Investment Rating - The report indicates a positive outlook for the cultural tourism investment sector, with expectations of continued high prosperity in 2024 [1][14]. Core Insights - The cultural tourism investment companies have seen improved profitability due to the strong recovery of the cultural tourism industry in 2023, although they still face significant short-term debt pressure [1][9]. - The number of cultural tourism investment companies has increased, but remains relatively small, with a concentration in the East China region, particularly in Jiangsu and Zhejiang provinces [2][9]. - The revenue structure of cultural tourism investment companies is primarily derived from scenic area operations, construction income, and other related business activities, with a predominance of development-type companies [3][10]. Summary by Sections Investment Rating - The cultural tourism market is expected to maintain a high level of activity in 2024, supported by government policies aimed at stimulating the sector [14]. Profitability and Financial Health - The profitability of cultural tourism investment companies has improved in 2023, with average operating income rising from 2.21 billion to 2.88 billion yuan [9][11]. - Despite improvements, many companies still struggle with high financial leverage, with some exceeding 80% debt-to-asset ratios [9][11]. - Approximately 78% of companies have cash reserves that do not effectively cover short-term debts, indicating ongoing financial pressure [9][11]. Market Dynamics - The cultural tourism sector has benefited from a significant rebound in domestic travel, with 4.89 billion trips taken in 2023, a 93.3% increase year-on-year [7][9]. - The report highlights a disparity in resource endowment across regions, affecting the operational capabilities of cultural tourism investment companies [8][9]. Government Support and Policy - Central and local governments have implemented various supportive measures to boost the cultural tourism industry, including financial assistance and policy incentives [14]. - The report notes that the relationship between cultural tourism investment companies and local governments is generally weaker compared to other types of urban investment companies [8][9].

2024年4月12日，国务院发文《国务院关于加强监管防范风险推动资本市场高质量发展的若干 意见》（以下简称"新国九条"），"新国九条"是继2004年、2014年两个"国九条"之后，再 次相隔十年，国务院根据当前经济金融形势出台的资本市场指导性文件。2004 年国九条将发 展资本市场提升到国家战略任务的高度，提出 "积极稳妥解决股权分置问题"，推动资本市 场制度框架的建立；2014 年国九条提出"积极稳妥推进股票发行注册制改革"，"加快多层次 股权市场建设"，"鼓励市场化并购重组"。新"国九条"相比此前两份文件，更加突出资本市 场的政治性、人民性和强监管、防风险、促高质量发展的主线。 | --- | --- | --- | |--------------------|-----------------------------------|---------------------------------------------------------------------------------------------------| | www.ccxi.com.cn | | | | | | 中诚信国际 | ...

| --- | --- | |-----------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 1 2 20 02 24 4 年 年第 4 月 16 15 期 日 | 月价格数据点评 通胀水平延续回落、物价稳中 进出口数据点评 宏观经济 | | | 基数走高 3 月出口回落，外贸结构有所改善 —— 2024 年 3 月进出口数据点评 | | 作者 : | | | 中诚信国际 研究院 执行院长 袁海霞 | 基数走高 3 月出口增速低于预期，一季度出口温和回升。受全 | | hxyuan@ccxi.com.cn | 球制造业以及半导体周期回暖影响， 1-3 月 ...

www.ccxi.com.cn 中诚信国际 特别评 论 收费公路行业特别评论 2024年4月 路产到期压力逐步显现，对收费公路运营企业 信用影响整体可控 目录 随着收费公路的到期问题日益突出，路产面临的到期压力亦逐步显 要点 1 现，目前对于已到期的政府还贷高速，各地大多通过“统贷统还” 主要关注因素 2 方式继续收费；经营性高速主要通过改扩建方式延续收费，部分到 结论 5 期后无偿移交至政府；虽然改扩建、到期移交对收费公路企业或产 生不同程度的影响，但总体而言，收费公路运营企业目前整体财务 杠杆较低，经营获现能力较强，同时，随着多元化业务的发展，未 来几年路产到期对收费公路运营企业的信用水平影响可控。 联络人 要点 作者 企业评级部  政府还贷高速通过“统贷统还”的方式继续收费，直至债务偿 王 昭 027-87339288 清的模式，多地已经有所实践，而经营性高速仍主要依据现行 zhwang02@ccxi.com.cn 的收费公路管理条例，其收费期限主要集中在20~30年。目前 其他联络人 经营性高速主要通过改扩建方式延续收费，部分到期后无偿移 龚天璇 027-87339288 交至政府。 txgong@ ...

| --- | --- | --- | --- | |-----------------------|---------------------------------------|-------|-----------------------------------------------------------------------------------------------------------------| | www.ccxi.com.cn | | | 中诚信国际行业展望 | | | | | 中诚信国际 | | | | | | | 2024 | 年 4 月 | | 行业展望 证券行业 | | | | | | | | | | 2024 年中国证券行业展望：行业分化加 | | | | | | | 目录 | | | 剧，兼并整合或将再现 | | 摘要 | 1 | | 资本市场全面深化改革持续推进、多层次资本市场建设进一步完善，证 | | 市场环境及行业政策 | 2 | | 券行业向高质量发展迈出坚实步伐。 2023 年以来证券行业分化加剧， | | 证券行业 IPO | 及再融资情况 3 | | ...

