Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025 from January to September, the number of consecutive overdue occurrences of bonds - issuing urban investment entities' bills increased significantly year - on - year, while the number of entities with consecutive bill overdue decreased year - on - year. High - frequency overdue enterprises became the main risk source. AA - rated and district - county - level platforms remained the main overdue groups, and the risk differentiation effect of administrative levels and credit ratings was further strengthened. Risks were mainly concentrated in Shandong, Yunnan, Henan, Guizhou and other provinces. Entities with consecutive bill overdue faced relatively large short - term concentrated debt repayment pressure, and attention should be paid to the cross - variety risk spread caused by credit risk transmission [2][22]. 3. Summary by Directory 3.1 Overview of Urban Investment Entities' Bill Overdue - **Change in the number of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, bonds - issuing urban investment entities were included in the list of consecutive bill overdue 508 times, a year - on - year increase of 38.04%, involving 65 entities, a year - on - year decrease of 4.41%. The monthly number of urban investment entities included in the list was between 54 - 58, and the monthly number of newly - added entities was 2, 3, 0, 0, 0, 1, 1, 0, 2 respectively [5]. - **Credit rating of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, entities with consecutive bill overdue were mainly AA - rated, accounting for 63.08%, a year - on - year increase of 1.31 percentage points, with 41 entities, a year - on - year decrease of 1. AA + - rated entities ranked second, accounting for 23.08%, with 15 entities, a year - on - year decrease of 2 [8]. - **Administrative level of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, district - county - level platforms accounted for the highest proportion among entities with consecutive bill overdue, and there were no provincial - level platforms. District - county - level platforms numbered 39 (60.00%, a year - on - year increase of 4.12 percentage points), municipal - level platforms numbered 21 (32.31%), and there was 1 provincial - level park platform, 2 national - level development zone platforms, 1 national - level high - tech zone platform, and 1 national - level new area platform [11]. - **Geographical distribution of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, the geographical distribution of bonds - issuing urban investment entities with consecutive bill overdue was highly concentrated, mainly in Shandong, Yunnan, Henan, and Guizhou. There were 11 provinces involved in bill overdue risks, 2 less than the same period last year. Shandong had the largest number of such entities, reaching 26, accounting for 40.00%. Yunnan had 12, and both Henan and Guizhou had 8. In terms of the proportion of the number of entities with consecutive bill overdue to the total number of bonds - issuing urban investment entities in each province, Qinghai, Yunnan, and Shandong ranked in the top three [13]. - **Existing bonds of bonds - issuing urban investment entities with consecutive bill overdue**: As of October 27, 2025, the total balance of existing bonds of 65 bonds - issuing urban investment entities with consecutive bill overdue from January to September 2025 was 144.82 billion yuan. Among them, corporate (enterprise) bonds accounted for 54.25% (78.558 billion yuan), medium - term notes accounted for 18.29% (26.488 billion yuan), private placement financing instruments accounted for 15.61% (22.6 billion yuan), and short - term and ultra - short - term financing bonds accounted for 9.63% (13.944 billion yuan). 39.26% (56.861 billion yuan) of the bonds would mature within 1 year, and 26.31% (38.104 billion yuan) would mature within 1 - 3 years. These entities faced relatively large short - term concentrated debt repayment pressure. Some entities had non - standard financing defaults, and attention should be paid to the cross - variety risk spread [15][21].

