt ratios exceeded 160%, and some cities' broad - sense government debt ratios were above the provincial average [6]. - In 2024, a series of debt - resolution policies were introduced. Guizhou received 352.8 billion yuan of the new local government debt quota from the central government for debt replacement, and 800 billion yuan was allocated annually from new local government special bonds for five years starting from 2024. From 2024 to September 2025, Guizhou issued 226.843 billion yuan of special refinancing bonds and 64.99 billion yuan of special new special bonds [8]. - The provincial and local governments actively promoted debt - resolution work. Various cities and counties achieved certain results, such as some areas changing their debt risk levels and reducing debt ratios [9][10][11]. 3.2 Changes in Financial Indicators of Urban Investment Enterprises in Guizhou Province Investment - From 2024 to the first half of 2025, the investment growth of Guizhou's urban investment enterprises further slowed down, and the investment structure continued to be adjusted, but the proportion of urban - construction assets was still much higher than the national average. The investment scale of provincial - level and Guiyang's urban investment enterprises increased, and most prefecture - level cities still mainly invested in urban - construction assets, while Anshun and Tongren had relatively high proportions of self - operated assets, equity, and fund - type investments [12][13]. - From 2022 to the end of June 2025, the overall investment scale of urban investment enterprises continued to grow, but the growth rate slowed down from 2.29% at the end of 2022 to 0.11% at the end of June 2025. The scale of urban - construction assets fluctuated and decreased, while self - operated assets and equity and fund - type investments fluctuated and increased. As of the end of June 2025, urban - construction assets accounted for 72.73%, self - operated assets 19.34%, and equity and fund - type assets 7.94% [15]. - Regionally, provincial - level, Guiyang, Tongren, and Qianxinan's urban - construction asset investments increased, while Bijie and Zunyi had significant declines. In terms of self - operated asset investment, provincial - level, Anshun, Qiannan, and Qianxinan had growth rates exceeding 5%. In terms of equity and fund - type investment, except for Zunyi, provincial - level, Guiyang, and Liupanshui had growth, and Qiannan's total investment decreased the most at the end of June 2025 [16]. 回款 - From 2024 to the first half of 2025, the accounts receivable scale of Guizhou's urban investment enterprises continued to expand, but the growth rate slowed down, and the cash - income ratio remained at a high level. Guiyang, Zunyi, Liupanshui, and Bijie had large accounts receivable scales, with Zunyi's decreasing and Guiyang's growing rapidly. In 2024, Bijie's回款 was poor, while provincial - level, Guiyang, Zunyi, and Qianxinan had relatively good回款 [18]. - From 2022 to the end of June 2025, the accounts receivable scale of urban investment enterprises continued to grow, but the growth rate slowed down. The cash - income ratio was above 85%. At the end of June 2025, Guiyang, Zunyi, Liupanshui, and Bijie had accounts receivable exceeding 20 billion yuan, accounting for 73.25% of the total. In 2024 - 2025, Zunyi's accounts receivable decreased, and Bijie's cash - income ratio was less than 30% [21][22]. Fund - raising - In 2024, the fund - raising activities of Guizhou's urban investment enterprises showed a net inflow, but the scale was much narrower than in 2022 due to restricted new financing. There was obvious regional differentiation, with provincial - level and Guiyang having large net inflows, while Zunyi, Liupanshui, Tongren, and Qiandongnan had continuous net outflows, and Zunyi's net outflow exceeded 10 billion yuan in 2024 [23]. - From 2022 - 2024, the cash inflow from fund - raising activities decreased significantly, and the cash outflow fluctuated and decreased. In 2024, provincial - level, Guiyang, and Zunyi had large inflows, and provincial - level, Bijie, Anshun, and Qiannan had growth rates exceeding 20%. Provincial - level, Guiyang, Bijie, Anshun, and Qiannan had net inflows, while others had net outflows. From January - June 2025, only provincial - level and Liupanshui had net inflows [26][27]. Interest - bearing Debt - From 2024 to the first half of 2025, the debt scale of Guizhou's urban investment enterprises continued to decline, with debt concentrated in provincial - level, Guiyang, Zunyi, and Liupanshui. Provincial - level debt increased, while Zunyi and Liupanshui had significant declines. The overall short - term debt ratio changed little, and the short - term debt ratios of provincial - level, Bijie, Liupanshui, and Tongren decreased to a low