1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May, the issuance scale of urban investment bonds was halved, and the net financing continued to be negative. The issuance of innovative varieties such as science - and - technology bonds increased. The reform of economic development zones encourages park urban investment companies to list for financing [6][9][17]. - The yield of urban investment bonds may be more likely to decline. The safety cushion of urban investment bonds is still sufficient, and the credit spread still has room to compress. Investment strategies include allocating high - quality enterprises in strong regions, paying attention to urban investment companies in key provinces with debt resolution benefits, and weak - qualified urban investment companies in strong regions. Also, focus on new bond - issuing entities in the industrial transformation and integration of urban investment [6][7][45]. 3. Summary by Directory 3.1 5 - month Urban Investment Bond Market Operation Characteristics - **Financing and issuance scale**: Affected by tightened financing policies and seasonal factors, the issuance scale of urban investment bonds decreased by 52.44% month - on - month to 26.3616 billion yuan, and the net financing was - 7.127 billion yuan, remaining negative for three consecutive months. The issuance scale from January to May was 2.3 trillion yuan, a year - on - year decrease of 13.22%. 21 provinces had net outflows, and the net outflow scale of key provinces and large economic provinces decreased month - on - month [9][11]. - **Review and approval**: The review and approval pass rate of urban investment bonds on the exchange decreased by 7.45 percentage points to 88.01% month - on - month, with 7 bonds terminated for review, mainly issued by AA - level and below entities. The registration pass rate of the National Association of Financial Market Institutional Investors increased by 5.97 percentage points to 11% month - on - month [10][11]. - **Innovative varieties**: The issuance of science - and - technology bonds accelerated. In May, 14 labeled urban investment bonds were issued, with a total scale of 1.2 billion yuan. Among them, 9 science - and - technology bonds had a scale of 870 million yuan. Labeled urban investment bonds had a certain cost advantage [17]. - **Issuance term and borrowing - to - repay ratio**: The weighted average issuance term was 4.18 years, an increase of 0.18 years month - on - month. The borrowing - to - repay ratio was 93.24%, and 14 provinces reached 100%. Only Chongqing among the 8 key provinces issued new - type urban investment bonds [20]. - **Issuance interest rate and spread**: The weighted average issuance interest rate was 2.30%, a decrease of 0.13 percentage points month - on - month, and the spread was 77.49BP, a narrowing of 14.44BP month - on - month. The issuance cost in key provinces was higher and the decline was smaller [23]. - **Overseas bonds**: The issuance scale of overseas urban investment bonds decreased by 70.33% month - on - month to 1.2218 billion yuan, and the weighted average issuance interest rate increased by 0.31BP to 5.88% [29]. - **Yield and credit spread**: The spot trading scale of urban investment bonds decreased year - on - year and month - on - month. The yield of urban investment bonds decreased overall, and the credit spreads of most key provinces narrowed [32]. 3.2 Credit Analysis - **Rating adjustment**: On May 19, 2025, Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. upgraded the bond ratings of "G23 Nanhu 1" and "23 Nanhu Green Bond 01" of Jiaxing Nanhu Urban Construction Investment Group Co., Ltd. from AA+ to AAA, with a stable outlook [7]. - **Abnormal transactions**: 46 bonds of 39 urban investment entities had 70 abnormal transactions, with a scale of 252 million yuan. The scale and number of abnormal transactions decreased month - on - month [7]. 3.3 Early Redemption and Maturity Putback - In May, 62 urban investment companies early - redeemed the principal and interest of 73 bonds, with a scale of 1.3396 billion yuan, a month - on - month decrease of 46.34%. The maturity and putback scale of urban investment bonds in the second half of the year is 2.8 trillion yuan [7]. 3.4 Investment Strategy - Allocate high - quality enterprises in strong regions based on fundamentals and moderately extend the duration. For medium - and short - term duration allocation, focus on strong urban investment companies in key provinces with debt resolution benefits and weak - qualified urban investment companies in strong regions. Also, pay attention to new bond - issuing entities in the industrial transformation and integration of urban investment, especially those with labeled bonds such as science - and - technology and green bonds [6][45]. 3.5 Recent Policies and Hot Events - **Central policies**: In May, the central government introduced policies beneficial to the transformation and development of urban investment enterprises, including supporting the issuance of science - and - technology bonds, promoting urban renewal, reforming national economic development zones, and improving the modern enterprise system with Chinese characteristics [6][48]. - **Local policies**: Jilin proposed to accelerate the "withdrawal from the province", Xinjiang set a goal to clear financing platforms in 2025, Jiangsu supervised the replacement of implicit debts with special bonds, and Zhejiang issued special bonds for purchasing existing commercial housing [6].

