Group 1 - The report continues to track local debt replacement, the clearance of hidden debts, and the progress of platform exits, updating the list of urban investment bonds based on the characteristics of the bond issuance [1] - As of January to August 2025, the issuance of special new bonds has exceeded the total issuance for the entire year of 2024 and the annual quota of 800 billion yuan for supplementing government financial resources, indicating a potential new source of funding for resolving local debt risks [2] - By September 3, 2025, a total of 80 districts and counties have announced the completion of hidden debt clearance, with significant increases in the number of issuers declaring themselves as market-oriented operating entities [3] Group 2 - In August 2025, the proportion of urban investment bond funds used for refinancing, repaying interest-bearing debts, supplementing working capital, and project construction were 88.0%, 10.6%, 1.0%, and 0.4% respectively, showing a shift in funding purposes [3] - Eighteen new entities were added in August 2025 that do not fall under the urban investment category defined by the research, reflecting changes in the landscape of urban investment bonds [4]