多措并举推动债务风险化解，化债取得一定成效 ——陕西省城投企业财务表现观察 联合资信 公用评级三部 |崔竞元 陕西省及下属各地级市陆续出台多种化债举措，通过设立区域稳定发展基金、协调金融机 构提供融资支持、争取中央化债资金和盘活存量资产、拓展收入来源等方式多措并举推动债务 风险化解。2024 年以来，陕西省城投公司投资及债务增速放缓，资产负债率和全部债务资本 化比率均有所下降，部分地级市城投公司债务规模有所压降，债务结构有所优化，债务化解取 得一定成效，但仍面临整体债务负担较重、短期债务占比较高、流动性压力较大等问题。 短期看，国家推出"一揽子化债方案"以来，特殊再融资债券发行置换隐性债务及陕西省 内金融机构的支持，对缓解城投公司流动性压力具有一定的积极作用，但长远看，未来债务化 解的核心仍在于提升城投企业自身造血能力，加快城投公司市场化转型，在经营发展中持续化 债。 | | | www.lhratings.com 研究报告 1 www.lhratings.com 研究报告 1 一、陕西省债务管控情况 陕西省制定一揽子化债方案，多种化债举措协同化债，依托于金融资源的同时， 争取国家化债资金支持，各地市在国家及 ...

Core Viewpoint - Since 2024, Sichuan Province has implemented debt reduction policies, leading to the orderly resolution of hidden debts and a reduction in the number of financing platforms, optimizing the debt structure of urban investment companies [1][2][3]. Debt Management Situation in Sichuan Province - The rapid implementation of debt reduction policies has resulted in a significant decrease in the number of local government financing platforms, with a projected reduction of 71% in the number of platforms and 62% in the scale of operating financial debt by September 2025 compared to March 2023 [2]. - The Sichuan government has issued local government bonds totaling 507.92 billion yuan in 2024, with 1,982 billion yuan allocated for replacing existing debts, alleviating some repayment pressure [3]. Financial Indicators of Urban Investment Companies - Investment in urban construction, self-operated assets, and equity and fund investments has been increasing, but the growth rate is declining. By the end of 2024, the proportion of urban construction assets is decreasing, while the share of equity and fund investments is rising [8][9][10]. - By the end of 2024, the total debt scale of urban investment companies in Sichuan Province continues to grow, with a year-on-year growth rate of 9.28%. Chengdu accounts for nearly 70% of the total debt scale [21][25]. Cash Flow and Collection - The scale of accounts receivable for urban investment companies has been expanding, but the growth rate is slowing down. By the end of 2024, the cash income ratio remains high, indicating good cash collection performance [13][14]. - Chengdu's accounts receivable scale exceeds half of the province's total, with a growth rate of 10% in 2024, indicating a need for improved cash collection [14]. Financing Activities - The cash inflow from financing activities for urban investment companies has been shrinking, with most cities experiencing a decline in net inflow. Chengdu's financing activities account for over 60% of the province's total [15][21]. - The financing structure is primarily reliant on bank loans, which account for over 68% of total financing, while bond financing is decreasing [22][27]. Debt Structure and Repayment Capacity - The overall debt structure remains dominated by long-term debt, with a reasonable maturity structure. However, the asset-liability ratio and total debt capitalization ratio have been rising, indicating increasing debt burdens [24][25]. - Different regions exhibit varying refinancing capabilities, with some areas facing significant short-term repayment pressures [25][27].

