Group 1 - The company is facing significant challenges in securing financing, as financial institutions have become increasingly reluctant to provide funds, contrasting with previous times when funding was readily available [4][6] - There is a push for the company to transition towards industrialization and reduce reliance on government support, but the leadership lacks a clear understanding of how to implement this transition effectively [6][10] - The financing department is under immense pressure, often being blamed for unmet financing targets and debt risk management failures, leading to a sense of frustration and confusion among employees [8][10] Group 2 - The current leadership is hesitant to engage in the necessary efforts for industrial transformation, preferring to delay action, which could jeopardize future success [6][10] - Despite the difficulties, there remains a glimmer of hope that successful transformation could elevate the company's status and reputation within the community [10][12] - The company culture reflects a stark contrast between the financing department's struggles and the perceived success of other companies, leading to a feeling of being scapegoated for broader organizational issues [8][12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May, the issuance scale of urban investment bonds was halved, and the net financing continued to be negative. The issuance of innovative varieties such as science - and - technology bonds increased. The reform of economic development zones encourages park urban investment companies to list for financing [6][9][17]. - The yield of urban investment bonds may be more likely to decline. The safety cushion of urban investment bonds is still sufficient, and the credit spread still has room to compress. Investment strategies include allocating high - quality enterprises in strong regions, paying attention to urban investment companies in key provinces with debt resolution benefits, and weak - qualified urban investment companies in strong regions. Also, focus on new bond - issuing entities in the industrial transformation and integration of urban investment [6][7][45]. 3. Summary by Directory 3.1 5 - month Urban Investment Bond Market Operation Characteristics - **Financing and issuance scale**: Affected by tightened financing policies and seasonal factors, the issuance scale of urban investment bonds decreased by 52.44% month - on - month to 26.3616 billion yuan, and the net financing was - 7.127 billion yuan, remaining negative for three consecutive months. The issuance scale from January to May was 2.3 trillion yuan, a year - on - year decrease of 13.22%. 21 provinces had net outflows, and the net outflow scale of key provinces and large economic provinces decreased month - on - month [9][11]. - **Review and approval**: The review and approval pass rate of urban investment bonds on the exchange decreased by 7.45 percentage points to 88.01% month - on - month, with 7 bonds terminated for review, mainly issued by AA - level and below entities. The registration pass rate of the National Association of Financial Market Institutional Investors increased by 5.97 percentage points to 11% month - on - month [10][11]. - **Innovative varieties**: The issuance of science - and - technology bonds accelerated. In May, 14 labeled urban investment bonds were issued, with a total scale of 1.2 billion yuan. Among them, 9 science - and - technology bonds had a scale of 870 million yuan. Labeled urban investment bonds had a certain cost advantage [17]. - **Issuance term and borrowing - to - repay ratio**: The weighted average issuance term was 4.18 years, an increase of 0.18 years month - on - month. The borrowing - to - repay ratio was 93.24%, and 14 provinces reached 100%. Only Chongqing among the 8 key provinces issued new - type urban investment bonds [20]. - **Issuance interest rate and