21世纪经济报道记者余纪昕、实习生黄玥 近期，地方两会密集召开，过去一年地方政府化解隐性债务的"成绩单"也随之揭晓。 当前，化债工作已进入关键推进期与全力冲刺阶段。防范化解地方债务风险，已成为贯穿各地财政工作的核心任务之 一。截至2月26日发稿时，全国各省(自治区、直辖市)2026年政府工作报告陆续公布完毕。 中证鹏元资深研究员吴志武告诉21世纪经济报道记者，此次的一大亮点为地方融资平台数量的加速压降。在地方多措 并举推进融资平台债务化解，比如通过置换、降息、盘活"三资"、安排财政资金等之下，融资平台退出明显加速，比 如甘肃、辽宁退平台数量累计超过80%。再比如湖南退出304家，明显快于2024年，其中湖南桃源县通过盘活"三 资"30.5亿元，压降平台数量8家，实现了融资平台数量的真实退出、而不是债务转移。隐债清零名单扩围风险等级普 遍下行 从各地2026年政府工作报告看，在"在发展中化债、在化债中发展"的思路引导下，地方政府债务风险化解工作取得突 破性进展，一个"清零一批、降档一批、可控一批"的债务风险化解格局正逐步明晰。 记者据企业预警通数据，梳理各省市已发布的2026年政府工作报告、预算执行报告等文件， ...

城投行业 2026 年信用风险展望：城投企业加速出清， 债务化解与产业转型双轨并行 公用二部|付国晶、史瑞瑞、周春云|010-67413300 摘要 公司债券发行上市审核重点关注事项，对地方政府融资平台在经营过程中暴露的 资产流动性弱、利润对政府补助依赖程度高、互保、通过贸易业务做大营业收入 规模等问题做出约束，倒逼地方政府融资平台整改以适应融资要求。2025 年 5 月，中国人民银行、国家金融监督管理总局、中国证券监督管理委员会负责人共 同对"一揽子金融政策支持稳市场稳预期"进行介绍，金融政策组合拳的出台落 实了降准及降息方案，释放了稳增长、稳房地产、稳市场等积极信号，此举有利 于进一步稳定房地产及各地土地市场，为各地政府及城投企业盘活存量土地、消 化存量房地产项目及商品房提供前提条件。 | 表 1 2025 | 年以来化债及城投行业相关重要事件 | | | --- | --- | --- | | 发布 | 重要会议/文件名称 | 重要内容 | | 时间 | | | | 2025.01 | 2024 年中国人民银行工作会议 | 2025 年继续做好金融支持地方政府融资平台债务风险化解工作。 | | | 《关 ...

证券代码：002374 证券简称：中锐股份 公告编号：2026-004 关于园林业务 2025 年第四季度经营情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在虚假记载、 误导性陈述或者重大遗漏。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 3 号——行业信息披露》等相关规定，山东中锐产业发展股份有限公司（以 下简称"公司"）发布园林业务 2025 年第四季度经营情况公告。公司园林项目 已完成施工，且无新增项目，该业务主要工作是回收项目应收款项，截至报告期 末公司主要项目情况如下： 1、2015 年 9 月，重庆华宇园林有限公司（以下简称"华宇园林"）与四川 省巴中市巴州区人民政府（以下简称"巴州政府"）签订了《巴中市巴州区津桥 湖城市基础设施和生态恢复建设（PPP）项目合作协议书》，工程总投资额约为 55,000 万元，业务模式为 PPP 模式。2021 年 2 月，华宇园林与巴州政府、巴中 华丰建设发展有限公司（系项目 SPV 公司）签订了《巴中市巴州区津桥湖城市基 础设施和生态恢复建设（PPP）项目合作协议书补充协议》，计划提前支付项目 服务费。该项目 ...

