Industry Investment Rating - The report does not explicitly provide an overall industry investment rating [1] Core Views - The industry's asset scale is stabilizing with slowing growth, and leverage levels are declining, but profitability is narrowing with significant regional and enterprise differentiation [1] - Regional economic development and financial environment significantly impact local AMCs' profitability, leading to notable regional divergence [37] - State-owned local AMCs are gaining more government support, while private local AMCs face increasing operational difficulties and capital withdrawal [41][44] Asset Scale - The total assets of the industry continued to expand by the end of 2023 and June 2024, but the growth rate slowed down significantly, with a 1.78% increase by June 2024 [4] - As of June 2024, the majority of sample companies had total assets below 300 billion yuan, with only 4 companies exceeding 500 billion yuan, led by Shandong Jinzi with 1,276.37 billion yuan [4] - From 2023 to June 2024, 5 companies saw asset growth exceeding 10%, while no companies experienced a decline of over 5% [6][7] Capital Strength - The industry's net assets maintained steady growth, with a 3.97% increase by June 2024 [8] - As of June 2024, 9 sample companies had net assets exceeding 100 billion yuan, with Shandong Jinzi leading at 689.02 billion yuan [11] - Frequent capital injections occurred in 2023, with Shandong Jinzi, Jiangsu Asset, and others receiving significant capital increases [12] Leverage Levels - The industry's leverage level continued to decline, with the average debt-to-asset ratio of sample companies concentrated between 60% and 80% as of June 2024 [15] - Shandong Jinzi and Zhejiang Asset actively reduced their leverage levels, while Shenzhen Asset and China Merchants Ping An Asset saw significant increases in leverage [17][18] - The bond financing ratio remained stable at around 27% from 2021 to 2023, indicating potential for further expansion in bond financing [22][25] Profitability - In 2023, the industry's total profit increased slightly, but net profit remained flat, with profitability indicators continuing to decline [27] - In the first half of 2024, total profit and net profit decreased by 28.60% and 25.73% year-on-year, respectively, with several companies reporting losses [27][29] - Regional divergence in profitability is evident, with companies in economically developed regions like Jiangsu and Zhejiang performing better, while those in weaker regions like Inner Mongolia and Guizhou struggled [37][39] State-Owned vs Private AMCs - Private local AMCs face increasing operational difficulties, with several companies experiencing financial distress and capital withdrawal [41][42] - State-owned local AMCs are receiving stronger government support, leading to a widening gap between state-owned and private AMCs [44]

融资租赁行业 2024 年回顾与 2025 年展望 联合资信 金融评级刘嘉 | 刘鹏 | 余晓艳 2024 年 1－10 月，融资租赁行业总发债规模同比增长，2025 年债券集 中到期压力较大，募集资金呈小幅净流出状态。2024 年前三季度，51 家样本租赁公司压降相关城投平台类资产的投放规模，平均资产总额 和所有者权益增速大幅放缓，盈利能力下降。展望 2025 年，监管趋严， 融资租赁公司监管政策将与金融租赁保持统一；融资租赁行业分化加 剧、业务转型压力加大，需在绿色租赁、数字化转型和新技术领域等 进一步业务拓展。 联合资信评估股份有限公司 China Lianhe Credit Rating Co.,Ltd. 主要观点： ⚫ 2024 年以来，全国融资租赁企业总数和合同余额均有所下降，主要系外资融资租 赁企业租赁合同余额和数量下降所致；国家金融监管总局正式发布《金融租赁公司 管理办法》，对金融租赁公司的出资人资质、公司治理和资本与风险管理等方面进 一步规范；各地方金融监管局均延续"融物"的监管指导，鼓励融资租赁公司服务 实体经济，同时强调发展绿色融资租赁。 ⚫ 2024 年 1－10 月，共有 166 家 ...

www.lhratings.com 研究报告 1 主体数量全国首位，以转型城投为主，区县主体、专 项品种占比高，资金用途灵活——浙江省实现新增发 债企业观察 联合资信 公用评级四部 | 李坤 | 张昶 城投企业为地方经济发展做出了重要贡献，但在业务开展过程中也积累了大量债务。2023 年 7 月中央提出"制定实施一揽子化债方案"，后续相关政策密集出台，城投企业债务规模增长态势 得到控制，城投债融资以借新还旧为主，新增融资处于收紧状态。 在严格的监管框架下，全国实现新增发债的城投企业数量不多，浙江省主体数量排名首位。 本文统计了浙江省实现新增发债的企业以及债券数据，并探讨了浙江省新增发债的特点。浙江省 新增发行主体以杭州市为主，其次为宁波、绍兴市。债券新增用途多见于补流和项目建设，募集 资金用途组合搭配上较为灵活。浙江省是中国的经济强省，区县经济发达，拥有大量的开发区， 产业资源丰富，城投企业在展业过程中积累了较多经营性资产，为新增发债提供了重要基础，从 样本数据来看，产业属性强以及区域经济实力强的城投企业亦可能实现新增发行。 联合资信评估股份有限公司 China Lianhe Credit Rating Co ...

