地方政府债与城投行业监测周报2025年第16期：政策加码下城投科创债有望持续扩容，江苏泰州推动存量定向融资清零-20250519

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy support for science - innovation bonds (Sci - tech bonds) is increasing, and Sci - tech bonds issued by urban construction investment companies (Urban Construction Investment Bonds) are expected to continue to expand. In 2025, the issuance of Sci - tech bonds reached 568.097 billion yuan, a 1.3 - fold increase year - on - year, with urban construction investment enterprises issuing 31.955 billion yuan, a 17.6% increase year - on - year, accounting for 5.6% of the total Sci - tech bond issuance. This can help some urban construction investment enterprises transform and enhance their self - financing ability [6][8]. - The People's Congress of Taizhou, Jiangsu Province, reviewed the government debt management report, pointed out existing problems, and put forward suggestions such as strengthening debt management constraints, promoting platform transformation, and reducing non - standard financing to achieve zero balance of existing targeted financing [6][10]. 3. Summary by Directory 3.1 News Review 3.1.1 Continuous Increase in Support for Sci - tech Bonds, Expected Expansion of Urban Construction Investment Sci - tech Bonds - Since April, multiple policies have been introduced to support the issuance of Sci - tech bonds. As of May 14, the outstanding scale of Sci - tech bonds was about 2.09 trillion yuan, with urban construction investment Sci - tech bonds at 218.39 billion yuan, accounting for 10.45%. The issuance of urban construction investment Sci - tech bonds has significantly increased, and it is expected to further accelerate in the future. Some urban construction investment enterprises can use this to promote transformation [6][8][9]. 3.1.2 Taizhou, Jiangsu Reviews Government Debt Management, Aims to Reduce Non - standard Financing and Eliminate Existing Targeted Financing - Taizhou pointed out problems in debt management such as non - standard use, rising debt ratio, insufficient special bond issuance, and difficulty in controlling platform costs. Suggestions include strengthening constraints, promoting platform transformation, improving special bond management, and optimizing debt structure [6][10][11]. 3.1.3 77 Urban Construction Investment Enterprises Pre - paid Bond Principal and Interest - In this statistical period, 77 urban construction investment enterprises pre - paid bond principal and interest, involving 85 bonds with a total scale of 15.933 billion yuan, an increase of 4.143 billion yuan from the previous value. Most of the enterprises are from the eastern region, and the main credit rating is AA [13]. 3.1.4 4 Urban Construction Investment Bonds Postponed or Cancelled Issuance - In this statistical period, 4 urban construction investment bonds were postponed or cancelled, with a planned issuance scale of 1.7 billion yuan. As of May 11, 55 urban construction investment bonds had been postponed or cancelled this year, with a total scale of 33.898 billion yuan [14]. 3.2 Issuance of Local Government Bonds and Urban Construction Investment Enterprise Bonds 3.2.1 Local Government Bonds - In this statistical period, the issuance scale of local government bonds increased by 3.89% to 198.551 billion yuan, the net financing decreased by 1.61% to 159.889 billion yuan. The issuance interest rate increased, and the spread widened. As of now, the local debt replacement progress this year has reached 80%, with more than half of the provinces completing their annual tasks [6][15]. 3.2.2 Urban Construction Investment Bonds - The issuance scale of urban construction investment bonds increased by 1.55% to 161.213 billion yuan, and the net financing decreased by 45.612 billion yuan to - 66.72 billion yuan. The issuance interest rate and spread increased. The issuance was mainly private placement bonds, with a 5 - year term, and the issuer's main credit rating was AA +. 8 overseas urban construction investment bonds were issued, with a total scale of 5.315 billion yuan [20]. 3.3 Trading of Local Government Bonds and Urban Construction Investment Enterprise Bonds - In this statistical period, the central bank had a net withdrawal of 13.59 billion yuan in the open market. Short - term capital interest rates declined. There were no credit rating adjustments for urban construction investment enterprises and no credit risk events. The trading scale of local government bonds and urban construction investment bonds increased, and the maturity yields decreased. There were 28 abnormal trades of 22 bonds from 22 urban construction investment entities [26][27]. 3.4 Important Announcements of Urban Construction Investment Enterprises - In this statistical period, 64 urban construction investment enterprises announced changes in senior management, legal representatives, directors, supervisors, controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [30].