在国家"十四五"规划圆满收官、"十五五"规划谋篇布局的关键节点，如何有效化解地方政府隐性债务风 险、推动经济高质量发展，已成为关乎区域发展全局的核心命题。自2018年中央27号文明确要求5至10 年内实现清零目标以来，传统城投公司依赖政府信用、从事基础设施代建的"路径依赖"被彻底打破，市 场化转型从"选择题"变为"必答题"。 在此背景下，唐山控股发展集团股份有限公司（以下简称"唐控发展集团"）立足自身作为市级主要城投 平台的职责定位，将"扛债化债"作为转型的根本出发点和落脚点，以"市场化、产业化、资本化"为核心 路径，通过战略性并购上市公司、培育新质生产力、构建现代产业体系、推动"引链入唐"等一系列举 措，走出了一条独具特色的"并购增信扛债+园区建设收益化债"转型之路，为全国城投平台的市场化转 型提供了可复制、可推广的实践样本。 破冰之举 以战略性并购构筑产业新生态 自上世纪90年代诞生以来，城投平台作为地方政府推进城市化建设的重要载体，在道路、桥梁、市政设 施等基础设施建设中发挥了不可替代的作用。然而，随着城市化进程进入新阶段，传统城投模式的弊端 逐渐显现，过度依赖政府信用、业务结构单一、市场化运营能力薄弱 ...

Group 1: Report's Investment Rating - No information provided Group 2: Core Views of the Report - Amid the deepening of local government debt risk prevention and the acceleration of financing platform reform and transformation, with the implementation of the debt - resolution package, there have been phased achievements in implicit debt resolution and financing platform exits. However, bond issuance review maintains a strict supervision of new urban investment financing. In 2025, local governments actively integrated state - owned resources, and the number of entities achieving new - use bond issuance increased, but regional transformation progress varies significantly [2]. - The current debt - resolution policies have two - sided impacts: on one hand, they boost urban investment credit, compress issuance costs and credit spreads, and relieve short - term liquidity pressure; on the other hand, they tighten financing channels and force urban investment entities to accelerate market - oriented transformation [3]. Group 3: Summary by Relevant Catalogs 1. Overview of Urban Investment Bond Issuance under Strict Supervision - Since the Politburo meeting in July 2023 proposed a "package debt - resolution plan", local debt risk resolution has entered a new stage. With a series of supporting policies centered on "controlling new growth, resolving existing debt, and promoting transformation", bond issuance review strictly restricts new urban investment financing while also providing an exit mechanism for list - based management, and the debt - resolution concept is shifting from "risk prevention" to "both risk prevention and development promotion" [3]. - In terms of net financing performance, since 2024, under the influence of strict financing supervision and the maturity peak, the net financing scale of urban investment bonds has dropped significantly, with more than 10 provinces having negative net financing. In the first three quarters of 2025, the total issuance and net financing of urban investment bonds decreased year - on - year, with only 14 provinces having a small net inflow [5]. - Regarding the use of funds raised by urban investment bonds in the first three quarters of 2025, over 80% was used for debt roll - over, about 13% for repaying interest - bearing debts, and less than 1% each for project construction and working capital supplementation. Other uses accounted for about 3% [6]. - From 2024 to the first three quarters of 2025, there were 520 entities achieving new - use bond issuance (excluding duplicates), mainly high - level and high - quality entities. The new - raised funds were mainly used to repay interest - bearing debts, and the proportion of other new - use bonds in terms of the number and amount of issuance was about 30% and 22% respectively [9]. - In terms of regional distribution, Tibet and Qinghai have no new - use urban investment bond issuance. Entities achieving new - bond issuance are mainly from economically strong provinces with rich transformation resources. Guangdong has the most new - break - through entities since 2025. Jiangsu and Zhejiang follow, with relatively active new bond issuances by district - county - level entities [12]. 2. Sample Analysis of Newly - Issued Bond Financing Entities - From 2024 to September 2025, there were about 376 urban investment and transformation - type entities making their debut in the bond market. Zhejiang, Jiangsu, Shandong, and Guangdong had the most newly - issued entities, accounting for 58% of the total. AA+ and above entities accounted for about 80%, and district - county - level entities accounted for about 50% [18]. - Among the newly - issued entities, 273 achieved new uses of bond - raised funds. Guangdong, Shandong, Jiangsu, and Zhejiang were in the top four, accounting for 55% of the total. The proportion of entities achieving new uses in Jiangsu and Zhejiang was relatively low, possibly due to the integration of bond - issuing entities [19]. - Non - top economically developed provinces' newly - issued and new - use entities are concentrated in provincial capitals, while in Zhejiang, Jiangsu, and Guangdong, entities are more widespread and have a more obvious downward trend to the district - county level. Jiangsu and Zhejiang often use internal resource integration of bond - issuing entities, while Guangdong mainly uses government - led integration of regional operating assets [22]. - Newly - issued