证券研究报告·行业跟踪周报·环保 环保行业跟踪周报 海螺创业迎现金流拐点，固废板块提分红+供 热 IDC 拓展提 ROE 增持（维持） [Table_Tag] [投资要点 Table_Summary] ◼ 风险提示：政策推广不及预期，财政支出低于预期，行业竞争加剧。 2025 年 06 月 15 日 证券分析师 袁理 执业证书：S0600511080001 021-60199782 yuanl@dwzq.com.cn 证券分析师 陈孜文 执业证书：S0600523070006 chenzw@dwzq.com.cn 行业走势 -11% -7% -3% 1% 5% 9% 13% 17% 21% 25% 2024/6/17 2024/10/15 2025/2/12 2025/6/12 环保 沪深300 相关研究 《垃圾焚烧板块的提分红逻辑验证： 从自由现金流增厚看资产质量的改 善》 2025-06-10 《环卫无人化招标呈加速迹象，固废 板块提分红+供热 IDC 拓展提 ROE》 2025-06-09 东吴证券研究所 1 / 24 请务必阅读正文之后的免责声明部分 ◼ 重点推荐：海螺创业，瀚蓝环境，绿色动力，永兴股 ...

所以美俄在沙特打着俄乌冲突的幌子谈，需要跟欧洲解释吗？毕竟最后三方如果达成合作，最后买单的冤大头必然有欧 洲。 好了，问题又来到了美国身上，懂王终于能调动海军陆战队了，这不合理啊，你真以为加军费能收买的了美军？笑话！ 美军要的是捏软柿子疯狂榨汁的战争！ 美军早就跟白宫说过，绝不跟东大动手。你政客们会因为各种理由被民粹推动想去搞一把大的，但最后动手的美军可太 清楚自己有几斤几两，跟狠人打，会被打爆浆的。人家好容易混到现在，成了军阀化的势力，两党都要争先巴结，俨然 是帝国的太上皇，好好的日子不过，跑去找虐？ 单单就被虐倒还好说，谁还没有被打得满地找牙的黑历史呢？ 问题的关键在于，本来针插不进的军方，一旦遭遇了大的溃败，就会有手裹挟民意伸进来，想争夺一下权势了。 这等于是直接打爆了金饭碗，好可怕的后果，不跟！坚决不跟！ 还记得懂王刚上任的时候，我写过一篇《聊聊这次美俄会谈》，当时懂王很奇怪地将跟俄罗斯之间的谈判地选在了利亚 德，记住，是沙特的利亚德。照道理，美俄和谈最重要的是跟欧洲达成默契，关沙特啥事？ 但美俄沙三家联手起来掌控的是全球的石油，主力联手坐庄，拉高出货，会跟倒霉的买家商量吗？ 俄乌冲突停得下来与否，取 ...

21世纪经济报道记者 余纪昕 上海报道 在全国今年4.4万亿元新增专项债券额度中，用于解决拖欠企业账款的具体规模仍未可知。记者查阅企 业预警通发现，截至6月13日发稿，2025年新增专项债发行1.68万亿元，其中特殊新增专项债已发行 2729.51亿元。因而，后续各地专项债发行计划中对于清欠账款用途的进一步安排仍值得关注。 去年10月18日，中办、国办印发《关于解决拖欠企业账款问题的意见》，对推进解决拖欠企业账款问题 作出系统部署。《意见》要求，要健全拖欠企业账款清偿的法律法规体系和司法机制。要加强政府投资 项目和项目资金监管。定期检查资金到位情况、跟踪资金拨付情况。要优化拖欠中小企业账款投诉管理 运行机制，建立全国统一的违约拖欠中小企业款项登记投诉平台。要强化组织保障和监督，强化部门协 同，加强对重点领域、重点行业拖欠成因及防范化解举措的研究，合力解决拖欠企业账款问题。 近年来，地方专项债券在支持地方政府财政、保障民生事业和促进地方经济发展方面发挥日益重要的作 用，专项债募集资金的具体用途也随需要进行着积极创新变化。从历史沿革来看，其用途包括置换历史 存量债务、再融资续发以偿还到期债务、土地储备，以及基础设 ...