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Weifang City has a solid economic foundation, with its GDP exceeding 820 billion yuan in 2024, steady growth, and distinct echelon development among districts and counties. The characteristic industrial system based on manufacturing is its core advantage, and the regional debt management is effective, with market confidence continuously restored [3][6]. - Under the top - level design framework of "unified management of three types of debts" and "city - province linkage" in Shandong Province, Weifang's debt resolution has entered the stage of systematic optimization. Through multiple measures, the regional financing structure has been improved, short - term repayment pressure has been effectively relieved, and market confidence has been gradually restored [14]. 3. Summary According to Relevant Catalogs Regional Overview - Weifang is an important regional central city in Shandong Province. In 2024, its GDP reached 820.32 billion yuan, with a year - on - year growth of 5.9%. The industrial structure is continuously optimized, and the scale of the service industry is steadily expanding. The number of market entities is large, and the urbanization rate has increased to 65.2%, with continuous improvement of public service facilities [6][15]. - The general public budget revenue in 2024 was 61.956 billion yuan, with a year - on - year growth of 1.8%, showing stable growth. The government - funded revenue was 57.703 billion yuan, with a year - on - year growth of 17.5%, showing a significant recovery trend. The land transfer revenue was 50.981 billion yuan, ranking high in Shandong Province [6][26]. - The explicit debt level shows that in 2024, the local government debt limit was 329.402 billion yuan, and the debt balance was lower than the limit. The general debt balance was 80.202 billion yuan, and the special debt balance was 205.238 billion yuan, with special debt dominating the debt structure. The broad debt ratio was 238.54%, at a medium - high level among cities in Shandong Province [35]. District and County Differentiation - In terms of economic scale, Shouguang City ranked first in the city in 2024 with a GDP of 108.19 billion yuan, being the only area exceeding 100 billion yuan. Areas with a GDP between 50 billion and 100 billion yuan, including Zhucheng, Qingzhou, Gaomi, Changyi, and Anqiu, are the backbone of economic growth [7][39]. - In terms of economic growth rate, Kuiwen District had the highest growth rate of 6.8%, and most districts and counties had a growth rate above 5.6%, showing strong consistency and stability [7][44]. - In terms of budget revenue, the growth rate of county - level general public budget revenue in 2024 was significantly differentiated. Some areas had negative growth, and there were differences in general debt levels and government - funded revenue among districts and counties [46]. Industrial Support - In terms of industrial layout, in 2024, Weifang's secondary industry accounted for 42.35%, significantly higher than that of Jinan and Qingdao, highlighting a solid manufacturing foundation. The industrial structure of each district and county is distinctively different, with the core urban areas focusing on the service industry, some cities and counties having prominent secondary industries, and some having a significantly higher proportion of the primary industry [53][58]. - In terms of industrial clusters, Weifang has formed a "9 + 3+N" industrial system, with 9 major advantageous industrial chains, 3 emerging industrial chains, and a number of future industries developing in an echelon manner. The "9 + 3+N" key industrial system has effectively promoted industrial upgrading [64]. - During the "15th Five - Year Plan" period, Weifang aims to build a national agricultural modernization model area in agriculture, upgrade the manufacturing industry to be intelligent, green, and integrated in the manufacturing industry, and enhance the supporting and enabling role of the service industry in the service industry [68]. - Weifang has 3 national - level and 2 provincial - level parks, which are important carriers for the development of emerging manufacturing industries. The listed companies in Weifang have a leading total market value in Shandong Province, and the leading enterprises play a strong leading role, forming a virtuous cycle of industry - finance integration [71][78].

