2025年城投行业“十大”热词盘点：城投转型产投，如何实现债券首发融资

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report In 2025, the policy framework of the urban investment industry continued the core orientation of "promoting high - quality development under the premise of risk controllability", with significant policy continuity and stability. The "control of new implicit debts and orderly resolution of existing debts" and "empowering local economic development and cultivating market - oriented operation capabilities" formed a synergistic closed - loop of "risk mitigation" and "development empowerment". The policy system showed two key evolution directions: the "standard upgrade" of debt management and the "deep implementation" of enterprise transformation, forcing urban investment platforms to transform into market - oriented and professional industrial investment operation entities [3]. 3. Summary According to Relevant Catalogs 3.1 Overall Debt Resolution - In 2025, the issuance of bonds corresponding to the "6 + 4" debt resolution funds was characterized by an earlier schedule and optimized structure. The total amount of local debt resolution bonds issued was 3.68 trillion yuan, accounting for 35.73% of the total local bond issuance, including 2.41 trillion yuan of special refinancing bonds and 1.37 trillion yuan of special new special bonds. 90% of the 2 - trillion - yuan bonds for replacing implicit debts were issued in the first half of the year. The annual 800 - billion - yuan quota of new special bonds for debt resolution was also steadily implemented, and the issuance rhythm of debt resolution bonds was significantly advanced. - In terms of structure, local government bond funds were precisely focused on replacing high - interest existing implicit debts and resolving debts of existing projects. Among the 500 - billion - yuan debt balance limit added by the Ministry of Finance in the fourth quarter, 300 billion yuan was specially used for resolving debts of existing government investment projects and paying off arrears to enterprises. The issuance regions were tilted towards provinces with prominent debt resolution pressure and strong economic foundations, and the proportion of debt resolution funds to local bond issuance in some provinces exceeded 40% or even 50% [4]. 3.2 Strict Supervision - The governance of local government debt followed a progressive logic of "policy setting - strengthened supervision - institutional innovation - in - depth implementation". The "Government Work Report" in March 2025 set the core goal of "steadily resolving local government debt risks", clarified the principle of "resolving debts in development and developing in debt resolution", and proposed key measures such as improving and implementing a package of debt resolution plans, optimizing assessment and control measures, dynamically adjusting the list of high - risk debt regions, and supporting the opening of new investment spaces. - In April and August 2025, the Ministry of Finance publicly announced 12 typical cases of accountability for local government implicit debts in two batches, releasing a strong signal of "strictly controlling new implicit debts". - In November 2025, the Ministry of Finance officially established the Debt Management Department, marking the transition from a decentralized management pattern to a centralized and coordinated new stage of "unified management of national bonds, local government legal debts, and implicit debts". - In December 2025, the Central Economic Work Conference and the 19th meeting of the Standing Committee of the 14th National People's Congress further deepened the policy orientation, emphasizing active debt resolution and the construction of a long - term debt governance mechanism [5][7]. 3.3 Differentiation of Negative Public Opinions in the Urban Investment Industry - In 2025, negative public opinions in the urban investment industry tended to differentiate. Although the number of new enterprises on the continuous bill overdue list and those with first - time non - standard product default decreased significantly, the number of enterprises with multiple historical bill overdues increased. The situation showed a pattern of convergence in new cases and regional differentiation in existing cases. - Urban investment enterprises generally showed the characteristic of "increasing revenue but not increasing profits", with a significant decline in net profit scale compared to 2021 and a deeper dependence on government subsidies in the profit structure. The long - term fundamental improvement of their refinancing still required a period of adjustment and repair. Core issues such as the scale of existing operating debts, interest payment pressure, and government - occupied funds still needed continuous attention [8]. 