债务化解稳步推进，投融资结构持续改善 —湖北省发债城投企业财务表现观察 联合资信 公用评级三部 |郭欣宇|吕 丹 2024 年以来，湖北省以"三资三化"为核心，强力盘活存量资产，壮大国有 企业底盘，隐性债务化解和置换工作稳步推进，超计划完成融资平台退出任 务。随着区域建设及产业发展的持续推进，湖北省城投公司债务规模保持增 长，但增速有所放缓，同时债务结构有所调整，新增融资持续向银行贷款倾 斜，整体债务期限仍以长期债务为主。湖北省城投公司筹资活动现金净流入 规模逐年收缩，部分区域城投公司仍存在流动性压力。 www.lhratings.com 研究报告 1 | 区域 | 发布时间 | 主要内容 | 资料来源 | | --- | --- | --- | --- | | | | 加强财政资源统筹，聚焦"清盘优促强"关键环节，摸清全市 | 《武汉市人民政 | | | 2025 年 | | 府关于 2024 年 | | 武汉市 | 8 月 | 国有"三资"底数，盘活资产账面价值 1426 亿元；用足用好 | 市本级决算的报 | | | | 中央化债支持政策，多措并举化解存量债务。 | 告》 | | | | | 《宜昌市人 ...

Core Viewpoint - The control transfer of *ST Baoying from state-owned enterprise to private enterprise is a strategic move reflecting the changing dynamics of local state-owned assets management and the need for operational revitalization in the construction decoration industry [1][9]. Group 1: Transaction Structure - The transaction involves a combination of share transfer, voting rights relinquishment, and a directed issuance of shares, ensuring a smooth transition of control [2][3]. - The controlling shareholder, Dahongqin Group, plans to transfer 75.96 million shares (5.01% of total shares) to the newly established company, Shitong Niu, at a minimum price of 4.67 yuan per share, totaling approximately 355 million yuan [2]. - Following the transaction, Shitong Niu will hold approximately 25.74% of *ST Baoying's shares, making it the new controlling shareholder [2]. Group 2: Strategic Implications - The transaction is designed to benefit multiple parties: Dahongqin Group can realize a premium on its investment while retaining a significant stake for future value enhancement; Shitong Niu gains control with a relatively low capital outlay, and *ST Baoying can raise about 800 million yuan through the directed issuance to improve liquidity and reduce debt [3][5]. - The introduction of private capital is expected to activate operational mechanisms within *ST Baoying, providing new management approaches and industry resources to revitalize the company [5][9]. Group 3: Risk Management - The transaction includes a conditional control transfer mechanism, ensuring that both parties maintain a close shareholding ratio, which allows for risk management and value enhancement [4]. - Shitong Niu commits to achieving a net profit of no less than 400 million yuan over three years, with penalties for non-compliance, ensuring alignment of interests between the new controlling shareholder and the company [4][6]. Group 4: Background and Context - The move by Zhuhai State-owned Assets Supervision and Administration Commission to divest from *ST Baoying aligns with broader trends in state-owned enterprise reform, focusing on optimizing asset quality and efficiency [7][8]. - The construction decoration industry, being a traditional sector, does not align with the strategic direction of Zhuhai's state-owned assets, prompting the decision to exit this non-core business [8][9].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Viewpoints of the Report - The "Three Resources and Three Transformations" reform in Hubei has short - term revenue - increasing effects and long - term transformation pressures on local finance, and also poses challenges to local government work and impacts on financial institutions [2][10][12] - In the credit bond market, the yields are differentiated, and different investment strategies are proposed for different maturities and types of bonds [5][13][17] - There are several key policies and hot events in the week, including the cooperation between Vanke and Shenzhen Metro Group, and the establishment of the Debt Management Department by the Ministry of Finance [25][26][29] Group 3: Summary According to the Table of Contents 1. Hubei's "Three Resources and Three Transformations" Background and Impact - **Background**: Since 2021, due to various factors, local governments need to improve the efficiency of state - owned assets. Central documents have been issued to promote asset revitalization, and the "Three Resources and Three Transformations" concept was first proposed in Hunan and then introduced in Hubei [8][9] - **Government Measures**: The scope of asset revitalization includes state - owned resources, assets, and funds. The measures are resource integration, asset revitalization, and capital leveraging [9] - **Market Impact**: For local finance, there are short - term benefits and long - term challenges; local governments face problems in asset confirmation and market - based mechanisms; financial institutions need to support innovation and make prudent investment decisions [2][10][12] 2. Credit Strategy: Allocate Funds