Group 1 - The core idea emphasizes the importance of balancing development and security, with a focus on stabilizing the real estate market and addressing key risks through targeted policies [1][11] - The Central Economic Work Conference highlighted the need for tailored measures to revitalize the real estate market, including controlling new supply, reducing inventory, and optimizing housing supply [2][12] - Local governments are actively implementing policies to acquire idle housing stock for affordable housing, with significant financial support from banks for these initiatives [2][12][13] Group 2 - The strategy of reducing inventory and improving structure is crucial for stabilizing the market and benefiting the public, with various regions innovating methods to enhance affordable housing supply [3][13] - During the 14th Five-Year Plan period, over 11 million units of various types of affordable housing have been constructed, benefiting over 30 million people [3][13] - The planned supply of residential land is set to decrease by 20% year-on-year by 2025, contributing to a significant reduction in new construction area and unsold inventory [3][13][14] Group 3 - The development of high-quality real estate still has considerable potential, with a focus on accelerating inventory digestion and promoting the construction of quality housing [4][14] - The "white list" system for real estate financing has been introduced to facilitate project funding based on project conditions rather than solely on credit, supporting the completion of nearly 20 million housing units [6][15] - Local governments are encouraged to develop housing supply systems that meet new demands and improve living conditions, with a focus on urban renewal and quality housing [16] Group 4 - The Central Economic Work Conference has called for proactive measures to manage local government debt risks, emphasizing the importance of restructuring and replacing existing debts [8][17] - A total of 6 trillion yuan in debt limits will be allocated over three years to support local governments in replacing hidden debts, aiming to reduce interest costs [8][17] - As of the end of 2024, the total government debt is reported at 92.6 trillion yuan, with a debt-to-GDP ratio of 68.7%, indicating a manageable risk level compared to international standards [18][19]

Group 1 - The core viewpoint emphasizes the importance of balancing development and security, with a focus on stabilizing the real estate market and addressing key risks through targeted policies [1] - The Central Economic Work Conference advocates for city-specific policies to revitalize the housing market, including the acquisition of idle properties for affordable housing [2][3] - A significant increase in support for affordable housing loans has been noted, with a total of 19.35 billion yuan in credit provided to support the acquisition of 4,938 units of existing housing [2] Group 2 - The report highlights the ongoing efforts to optimize the supply of affordable housing, with over 11 million units of various types of affordable housing planned during the 14th Five-Year Plan period, benefiting over 30 million people [3] - The supply of residential land is set to decrease by 20% year-on-year in 2025, contributing to a reduction in new construction area and a decline in unsold inventory [3] - The introduction of a "white list" system for financing has facilitated over 7 trillion yuan in loans for housing projects, supporting the construction and delivery of nearly 20 million homes [6] Group 3 - The report indicates that the high-quality development of the real estate sector still has significant potential, with a focus on stabilizing the market by addressing both supply and demand [4][7] - Local governments are encouraged to develop housing plans that align land supply with housing demand, with various regions implementing tailored strategies to enhance housing supply [7] - The emphasis on financial support for quality projects and affordable housing is expected to foster a positive cycle between real estate and finance [7] Group 4 - The Central Economic Work Conference has called for proactive measures to manage local government debt risks, with a focus on optimizing debt restructuring and replacement methods [8][9] - A total of 60 billion yuan in new debt limits has been allocated to support local governments in replacing hidden debts, aiming to reduce interest costs [8] - The overall government debt level is reported to be within a reasonable range, with a total debt of 92.6 trillion yuan and a government debt ratio of 68.7% [8]

Core Viewpoint - In 2025, local governments issued a total of 10.29 trillion yuan in bonds, with significant portions allocated for project construction and debt repayment, indicating a strategic focus on managing local government debt and stimulating economic growth [1][2][3]. Summary by Sections Local Government Bond Issuance - In 2025, local governments issued 10.29 trillion yuan in bonds, including 5.36 trillion yuan in new bonds and 4.93 trillion yuan in refinancing bonds [1][2]. - The issuance included 7.701 billion yuan in general bonds and 45.9 trillion yuan in special bonds, with approximately 4.08 trillion yuan allocated for project construction [1][2]. Debt Repayment and Management - The total scale of funds for debt repayment reached approximately 3.59 trillion yuan, which includes refinancing special bonds and general refinancing bonds aimed at addressing existing debts [1][3]. - The central government emphasized the need to actively resolve local government debt risks and prevent the creation of new hidden debts [1][6]. Future Projections and Strategies - Analysts predict that the scale of debt repayment funds will remain high in 2026, with a focus on accelerating the issuance of new bonds for project construction to support economic recovery [1][6][7]. - The government plans to issue 2.8 trillion yuan in debt repayment funds in 2026, including 2 trillion yuan for refinancing hidden debts and 800 billion yuan for new special bonds [6][7]. Economic Impact and Support Measures - The debt repayment efforts are aimed at reducing the financial burden on local governments and improving cash flow for small and medium-sized enterprises, thereby supporting employment and industrial operations [5][6]. - The issuance of local government bonds is expected to enhance investment policies and improve market expectations, contributing to a stable economic environment [8].

