多措并举推动债务风险化解，化债取得一定成效 ——陕西省城投企业财务表现观察 联合资信 公用评级三部 |崔竞元 陕西省及下属各地级市陆续出台多种化债举措，通过设立区域稳定发展基金、协调金融机 构提供融资支持、争取中央化债资金和盘活存量资产、拓展收入来源等方式多措并举推动债务 风险化解。2024 年以来，陕西省城投公司投资及债务增速放缓，资产负债率和全部债务资本 化比率均有所下降，部分地级市城投公司债务规模有所压降，债务结构有所优化，债务化解取 得一定成效，但仍面临整体债务负担较重、短期债务占比较高、流动性压力较大等问题。 短期看，国家推出"一揽子化债方案"以来，特殊再融资债券发行置换隐性债务及陕西省 内金融机构的支持，对缓解城投公司流动性压力具有一定的积极作用，但长远看，未来债务化 解的核心仍在于提升城投企业自身造血能力，加快城投公司市场化转型，在经营发展中持续化 债。 | | | www.lhratings.com 研究报告 1 www.lhratings.com 研究报告 1 一、陕西省债务管控情况 陕西省制定一揽子化债方案，多种化债举措协同化债，依托于金融资源的同时， 争取国家化债资金支持，各地市在国家及 ...

转自：新华财经 新华财经北京12月31日电 2025年，我国债券市场在服务国家战略与深化改革中稳健前行。这一年，市 场的主线清晰而有力：一条是以科创债为标志的"债市科技板"横空出世，牵引金融活水精准灌溉新质生 产力；一条则是地方债务化解步入"系统治理"新阶段，在发展中化债的长效机制加速构建；同时制度型 对外开放迈出关键步伐，市场监管"零容忍"态势持续巩固，共同描绘出一幅创新活力迸发、基础制度完 善、风险屏障牢固的高质量发展图景。 回顾这不平凡的一年，债券市场作为宏观政策协同的关键纽带和实体经济融资的主力渠道，其每一个深 刻变革都紧扣时代脉搏。从产品创新到机制开放，从风险化解到监管升级，一系列具有里程碑意义的事 件，不仅塑造了市场的当下，更锚定了未来的航向。 一、市场创新与开放新篇章 1. 债市"科技板"重磅落地，年内发行量达到1.87万亿元 5月，中国人民银行与中国证监会联合推出系统性支持政策，标志着债券市场"科技板"的正式诞生。新 规鼓励发行长期限、含权条款的科创债券，迅速激发市场热情。年内发行规模达到1.87万亿元，并配套 诞生了首批科创债ETF及信用风险分担工具，构建了覆盖发行、投资、风险管理全链条的科 ...

Group 1 - The central economic work conference has successfully set the direction and boosted confidence for the implementation of the "14th Five-Year Plan" and the work in 2026, providing a clear roadmap for future efforts [2] - The meeting emphasized the importance of avoiding impatience and adhering to the guiding principles, recognizing the unique potential and challenges faced by the Chinese economy at this stage [2][3] - The complexity of China's economy as a super-large economy means that high-speed growth is no longer feasible, and the focus should shift to innovation-driven, quality improvement, and structural optimization [3] Group 2 - Maintaining strategic determination involves avoiding reckless competition in emerging industries, which require substantial capital, talent, and a robust industrial foundation [4] - Addressing existing risks, such as those in the real estate sector and local government debt, requires a long-term, systematic approach rather than quick fixes [4][5] - The resolution of China's issues relies on development, with existing risks needing to be addressed through new growth, and confidence in market and technological reforms is essential [5]

报告共计：19页 今天分享的是：山重水复疑无路，柳暗花明又一村——贵州省地方债务化解观察与展望 贵州省地方债务化解情况总结与展望 贵州省作为西部大开发综合改革示范区和"东数西算"关键承载地，在区域协调发展中具有重要地位，但受地形地貌、产业基础 等因素影响，经济财政实力偏弱，地方债务问题较为突出，近年通过多元举措推进化债工作并取得阶段性成效。 债务特征方面，贵州省地方债务规模持续增长，2024年底地方政府债务余额17537.09亿元，城投企业债务规模约9000亿元，债务 负担处于全国中上游水平。区域分布上呈现明显分化，贵阳市和遵义市城投企业债务占全省比例合计达60%左右，债务压力尤 为突出。部分地市城投企业面临流动性承压问题，现金类资产对短期债务覆盖不足，且城投债曾面临集中兑付压力，非标负面 事件和票据逾期情况较为集中，主要分布在遵义市、贵阳市等地。 贵州省位于我国西南内陆腹地,是西部大开发综合改革示范区,西部陆海新通道 关键节点,"东数西算"工程的关键承载地,也是连接成渝地区双城经济圈和粤港澳 大湾区的重要桥梁,在我国区域协调发展方面发挥重要作用。但受制于地形地貌、交 通区位、产业结构基础等因素,贵州省经济总 ...

