化债与转型成效观察之首发新增融资主体 公共融资部 李娟 引言:在不断深化地方政府债务风险防范化解与加快推动融资平台改革转型 的背景下,随着一揽子化债政策落实细化,目前隐性债务化解与融资平台退出均 取得了阶段性的成效;但债券发审端对城投新增融资延续高压监管态势,各地通 过资源整合重组及推动城投市场化转型寻求融资突破口的动力未减。2025 年以 来,在前期转型摸索的基础上,地方层面积极借鉴成功经验加快国有资源整合, 首次亮相资本市场实现新增用途债券成功发行的主体数量持续扩容,但受区域资 源禀赋及产业基础条件分化等影响,各地总体转型进程差异明显。本文主要对首 发新增融资主体进行样本分析和个案研究,以此作为观察各地转型策略和进程差 异的一个窗口,并通过样本特征总结结合政策导向,归纳出一些城投转型及国资 整合可借鉴经验及需关注的要点。 专题研究 一、 严监管下城投债发行概览 自 2023 年 7 月中央政治局会议提出"一揽子化债方案"以来，地方债务风 险化解进入全新阶段。近两年,以"35号文"为总纲,一系列以"控增量、化存 量、促转型"为核心的系统性配套政策及补丁文件密集出台,债券发审端也通过 名单制管理及差异化的监管 ...

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].