Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - The Central Urban Work Conference points out a new direction for urban development. Special bond support areas may be further tilted towards urban renewal, green - low - carbon, safety - resilience, and smart governance. Urban investment enterprises can participate in urban renewal and smart city operations to accelerate market - oriented transformation [7][9]. - Jilin plans to issue 26 billion yuan of special bonds for small and medium - sized banks to support the establishment of a provincial rural commercial bank. In the future, more provinces may issue relevant bonds to support small and medium - sized banks and explore the feasibility of supporting other local small and medium - sized financial institutions [11]. - This week, the issuance and net financing of local government bonds and urban investment bonds both increased, with different trends in issuance costs and structures [16][20]. Summary by Directory 1. News Review - **Central Urban Work Conference**: Held from July 14th to 15th, it emphasizes "five transformations" and "seven key tasks". Special bond support areas may be tilted towards urban renewal, etc., and urban investment enterprises can accelerate transformation [7][8][9]. - **Jilin's Special Bond Issuance**: Jilin plans to issue 26 billion yuan of special bonds for small and medium - sized banks on July 22nd. More provinces may follow suit to support small and medium - sized banks and explore supporting other local small and medium - sized financial institutions [11][12]. - **Early Redemption of Urban Investment Bonds**: 18 urban investment enterprises redeemed bond principal and interest in advance this week, involving 20 bonds with a total scale of 2.704 billion yuan [14][15]. - **Cancellation or Postponement of Urban Investment Bond Issuance**: No urban investment bonds were cancelled or postponed this week [16]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local Government Bonds**: 45 local bonds were issued this week, with a scale of 231.79 billion yuan, a net financing of 110.229 billion yuan. The issuance of new special bonds exceeded half of the annual quota. The weighted average issuance interest rate rose to 1.80%, and the spread widened to 10.35BP [16]. - **Urban Investment Bonds**: 135 urban investment bonds were issued this week, with a scale of 88.943 billion yuan, and the net financing was - 3.301 billion yuan. The overall issuance interest rate was 2.13%, and the spread was 66.47BP. Four overseas urban investment bonds were issued, with a total scale of 4.467 billion yuan [20]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Funds and Credit Rating Adjustment**: The central bank net - withdrew 22.65 billion yuan this week. On July 9th, 2025, Zhongzheng Pengyuan downgraded the rating of "22 Shenshan Investment MTN001" of Guangdong Shenshan Investment Holding Group Co., Ltd. from AAA to AA+ [23][24]. - **Trading Volume and Yield**: The trading volume of local government bonds was 390.614 billion yuan, a decrease of 30.89%. The trading volume of urban investment bonds was 284.91 billion yuan, a decrease of 2.16%. The yields of both mostly increased [24]. - **Abnormal Trading of Urban Investment Bonds**: 18 urban investment entities had 22 abnormal bond trades, with an increase in the number of entities, bonds, and trades [25]. 4. Important Announcements of Urban Investment Enterprises 86 urban investment enterprises issued announcements on changes in senior management, legal representatives, etc., including changes in executives, legal representatives, directors, and supervisors; changes in controlling shareholders and actual controllers; equity/asset transfers; changes in fund use; cumulative new borrowings; and external guarantees [29].

www.lhratings.com 研究报告 1 报告摘要： 退平台源于城投平台的名单制管理，目前大致经历了三轮，分别为退出银监会城 投名单、财政部的城投平台名单和各省份确认报送国务院的融资平台名单。城投企业 退平台的动机主要是为了突破融资束缚和获取更多的发展机会。从本轮化债政策看， 城投企业退平台不仅是企业自身的选择，更是政策推动的结果，目的是促使城投企业 与地方政府实现信用"脱钩"，化解隐债风险，推进城投企业市场化转型。 2021－2023 年，退平台主体在业务转型方面取得了一定的效果，非城投业务收 入占比有所提升。随着新一轮化债工作的开展，城投企业退平台进程有所加快。2024 年以来，退平台主体债券融资募集资金用途仍主要为偿还到期债务，实现新增债券融 资的规模仍较小。从退平台进展看，重庆市、江苏省、浙江省、辽宁省、吉林省、内 蒙古自治区和新疆退平台进展相对较快。退平台主体信用级别主要为 AA 和 AA+， 行政级别以区县级（含开发区）城投为主。 从退平台主体与地方政府的关系看，退平台主体与地方政府的关系将逐步弱化， 但二者实际关系调整受股权及人事关系、业务及财务关联和转型进度影响大。短期内， 多数退平台 ...