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The debt resolution in Shandong Province has achieved certain results. The investment and debt growth rates of Shandong's urban investment companies have slowed down since 2024. Weifang City has benefited from debt - resolution policy support, with a decline in the debt scale of urban investment companies and an optimization of the debt structure. However, the overall debt burden of Shandong's urban investment companies is relatively heavy, the proportion of short - term debt is high, and the financing structure needs further optimization. In addition, negative public opinions of some urban investment companies have not been completely eliminated. In the short term, the implementation of the policies of "unified management of three types of debts" and "sinking all implicit debt replacement bonds to cities and counties" has a positive effect on alleviating the liquidity pressure of urban investment companies. In the long run, the core of future debt resolution lies in enhancing the self - hematopoietic ability of urban investment companies and accelerating their substantial transformation [2] Summary According to Relevant Catalogs 1. Debt Management in Shandong Province - **Overall Measures**: Since the implementation of the "package debt - resolution" plan, Shandong Province has taken diversified debt - resolution measures, including issuing 196.5 billion yuan of special refinancing bonds in 2024 to replace implicit debts. It has also coordinated with financial institutions, raised debt - resolution funds through various means, revitalized assets, deepened state - owned enterprise reforms, reduced the number of platforms, and promoted the transformation of enterprises into industrial - type ones [4] - **Policy Support**: In 2024 and 2025, Shandong Province issued a series of policies, such as the implementation of "unified management of three types of debts", the establishment of a financial enterprise alliance, and the promotion of the market - oriented transformation of government platforms. It is also planned to sink implicit debt replacement bonds to cities and counties and ensure the "zeroing out" of stock implicit debts by the end of 2028 [5] - **Regional Measures**: Different cities in Shandong have taken various debt - management measures, such as establishing working groups, strengthening debt monitoring, and implementing the "unified management of three types of debts". Some cities have also completed the replacement of high - interest debts and achieved certain results in debt resolution [6][7] - **Regional Achievements**: Some cities have achieved remarkable results. For example, Qingdao plans to receive an intentional investment of no less than 40 billion yuan from four major AMC in five years; Yantai has completed the replacement of high - interest urban investment debts with a comprehensive financing cost of 7% (inclusive) or above; Weifang has obtained a large amount of replacement bond quotas and carried out a "unified borrowing and repayment" replacement business [8] 2. Changes in Financial Indicators of Urban Investment Companies - **Investment**: Since 2024, the investment growth rate of Shandong's urban investment companies has continued to slow down, and the growth rates of self - operating assets, equity, and fund - type assets have exceeded those of urban construction - type assets. By the end of 2024, most regions had an increase in investment, except for Rizhao, Liaocheng, and Dongying. The regions with a relatively high proportion of urban construction - type assets include Weihai, Tai'an, etc.; those with a relatively high proportion of self - operating assets are Zibo, Jinan, and Yantai; and the regions with a relatively high proportion of equity and fund investment - type assets are Dezhou, Rizhao, and Weifang [11][13][14] - **Receivables**: Since 2024, the accounts receivable scale of Shandong's urban investment companies has continued to grow, but the overall growth rate has continued to slow down. The accounts receivable scales of Qingdao, Jinan, and Weifang are relatively large, and the growth rates of Liaocheng and Dezhou are relatively fast [16][18] - **Financing**: In 2024, the net cash inflow from financing activities of Shandong's urban investment companies continued to decline. The net inflow scale was relatively large in regions with solid economic foundations and strong financial strength, such as Qingdao and Jinan. The financing cash flow of Weifang's urban investment companies has been in a net outflow for three consecutive years, and the net cash flow from the financing activities of Weihai's urban investment companies has turned negative since 2023 [20][23] - **Interest - Bearing Debt**: The debt scale of Shandong's urban investment companies has continued to grow, but the growth rate has slowed down. In 2024, the debt growth rates of Weifang and Rizhao were negative. The short - term debt proportion of most regions increased in 2024, except for some areas. The financing of urban investment companies still mainly relies on bank loans, and the proportion of other financing has