1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - In October 2025, the net financing of urban investment bonds turned positive again, with 27 new bond - issuing entities mostly achieving new financing. The net financing scale of urban investment bonds was 150 million yuan, an increase of 440 million yuan compared to August but lower than 688 million yuan in the same period last year. The exchange - issued urban investment bonds shifted from net repayment to net financing of 473 million yuan, while the net repayment scale of the association further expanded to 323 million yuan. [4][8] - The proportion of borrowing new to repay old in urban investment bond issuance in October decreased slightly, and the number of new financing entities in the association was lower than that in the exchange. The proportion of borrowing new to repay old decreased by 4.3 pct to 77.2%, and the proportions of repaying interest - bearing debts, supplementing working capital, project construction, and equity investment rebounded. [26] - In October, 23 new urban investment platforms declared themselves as market - oriented operating entities, and the spreads between entities inside and outside the list showed no differentiation. The spreads between market - oriented operating entities and those without such a declaration remained undifferentiated. [5] 3. Summary According to the Directory 3.1 10 - month Urban Investment Bonds Re - turned to Net Financing, and Most of the 27 New Bond - Issuing Entities Achieved New Financing - **Net Financing Scale**: The net financing scale of urban investment bonds in October was 150 million yuan, an increase of 440 million yuan compared to August but lower than 688 million yuan in the same period last year. The exchange - issued urban investment bonds shifted from net repayment to net financing of 473 million yuan, while the net repayment scale of the association further expanded to 323 million yuan. [4][8] - **Regional Distribution**: In October, 14 provinces and municipalities such as Guangdong, Zhejiang, and Shandong had positive net financing of urban investment bonds, while 12 provinces and municipalities such as Chongqing and Jiangxi had net repayment. In the past year, the net repayment of urban investment bonds was 6.29 billion yuan, with a slightly narrowed decline compared to the previous year. Most provinces had an increase in net financing scale year - on - year, but 11 provinces and municipalities still had net repayment. [4][11] - **Early Repayment**: The actual early repayment scale of urban investment bonds in October decreased by 70 million yuan compared to September to 770 million yuan, but the scale of announced early repayment and cash tender offer repurchase increased month - on - month. The number and scale of termination approvals on the exchange in October both decreased. [4] - **First - Time Bond - Issuing Entities**: In October, there were 27 first - time bond - issuing entities, an increase of 4 compared to September, and the total bond - issuing scale rose to 1.354 billion yuan. These entities mainly issued bonds through private placement bonds on the exchange. The first - time bond - issuing platforms were mainly distributed in relatively economically developed regions such as Guangdong, Shandong, and Zhejiang. [4][22] 3.2 In October, the Proportion of Borrowing New to Repay Old in Urban Investment Bond Issuance Slightly Decreased, and the Number of New Financing Entities in the Association was Lower than that in the Exchange - **Proportion of Borrowing New to Repay Old**: The proportion of borrowing new to repay old in urban investment bond issuance in October decreased by 4.3 pct to 77.2%, and the proportions of repaying interest - bearing debts, supplementing working capital, project construction, and equity investment rebounded. [26] - **Regional Differences**: In October, the borrowing - new - to - repay - old ratios in Guizhou and Xinjiang remained at 100%. The borrowing - new - to - repay - old ratios in 11 provinces and municipalities such as Yunnan, Tianjin, and Ningxia increased, while those in 12 provinces and municipalities such as Hubei, Hunan, and Zhejiang decreased. [26][27] - **New Financing Entities**: In October, the association issued 36 products involving 25 entities, with a total issuance scale of 3.4677 billion yuan. The