1. Core Views - The Central Economic Work Conference emphasized addressing local fiscal difficulties, with a focus on the "three guarantees" at the grass - roots level. It was proposed to maintain a deficit rate above 4% in 2026, with a general fiscal expenditure scale of about 15 trillion yuan. The management of local government special bonds was optimized, and the operational debts of financing platforms became the focus of debt resolution [6][9][11]. - Jilin Province announced that it had reached the standard to exit the list of key provinces for local debt. Liaoning Province aimed to build a closed - loop debt management system to promote effective debt resolution [15][16]. - This week, 8 urban investment companies declared themselves as market - oriented operating entities or exited the financing platform list. 25 urban investment companies prepaid bond principal and interest, and 1 urban investment bond was cancelled for issuance [18][22][23]. 2. News Comment Central Economic Work Conference - First, it was the first time to mention "addressing local fiscal difficulties" and ensuring the "three guarantees" at the grass - roots level. The contradiction between revenue reduction and expenditure increase was prominent, especially at the grass - roots level. It was necessary to increase transfer payments from the central government, optimize the transfer payment structure, and enhance local independent financial resources [9]. - Second, the positive fiscal policy was continued, with a focus on both total force and structural optimization. It was recommended that the deficit rate in 2026 be maintained above 4%, the general fiscal expenditure scale be about 15 trillion yuan, and the total scale of new government debt be increased to 14.8 - 15.5 trillion yuan. The structure of fiscal expenditure should be optimized [10][11]. - Third, the management of the use of local government special bonds was optimized, and the efficiency and quality of the "negative list" management were improved. Attention should be paid to the quality and comprehensive benefits of investment [12]. - Fourth, the operational debts of financing platforms became the focus of debt resolution. It was necessary to classify and handle debts, optimize debt restructuring and replacement methods, and establish a risk - sharing mechanism [13][14]. Jilin and Liaoning's Debt Management - Jilin Province announced reaching the standard to exit the list of key provinces for local debt, aiming to build a long - term government debt management mechanism and promote state - owned enterprise reform [15]. - Liaoning Province aimed to build a closed - loop debt management system, accelerate the resolution of implicit debts and the reform and transformation of financing platforms, and strictly prevent the increase of implicit debts [16]. Urban Investment Companies' "Exit from Platform" - This week, 8 urban investment companies declared themselves as market - oriented operating entities or exited the financing platform list. Since October 2023, a total of 963 companies have made such declarations, mainly in eastern provinces, with AA + as the main credit rating [18]. Prepayment and Cancellation of Urban Investment Bonds - 25 urban investment companies prepaid bond principal and interest this week, involving 26 bonds with a total scale of 31.57 billion yuan. One urban investment bond, "25 Chuanfa MTN003 (Hybrid Science and Technology Innovation Bond)", was cancelled for issuance, with a planned issuance scale of 1 billion yuan [22][23]. 3. Bond Issuance Local Government Bonds - This week, the issuance and net financing scale of local government bonds increased. The special refinancing bonds for replacing implicit debts in 2025 have been fully issued. As of December 14, the cumulative issuance of new bonds reached 5296.432 billion yuan, completing 101.85% of the annual quota. The weighted average issuance term was 12.52 years, and the weighted average issuance rate was 2.08% [24][25][26]. Urban Investment Bonds - This week, the issuance scale of urban investment bonds decreased, while the net financing scale increased. The issuance rate and spread both increased. The overall issuance rate was 2.28%, and the issuance spread was 77.64BP. The issuance was mainly private placement bonds, with a 5 - year term as the main one, and the issuer's main credit rating was AA + [35]. 4. Bond Trading Fund Situation - This week, the central bank conducted 668.5 billion yuan of reverse repurchase operations in the open market, with 663.8 billion yuan of reverse repurchases maturing, resulting in a net investment of 4.7 billion yuan. Short - term capital interest rates mostly increased [39]. Bond Trading - The trading scale of local government bonds decreased by 2.40% to 496.486 billion yuan, and the trading scale of urban investment bonds increased by 16.79% to 316.22 billion yuan. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed [41]. Abnormal Trading of Urban Investment Bonds - This week, 12 urban investment entities had 12 abnormal bond transactions. The number of entities, bonds, and abnormal transactions increased compared with last week [41]. 5. Important Announcements of Urban Investment Companies - This week, 76 urban investment companies announced changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, and cumulative new borrowings [44].