【债市研究】化债与发展并举，再融资能力强劲——浙江省发债城投企业财务表现观察

Core Viewpoint - Zhejiang Province is actively advancing local debt resolution through various methods, achieving phased results, including a significant reduction in platform numbers and some regions reaching dual clearance of debts [1][5]. Group 1: Debt Management in Zhejiang Province - Zhejiang Province is utilizing strategies such as securing higher-level funding, issuing special refinancing bonds, and controlling project investments to enhance debt management and has seen initial success [2]. - In 2024, Zhejiang secured 69.764 billion yuan in special long-term bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan allocated for project construction, accounting for 9.1% of the national total [2]. - The provincial government is gradually implementing plans for replacing hidden debts, with a total debt limit of 244.2 billion yuan set for 2024, distributed over three years [2]. Group 2: Investment Control Measures - Several cities in Zhejiang, including Jiaxing and Taizhou, have publicly committed to controlling project investments to manage new debt risks [3]. - The focus is on prioritizing essential projects while re-evaluating non-urgent projects to reduce future funding pressures [3]. - New project approvals are being scrutinized, with a strong emphasis on avoiding non-essential projects and ensuring alignment with fiscal budgets [3]. Group 3: Financial Indicators of Urban Investment Enterprises - The debt scale of urban investment enterprises in Zhejiang continues to grow, but the growth rate has slowed, with long-term debt remaining predominant [23]. - As of June 2025, the debt growth rate decreased from 22.55% in 2023 to 8.53% [23]. - The financing structure has improved, with bank loans becoming the primary source of financing, accounting for nearly 70% of total financing by June 2025 [26]. Group 4: Cash Flow and Receivables - Urban investment enterprises in Zhejiang have maintained a net inflow of cash from financing activities, with significant inflows reported in cities like Hangzhou, Ningbo, and Jiaxing [16][20]. - However, the growth rate of accounts receivable has been increasing, indicating ongoing challenges in cash collection [12][15]. - The cash income ratio for urban investment enterprises has shown positive performance, reflecting better cash collection from certain business segments despite overall project settlement delays [14]. Group 5: Challenges and Future Outlook - Zhejiang Province faces significant regional disparities in debt management, with some areas continuing to experience increased accounts receivable and cash flow pressures [5][34]. - The investment growth rate is slowing, particularly in infrastructure projects, which, combined with cash collection challenges, indicates that the internal debt repayment capacity of urban investment enterprises has not improved substantially [34]. - As a major economic province, Zhejiang must balance the hard task of debt resolution with the new requirements for high-quality development, necessitating a comprehensive approach to enhance operational efficiency and risk resilience in urban investment enterprises [34].