Investment Rating - The report indicates a need for "capacity restructuring" in the chlor-alkali chemical industry due to significant supply-demand imbalances, particularly in PVC products [2][31]. Core Insights - The core conclusion of the report is that in an optimistic scenario, there will be a substantial supply shortage of caustic soda, while the supply-demand gap for PVC will be relatively small. In a pessimistic scenario, caustic soda will experience a slight oversupply, and PVC will continue to face significant oversupply [2][28][31]. Industry Background - The chlor-alkali chemical industry primarily produces caustic soda (sodium hydroxide) and PVC (polyvinyl chloride), with China being the largest global producer, accounting for approximately 40% of caustic soda and 45% of PVC production [4][6]. - The industry has undergone significant cyclical changes over the past decade, influenced by factors such as supply-side reforms, environmental regulations, and the COVID-19 pandemic [6][9]. Supply-Demand Dynamics - The report forecasts the supply-demand relationship for caustic soda and PVC from 2026 to 2028 under different market scenarios. In the optimistic scenario, the annual supply gap for caustic soda will be 295,000 tons, 549,000 tons, and 813,000 tons over the three years, respectively. In the pessimistic scenario, there will be an oversupply of 28,000 tons, 59,000 tons, and 93,000 tons [23][28]. Current Supply and Demand Issues - The chlor-alkali industry faces significant challenges, including supply-demand imbalances, operational difficulties for enterprises, structural contradictions, and increasing environmental pressures. The demand for PVC is heavily tied to the real estate sector, which has been experiencing a downturn [17][31]. - As of 2024, the domestic caustic soda capacity is projected to be around 50 million tons, with a production of approximately 41 million tons, while PVC capacity is expected to be about 29 million tons, with a production of around 22 million tons [16][17]. Future Projections - The report emphasizes the urgent need for the industry to address the "alkali-chlorine balance" structural issue and accelerate the implementation of the "capacity restructuring" strategy to enhance competitiveness and achieve sustainable development [32].

机场行业 2026 年度信用风险展望（2025 年 11 月） 公用评级三部 丨 张晨 2019－2024 年旅客吞吐量情况（单位：亿人次） 2019－2024 年货邮吞吐量及起降架次情况 （单位：万吨、万架次） 行业样本企业 2022－2024 年现金流情况 32.24 94.51 232.10 493.00 357.72 376.67 -200.00 0.00 200.00 400.00 600.00 亿 元 -508.59 -577.82 -800.00 2022年 2023年 2024年 经营活动现金流量净额 投资活动现金流量净额 筹资活动现金流量净额 行业样本企业 2022－2024 年末债务负担中位数情况 机场行业信用风险展望丨 2026 摘要 公司邮箱：lianhe@lhratings.com 网址：www.lhratings.com 电话：010-85679696 传真：010-85679228 地址：北京市朝阳区建国门外大街 2 号中国人保财险大厦 17 层 www.lhratings.com 信用风险展望 0 -444.45 -600.00 -400.00 2025 年以来，我国机场行业主 ...

Investment Rating - The report indicates a stable investment outlook for the pig farming industry, with expectations of gradual price recovery in the latter half of 2026 after a period of low profitability and cash flow challenges [2][25]. Core Insights - The pig farming industry in China is experiencing a prolonged "pig cycle" with increasing scale among enterprises and farmers, leading to enhanced resilience during downturns. Despite a slight decrease in the breeding sow inventory by the end of September 2025, supply remains within a reasonable range, with expectations of a relaxed supply-demand balance in the first half of 2026, potentially putting pressure on prices [2][25]. - The industry has seen a rise in concentration due to policy drivers and the impact of African swine fever, although it still remains at a relatively low level, contributing to significant cyclical volatility [4][5]. - The report highlights that the pig price fluctuations are influenced by the breeding sow inventory, which serves as a leading indicator for future supply. The current inventory is at the upper limit of the reasonable control zone, suggesting a potential tightening of supply in the latter half of 2026 [5][11]. Summary by Sections Industry Overview - The Chinese pig farming industry is a major contributor to the livestock sector, accounting for over 50% of both production and value. The market size reached 1.51 trillion yuan in 2024 [4]. - The concentration of the industry has increased, with the top 20 companies accounting for 27.63% of the national output, yet many small farmers still exist, leading to significant fluctuations in production [4]. Production, Output, and Price Analysis - The current pig cycle began in Q2 2022, with a recovery in prices and an increase in breeding sow inventory. By September 2025, the inventory was 40.35 million, still within the reasonable control zone [5][11]. - The report notes that the output of pigs has been increasing, with 2022 and 2023 seeing outputs of 700 million and 727 million pigs respectively, but growth rates are declining [11][10]. Upstream and Feed Price Analysis - The feed industry is crucial for pig farming, with raw material costs comprising 75-80% of feed production costs. Recent trends show a decline in grain and feed prices, alleviating some cost pressures for farmers [16][18]. - The pig-to-feed price ratio is a critical indicator of profitability, with