Industry Overview - Tourism investment enterprises are defined as companies engaged in tourism project investment, focusing on the development, construction, and management of tourism resources to promote industry growth [3] - The industry has seen rapid development since 2010, with provincial-level tourism investment groups emerging to integrate regional resources and drive economic transformation [3] - The sample includes 62 tourism investment group enterprises with outstanding public bonds, categorized into central, provincial, municipal, and county-level enterprises [3] Business Models - Tourism operation-focused enterprises primarily engage in operational activities such as ticket sales, cableway operations, and property management, with some diversifying into real estate and trade [4] - Tourism development-focused enterprises concentrate on infrastructure construction and land development, often relying on government support and project buybacks [5][6] Investment Trends - Tourism investment groups exhibit a "scenic area + supporting facilities + real estate" investment pattern, with significant capital expenditure pressures [7] - Capital expenditure peaked in 2020 at 18.53 billion yuan annually, declining to 11.52 billion yuan in 2023 [7] - Major projects include Beijing Capital Tourism Group's pure tourism investments and Xi'an Qujiang Cultural Holdings' large-scale real estate developments [11] Financial Performance - In 2023, the 62 sample enterprises reported total revenue of 466.469 billion yuan, a 3.44% year-on-year increase [17] - Total profits reached 10.199 billion yuan in 2023, a significant improvement from the previous year's loss of 1.803 billion yuan [20] - However, 2024 H1 saw a 26.01% decline in total revenue to 184.64 billion yuan, with 24 enterprises experiencing revenue drops [19] Debt Situation - The total interest-bearing debt of sample enterprises reached 1.3723 trillion yuan by end-2023, with bond financing accounting for 20% [21] - As of June 2024, the median debt-to-asset ratio stood at 62.21%, with 11 enterprises exceeding 70% [21] Policy Environment - The 20th CPC Central Committee Third Plenum emphasized cultural-tourism integration and tourism industry development [25] - The government is implementing debt resolution measures, including a 6 trillion yuan debt limit increase for local governments [32] - Tourism investment groups are expected to benefit from these policies, particularly in infrastructure-related projects [34] Future Outlook - The industry faces challenges in transitioning to market-oriented operations and improving self-sustaining capabilities [35] - Future development should focus on technological innovation, cultural creativity, and service improvement to meet diverse tourism demands [37] - Emerging tourism formats such as smart tourism, ice-snow tourism, and study tourism present new growth opportunities [37]

www.lhratings.com 研究报告 1 2024 年地方 AMC 回顾与展望系列之发债回顾—— 信用风险水平稳定 短期偿债压力较大 联合资信 金融评级 | 梁兰琼 | 卢芮欣 | 陈鸿儒 2024 年注销 1 家地方 AMC，行业主体数量缩减至 59 家。 2023 年以来，行业舆情风险、经营风险多发，共 3 家主体发生评级调 整，行业整体信用水平仍保持稳定。 2024 年 1－10 月，行业发行的长期债券及资产证券化产品规模有所增 长，短期债券发行规模持较上年全年有所下降，发行利率及利差均明显下降 且区间收窄，行业净融资额有所回升。 地方 AMC 债券到期集中在 3 年以内，短期偿债压力较大；有 2 家民营 主体存在债券展期，展期企业 2025 年集中偿债压力很大。 联合资信评估股份有限公司 China Lianhe Credit Rating Co.,Ltd. 一、 行业主体概况 2024 年一家地方 AMC 注销，行业数量缩减至 59 家。 市场参与主体方面，截至 2023 年末，经国家金融监管机构（原银监会、原银 保监会、现国家金融监督管理总局，下同）认可并公布名单的地方 AMC 共 60 ...

