固收专题：资产、债务增速双降，城投整合效果显著

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes the financial performance of 2,088 urban investment platforms as of May 30, 2025, and finds that the integration of urban investment platforms has achieved significant results, with a slowdown in the growth rates of assets and debts, and an acceleration of the transformation from "scale expansion" to "quality improvement" [1][4]. Summary by Relevant Catalogs Asset Side - The total asset scale of urban investment platforms increased steadily in 2024, with a year-on-year growth rate of 5.26%, a decrease of 4.40 percentage points compared to 2023. The asset growth rates of platforms with asset sizes above 100 billion, between 50 and 100 billion, and below 50 billion were 8.79%, 3.12%, and -0.38% respectively, indicating faster growth for leading platforms [4][14]. - The growth rate of public welfare assets was 4.97%, and that of operating assets was 10.81%, with the growth rate difference expanding to 5.84 percentage points, reflecting an accelerated transformation from "scale expansion" to "quality improvement" [4][14]. - In terms of public welfare assets, the growth rate of inventory decreased from 8.69% in 2023 to 3.35% in 2024, mainly due to debt supervision and the impact of the land market. The growth rate of accounts receivable decreased from 10.99% to 8.35%, and the proportion of growing entities decreased by 2.83 percentage points, indicating improved collection of public welfare projects [5][15]. - In 2024, the growth rates of cash inflows and outflows related to other operations of platforms decreased significantly, reflecting a decreasing dependence between urban investment platforms and the government [5][18]. - The operating asset scale of urban investment platforms reached 18.32 trillion yuan in 2024, accounting for about 13.00% of the total asset scale, with a year-on-year growth rate of 10.81%. The growth rate of provincial platforms increased from 10.45% to 12.09%, while those of municipal and county-level platforms slowed down significantly [6][18]. Liability and Equity Side - In terms of the financing environment, the growth rate of the monetary funds of urban investment platforms was -9.27% in 2024, and the proportion of growing entities decreased by 9.48 percentage points. The proportions of growing entities in cash inflows and outflows from financing activities both decreased, indicating a tight refinancing environment [7][32]. - The total scale of interest-bearing debts increased in 2024, with the growth rate decreasing from 19.68% to 4.77%, and the proportion of entities with increased interest-bearing debts decreased by 22.89 percentage points [7][32]. - In terms of debt structure, affected by financing policies, the proportion of bank loans increased significantly, the bond scale decreased slightly, and the non-standard scale decreased significantly. The proportion of short-term debts increased, showing a short-term debt structure [7][32]. - The owner's equity scale of urban investment platforms continued to grow in 2024, with the growth rate decreasing from 8.61% to 4.02%, and the proportion of entities with increased net assets decreased by 8.86 percentage points. Provincial platforms with higher asset - equity scales and stronger financing capabilities received more resource support, with a net asset growth rate of over 6% [7][40]. Financial Indicators - The financing cost of urban investment platforms continued to decline in 2024, but the growth rate increased slightly compared to 2023, and the proportion of entities with increased comprehensive financing costs increased by 21.12 percentage points [45]. - In terms of debt burden, the overall asset - liability ratio of sample urban investment platforms was 61.90% in 2024, an increase of 0.83 and 0.46 percentage points compared to 2022 and 2023 respectively, with a narrowing increase [45]. - In terms of liquidity, the current ratio of sample urban investment platforms was 2.04 times in 2024, and the monetary - short - debt ratio was 0.38 times, indicating a weakening of short - term solvency indicators, but still within a reasonable range [45]. Regional Changes in 2024 - In terms of interest - bearing debt scale, provinces such as Jiangsu, Zhejiang, Sichuan, Shandong, and Hubei had large interest - bearing debt scales, all above 3 trillion yuan, with an average growth rate of 6.22%. Provinces with interest - bearing debt scales above 1 trillion yuan had an average growth rate of 2.80%, and those below 1 trillion yuan had an average growth rate of 1.08% [47][49]. - In terms of direct financing, the average growth rate of the outstanding bond scale of urban investment in 2024 was 3.71%, concentrated in provinces such as Jiangsu, Zhejiang, Shandong, Sichuan, and Guangdong, which accounted for about 50% of the total urban investment bond scale [50][51]. - In terms of bank loans, the average growth rate of bank borrowing scale in 2024 was 8.42%. Provinces such as Hainan, Guangxi, Jilin, Yunnan, and Chongqing had a bank loan proportion of over 70% [52]. - In terms of non - standard financing, the growth rate of non - standard financing decreased from 2.06% to - 44.71% in 2024, showing an overall downward trend [52].