"近两年，伴随大规模债务置换持续推进，地方隐性债务规模持续下降。"张林对《华夏时报》记者表示，截至今年年底，地方隐性债务规模或降至6.5至7 万亿元左右水平，明年两万亿元置换额度发完后需要地方自行化解的隐性债务规模将降至4.5万亿元左右水平，压力大幅减小，风险整体可控。 此外，机构数据显示，融资平台债务结构持续优化，融资成本显著下行。截至今年6月末，城投平台有息负债中，银行贷款占比56.59%，债券占比 24.19%，非标融资占比为19.22%，分别较上一年底提高2.41个百分点、降低1.28个百分点、减少1.13个百分点。此外，截至今年9月末，全国超六成融资平 台在隐债清零后实现"退平台"。 回顾2025年地方债务风险化解工作，张林总结道，今年化债工作整体进入"由攻坚向系统治理"转段，呈现"财政化债系统化、金融协同常态化、监管体系 制度化"的三重进展。 华夏时报记者李明会北京报道 今年以来，我国地方债务化解工作持续深化。用于置换隐性债务的特殊再融资债券靠前发力，推动隐性债务规模有效压降、融资成本显著降低，地方融资 平台市场化转型与退出步伐加快，"松绑减负"效果明显。 对此，远东资信研究院副院长张林在接受《华 ...

本报（chinatimes.net.cn）记者李明会 北京报道 今年以来，我国地方债务化解工作持续深化。用于置换隐性债务的特殊再融资债券靠前发力，推动隐性 债务规模有效压降、融资成本显著降低，地方融资平台市场化转型与退出步伐加快，"松绑减负"效果明 显。 对此，远东资信研究院副院长张林在接受《华夏时报》记者采访时表示，今年化债进入"由攻坚向系统 治理"转段，呈现"财政化债系统化、金融协同常态化、监管体系制度化"的三重进展。他同时表示，化 债政策基调已从"在化债中发展"转向"在发展中化债"，后续增量工具或将围绕"靠前置换+中央加力+清 欠提速"三条主线发力。 隐性债务化解取得明显成效 自2023年7月中共中央政治局会议首次提出"一揽子化债方案"以来，我国地方债务化解工作持续深入推 进，目前已两年有余，距离2028年底前隐性债务"清零"的目标进度过半。 随着地方债务化解工作步入深水区且进程已过半，作为"十五五"规划的开局之年，2026年化债工作何处 去？ 回顾2025年地方债务风险化解工作，张林总结道，今年化债工作整体进入"由攻坚向系统治理"转段，呈 现"财政化债系统化、金融协同常态化、监管体系制度化"的三重进展 ...

山重水复疑无路，柳暗花明又一村 ——贵州省地方债务化解观察与展望 联合资信 公用评级四部 |刘 嫱|刘 成|刘亚利 摘要 www.lhratings.com 研究报告 1 近年来，贵州省地方债务呈现规模持续增长、区域债务负担偏重，地市债务压力分化、贵阳和遵义区 域债务压力较大，部分地市城投企业流动性承压，城投债兑付较为集中，负面舆情持续存在等特征。 贵州省化债资源相对较弱，但中央政府政策支持力度较大，近年来化债手段日趋丰富，贵州省通过金 融支持化债、特殊再融资债券和特殊新增专项债、盘活国有资产，以及省属国资平台提供支持、安排 各类财政资金、设立应急资金池等多措并举，化债工作取得一定成效。具体来看，发债城投企业债务 规模压降明显，融资渠道改善，城投债信用利差收窄、集中兑付压力减轻；但仍需关注到贵州省城投 债信用利差仍处于较高水平，城投企业短期流动性持续承压等问题。 短期来看，随着一揽子化债及增量化债政策的持续实施，贵州省作为重点省份将持续受益，在政策保 护期内流动性风险整体可控，但城投企业还本付息压力仍较大。长期来看，债务化解依赖地方政府及 城投企业的自身发展。贵州省在白酒、矿产精深加工、数字经济、新能源、特色 ...

