地方政府债与城投行业监测周报2026年第3期：青海提出2026年确保退出重点省份，地方政府债券存量规模突破55万亿-20260202

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The high-pressure situation of implicit debt supervision remains unchanged, and emphasis is placed on preventing the "risk of risk disposal." Local governments are accelerating their exit from the list of key debt provinces. The issuance and trading of local government bonds and urban investment bonds have shown certain trends, and the dynamic adjustment of the debt situation and corporate operations need to be continuously monitored [2][4][8] Summary by Directory 1. News Review - Policy for Inter - city Railways: The National Development and Reform Commission issued an opinion to regulate inter - city railway construction, focusing on debt risk control from both asset and liability sides. On the asset side, strict access and exit standards are set based on passenger flow density; on the liability side, high - risk areas are restricted from adding new local government debt for inter - city railway construction [5][6][7] - Exit from Key Provinces: Jilin officially announced its successful exit from the list of key debt provinces, and Qinghai aims to exit in 2026. After exiting, the provinces may promote infrastructure investment and economic recovery, but risks such as blind transformation of urban investment enterprises should be watched out for [8] - "Exit from Platform" of Urban Investment Enterprises: Nine urban investment enterprises declared to become market - oriented business entities or exit the financing platform list this week, mainly in the infrastructure investment and financing industry. Since October 2023, a total of 1012 enterprises have made such declarations, with more in eastern provinces [11] - Early Redemption of Bonds: Twenty - three urban investment enterprises redeemed bond principal and interest in advance this week, involving 24 bonds with a total scale of 39.15 billion yuan [13] - No Postponement or Cancellation of Bond Issuance: There was no postponement or cancellation of urban investment bond issuance this week [14] 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - Local Government Bonds: The issuance and net financing scale of local government bonds increased this week, and the stock scale exceeded 55 trillion yuan for the first time. A total of 26 local bonds were issued, with new bonds and refinancing bonds issued. The weighted average issuance term decreased, and the issuance cost decreased [14][15] - Urban Investment Bonds: The issuance and net financing scale of urban investment bonds increased this week, with a decrease in issuance interest rate and a narrowing of issuance spread. The issuance was mainly private - placement bonds, with a 5 - year term as the main type. The issuer's main body level was mainly AA +. One overseas urban investment bond was issued [20] 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - Market Liquidity: The central bank conducted net investment in the open market, but due to the approaching Spring Festival and tax - payment period, the capital market was tight, and short - term capital interest rates increased [26] - Level Adjustment and Credit Events: There were no urban investment level adjustment events or urban investment credit risk events this week [26] - Local Government Bonds: The spot trading volume of local government bonds increased by 3.90%, and the maturity yields of most terms decreased, with an average decline of 2.67BP [26] - Urban Investment Bonds: The trading volume of urban investment bonds increased by 0.98%, and the maturity yields of most terms decreased, with an average decline of 2.74BP. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed [27] - Abnormal Trading of Urban Investment Bonds: Thirteen abnormal transactions of 11 bonds of 9 urban investment entities occurred this week, with a decrease in the number of abnormal transactions, entities, and bonds compared with the previous period [27] 4. Important Announcements of Urban Investment Enterprises - Forty - two urban investment enterprises issued announcements on changes in senior management, legal representatives, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, cumulative new borrowings, and name changes [32]