规范PPP存量项目指导意见发布，重视企业报表改善与稳增长持续加码

Investment Rating - The investment rating for the industry is "Positive" and maintained [8] Core Viewpoints - The State Council has issued a notice regarding the "Guiding Opinions on Regulating the Construction and Operation of Existing PPP Projects," which has received approval from the State Council, marking the arrival of regulatory guidance for existing PPP projects [2][6] - The report emphasizes the importance of ensuring the smooth progress of projects, with government debt clearly designated for the payment of existing projects [11] - The report highlights the need for mid-term focus on sustained growth, with fiscal efforts and major projects as two key drivers [11] Summary by Relevant Sections - Regulatory Guidance: The issuance of regulatory guidance for existing PPP projects aims to optimize credit approval processes and ensure the stability of credit funds, which will enhance the government's payment capacity for these projects [11] - Asset Quality Improvement: If the implementation of PPP projects is secured, it is expected to solidify the asset quality of construction companies, potentially leading to a recovery in price-to-book ratios [11] - Fiscal and Project Initiatives: The report outlines that the urgency for stabilizing growth has increased, with expectations for new policy financial tools and significant project investments to support infrastructure development [11] - Investment Opportunities: The report suggests focusing on state-owned enterprises with low price-to-book ratios and ecological landscape companies, particularly those benefiting directly from PPP projects and major regional developments [11]