exchange issued 62 new - financing bonds involving 51 entities, with a total issuance scale of 4.5659 billion yuan. [28][29] 3.3 In October, 23 New Market - Oriented Declaration Entities were Added, and the Spreads between Entities Inside and Outside the List Showed No Differentiation - **Accumulated Market - Oriented Declaration Entities**: As of the end of October, a total of 525 urban investment entities declared themselves as market - oriented operating entities when issuing bonds. [36] - **October's Issuance Situation**: In October, 78 entities that declared market - oriented operation in the association issued 113 association bonds, with a total issuance scale of 6.8348 billion yuan. Five entities that declared market - oriented operation in the exchange issued exchange products in October, among which Hefei Construction Investment achieved new financing. [5][39] - **Spread Analysis**: The spreads between market - oriented operating entities and those without such a declaration remained undifferentiated. For AA - rated and AA(2) - rated urban investment bonds, the spreads in most regions converged, and there was no significant differentiation between market - oriented and non - market - oriented entities. [5]

Group 1 - The report continues to track local debt replacement, local hidden debt clearance, and the progress of platform withdrawal, updating the list of urban investment bonds based on the characteristics of the bond issuance [1] - As of October 2025, local governments issued special bonds for hidden debt replacement, special new special bonds, and special refinancing bonds amounting to 72.6 billion, 479.3 billion, and 449.6 billion respectively, benefiting from a central allocation of 500 billion for resolving existing government investment project debts [1] - By October 2025, local governments cumulatively issued 19,934.1 billion, 12,508.4 billion, and 544.9 billion in special bonds for hidden debt replacement, special new special bonds, and special refinancing bonds respectively [1] Group 2 - As of November 5, 2025, 94 districts and counties disclosed plans to achieve "zero hidden debt" in 2024 and 2025, including 9 at the city level and 85 at the district level [2] - In October 2025, the proportion of funds raised from urban investment bonds used for refinancing, repaying interest-bearing debts, supplementing working capital, and project construction were 84.0%, 12.9%, 2.4%, and 0.6% respectively, with an increase of 0.7 percentage points for project construction or liquidity support compared to September [3] - The number of market-oriented operating entities decreased by 2 compared to September, indicating a decline in market preference for long-term bonds from market-oriented entities, leading to an increase in credit spreads [3] Group 3 - In October 2025, 7 new entities were identified that do not belong to the urban investment category defined by the research [4]

9 月城投债净偿还同比收窄 新增 35 家主体声明市场化 —— 2025 年 9 月城投债发行审批月度跟踪 [[Table_R Table_Report eportTTime ime]] 2025 年 10 月 19 日 | [李一爽 Table_FirstA 固定uthor 收益]首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱：liyishuang@cindasc.com | | 朱金保 固定收益分析师 | | 执业编号：S1500524080002 | | 联系电话：+86 15850662789 | | 邮 箱：zhujinbao@cindasc.com | Xyue 证券研究报告 债券研究 [T债券able_ReportType] 专题 | ] [Table_A 李一爽 uthor固定收益首席分析师 | | --- | | 执业编号：S1500520050002 | | 联系电话：+86 18817583889 | | 邮 箱： liyishuang@cindasc.com | 朱金保 固定收益分析师 执业编 ...

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Viewpoints of the Report - In August, urban investment bonds turned into a net repayment of 11.1 billion yuan, with the net financing scale decreasing by 37.3 billion yuan compared to July but higher than -41.7 billion yuan in the same period last year. The net financing situation varied among different regions and bond - issuing channels [4]. - The actual early repayment scale of urban investment bonds in August increased by 880 million yuan to 10.3 billion yuan compared to July, but the scale of announced early repayment and cash tender offers decreased month - on - month. The number and scale of exchange termination approvals also decreased [4]. - In August, there were 17 first - time bond - issuing entities, 17 fewer than in July, and the scale of raised funds also significantly declined. These entities were mainly distributed in Shandong, Guangdong, and Jiangsu [4]. - The proportion of urban investment bonds issued for debt roll - over in August rebounded by 1.7 percentage points to 83.7%, and the proportion of debt repayment also increased, while the proportions of supplementary liquidity, project construction, and equity investment declined. All debt roll - over bonds issued in August did not cover interest [4]. - In August, 30 entities issued 41 products in the association, achieving a new - added scale of 36.991 billion yuan, mainly for debt repayment. 