基础设施投融资行业：砥砺前行：城投公司如何参与存量资产盘活

Investment Rating - The report does not explicitly state an investment rating for the infrastructure investment and financing industry Core Insights - The urgency for revitalizing existing assets has increased due to limited new financing and mounting debt repayment pressures faced by local government financing vehicles (LGFVs) [2][3] - LGFVs have accumulated a large volume of existing assets through their involvement in local infrastructure projects, and their transformation into multi-functional state-owned enterprises provides a solid asset base for revitalization efforts [4][28] - The continuous improvement of supportive policies, such as the "Document No. 19," enhances the feasibility of revitalizing existing assets, accelerating the process for LGFVs [8][2] Summary by Sections Background of Asset Revitalization - The pressure to repay debts and the limited new financing have heightened the urgency for LGFVs to revitalize existing assets [3] - The transformation of LGFVs into multi-functional enterprises has diversified their asset types, facilitating the revitalization process [4][28] Paths for Revitalizing Existing Assets - The report categorizes revitalization paths into three main types: disposal, restructuring, and financing [9] - Disposal paths are suitable for shedding non-core assets and alleviating short-term liquidity pressures, employing methods such as property trading and debt-for-asset swaps [10][11] - Restructuring paths apply to assets with cash flow but underperforming profitability, focusing on resource integration and functional redevelopment [10][11] - Financing paths target high-quality assets with stable cash flows, utilizing instruments like REITs and asset-backed securities [10][11] Typical Methods for Revitalizing Assets - The report identifies four typical methods for revitalizing assets: land asset revitalization, operational property management, operational rights management, and equity management [8] - Land asset revitalization includes government reclamation and changing land use [8] - Operational property management focuses on increasing occupancy rates and unified operations [8] - Operational rights management involves direct authorization and public resource utilization [8] - Equity management primarily involves cashing out through share reduction and pledge financing [8] Policy Support for Asset Revitalization - The report highlights that 2022 marked the beginning of policy initiatives aimed at revitalizing existing assets, with the issuance of the "Document No. 19" as a key policy framework [8] - Various ministries and local governments have since released specific guidelines and policies to support asset revitalization efforts [8] Implications for LGFVs - The core of asset revitalization lies in identifying and nurturing quality assets, which is a cyclical process [8] - The revitalization of existing assets is complementary to the transformation of LGFVs, with resource integration aiding in asset revitalization [8]