a ratio of 6.00-7.00 indicating a break-even point for farmers. The ratio has fluctuated significantly in recent years, reflecting the volatility in both pig and feed prices [19][19]. Industry Policy - The government has implemented policies to stabilize pig production and control capacity, aiming to reduce the volatility of pig prices and enhance industry concentration [21][23]. - Recent measures include a reduction in breeding sow inventory targets and stricter controls on output weights to manage supply effectively [23][24]. Future Outlook - The report anticipates that the pig price will gradually rise in the latter half of 2026 due to a tightening supply following a period of capacity reduction. However, challenges remain in cost control related to raw materials and disease management [25][26]. - The industry is expected to stabilize as larger, more efficient farming operations increase their market share, leading to a smoother price cycle in the future [27].

Overview of Equity Finance - Equity finance has rapidly expanded in scale, becoming a crucial method for local governments to enhance fiscal revenue and support industrial development[4] - In 2024, China's general public budget revenue, government fund budget revenue, and state capital operation budget revenue are projected to be CNY 21.97 trillion, CNY 6.21 trillion, and CNY 0.68 trillion, with growth rates of 1.3%, -12.2%, and 0.6% respectively[5] Regional Distribution and Investment Trends - By the end of 2024, a total of 2,178 government guidance funds have been established nationwide, with a total target scale of CNY 12.84 trillion, reflecting a 25% increase from CNY 6.16 trillion in 2021[9] - The proportion of equity investment-related expenditures in total fiscal expenditures increased from approximately 0.99% in 2021 to 1.46% in 2024, indicating a growing weight of equity finance in the fiscal system[9] Case Studies of Different Cities - Hefei, as a technology innovation city, has established a fund matrix exceeding CNY 156 billion, focusing on new energy vehicles and integrated circuits, achieving significant returns through strategic investments[16] - Foshan, a manufacturing cluster city, has created a fund system with a total scale of no less than CNY 1.2 trillion, focusing on advanced manufacturing and technology upgrades, with over 60% of investments in these areas[17] - Yulin, a resource-based city, has developed a fund cluster of nearly CNY 10 billion, focusing on green transformation and product value enhancement in traditional resource industries[19] Challenges and Recommendations - Challenges include unclear identification of industrial advantages, insufficient market-oriented operations, and imbalances between risks and returns[20] - Recommendations for improvement include establishing a scientific evaluation system for industrial advantages, enhancing market-oriented operational mechanisms, and perfecting risk-return balance mechanisms[21]

Investment Rating - The report indicates a positive outlook for the logistics industry, highlighting a stable growth trajectory and quality improvement in operations [4][22]. Core Insights - The logistics industry in China is experiencing a "steady progress with quality and efficiency improvement" in the first three quarters of 2025, with a total social logistics volume reaching 263.2 trillion yuan, reflecting a year-on-year growth of 5.4% [4][22]. - The report emphasizes the importance of digital transformation and green development as dual drivers for high-quality growth in the logistics sector, marking a new phase in the industry's evolution [4][22]. Summary by Sections Industry Operation Status - The logistics industry shows stable growth, with a total social logistics volume of 263.2 trillion yuan in the first three quarters of 2025, growing by 5.4% year-on-year, which is 0.2 percentage points higher than GDP growth [4][5]. - Industrial logistics volume increased by 5.6%, contributing 81.0% to the overall growth, while over 90% of sectors experienced stable growth [5]. - International logistics faced challenges, with a 1.0% decline in import logistics volume, although there was a 3.0% increase in the third quarter, indicating gradual improvement [5]. Industry Policy - A joint implementation plan was issued by ten government departments to promote logistics data openness and connectivity, aiming to reduce overall logistics costs [13][14]. - The plan includes five key tasks to enhance data sharing and integration, which is expected to improve operational efficiency and reduce costs further [15]. Industry Focus - The logistics sector is accelerating its digital transformation, with technologies like AI, big data, and blockchain being increasingly applied [17][18]. - The green logistics trend is gaining momentum, with a 15% year-on-year growth in resource recycling logistics, driven by policies promoting sustainable practices [19]. - Supply chain resilience and safety are becoming focal points, with ongoing improvements in logistics infrastructure and emergency response capabilities [20]. Conclusion - The logistics industry is poised for continued stable development, with ongoing transformation and upgrades supporting the national economy's recovery [22].