fluctuated. In 2024, except for some regions, the proportion of other financing in most regions increased, and the financing structure needs further optimization [27][29][31] - **Debt Repayment Ability**: In 2024, the debt burden of Shandong's urban investment companies increased, and the cash - to - short - term - debt ratio further decreased. By the end of 2024, the total debt capitalization ratios of Zibo and Yantai were higher than the national average, and the cash - to - short - term - debt ratios of all regions in Shandong were lower than 0.60 times, indicating that urban investment companies still face relatively large pressure in debt repayment and liquidity [34][35] 3. Conclusion - **Achievements**: Shandong has used diversified means for debt resolution, achieving a slowdown in the growth rates of accounts receivable and debt scale of urban investment companies. The debt scale of Weifang's urban investment companies has decreased, and the debt structure has been optimized [38] - **Problems**: The overall debt burden of Shandong's urban investment companies is heavy, the proportion of short - term debt is high, and the financing structure needs further optimization. Negative public opinions in some cities have not been completely eliminated, and the regional financing environment needs improvement [38] - **Suggestions**: In the short term, the policies of "unified management of three types of debts" and "sinking all implicit debt replacement bonds to cities and counties" are helpful for alleviating liquidity pressure. In the long run, the key is to enhance the self - hematopoietic ability of urban investment companies and accelerate their substantial transformation [38]

Core Viewpoint - Local debt risk is considered one of the three major "gray rhinos" in the economic field, crucial for the overall construction of Chinese-style modernization. The exit of financing platforms and the market-oriented transformation of urban investment companies are essential for establishing a long-term mechanism to prevent and resolve local debt risks, as well as achieving "development through debt reduction" [1]. Financing Platform Exit Situation - The local debt, primarily carried by financing platforms, has played a significant role in promoting local economic and social development. A series of government documents since 2010 have aimed to regulate and reduce the functions of these platforms, culminating in the 2024 "Document No. 150," which mandates the complete exit of financing platforms by June 2027, requiring them to clear hidden debts and transform into market-oriented entities [2][3]. Progress and Path of National Financing Platform Exit - By 2025, significant progress has been made in reducing the number of financing platforms, with a total reduction of 4,680 platforms, accounting for over two-thirds of the annual decrease. Some provinces, such as Ningxia and Inner Mongolia, have achieved exit rates of 76% and 66.5%, respectively, surpassing the national average [3][4]. Challenges and Difficulties in Financing Platform Exit - The exit process faces several challenges, including pressure to clear hidden debts, difficulties in obtaining consent from financial creditors, and unclear operational standards. The current economic environment, characterized by declining land transfer revenues and tight finances, exacerbates these challenges [6]. Urban Investment Company Transformation Path - Urban investment companies are experiencing a "three weaknesses" phenomenon in operations, management, and assets. The transformation process is focused on market-oriented, refined, and specialized development, with a shift towards becoming state-owned capital investment/operation companies, urban comprehensive operators, or industrial groups [7][8]. Transition to State-Owned Capital Investment/Operation Companies - The primary model involves integrating industrial investment with state-owned asset management, focusing on optimizing state capital layout and enhancing value preservation and appreciation. This transition is guided by national policies and aims to improve operational efficiency [9]. Transition to Urban Comprehensive Operators - Urban comprehensive operators are expected to provide a full range of services, from planning and construction to operation and management. This transition requires a clear urban development strategy and the expansion of diversified business operations [13][14]. Transition to Industrial Companies - The trend of urban investment companies rebranding as "industrial investment" reflects a strategic intent to alleviate local debt pressure and effectively promote industrial development. This involves optimizing industrial park operations and leveraging regional resource advantages [16][17]. Recommendations for Financing Platform Exit and Urban Investment Company Transformation - To achieve effective exit and transformation, a top-level design approach is necessary, focusing on short-term survival and long-term development. This includes establishing clear exit goals, optimizing asset and debt structures, and enhancing financial support mechanisms [19][20][21].

