随着成渝地区双城经济圈建设持续推进，加之到期债务需要通过新增融资来维持流动性等因素， 近年来，四川省城投公司债务规模持续增长，但增速持续放缓。"一揽子化债方案"实施以来，四川省 城投公司债券发行及非标融资受限，相应新增融资主要向银行贷款转移，并通过银行贷款实现高息非 标债务置换，银行融资占比逐年提升，债券及其他融资合计占比逐年压降。但各区域债务结构出现分 化，不同地市再融资能力具有差异化表现；部分区域城投公司在偿债及流动性方面仍存在一定压力。 投融资结构优化，局部流动性压力仍存 ——四川省发债城投企业财务表现观察 联合资信 公用评级四部 |张丽斐 |刘凯元 2024 年以来，随着化债政策快速落地，四川省隐性债务有序化解，融资平台数量持续压降。通过 推动政府产业投资引导基金运作和盘活国有资产等市场化转型，城投公司投资结构持续调整。 城投公司投资端增速放缓，城建类投资受限，部分区域应收账款回款压力有待缓解。在财政收支 压力较大的背景下，城投企业除额度内置换债外难以获得大规模资金支持，财务基本面显著改善难度 仍大，未来经营性债务化解需依赖城投公司加快实质转型和提升自身造血能力，实现经济发展与化债 的新平衡。 www ...

Core Viewpoint - The successful issuance of bonds by urban investment companies (城投公司) on exchanges signifies a critical step towards transforming from traditional financing platforms to market-oriented entities, enhancing their financing channels, governance structures, and credit transparency, akin to the status of listed companies [7] Financing Function Upgrade - Urban investment companies have shifted from relying on indirect financing methods, such as bank loans and trusts, to direct financing through bond issuance on exchanges, allowing for larger financing scales, longer terms (5-10 years), and potentially lower costs [1] Market Recognition and Credit Endorsement - Successful bond issuance requires passing strict processes including exchange review and credit rating, which demonstrates the company's debt repayment ability and asset quality, thereby enhancing its creditworthiness in the capital market [2] Governance and Transparency Requirements - To meet exchange regulatory requirements, urban investment companies must improve their governance structures, financial systems, and information disclosure, similar to the standards required of listed companies [3] Expanded Capital Operation Space - Following successful bond issuance, urban investment companies can diversify their financing tools, such as convertible bonds and green bonds, enhancing their flexibility in capital operations [4] Brand Effect and Market Position Enhancement - High-rated bond issuance can elevate the influence of urban investment companies within their regions, attracting more investors and potentially establishing them as benchmarks for local government financing [5] Notable Differences - The fundamental difference between equity and debt financing is highlighted, as urban investment companies engage in debt financing, which requires regular principal and interest repayments without diluting equity [6] - Regulatory oversight differs, with listed companies under the supervision of the securities regulatory commission, while bond-issuing urban investment companies are primarily regulated by exchanges and other governmental bodies [6]

Core Viewpoint - The establishment of a high-quality government debt management mechanism and a comprehensive local debt monitoring and regulatory system is crucial for balancing development and risk prevention during the "14th Five-Year Plan" period [1][2]. Group 1: Local Government Debt Growth - Local government debt has rapidly increased from approximately 25.7 trillion yuan at the end of 2020 to an estimated 51.3 trillion yuan by May 2025, representing a doubling of the debt [1]. - The total local debt is currently within the limit of 57.9 trillion yuan, indicating that the overall risk is manageable [1]. - The significant increase in local debt during the "14th Five-Year Plan" is attributed to the need for economic stability in response to the pandemic and other macroeconomic changes [4][8]. Group 2: Mechanisms for Debt Management - The "14th Five-Year Plan" has seen a shift towards a more transparent management of all debts, moving from dual-track management of hidden and legal debts to a unified approach [1][4]. - The issuance of special bonds has surged, with the annual issuance during the "14th Five-Year Plan" period averaging around 4 trillion yuan, aimed at supporting infrastructure and housing projects [9][10]. - The central government has implemented a comprehensive debt reduction policy, with an estimated 12 trillion yuan allocated to mitigate existing hidden debts [9][15]. Group 3: Regulatory Framework and Challenges - The regulatory framework for local government financing has improved, with measures such as dynamic management of high-risk areas and enhanced transparency in debt monitoring [11][15]. - Despite progress, challenges remain, including the potential for new hidden debts and inflated revenue projections for special bond projects [16][17]. - The need for a balance between debt sustainability and fiscal space is emphasized, particularly as interest payments on debts increase [16][21]. Group 4: Future Considerations for the "15th Five-Year Plan" - The focus for the "15th Five-Year Plan" will be on enhancing the quality of debt management and ensuring that debt financing aligns with high-quality development goals [2][21]. - There is a call for a more refined evaluation system for the entire lifecycle of projects funded by debt to ensure accountability and effectiveness [16]. - The transformation of local financing platforms into market-oriented entities is necessary to reduce reliance on government credit and enhance operational efficiency [20][21].

Core Insights - Moody's upgraded the international rating of Henan Airport Investment Group from Baa1 negative to Baa1 stable, reflecting recognition of the group's high-quality development and positive growth prospects [1] Macro Dynamics - In the first four months of 2025, the Ministry of Finance reported that a total of 14,927 billion yuan in new local government bonds were issued, including 3,023 billion yuan in general bonds and 11,904 billion yuan in special bonds [3] - As of the end of April 2025, the total local government debt balance reached 506,931 billion yuan, with general debt at 170,692 billion yuan and special debt at 336,239 billion yuan [3] Regional Highlights - Shaanxi Province is conducting special audits on financing platforms to reveal issues in hidden debt prevention and financing platform transformation [4] - Hainan Province is supporting eligible urban renewal projects to apply for new local government special bonds, with financial assistance for cities that increase land transfer revenue by over 10% compared to 2024 [6] Issuance Dynamics - Gongyi City plans to issue 1 billion yuan in medium-term notes for new urban construction [7] - Nanyang City Investment Holdings has received approval to issue 1 billion yuan in corporate bonds [7] - Zhengzhou Economic Development Investment completed the issuance of 700 million yuan in corporate bonds at a rate of 2.27% [7] - The Ministry of Finance plans to issue 68 billion yuan in government bonds in Hong Kong throughout 2025 [7] - The first knowledge property ABS in China was successfully issued with a rate of 2.15% [7] Debt Market Entities - Yichuan Caiyuan Industrial Investment announced the transfer of equity in five companies to Yichuan Ecological Technology City Investment to optimize resource allocation [8] - Lhasa City Investment completed its first non-standard debt replacement business with China Minsheng Bank [9] - Kaifeng Xiangfu District Development Investment has exited the government financing platform to operate as a market-oriented entity [10] Debt Market Sentiment - The Shenzhen Stock Exchange terminated the review of Jiangsu Hushuguan Investment Holding Group's 516 million yuan private bond project [11] - The Shanghai Stock Exchange terminated the review of Zoucheng Hengtai Holding Group's 800 million yuan private bond project [12] Market Perspectives - Dongwu Securities identified three characteristics of city investment companies issuing technology innovation bonds, including higher platform qualification thresholds, specific business requirements, and lower reliance on local government [14] - City investment companies meeting these criteria can leverage technology innovation bonds to invest in high-tech industries by June 2027 [15]