地方政府债与城投行业监测周报2022年第9期：国有林场资源被禁止无偿划拨至城投，吉林融资平台数量已压降超七成-20251202

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The high - pressure situation of implicit debt supervision remains unchanged, and emphasis is placed on preventing "the risk of risk disposal". The prohibition of free allocation of state - owned forest farm resources to urban investment platforms and the progress of some regions in exiting the list of key debt - risk provinces are significant events that will impact the local government debt and urban investment industry [3][6]. 3. Summary According to Relevant Catalogs 3.1. News Review - The "Document No. 1343 of Fagai Nongjing" prohibits the free allocation of state - owned forest farm resources to local state - owned investment and financing platforms and provides a market - oriented participation path. This not only ensures the safe and reasonable use of forest farm resources but also provides a model for local government asset allocation to urban investment enterprises, preventing local debt risks and guiding the market - oriented transformation of urban investment enterprises. It also encourages urban investment enterprises to participate in the development and operation of forest farm resources through market - based cooperation [6][9][11]. - Jilin Province has met the conditions to exit the list of key debt - risk provinces, and Anhui Province has taken multiple measures to prevent local debt risks. After Jilin exits the list, there will be both opportunities and risks for local investment and financing. Anhui has proposed five countermeasures to address local debt issues [6][12][13]. - Five urban investment enterprises declared to become market - oriented business entities or exit the financing platform list this week, mainly at the district - county and municipal levels with AA - level ratings. Jilin has become the third province to publicly state that it meets the conditions to exit the list of key debt - risk provinces [6][15]. - Seventeen urban investment enterprises prepaid bond principal and interest this week, involving 21 bonds with a total scale of 2.803 billion yuan [6][20]. - Two urban investment bonds were cancelled this week. As of November 23, 94 urban investment bonds have been postponed or cancelled this year, with a total scale of 60.658 billion yuan [6][21]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the issuance and net financing scale of local government bonds decreased. The issuance progress of new bonds exceeded 90% (excluding the activation of the remaining quota). There is still 357.6 million yuan left in this year's 2 - trillion - yuan replacement quota, and only Henan Province has not completed the issuance. The weighted average issuance term of local government bonds was 14.30 years, and the weighted average issuance interest rate increased to 2.07% [6][22][23]. - This week, the issuance and net financing scale of urban investment bonds increased, the issuance interest rate decreased, and the spread narrowed. A total of 146 urban investment bonds were issued, with a total scale of 98.416 billion yuan. The weighted average issuance term was 3.44 years. Four overseas urban investment bonds were issued, with a total scale of 2.308 billion yuan [6][29]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 1.676 trillion yuan in reverse repurchase operations, with a net investment of 434 billion yuan. Short - term capital interest rates fluctuated. There were no adjustments to urban investment ratings or credit risk events this week [35]. - The trading volume of local government bond cash bonds increased by 14.00% to 45.5755 billion yuan, and the maturity yield decreased by an average of 2.89BP. The trading volume of urban investment bonds decreased by 1.31% to 27.7139 billion yuan, and the maturity yield fluctuated. The spreads of 1 - year and 3 - year AA+ urban investment bonds widened, while the spread of 5 - year AA+ urban investment bonds narrowed [35]. - Nine urban investment bonds of nine urban investment entities had 11 abnormal trades, with the number of entities, bonds, and abnormal trades decreasing compared to last week [36]. 3.4. Important Announcements of Urban Investment Enterprises - Eighty urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, changes in the use of raised funds, and name changes [41].