33 entities issued 37 exchange - traded bonds, with a new - added scale of 32.125 billion yuan [4]. - As of the end of August, a total of 475 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. In August, 47 new entities made such declarations, but the spread between market - oriented and non - market - oriented entities did not show significant differentiation [4]. 3. Summary According to the Directory 3.1 8 - month Urban Investment Bonds Re - turned to Net Repayment, and the Number of First - time Bond - issuing Entities Decreased - **Net Repayment Situation**: In August, urban investment bonds turned into a net repayment of 11.1 billion yuan, with the net financing scale decreasing by 37.3 billion yuan compared to July. The net financing situation varied among regions, with 17 provinces having positive net financing and 10 provinces showing net repayment. In the past year, 18 provinces had net repayment, and the net repayment scale of most provinces increased [4][8][11]. - **Early Repayment**: The actual early repayment scale in August increased by 880 million yuan to 10.3 billion yuan compared to July, but the scale of announced early repayment and cash tender offers decreased [4][14]. - **Exchange Termination Approval**: The number and scale of exchange termination approvals in August decreased compared to July. There were 14 bonds with termination approvals, and the proposed issuance scale was 16.303 billion yuan, a decrease of 9.238 billion yuan compared to July [20]. - **First - time Bond - issuing Entities**: There were 17 first - time bond - issuing entities in August, 17 fewer than in July, and the raised funds scale also decreased. These entities were mainly in Shandong, Guangdong, and Jiangsu, and most issued through exchange private placement bonds [25]. 3.2 In August, the Number of New - added Financing Entities in the Association Exceeded that in the Exchange, and New - added Financing in the Association was Still Dominated by Transportation Infrastructure - **Purpose of Bond Issuance**: The proportion of urban investment bonds issued for debt roll - over in August rebounded by 1.7 percentage points to 83.7%, and the proportion of debt repayment also increased, while the proportions of supplementary liquidity, project construction, and equity investment declined. All debt roll - over bonds issued in August did not cover interest [29][30]. - **New - added Financing in the Association**: 30 entities issued 41 products in the association, with a new - added scale of 36.991 billion yuan. Most of the new - added financing entities were transportation infrastructure entities, mainly distributed in Guangdong, Jiangsu, and Fujian. Two entities were on the Wind urban investment list [35][36]. - **New - added Financing in the Exchange**: 33 entities issued 37 exchange - traded bonds, with a new - added scale of 32.125 billion yuan. Only Xiamen Anju Group was on the Wind urban investment list [37]. 3.3 In August, 47 Entities Made New Market - oriented Declarations, and 2 Entities Made Declarations in Both the Association and the Exchange - **Accumulated Market - oriented Declarations**: As of the end of August, a total of 475 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds, mainly concentrated in 12 regions such as Jiangsu, Zhejiang, and Shandong [42]. - **New Declarations in August**: In August, 47 new entities made market - oriented declarations. Among them, 33 entities declared in the association, 16 in the exchange, and 2 in both. Most of the funds raised by these entities were for debt roll - over and did not cover interest [46]. - **Spread Analysis**: The spread between market - oriented and non - market - oriented entities did not show significant differentiation. For AA - rated and AA(2) - rated bonds, the spreads of most regions first decreased and then increased [5].

