中诚信国际特别评论 www.ccxi.com.cn 特别评论 2025 年 9 月 目录 | 要点 | 1 | | --- | --- | | 主要关注因素 | 2 | | 结论 | 12 | 联络人 | 作者 | | | --- | --- | | 政府公共评级部 | | | 张丽华 | lhzhang@ccxi.com.cn | | 杨怡 | yangyi@ccxi.com.cn | 中诚信国际 一揽子化债以来，城投公司并购 上市公司事件特征观察 要点 ⚫ "一揽子化债方案"实施以来，在清隐债、退平台、融资受限等 背景下，为了突破融资限制，"城投转型"再度冲上"热点"， 2024 年城投公司并购上市公司事件有所上升。但受融资渠道的收紧、 资金压力的增大等影响，相较 2019~2023 年 6 月 30 日城投公司并 购上市公司特征来看，2023 年 7 月以来城投公司并购上市公司股 权单笔交易金额及溢价空间进一步收缩，同时被并购上市公司总 资产及盈利均呈下滑的趋势；另或因区县级城投公司融资渠道收 紧更为严重、资金压力更大，区县级城投公司并购上市公司积极 性下降明显。 ⚫ 2023 年 7 月 1 日至 2 ...

来源：中诚信国际 政府公共评级部 作者：张丽华、杨 怡 ----------- 一揽子化债以来， CCXI 要点 ● "一揽子化债方案"实施以来，在清隐债、退平台、融资受限等背景下，为了突破融资限制，"城投转型"再度冲上"热点"， 2024年城投公司并购上市公司 事件有所上升。但受融资渠道的收紧、资金压力的增大等影响，相较2019~2023年6月30日城投公司并购上市公司特征来看，2023年7月以来城投公司并购 上市公司股权单笔交易金额及溢价空间进一步收缩，同时被并购上市公司总资产及盈利均呈下滑的趋势；另或因区县级城投公司融资渠道收紧更为严重、 资金压力更大，区县级城投公司并购上市公司积极性下降明显。 ● 2023年7月1日至2025年7月31日，城投公司并购上市公司事件共发生28笔，收购方城投公司主要分布于广东、湖北、山东等区域，行政级别以省级及地 市级层级为主，区县级城投公司尽管占比较小也主要布局于广东、山东等经济发达区域，评级基本布局AA+及以上，优质城投公司成为并购上市公司的 主力军。从被并购上市公司特征来看，被并购的上市公司多为小市值、低资产、盈利状况不佳的企业，其中近半数市值集中于50亿元以下，半 ...

Core Viewpoint - The issuance of urban investment bonds (including transformed urban investment) has decreased significantly in Q1 2025 due to strict regulatory measures following a series of debt resolution policies, although there are signs of slight recovery in net financing [1][3][4] Group 1: Urban Investment Bond Issuance Overview - In Q1 2025, the issuance scale of urban investment bonds decreased by approximately 14.8% year-on-year, with eastern, central, and western regions showing declines of 19.4%, 9.8%, and 3.9% respectively; however, the northeastern region saw a significant increase of 163.3% due to a low base in Q1 2024 [4][7] - Major provinces such as Jiangsu, Shandong, and Zhejiang experienced notable declines in issuance, with year-on-year decreases of 24.6%, 15.3%, and 30.2% respectively [4] Group 2: Net Financing Situation - Despite the tightening of financing conditions, there are signs of recovery in net financing for urban investment bonds, with a net inflow of 109 billion yuan in Q1 2025, compared to a net outflow of 191.7 billion yuan in 2024 [7][8] - Eastern and western regions contributed significantly to net financing, with net inflows of 96 billion yuan and 40 billion yuan respectively, while the central region experienced a net outflow of 25.2 billion yuan [7] Group 3: First Issuance Enterprises Analysis - In Q1 2025, the first issuance of bonds was predominantly from transformed urban investment enterprises, with eastern regions accounting for approximately 66% of issuances, while central and western regions accounted for 28% and 6% respectively [8] - The majority of first issuances were concentrated in provinces such as Zhejiang, Jiangsu, and Guangdong, which collectively accounted for about 48% of the total [8] Group 4: Focus on Specific Provinces - In Anhui, five enterprises achieved first issuance, all being transformed urban investment entities, primarily issuing private placement bonds for new financing [10] - In Henan, five enterprises also achieved first issuance, with a mix of city-level and county-level transformed urban investment entities, primarily issuing private placement bonds for new financing [12][13] - In Sichuan, Shaanxi, and Xinjiang, each had one enterprise achieve first issuance, focusing on bank-intermediated products for new financing [12][15] Group 5: Financial Performance of Sample Enterprises - The financial performance of sample enterprises from the five provinces indicates a stronger profitability compared to traditional urban investment enterprises, with net asset return rates showing relative superiority [17] - Enterprises relying on debt issuance subsidiaries tend to have higher asset scales compared to those using other methods [17]