Investment Rating - The tourism industry maintains a stable development outlook for 2025, with a stable investment rating [5][55]. Core Insights - In 2025, domestic travel volume and total spending are expected to grow by double digits year-on-year, although the growth rate of total spending is slowing down [8][9]. - The recovery of inbound and outbound tourism is progressing well, with international passenger transport volume exceeding the same period in 2019 [8][12]. - Most scenic spots have seen improvements in cash flow from operations, but profitability has declined compared to the previous year [8][14]. - The hotel industry is facing intensified competition, with only a few major hotel groups experiencing slight increases in occupancy rates and RevPAR [8][26]. - The duty-free industry remains stable, but the Hainan offshore duty-free market continues to face pressure due to weak consumption, although favorable policies are helping the industry to bottom out [8][33]. - Overall profitability of tourism bond-issuing companies has declined compared to the previous year, but the debt maturity structure is relatively balanced, and the overall debt repayment pressure is manageable [8][44]. Industry Operating Status - In the first three quarters of 2025, domestic tourism reached 4.998 billion trips, an increase of 18.0% year-on-year, surpassing the same period in 2019 [9]. - Domestic tourism revenue reached 4.85 trillion yuan, a year-on-year increase of 11.5%, although the growth rate has slowed compared to the previous year [9][10]. - The number of outbound trips and international passenger transport volume has shown significant recovery, with a 23.5% year-on-year increase in international passenger transport volume [12][13]. Sub-industry Analysis Scenic Spots - In the first nine months of 2025, 13 major listed tourism scenic spots reported a total profit of 1.785 billion yuan, a decrease of 5.67% compared to the previous year [14]. - Operating cash flow for these scenic spots improved, with a total net cash inflow of 2.577 billion yuan, up 14.02% year-on-year [14]. Hotels and Restaurants - Major hotel groups showed mixed results in 2025, with only Marriott International seeing slight improvements in occupancy rates and RevPAR [26]. - The average room rate for star-rated hotels was 371.7 yuan per night, with an average occupancy rate of 49.2%, a decrease of 0.5 percentage points from the previous year [26][24]. - In the first half of 2025, major hotel groups achieved profitability, with notable growth in net profits for Huazhu Group, ShouLai Hotel, and Atour [27]. Duty-Free Shopping - The Hainan offshore duty-free market faced challenges, with sales dropping to 22.16 billion yuan in the first nine months of 2025, a year-on-year decrease of 7.7% [33][35]. - However, sales began to recover in September 2025, with a 3.4% year-on-year increase, marking the first positive growth in nearly 18 months [34]. Industry Policies - Since 2025, multiple supportive policies have been introduced by the Ministry of Culture and Tourism and the State Council to promote high-quality development in the tourism industry [40][41]. - Initiatives include the introduction of cultural tourism consumption vouchers and the expansion of quality product supply [40][43]. Credit Analysis of Bond-Issuing Companies - As of September 2025, the overall leverage ratio of tourism bond-issuing companies is at a moderately high level, with a median debt-to-asset ratio of 58.49% [44][52]. - The overall profitability of these companies has declined, with total profits down 35.38% year-on-year [48][55]. - The industry maintains a balanced debt maturity structure, and the overall debt repayment pressure is considered manageable [52][54]. Outlook - The tourism industry is expected to continue its stable demand and recovery, supported by favorable policies and a growing consumer base [55].

