2025.11. 26 本文字数：2209，阅读时长大约4分钟 作者 | 第一财经 李秀中 "十五五"时期，成渝地区双城经济圈建设将上升为国家区域重大战略。 11月25日，在中共重庆市委新闻发布会上，重庆市委常委、秘书长、政法委书记，重庆市委新闻发 言人刘尚进介绍，成渝地区双城经济圈建设纳入国家区域重大战略。 此次发布会主要介绍和解读重庆市委六届六次全会精神，而此次全会主要议程是审议通过了《中共重 庆市委关于制定重庆市国民经济和社会发展第十五个五年规划的建议》。 重庆市发展和改革委主任高健在发布会上表示，党中央的"十五五"建议要求"提升成渝地区双城经济 圈发展能级"，并作为区域重大战略进行专题部署，这是重庆拓展经济腹地、释放内生动力的重大机 遇。 高健表示，本次重庆市委全会提出，成渝地区双城经济圈是推进现代化新重庆建设的重大战略支 撑。"十五五"期间，重庆将紧扣"两中心两地"战略定位和"三中心一走廊"战略部署，联动四川抓好5个 方面工作。 第一，提质建设具有全国影响力的重要经济中心。持续优化双城经济圈空间格局，推动重庆、成都两 个极核相向发展，两个都市圈融通互动，建好省（市）域副中心城市和区域中心城市；强化成 ...

不过，过去5年的规划建设，成渝地区双城经济圈在全国全局中的战略重要性已经凸显。上个月发布的 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，高标准高质量推进雄安 新区建设现代化城市，提升成渝地区双城经济圈发展能级。 力争到2030年，更多全国性交易平台在川渝落户 "十五五"时期，成渝地区双城经济圈建设将上升为国家区域重大战略。 11月25日，在中共重庆市委新闻发布会上，重庆市委常委、秘书长、政法委书记，重庆市委新闻发言人 刘尚进介绍，成渝地区双城经济圈建设纳入国家区域重大战略。 此次发布会主要介绍和解读重庆市委六届六次全会精神，而此次全会主要议程是审议通过了《中共重庆 市委关于制定重庆市国民经济和社会发展第十五个五年规划的建议》。 成渝地区双城经济圈是在2020年提出的，当年1月，第十九届中央财经委员会第六次会议作出"推动成渝 地区双城经济圈建设"的重大决策。不过，成渝地区双城经济圈建设并没有列入到"十四五"规划的区域 重大战略中，因此，对于其战略地位也存在一些议论。 "十四五"规划在第九篇"优化区域经济布局 促进区域协调发展"中提出，深入实施区域重大战略、区域 协调发展战略、主体功能区 ...

地方政府与城投企业债务风险 研究报告——成都篇 联合资信 公用评级四部 |丁晓|卢奕 报告概要 www.lhratings.com 研究报告 2 www.lhratings.com 研究报告 1 成都市作为四川省省会、副省级城市以及国家中心城市，是西南地区的科技、商贸、物 流、金融中心和综合交通枢纽，在国家区域发展战略中具有突出地位，近年来人口虹吸 效应明显。成都市经济规模和财政实力均位于副省级城市前列，2024 年经济稳步提升， 一般公共预算收入小幅增长，财政自给能力较强，受政府性基金收入下降影响当年综合 财力有所下滑。 作为国家中心城市以及成渝地区双城经济圈的核心城市，近年来国家政策均利好成都市 发展，成都市有望建设成为具有影响力的区域经济中心和科技创新中心。 成都市围绕"东进、南拓、西控、北改、中优"方针进行产业空间布局以实现产业差异 化和集群化发展。成都高新区作为国家级高新区，优势产业集聚效应明显，经济和财政 实力最为雄厚，成都市其他区县经济和财政实力呈按圈层向外逐层递减趋势。成都高新 区、成都天府新区和主城区一般公共预算收入稳定性较强，远郊区综合财力对上级补助 的依赖性较强，2024 年远郊区大多区 ...

11月22日清晨，55412次检测列车从泸州西站驶出，正式启动四川隆昌南至贵州黄桶铁路隆昌至叙 永段扩能改造工程(以下简称"隆泸叙铁路")动态检测，标志着该铁路全面进入动态验收阶段，力争2025 年内具备开通运营条件。 隆泸叙铁路全线共设11座车站，其中嘉明、双加、泸州西等7座为新建站，隆昌、福集、纳溪等4座 为既有站升级改造而成。项目2021年6月开工，2025年11月19日通过静态验收，此次动态验收将由中国 铁路成都局集团有限公司组织专业检测列车组，对轨道、接触网、信号等系统开展专项试验，对发现问 题建立台账限期整改，为开通运营奠定基础。 据悉，隆泸叙铁路建成后将与叙毕铁路、成渝铁路无缝衔接，推动成渝地区双城经济圈建设，助力 沿线经济社会发展。 据了解，作为西部陆海新通道西线主通道关键项目，隆泸叙铁路北接成渝铁路隆昌站，途经四川隆 昌市、泸州市，跨越沱江、长江，南连已建成的叙毕铁路叙永北站，全长138.6公里，设计时速120公 里，为国家Ⅰ级单线铁路，按"货运为主、兼顾客运"标准建设。 ...

