城投随笔系列：城投退名单后新发怎么样了？

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report The market has been closely monitoring the new credit supply this year, especially the new bond issuance of urban investment "off - list" entities and "market - oriented business entities." The report focuses on the progress of "off - list" entities, the identification of "market - oriented business entities," and the new bond issuance of these two types of entities [8]. 3. Summaries According to Relevant Catalogs 3.1 "Off - list" Progress - Since late September 2024, some entities have publicly announced "off - list" and solicited opinions from financial creditors. As of April 30, 2025, there were 39 such entities, including 25 bond - issuing entities and 14 non - bond - issuing entities. The announcements were concentrated from September to December 2024, with only 6 entities announcing in 2025 [1][9]. - From September 2024 to April 30, 2025, 24 entities publicly announced "off - list" without soliciting creditor opinions, including 2 bond - issuing entities and 22 non - bond - issuing entities. The announcements increased significantly from March to April 2025, and they were highly concentrated in Qinghai Province [17][18]. - Aggregating the above two types of announced entities, there were 27 bond - issuing "off - list" entities, mostly at the district - county level, with some at the municipal, direct - controlled urban, and national - level park levels. Zhejiang had relatively more bond - issuing "off - list" entities [24]. - Local governments are actively promoting the exit of financing platforms, and many regions have elaborated on the 2024 "off - list" tasks in government work reports and budget implementation reports, and put forward 2025 task targets [28][29]. 3.2 "Market - Oriented Business Entities" - Since November 2023, some bond - issuing entities have declared themselves as "market - oriented business entities" in their prospectuses. As of April 30, 2025, there were 409 such entities. There was a small peak from December 2023 to January 2024, and the number increased rapidly in April 2025, with 50 new entities [2][33]. - Zhejiang and Shandong had relatively more "market - oriented business entities," with 79 and 64 respectively. The stock of bonds of "market - oriented business entities" was generally larger than that of publicly "off - list" entities, making them the mainstream bond - issuing entities in the region [2][40]. 3.3 New Bond Issuance of the Two Types of Entities - From 2022 to 2024, the new bond issuance of current "off - list" or "market - oriented business entities" was 103.8 billion yuan, 69.7 billion yuan, and 28.8 billion yuan respectively. Since October 2023, due to strict supervision at the issuance end, the new bond issuance scale has significantly decreased [43]. - As of May 6, 2025, only "market - oriented business entities" had issued new bonds after the announcements, while publicly "off - list" entities had no such cases. The 32 "market - oriented business entities" issued 42.3 billion yuan of new bonds after the announcements, with an increasing trend since March 2025 [43][44]. - Hainan Development and Hubei Communications Investment were the leading issuers, with 5.5 billion yuan and 5.1 billion yuan of new bond issuance respectively. Shandong had the largest number of "market - oriented business entities" issuing new bonds after the announcements, and Zhejiang, Hubei, and Shandong had relatively large new bond issuance scales [48][49].