中信证券：化债重心或从隐性债务转向平台经营性债务

Core Viewpoint - The new round of debt restructuring cycle is characterized by strict regulatory policies and tightened financing, leading local government financing platforms to accelerate the separation of their financing functions and transition from nominal withdrawal to substantial market-oriented transformation [1] Group 1: Policy and Market Dynamics - The dual pressure from regulatory strictness and financing constraints is driving local government financing platforms to evolve [1] - There is a significant regional differentiation as the deadline for platform withdrawal approaches in June 2027 [1] Group 2: Regional Performance - Economically strong provinces are leading the way in asset integration to break through challenges, while weaker regions face a vacuum due to the disconnect between withdrawal and transformation [1] Group 3: Future Outlook - It is expected that high-quality leading platforms will better adapt to the identity of market-oriented operators and participate in market competition [1] - The focus of debt restructuring may shift from implicit debt to operational debt of platforms, with the transformation of financing platforms moving from reduction to quality enhancement [1]