level. The financing structure was still dominated by bank loans, with bond financing decreasing and other financing increasing [28]. - From 2024 - June 2025, the debt scale of urban investment enterprises continued to decline. At the end of June 2025, provincial - level, Guiyang, Zunyi, and Liupanshui had high debt scales, accounting for 78.13% of the total. In 2024, provincial - level and Tongren's debt increased, while others decreased. At the end of June 2025, Liupanshui and Qianxinan's debt increased slightly, while others decreased [31]. - The debt term structure was mainly long - term debt, and the short - term debt ratio was 21.83% at the end of June 2025. Provincial - level, Bijie, Liupanshui, and Tongren's short - term debt ratios were below 20%, and Qiandongnan's was the highest at 28.88% [32]. - From 2022 - 2024, bank loans and bond financing decreased, while other financing increased. Bank loans and other financing accounted for 67.22% and 13.89% respectively, and bond financing accounted for 18.89%. Regionally, provincial - level and Guiyang's bank loans increased, and most cities' bond financing decreased. Tongren and Zunyi's other financing grew rapidly, while Zunyi and Anshun's decreased slightly [33]. Solvency - At the end of June 2025, the overall debt ratio of Guizhou's urban investment enterprises decreased, but the cash - to - short - term - debt ratio dropped to a low level. Regionally, Tongren's debt ratio was high, and Zunyi, Bijie, and Anshun faced great short - term solvency pressure [35]. - From 2022 - June 2025, the overall asset - liability ratio increased, the total debt capitalization ratio decreased, and the cash - to - short - term - debt ratio fluctuated and decreased to 0.24 times. At the end of June 2025, Tongren's total debt capitalization ratio exceeded 50%, and Zunyi, Bijie, and Anshun's cash - to - short - term - debt ratios were no more than 0.10 times [36]. 3.3 Summary - Since 2024, Guizhou's government debt ratio has continued to rise, with some cities exceeding the provincial average. The overall debt risk has been mitigated due to policy support. - The debt scale of bond - issuing urban investment enterprises has decreased, and the financing structure has improved, but there are still problems such as high short - term solvency pressure, unoptimized financing structure in some regions, obvious regional differentiation in net financing, and slow investment growth. - In the short term, debt - resolution relies on policies, and in the long term, urban investment enterprises need to promote economic development to resolve debts [37][39].

Investment Rating - The report does not explicitly state an investment rating for the logistics industry, but emphasizes a strategic shift towards high-quality development and cost reduction during the "14th Five-Year Plan" period [4][12]. Core Insights - The logistics industry is positioned as a key link in the supply chain, with its strategic value elevated under the new development pattern of "dual circulation" [4][12]. - The focus during the "15th Five-Year Plan" will be on reducing costs, improving quality, and expanding market space through multi-dimensional empowerment and structural upgrades [5][12]. Summary by Sections Cost Reduction - The logistics industry faces significant challenges in cost efficiency, primarily due to structural shortcomings and a tendency towards "involutionary cost reduction" [5]. - The report highlights that the ratio of total social logistics costs to GDP is expected to decrease to 14.1% by 2024, down from 14.7% in 2020, indicating a cumulative decline of 0.6 percentage points [6]. - The "Action Plan" aims for this ratio to reach approximately 13.5% by 2027, providing a clear path for cost reduction [6][7]. Capability Enhancement - The logistics sector currently exhibits a lack of comprehensive service capabilities, with a significant number of companies focusing on traditional services rather than high-end solutions [8][9]. - The report identifies three key areas for capability enhancement: digitalization, green transformation, and resilience [9]. - By 2024, the penetration rate of new energy logistics vehicles is projected to exceed 1.5 million units, accounting for 35% of urban delivery vehicles [9][10]. Market Expansion - The report outlines multiple market opportunities for the logistics industry, emphasizing the expansion of rural logistics and the integration with manufacturing and modern agriculture [11]. - The international market is also highlighted, with a focus on enhancing cross-border logistics capabilities and supporting the construction of logistics hubs [11]. - New growth areas such as low-altitude logistics, cold chain logistics, and emergency logistics are emerging as significant opportunities for the industry [11].

