地方政府债与城投行业监测周报2025年第32期：宁夏、江西加快推进“退平台”，特殊新增专项债累计发行近万亿-20250905

1. Report Title and Period - The report is the 32nd issue of the Weekly Monitoring Report on Local Government Bonds and Urban Investment Industry in 2025, covering the period from August 25th to August 29th, 2025 [1][4] 2. Core Views - The "Opinions on Promoting High - quality Urban Development" proposes to establish a sustainable urban construction and operation investment and financing system, emphasizing the prevention and resolution of local government debt risks and the transformation of urban investment enterprises [6] - Ningxia and Jiangxi are accelerating the withdrawal of financing platforms, with Ningxia achieving a 76% withdrawal rate in 2024 and Jiangxi having 205 platforms exit in the first half of 2025, completing 62.7% of the annual task [6] - The cumulative issuance of special new special - purpose bonds is approaching one trillion yuan, and some funds may be used to clear up arrears to enterprises [5] 3. Summary by Section 3.1. News Review - Policy Issuance: The "Opinions on Promoting High - quality Urban Development" proposes to establish a sustainable urban construction and operation investment and financing system, coordinating multiple funding channels and emphasizing the prevention of new local government hidden debts [6] - Platform Withdrawal: Ningxia actively promoted the withdrawal of financing platforms in 2024, with a withdrawal rate of 76%, effectively reducing platform debt risks. In the first half of 2025, Jiangxi innovated the replacement bond mechanism, with a debt resolution progress of over 80%, and 205 platforms completed their withdrawal [6] - Early Redemption: 28 urban investment enterprises redeemed bond principal and interest in advance this week, involving 29 bonds with a total scale of 59.64 billion yuan [13] - Cancellation of Issuance: Two urban investment bonds were cancelled for issuance this week, with a planned total issuance scale of 6.23 billion yuan [14] 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - Local Government Bonds: The issuance scale decreased by 4.76% to 351.597 billion yuan, the net financing increased by 16.61% to 234.508 billion yuan, the weighted average issuance interest rate decreased by 7.66BP to 2.05%, and the weighted average issuance spread widened by 1.80BP to 22.03BP. The cumulative issuance of special new special - purpose bonds was 967.654 billion yuan [15] - Urban Investment Bonds: The issuance amount increased by 6.60% to 112.781 billion yuan, the net financing turned positive, increasing by 386.26 billion yuan to 19.394 billion yuan. The overall issuance interest rate decreased by 1.25BP to 2.32%, and the issuance spread narrowed by 1.11BP to 79.53BP. Five overseas urban investment bonds were issued, with a total scale of 1.936 billion yuan [18][19] 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - Funding Situation: The central bank conducted 2273.1 billion yuan of reverse repurchase and 600 billion yuan of MLF operations, with a net investment of 496.1 billion yuan. Short - term funding rates mostly declined [22] - Local Government Bonds: The spot trading volume was 444.324 billion yuan, an increase of 29.06%. Most of the maturity yields increased, with an average increase of 5.60BP [24] - Urban Investment Bonds: The trading volume was 285.544 billion yuan, a decrease of 1.38%. Short - term maturity yields decreased, while long - term yields increased. The spreads of 3 - year and 5 - year AA+ urban investment bonds widened, while the 1 - year AA+ spread narrowed [24] - Abnormal Trading: Nine urban investment entities had 10 bonds with 13 abnormal trades, with the number of entities, bonds, and abnormal trades all decreasing compared to last week [24] 3.4. Important Announcements of Urban Investment Enterprises - A total of 125 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., including 51 announcements of changes in senior management, 10 announcements of changes in controlling shareholders and actual controllers, 4 announcements of equity/asset transfers, 13 announcements of cumulative new borrowings, 1 announcement of name change, 5 announcements of external guarantees, and 1 announcement of business scope change [27]