Group 1: Report Summary - In July 2025, urban investment bonds turned to net financing, with a net financing scale of 26.2 billion yuan, a month - on - month increase of 69.8 billion yuan compared to June but still at the lowest level in recent years. The net financing of exchange - issued urban investment bonds was 29.9 billion yuan, while bonds issued by the association had a net repayment of 3.7 billion yuan. 14 provinces and cities had positive net financing, and 15 had net repayments [4]. - The actual early repayment scale of urban investment bonds in July decreased by 200 million yuan to 9.4 billion yuan compared to June. The number and scale of terminated approvals on the exchange increased month - on - month [4]. - There were 34 first - time bond - issuing entities in July, 4 more than in June. Most of these entities issued bonds through exchange private placement bonds, and only one issued PPN. The funds raised were mainly for new projects, such as project construction, equity investment, etc. [4]. - The proportion of urban investment bonds issued for debt roll - over in July decreased by 0.7pct to 82.0%. The proportion of debt repayment also decreased, while the proportion of supplementary working capital, project construction, and equity investment increased [4]. - In July, 20 entities issued 28 association products with a total scale of 29.37 billion yuan. 47 entities issued 60 exchange products with a total scale of 36.75 billion yuan. The number of new financing entities on the exchange was higher than that of the association [4]. - As of the end of July, 433 urban investment entities declared themselves as "market - oriented operating entities". In July, 30 new entities made such declarations, and 2 entities no longer declared and achieved new financing from the association [4]. Group 2: July Urban Investment Bonds Turned to Net Financing, and the Number of First - Time Bond - Issuing Entities Continued to Rise - In July, urban investment bonds had a net financing of 26.2 billion yuan, a month - on - month increase of 69.8 billion yuan. Exchange products changed from a net repayment of 6.8 billion yuan to a net financing of 29.9 billion yuan, and the association's products had a net repayment of 3.7 billion yuan, with the net repayment scale decreasing by 3.3 billion yuan month - on - month [8]. - Regionally, 14 provinces and cities such as Henan and Hubei had positive net financing, and 15 provinces and cities such as Jiangsu and Heilongjiang had net repayments. In the past year, most provinces' net financing of urban investment bonds declined significantly, with 18 provinces having net repayments [11]. - The actual early repayment scale of urban investment bonds in July decreased by 200 million yuan to 9.4 billion yuan compared to June. The number of bonds with early repayment decreased by 6 to 26, and the cumulative repayment amount decreased by 220 million yuan. The number of bonds with proposed early repayment announced in bondholder meetings increased by 6 to 25, but the proposed repayment amount decreased by 840 million yuan [15]. - The number and scale of terminated approvals on the exchange in July increased month - on - month. There were 19 terminated approvals, 2 more than in June, and the proposed issuance scale increased by 2.939 billion yuan to 25.541 billion yuan [18]. - There were 34 first - time bond - issuing entities in July, 4 more than in June, with a total issuance scale of 19.825 billion yuan. Most of them issued through exchange private placement bonds, and only one issued an association product. The funds were mainly used for new projects, and 18 platforms could achieve new financing [23]. - Most of the first - time bond - issuing entities in July were relatively independent platforms with a shallow connection to local existing bond - issuing platforms in the equity structure and a more pure industrial "bloodline" [25]. Group 3: In July, the Number of New Financing Entities on the Exchange was Still Higher than that of the Association, and New Financing from the Association was Still Dominated by Transportation Infrastructure - The proportion of urban investment bonds issued for debt roll - over in July decreased by 0.7pct to 82.0%. The proportion of debt repayment decreased by 1.0pct, and the proportion of supplementary working capital, project construction, and equity investment increased by 1.7pct [27]. - Beijing, Guizhou, Tianjin, and Tibet still maintained a 100% debt roll - over ratio. The debt roll - over ratio increased in 4 provinces and cities such as Guangxi, Hebei, Fujian, and Jilin, and decreased in 16 provinces and cities such as Yunnan, Jiangsu, and Anhui [27]. - There was one case each on the exchange and the association where debt roll - over could cover interest, but the relevant entities could achieve new financing before, so the policy for entities that can only roll over debt may not have been adjusted [28]. - In July, the association issued 28 products involving 20 entities with a total scale of 29.37 billion yuan. Most of the new financing entities were transportation infrastructure entities, mainly distributed in Shandong, Guangdong, and Jiangsu. Two entities were on the Wind urban investment list [30]. - The exchange issued 60 products involving 47 entities with a total scale of 36.75 billion yuan. Three entities were on the Wind urban investment list. Twelve new financing infrastructure - building entities were not on the list, mainly distributed in Shandong, Henan, and Hubei [31]. Group 4: In July, 30 New Entities Declared Themselves as Market - Oriented Operating