25年11-12月城投债发行审批跟踪：25年11-12月城投债延续净融资首次发债主体数量继续放量

Report Industry Investment Rating No information provided in the text. Core Viewpoints of the Report - In November - December 2025, urban investment bonds continued net financing, and the number of first - time bond - issuing entities increased significantly [2]. - The proportion of borrowing new to repay old in the issuance of urban investment bonds decreased in November - December 2025, and there were new financings from 55 association and 118 exchange entities [13]. - In November - December 2025, 57 new urban investment platforms declared themselves as market - oriented operating entities, and 2 past new - financing entities borrowed new to repay old after the declaration [13]. Summary According to the Table of Contents 1. In November - December 2025, urban investment bonds continued net financing, and most of the 94 new bond - issuing entities achieved new financing - The net financing scale of urban investment bonds in November and December was 307 million yuan and 150 million yuan respectively, with a total of 457 million yuan. In November, exchange urban investment bonds changed from net financing in October to net repayment of 82 million yuan, and in December, it turned to net financing of 73 million yuan again; in November, association products turned to net financing of 389 million yuan, and in December, it dropped to 77 million yuan [3][16]. - In December, 14 provinces and cities such as Guangdong, Shandong, Beijing, and Sichuan had positive net financing of urban investment bonds, while 14 provinces and cities such as Jiangsu, Zhejiang, and Shaanxi had net repayment. In 2025, 18 provinces and cities had positive net financing of urban investment bonds, with Guangdong and Shandong having relatively large scales [3][19]. - The actual early repayment scale of urban investment bonds in November and December was 39 million yuan and 58 million yuan respectively, which decreased compared with 77 million yuan in October, but the scale of announced early repayment and cash tender offer repurchase increased [4][23]. - The number and scale of exchange termination approvals in November and December decreased month - on - month. The number of first - time bond - issuing entities in November and December was 50 and 44 respectively, with the number increasing significantly compared with 27 in October, and the total bond - issuing scale rose to 4.254 billion yuan [4][33]. 2. In November - December 2025, the proportion of borrowing new to repay old in the issuance of urban investment bonds decreased, and there were new financings from 55 association and 118 exchange entities - In November and December, the proportion of borrowing new to repay old in the issuance of urban investment bonds was 61.5% and 71.2% respectively, both lower than 77.2% in October [43]. - In November - December, 55 association new - financing entities issued 101 association new bonds with a total scale of 10.3105 billion yuan. 118 exchange new - financing entities issued 152 exchange new bonds with a total scale of 10.037 billion yuan [50][51]. 3. In November - December 2025, 57 new urban investment platforms declared themselves as market - oriented operating entities, and 2 past new - financing entities borrowed new to repay old after the declaration - As of the end of December 2025, a total of 573 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. In November - December 2025, 57 new urban investment platforms declared themselves as market - oriented operating entities, with 37 in the association and 29 in the exchange [55][62]. - Among the 31 entities newly declared in the association in November - December, 22 had issued association public bonds from October 2023 to before the declaration, and 2 of them had new financing before the declaration but borrowed new to repay old after the declaration. In December, 3 newly declared entities in the exchange achieved new financing through exchange private bonds [62]. - As of December 31, 2025, the credit spread of AA - rated market - oriented operating entities was 45.62BP, widening by 6.07BP compared with the end of November; the credit spread of non - declared market - oriented operating entities was 47.55BP, widening by 7.79BP compared with the end of November. The credit spread deviation between market - oriented operating entities and non - declared entities widened from 0.21BP at the end of November to 1.93BP. Overall, the credit spreads of market - oriented operating entities and non - declared market - oriented operating entities have not shown obvious differentiation [10][74].