债券专题：7月首发主体数量继续上升，交易所新增规模仍高于协会

Group 1: Report Summary - In July 2025, urban investment bonds turned to net financing, with a net financing scale of 26.2 billion yuan, a month - on - month increase of 69.8 billion yuan compared to June but still at the lowest level in recent years. The net financing of exchange - issued urban investment bonds was 29.9 billion yuan, while bonds issued by the association had a net repayment of 3.7 billion yuan. 14 provinces and cities had positive net financing, and 15 had net repayments [4]. - The actual early repayment scale of urban investment bonds in July decreased by 200 million yuan to 9.4 billion yuan compared to June. The number and scale of terminated approvals on the exchange increased month - on - month [4]. - There were 34 first - time bond - issuing entities in July, 4 more than in June. Most of these entities issued bonds through exchange private placement bonds, and only one issued PPN. The funds raised were mainly for new projects, such as project construction, equity investment, etc. [4]. - The proportion of urban investment bonds issued for debt roll - over in July decreased by 0.7pct to 82.0%. The proportion of debt repayment also decreased, while the proportion of supplementary working capital, project construction, and equity investment increased [4]. - In July, 20 entities issued 28 association products with a total scale of 29.37 billion yuan. 47 entities issued 60 exchange products with a total scale of 36.75 billion yuan. The number of new financing entities on the exchange was higher than that of the association [4]. - As of the end of July, 433 urban investment entities declared themselves as "market - oriented operating entities". In July, 30 new entities made such declarations, and 2 entities no longer declared and achieved new financing from the association [4]. Group 2: July Urban Investment Bonds Turned to Net Financing, and the Number of First - Time Bond - Issuing Entities Continued to Rise - In July, urban investment bonds had a net financing of 26.2 billion yuan, a month - on - month increase of 69.8 billion yuan. Exchange products changed from a net repayment of 6.8 billion yuan to a net financing of 29.9 billion yuan, and the association's products had a net repayment of 3.7 billion yuan, with the net repayment scale decreasing by 3.3 billion yuan month - on - month [8]. - Regionally, 14 provinces and cities such as Henan and Hubei had positive net financing, and 15 provinces and cities such as Jiangsu and Heilongjiang had net repayments. In the past year, most provinces' net financing of urban investment bonds declined significantly, with 18 provinces having net repayments [11]. - The actual early repayment scale of urban investment bonds in July decreased by 200 million yuan to 9.4 billion yuan compared to June. The number of bonds with early repayment decreased by 6 to 26, and the cumulative repayment amount decreased by 220 million yuan. The number of bonds with proposed early repayment announced in bondholder meetings increased by 6 to 25, but the proposed repayment amount decreased by 840 million yuan [15]. - The number and scale of terminated approvals on the exchange in July increased month - on - month. There were 19 terminated approvals, 2 more than in June, and the proposed issuance scale increased by 2.939 billion yuan to 25.541 billion yuan [18]. - There were 34 first - time bond - issuing entities in July, 4 more than in June, with a total issuance scale of 19.825 billion yuan. Most of them issued through exchange private placement bonds, and only one issued an association product. The funds were mainly used for new projects, and 18 platforms could achieve new financing [23]. - Most of the first - time bond - issuing entities in July were relatively independent platforms with a shallow connection to local existing bond - issuing platforms in the equity structure and a more pure industrial "bloodline" [25]. Group 3: In July, the Number of New Financing Entities on the Exchange was Still Higher than that of the Association, and New Financing from the Association was Still Dominated by Transportation Infrastructure - The proportion of urban investment bonds issued for debt roll - over in July decreased by 0.7pct to 82.0%. The proportion of debt repayment decreased by 1.0pct, and the proportion of supplementary working capital, project construction, and equity investment increased by 1.7pct [27]. - Beijing, Guizhou, Tianjin, and Tibet still maintained a 100% debt roll - over ratio. The debt roll - over ratio increased in 4 provinces and cities such as Guangxi, Hebei, Fujian, and Jilin, and decreased in 16 provinces and cities such as Yunnan, Jiangsu, and Anhui [27]. - There was one case each on the exchange and the association where debt roll - over could cover interest, but the relevant entities could achieve new financing before, so the policy for entities that can only roll over debt may not have been adjusted [28]. - In July, the association issued 28 products involving 20 entities with a total scale of 29.37 billion yuan. Most of the new financing entities were transportation infrastructure entities, mainly distributed in Shandong, Guangdong, and Jiangsu. Two entities were on the Wind urban investment list [30]. - The exchange issued 60 products involving 47 entities with a total scale of 36.75 billion yuan. Three entities were on the Wind urban investment list. Twelve new financing infrastructure - building entities were not on the list, mainly distributed in Shandong, Henan, and Hubei [31]. Group 4: In July, 30 New Entities Declared Themselves as Market - Oriented Operating Entities, and 2 Entities No Longer Declared and Achieved New Financing from the Association - As of the end of July, 433 urban investment entities declared themselves as "market - oriented operating entities". Regionally, 11 provinces and cities including Zhejiang and Shandong accounted for 84.76% of the total. At the prefecture - level city level, Qingdao had 32 entities, and others had fewer. Most of the declared entities were AA+ [37]. - In July, 30 new entities made market - oriented operation declarations, including 19 from the association and 13 from the exchange, with 2 entities declaring in both. Among the 19 new association - declared entities, 14 had issued association public bonds after October 2023, and 7 had achieved new financing before the declaration. Among the 13 new exchange - declared entities, 11 were for debt roll - over, and 2 achieved new financing [5]. - Two entities that previously declared market - oriented operation in the association no longer declared and achieved new financing, which may be recognized as industrial entities by the association [5]. - As of July 31, the credit spreads of AA - rated market - oriented operating entities and non - declared entities both converged. The deviation between the two widened. The credit spreads of AA(2) - rated entities also showed a similar trend. Overall, the credit spreads of the two types of entities were not significantly differentiated [5].