Report's Industry Investment Rating - Not provided in the content Report's Core View - Under the guidance of the central government's three - dimensional policy system of "stock debt resolution + incremental debt standardization + innovation empowerment", Jiangsu Province has introduced supporting policies to support the transformation and development of urban investment and industrial investment entities. The new bond - issuing market of these entities in Jiangsu shows distinct structural characteristics. In the future, the differentiation between urban investment and industrial investment entities will intensify, with truly transformed entities having financing advantages and those relying on government credit facing pressure [3][4][40] Summary by Relevant Catalogs Introduction - Since the fourth quarter of 2024, the central government has introduced debt management policies to set boundaries and directions for the financing of urban investment and industrial investment entities. Jiangsu Province has introduced supporting policies to support the transformation of relevant entities, and its strong industrial foundation provides support for transformation - related bond issuance [6] - The report analyzes the new bond - issuing situation of urban investment and industrial investment entities in Jiangsu from October 1, 2024, to September 30, 2025, to provide reference for relevant entities in financing path planning [7] Core Characteristics of Newly Issued Bonds of Urban Investment and Industrial Investment Enterprises in Jiangsu Province Sample Subject Characteristics - In terms of administrative level, newly - issued bond entities show a "municipal - level leading, district - county - level following" pattern. Among 34 new bond - issuing entities, 18 are municipal - level platforms (52.94%), and district - county and park - level platforms account for nearly half (44.12%), indicating initial marketization transformation achievements in some areas [9][10] - In terms of credit rating, the overall credit rating of sample enterprises is high. The proportion of AA+ and above high - grade issuers is 79.41%, higher than the national average (74.73%). Provincial and some core municipal - level platforms are mainly AAA - rated, while district - county - level platforms are concentrated in AA+ and AA levels [11] - In terms of enterprise characteristics, under the policy guidance, new bond - issuing entities are structurally differentiated, with the characteristics of "strong industrial attributes + policy labels". Among the 20 entities with available data, the proportion of people's livelihood service - type entities is 70.00%, and that of industrial park - type entities is 15.00% [14] - In terms of financial characteristics, after excluding outliers, for 20 sample entities with available data, the average proportion of urban construction - related assets in total assets is about 36%, the average proportion of urban construction - related income in total operating income is about 16%, and the average proportion of fiscal subsidies in net profit is about 36%. The latter two meet the "335" principle, but the former does not [18] Sample Bond Characteristics - In terms of bond variety structure, private placement corporate bonds dominate, accounting for 43.06% of 72 sample bonds. Some high - credit - rating entities issue bonds across markets. Enterprise bonds account for only 4, and all funds are invested in project construction [19] - In terms of fund use, debt repayment is the core direction, but different trading venues have different characteristics. In the inter - bank market, debt repayment accounts for 61.27% of the new bond issuance scale, and project construction accounts for 33.88%. In the exchange market, debt repayment is also the main use, but the use combination in the exchange market is more diverse, and the proportion of non - pure debt - repayment uses in the Shenzhen Stock Exchange is higher than that in the Shanghai Stock Exchange [21][25][27] - Among labeled bonds, green bonds are important. During the observation period, 34 new bond - issuing entities issued 13 green bonds with a scale of 8.805 billion yuan. Entities with people's livelihood attributes and strong industrial - attribute industrial park - type entities are more likely to issue labeled bonds [29] Typical Case Analysis Case 1: An Operating Entity of a National High - tech Zone in Suzhou - Business layout: It constructs a diversified business ecosystem with a full - chain market - oriented operation system in the industrial park and a market - oriented investment structure in strategic emerging industries, with remarkable transformation results [31] - Financial performance: Market - oriented business drives the company's profit, with the proportion of market - oriented business income in revenue exceeding 60%, and investment income contributing significantly to profit [32] - Financing practice: In 2025, it issued over 10 billion yuan of bonds. The green medium - term notes are invested in projects that can bring long - term stable income and optimize the debt structure, achieving a virtuous cycle between financing and business development [32][33] Case 2: An Investment and Operating Entity in Kunshan - Business layout: It focuses on the investment in high - tech projects in core fields through its equity investment business in the quasi - financial sector, with a clear layout in science and technology innovation business [34] - Financial performance: The proportion of urban investment - related assets is low, and fiscal subsidies and investment income contribute significantly to profit [35] - Financing practice: From December 2024 to June 2025, it issued 400 million yuan of science and technology innovation corporate bonds, and the funds are mainly used for science and technology innovation - related investments, matching the policy requirements [36] Practical Suggestions for New Bond Issuance - Deepen the market - oriented business layout, focus on policy - supported areas, and reduce dependence on government subsidies, referring to the experience of the Suzhou high - tech zone operating entity [38] - Strengthen regional resource integration, and district - county and park - level platforms can seek support from local governments [38] - Adapt to market characteristics, choose financing tools and issuance venues flexibly. Private placement corporate bonds can be the core choice, and high - credit - rating entities can try inter - bank varieties or cross - market issuance [38] - Follow the principle of "strong industrial attributes + policy labels", and different types of entities should take corresponding measures to improve policy fit and financing adaptability [39] - Actively connect with labeled bond policies, and entities in relevant fields can apply for corresponding labeled bonds to enhance financing competitiveness [39] Conclusion - The new bond - issuing market of urban investment and industrial investment entities in Jiangsu shows structural characteristics at both the subject and bond levels. The core logic of the typical cases is that business transformation conforms to policy orientation and financing planning matches market rules [40] - In the future, entities need to strengthen market - oriented transformation, choose appropriate financing tools, and connect with policy support to achieve a virtuous cycle between financing and business [40][41]
江苏省城投及产投类主体新增发债透视：转型?聚力?融新
Lian He Zi Xin·2025-12-12 11:13