and new - use entities mainly issue on exchanges, with 85% of exchange - issued entities only issuing private placement bonds. Many entities use guarantee and credit enhancement, and an increasing number explore special - labeled bond varieties [24]. - Over 40% of newly - issued and new - use entities have total assets of less than 10 billion yuan, and 65% have total assets of less than 15 billion yuan. Half of the entities have an asset - liability ratio of no more than 50%, and about 30% have a ratio below 40%. Their main business is relatively focused, but most are in the business expansion and cultivation stage, and about 10% had negative net profits in 2024 [27]. - For district - county - level newly - issued and new - use entities, about half belong to districts and counties with a general public budget revenue of over 8 billion yuan, and 11 belong to those with less than 2 billion yuan but relatively light debt burdens. For prefecture - level entities, 65% belong to prefectures with a general public budget revenue of over 20 billion yuan, and about 20% are from prefectures with over 100 billion yuan [30]. 3. Insights from Cases of Newly - Issued Urban Investment and Transformation - Type Entities - The transformation process varies greatly among regions. Successful entities show provincial concentration characteristics. Local governments and enterprises should choose appropriate transformation plans according to regional urbanization, resource endowments, and their own conditions [33]. - Transformation direction: Entities should clarify their functional positioning and choose transformation directions around serving urban industrial development, improving urban functions, and meeting social and people's livelihood needs. The current transformation directions mainly include urban comprehensive operation and industrial investment and operation entities [35]. - Integration methods: Different regions should choose integration forms based on their resource status and their own conditions, such as government - led integration of regional industrial resources, internal resource integration of bond - issuing urban investment entities, merger integration, and acquisition/merger of external resources [37]. - Asset and business reconstruction: Entities should meet the "335 indicators", have clear main businesses matching their functional positioning, and possess market - oriented operation and self - financing capabilities [38]. - Clarify the boundary with the government: Entities need to clarify the boundaries with the government in terms of debt, property rights, rights and responsibilities, and business, and continuously improve the market - oriented operation mechanism [42].

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoint In 2025, the central government's focus on local debt supervision is more on the implementation of the 1 trillion yuan debt - resolution policy and strict control of new implicit debts. The exchanges have also clarified regulations on bond issuance by urban investment entities in line with the latest debt - resolution policies. It is expected that the supervision of urban investment financing will remain strict this year, and the supply of urban investment bonds may stay at a low level [4][11]. Section Summaries 1. Urban Investment Bond Financing Supervision - First, the "335 indicators" for urban investment bond issuance are publicly and explicitly included in the information disclosure scope, making the regulatory system for bond issuance review of urban investment entities clearer [2][5]. - Second, well - qualified urban investment entities can use the raised funds for project construction with proper procedures and good returns, but the incremental amount may be relatively limited [2][6]. - Third, when urban investment bond funds are used to repay existing debts, the details of the debts to be repaid should be disclosed in principle, and a commitment should be made that the debts do not involve local government implicit debts, indicating stricter supervision of implicit debts at the exchange level [2][6]. 2. Local Debt Supervision - Continue to improve and implement the package debt - resolution plan, emphasizing the solid implementation and refinement of implicit debt replacement work. For example, the Ministry of Finance and relevant departments have made a series of requirements and arrangements [8]. - Maintain high - pressure supervision on implicit debts and take "no new implicit debts" as an "iron - clad discipline". Relevant departments have repeatedly emphasized strict punishment for illegal debt - raising and false debt - resolution [9]. - Promote the market - oriented transformation of urban investment entities, requiring not to set up new financing platforms in any name and cut off the "tentacles" of borrowing through other channels. The government work report and relevant departments have put forward corresponding requirements [9].