部分城投公司不规范融资，谁在承担最后风险？

Core Viewpoint - Local government-backed financing products from city investment companies are attracting individual investors with high returns, but this may lead to hidden debt risks and overdue payments as regulatory pressures increase [1][2][4] Group 1: Investment Trends - Some city investment companies are opening financing to individual investors, offering returns exceeding 8% [1] - Individual investors are increasingly purchasing directed financing products from city investment companies, with investments ranging from hundreds of thousands to millions [2] - High returns and short investment periods are being promoted, with some products offering annualized returns as high as 11.7% [2][3] Group 2: Risk Factors - The high yield and short duration of these financing products contradict the typical long-term, lower-yield nature of public infrastructure investments [3] - There are concerns about the lack of proper risk disclosure and the financial stability of the issuing companies, leading to overdue interest payments [5][6] - Many investors do not fully understand the risks involved and are misled by the perceived government backing of these products [5][7] Group 3: Regulatory Environment - The cross-regional sale of financing products by city investment companies raises regulatory blind spots, complicating risk management [4][6] - Local financial authorities can only intervene when risks reach a certain level, which may lead to delays in addressing issues [5] - There is a call for comprehensive reforms in fiscal and performance evaluation systems to improve debt repayment capabilities [6][7]