核 心 观 点 5月下旬，美国国会 众议院投票通过《美丽大法案》（the One Big Beautiful Bill Act），推动特朗普财政议 程。债务增长的速度会有多快？美债是否适合买入？ 报 告 正 文 5月下旬，美国国会众议院投票通过《美丽大法案》（the One Big Beautiful Bill Act）草案，其中包括减税延期 条款、取消新能源补贴等举措，推动特朗普财政议程，引发了市场对美国财政可持续性的担忧。那么，债务增 长的速度会有多快？美债又是否能够逢低买入？ 1. 《美丽大法案》减税力度多大？ 5月下旬，众议院投票通过《美丽大法案》（the One Big Beautiful Bill Act）草案，推动特朗普财政议程。若 法案落地，美国财政或迎来赤字高增长，增加债务发行。那么，法案究竟有什么具体内容？ 未来十年减税约3.8万亿美元，占财政收入约5.8%。首先，法案最主要的部分为《减税与就业法案》 （TCJA）个人条款的扩展与延期 ，未来十年内规模约3.9万亿美元。具体来看，包括将个人所得税税率永久 化降低，延长替代性最低税优惠和个税标准提高等条款，以及提高州和地方税减免额度等。 其次 ...

Investment Rating - The report assigns an "Overweight" rating for the environmental protection industry [1][30]. Core Insights - The report emphasizes the investment opportunities arising from the resolution of hidden local government debts, which is expected to improve the balance sheets of environmental companies. Since 2018, risks associated with local government hidden debts have been alleviated, with a target to completely resolve these debts by the end of 2028, involving an increase of 6 trillion yuan in local government debt limits to replace existing hidden debts [4][9][11]. Summary by Sections Weekly Investment Perspective - The report highlights the ongoing efforts to limit new local government debt while addressing existing hidden debts, focusing on the investment opportunities this creates for environmental companies. The goal is to resolve all hidden debts by the end of 2028, with a total of 6 trillion yuan in new debt limits to facilitate this process [4][8][9]. Environmental Sector Performance - The environmental sector experienced a slight increase of 0.46% in the week of June 3 to June 6, 2025. In comparison, the gas and water sectors rose by 1.95% and 0.79%, respectively. The report also lists the top five gainers and losers among environmental stocks during this period [12][13][14]. Carbon Neutrality Tracking - The report provides data on carbon market transactions, noting that the national carbon emissions trading quota (CEA) saw a transaction volume of 2.22 million tons, a 5% increase from the previous week, with an average transaction price of 67.21 yuan per ton. Local trading exchanges saw a significant drop in transaction volume, down 74% [16][21]. Investment Recommendations - The report recommends specific companies within the environmental sector based on their potential for growth due to the ongoing debt resolution policies. Key recommendations include: - Solid Waste: China Everbright International, Sanfeng Environment, Green Power, and Hanlan Environment - Water Services: Beijing Enterprises Water Group and Guangdong Investment - Engineering Services: Delin Hai - Environmental Monitoring Equipment: Xuedilong [11][12].

