1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The "Opinions on Continuously Promoting Urban Renewal Actions" was released, defining the "roadmap" and "timetable" for urban renewal, and multiple - dimensional financing support will be strengthened [6][7]. - Xinjiang plans to clear all financing platforms by the end of 2025, and Jilin aims to exit the list of key provinces with high - risk debts [6][12]. - This week, 10 urban investment enterprises prepaid bond principal and interest, with a total scale of 1524 million yuan [6][14]. 3. Summary by Directory 3.1. News Review 3.1.1. "Opinions on Continuously Promoting Urban Renewal Actions" - Since 2019, the central and local governments have actively promoted urban renewal. By the end of 2024, China's urbanization rate reached 67%. From 2019 - 2024, 280,000 old communities were renovated, benefiting over 120 million people. Various infrastructure improvement projects have also achieved remarkable results [8]. - Future urban renewal focuses on eight tasks, aiming to make important progress by 2030 [9]. - Financing support includes central finance (continuing to increase investment and special treasury bond support), local finance (expanding special bond investment areas), financial institutions (formulating special loan management methods), and diversifying financing methods (such as PPP and REITs) [10][11]. 3.1.2. Xinjiang and Jilin's Debt - related Goals - Xinjiang plans to complete the clearance of all financing platforms by the end of 2025, and prohibits the establishment of new ones [12]. - Jilin aims to exit the list of high - risk debt provinces by innovating investment and financing models,盘活 "three capitals" of finance, and reducing the number of financing platforms [12]. 3.1.3. Pre - payment of Bonds by Urban Investment Enterprises - This week, 10 urban investment enterprises prepaid 10 bonds, with a total scale of 1524 million yuan, a decrease of 14.409 billion yuan compared to the previous value. Most of these enterprises are from the east and west regions, and the majority of their credit ratings are AA [14]. 3.2. Issuance of Local Government Bonds and Urban Investment Bonds 3.2.1. Local Government Bonds - This week, 51 local government bonds were issued, with a total scale of 197.25 billion yuan, a decrease of 0.66% from the previous value, and a net financing increase of 7.02% to 171.114 billion yuan. As of May 18, the replacement progress of local bonds this year reached 80%, and more than half of the provinces completed their annual tasks [6][16]. - The weighted average issuance interest rate decreased by 1.49BP to 1.88%, and the weighted average issuance spread narrowed by 2.04BP to 12.79BP [16]. - Anhui had the largest issuance scale of 56.452 billion yuan, and Guangxi had the highest issuance interest rate and spread [16]. 3.2.2. Urban Investment Bonds - This week, 35 urban investment bonds were issued, with a total scale of 32.227 billion yuan, a significant decrease of 80.01% from the previous value, mainly due to seasonal factors. The net financing increased by 4.51 billion yuan to - 21.62 billion yuan [6][20]. - The overall issuance interest rate was 2.17%, a decrease of 28.78BP from the previous value, and the issuance spread was 67.58BP, a narrowing of 26.77BP [20]. - Private placement bonds were the main issuance type, accounting for 45.71%. The 3 - year term was the most common, accounting for 37.14%. The issuer's main credit rating was AAA, accounting for 40.00% [20][21]. - Three overseas urban investment bonds were issued, with a total scale of 862 million yuan, and the weighted average issuance interest rate was 5.90% [21]. 3.3. Trading of Local Government Bonds and Urban Investment Bonds - The central bank conducted 486 billion yuan of reverse repurchases this week, with a net withdrawal of 475.1 billion yuan. Short - term capital interest rates mostly increased [26]. - This week, the trading volume of local government bond spot was 452.947 billion yuan, a decrease of 17.66% from the previous value, and most of the maturity yields increased, with an average increase of 3.33BP [26]. - The trading volume of urban investment bonds was 290.14 billion yuan, a decrease of 31.50% from the previous value, and most of the maturity yields increased, with an average increase of 1.41BP. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 7.96BP, 3.71BP, and 6.10BP respectively [26]. - In a broad sense, 25 bonds of 22 urban investment entities had 30 abnormal trades, with an increase in the number of entities, bonds, and abnormal trades [27]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 63 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [32].