Economic Overview - The macroeconomic indicators for January-February 2024 show a steady improvement, with industrial value-added growth at 7%, up 2.4 percentage points from December 2023[9] - Fixed asset investment growth has marginally improved but remains down 1.3 percentage points compared to the previous year, with real estate investment declining by 9%[9][24] - The government has set a GDP growth target of around 5% for 2024, aligning with market expectations[9][24] Production and Investment - Industrial production continues to show resilience, with 39 out of 41 industrial sectors reporting positive growth, particularly in high-tech and consumer goods manufacturing[16][19] - Manufacturing investment has accelerated due to equipment upgrades, with high-tech manufacturing value-added growth at 7.5%[16] - Infrastructure investment (excluding electricity) grew by 6.3% year-on-year, although it is still significantly lower than the previous year's figures[24] Consumption Trends - Social retail sales (retail sales) grew by 5.5% year-on-year, a decrease of 1.9 percentage points from December 2023, indicating a weak recovery in consumer spending[28] - Service consumption remains strong, with a 12.3% increase in service retail sales, while goods retail sales grew by only 4.6%[28] - Despite a vibrant tourism sector during the Spring Festival, per capita spending remains weak, down 10% compared to 2019 levels[28] Real Estate Market - Real estate investment continues to decline, with a 20.5% drop in new residential sales area and a 29.3% decrease in sales revenue year-on-year[24] - The decline in real estate investment has slowed marginally, but the overall trend remains negative, with significant uncertainty about a potential recovery[24][33] - The consumer confidence index in the real estate sector remains low, indicating ongoing pressure on housing sales[33]

2 月 11 日，巴基斯坦选举委员会公布 2024 年国民议会选举最终 结果：隶属于正义运动党的独立参选人集团获得 92 席，处于领先地位， 穆斯林联盟获得 79 席，人民党获得 54 席。但由于没有政党获得超过 半数（168）席位，需要各方协商联合组建内阁政府并召开国民议会会 议选举总理。 巴基斯坦大选导致该国政治不确定性攀升，或影响该国与 IMF 达成新贷款协议。目前，穆斯林联盟（纳瓦兹·谢里夫派）和人民党 （比拉瓦尔·布托·扎尔达里派）决定联手组建联合政府以遏制正义 运动党（伊姆兰·汗派）的领先地位，并计划与其他小型政党共同提 名前总理夏巴兹·谢里夫为总理职位候选人。根据巴基斯坦宪法，看 守政府和选举委员会应在 2 月 29 日前召开国民议会会议并选举新总 理。然而，由于人民党意图获得巴基斯坦重要部门以及国民议会议长 和参议院主席的职位，两党在历经 5 轮谈判后尚未就权力分享方案达 成一致。与此同时，多数巴基斯坦民众仍支持正义运动党，若该党派 在组阁过程中持续被边缘化，将进一步激发该国民众不满情绪，抬升 该国社会动荡及政局波动风险。 3 国际宏观资讯周报 期内改善工人的经济状况，但在青年失业率高和经济压 ...

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Investment Rating - The report indicates a positive outlook for the consumption-based infrastructure REITs in China, suggesting a favorable development environment supported by policy measures, although the market is still in its early stages [10][12]. Core Insights - The first batch of consumption-based infrastructure REITs launched in March 2024 provides a new financing channel for real estate companies holding quality shopping centers, aiding their strategic transformation [7][10]. - The commercial real estate market in China is substantial, and with ongoing policy support, the prospects for consumption-based infrastructure REITs are promising, despite current limitations in institutional development and market performance [10][12]. - The report highlights that the issuance of consumption-based infrastructure REITs is heavily reliant on the original equity holders and their associated parties, indicating a high dependency on their subscription during the initial issuance phase [10][12]. Summary by Sections Section 1: Industry Hotspots - The first batch of consumption-based infrastructure REITs has been launched, with a total issuance scale of 8.923 billion yuan, accounting for approximately 8% of the total public REITs fundraising [7][9]. - The underlying assets of these REITs generally possess good location advantages, with occupancy rates above 98% for most, except for one community commercial REIT [7][9]. Section 2: Real Estate Financing Policies - Recent policies have continued to support reasonable financing for various types of real estate companies, expanding the scope and limits of operating property loans, which helps improve liquidity for companies with substantial holding properties [10][12]. - The implementation of a real estate financing coordination mechanism is expected to ensure the smooth development of "white list" projects, boosting buyer confidence and stabilizing the market [10][12]. Section 3: Inventory and Market Dynamics - As of February 2024, the nationwide inventory of unsold commercial housing reached 375.969 million square meters, a year-on-year increase of 15.9%, indicating growing inventory pressure [12][13]. - The report notes that the inventory turnover cycle in first-tier cities has been increasing, with Shanghai facing the least pressure, while Shenzhen is expected to experience significant challenges due to the influx of government-subsidized housing [12][13]. Section 4: Sales and Investment Trends - The sales amount in January and February 2024 saw a year-on-year decline, with a drop of 29.3% in sales area and 20.5% in sales amount, reflecting a low operating state in the market [14][15]. - Despite a slowdown in land supply, the transaction amount increased year-on-year, with high-quality land in key cities attracting interest from real estate companies [14][15].