化债下半程：成效、动向与展望 证券研究报告 固收 核心观点 随着 2027 年 6 月这一化债关键时点逐渐趋近，市场再度关注起城投债信用 风险。当前化债到达什么程度？后续应关注哪些方面？化债思路预计有何转 变？如何看待 2027 年 6 月后的城投平台？弱区域城投平台是否存在违约的 可能性？针对以上问题，我们梳理总结，并结合地方调研情况，推演城投可 能的趋势与分化路径。 当前化债进度几何？从数据复盘化债成果 从隐债清退、平台名单退出、经营性债务化解、重点省份退出、成本压降、 结构优化及制度建设等多维度看，化债取得明显进展。但地方债务压力依然 较重：一是债务总规模仍高，城投债务与地方债此消彼长，地方全口径债务 总规模已超 120 万亿元。二是多数省份债务率仍在上升。此外，今年化债 资源更加丰富，2 万亿置换隐债专项债已落地，仍有特殊新增专项债、特殊 再融资债在发行进程。但同时，化债也对项目投资产生挤占效应。截至 2025 年 12 月 5 日，今年用于项目投资的新增专项债仅占 58%，相比去年（78%） 下滑，贵州、云南等地新增专项债中用于非项目投资比例超 70%。 化债下半程有何新动向？ 我们总结三大趋势：一 ...

（文章来源：经济日报） 专业化还体现在构建全链条服务生态方面，这不仅要推动交易全流程线上化、可追溯，确保阳光交易防 范风险，更要集成资产评估、融资等一站式服务，破解以往配套服务分散的难题。通过"系统对接—智 能匹配—线上交易—全程监督—配套服务"的模式，既能助力国有资产保值增值，又可以通过规范高效 的操作降低盘活门槛，让更多存量资产快速转化为发展动能。 "十五五"规划建议提出，推进全国行政事业单位存量国有资产盘活共享。加快推动国有资产盘活迈向专 业化，进一步构建形成联通全国专业市场、闲置资产高效流转、交易项目一键搜索、交易全程阳光公开 的阳光交易新生态，将有力推动这一目标的实现。期待各地聚焦国有资产盘活专业化建设，通过搭建精 准对接的平台载体、完善全链条服务体系、强化技术赋能支撑，让更多闲置国有资产焕发新生，为经济 高质量发展注入持久动力。 近日，广西国有资产资源盘活平台正式上线。这一平台由广西国控资本运营集团有限责任公司所属北部 湾交易集团牵头打造，旨在以专业化路径破解国有资产盘活中的难题，是落实国有资本运营战略、深化 要素市场化配置改革的积极实践。 国有资产盘活不是简单的"变闲为宝"，而是优化资源配置、提 ...

中经记者 石健 南京报道 临近年关，多地政府冲刺全年经济目标，其中，盘活国有资源、资产、资金（以下简称"三资"）潜力， 实现其价值最大化，成为地方政府稳健经济发展、保障民生福祉的重要方式。 中国财政学会国有资本治理研究专委会副主任委员、现代咨询集团董事长丁伯康在接受《中国经营报》 记者采访时说："鉴于资产盘活模式丰富多样，需要从'三资'属性出发，将其盘活模式划分为资源资产 化、资产资本化、资本杠杆化三类。同时，要化解财政债务压力，'三资'盘活可以成为关键突破口。" 撬动经济的"支点" 今年以来，从东部沿海到中西部内陆，湖北、安徽、河南等地密集出台指导文件，深入推进全面盘活国 有"三资"工作。 前不久，成都一家城投公司对旗下的老旧厂房、闲置楼宇进行系统梳理。"经过梳理发现，虽然这些资 源地处优质区位，但是因为设施陈旧、功能落后等原因，导致长期处于低效运营状态，目前我们正在着 手进行盘活。"谈及对于这类资产的盘活计划，该城投公司负责人对记者说。 类似的情况出现在湖北十堰。前不久，湖北十堰某汽车老旧厂房变身智能锂电池厂，成为当地的"产业 引擎"。在当地国资人士看来，对于老旧厂房的处置，没有像以往一样，推倒变成商品房 ...

近日，"广西国有资产资源盘活平台"正式上线。该平台的上线标志着广西行政事业单位及国有企业存量 资产盘活工作迈入专业化、体系化、数字化发展新阶段，对广西深化国资国企改革，提升国有资产资源 价值具有重要意义。 国有资产盘活是优化资源配置、提升资产效益的重要手段，有利于促进财政效能提升和经济高质量发 展。当前国有资产盘活仍面临诸多难点、堵点，如存量资产家底不清、资产分散，闲置周期长，难以快 速实现资产价值转换等。此外，评估、融资等配套服务缺乏一站式解决方案，进一步制约了盘活工作的 推进。 针对当前国有资产盘活面临的困难，广西国控资本运营集团有限责任公司所属北部湾交易集团充分发挥 专业平台优势，投入技术团队进行系统开发，重点聚焦全区各类存量资产现状与盘活需求，构建起涵 盖"系统对接、智能匹配、数据可视、自动分类、线上交易、全程监督"的综合服务体系。 "平台上线后，资产盘活工作的效率将得到显著提升。"北部湾交易集团总经理助理李洋说，平台与广西 预算管理一体化系统无缝衔接，全过程智能化、专业化闭环操作，实现闲置资产信息一键推送交易平 台，交易平台专业辅助加速进入挂牌环节，同时，通过大数据算法构建的资产匹配模型和平台的预招 ...

