Group 1 - The report continues to track local debt replacement, local hidden debt clearance, and the progress of platform withdrawal, updating the list of urban investment bonds based on the characteristics of the bond issuance [1] - As of October 2025, local governments issued special bonds for hidden debt replacement, special new special bonds, and special refinancing bonds amounting to 72.6 billion, 479.3 billion, and 449.6 billion respectively, benefiting from a central allocation of 500 billion for resolving existing government investment project debts [1] - By October 2025, local governments cumulatively issued 19,934.1 billion, 12,508.4 billion, and 544.9 billion in special bonds for hidden debt replacement, special new special bonds, and special refinancing bonds respectively [1] Group 2 - As of November 5, 2025, 94 districts and counties disclosed plans to achieve "zero hidden debt" in 2024 and 2025, including 9 at the city level and 85 at the district level [2] - In October 2025, the proportion of funds raised from urban investment bonds used for refinancing, repaying interest-bearing debts, supplementing working capital, and project construction were 84.0%, 12.9%, 2.4%, and 0.6% respectively, with an increase of 0.7 percentage points for project construction or liquidity support compared to September [3] - The number of market-oriented operating entities decreased by 2 compared to September, indicating a decline in market preference for long-term bonds from market-oriented entities, leading to an increase in credit spreads [3] Group 3 - In October 2025, 7 new entities were identified that do not belong to the urban investment category defined by the research [4]

Group 1 - The report continues to track local debt replacement, the clearance of hidden debts, and the progress of platform exits, updating the list of urban investment bonds based on the characteristics of the bond issuance [1] - As of January to August 2025, the issuance of special new bonds has exceeded the total issuance for the entire year of 2024 and the annual quota of 800 billion yuan for supplementing government financial resources, indicating a potential new source of funding for resolving local debt risks [2] - By September 3, 2025, a total of 80 districts and counties have announced the completion of hidden debt clearance, with significant increases in the number of issuers declaring themselves as market-oriented operating entities [3] Group 2 - In August 2025, the proportion of urban investment bond funds used for refinancing, repaying interest-bearing debts, supplementing working capital, and project construction were 88.0%, 10.6%, 1.0%, and 0.4% respectively, showing a shift in funding purposes [3] - Eighteen new entities were added in August 2025 that do not fall under the urban investment category defined by the research, reflecting changes in the landscape of urban investment bonds [4]