从订单降速到清欠发力，"一揽子"化 债第二阶段建筑企业信用风险怎么看？ 联合资信 工商评级一部 刘珺轩 赵兮 李旭 2023 年 7 月，中央政治局会议上提出"制定实施一揽子化债方案"，明确"保存 量、控增量"的化债核心思路。地方政府相关项目在建筑业需求端占据重要份额，本 文回顾了本轮化债以来建筑行业表现，并对后续化债进程对建筑行业的影响进行了研 判。从本轮化债的第一阶段情况看，样本建筑企业地方政府相关项目订单、收入均有 所下降，回款和周转效率恶化，特别是高地方政府项目占比的地方建筑国企短期偿付 压力偏大。"6+4+2 万亿"出台以来，本轮化债进入第二阶段，在央地债务结构优化以 及建立防范化解地方政府债务风险长效机制背景下，预计建筑行业整体需求结构将发 生持续调整，建工企业的信用水平将加大分化。 www.lhratings.com 研究报告 1 一、"一揽子"化债政策梳理 本轮化债政策力度大、指向准，建立了监测口径更全、预算约束更强、监管问责 更严的长效机制，防风险与促发展并重，推动经济发展和债务管理良性循环。 自 2014 年以来，我国已推动多轮地方政府化债。2014 年开始的首轮"化债"主要 将存量债务纳 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Beijing's economic and fiscal strength is solid, with continuous GDP growth, high - quality fiscal revenue, and a relatively light government debt burden. The city focuses on high - end and digital economy development [4][5]. - There are significant differences in economic and fiscal strength among districts in Beijing. Districts like Haidian, Chaoyang, and Xicheng are leading, while ecological conservation and development districts rely more on superior subsidies [4][17]. - Beijing's bond - issuing urban investment enterprises are mainly of high - level, with a reasonable debt - term structure and strong regional refinancing ability [4][34]. Summary According to the Table of Contents I. Beijing's Economic and Fiscal Strength 1. Beijing's Regional Characteristics and Economic Development - Beijing is the national political, cultural, international exchange, and scientific and technological innovation center, with a large population, rich scientific research, and cultural resources. Its GDP ranks in the upper - middle level nationwide, and per - capita GDP ranks first [5]. - The tertiary industry is the main driving force for economic growth, especially the financial and information technology industries. High - end and digital economy are the key development directions [5][9]. - Beijing has a good transportation network, a large number of scientific research institutions, and high - tech enterprises. It ranks third globally in the international scientific and technological innovation center and first globally in scientific research cities in 2024 [6][8]. 2. Beijing's Fiscal Strength and Government Debt - From 2022 - 2024, Beijing's general public budget revenue increased continuously, with high - quality fiscal revenue and strong fiscal self - sufficiency. Government - funded revenue decreased slightly [13]. - The government debt burden is relatively light, and there is still some financing space within the debt limit. The debt ratio increased continuously from 2022 - 2024, and the debt - to - GDP ratio fluctuated slightly [14]. II. Economic and Fiscal Strength of Districts in Beijing 1. Economic Strength and Industrial Characteristics of Districts in Beijing - There are significant differences in economic strength among districts in Beijing. In 2024, the GDP of all districts increased. Haidian, Chaoyang, and Xicheng are in the leading position, while ecological conservation and development districts are relatively backward [17][24]. - Different functional areas have different development orientations and leading industries. For example, the capital function core area focuses on finance and services, and the ecological conservation and development area focuses on ecological protection [18][22]. 2. Fiscal Strength and Debt Situation of Districts in Beijing - In 2024, Chaoyang, Haidian, and Xicheng had the top three general public budget revenues. Except for Dongcheng, Fangshan, and Huairou, other districts' general public budget revenues increased [27]. - Dongcheng and Xicheng have relatively low government - funded revenues. The ecological conservation and development area relies more on superior subsidies [27]. - By the end of 2024, except for Fengtai and Xicheng, the government debt balance of other districts increased. Fengtai's debt ratio decreased significantly, while Yanqing's debt burden increased significantly [31]. III. Debt - Repayment Ability of Beijing's Urban Investment Enterprises 1. Overview of Beijing's Urban Investment Enterprises - As of the end of September 2025, there are 31 bond - issuing urban investment enterprises in Beijing, mainly of high - level [34]. 2. Bond - Issuing Situation of Urban Investment Enterprises - In 2024, the issuance scale of Beijing's urban investment bonds increased slightly. The city - level, Xicheng, Changping, and Daxing had relatively large issuance scales. Bond financing was net inflow in 2024 and from January - September 2025 [37]. 