Core Viewpoint - The auction of 144 state-owned properties in Xichang has attracted attention, with starting prices ranging from 2,955 yuan to 8,156 yuan per square meter, scheduled for auction from November 29 to December 14 [1][4]. Group 1: Auction Details - The auction includes three main property packages: - Package 1 consists of 35 units from Xichang Li Zhou Middle School, with an average starting price of 3,017 yuan per square meter [4]. - Package 2 includes 69 units from Yuanjiashan Huangbao Road Guiyuan Community, with an average starting price of 4,997 yuan per square meter [4]. - Package 3 features 40 units from Xichang Xicheng Dongcheng, with an average starting price of 5,799 yuan per square meter [4]. - The properties are previously classified as affordable housing and can now be registered as commercial properties after purchase [6]. Group 2: Market Impact - The scale of the property auction is relatively small, and local real estate agents believe it will have a minimal impact on the Xichang housing market [3][10]. - Expert analysis indicates that while state-owned enterprises selling properties may increase market supply, the overall impact on the housing market is limited [3][10]. Group 3: Broader Context - The trend of state-owned asset sales is observed in multiple regions, with various cities, including Chongqing and Fuzhou, also auctioning state-owned properties [7]. - Factors driving the sale of state-owned properties include asset optimization strategies, financial pressures, and policy initiatives aimed at revitalizing underperforming assets [9].

Group 1 - The Sichuan Public Auction Company is conducting an online auction for 144 housing units in Xichang, commissioned by the Xichang Real Estate Affairs Center [1] - The properties have clear ownership and must be paid for in full within 10 working days after signing the sales contract, with an option for buyers with good credit to apply for a 75% bank mortgage [3] - Many of the auctioned properties are categorized as "affordable housing" or "guaranteed housing," indicating a trend where local state-owned enterprises are selling off assets to alleviate financial pressure due to a downturn in the real estate market [3] Group 2 - Multiple local state-owned enterprises across cities like Fuzhou, Beijing, and Guangzhou are also selling properties, including real estate, shops, and parking spaces, to manage liquidity and prevent asset depreciation [3] - The surge in low-priced bank-supplied housing has garnered attention, with these properties often being sold at half the market price due to being "debt assets" that banks need to liquidate within two years [4] - The transaction situation for bank-supplied housing varies, with commercial properties in prime locations and scarce residential units being particularly sought after, leading to competitive bidding [4]

Core Insights - Local state-owned assets are increasingly selling properties to alleviate financial pressure and manage asset value amid declining housing prices [1][4][5] Group 1: Auction Details - Sichuan's Xichang city is auctioning 144 housing units, with starting prices ranging from 3,017 to 5,799 yuan per square meter [1] - The auction includes three asset packages, with properties varying in size from 33.10 to 172.35 square meters [1] - Buyers can opt for a 75% bank mortgage if they have good credit, requiring a 25% down payment within five working days after signing the contract [1] Group 2: Market Context - Many of the auctioned properties are categorized as "affordable housing" or "guaranteed housing," priced slightly below market rates [3] - The current housing market is experiencing a downward trend in prices, prompting local state-owned enterprises to sell assets to prevent further depreciation [4] - The trend of state-owned asset sales is not isolated, with similar actions reported in cities like Fuzhou and Beijing, indicating a broader strategy across multiple regions [4] Group 3: Policy Implications - The sale of properties is part of a larger initiative to reform state-owned assets, enhancing local government financial strength [5] - Market-oriented sales of affordable housing aim to improve asset efficiency and address mismatches between supply and population demand [5] - The ongoing changes reflect a shift towards maximizing the utility of existing assets in response to demographic shifts and housing market dynamics [5]