Entities, and 2 Entities No Longer Declared and Achieved New Financing from the Association - As of the end of July, 433 urban investment entities declared themselves as "market - oriented operating entities". Regionally, 11 provinces and cities including Zhejiang and Shandong accounted for 84.76% of the total. At the prefecture - level city level, Qingdao had 32 entities, and others had fewer. Most of the declared entities were AA+ [37]. - In July, 30 new entities made market - oriented operation declarations, including 19 from the association and 13 from the exchange, with 2 entities declaring in both. Among the 19 new association - declared entities, 14 had issued association public bonds after October 2023, and 7 had achieved new financing before the declaration. Among the 13 new exchange - declared entities, 11 were for debt roll - over, and 2 achieved new financing [5]. - Two entities that previously declared market - oriented operation in the association no longer declared and achieved new financing, which may be recognized as industrial entities by the association [5]. - As of July 31, the credit spreads of AA - rated market - oriented operating entities and non - declared entities both converged. The deviation between the two widened. The credit spreads of AA(2) - rated entities also showed a similar trend. Overall, the credit spreads of the two types of entities were not significantly differentiated [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In June, the net repayment of urban investment bonds decreased but was weaker than the seasonal trend. The number of first - time bond - issuing entities increased significantly, and the proportion of borrowing new to repay old in bond issuance increased slightly. The number of new financing entities increased, still mainly in the transportation infrastructure sector. Also, 30 new urban investment entities declared themselves as "market - oriented operating entities" [5][9][29]. Summary According to the Directory 1. In June, the net repayment of urban investment bonds decreased but was weaker than the seasonal trend, and the number of first - time bond - issuing entities increased significantly - **Net Repayment Situation**: In June, the net repayment of urban investment bonds was 43.6 billion yuan. Although the net repayment scale decreased compared to May, the decline compared to the same period in previous years further expanded. The net financing scale of exchange - traded urban investment bonds turned negative, and the net repayment scale of association - issued urban investment bonds decreased. Zhejiang, Anhui, Jilin and other 11 provinces had positive net financing, while Sichuan, Hunan, Shanghai and other 19 provinces had net repayment [5][9]. - **Early Repayment**: The actual early repayment scale of urban investment bonds in June increased by 4.6 billion yuan to 9.7 billion yuan compared to May, but the scale of announced early repayment and cash tender offers decreased slightly [5]. - **Termination of Approval**: The number and scale of exchange - traded urban investment bonds whose approval was terminated in June increased compared to May [5]. - **First - time Bond - issuing Entities**: There were 30 first - time bond - issuing entities in June, 13 more than in May. They were mainly distributed in Shandong, Guangdong, and Jiangsu. Most of the funds raised were used to repay interest - bearing debts, and the issuance was mainly through exchange - traded private placement bonds [23]. 2. In June, the proportion of borrowing new to repay old in bond issuance increased slightly, and the number of new financing entities increased but still mainly in the transportation infrastructure sector - **Proportion of Borrowing New to Repay Old**: The proportion of borrowing new to repay old in urban investment bond issuance in June increased slightly by 0.9 percentage points to 82.62%. The proportion of repaying interest - bearing debts continued to rise, while the proportion of supplementary working capital, project construction, and equity investment decreased. In terms of regions, the borrowing - new - to - repay - old ratio in Guizhou, Ningxia, Tianjin, Tibet, and Yunnan remained at 100%, and the ratio in 11 provinces such as Beijing, Shanxi, and Chongqing increased, while that in 9 provinces such as Guangxi, Hubei, and Hebei decreased [29][30]. - **New Financing Entities**: In June, the association issued 26 bonds involving 19 entities with a total issuance scale of 28.91 billion yuan, mainly in Jiangxi, Fujian, and Jiangsu, and mostly transportation infrastructure entities. The exchange issued 59 bonds involving 52 entities with a total issuance scale of 40.71 billion yuan [31][32]. 3. In June, 30 new entities declared themselves as market - oriented operating entities - **Accumulated Declaration Situation**: As of the end of June, a total of 403 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. In terms of regions, 10 provinces including Zhejiang, Shandong, and Jiangsu had a total of 334 entities making such declarations, accounting for 82.88%. In terms of levels, AA + entities accounted for 53.35% [39]. - **New Declaration in June**: In June, 30 new urban investment entities declared themselves as market - oriented operating entities, including 22 in the association and 8 in the exchange. Only Shenzhen Anju and Xuzhou Metro achieved new financing among them [6]. - **Credit Spread**: The credit spread deviation between market - oriented operating entities and non - declared entities continued to converge, and there was still no significant differentiation [6].