Group 1: Background and Motivation - Local government debt risks have intensified due to increasing fiscal imbalances, prompting the need to activate state-owned assets[4] - As of the end of 2024, China's state-owned assets total approximately 957.8 trillion yuan, highlighting the potential for asset activation to stabilize economic growth[6] - The central and local governments have emphasized the importance of activating existing assets to alleviate debt risks and enhance fiscal revenues[6] Group 2: Impact on Regional Development - In 2024, Chongqing activated assets worth 485.5 billion yuan, recovering 261 billion yuan, demonstrating the effectiveness of asset activation in generating cash flow[7] - Non-tax revenue in China is projected to grow by 25.4% in 2024, largely due to the activation of state-owned resources, contributing to 20.36% of the general public budget revenue[9] - The activation of idle assets can significantly enhance resource allocation efficiency, allowing for better utilization of land and infrastructure[14] Group 3: Effects on Urban Investment Companies - Urban investment companies can alleviate short-term debt pressures by selling non-core and idle assets, thereby optimizing their balance sheets[16] - The issuance of public REITs or asset-backed securities allows urban investment companies to broaden financing channels and reduce reliance on traditional financing methods[16] - Asset activation fosters the development of market-oriented operational capabilities, enabling urban investment companies to transition from financing to urban operation roles[17] Group 4: Case Studies in Fujian Province - Fujian Province employs restructuring and financing activation methods tailored to local fiscal conditions and resource endowments, exemplifying a "localized" approach[5] - Coastal cities like Fuzhou and Xiamen focus on upgrading low-efficiency industrial land through innovative financial instruments like REITs, enhancing land utilization[19] - Resource-rich mountainous cities like Longyan utilize resource certification methods to convert idle rural assets into tradable capital, balancing social and economic benefits[28]

Group 1: Report Summary - The report focuses on the debt risks of local governments and urban investment enterprises in Jiangxi Province, analyzing the economic, fiscal, and debt situations at the provincial and prefecture - level city levels, as well as the situation of urban investment enterprises [4] Group 2: Economic and Fiscal Strength of Jiangxi Province Regional Characteristics and Economic Development - Jiangxi is located in the central - southeastern part of China, with superior location, rich natural and tourism resources, and a comprehensive transportation network. In 2024, its economic aggregate ranked in the middle in China, with per capita GDP in the lower - middle level. The second industry is the main driving force for economic growth [5][8] - The province has made achievements in transportation construction, with 209,500 kilometers of highways, 5023.8 kilometers of railway operating mileage, and 128.45 kilometers of urban rail transit mileage in Nanchang by the end of 2024. It also has 7 airports and a well - developed waterway transportation system [6] - Jiangxi has rich tourism, water energy, and mineral resources. It has many world - level and national - level scenic spots and is rich in minerals like copper, tungsten, etc [6][7] - The province's population ranks in the middle in China, with a relatively low urbanization rate of 63.77% in 2024, lower than the national average [7] - In 2024, Jiangxi's GDP was 3.42025 trillion yuan, ranking 15th in China, with a growth rate of 5.1%. The per capita GDP was 75,900 yuan, ranking 19th. In the first half of 2025, the GDP was 1.67196 trillion yuan, with a 5.6% year - on - year increase [8] - The industrial structure has been adjusted. In 2024, the ratio of the three industries was 7.6:40.0:52.4. The second industry was the core engine for economic growth, with a contribution rate of 52.8% to GDP growth [9] Fiscal Strength and Debt Situation - In 2024, Jiangxi's general public budget revenue was 306.66 billion yuan, ranking in the middle in China, with a year - on - year increase of 0.2% on a comparable basis. The tax revenue accounted for 63.81%, and the fiscal self - sufficiency rate was 39.84% [17][18] - Affected by the real - estate market downturn, the government - funded revenue in 2024 was 181.39 billion yuan, with a year - on - year decrease. The superior subsidy revenue accounted for 44.27% of the local comprehensive fiscal resources [18] - In 2024, Jiangxi's local government debt ratio and debt - to - GDP ratio were 171.90% and 44.01% respectively, ranking 17th in China [20] Group 