【环球网财经综合报道】截至5月末，全国债务置换工作取得了显著进展，已发行置换债券超1.6万亿元，完成了今年2万亿元存量隐性债务置换额度的80% 以上，债务置换政策效能持续释放，多地政府债务风险得到有效缓释。 去年四季度，财政部一次性增加6万亿元地方政府债务限额，每年2万亿元，分3年用于置换存量隐性债务。2024年启动发行至今，置换债券的发行规模已超 过3.6万亿元，今年置换债券发行规模超过1.6万亿元。包括江苏、浙江、北京等在内的20个地区已完成全年置换债券发行任务。置换债券的"早发快用"，让 大量存量隐性债务得到精准置换。据统计，截至5月28日，超过170个地区宣布实现"全域隐性债务清零"。部分地区还实现了高息债务低息化，重庆市财政局 政府债务管理处近日披露，化债工作开展以来，重庆市综合债务率稳步下降，融资平台债务平均成本下降71个基点。 随着一揽子化债举措持续落地见效，财通证券首席经济学家、研究所所长孙彬彬预计，今年城投公司付息压力有望进一步减轻，城投公司有息债务整体付息 规模较2024年或同比下降2.5%至6%。城投公司退出政府融资平台（以下简称"退平台"）进程也显著加快。去年置换政策实施后平台减少46 ...

2025年06月12日申万期货品种策略日报-国债 | | | | | 申银万国期货研究所 唐广华（从业资格号：F3010997；交易咨询号：Z0011162） tanggh@sywgqh.com.cn 021-50586292 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | TS2509 | TS2512 | TF2509 | TF2512 | T2509 | T2512 | TL2509 | TL2512 | | | 昨日收盘价 | 102.456 | 102.560 | 106.185 | 106.275 | 109.045 | 109.025 | 120.44 | 120.26 | | | 前日收盘价 | 102.442 | 102.552 | 106.135 | 106.215 | 108.995 | 108.980 | 120.16 | 119.99 | | | 涨跌 | 0.014 | 0.008 | 0.050 | 0.060 | 0.050 | 0.045 | 0.280 | 0.2 ...

截至5月末，全国已发行置换债券超1.6万亿元，完成今年2万亿元存量隐性债务置换额度的80%以上，推动债务置换政策效能持续释放。 证券时报记者注意到，多地政府债务风险得到有效缓释。在房地产市场"去库存"背景下，今年地方化债工作还受益于支持土地储备的专项债券（以下简称"土储专 项债"）。年内置换债券发行工作已接近尾声，但地方化债工作依然艰巨，受访专家认为，下半年不仅要做好化债与经济增长的有机协调，还需要持续优化化债措 施。 债务置换政策持续见效 去年四季度，财政部一次性增加6万亿元地方政府债务限额，每年2万亿元，分3年用于置换存量隐性债务。在去年启动发行至今的7个月时间里，置换债券的发行规 模已超过3.6万亿元，其中今年置换债券发行规模超过1.6万亿元，包括江苏、浙江、北京等在内的20个地区已完成全年置换债券发行任务。 置换债券的"早发快用"，意味着大量存量隐性债务得到精准置换。据企业预警通统计，截至5月28日，超过170个地区宣布实现"全域隐性债务清零"。部分地区实现 高息债务低息化。据重庆市财政局政府债务管理处近日披露，化债工作开展以来，重庆市综合债务率稳步下降，融资平台债务平均成本下降71个基点。 随着一揽 ...

证券时报记者贺觉渊郭博昊 截至5月末，全国已发行置换债券超1.6万亿元，完成今年2万亿元存量隐性债务置换额度的80%以上， 推动债务置换政策效能持续释放。证券时报记者注意到，多地政府债务风险得到有效缓释。在房地产市 场"去库存"背景下，今年地方化债工作还受益于支持土地储备的专项债券（以下简称"土储专项债"）。 年内置换债券发行工作已接近尾声，但地方化债工作依然艰巨，受访专家认为，下半年不仅要做好化债 与经济增长的有机协调，还需要持续优化化债措施。 债务置换政策持续见效 去年四季度，财政部一次性增加6万亿元地方政府债务限额，每年2万亿元，分3年用于置换存量隐性债 务。在去年启动发行至今的7个月时间里，置换债券的发行规模已超过3.6万亿元，其中今年置换债券发 行规模超过1.6万亿元，包括江苏、浙江、北京等在内的20个地区已完成全年置换债券发行任务。 置换债券的"早发快用"，意味着大量存量隐性债务得到精准置换。据企业预警通统计，截至5月28日， 超过170个地区宣布实现"全域隐性债务清零"。部分地区实现高息债务低息化。据重庆市财政局政府债 务管理处近日披露，化债工作开展以来，重庆市综合债务率稳步下降，融资平台债务平 ...