从另一个视角看地方经济

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Amidst minor fluctuations in the domestic macro - economy and uncertainties in external trade, local governments are actively constructing a full - scale industrial chain system. Based on the construction progress of this system, different investment strategies for local government urban investment platforms and industrial investment platform bonds are proposed [1][2]. - For industrial bonds, attention can be paid to 2 - 3 - year industrial bonds with good liquidity and 1 - year - or - less industrial bonds in specific industries. For long - term bonds, appropriate duration extension can be considered for certain industries. The issuance of inter - bank science and technology innovation bonds by private enterprises has a significant demonstration effect [3][66]. - In the financial bond market, most financial product yields declined this week, and credit spreads mostly widened. For Tier 2 and perpetual bonds, different investment suggestions are given according to different maturities and credit ratings [4][71]. 3. Summary by Relevant Catalogs 3.1 From Another Perspective on Local Economy 3.1.1 Local Governments Actively Build a Full - Scale Industrial Chain System to Stimulate Innovation and Long - Term Development - Local governments are constructing a full - scale industrial chain system including national key laboratories, R & D incubators, etc., aiming to promote local economic development and move local industrial chains towards the high - end of the global value chain [10]. - In May 2025, China's economic indicators showed positive trends. The manufacturing PMI improved, and the decline in manufacturing exports slowed down. The service industry PMI also increased, but the comprehensive PMI output index was affected by the manufacturing industry [11][12]. - China's foreign trade negotiations with the US, Europe, and South Asian countries have made new progress, which is conducive to stabilizing the external trade environment and ensuring the stability of the import and export industrial chain [16][17]. 3.1.2 Investment Suggestions - First Type: Regions that have basically completed the full - scale industrial chain system construction. Their local governments have strong economic strength and anti - risk ability. Long - duration bonds issued by local urban investment platforms, industrial investment platforms, and state - owned enterprises can be mainly considered, such as Shanghai, Suzhou, Guangzhou, and Shenzhen [2][39]. - Second Type: Regions with "national/ provincial advanced manufacturing industrial clusters" and "international logistics hub centers/ commodity resource allocation hubs", which are currently building other chain links. Medium - to - long - term bonds can be appropriately considered, such as Foshan, Guangdong [2][39]. - Third Type: Regions that have completed the layout of one or two chain links due to special resource endowments. Their economic strength needs further observation, and short - duration bonds can be appropriately considered, such as Huaihua High - tech Zone [2][43]. 3.2 Weekly Views on Industrial and Financial Bonds 3.2.1 Industrial Bonds - Pay attention to 2 - 3 - year industrial bonds with good liquidity in industries such as industrial investment, public utilities, transportation, state - owned real estate, and cultural tourism. For 1 - year - or - less industrial bonds, focus on industries like local refineries and steel [66]. - For long - term bonds, appropriate duration extension can be considered for coal, transportation, public utilities, and industrial investment bonds. Private enterprises such as Luxshare Precision, Muyuan Foods, Geely Holding, and Shandong Hongqiao have announced the issuance of inter - bank science and technology innovation bonds, with a significant demonstration effect [3][67]. - In the steel industry, pay attention to bonds of Shandong Iron and Steel and HBIS Group within two years. Steel enterprises need to control production rhythm and implement production - limiting policies [67]. 3.2.2 Financial Bonds - This week, most financial product yields declined, and credit spreads mostly widened. The credit spreads of Tier 2 and perpetual bonds and securities firms' short - term financing narrowed, while the credit spread of non - perpetual sub - bonds of insurance companies widened the most [4][71]. - For Tier 2 and perpetual bonds, currently, the valuation of 2 - 3Y AAA - and AA+ Tier 2 and perpetual bonds is at a historical percentile of 12% - 16% in the past year, with reduced cost - effectiveness. Different investment suggestions are given according to different maturities and credit ratings [71]. 3.3 Primary Market Tracking The report provides charts on the issuance, net financing, subscription, and registration of credit bonds, financial bonds, urban investment bonds, and industrial bonds this week, but specific numerical analyses are not elaborated in the text [78][80][82]. 3.4 Secondary Market Observation 3.4.1 Volume of Secondary Transactions The report presents charts on the trading volume and number of credit bonds, urban investment bonds, and industrial bonds in the secondary market, but specific numerical analyses are not elaborated in the text [92][95]. 3.4.2 Price of Secondary Transactions No relevant content provided.