spread**: The weighted average issuance interest rate was 2.30%, a decrease of 0.13 percentage points month - on - month, and the spread was 77.49BP, a narrowing of 14.44BP month - on - month. The issuance cost in key provinces was higher and the decline was smaller [23]. - **Overseas bonds**: The issuance scale of overseas urban investment bonds decreased by 70.33% month - on - month to 1.2218 billion yuan, and the weighted average issuance interest rate increased by 0.31BP to 5.88% [29]. - **Yield and credit spread**: The spot trading scale of urban investment bonds decreased year - on - year and month - on - month. The yield of urban investment bonds decreased overall, and the credit spreads of most key provinces narrowed [32]. 3.2 Credit Analysis - **Rating adjustment**: On May 19, 2025, Shanghai Brilliance Credit Rating & Investors Service Co., Ltd. upgraded the bond ratings of "G23 Nanhu 1" and "23 Nanhu Green Bond 01" of Jiaxing Nanhu Urban Construction Investment Group Co., Ltd. from AA+ to AAA, with a stable outlook [7]. - **Abnormal transactions**: 46 bonds of 39 urban investment entities had 70 abnormal transactions, with a scale of 252 million yuan. The scale and number of abnormal transactions decreased month - on - month [7]. 3.3 Early Redemption and Maturity Putback - In May, 62 urban investment companies early - redeemed the principal and interest of 73 bonds, with a scale of 1.3396 billion yuan, a month - on - month decrease of 46.34%. The maturity and putback scale of urban investment bonds in the second half of the year is 2.8 trillion yuan [7]. 3.4 Investment Strategy - Allocate high - quality enterprises in strong regions based on fundamentals and moderately extend the duration. For medium - and short - term duration allocation, focus on strong urban investment companies in key provinces with debt resolution benefits and weak - qualified urban investment companies in strong regions. Also, pay attention to new bond - issuing entities in the industrial transformation and integration of urban investment, especially those with labeled bonds such as science - and - technology and green bonds [6][45]. 3.5 Recent Policies and Hot Events - **Central policies**: In May, the central government introduced policies beneficial to the transformation and development of urban investment enterprises, including supporting the issuance of science - and - technology bonds, promoting urban renewal, reforming national economic development zones, and improving the modern enterprise system with Chinese characteristics [6][48]. - **Local policies**: Jilin proposed to accelerate the "withdrawal from the province", Xinjiang set a goal to clear financing platforms in 2025, Jiangsu supervised the replacement of implicit debts with special bonds, and Zhejiang issued special bonds for purchasing existing commercial housing [6].

摘要 城投产业化转型主要方向及核心资源是哪些？ 各类转型方向首次发行债券企业案例 报告正文如下 一揽子化债以来，各地纷纷以地方产业资源禀赋和未来发展战略为导向，加快城投产业化转型和地方产业类国有企业的打造。本文以2024年以来实 现债券首发的产业类国有企业为样本，首先总结上述企业和债券的基本特征、转型方向、方式及核心资源，进而解析代表企业的业务结构、财务状 况及整合方式，以期为产业类国有企业主体的打造提供借鉴。 一 2024年至今，实现债券首次发行的地方产业类国有企业有何特点？ 2024年至2025年一季度，实现债券首次发行的地方产业类国有企业有何特点？ 2024年至2025年一季度，根据公开信息的统计数据，超过150个地方产业类国有企业实现了债券新增发行。基本特征如下表所示： 实现债券首发的地方产业类国有企业主要集中于经济较为发达且负面舆情少的地区 地级市及区县的产业类主体发行较多，但区域表现分化明显 交易所私募产品占绝大多数，资金主要用于偿还债务 高质量的资产、权益、收入、利润及现金流越来越受到重视，平台公司评价中的唯财务数据规模思维开始转变，弱主体基本都有外部担保进 行增信 国有资产运营：各类土地、物业 ...

监测月报 2025 年 4 月 1 日—4 月 3 0 日 2025 年第 4 期 城投市场研究 作者： 中诚信国际 研究院 梁蕴兮 yxliang@ccxi.com.cn 汪苑晖 yhwang@ccxi.com.cn 中诚信国际研究院 执行院长 袁海霞 hxyuan@ccxi.com.cn 【城投债市场运行 2024 年回顾与 2025 年展 望】重点省份净融出、退名单序幕将拉 开，关注化债与转型加速下的博弈与分化， 2025-01 【2024 年前三季度城投市场运行回顾与展 望】一揽子化债一周年：当前城投债运行 特点、风险关注及展望 【2024年8月城投债市场运行分析】净融转 负、行情小幅回调，仍可采取结构性下沉 策略 【2024年7月城投债市场运行分析】净融资 回升重点区域改善明显，化债"充值信仰" 投资偏好再下沉 【2024 年上半年城投市场运行回顾与展望】 化债持续加码、城投债净融骤降九成，关 注投资收缩效应与转型风险 【2024年5月城投行业运行分析】近九成发 债省份借新还旧比例 100%，高风险地区持 续推进金融化债 【2024年4月城投行业运行分析】城投债净 融资转负信用利差继续收窄，低利率环 ...