to Focus on Long - Term Credit Opportunities, and Trading Funds to Wait for the Opportunity to Play the Secondary Perpetual Bond Market - **Credit Bond Market Review**: This week, credit bond yields were differentiated, with 4 - 5y varieties performing well, and most credit spreads narrowing [13][14][33] - **Outlook**: Credit bonds should focus on the new fund fee regulations and the institutional year - end allocation market in mid - to late November [14][15][17] 3. Key Policies and Hot Events - Vanke signed a borrowing and guarantee framework agreement with Shenzhen Metro Group, with a borrowing limit of up to 22 billion yuan [25][26][31] - The Minister of Finance emphasized fiscal scientific management and local government debt risks [25][27][32] - The "Counter Bond Flagship Store" model was launched, and the Ministry of Finance established a Debt Management Department [25][28][29] - Zhengzhou supported the market - based financing of old community renovation platform companies, and Chongqing adjusted some administrative divisions [25][29][30] 4. Secondary Market - Credit bond yields were differentiated, and most credit spreads narrowed, with 4 - 5y varieties performing relatively better [33][34][35] 5. Primary Market - The net financing of credit bonds and urban investment bonds increased compared to the previous period [not explicitly described in the summary part, but mentioned in the table of contents] 6. Trading Liquidity - The trading activity of credit bonds in the inter - bank market and the exchange market decreased this week [not explicitly described in the summary part, but mentioned in the table of contents] 7. Rating Adjustment - One entity's rating was downgraded this week, and there was no entity with a rating upgrade [not explicitly described in the summary part, but mentioned in the table of contents]

Group 1: Core Insights - Hubei Province is advancing the "Three Assets and Three Transformations" reform to revitalize state-owned assets and enhance local economic vitality, reflecting a strong commitment from local government to activate dormant resources and convert them into active capital [1][2][3] - The reform aims to optimize existing resources and improve financing channels through innovative financial tools, such as Asset-Backed Securities (ABS) and public Real Estate Investment Trusts (REITs), which are becoming increasingly mature [2][3] - The local government is addressing the dual challenges of resource underutilization and funding gaps, with a focus on asset securitization to unlock the value of state-owned resources [3][4] Group 2: Implementation Cases - Since 2025, Hubei has accelerated the "Three Assets and Three Transformations" reform, successfully issuing multiple projects like the Wuhan Hongshan Artificial Intelligence Building CMBS and ABS for affordable rental housing, raising over 500 million yuan [5][6] - Notable cases include transforming abandoned mines into hydrogen energy warehouses and integrating various rights for tourism projects, showcasing innovative approaches to resource assetization [5][6] - The establishment of a risk compensation fund of 1 billion yuan by the provincial government has facilitated credit loan reforms, significantly increasing the scale of credit loans issued to small and micro enterprises [5][6] Group 3: Impact on Bond Market - The reform is expected to diversify the types of securitized assets, expanding beyond traditional categories to include new asset classes like data assets and forestry carbon credits [7][8] - The asset securitization market in Hubei has seen a nearly twofold increase in issuance scale since 2025, driven by targeted policies that clarify securitization pathways for different asset types [8] - The transformation of local investment platforms from financing and construction to operation and activation is anticipated to enhance the efficiency of managing existing assets, thereby improving cash flow and supporting industrial transformation [8][9] Group 4: Broader Implications - The successful implementation of the "Three Assets and Three Transformations" reform in Hubei may serve as a model for other provinces, promoting a nationwide trend of revitalizing dormant assets [9] - By converting idle resources into tradable and financeable assets, the reform is expected to provide local governments with additional financial resources, alleviating current debt pressures [9] - The reform's clear pathways for resource-asset-capital transformation may attract more capital market interest in regions demonstrating strong asset revitalization capabilities [9]