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The central government has shifted from "overall resolution and risk prevention" to more proactive "active debt resolution", strictly controlling the source of risks and emphasizing the optimization of debt restructuring and replacement methods. It has also clearly distinguished "operating debts of financing platforms" and included the risk of such debts in the key resolution scope [7][19]. - The resolution of local government implicit debts has advanced steadily, with the risk being continuously mitigated. However, the market has begun to focus on the operating debt risks of financing platforms, especially the disposal methods for such debts after 2028 [2][7]. - There are three possible paths for resolving the operating debts of financing platforms in the future: fiscal replacement after re - identification, financial debt resolution, and market - based disposal [7][31]. - The large - scale fiscal management reform in Hubei Province provides an important reference for local debt resolution and the market - oriented transformation of urban investment platforms [7][36]. - The disposal methods for the operating debt risks of financing platforms after 2028 are uncertain. If fiscal replacement is used again, a new round of inventory and statistics of local government off - balance - sheet debts may start from 2026 - 2027. If market - based resolution is adopted, attention should be paid to the creditworthiness of state - owned enterprises, especially the valuation risks of urban investment entities in relatively weak regions and with weak credit qualifications [7][36]. Summary by Related Catalogs 1. Implicit Debts Significantly Resolved, but Operating Debts of Financing Platforms Grow Significantly - The resolution of local government implicit debts has advanced steadily. Since 2024, a total of 10 trillion yuan of debt replacement resources have been arranged, and the implicit debt that local governments need to digest before 2028 has decreased from 14.3 trillion yuan to 2.3 trillion yuan [12]. - The scale and proportion of debt - resolution funds have increased significantly. Policy support has effectively matched the needs of local debt resolution, and most implicit debts are expected to be resolved by 2028 [14]. - Since 2018, the interest - bearing debts of urban investment entities have continued to expand. As of November 2025, they have reached about 78.8 trillion yuan, and it is estimated that they will reach nearly 83.5 trillion yuan by 2028. The stock of urban investment bonds has remained stable but decreased slightly, while the bonds of "pan - urban investment" entities have increased [19]. 2. New Ideas for Debt Resolution in the Central Economic Work Conference - By comparing the statements of the Central Economic Work Conferences from 2023 to 2025 on local government debt risks, it can be seen that the policy goals have evolved from "prevention and resolution" to "resolution", from "overall resolution" to "active and orderly resolution", and from "holding the bottom line" to "urging active debt resolution", reflecting a more proactive and targeted policy orientation [27][30]. 3. After 2028, for the Operating Debts of Financing Platforms: Restructuring or Replacement? - The central government's debt - resolution measures are becoming more market - oriented and professional. There are three possible paths for resolving the operating debts of financing platforms: fiscal replacement after re - identification, financial debt resolution, and market - based disposal [31]. - The large - scale fiscal reform in Hubei Province provides a sample for local debt resolution. By introducing social capital through asset securitization, it effectively alleviates the current debt - repayment pressure of local governments and enhances fiscal sustainability [36].

Group 1 - The core viewpoint of the report emphasizes the importance of adhering to a stable yet progressive economic strategy, focusing on quality and efficiency, while implementing more proactive fiscal policies and moderately loose monetary policies to enhance macroeconomic governance effectiveness [1][13][19] - The report highlights the significance of "performance view" and "local adaptation" as focal points of the recent economic work conference, indicating that local governments should avoid blind pursuit of trends and instead develop industries based on regional characteristics and advantages [2][12][17] - The report suggests a short-duration investment strategy for local governments that effectively address hidden debts, particularly those that can resolve these issues promptly and are expected to issue special bonds for project construction [3][27][37] Group 2 - The report outlines key tasks for local governments in 2026, including maintaining domestic demand as the primary driver, enhancing infrastructure investment, and optimizing the use of special bonds and new policy financial tools to stimulate private investment [19][25][26] - It discusses the need for a unified national market construction regulation to address "involution" competition and promote fair competition among local governments and enterprises, which is expected to be implemented in 2026 [9][24][21] - The report emphasizes the importance of addressing local government debt risks through proactive measures, including debt restructuring and optimizing financing platforms, to ensure sustainable economic development [27][29][30]