2026.01.26 本文字数：1900，阅读时长大约3分钟 作者 |第一财经 陈益刊 河南亮出了最新的政府财政账本，一年万亿级财政支出账单明晰。 1月26日，河南省第十四届人民代表大会第四次会议开幕。会议将审议《关于河南省2025年预算执行情 况和2026年预算草案的报告》（下称"河南预算报告"）。河南省财政厅公开了河南预算报告全文，2025 年河南财政收支情况和今年收支预期由此揭晓。 总体来看，河南去年财政收支总体平稳，收支实现平衡。但跟多数地方一样，当地财政收支矛盾依然突 出，当地通过落实更加积极财政政策促进经济增长、优化财政支出结构等多项举措来破解这一难题。 财政收支矛盾突出 根据河南预算报告，2025年河南省一般公共预算收入完成4501.7亿元，增长2.5%。 这一增速略低于去年初当地官方预期（4%），跟去年全国地方一般公共预算收入增速相近。 近年，河南省一般公共预算收入规模位居全国第八，中部省份第一。从2025年相关省份披露的数据来 看，河南有望维持这一排名。 从河南近些年一般公共预算收入来看，这一收入有小幅波动，2024年出现小幅下滑，2025年实现增长。 不过，2025年这一收入规模略低于20 ...

Group 1: Government Debt Management - The Ministry of Finance has established a Debt Management Division, which includes six departments, with Li Dawei appointed as the director [1] - The main responsibilities of the Debt Management Division include formulating national and local government debt balance limit plans, managing government internal debt issuance and repayment, and enhancing government debt monitoring and regulation [1] Group 2: Monetary Policy and Market Operations - The central bank conducted a 783 billion yuan reverse repurchase operation on November 3, with a net withdrawal of 2,590 billion yuan for the day [3] - Short-term Shibor rates have collectively declined, with the overnight rate down by 0.5 basis points to 1.316% [3] Group 3: Corporate Debt Issuance - The Zhumadian Urban Construction Investment Group plans to issue 34 billion yuan in medium-term notes and corporate bonds [8][9] - Pingdingshan Tianan Coal Industry Co., Ltd. successfully issued 10 billion yuan in technology innovation bonds at an interest rate of 2.82% [11] - Henan Water Investment Group completed the issuance of 11 billion yuan in medium-term notes at an interest rate of 1.88% [12] - Nanyang's Wancheng District Urban Construction Investment Co., Ltd. plans to issue 10 billion yuan in bonds to support small and micro enterprises [13][14] - Zhumadian Urban Construction Investment Group completed the issuance of 4.25 billion yuan in corporate bonds, with two varieties having different terms and interest rates [16] Group 4: Corporate Restructuring and Risk Management - Weifang Binhai Investment Development Co., Ltd. plans to absorb and merge with Weifang Binhai Construction Group, which will be dissolved [17] - Suzhou Wuzhong Urban Investment Group is undergoing a restructuring process involving the transfer of equity stakes among various subsidiaries [18] Group 5: Market Outlook and Analysis - Huatai Fixed Income suggests that the bond market will face significant challenges in the coming year, with expectations of a return to nominal GDP growth [22] - CITIC Securities indicates that the risk of rising bond yields is limited, forecasting a general government bond issuance scale of around 1 trillion yuan in November [23]

Core Insights - Moody's upgraded the international rating of Henan Airport Investment Group from Baa1 negative to Baa1 stable, reflecting recognition of the group's high-quality development and positive growth prospects [1] Macro Dynamics - In the first four months of 2025, the Ministry of Finance reported that a total of 14,927 billion yuan in new local government bonds were issued, including 3,023 billion yuan in general bonds and 11,904 billion yuan in special bonds [3] - As of the end of April 2025, the total local government debt balance reached 506,931 billion yuan, with general debt at 170,692 billion yuan and special debt at 336,239 billion yuan [3] Regional Highlights - Shaanxi Province is conducting special audits on financing platforms to reveal issues in hidden debt prevention and financing platform transformation [4] - Hainan Province is supporting eligible urban renewal projects to apply for new local government special bonds, with financial assistance for cities that increase land transfer revenue by over 10% compared to 2024 [6] Issuance Dynamics - Gongyi City plans to issue 1 billion yuan in medium-term notes for new urban construction [7] - Nanyang City Investment Holdings has received approval to issue 1 billion yuan in corporate bonds [7] - Zhengzhou Economic Development Investment completed the issuance of 700 million yuan in corporate bonds at a rate of 2.27% [7] - The Ministry of Finance plans to issue 68 billion yuan in government bonds in Hong Kong throughout 2025 [7] - The first knowledge property ABS in China was successfully issued with a rate of 2.15% [7] Debt Market Entities - Yichuan Caiyuan Industrial Investment announced the transfer of equity in five companies to Yichuan Ecological Technology City Investment to optimize resource allocation [8] - Lhasa City Investment completed its first non-standard debt replacement business with China Minsheng Bank [9] - Kaifeng Xiangfu District Development Investment has exited the government financing platform to operate as a market-oriented entity [10] Debt Market Sentiment - The Shenzhen Stock Exchange terminated the review of Jiangsu Hushuguan Investment Holding Group's 516 million yuan private bond project [11] - The Shanghai Stock Exchange terminated the review of Zoucheng Hengtai Holding Group's 800 million yuan private bond project [12] Market Perspectives - Dongwu Securities identified three characteristics of city investment companies issuing technology innovation bonds, including higher platform qualification thresholds, specific business requirements, and lower reliance on local government [14] - City investment companies meeting these criteria can leverage technology innovation bonds to invest in high-tech industries by June 2027 [15]