Group 1 - The core viewpoint of the article emphasizes the progress and future expectations regarding the clearance of government debts owed to enterprises, highlighting the allocation of special bonds for this purpose [1][11][19] - In 2024, the Ministry of Finance allocated a debt limit of 1.2 trillion yuan to support local governments in resolving hidden debts and clearing overdue payments to enterprises [1][11] - By 2025, the government plans to use newly issued special bonds, amounting to 4.4 trillion yuan, to address overdue payments and support investment projects [1][11][19] Group 2 - Recent developments show that several provinces have announced budget adjustments, with Yunnan Province allocating 356 billion yuan for debt clearance, while Hunan Province allocated 200 billion yuan, representing 14% of its annual special bond limit [13][14] - The total amount of special bonds confirmed for debt clearance currently stands at 556 billion yuan, with expectations that it may exceed 1 trillion yuan for the year [18][19] - The overall trend indicates that the use of special bonds for debt clearance may limit the funds available for project construction [2][19] Group 3 - Observations of the effectiveness of debt clearance can be gauged through the accounts receivable situation of enterprises, with significant increases in the average collection period for both industrial enterprises and A-share listed companies [20] - As of the first quarter of 2025, the average accounts receivable turnover days for A-share listed companies reached 52.6 days, indicating a longer collection period compared to previous years [20] - Industries with traditionally longer accounts receivable turnover days include water conservancy and environmental protection, which averaged 185 days [20] Group 4 - The Huachuang Macro WEI index has shown an upward trend, reaching 7.94% as of June 15, 2025, driven by factors such as asphalt operating rates and retail sales of passenger vehicles [25][26] - Retail sales of passenger vehicles increased by 21% year-on-year in mid-June, continuing a positive trend from previous months [28] - The construction sector is experiencing a decline in asphalt plant operating rates and cement dispatch rates, indicating potential challenges in infrastructure development [36] Group 5 - The issuance of new special bonds is expected to increase significantly, with plans to issue over 400 billion yuan in a single week, marking a new high for 2024 [62][63] - The downward trend in funding rates is evident, with the DR001 rate at 1.3742% as of June 20, 2025, reflecting a decrease from the previous week [74]

宏观研究 证 券 研 究 报 告 【每周经济观察】第 25 期 四问专项债清欠 一、此前政策如何部署？ 2024 年清欠已有进展，去年 10 月财政部在发布会上提及"2024 年以来…财政 部已经安排了1.2万亿元债务限额支持地方化解存量隐性债务和消化政府拖欠 企业账款"。从实际效果看，云南昭通市、陕西咸阳市已实现拖欠款清零。 2025 年政策明确使用新增专项债清欠，今年政府工作报告中提及"拟安排地 方政府专项债券 4.4 万亿元…重点用于投资建设、土地收储和收购存量商品 房、消化地方政府拖欠企业账款等…" 二、近期有何进展？ 随着财政部下达各地的全年债务限额，近期多地发布预算调整报告，部分省份 披露了用于清欠的专项债额度，包括：1）云南省，与预算调整前相比，新增 356 亿专项债额度用于清欠、调增用于补充政府性基金财力的额度（主要是化 债）169 亿元；调减用于项目建设的额度 270 亿元（占全年新增专项债的比重 降至 24%）。2）湖南省，第二批债务中明确用于清欠的专项债资金为 200 亿 元，占全年专项债限额约 14%。3）广西省，"今年新增债务限额共 495 亿元， 部分用于'清欠'"。 三、全年体量 ...