中证鹏元研发部资深研究员张琦对上海证券报记者表示，城投债已从过去的债市扩张主力转向净偿还常 态化，"传统净融资大省明显转向成为净偿还主力，弱资质主体则加速退出债市，主体评级结构向中高 等级集中"。 二级市场方面，收益率震荡下行，信用利差仍处低位。张琦表示：尽管整体利差处于低位，但结构分化 明显，强资质地区与强平台信用持续强化，利差压缩至极低水平；弱资质地区虽受政策支持修复较快， 但仍高于全国平均，且对外部环境更敏感。 城投债依旧是信用债的主流。随着债务化解、信用重塑与市场化转型同步推进，业内人士认为，城投债 的风险与机会将在2026年前后交织显现，城投平台也正迎来从融资载体向经营实体的深度重塑期。 步入"化债＋转型"新阶段 2025年，城投债市场在延续化债主线的同时，呈现出供给缩量、利差收窄与结构分化并存的特征，平台 转型步伐也明显加快。 ◎记者 张欣然 在化债进入常态化、城投债供给持续收缩的2025年，城投债市场正从风险缓释阶段迈向经营能力与转型 考验的新周期。 一级市场方面，收缩态势延续。中信证券首席经济学家明明对上海证券报记者表示，2025年城投债一级 市场继续贯彻"控增化存"思路，发行节奏偏紧，总量同 ...

Core Viewpoint - The transformation of urban investment companies (城投公司) from government financing platforms to modern state-owned enterprises is accelerating, driven by policy changes and market pressures [1][2][5]. Group 1: Factors Driving Transformation - A total of 210 urban investment companies have shed their roles as local government financing platforms from January to August 2025 [1]. - Policy initiatives aimed at reducing local government hidden debt risks have mandated urban investment companies to divest their financing functions [1]. - Increasing financing pressures and regulatory constraints have compelled many urban investment companies to exit the platform model to access broader financing channels [1][5]. Group 2: Characteristics of Companies Exiting the Platform - Companies opting to exit the platform primarily hold credit ratings of AA and AA+ and are mainly at the county-level administrative tier [1]. - The majority of these companies are located in economically developed regions with stringent debt management, such as Jiangsu, Zhejiang, Chongqing, and Shandong [1]. Group 3: Market-Oriented Transformation - Urban investment companies must focus on sectors that directly create new growth points, moving beyond traditional infrastructure projects to modern service industries that enhance consumption and improve livelihoods [2]. - Successful examples of transformation include companies diversifying into advanced manufacturing and modern services, thereby shifting from passive development to proactive engagement in emerging industries [3]. Group 4: Enhancing Operational Capabilities - The key to successful transformation lies in improving the "self-sustaining" capabilities of urban investment companies, allowing them to operate independently of government support [4][6]. - Future strategies include strengthening data governance, enhancing collaboration with technology firms, and optimizing service ecosystems to stimulate market vitality [6]. Group 5: Policy Support for Transformation - Experts emphasize the need for clear and detailed transformation policies to guide urban investment companies [7]. - Recommendations include easing market financing restrictions, providing diversified financing channels, and favoring market-oriented urban investment companies in resource allocation for infrastructure projects [7].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes the financial performance of 2,088 urban investment platforms as of May 30, 2025, and finds that the integration of urban investment platforms has achieved significant results, with a slowdown in the growth rates of assets and debts, and an acceleration of the transformation from "scale expansion" to "quality improvement" [1][4]. Summary by Relevant Catalogs Asset Side - The total asset scale of urban investment platforms increased steadily in 2024, with a year-on-year growth rate of 5.26%, a decrease of 4.40 percentage points compared to 2023. The asset growth rates of platforms with asset sizes above 100 billion, between 50 and 100 billion, and below 50 billion were 8.79%, 3.12%, and -0.38% respectively, indicating faster growth for leading platforms [4][14]. - The growth rate of public welfare assets was 4.97%, and that of operating assets was 10.81%, with the growth rate difference expanding to 5.84 percentage points, reflecting an accelerated transformation from "scale expansion" to "quality improvement" [4][14]. - In terms of public welfare assets, the growth rate of inventory decreased from 8.69% in 2023 to 3.35% in 2024, mainly due to debt supervision and the impact of the land market. The growth rate of accounts receivable decreased from 10.99% to 8.35%, and the proportion of growing entities decreased by 2.83 percentage points, indicating improved collection of public welfare projects [5][15]. - In 2024, the growth rates of cash inflows and outflows related to other operations of platforms decreased significantly, reflecting a decreasing dependence between urban investment platforms and the government [5][18]. - The operating asset scale of urban investment platforms reached 18.32 trillion yuan in 2024, accounting for about 13.00% of the total asset scale, with a year-on-year growth rate of 10.81%. The growth rate of provincial platforms increased from 10.45% to 12.09%, while those of municipal and county-level platforms slowed down significantly [6][18]. Liability and Equity Side - In terms of the financing environment, the growth rate of the monetary funds of urban investment platforms was -9.27% in 2024, and the proportion of growing entities decreased by 9.48 percentage points. The proportions of growing entities in cash inflows and outflows from financing activities both decreased, indicating a tight refinancing environment [7][32]. - The total scale of interest-bearing debts increased in 2024, with the growth rate decreasing from 19.68% to 4.77%, and the proportion of entities with increased interest-bearing debts decreased by 22.89 percentage points [7][32]. - In terms of debt structure, affected by financing policies, the proportion of bank loans increased significantly, the bond scale decreased slightly, and the non-standard scale decreased significantly. The proportion of short-term debts increased, showing a short-term debt structure [7][32]. - The owner's equity scale of urban investment platforms continued to grow in 2024, with the growth rate decreasing from 8.61% to 4.02%, and the proportion of entities with increased net assets decreased by 8.86 percentage points. Provincial platforms with higher asset - equity scales and stronger financing capabilities received more resource support, with a net asset growth rate of over 6% [7][40]. Financial Indicators - The financing cost of urban investment platforms continued to decline in 2024, but the growth rate increased slightly compared to 2023, and the proportion of entities with increased comprehensive financing costs increased by 21.12 percentage points [45]. - In terms of debt burden, the overall asset - liability ratio of sample urban investment platforms was 61.90% in 2024, an increase of 0.83 and 0.46 percentage points compared to 2022 and 2023 respectively, with a narrowing increase [45]. - In terms of liquidity, the current ratio of sample urban investment platforms was 2.04 times in 2024, and the monetary - short - debt ratio was 0.38 times, indicating a weakening of short - term solvency indicators, but still within a reasonable range [45]. Regional Changes in 2024 - In terms of interest - bearing debt scale, provinces such as Jiangsu, Zhejiang, Sichuan, Shandong, and Hubei had large interest - bearing debt scales, all above 3 trillion yuan, with an average growth rate of 6.22%. Provinces with interest - bearing debt scales above 1 trillion yuan had an average growth rate of 2.80%, and those below 1 trillion yuan had an average growth rate of 1.08% [47][49]. - In terms of direct financing, the average growth rate of the outstanding bond scale of urban investment in 2024 was 3.71%, concentrated in provinces such as Jiangsu, Zhejiang, Shandong, Sichuan, and Guangdong, which accounted for about 50% of the total urban investment bond scale [50][51]. - In terms of bank loans, the average growth rate of bank borrowing scale in 2024 was 8.42%. Provinces such as Hainan, Guangxi, Jilin, Yunnan, and Chongqing had a bank loan proportion of over 70% [52]. - In terms of non - standard financing, the growth rate of non - standard financing decreased from 2.06% to - 44.71% in 2024, showing an overall downward trend [52].