中信证券：化债周期下城投退平台和转型的双轨演进

Core Viewpoint - The report from CITIC Securities indicates that city investment platforms are accelerating the separation from government financing functions, transitioning from nominal withdrawal to substantial market-oriented transformation due to strict regulatory policies and tightened financing conditions since the new round of debt cycle began [1] Group 1: Policy and Market Dynamics - The dual pressure of strict regulation and financing tightening is driving city investment platforms to enhance their market-oriented operations [1] - The deadline for nominal withdrawal from platforms is approaching in June 2027, leading to significant regional differentiation [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 dilemma of "decoupling without transition" [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 resolution may shift from implicit debt to operational debt of platforms, with the transformation of financing platforms moving from reduction to quality enhancement [1]