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - In the context of preventing and resolving debt risks, the report analyzes the continuous overdue situation of bonds - issuing urban investment enterprise bills from January to July 2025, providing data support and decision - making references for the dynamic assessment of urban investment industry debt risks [4] - From January to July 2025, the number of bond - issuing urban investment enterprises with continuous bill overdue and the frequency of overdue increased year - on - year. AA - rated and district - county - level platforms are still the main overdue groups, and the risk differentiation effect of administrative levels and credit ratings is further strengthened. Risks are mainly concentrated in Shandong, Yunnan, Henan, Guizhou and other provinces. Overdue entities face significant short - term concentrated debt repayment pressure, and some have experienced non - standard financing defaults. Attention should be paid to the cross - default risks caused by credit risk transmission [23] Group 3: Summary by Catalog I. Overview of Urban Investment Enterprise Bill Overdue (1) Changes in the Number of Bond - Issuing Urban Investment Entities with Continuous Bill Overdue - From January to July 2025, the number of bond - issuing urban investment enterprises with continuous bill overdue increased year - on - year, reflecting the low priority of bill payment when enterprise liquidity pressure increases. These enterprises were included in the continuous bill overdue list 376 times, a 33.81% increase year - on - year, involving 60 enterprises, a 15.38% increase year - on - year. The number of such enterprises remained relatively stable from January to July 2025, with the number of entities on the list each month ranging from 53 to 55, and the number of new entities each month being 2, 2, 0, 0, 0, 1, 1 respectively [5] (2) Credit Rating of Bond - Issuing Urban Investment Entities with Continuous Bill Overdue - From January to July 2025, bond - issuing urban investment enterprises with bill overdue were mainly AA - rated, and the proportion increased. AA - rated enterprises accounted for 63.33% (38 enterprises, a 15.15% increase year - on - year), followed by AA + - rated enterprises, accounting for 21.67% (13 enterprises, unchanged year - on - year) [8] (3) Administrative Level of Bond - Issuing Urban Investment Entities with Continuous Bill Overdue - From January to July 2025, the proportion of district - county - level urban investment enterprises with continuous bill overdue increased year - on - year, and the administrative level further declined. Among them, district - county - level platforms accounted for 63.33% (38 enterprises), prefecture - level platforms accounted for 28.33% (17 enterprises), with no provincial platforms [11] (4) Geographical Distribution of Bond - Issuing Urban Investment Entities with Continuous Bill Overdue - From January to July 2025, the geographical distribution of bond - issuing urban investment enterprises with continuous bill overdue was highly concentrated, mainly in Shandong, Yunnan, Henan, and Guizhou. The frequent occurrence of bill overdue in these regions may have a negative impact on the financing environment and increase the liquidity pressure of urban investment entities in the region. In 2025, 11 provinces were involved in bill overdue risks, with Jilin Province newly added compared to the same period last year, and Gansu and Inner Mongolia removed. Shandong had the largest number of such enterprises (23, accounting for 38.33%), followed by Yunnan (11), Henan (8), and Guizhou (7). In terms of the proportion of the number of enterprises with bill overdue to the total number of bond - issuing urban investment enterprises in each province, Qinghai, Yunnan, and Shandong ranked in the top three [15] (5) Outstanding Bonds of Bond - Issuing Urban Investment Entities with Continuous Bill Overdue - From January to July 2025, the concentrated maturity of outstanding bonds of urban investment entities with continuous bill overdue and insufficient financing ability formed a "scissors gap", and they faced significant short - term concentrated debt repayment pressure. Non - standard financing products may be the weak link for risk exposure, and attention should be paid to cross - default risks caused by credit risk transmission. As of September 15, 2025, the total outstanding bond balance of 60 bond - issuing urban investment entities with continuous bill overdue from January to July 2025 was 126.999 billion yuan. Among them, corporate bonds accounted for 52.86% (67.134 billion yuan), medium - term notes accounted for 19.06% (24.208 billion yuan), private placement notes accounted for 17.49% (22.213 billion yuan), and short - term and ultra - short - term financing bonds accounted for 10.59% (13.444 billion yuan). In terms of maturity distribution, 39.53% (50.202 billion yuan) of the outstanding bonds will mature within 1 year, and 24.91% (31.637 billion yuan) will mature within 1 - 3 years [17] - The proportion of short - term bond maturity of overdue entities is nearly 40% (compared with 23.09% for non - overdue entities), and they face significant short - term concentrated debt repayment pressure. In 2024, the total net cash flow from financing activities of these 60 entities was - 13.356 billion yuan, with an average of - 223 million yuan, while the average for non - overdue entities was 817 million yuan, reflecting the difficult financing situation of overdue entities. Although the net cash outflow from financing activities of these 60 entities from January to July 2025 decreased significantly compared to the same period in 2024, it was still in a net outflow state, indicating that they still faced financing contraction pressure [18][21] - As of the end of August 2025, 10 of the 60 entities with continuous bill overdue had defaulted on non - standard financing. All of them had continuous bill overdue before 2025, and they were all district - county - level entities. Among them, 8 were AA - rated and 2 were AA + - rated. Geographically, 5 were in Shandong, 2 in Yunnan, 2 in Henan, and 1 in Guizhou. Under the triple pressure of "concentrated maturity pressure of outstanding bonds + exhausted financing cash flow + non - standard default of some entities", cross - default risks should be noted [22]