Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - In 2025 from January to September, the number of consecutive overdue occurrences of bonds - issuing urban investment entities' bills increased significantly year - on - year, while the number of entities with consecutive bill overdue decreased year - on - year. High - frequency overdue enterprises became the main risk source. AA - rated and district - county - level platforms remained the main overdue groups, and the risk differentiation effect of administrative levels and credit ratings was further strengthened. Risks were mainly concentrated in Shandong, Yunnan, Henan, Guizhou and other provinces. Entities with consecutive bill overdue faced relatively large short - term concentrated debt repayment pressure, and attention should be paid to the cross - variety risk spread caused by credit risk transmission [2][22]. 3. Summary by Directory 3.1 Overview of Urban Investment Entities' Bill Overdue - **Change in the number of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, bonds - issuing urban investment entities were included in the list of consecutive bill overdue 508 times, a year - on - year increase of 38.04%, involving 65 entities, a year - on - year decrease of 4.41%. The monthly number of urban investment entities included in the list was between 54 - 58, and the monthly number of newly - added entities was 2, 3, 0, 0, 0, 1, 1, 0, 2 respectively [5]. - **Credit rating of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, entities with consecutive bill overdue were mainly AA - rated, accounting for 63.08%, a year - on - year increase of 1.31 percentage points, with 41 entities, a year - on - year decrease of 1. AA + - rated entities ranked second, accounting for 23.08%, with 15 entities, a year - on - year decrease of 2 [8]. - **Administrative level of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, district - county - level platforms accounted for the highest proportion among entities with consecutive bill overdue, and there were no provincial - level platforms. District - county - level platforms numbered 39 (60.00%, a year - on - year increase of 4.12 percentage points), municipal - level platforms numbered 21 (32.31%), and there was 1 provincial - level park platform, 2 national - level development zone platforms, 1 national - level high - tech zone platform, and 1 national - level new area platform [11]. - **Geographical distribution of bonds - issuing urban investment entities with consecutive bill overdue**: From January to September 2025, the geographical distribution of bonds - issuing urban investment entities with consecutive bill overdue was highly concentrated, mainly in Shandong, Yunnan, Henan, and Guizhou. There were 11 provinces involved in bill overdue risks, 2 less than the same period last year. Shandong had the largest number of such entities, reaching 26, accounting for 40.00%. Yunnan had 12, and both Henan and Guizhou had 8. In terms of the proportion of the number of entities with consecutive bill overdue to the total number of bonds - issuing urban investment entities in each province, Qinghai, Yunnan, and Shandong ranked in the top three [13]. - **Existing bonds of bonds - issuing urban investment entities with consecutive bill overdue**: As of October 27, 2025, the total balance of existing bonds of 65 bonds - issuing urban investment entities with consecutive bill overdue from January to September 2025 was 144.82 billion yuan. Among them, corporate (enterprise) bonds accounted for 54.25% (78.558 billion yuan), medium - term notes accounted for 18.29% (26.488 billion yuan), private placement financing instruments accounted for 15.61% (22.6 billion yuan), and short - term and ultra - short - term financing bonds accounted for 9.63% (13.944 billion yuan). 39.26% (56.861 billion yuan) of the bonds would mature within 1 year, and 26.31% (38.104 billion yuan) would mature within 1 - 3 years. These entities faced relatively large short - term concentrated debt repayment pressure. Some entities had non - standard financing defaults, and attention should be paid to the cross - variety risk spread [15][21].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In April 2025, 16 bond - issuing urban investment companies had acceptor overdue, with a monthly overdue amount of 336 million yuan. According to the list released by the Shanghai Bill Exchange on May 9th, a total of 919 entities had acceptor overdue in April, including 16 bond - issuing urban investment companies, a decrease of 5 compared to the previous month. The cumulative overdue amount of bills in that month was 336 million yuan, a decrease of 69 million yuan compared to the previous month. Among them, the cumulative overdue amount of new entities was 289 million yuan, and the new overdue amount of existing entities was 47 million yuan [1]. - Four urban investment companies had overdue for the first time, and one was the first overdue entity in its region. In terms of entity types, among all 16 overdue entities, 4 were newly disclosed, including a municipal - level platform in Xinyang and district - county - level platforms in Changsha, Huai'an, and Tai'an. In terms of regions, the urban investment companies with acceptor overdue in this month were mainly distributed in 6 provinces, with Shandong having relatively more, with a total of 8 entities having acceptor overdue. In the new regions, a district and county under Tai'an had a bond - issuing urban investment company with acceptor overdue for the first time [2]. - As of April 2025, a total of 283 bond - issuing urban investment companies had experienced acceptor overdue. From August 2021 to April 2025, there were 1113 records of overdue bills of bond - issuing urban investment companies, involving 283 bond - issuing urban investment companies. In terms of disclosure times, 149 were disclosed more than once, and 82 reached 5 times or more. In terms of the latest overdue amount, 87 bond - issuing urban investment companies reached 100 million yuan or more, and 12 were not less than 500 million yuan [2]. - District - county - level and AA - rated urban investment companies accounted for a relatively high proportion. In terms of administrative levels, 161 were district - county - level entities, 58 were municipal - level entities, 62 were park - level entities, and 2 were provincial - level entities. In terms of entity ratings, there were relatively more AA entities, with a total of 196, 66 AA+ entities, 14 AA - and below entities, 4 AAA entities, and 3 unrated entities. In terms of regional distribution, all overdue bond - issuing urban investment companies were distributed in 24 provinces, with 87 in Shandong, 38 in Jiangsu, 29 in Henan, 26 in Guizhou, 15 in Hunan, 14 in Yunnan, 13 in Sichuan, 10 in Shaanxi, and less than 10 in other provinces [3]. Summary by Relevant Catalogs City Investment Bill Overdue Subject Quantity and Monthly Occurrence Amount - The chart shows the quantity of city investment bill overdue subjects and the monthly occurrence amount (in ten thousand yuan, number of companies) [6][9]. City Investment Bill Overdue Monthly Balance - The chart shows the monthly balance of city investment bill overdue (in ten thousand yuan) [6][12]. City Investment Bill Overdue Subject Regional Distribution - The chart shows the regional distribution of city investment bill overdue subjects, with 32 new subjects added in the past six months (in number of companies) [6][16]. City Investment Bill Overdue Subject Administrative Level and Subject Rating Distribution - The chart shows the administrative level and subject rating distribution of city investment bill overdue subjects (in number of companies). There are 58 municipal - level, 161 district - county - level, and 62 park - level entities. In terms of ratings, there are 4 AAA, 66 AA+, 196 AA, 14 AA - and below, and 3 unrated entities [6][17]. List of City Investment Companies with Acceptor Overdue (Partial) - The table lists some city investment companies with acceptor overdue, including disclosure time, subject code, cumulative disclosure times, administrative level, province, city, district, park, subject rating, cumulative overdue occurrence amount (in ten thousand yuan), and overdue balance at the end of the month (in ten thousand yuan) [6][21]. Cumulative Overdue Occurrence Amount of City Investment Bills (Partial) - The table shows the cumulative overdue occurrence amount of city investment bills (in ten thousand yuan) of some entities from April 2024 to April 2025 [6][23]. Cumulative Overdue Balance of City Investment Bills (Partial) - The table shows the cumulative overdue balance of city investment bills (in ten thousand yuan) of some entities from April 2024 to April 2025 [6][25].