重庆市发债城投企业财务表现观察：化债成效显现，区域分化明显

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the "Package Debt Resolution Plan," Chongqing has achieved phased results in debt resolution through multiple measures such as financial debt resolution, special refinancing bonds, and state - owned asset revitalization [3]. - The investment structure of Chongqing's urban investment companies is continuously adjusting, with the proportion of urban construction assets decreasing and new investments shifting towards self - operated assets, equity, and fund investments [35]. - There are significant regional differences in the refinancing ability and market - oriented transformation degree of urban investment companies in Chongqing. Strong regions can rely on resource advantages to participate in market - oriented businesses, while weak regions may still depend on the overall debt - resolution arrangements of Chongqing [35]. 3. Summary According to Relevant Catalogs 3.1 Chongqing's Debt Management Situation - Policy and Mechanism: Chongqing government and financial regulatory authorities have introduced policies, held meetings, and established debt risk early - warning and monitoring mechanisms to prevent systemic financial risks [6]. - Debt - Resolution Measures and Achievements - Financial Debt Resolution: In 2023, Chongqing signed cooperation agreements with 21 financial institutions. In 2023, the first 50 million yuan silver - group loan to replace non - standard debt was successfully issued in Yubei District. Banan District obtained a 4.534 billion yuan silver - group loan, and in 2025, Wanzhou District completed the first silver - group loan in Northeast Chongqing [7]. - Special Refinancing Bonds: From 2023 to October 2025, the issuance scale of special refinancing bonds in Chongqing was 72.6 billion yuan, 75.4 billion yuan, and 75.4 billion yuan respectively, which helped replace high - interest debts [9]. - State - owned Asset Revitalization: Since 2024, Chongqing's state - owned enterprises have revitalized over 180 billion yuan of assets and recovered over 70 billion yuan of funds through various means. In 2024, Chongqing's non - tax revenue increased by 11.3% [9]. - Remarkable Debt - Resolution Results in Some Areas: Jiangbei, Shapingba, Jiangjin, Qijiang, Wuxi, Fuling, Dazu, and Chengkou have achieved significant results in debt resolution, such as reducing implicit debts, optimizing debt structures, and reducing financing costs [9]. 3.2 Changes in Financial Indicators of Urban Investment Companies - Investment - Overall Situation: From 2022 to June 2025, the total assets of Chongqing's urban investment companies continued to grow, with a compound growth rate of 7.06%. The growth was mainly driven by self - operated assets, equity, and fund investments, while the growth rate of urban construction assets decreased significantly [15]. - Regional Differences: Urban construction assets in the municipal and Liangjiang New Area are significant. Self - operated assets, equity, and fund investments are concentrated in municipal - level urban investment companies. The investment structures of different regions vary, with the municipal - level having a more balanced asset structure [17][18]. - Receivables - Overall Situation: From 2022 to June 2025, the accounts receivable of Chongqing's urban investment companies continued to grow, mainly concentrated in the central urban area and the new urban area of the main city [21]. - Regional Differences: Regions with large accounts receivable include Banan, Nan'an, Jiulongpo, Hechuan, Jiangjin, Bishan, and Wanzhou. Regions with large growth rates include the municipal - level, Tongnan, and Wulong [21]. - Financing - Overall Situation: In 2024, the net cash inflow from financing activities of Chongqing's urban investment companies decreased significantly. In the first half of 2025, the net cash inflow from financing activities of most regional urban investment companies increased [23]. - Regional Differences: In 2024, the net financing was concentrated in municipal - level urban investment companies, and 22 districts and counties had net cash outflows from financing activities. In the first half of 2025, most regions had net cash inflows from financing activities [24]. - Interest - Bearing Debt - Overall Situation: At the end of 2024, the total debt of Chongqing's urban investment companies remained almost the same as the previous year. The debt was mainly long - term, and the proportion of short - term debt remained stable. Bank financing increased, while bond financing and other financing decreased [26][27]. - Regional Differences: At the end of 2024, the debt of most districts and counties in the central urban area, the new urban area of the main city, and Northeast Chongqing decreased. Some regions had a relatively high proportion of short - term debt, and some regions were highly dependent on bond financing [27][28]. - Bond Financing - Overall Situation: From 2022 - 2023, Chongqing's urban investment bonds had a large - scale net inflow. In 2024, they showed a net repayment, and from January - October 2025, the net repayment scale increased [32]. - Regional Differences: From 2024 to the end of October 2025, some regions such as the municipal - level, Liangjiang New Area, and Yubei had net inflows of urban investment bonds, while others had net repayments [32]. - Debt - Servicing Ability - Overall Situation: At the end of 2024, the overall debt burden of Chongqing's urban investment companies remained stable, but the short - term debt - servicing pressure increased [33]. - Regional Differences: Most districts and counties controlled the total debt capitalization ratio within 60% and the asset - liability ratio within 65%. Some regions had a heavy debt burden, and most regions had a large short - term debt - servicing pressure [33]. 3.3 Summary - Debt - Resolution Achievements: Since the second half of 2023, Chongqing has effectively curbed new debt, optimized the debt term structure in some districts and counties, reduced bond financing and other financing scales, and alleviated the debt burden in most districts and counties [35]. - Investment Structure Adjustment: The "Document 47" has effectively managed government investment projects, and the investment structure of urban investment companies in Chongqing has been continuously adjusted [35]. - Regional Differences: There are differences in the refinancing ability and market - oriented transformation degree among regions. Strong regions can enhance their self - hematopoietic ability, while weak regions may rely on the overall debt - resolution arrangements of Chongqing [35].