平安证券：清欠专项贷款或持续助力政府清欠

Group 1: Government Debt Clearance Initiatives - The State Council has launched a new round of debt clearance actions, supported by fiscal and financial policies[3] - In June 2025, Hunan province allocated 200 billion yuan in new special bonds for debt clearance, with three provinces disclosing a total of 872 billion yuan in special bond quotas, accounting for 19.8% of their new bond issuance[3] - The total scale of overdue payments nationwide could reach approximately 13.9 trillion yuan, with a potential actual total of about 9.3 trillion yuan after accounting for overlapping debts[5] Group 2: Financial Tools and Support - Special clearance loans are a key financial tool for supporting debt clearance, with potential issuance of around 3.55 trillion yuan in such loans over 25 months[7] - The new "Regulations on Payment to Small and Medium Enterprises" will take effect on June 1, 2025, further facilitating debt clearance efforts[7] - Financial instruments such as asset securitization, debt-to-equity swaps, and debt restructuring are also being utilized to address overdue payments[4] Group 3: Progress and Goals - The clearance rate for overdue payments in Hunan is targeted at 40% in 2025 and 2026, with a goal of achieving a complete clearance by June 2027[6] - The issuance of special clearance bonds is expected to reduce the total overdue payments from 9.3 trillion yuan to approximately 7.1 trillion yuan[7] - The clearance of overdue payments is expected to positively impact credit and M1 data in the coming years, as evidenced by significant increases in new M1 and short-term loans[7]