SINOLINK SECURITIES(SH:600109) SINOLINK SECURITIES·2025-11-08 11:50Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report In October, the approval of urban investment bonds showed characteristics of a slight decline in registration quota, a marginal acceleration in the approval rhythm, and a slight decline in the scale of terminated projects, with the overall financing rhythm slowing down. The supply - structure differentiation and the gap between strong and weak urban investment bonds further widened. The approval rhythm showed marginal relaxation, but the approval for urban investment platforms with different qualifications remained significantly differentiated. The establishment of the Debt Management Department by the Ministry of Finance in 2025 indicates stricter debt supervision, and it is recommended to continue to monitor the implementation of policy tools and relevant regulatory dynamics of the Debt Management Department [6][53]. Summary by Catalog 1. Registration Status: Slight Decline in Urban Investment Registration Quota - Overall registration: In October, the registration quota of urban investment platforms decreased slightly. The registration scale of the exchange decreased significantly, from 2338 billion yuan to 1868 billion yuan, while that of DCM increased slightly, from 1886 billion yuan to 2065 billion yuan [12]. - By administrative level: The registration scales of provincial and municipal urban investment platforms decreased. The proposed issuance scale of provincial urban investment registration projects dropped from 945 billion yuan to 631 billion yuan, and that of prefecture - level cities dropped from 1588 billion yuan to 1302 billion yuan. The proposed issuance scale of district - level urban investment registration projects increased from 1691 billion yuan to 2000 billion yuan, and its three - month moving average proportion rose to 42% [15]. - By district and county qualifications: The registration scale of districts and counties with weak qualifications decreased significantly. The registration scale of district - level platform bonds with a budget revenue of less than 5 billion yuan dropped from 675 billion yuan to 408 billion yuan, and the three - month moving average proportion decreased to 39.2% [18]. - By province: The scales in regions such as Zhejiang, Shandong, and Sichuan decreased significantly month - on - month. The scales in Sichuan, Anhui, and Shaanxi continued to decline. The scale growth in Jiangsu was mainly at the district - level, while that in Tianjin increased significantly month - on - month [20]. 2. Approval Feedback: Marginal Acceleration in Urban Investment Bond Approval - By issuance venue: In October, the DCM and exchange approval rhythms for urban investment bonds both accelerated. The number of effective sample bonds registered in DCM was 300, a significant decrease from the previous month, and that in the exchange was 81, also a significant decrease. The average number of feedbacks in DCM increased from 2.4 to 2.5 times, and the feedback time decreased from 41.5 days to 40.6 days. The average number of feedbacks in the exchange decreased from 4.1 to 3.7 times, and the feedback time decreased from 80.6 days to 70 days [28]. - By issuance method and level: The feedback times of public and private urban investment corporate bonds in prefecture - level cities and district - level cities decreased to varying degrees [33]. - By province: The approval rhythms in Jiangxi, Shaanxi, Fujian and other places accelerated significantly. The approval speeds in Zhejiang, Anhui, and Shanxi continued to improve, while the approval feedback days in Sichuan, Hubei, Guangdong and other places were significantly extended [37]. - By district and county qualifications: The approval rhythm of platform bonds in districts and counties with weak qualifications slowed down. The feedback days of district - level platforms with a general budget revenue of less than 5 billion yuan increased from 70.3 days to 72.6 days, lower than the average of last year. The approval rhythms of district - level platforms with a general budget revenue of 5 - 8 billion yuan and 10 - 30 billion yuan accelerated significantly [39]. 3. Terminated Issuance: Slight Decline in the Scale of Terminated Projects - Overall situation: In October, the scale of terminated projects decreased slightly. The proposed issuance scale of terminated urban investment bonds decreased from 13 billion yuan to 12.5 billion yuan, and the number of terminated projects decreased from 9 to 6. The terminated scale of district - level urban investment bonds decreased significantly, and its three - month moving average proportion decreased to 46%. The scale of terminated projects at the municipal level increased significantly, and there were no terminated projects at the provincial level. The three - month moving average proportion of the number of terminated projects in districts and counties with weak qualifications (local budget revenue of less than 5 billion yuan) continued to decline to 30.6% [42]. - By province: Terminated projects of urban investment platforms mainly occurred in Shandong, Henan, and Hebei. The scale of terminated projects in Shandong was mainly at the district - level platform, while those in Henan and Hebei were mainly affected by prefecture - level platforms [50].