3: Economic and Fiscal Conditions of Prefecture - Level Cities in Jiangxi Province Economic Strength - The development of prefecture - level cities in Jiangxi is uneven. The northern part generally leads, followed by the southern part with Ganzhou as the core, while the eastern and western parts have relatively small economic aggregates [22] - Most cities have a "tertiary - secondary - primary" industrial structure, except for Yingtan. Nanchang has the highest economic aggregate, and the GDP of each city increased in 2024 [30] - Ganzhou has the largest permanent population, and Nanchang has the highest urbanization rate [31] Fiscal Strength and Debt Situation Fiscal Revenue - In 2024, the general public budget revenue of prefecture - level cities varied greatly. Nanchang had the highest revenue and fiscal self - sufficiency rate. The government - funded revenue of most cities decreased, and the superior subsidy revenue was relatively large [33] Debt - By the end of 2024, the government debt balance of each prefecture - level city increased. The debt ratio and debt - to - GDP ratio of each city increased. Ji'an, Yingtan, and Xinyu had relatively high debt ratios [41] - The province will continue to resolve local government debt risks, accelerate the replacement of existing implicit debts, and prevent new implicit debts [42][44] Group 4: Solvency of Urban Investment Enterprises in Jiangxi Province Overview of Urban Investment Enterprises - Urban investment enterprises in Jiangxi that issue bonds are mainly at the prefecture - level and district - county levels. Ganzhou has the largest number of such enterprises. The credit ratings of these enterprises are mainly AA, and high - credit - rated enterprises are concentrated in Nanchang and Ganzhou [45] Bond Issuance - In 2024, the overall bond issuance scale in Jiangxi increased year - on - year, but the net financing scale decreased significantly. Nanchang, Jingdezhen, Pingxiang, and Yichun had net inflows of bond financing, while the rest had net outflows [48][49] - From January to October 2025, Jingdezhen and Fuzhou had net inflows of bond financing for urban investment enterprises, while the rest had net outflows. Shangrao and Nanchang had large - scale net outflows [48][49] Solvency Analysis - As of the end of June 2025, Shangrao, Jingdezhen, and Yichun had the top three increments in the total debt of bond - issuing urban investment enterprises. The cash - to - short - term - debt ratio of these enterprises in each city was generally weak. Nanchang and Ganzhou will face large - scale bond maturities in 2026, with concentrated repayment pressure [52][55] Support and Guarantee Capacity of Fiscal Revenue - In 2024, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive fiscal resources in each prefecture - level city exceeded 300%, with Nanchang, Shangrao, Yingtan, and Pingxiang exceeding 600%, and Ganzhou and Jingdezhen exceeding 500% [58]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - 2024 was a turning - point for the convertible bond market, with the long - standing zero - default pattern broken. From 2024 - 2025, 5 convertible bonds defaulted, and many rating - downgrade events occurred. Credit risk became prominent, and the risk is rooted in the dual attributes of "bond nature" and "equity nature", resulting from the combination of issuer's short - board in qualification and market policy changes [2][4]. - The disposal of convertible bond risks presents a gradient path system of "regular resolution - extreme disposal". The choice of path is a comprehensive consideration of fundamentals, clause design, and external support. The market may face a peak of concentrated bond maturities in 2027, and the risk stratification will intensify [2][44]. 3. Summary by Relevant Catalog 3.1 Convertible Bond Risk Overview - **Substantial Default**: Since 2024, there have been 5 cases of substantial default in the convertible bond market. As of November 2025, 5 listed convertible bonds failed to repay the principal and interest on schedule, including bonds like "Soute Convertible Bond" and "Hongda Convertible Bond" [4][5][7]. - **Rating Downgrade**: Since 2019, 123 convertible bonds have experienced 270 rating downgrades. The number of downgrades increased significantly in 2024. The construction industry had the most downgrades (49 times), and industries such as chemical, textile and apparel also had over 20 downgrades [8][9]. - **Delisting**: As of now, 5 convertible bonds have delisted along with their underlying stocks. Among them, 3 have defaulted, and 2 are at high risk of default [13][15]. 