3. Analysis of Debt - Repayment Ability of Beijing's Urban Investment Enterprises - The debt - term structure of Beijing's bond - issuing urban investment enterprises is reasonable, with low short - term debt - repayment pressure. Most enterprises had net financing inflows in 2024, and the regional refinancing ability is strong [40]. - By the end of June 2025, the total debt of Beijing's bond - issuing urban investment enterprises decreased compared with the end of 2024. The debt burden of most regions is within a reasonable range [40]. 4. Support and Guarantee Ability of District - Level Fiscal Revenues in Beijing for the Debt of Bond - Issuing Urban Investment Enterprises - The proportion of the total debt of Beijing's existing urban investment enterprises in (total debt of bond - issuing urban investment enterprises + local government debt) is 51.76%. In Huairou, Daxing, Yanqing, Tongzhou, and Fangshan, "(total debt of bond - issuing urban investment enterprises + local government debt)/comprehensive fiscal revenue" exceeds 300% [50].

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The clearance of financing platforms is an important measure to resolve local debt risks, aiming to achieve sustainable development of the local economy and state - owned enterprises. It involves the separation of government financing functions, decoupling of government credit, and structural adjustment of the government - enterprise relationship. - In the short term, the overall credit quality of financing platforms will not decline significantly, but attention should be paid to the differentiation of credit risks. In the long term, the credit risk level of financing platforms after clearance depends more on their own cash flow and solvency, which are greatly affected by the process and effect of their market - oriented transformation. [3][20] Summary by Directory Introduction - Local financing platforms have contributed to China's local economic development and urbanization, but with the end of the urbanization process, the increasing debt burden of local governments, and the decreasing marginal benefit of investment, it is urgent to resolve local debt risks. - As of the end of 2024, China's government debt balance was 92.6 trillion yuan, with a government debt - to - GDP ratio of 68.7%, which is in a reasonable range and the debt risk is controllable. However, there are prominent structural and liquidity problems in government debt, and the debt of financing platforms is also an important source of local debt risks. [5][6] Necessity of Financing Platform Clearance Essence of Financing Platform Clearance - The formation of financing platform debt risks is due to factors such as the mismatch of local government's powers and financial resources, the expansion of infrastructure investment, and the high dependence on land finance. - The central government has introduced a series of policies to regulate financing platforms, and financing platform clearance involves not only formal "exiting the platform" and "zeroing out implicit debt" but also deeper - level reforms. [7][10][13] Purpose of Financing Platform Clearance - It is a necessary measure to support the high - quality development of the real economy, helping to release the inefficient occupation of financial resources and promote the transformation of the economic development model. - It is a basic requirement to adapt to the transformation of the urbanization development stage, as the historical mission of financing platforms is basically completed. - It is a direct means to close the back - door financing channels of local governments, curbing the disorderly expansion of local debt. - It is a prerequisite for enhancing the market competitiveness of local state - owned enterprises, forcing them to pursue market - oriented development. [14][15][16] Connotation of "Powerful, Orderly, and Effective" Promotion of Financing Platform Clearance - Powerful means having a firm attitude in implementing debt - resolution policies and strengthening the cleaning and standardization of financing platforms. - Orderly means arranging the clearance rhythm reasonably to avoid new risks during the process. - Effective means achieving the expected short - term, medium - term, and long - term effects, such as functional transformation, relationship adjustment, and the growth of high - quality state - owned enterprises. [17][18][19] Credit Risk Changes after Financing Platform Clearance Changes in Government - Enterprise Relationship, Functional Positioning, and Main Business - After clearance, financing platforms will be divided into three categories: transforming into market - oriented operating entities, retaining public - welfare functions, and liquidating and exiting. - In the short term, the relationship between financing platforms and local governments remains close, but in the long term, it will gradually weaken. - The functional positioning of financing platforms will change from urban investment and construction to urban comprehensive operation and regional industrial cultivation. - The business operations of financing platforms will gradually shift to market - oriented businesses, and they need to develop core competitiveness based on regional resource endowments. [21][22][23] Credit Risk Changes - In the short term, the overall credit quality of financing platforms will not decline significantly, but there is a differentiation of credit risks among different regions and platforms. - In the long term, the credit risk of financing platforms depends on their market - oriented transformation, and platforms in economically underdeveloped regions may face difficulties in refinancing and debt repayment. [24][25][26] Issues to be Noted - There are still few successful transformation cases of financing platforms, and "true clearance" requires the separation of historical debts, integration of operating resources, innovation of mechanisms and systems, and guarantee of reasonable financing needs. - Attention should be paid to issues such as the integration of operating resources, innovation of mechanisms and systems, and the guarantee of reasonable financing needs. In the second half of the ten - year debt - resolution period, the difficulty of resolving implicit debts and clearing financing platforms increases, and various forms of false clearance should be prevented. [27][28] Summary - To fundamentally prevent and resolve local debt risks, it is necessary to change the economic development concept, accelerate the reform of the fiscal and taxation system, and establish a long - term mechanism for local debt risk management. - The clearance of financing platforms is an important measure to resolve local debt risks and a key to deepening state - owned enterprise reform and stimulating the endogenous power of the local economy. [29][30]

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025 from January to September, the number of consecutive overdue occurrences of bonds - issuing urban investment entities' bills increased significantly year - on - year, while the number of entities with consecutive bill overdue decreased year - on - year. High - frequency overdue enterprises became the main risk source. AA - rated and district - county - level platforms remained the main overdue groups, and the risk differentiation effect of administrative levels and credit ratings was further strengthened. Risks were mainly concentrated in Shandong, Yunnan, Henan, Guizhou and other provinces. Entities with consecutive bill overdue faced relatively large short - term concentrated debt repayment pressure, and attention should be paid to the cross - variety risk spread caused by credit risk transmission [2][22]. 3. Summary by Directory 3.1 Overview of Urban Investment Entities' Bill Overdue - **Change in the number of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, bonds - issuing urban investment entities were included in the list of consecutive bill overdue 508 times, a year - on - year increase of 38.04%, involving 65 entities, a year - on - year decrease of 4.41%. The monthly number of urban investment entities included in the list was between 54 - 58, and the monthly number of newly - added entities was 2, 3, 0, 0, 0, 1, 1, 0, 2 respectively [5]. - **Credit rating of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, entities with consecutive bill overdue were mainly AA - rated, accounting for 63.08%, a year - on - year increase of 1.31 percentage points, with 41 entities, a year - on - year decrease of 1. AA + - rated entities ranked second, accounting for 23.08%, with 15 entities, a year - on - year decrease of 2 [8]. - **Administrative level of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, district - county - level platforms accounted for the highest proportion among entities with consecutive bill overdue, and there were no provincial - level platforms. District - county - level platforms numbered 39 (60.00%, a year - on - year increase of 4.12 percentage points), municipal - level platforms numbered 21 (32.31%), and there was 1 