3.4 Exit from Key Regions and Financing Platforms - In terms of exiting high - risk debt regions, in 2025, the "Document No. 99" provided clear operation guidelines, and the "Government Work Report" in March emphasized dynamic management. Some provinces such as Ningxia, Inner Mongolia, and Jilin completed their established debt resolution tasks, with Inner Mongolia being the first to officially exit the high - risk province list. - Regarding the exit of financing platforms, by the end of September 2025, the number of national financing platforms and the scale of existing operating financial debts decreased by 71% and 62% respectively compared to March 2023. Different regions adopted different strategies, with some setting clear exit goals and others promoting the transformation of urban investment platforms through asset restructuring, business separation, and functional reshaping [9][10]. 3.5 Restart of Land Reserve Special Bonds - In 2025, land reserve special bonds were restarted. Relevant policies in 2024 and 2025 provided a basis for their issuance. Throughout 2025, more than 5,500 parcels of idle land were planned to be acquired using special bonds, with a total land value of over 750 billion yuan, and more than 300 billion yuan of corresponding special bonds were issued, accounting for about 40% of the planned acquisition scale. - The issuance rhythm accelerated in the fourth quarter, with the monthly average issuance increasing by 13.6% compared to the third quarter. Most of the land to be acquired belonged to local state - owned enterprises, and the funds were mainly used to repurchase the existing land of urban investment enterprises, helping them盘活 assets, recover funds, and resolve debts [11]. 3.6 Activation of "Three Resources" - In 2025, there was a period of intensive policy implementation in the field of activating existing urban investment assets. The core policy framework was supported by "expanding the scope, promoting the market, and strengthening support", forming a full - chain policy system. - The expansion of asset scope was a key breakthrough. Policies in May and November 2025 expanded the scope of asset activation in the urban renewal field and the project scope of infrastructure REITs. - The policy also promoted the market - oriented transformation of existing asset activation and provided direct policy support for the activation of existing PPP projects. - At the local level, many provinces and cities issued relevant policies to promote the activation of "three resources", which not only broadened the boundaries of asset activation but also promoted the transformation of urban investment enterprises [12][13][15]. 3.7 Accelerated Transformation - In 2025, multiple policies at the national and local levels promoted the transformation of the urban investment industry from "risk control" to "new system construction", with "transformation empowerment + financing relaxation" as the dual - wheel drive. - Policies in April, May, August, and November 2025 provided guidance for the market - oriented development of urban investment enterprises in different fields. Local policies in Henan, Sichuan, and Guangdong also supported the transformation of urban investment enterprises. - In terms of financing support, policies in January, May, and December 2025 provided favorable conditions for urban investment enterprises to expand financing channels and optimize debt structures [16]. 3.8 Central Urban Work Conference - The 2025 Central Urban Work Conference put forward the "two shifts", indicating that China's urbanization was moving from a rapid growth period to a stable development period and urban development was shifting from large - scale incremental expansion to stock quality improvement and efficiency increase. - The "1 + N" supporting policy system was established, redefining the development orientation of the urban investment industry from a traditional "financing and construction platform" to a "comprehensive urban service provider and operator", which required a reconstruction of the core business model [18]. 3.9 Deepening of State - owned Assets and State - owned Enterprises Reform - In 2025, a new round of state - owned assets and state - owned enterprises reform was launched, aiming to "strengthen functions and improve competitiveness" and promote the transformation of urban investment platforms into market - oriented and industrialized urban comprehensive service and state - owned capital operation entities. - Key documents in October, December, and December 22 - 23, 2025, clarified the reform points and goals, which would accelerate the market - oriented and industrialized transformation of the urban investment industry [19]. 3.10 Standardized Utilization of Data Resources - The state has established a multi - level policy system for the whole - process of data resources of urban investment enterprises, including accounting treatment, development and utilization models, and registration management. - Policies in 2023, 2024, and 2025 provided clear guidelines. The policy promoted the transformation of urban investment enterprises from "heavy - asset infrastructure construction" to "light - asset data operation", but attention should be paid to the "pseudo - transformation" phenomenon [21][22].