www.lhratings.com 研究报告 1 2024 年地方 AMC 回顾与展望系列之 2025 年展望—— 使命担当化风险 业务重塑存挑战 联合资信 金融评级 | 卢芮欣| 陈鸿儒 | 梁兰琼 2024 年以来，行业仍延续"严监管+鼓励展业"的政策基调和"中央+ 地方"的双监管格局，政策鼓励行业更好地发挥金融救助和逆周期调节功能。 《金融资产管理公司不良资产业务管理办法》对地方 AMC 有较大指导 意义，地方 AMC 统一的监管制度有望出台。 随着深化发展，行业在市场供给、处置方式、融资渠道等方面均呈现多 元化的发展趋势。 在行业全面回归主业趋势下，地方 AMC 发展机遇与挑战并存，行业马 太效应仍将延续。 联合资信评估股份有限公司 China Lianhe Credit Rating Co.,Ltd. 一、 行业政策回顾 2024 年以来，行业仍延续"严监管+鼓励展业"的政策基调，继续引导不良资产 管理公司回归主业，并鼓励其更好地发挥金融救助和逆周期调节功能；地方 AMC 监 管规则尚未出台，但新发布的《金融资产管理公司不良资产业务管理办法》对地方 AMC 有较大指导意义。 | --- | --- ...

Industry Investment Rating - The report does not explicitly provide an overall industry investment rating for the region or sector [1][2][3] Core Views - Zhejiang Province has significant regional advantages, well-developed transportation infrastructure, and a prominent port economy, with a continuous net inflow of permanent residents and a high urbanization rate [2][5] - The province's economy and fiscal strength rank among the top in China, with a relatively low government debt burden compared to the national average [2][5] - The industrial structure is dominated by secondary and tertiary industries, with a focus on advanced manufacturing clusters and industrial transformation [2][5] - Local government debt in Zhejiang has been growing, with Hangzhou and Ningbo having relatively lighter debt burdens [2][3] - Urban investment enterprises in Zhejiang have a large number of outstanding bonds, primarily concentrated in the Hangzhou Bay Greater Bay Area, with AA and AA+ ratings being the most common [2][3] Economic and Fiscal Strength of Zhejiang Province - Zhejiang's GDP in 2023 reached 8.2553 trillion yuan, ranking fourth in China, with a growth rate of 6.0%, higher than the national average [10][11] - The province's per capita GDP was 125,000 yuan, ranking sixth nationally [10][11] - The industrial structure is shifting towards tertiary industries, which accounted for 56.1% of GDP in 2023, up from 47.9% in 2013 [11] - Zhejiang is accelerating the construction of "415X" advanced manufacturing clusters, focusing on industries such as new-generation information technology, high-end equipment, and green petrochemicals [15] - The province's general public budget revenue in 2023 was 860.051 billion yuan, ranking third nationally, with a fiscal self-sufficiency rate of 69.6% [18][19] Economic and Fiscal Strength of Prefecture-level Cities in Zhejiang - Hangzhou and Ningbo lead in GDP, with Hangzhou surpassing 2 trillion yuan and Ningbo exceeding 1 trillion yuan in 2023 [32] - The economic strength of prefecture-level cities varies significantly, with Hangzhou Bay Greater Bay Area cities having higher per capita GDP, while cities like Jinhua and Lishui lag behind the national average [32] - Hangzhou and Ningbo also lead in general public budget revenue, with Hangzhou reaching 261.7 billion yuan and Ningbo 178.6 billion yuan in 2023 [35] - Most prefecture-level cities saw a decline in land transfer revenue due to the real estate market adjustment, with Hangzhou, Ningbo, Shaoxing, and Jiaxing experiencing significant drops [38] Urban Investment Enterprises in Zhejiang - As of October 2024, Zhejiang had 457 urban investment enterprises with outstanding bonds, primarily at the district and county levels, concentrated in the Hangzhou Bay Greater Bay Area [44] - The credit ratings of these enterprises are mainly AA and AA+, with Hangzhou having the highest proportion of AAA-rated enterprises at 23% [46] - In 2023, Zhejiang issued 993 urban investment bonds totaling 766.9 billion yuan, with Hangzhou accounting for over 23% of the issuance [48] - The issuance period of urban investment bonds has lengthened, with 5-year bonds increasing by 27.2 percentage points in 2024 compared to 2023 [49] - The total debt of urban investment enterprises in Zhejiang reached 7.68 trillion yuan by the end of 2023, with Hangzhou accounting for 24% of the total [55] Debt and Repayment Capacity of Urban Investment Enterprises - The debt structure of urban investment enterprises is dominated by bank financing, accounting for 58.5% of total debt, while bond financing accounts for 29.7% [55] - The maturity of urban investment bonds is concentrated in 2025 and 2026, with Taizhou having the highest proportion of bonds maturing in 2026 at 47.9% [57] - The cash-to-short-term debt ratio of urban investment enterprises has declined, with Quzhou, Lishui, and Jiaxing having ratios above 0.5, while Zhoushan has the lowest at 0.3 [58] - Financing activities of urban investment enterprises remained positive in 2023, with Quzhou, Jinhua, Jiaxing, and Ningbo seeing growth rates exceeding 30% [59]