随着成渝地区双城经济圈建设持续推进，加之到期债务需要通过新增融资来维持流动性等因素， 近年来，四川省城投公司债务规模持续增长，但增速持续放缓。"一揽子化债方案"实施以来，四川省 城投公司债券发行及非标融资受限，相应新增融资主要向银行贷款转移，并通过银行贷款实现高息非 标债务置换，银行融资占比逐年提升，债券及其他融资合计占比逐年压降。但各区域债务结构出现分 化，不同地市再融资能力具有差异化表现；部分区域城投公司在偿债及流动性方面仍存在一定压力。 投融资结构优化，局部流动性压力仍存 ——四川省发债城投企业财务表现观察 联合资信 公用评级四部 |张丽斐 |刘凯元 2024 年以来，随着化债政策快速落地，四川省隐性债务有序化解，融资平台数量持续压降。通过 推动政府产业投资引导基金运作和盘活国有资产等市场化转型，城投公司投资结构持续调整。 城投公司投资端增速放缓，城建类投资受限，部分区域应收账款回款压力有待缓解。在财政收支 压力较大的背景下，城投企业除额度内置换债外难以获得大规模资金支持，财务基本面显著改善难度 仍大，未来经营性债务化解需依赖城投公司加快实质转型和提升自身造血能力，实现经济发展与化债 的新平衡。 www ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zhejiang Province has made phased achievements in debt resolution through multiple measures such as seeking superior funds, issuing special refinancing bonds, and controlling project investments. The province's 11 prefecture - level cities have formed a pattern of "full - scale promotion and gradient clearance" around debt reduction goals, with some regions achieving zero implicit debt and "dual zero" goals. At the same time, Zhejiang's urban investment enterprises' debt scale continues to grow but at a slower pace, with an optimized financing structure, and the short - term debt ratio has slightly increased. However, challenges remain, including regional differentiation, continued growth in accounts receivable in some areas, slowdown in investment growth, and insufficient self - hematopoietic ability in some urban investment enterprises. Therefore, it's necessary to plan for debt resolution and market - oriented transformation of urban investment enterprises simultaneously to improve their operational efficiency and risk - resistance ability [3][9][34]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Debt Control Situation - **Seeking Superior Funds**: In 2024, Zhejiang obtained 69.764 billion yuan in ultra - long - term special treasury bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan used for project construction, accounting for 9.1% of the national total, and 37.8 billion yuan for the completion of existing government investment projects [5]. - **Implicit Debt Replacement**: In 2024, the Ministry of Finance allocated a local government debt limit of 244.2 billion yuan to Zhejiang in three - year installments (81.4 billion yuan per year from 2024 - 2026). In 2024 and 2025, Zhejiang (including Ningbo) fully used the "special bonds for implicit debt replacement" quota of 81.4 billion yuan each year. The issuance of special refinancing bonds in 2025 was faster than the national average, which lowered the average financing cost of urban investment enterprises [5]. - **Controlling Project Investment**: Cities like Jiaxing and Taizhou proposed to control project investment to prevent new debt. They sorted out and reviewed existing government investment projects, strengthened support for key projects, and carefully considered or postponed non - urgent projects. They also tightened the review of new projects and coordinated the connection between the fiscal budget and the government investment plan [6]. - **Regional Achievements**: As of the end of September 2025, some regions in Zhejiang, such as Lin'an District and Chun'an County in Hangzhou, Zhoushan City, etc., achieved zero implicit debt, and some areas completed the "dual zero" goals of implicit debt resolution and platform exit. More than 600 urban investment platforms in Zhejiang have exited, accounting for half of the national total during the same period [9]. 3.2 Changes in Financial Indicators of Zhejiang's Urban Investment Enterprises 3.2.1 Investment - **Overall Situation in Zhejiang**: From 2022 to June 2025, the investment scale of urban - construction assets, self - operated assets, and equity and fund investments of Zhejiang's urban investment enterprises continued to grow, but the growth rate of urban - construction assets and equity and fund investments slowed down. By the end of June 2025, the growth rates of these three types of assets further decreased. The proportion of urban - construction assets decreased to 69.90% but remained the main asset component [13]. - **Regional Differences**: Most cities' total investment and urban - construction asset investment increased. The growth rates of Wenzhou, Shaoxing, Huzhou, and Zhoushan were below 10%, while the other seven cities exceeded 10%. In 2024, the growth rate of urban - construction assets in all cities slowed down, and the growth rates of self - operated assets in most cities increased. The growth rate of equity and fund investments decreased in half of the regions [14]. 3.2.2 Receivables - **Overall Situation in Zhejiang**: From 2022 to June 2025, the accounts receivable of Zhejiang's urban investment enterprises continued to grow, but the growth rate decreased in 2024 and June 2025. In 2024, the cash income ratio was relatively good, which may be affected by multiple factors such as the slowdown of project settlement and the change in the business structure [16]. - **Regional Differences**: At the end of 2024, the accounts receivable of urban investment enterprises in Hangzhou, Ningbo, and Huzhou exceeded 50 billion yuan, while those in Quzhou, Lishui, and Zhoushan were below 20 billion yuan. Except for Jinhua, the growth rate of accounts receivable in other cities exceeded 10% [18]. 3.2.3 Financing - **Overall Situation in Zhejiang**: From 2022 to 2024, the cash inflow and outflow of financing activities of Zhejiang's urban investment enterprises increased year by year, with a net inflow that fluctuated and decreased, mainly due to policy restrictions on new financing in 2024. The financing structure was optimized, with bank borrowing as the main channel and an increasing proportion of bank financing [20][25]. - **Regional Differences**: In 2024, the cash inflow of financing activities in Hangzhou, Shaoxing, Ningbo, and Huzhou exceeded 500 billion yuan. The net inflow of financing activities was positive in all cities, with significant regional differences. The net inflow in Zhoushan was only 6 billion yuan, while those in Hangzhou, Ningbo, and Jiaxing exceeded 100 billion yuan [20][23]. 3.2.4 Interest - Bearing Debt - **Overall Situation in Zhejiang**: By the end of June 2025, the debt scale of Zhejiang's urban investment enterprises continued to grow, but the growth rate slowed down from 22.55% in 2023 to 8.53%. The debt was mainly long - term, with a slightly increased proportion of short - term debt. The financing structure was optimized, with bank borrowing accounting for nearly 70% [25][26]. - **Regional Differences**: The debt scale of urban investment enterprises in Hangzhou, Shaoxing, Ningbo, and Huzhou ranked among the top, exceeding 1 trillion yuan in total. In 2024, the debt growth rates of urban investment enterprises in Jiaxing, Quzhou, Taizhou, and Lishui exceeded 15%. The proportion of short - term debt in some regions increased [26]. 3.2.5 Debt - Servicing Ability - **Overall Situation in Zhejiang**: From 2022 to June 2025, the overall debt burden of Zhejiang's urban investment enterprises continued to rise, and the cash - to - short - term - debt ratio fluctuated and decreased. Since 2025, with increased debt resolution efforts and support from financial institutions, the short - term debt - servicing ability has improved [29][33]. - **Regional Differences**: The debt burdens of urban investment enterprises in Shaoxing, Taizhou, Jinhua, Hangzhou, and Jiaxing were relatively heavy. The cash - to - short - term - debt ratio of cities in Zhejiang ranged from 0.3 to 0.5 times, with Lishui having the highest ratio. In 2025, the short - term debt - servicing ability of all cities improved to some extent [33].