Core Insights - The transformation of the "Erjia Youth Talent Community" in Wuxi from idle housing to a vibrant talent hub was driven by a political inspection that highlighted slow asset activation in state-owned enterprises [1][2] - The Wuxi Huishan Economic Development Zone implemented a comprehensive asset inventory and management strategy, focusing on categorizing and optimizing state-owned assets to enhance operational efficiency and resource allocation [2][3] Group 1 - The Huishan Economic Development Zone conducted a thorough asset inventory based on the principles of comprehensive coverage of objects, asset categories, and factual conditions, leading to a better understanding of asset scale and status [2] - The zone addressed historical issues such as missing property certificates by collaborating with relevant departments to streamline the process for property rights registration, facilitating market activation [2] - The management strategy included various methods such as asset transfer, social capital introduction, and leasing or selling, aimed at maximizing the value and operational capacity of state-owned assets [2] Group 2 - The Huishan District's supervisory bodies focused on ensuring effective governance through a multi-dimensional approach, addressing issues like incomplete asset inventory and system optimization [3] - The district reported significant financial recoveries, including over 58 million yuan in unpaid rent and 101 million yuan from transferred operating rights, alongside the activation of 142,600 square meters of idle properties [3] - The successful practices in asset activation have been recognized as exemplary cases in Wuxi's inspection and rectification efforts, with plans for continuous innovation in asset management [3]

Core Insights - The opening of Wanxuehui Ice and Snow Park on September 29 marks the debut of Zhuhai's first large-scale indoor ice and snow theme park, reflecting the ambition for cultural and tourism industry upgrades in the city [1][2]. Group 1: Project Overview - Wanxuehui Ice and Snow Park covers a total area of 19,000 square meters, featuring a temperature-controlled cold zone of nearly 10,000 square meters that maintains an ice and snow environment of -5°C to -8°C year-round [2]. - The park includes two main areas: a professional skiing area with a 190-meter ski slope suitable for beginners and advanced skiers, and a fun snow play area of over 3,000 square meters designed as a whimsical ice and snow fairy tale world [2][3]. - The park offers a one-stop experience, with ticket prices including all necessary professional equipment for skiing and snow play, as well as storage lockers and basic protective gear [2]. Group 2: Strategic Development - The project is a result of innovative practices by state-owned enterprises to revitalize existing land assets in the context of limited land resources in Zhuhai's main urban area [4]. - Located strategically in Xiangzhou District, the project was developed by Zhuhai Water Environment Holdings Group, which transformed historical land into a high-quality cultural tourism project, achieving a win-win situation for asset appreciation and urban function enhancement [4]. - The completion of Wanxuehui is expected to stimulate the surrounding commercial, accommodation, and transportation sectors, further leveraging state-owned capital to support urban development [4]. Group 3: Future Prospects - Wanxuehui is just the beginning of Zhuhai Water Environment Holdings Group's systematic approach to enhancing the value of state-owned assets, with plans for specialized management of land and property assets [5]. - The group aims to explore innovative operational models for state-owned assets, focusing on revitalizing idle and inefficient assets through flexible renovations and community integration [5]. - With an existing AAA credit rating, the group plans to optimize asset allocation and create a virtuous cycle of resource transformation into capital, supporting urban construction and social development in Zhuhai [5].

Group 1 - The core viewpoint of the articles highlights the significant progress made by Chongqing's state-owned enterprises (SOEs) in asset revitalization and operational efficiency through restructuring and innovative financing methods [1][4][6] - Chongqing's real estate group successfully issued a commercial mortgage-backed security (CMBS) worth 2.06 billion yuan at a record low interest rate of 2.08%, marking a breakthrough in the region's financing methods [1] - The city's SOEs reported a total profit growth of 10% year-on-year, with a total asset revitalization value of 62.77 billion yuan, showcasing the effectiveness of the "three attacks and one revitalization" reform initiative [1][4] Group 2 - The Agricultural Investment Group achieved a revenue of 3.471 billion yuan, a year-on-year increase of 11.58%, and a profit of 104 million yuan, reflecting a substantial growth of 346.02% due to restructuring efforts [2] - The restructuring led to a reduction in the number of entities from 43 to 32, and the loss-making enterprises decreased from 4 to 0.16 billion yuan, a reduction of 94.16% compared to the previous year [2] - The number of key SOEs was reduced from 51 to 33, and the total number of legal entities decreased from 2260 to 679, achieving a reduction rate of 70% [3] Group 3 - The goal for asset revitalization in 2023 is set at 100 billion yuan, with a target of recovering 35 billion yuan, supported by enhanced mechanisms and digital empowerment [4][5] - By the end of June, the SOEs had revitalized 62.77 billion yuan in assets and recovered 21 billion yuan, achieving 62.8% and 60% of their annual targets, respectively [5] - The collaboration between state-owned, private, and foreign enterprises has led to the signing of 39 projects worth 128.46 billion yuan in the first half of the year, demonstrating effective cooperation and resource integration [6][7] Group 4 - The cooperation between state-owned and private enterprises resulted in over 400 signed projects worth 46.5 billion yuan, while collaborations with foreign enterprises accounted for 15 projects worth approximately 10.37 billion yuan [7] - The digital platform for collaborative development has attracted 702 enterprises and published over 400 cooperation opportunities, aggregating opportunities worth over 160 billion yuan [7]