provincial - level park platform, 2 national - level development zone platforms, 1 national - level high - tech zone platform, and 1 national - level new area platform [11]. - **Geographical distribution of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, the geographical distribution of bonds - issuing urban investment entities with consecutive bill overdue was highly concentrated, mainly in Shandong, Yunnan, Henan, and Guizhou. There were 11 provinces involved in bill overdue risks, 2 less than the same period last year. Shandong had the largest number of such entities, reaching 26, accounting for 40.00%. Yunnan had 12, and both Henan and Guizhou had 8. In terms of the proportion of the number of entities with consecutive bill overdue to the total number of bonds - issuing urban investment entities in each province, Qinghai, Yunnan, and Shandong ranked in the top three [13]. - **Existing bonds of bonds - issuing urban investment entities with consecutive bill overdue**: As of October 27, 2025, the total balance of existing bonds of 65 bonds - issuing urban investment entities with consecutive bill overdue from January to September 2025 was 144.82 billion yuan. Among them, corporate (enterprise) bonds accounted for 54.25% (78.558 billion yuan), medium - term notes accounted for 18.29% (26.488 billion yuan), private placement financing instruments accounted for 15.61% (22.6 billion yuan), and short - term and ultra - short - term financing bonds accounted for 9.63% (13.944 billion yuan). 39.26% (56.861 billion yuan) of the bonds would mature within 1 year, and 26.31% (38.104 billion yuan) would mature within 1 - 3 years. These entities faced relatively large short - term concentrated debt repayment pressure. Some entities had non - standard financing defaults, and attention should be paid to the cross - variety risk spread [15][21].

Investment Rating - The report emphasizes a positive outlook for the agriculture, forestry, animal husbandry, and fishery industry, driven by policy support and market demand [1][3]. Core Insights - The "14th Five-Year Plan" elevates agricultural modernization to a strategic level, creating a policy framework for high-quality development in the industry [3]. - The report identifies three main growth paths for companies in the agriculture sector: policy subsidies and diversified financing, technological empowerment, and industrial integration innovation [1][10]. Summary by Sections Path 1: Policy Subsidies and Financing Support - The "14th Five-Year Plan" aims to enhance the effectiveness of agricultural policies, establishing a multi-faceted investment structure that includes fiscal guarantees and financial support [4]. - Insurance policies for major grain crops provide significant subsidies, with central government support reaching up to 50% for certain regions, effectively mitigating risks from natural disasters and market fluctuations [4][6]. - R&D incentives in key areas like biotechnology and smart agricultural machinery are substantial, with a deduction rate of 175% for eligible expenses, significantly lowering innovation costs for companies [5][6]. Path 2: Technological Empowerment - The report highlights the integration of advanced technologies such as AI and smart agricultural equipment, which are transforming traditional farming practices and enhancing productivity [7][9]. - The contribution of agricultural technology to production has reached 63.2%, with mechanization rates exceeding 75%, leading to improved quality and efficiency in crop production [8][9]. - The use of smart equipment has drastically reduced labor costs and increased operational efficiency, exemplified by a 20-fold increase in efficiency in certain agricultural parks [7][9]. Path 3: Industrial Integration Innovation - The "14th Five-Year Plan" encourages a diversified food supply system, promoting the integration of agriculture, forestry, and fishery sectors [10]. - Companies are shifting from low-margin raw product sales to higher-value processing sectors, such as deep processing of grains and pre-prepared foods, enhancing profit margins [11]. - Innovative business models, including ecological farming and agri-tourism, are being developed to create new revenue streams and improve resilience against market fluctuations [11][12]. Outlook - The report anticipates that the implementation of supportive policies will align with market needs, enhancing the core competitiveness of companies in the agriculture sector and optimizing their profit structures [12][13].