摘要 REPORT SUMMARY REPORT SUMMARY 浙江省通过争取上级资金、发行特殊再融资债券、控制项目投资等多种方式推进地方债务化解工作，平台数量大幅压降，部分区域已经实现双清零，取得 阶段性成效。浙江省城投企业债务规模保持增长，增速有所放缓；整体债务期限结构仍以长期债务为主，短期债务占比略有提升；银行融资占比持续提 升，债券融资占比持续下降，融资结构有所优化。受政策严控"新增"影响，2024年筹资活动现金净流入规模大幅下降，但各地市城投企业筹资活动现金流 仍保持净流入。浙江作为经济大省，既有"化债"硬任务，也有"高质量发展"新要求，需同时统筹谋划城投企业化解存量债务与市场化转型，以平台转型为 抓手，全面提升城投企业的运营效率与抗风险能力。 一、浙江省债务管控情况 浙江省通过争取上级资金、发行特殊再融资债券、控制项目投资等多种方式积极推进地方债务化解工作，强化债务管控，并取得阶段性成效。 争取上级资金，为债务化解工作减负。2024年以来，浙江省通过坚持"国家所需"与"浙江所能"相衔接，积极争取超长期特别国债资金支持。2024年，浙江 省争取超长期特别国债697.64亿元，216个"两重"项目全 ...