基础设施投融资行业：一揽子化债以来，河南省平台公司非标舆情为何愈演愈烈？

Investment Rating - The report indicates that the investment rating for the non-standard debt risk of platform companies in Henan Province is under scrutiny due to increasing overdue incidents and shifting risk dynamics [1][16][33]. Core Insights - The non-standard debt overdue incidents in Henan Province rank among the highest in the country, with significant exposure occurring early, particularly in Pingdingshan and later spreading to major cities like Zhengzhou and Luoyang [1][33]. - The report highlights a notable shift in non-standard debt risk from county-level platforms to city-level platforms, indicating a broader systemic issue within the region's financial management [1][33]. - Recent policies, such as the "35 Document" and "134 Document," aim to support the restructuring and replacement of non-standard debt, providing a framework for addressing the growing financial pressures faced by platform companies [11][32]. Summary by Sections Non-Standard Debt Risk Characteristics - Non-standard financing is a significant channel for platform companies in Henan, with a total non-standard debt scale ranking seventh nationally as of the end of 2023 [16][28]. - Despite the high absolute value of non-standard financing, its proportion of total debt remains relatively low, ranking 20th among provinces [16][28]. Recent Trends in Non-Standard Debt - Since the implementation of the "One Package Debt Relief" policy, the frequency of non-standard debt incidents has increased, with 29 overdue events recorded over the past five years, placing Henan fifth in the national ranking [16][17]. - The report notes that the number of overdue incidents in 2024 is expected to double compared to 2023, with significant occurrences in Luoyang and Zhengzhou [17][33]. Economic and Financial Context - Zhengzhou and Luoyang are identified as key cities where non-standard debt risks are prevalent, with Zhengzhou benefiting from stronger economic fundamentals and financial resource coordination [19][33]. - Luoyang's weaker county-level platforms face heightened liquidity pressures due to tighter financing channels and insufficient debt management capabilities [19][27]. Policy and Future Outlook - The report emphasizes the need for effective debt management and regulatory oversight to mitigate the risks associated with non-standard debt, particularly in light of the ongoing economic challenges [32][33]. - Future strategies for addressing non-standard debt issues include leveraging central government policies for debt restructuring and enhancing the operational capabilities of platform companies [32][33].