www.lhratings.com 研究报告 1 地方政府与城投企业债务风险研究报告－贵州篇 联合资信 公用评级四部 |刘 嫱|刘 成 报告概要 贵州省是西部陆海新通道的必经之地，也是连通粤港澳大湾区和成渝双城经济圈的重要支点； 近年来通过加快构建和完善综合交通网络体系，巩固提升贵州省的西南陆路交通枢纽地位。 2023 年，贵州省经济总量及其增速、人均 GDP 均处于全国中下游水平，人口基数较小，城 镇化率偏低；产业结构持续优化调整，以旅游业为龙头带动发展的第三产业仍是拉动全省经 济增长的主要动力。贵州省一般公共预算收入规模同比较快增长、收入质量尚可，但财政收 入对上级补助收入较为依赖，政府债务负担重。 贵州省各地市经济和财政实力分化明显，以贵阳市和遵义市为代表的"双中心"经济和财政 实力较强；依托白酒制造业和能源优势，遵义市和六盘水市第二产业占比较高，其他各地市 （州）以旅游业、健康养老为主的第三产业占比较高。部分地市（州）财政自给能力较弱， 财政收入对上级补助收入依赖大。随着"一揽子化债"举措持续落地，贵州省整体债务风险 得到一定缓释。 贵州省存续城投企业以地市（州）级和区县级为主，主要集中在贵阳市、六盘 ...

www.lhratings.com 研究报告 1 地方政府与城投企业债务风险研究报告－重庆篇 联合资信 公用评级四部 |杨依水|李康楠|刘人歌 报告概要 重庆市地理位置优越，经济总量居全国中游水平，人均 GDP 高于全国平均水平，产业结构 以第三产业为主，工业支柱产业面临一定的产业升级压力；成渝地区双城经济圈战略地位重 要，未来发展潜力大，经济有望持续增长。 重庆市各区县经济发展及产业结构根据"一区两群"空间格局分化明显，2023 年中心城区和 主城新区经济总量超过重庆市经济总量的 75%，为重庆市重点发展的核心区域，财政实力整 体较强；"两群"地区受制于地理环境等因素，工业化程度普遍较低，除万州区外整体经济 总量较低，整体综合财力对上级补助的依赖性强。2023 年，重庆市大部分区县政府债务规模 及政府债务率均有所增长，重庆高新区、两江新区、城口县、黔江区以及彭水县政府债务率 较高。 重庆市级和中心城区城投企业整体信用资质较好，主城新区平台数量最多。重庆市发债城投 企业债务负担整体持续小幅上升，2025 年沙坪坝区、长寿区、江津区、合川区、大足区城投 债到期规模相对较大。2024 年 6 月底，重庆市大部分区 ...

www.lhratings.com 研究报告 1 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 | 孙婧 报告概要 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。2023 年以来，海外煤炭供 应较为充足，叠加钢铁及建材行业需求不足等因素，国内煤炭价格高位震荡回落，全省 GDP 增速放缓，一般公共预算收入增速冲高回落。在节能降耗和污染防治硬约束逐步趋 紧的大背景下，山西省面临较大的产业升级和结构调整压力。 山西省各地级市经济及财政实力分化明显，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；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，其中太原市 政府债务规模远高于其他地市，忻州市、运城市政府债务余额增速较快。山西省推动"省 负总责、市县尽全力化债"的工作机制，落实"一省一策"山西化债方案；省级安排化债 引导资金，鼓励全省积极化解存量债务；分类施策推动重点领域风险化解，整体风险可控。 山西省发债城投企业数量较少，以地市级为主；太原市存续债券规模占比近半，2025 年 太原市到期城投债规模相对较大；运城市和临汾市城投企业存在较大的短期偿债压力。太 原市"发债城投企业全部债 ...