3.2 Causes of Convertible Bond Risks 3.2.1 Operational Risk - From the Perspective of Bond Nature - The issuers of convertible bonds are mainly small and medium - sized private enterprises with weak qualifications. The proportion of high - grade credit ratings is low. As of October 2025, the proportion of AA+ and above high - grade subjects in the outstanding public convertible bonds was only 14.95% [14]. - **External Environmental Changes**: Convertible bond issuers are more sensitive to external environment changes. For example, local financial pressure affects municipal engineering - related bonds, the real - estate downturn impacts downstream industries, and emergencies and environmental protection policies also affect relevant bonds [16][17]. - **Downturn in Cyclical Industries**: In the downturn of cyclical industries such as agriculture, forestry, animal husbandry, and fishery, and the photovoltaic industry, the debt - paying ability of enterprises weakens, leading to high risks for convertible bonds. For instance, "Zhengbang Convertible Bond" and "Jingneng Convertible Bond" faced problems due to industry downturns [21][22]. - **Goodwill Impairment Risk**: High - premium mergers and acquisitions may lead to goodwill impairment, which can drag down the issuer's performance. In the 2024 annual reports of 522 non - directional convertible bond issuers, 110 had goodwill impairment, with a total impairment of 5.565 billion yuan [24][25]. - **Corporate Governance Defects**: Common governance defects in private enterprises, such as information disclosure violations, illegal activities by actual controllers or senior executives, and high - proportion equity pledges, are important incentives for convertible bond risks [29]. 3.2.2 Market Risk - From the Perspective of Equity Nature - **Weakness in the Equity Market**: It weakens the effectiveness of clause games. On one hand, the conversion value is compressed, and investors' willingness to convert decreases. On the other hand, the put - back pressure surges, which may trigger issuer's default [31][32]. - **Deterioration of Market Liquidity**: It can lead to a vicious cycle of "panic selling - price decline - liquidity exhaustion", especially affecting low - rated and low - liquidity convertible bonds [33]. - **Tightening of Delisting Rules**: The new delisting rules in 2024 have accelerated the clearance of weak - quality issuers, making the credit risk and delisting risk of convertible bonds closely related. Four types of convertible bond issuers need to be closely monitored [34][43]. 3.3 Analysis of Diversified Paths and Practical Characteristics of Convertible Bond Risk Disposal - **Clause Game**: Issuers can lower the conversion price to encourage investors to convert bonds, reducing their own debt - paying pressure. However, this method has certain requirements, such as obtaining shareholders' approval and reasonable adjustment range [45][48]. - **Early Redemption**: When the underlying stock price is too low to trigger the put - back clause, the issuer can redeem the convertible bonds in advance. But this requires sufficient cash flow [51]. - **Introduction of Strategic Investors**: When the issuer is in trouble, introducing strategic investors can help it get out of difficulties and improve its debt - paying ability [52]. - **Extreme Disposal**: When the issuer's operation deteriorates continuously, it may enter debt restructuring or bankruptcy liquidation procedures, usually causing significant losses to investors [55]. - **Risk End - Game**: With the implementation of new delisting rules, convertible bonds usually delist along with their underlying stocks. Delisted convertible bonds have a high risk of default [59]. 3.4 Future Outlook - **Batch Maturity**: The year 2027 may be a peak year for convertible bond maturities, which may lead to local liquidity pressure and credit risk [62]. - **Risk Release**: The decline in the conversion ratio weakens the "natural clearance" ability, the high proportion of low - rated convertible bonds amplifies credit risk, and the difference in exit methods reflects risk stratification [64][66][67]. - **Key Industries**: The chemical industry will face a peak of risk release in 2028, while the construction industry has a gentle maturity rhythm, but still needs to pay attention to the repayment ability of individual issuers [68][69][71].

股权投资行业信用风险展望（2025 年 11 月） 工商评级二部 丨 孔祥一 股权投资行业募资情况 股权投资行业投资情况 股权投资行业退出情况 股权投资行业信用风险展望丨 2026 摘要 公司邮箱：lianhe@lhratings.com 网址：www.lhratings.com 电话：010-85679696 传真：010-85679228 地址：北京市朝阳区建国门外大街 2 号中国人保财险大厦 17 层 www.lhratings.com 信用风险展望 0 2025 年以来，国家层面聚焦股权投资领域培育耐心资本、畅 通私募股权"募投管退"全流程、规范政府投资基金运作等 核心方向，出台了一系列举措。《中共中央关于制定国民经济 和社会发展第十五个五年规划的建议》围绕股权投资对现代 化产业体系的支撑作用深化聚焦，通过募资、投资、退出三 大维度构建政策闭环，为耐心资本壮大及创业投资高质量发 展铺就清晰路径。 2025 年前三季度，中国股权投资募资端和投资端均持续回 暖，完成募集基金数量和募资规模、投资案例数和投资金额 同比均有增长；退出端的下滑趋势较上半年有所收窄，在政 策鼓励引导下，并购类退出数量强势增长，IP ...