化债进行到哪里了？

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - "One - package debt - resolution policy" has been in place for two years, and debt resolution has entered the second half. The credit risk is expected to remain controllable during the debt - resolution cycle, and more attention should be paid to the creditworthiness development in the post - debt - resolution cycle [2][3] - As of now, the local government's implicit debt resolution work is expected to have passed the halfway mark. By the end of 2025, the overall progress of platform delisting in the country may reach 70 - 80%, and the resolution progress of operating debts is also expected to exceed half by the end of the year [2][3][39] Summary According to the Table of Contents 2024 - present Debt Resolution Actions - Since the "one - package debt - resolution" proposal, a series of policies centered around the "Document 35" have been introduced, including "Document 47", "Document 14", "Document 134", "Document 150", "Document 226", and "Document 99", which have continuously refined and supplemented the debt - resolution requirements [6][7] Implicit Debt Resolution Progress - In 2025, the issuance of replacement bonds continued to advance, with a disclosed issuance plan of 19042.34 billion yuan and an annual progress of 95.21%. The issuance scale of special new special bonds reached 8505.78 billion yuan [2][8] - Since 2024, a total of 63225.88 billion yuan of debt - resolution funds have been implemented, accounting for 51.4% of the implicit debt balance to be resolved before 2028. As of now, Guangdong, Beijing, Shanghai, 22 prefecture - level cities, and 113 counties have announced the achievement of the goal of "zero implicit debt across the region", and Inner Mongolia announced its withdrawal from the key debt - resolution provinces on July 29 [2][9][13] Delisting Progress - As of the end of 2024, 40% of local government financing platforms had exited the financing platform sequence. As Inner Mongolia withdrew from the key provinces, Chongqing, Guangxi, Liaoning and other places are also actively seeking delisting. It is expected that by the end of 2025, the overall delisting progress in the country may reach 70 - 80% [3][15][16] Operating Debt Disposal - By the end of 2024, the scale of operating financial debts of financing platforms was 14.8 trillion yuan, a decrease of about 25% compared with the beginning of 2023. The bond issuance interest rate has significantly decreased, and high - interest debts in bank loans and non - standard debts are mainly reduced through three ways. The proportion of bank loans in the interest - bearing debt structure has increased rapidly, and the non - standard debts have been significantly reduced [20][23][26] - In 2024, the overall interest payment scale of urban investment was 3.05 trillion yuan, with a growth rate of only 2.06%. The comprehensive financing cost of urban investment platforms was 4.72%, a decrease of about 7bp compared with 2023 [29] Industrial Transformation - The ways of establishing industrial platforms include setting up a holding parent company, separating or integrating industrial - attribute subsidiaries, and developing industrial businesses on the original basis of entities with low urban investment attributes [33] - The injected operating assets depend on local resource endowments. Industrial transformation can also be achieved through equity investment and mergers and acquisitions of listed companies [36] Summary - The "one - package debt - resolution policy" continues to advance, and debt resolution has entered the second half. The credit risk is expected to remain controllable during the debt - resolution cycle, and more attention should be paid to the creditworthiness development in the post - debt - resolution cycle [3][41]