Group 1 - The core viewpoint is that the Chinese government is undergoing significant changes in its financing system, with a notable increase in government net financing while city investment bonds (CIB) are experiencing negative net financing [1][2] - In the first half of 2023, the net financing of government bonds reached 7.66 trillion yuan, an increase of 4.32 trillion yuan year-on-year, representing a growth of approximately 129% [1][4] - The net financing of city investment bonds saw a decline of 763.60 billion yuan, a year-on-year decrease of about 149%, indicating a tightening supply of CIBs [1][4] Group 2 - The decline in CIB issuance and negative net financing is a result of stricter regulations aimed at controlling new hidden debts and enhancing oversight of CIBs [2][4] - Despite the decrease in CIB financing, the government still needs to increase debt funding for major project construction to sustain economic growth amid complex internal and external conditions [2] - Infrastructure investment in the first half of 2023 grew by 4.6%, outpacing overall investment growth by 1.8 percentage points, supported by the acceleration of special local government bonds and ultra-long-term special treasury bonds [4] Group 3 - The ongoing transformation of city investment companies is being accelerated, with over 7,000 companies withdrawing from the government financing platform list last year [1] - The report from China Chengxin International indicates that while the pace of debt resolution is increasing, local governments still face significant repayment pressures, and the effectiveness of monetary policy and tools needs continuous observation [4] - The quality of the transformation among city investment enterprises varies, raising concerns about the restructuring of government-enterprise relationships and the potential for increased debt burdens due to "fake transformations" [4]

Key Points - The issuance of replacement bonds for hidden debt reached approximately 1.8 trillion yuan in the first half of the year, indicating a rapid and early issuance trend [1] - The issuance of special new bonds for debt resolution is projected to be 800 billion yuan annually for five years starting in 2024, with 4.623 billion yuan issued in the first half of this year [1][2] - The total amount of local bonds issued for debt resolution accounted for 41% of the total issuance in the first half of the year [1] - The issuance of replacement bonds helps to make hidden debts visible, thereby reducing the scale of existing hidden debts and improving the overall debt structure [2] - Local governments are increasingly using special bonds to repay overdue payments to enterprises, with specific allocations made in regions like Yunnan [2][3] - The Ministry of Finance emphasizes the importance of resolving overdue payments to enterprises, particularly for private enterprises, to enhance their resilience against risks [3][4] - There is a call for accelerating the transformation of local investment companies to reduce reliance on local governments and improve their market competitiveness [4][5]

Group 1 - The core issue in Guangxi, particularly in Liuzhou, revolves around debt resolution and economic development, with significant attention from the regional government [2][5] - Liuzhou has successfully completed a phase of debt resolution, achieving a "zero" status for non-standard debt by the end of June, and has maintained a stable financial environment for over four years [2][5] - The local government aims to resolve over 100 billion yuan in debt principal and interest in 2024, while reducing interest expenses by 1.6 billion yuan [2][5] Group 2 - Liuzhou's public budget revenue for 2024 is projected at 14.9 billion yuan, with a local government debt balance of 104.3 billion yuan, resulting in a wide debt ratio of approximately 490% [5][21] - The urgency of debt resolution is underscored by the national goal to reduce local government hidden debt from 14.3 trillion yuan to 2.3 trillion yuan by 2028, requiring an annual reduction of 460 billion yuan [6][19] - The overall local government debt, including hidden debts, is a significant concern, with the total government debt reaching approximately 70.77 trillion yuan by the end of 2023 [7][8] Group 3 - The current debt resolution strategy primarily involves debt replacement, converting high-interest, short-term debts into lower-interest, long-term obligations [16][19] - Challenges in debt resolution include the ongoing pressure of interest payments on existing debts, which remain high despite lower new financing rates [16][17] - The economic structure of Liuzhou is fragile, with a GDP growth rate of only 1.5% in 2024, indicating a need for structural adjustments to ensure sustainable economic development [21][22] Group 4 - The local government is focusing on high-quality development as a long-term solution to the debt crisis, rather than merely reducing debt levels [22][23] - The new leadership emphasizes the importance of industrial revitalization and sustainable economic practices to overcome the current financial challenges [23]