债券专题：6月城投净偿还下降但弱于季节性，新增融资主体增加但仍以交通基建为主

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In June, the net repayment of urban investment bonds decreased but was weaker than the seasonal trend. The number of first - time bond - issuing entities increased significantly, and the proportion of borrowing new to repay old in bond issuance increased slightly. The number of new financing entities increased, still mainly in the transportation infrastructure sector. Also, 30 new urban investment entities declared themselves as "market - oriented operating entities" [5][9][29]. Summary According to the Directory 1. In June, the net repayment of urban investment bonds decreased but was weaker than the seasonal trend, and the number of first - time bond - issuing entities increased significantly - Net Repayment Situation: In June, the net repayment of urban investment bonds was 43.6 billion yuan. Although the net repayment scale decreased compared to May, the decline compared to the same period in previous years further expanded. The net financing scale of exchange - traded urban investment bonds turned negative, and the net repayment scale of association - issued urban investment bonds decreased. Zhejiang, Anhui, Jilin and other 11 provinces had positive net financing, while Sichuan, Hunan, Shanghai and other 19 provinces had net repayment [5][9]. - Early Repayment: The actual early repayment scale of urban investment bonds in June increased by 4.6 billion yuan to 9.7 billion yuan compared to May, but the scale of announced early repayment and cash tender offers decreased slightly [5]. - Termination of Approval: The number and scale of exchange - traded urban investment bonds whose approval was terminated in June increased compared to May [5]. - First - time Bond - issuing Entities: There were 30 first - time bond - issuing entities in June, 13 more than in May. They were mainly distributed in Shandong, Guangdong, and Jiangsu. Most of the funds raised were used to repay interest - bearing debts, and the issuance was mainly through exchange - traded private placement bonds [23]. 2. In June, the proportion of borrowing new to repay old in bond issuance increased slightly, and the number of new financing entities increased but still mainly in the transportation infrastructure sector - Proportion of Borrowing New to Repay Old: The proportion of borrowing new to repay old in urban investment bond issuance in June increased slightly by 0.9 percentage points to 82.62%. The proportion of repaying interest - bearing debts continued to rise, while the proportion of supplementary working capital, project construction, and equity investment decreased. In terms of regions, the borrowing - new - to - repay - old ratio in Guizhou, Ningxia, Tianjin, Tibet, and Yunnan remained at 100%, and the ratio in 11 provinces such as Beijing, Shanxi, and Chongqing increased, while that in 9 provinces such as Guangxi, Hubei, and Hebei decreased [29][30]. - New Financing Entities: In June, the association issued 26 bonds involving 19 entities with a total issuance scale of 28.91 billion yuan, mainly in Jiangxi, Fujian, and Jiangsu, and mostly transportation infrastructure entities. The exchange issued 59 bonds involving 52 entities with a total issuance scale of 40.71 billion yuan [31][32]. 3. In June, 30 new entities declared themselves as market - oriented operating entities - Accumulated Declaration Situation: As of the end of June, a total of 403 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. In terms of regions, 10 provinces including Zhejiang, Shandong, and Jiangsu had a total of 334 entities making such declarations, accounting for 82.88%. In terms of levels, AA + entities accounted for 53.35% [39]. - New Declaration in June: In June, 30 new urban investment entities declared themselves as market - oriented operating entities, including 22 in the association and 8 in the exchange. Only Shenzhen Anju and Xuzhou Metro achieved new financing among them [6]. - Credit Spread: The credit spread deviation between market - oriented operating entities and non - declared entities continued to converge, and there was still no significant differentiation [6].