浙江省发债城投企业财务表现观察：化债与发展并举，再融资能力强劲

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zhejiang Province has made phased achievements in debt resolution through multiple measures such as seeking superior funds, issuing special refinancing bonds, and controlling project investments. The province's 11 prefecture - level cities have formed a pattern of "full - scale promotion and gradient clearance" around debt reduction goals, with some regions achieving zero implicit debt and "dual zero" goals. At the same time, Zhejiang's urban investment enterprises' debt scale continues to grow but at a slower pace, with an optimized financing structure, and the short - term debt ratio has slightly increased. However, challenges remain, including regional differentiation, continued growth in accounts receivable in some areas, slowdown in investment growth, and insufficient self - hematopoietic ability in some urban investment enterprises. Therefore, it's necessary to plan for debt resolution and market - oriented transformation of urban investment enterprises simultaneously to improve their operational efficiency and risk - resistance ability [3][9][34]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Debt Control Situation - Seeking Superior Funds: In 2024, Zhejiang obtained 69.764 billion yuan in ultra - long - term special treasury bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan used for project construction, accounting for 9.1% of the national total, and 37.8 billion yuan for the completion of existing government investment projects [5]. - Implicit Debt Replacement: In 2024, the Ministry of Finance allocated a local government debt limit of 244.2 billion yuan to Zhejiang in three - year installments (81.4 billion yuan per year from 2024 - 2026). In 2024 and 2025, Zhejiang (including Ningbo) fully used the "special bonds for implicit debt replacement" quota of 81.4 billion yuan each year. The issuance of special refinancing bonds in 2025 was faster than the national average, which lowered the average financing cost of urban investment enterprises [5]. - Controlling Project Investment: Cities like Jiaxing and Taizhou proposed to control project investment to prevent new debt. They sorted out and reviewed existing government investment projects, strengthened support for key projects, and carefully considered or postponed non - urgent projects. They also tightened the review of new projects and coordinated the connection between the fiscal budget and the government investment plan [6]. - Regional Achievements: As of the end of September 2025, some regions in Zhejiang, such as Lin'an District and Chun'an County in Hangzhou, Zhoushan City, etc., achieved zero implicit debt, and some areas completed the "dual zero" goals of implicit debt resolution and platform exit. More than 600 urban investment platforms in Zhejiang have exited, accounting for half of the national total during the same period [9]. 3.2 Changes in Financial Indicators of Zhejiang's Urban Investment Enterprises 3.2.1 Investment - Overall Situation in Zhejiang: From 2022 to June 2025, the investment scale of urban - construction assets, self - operated assets, and equity and fund investments of Zhejiang's urban investment enterprises continued to grow, but the growth rate of urban - construction assets and equity and fund investments slowed down. By the end of June 2025, the growth rates of these three types of assets further decreased. The proportion of urban - construction assets decreased to 69.90% but remained the main asset component [13]. - Regional Differences: Most cities' total investment and urban - construction asset investment increased. The growth rates of Wenzhou, Shaoxing, Huzhou, and Zhoushan were below 10%, while the other seven cities exceeded 10%. In 2024, the growth rate of urban - construction assets in all cities slowed down, and the growth rates of self - operated assets in most cities increased. The growth rate of equity and fund investments decreased in half of the regions [14]. 3.2.2 Receivables - Overall Situation in Zhejiang: From 2022 to June 2025, the accounts receivable of Zhejiang's urban investment enterprises continued to grow, but the growth rate decreased in 2024 and June 2025. In 2024, the cash income ratio was relatively good, which may be affected by multiple factors such as the slowdown of project settlement and the change in the business structure [16]. - Regional Differences: At the end of 2024, the accounts receivable of urban investment enterprises in Hangzhou, Ningbo, and Huzhou exceeded 50 billion yuan, while those in Quzhou, Lishui, and Zhoushan were below 20 billion yuan. Except for Jinhua, the growth rate of accounts receivable in other cities exceeded 10% [18]. 3.2.3 Financing - Overall Situation in Zhejiang: From 2022 to 2024, the cash inflow and outflow of financing activities of Zhejiang's urban investment enterprises increased year by year, with a net inflow that fluctuated and decreased, mainly due to policy restrictions on new financing in 2024. The financing structure was optimized, with bank borrowing as the main channel and an increasing proportion of bank financing [20][25]. - Regional Differences: In 2024, the cash inflow of financing activities in Hangzhou, Shaoxing, Ningbo, and Huzhou exceeded 500 billion yuan. The net inflow of financing activities was positive in all cities, with significant regional differences. The net inflow in Zhoushan was only 6 billion yuan, while those in Hangzhou, Ningbo, and Jiaxing exceeded 100 billion yuan [20][23]. 3.2.4 Interest - Bearing Debt - Overall Situation in Zhejiang: By the end of June 2025, the debt scale of Zhejiang's urban investment enterprises continued to grow, but the growth rate slowed down from 22.55% in 2023 to 8.53%. The debt was mainly long - term, with a slightly increased proportion of short - term debt. The financing structure was optimized, with bank borrowing accounting for nearly 70% [25][26]. - Regional Differences: The debt scale of urban investment enterprises in Hangzhou, Shaoxing, Ningbo, and Huzhou ranked among the top, exceeding 1 trillion yuan in total. In 2024, the debt growth rates of urban investment enterprises in Jiaxing, Quzhou, Taizhou, and Lishui exceeded 15%. The proportion of short - term debt in some regions increased [26]. 3.2.5 Debt - Servicing Ability - Overall Situation in Zhejiang: From 2022 to June 2025, the overall debt burden of Zhejiang's urban investment enterprises continued to rise, and the cash - to - short - term - debt ratio fluctuated and decreased. Since 2025, with increased debt resolution efforts and support from financial institutions, the short - term debt - servicing ability has improved [29][33]. - Regional Differences: The debt burdens of urban investment enterprises in Shaoxing, Taizhou, Jinhua, Hangzhou, and Jiaxing were relatively heavy. The cash - to - short - term - debt ratio of cities in Zhejiang ranged from 0.3 to 0.5 times, with Lishui having the highest ratio. In 2025, the short - term debt - servicing ability of all cities improved to some extent [33].