1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Since the launch of the pilot green foreign - debt business in 16 provinces and cities, there may be a window period for the issuance of urban investment overseas bonds. In 2025, the issuance of urban investment dim - sum bonds decreased significantly, while the issuance of US - dollar bonds increased slightly. The net financing of overseas bonds varies by region, and some regions face large future maturity scales. For overseas bonds maturing before 2027, investors can consider moderately lowering the regional selection criteria, and for high - quality credit entities, they can consider moderately extending the bond duration. Additionally, investors should focus on bond liquidity and credit enhancement [3][10][37]. 3. Summary According to the Table of Contents 3.1 Issuance Situation - **Dim - sum Bonds**: In 2025, the issuance volume of dim - sum bonds decreased significantly. From January to August, only about 70 billion yuan was issued, much lower than the same period in 2023 and 2024. Henan had a relatively large increase in issuance this year, and the issuers were mainly medium - to high - rated entities. The issuance term was mainly 2 - 3 years, and the issuance volume in the 6% - 7% coupon rate range increased significantly, with the overall issuance cost rising [11][12][15]. - **US - dollar Bonds**: In 2025, Fujian had a relatively large increase in issuance. AA+ and AAA entities were the main issuers, indicating that investors had higher requirements for the qualifications of the issuer or guarantor. The issuance term was also mainly 2 - 3 years, and the issuance cost decreased, as the issuance volume in the 4% - 5% coupon rate range increased this year, while that in the 5% - 7% range decreased year - on - year [19][21][22]. 3.2 Maturity Situation - **Net Financing**: The net financing of urban investment overseas bonds varies by region. From January to July 2025, Shandong, Jiangsu and other provinces had relatively large net financing, while Zhejiang had a large net repayment. This difference may be the result of different regions balancing short - term debt - servicing pressure and medium - to long - term debt resolution tasks [25][28]. - **Future Maturity**: Shandong, Zhejiang, Sichuan, and Jiangsu have relatively large future maturity scales of urban investment overseas bonds. For dim - sum bonds, after September 2025, the maturity debt is mainly concentrated in November and December, and from 2026 onwards, it is concentrated in 2026 - 2027. For US - dollar bonds, after September 2025, the maturity debt is evenly distributed in the remaining months, and from 2026 onwards, it is concentrated in 2026 - 2028 [29][32]. 3.3 Future Outlook - **Regional and Duration Strategy**: For overseas bonds maturing before 2027, investors can moderately lower the regional selection criteria; for high - quality credit entities, they can moderately extend the bond duration. This is due to the successful attempt of domestic bond replacement of overseas bonds in Kunming and the ongoing attempt in Chongqing, the "asset shortage" faced by overseas investors, and the expected easing of overseas liquidity with the Fed's expected interest - rate cuts [37]. - **Focus on Liquidity and Credit Enhancement**: Investors with high safety requirements should choose bonds with better liquidity. In terms of credit enhancement, a filing letter of credit has the highest guarantee effectiveness, followed by parent - company guarantee and then a keep - well agreement. Bonds guaranteed by AAA entities can strike a balance between safety and return. For investors seeking higher returns, they can further lower the credit rating and administrative level of the guaranteeing entity [40][41].