大公国际：2025年化债攻坚背景下，潍坊区县平台化债思路分析及风险关注

Group 1: Report's Industry Investment Rating - Not provided in the given content Group 2: Report's Core View - Currently in the debt - resolution critical period, local government debt risks show regional and structural differentiation. Weifang district - county platforms' "small, scattered, and weak" characteristics increase risk - control difficulties, and there is still pressure for regional risk recurrence. The report summarizes Shandong and Weifang's debt - resolution processes, draws on Guizhou and Qujiang's debt - resolution ideas, and reveals the core risks in Weifang's current debt - resolution [2] Group 3: Summary by Relevant Catalogs 1. Shandong and Weifang's Debt - Resolution Processes 1.1 Shandong's Debt - Resolution Process - In April 2024, the "Three - Debt Unified Management" policy led to some achievements in key - area debt resolution, buying time and space for overall debt - risk management. In 2025, Shandong continued to prioritize debt - risk resolution, with policy intensity upgrading and efforts to eliminate non - standard debts, aiming to clear hidden debts by the end of 2028 [3][4] 1.2 Weifang's Debt - Resolution Process - Weifang has a large local - government debt balance, mainly from district - county platforms. In 2025, the debt risk was mitigated. Support increased, with Weifang getting 59 billion yuan in replacement - bond quotas from 2024 - 2026, ranking first in the province. The provincial government set up a debt - risk - resolution fund for targeted liquidity support. The city's debt shows "stable issuance scale, low net financing, and policy - driven" features, entering a stage of "mainly replacing existing debts and supplementing with new financing" [5][6][10] 2. Reference of Typical Regional Debt - Resolution Models 2.1 Guizhou's Debt - Resolution Model Reference - Guizhou has gone through "internal - dominated" and "top - down" debt - resolution stages. Weifang is in a transition stage of "mainly internal - dominated and supplemented by central support". It should analyze Guizhou's "internal - dominated" policies, use appropriate debt tools in the short, medium, and long - term, and establish a long - term mechanism [12][13] 2.2 Qujiang's Debt - Resolution Model Reference - Qujiang resolved debt through asset stripping, providing upgraded guarantees, and policy - coordinated liquidity support. Weifang can learn from asset transfer and re - guaranteeing by the provincial level. However, it also needs to examine in - depth risks from the micro - perspective of district - county platforms [14] 3. Key Risks of Weifang District - County Platforms - After the release of the "No. 3 Guideline", some market - oriented platforms achieved their first bond issuances. Weifang's district - county platforms face problems in independent bond - issuance. The market should focus on risks in trade - business rationality assessment, guarantee - subject effectiveness verification, and information dynamic disclosure [15][16][17]