债券专题：9月城投债净偿还同比收窄，新增35家主体声明市场化

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In September 2025, the net repayment of urban investment bonds narrowed year - on - year, with 23 new bond - issuing entities mostly achieving new financing. The proportion of borrowing new to repay old in urban investment bond issuance decreased slightly, and the number of new financing entities in the association was lower than that in the exchange. Additionally, 35 new entities declared themselves as market - oriented operating entities, and the spreads between entities on and off the list showed no differentiation [4]. 3. Summary According to the Table of Contents 3.1 9 - Month Urban Investment Bond Net Repayment Narrowed Year - on - Year, and Most of the 23 New Bond - Issuing Entities Achieved New Financing - Net Repayment Scale: The net repayment scale of urban investment bonds in September was 291 million yuan, an increase of 180 million yuan compared to August but lower than the 1.516 billion yuan in the same period last year. The net repayment scale of exchange - traded urban investment bonds rose to 219 million yuan, and the association changed from net financing to net repayment of 72 million yuan [8]. - Regional Distribution: In September, 11 provinces and cities such as Sichuan and Jiangxi had positive net financing of urban investment bonds, while 17 provinces and cities including Jiangsu and Chongqing showed net repayment. In the past year, 12 provinces and cities had net repayment, but the net financing scale of most provinces increased year - on - year. Jiangsu, Hunan, Chongqing, and Anhui had the largest net repayment scale in the past 12 months, and among the 19 provinces with net financing, Guangdong and Shandong had relatively large net financing scales [11]. - Early Repayment: The actual early repayment scale of urban investment bonds in September decreased by 192 million yuan compared to August to 840 million yuan, but the scale of announced early repayment and cash tender offers increased month - on - month [15]. - Exchange Termination Approval: In September, the number of exchange termination approvals decreased slightly, while the scale increased slightly. There were 13 urban investment bonds with termination approvals, with a planned issuance scale of 1.7301 billion yuan, an increase of 99.8 million yuan compared to August [20]. - First - Time Bond - Issuing Entities: In September, there were 23 first - time bond - issuing entities, 6 more than in August, with a total bond - issuing scale of 1.0548 billion yuan. These entities mainly issued through exchange private placement bonds, and only 2 issued PPNs. The first - time bond - issuing platforms were mainly distributed in regions such as Zhejiang and Shandong [23]. 3.2 The Proportion of Borrowing New to Repay Old in Urban Investment Bond Issuance Slightly Decreased in September, and the Number of New Financing Entities in the Association was Lower than that in the Association - Proportion of Bond - Issuing Purposes: The proportion of borrowing new to repay old in urban investment bond issuance in September decreased by 2.1 percentage points to 81.5%, while the proportions of repaying interest - bearing debts, supplementing working capital, project construction, and equity investment rebounded [27]. - Regional Differences: In September, the proportion of borrowing new to repay old in Guizhou, Heilongjiang, and Yunnan remained at 100%. The proportion in 7 provinces and cities such as Shandong, Hubei, and Zhejiang increased, while that in 13 provinces and cities including Henan, Beijing, and Jiangxi decreased [28]. - New Financing Entities: In September, the association issued 38 products involving 23 entities, with a total issuance scale of 4.137 billion yuan, and the funds were all used to repay interest - bearing debts. The exchange issued 55 new - financing bonds involving 47 entities, with a total issuance scale of 3.6963 billion yuan [29][30]. 3.3 35 New Entities Declared Themselves as Market - Oriented Operating Entities in September, and the Spreads between Entities on and off the List Showed No Differentiation - Accumulated Market - Oriented Entities: As of the end of September, a total of 504 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. There were 450 entities declaring in association products and 72 in exchange products, with 18 entities declaring in both [37]. - Newly - Added Entities in September: In September, 35 new urban investment platforms declared themselves as market - oriented operating entities, issuing a total of 46 bonds with a total scale of 2.4444 billion yuan. Among them, 19 entities declared in the association, issuing 28 bonds with a scale of 1.4024 billion yuan, all for borrowing new to repay old without covering interest. Sixteen entities declared in the exchange, issuing 18 bonds with a scale of 1.042 billion yuan, mostly for borrowing new to repay old [40]. - Credit Spreads: As of September 30, the credit spreads of AA - rated market - oriented operating entities and non - declared entities both widened. The credit spread deviation between market - oriented operating entities and non - declared entities of AA - rated bonds widened, while that of AA(2) - rated bonds converged. Overall, the spreads between market - oriented operating entities and non - declared entities did not show differentiation [47].