11月18日凌晨3时许，随着一声"就位完毕"口令，成都至达州至万州高速铁路（以下简称成达万高铁）德公村 特大桥施工现场，重达170吨的钢盖梁精准落位到桥墩钢柱位置。这标志着成达万高铁上跨沪蓉铁路支线——遂新 联络线上行线的钢盖梁吊装作业完成。 德公村特大桥位于遂宁市安居区横山镇，全长约3876米。此次吊装作业因涉及既有在运营线路，施工面临协 调难度大、交叉作业风险高、大吨位构件定位精度严等多重挑战。中建八局成达万高铁工程指挥部第一工区总工 程师马辰介绍，团队采用"柱脚+主体"分体吊装法，为最大限度减少对铁路运营的干扰，作业选在凌晨铁路运行 的"天窗点"进行。作业过程中，钢盖梁逆时针旋转150度后与门式墩精准对位，整场吊装历时120分钟。为确保吊 装精准安全，项目团队多次优化施工方案，并组织流程推演和实操演练，运用"无人机航拍+智能监控系统"构建立 体监控网络，实现全过程、无死角实时盯控。 11月18日，在遂宁市安居区横山镇，成达万高铁德公村特大桥建设现场，一榀重达170吨的钢盖梁精准落位到 桥墩钢柱脚上，标志着成达万高铁关键节点——上跨遂新联络线上行铁路钢盖梁吊装作业顺利完成。 张勤宝 摄 （C视觉） 成达万 ...

Report Summary - The investment rating of the industry is not mentioned in the report [4] - The report focuses on the economic, fiscal, and debt situations of Sichuan Province and its prefecture - level cities, as well as the conditions of local urban investment enterprises. It points out that Sichuan has obvious location and resource advantages, with its economy growing steadily and the government actively addressing debt issues. However, there are still challenges such as uneven regional development and debt pressure [4][5][6] Group 1: Sichuan Province's Economic and Fiscal Strength Economic Development - Sichuan has significant location and resource advantages, with well - developed land and air transportation. Its economic aggregate ranks high in China, but the urbanization level is relatively low, and the per - capita GDP is in the middle - lower range. The tertiary industry is the main driving force for economic growth [7][10][11] - The construction of the Chengdu - Chongqing Economic Circle is advancing, with major projects having a total investment of over 12 trillion yuan. In 2025, the planned investment is about 3.7 trillion yuan, and as of August 2025, the investment completion rate is 75.29% [12][14] - Sichuan has introduced a series of policies in 2025 to boost consumption, promote industrial transformation and upgrading, and improve economic recovery [14][15] Fiscal Strength and Debt - Sichuan's general public budget revenue ranks 7th in China, but the fiscal self - sufficiency rate is low. The government - funded revenue has decreased due to the real estate market, while the superior subsidy revenue ranks first in the country, supporting the comprehensive fiscal strength. The comprehensive fiscal strength ranks 4th in China [17][18][21] - By the end of 2024, Sichuan's government debt balance was 2.40289 trillion yuan, with a debt ratio of 143.87% and a debt - to - GDP ratio of 37.14%. The government has been actively reducing debt through measures such as obtaining replacement bonds, introducing incentive mechanisms, and strengthening debt management since 2024 [24][26][27] Group 2: Economic and Fiscal Strength of Sichuan's Prefecture - level Cities Economic Development - The economic development of Sichuan's prefecture - level cities is uneven. The Chengdu Plain Economic Zone and the Southern Sichuan Economic Zone have better industrial bases. Chengdu has far stronger economic strength than other cities, and Panzhihua has the highest per - capita GDP in the province [28][29][33] Fiscal Revenue - In 2024, most prefecture - level cities' general public budget revenues increased, with growth rates concentrated between 2% - 10%. The government - funded revenues of most cities decreased, and the superior subsidy revenue contributed significantly to the comprehensive fiscal strength [37][38][39] Debt - The government debt balances of all prefecture - level cities have increased, and the debt ratios have generally risen. Zigong, Suining, Bazhong, and Neijiang have relatively high debt ratios. All cities are following Sichuan's overall debt - reduction strategy [48][49] Group 3: Sichuan's Urban Investment Enterprises Overview - As of October 22, 2025, there are 218 urban investment enterprises with outstanding bonds in Sichuan. Most of them are at the district - county level, and the credit ratings are mainly AA. Chengdu has the largest number of such enterprises [52] Bond Issuance - In 2024, the number and scale of bond issuances by Sichuan's urban investment enterprises decreased slightly. From 2024 to September 2025, most cities' urban investment enterprises had a net outflow of bond financing, and the outstanding bond balances decreased [54][55][57] Debt - paying Ability - The total debt of most urban investment enterprises has increased, with the debt structure mainly composed of bank financing and bond financing. The overall debt - to - capital ratio has slightly increased, and the cash - to - short - term debt ratio has decreased. Suining's urban investment enterprises face significant short - term debt - paying pressure [60][61][65] Support from Fiscal Revenue - Except for Liangshan and Ya'an, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive fiscal revenue in other cities exceeds 200%, with Chengdu exceeding 500% [73]

Core Viewpoint - The differentiated development path of regional banks has become a focal point in the banking industry, particularly in the context of narrowing interest margins and credit risk concerns in 2025. Chengdu Bank's third-quarter report exemplifies high-quality growth amidst a complex environment, showcasing its resilience and potential [1]. Financial Performance - Chengdu Bank reported a revenue of 17.761 billion yuan for the first three quarters of 2025, a year-on-year increase of 3.01%, and a net profit attributable to shareholders of 9.493 billion yuan, up 5.03% year-on-year [1]. - The bank's total assets reached nearly 1.39 trillion yuan, growing by 10.8% since the beginning of the year, maintaining double-digit expansion [4]. - The total loan amount stood at 847.481 billion yuan, reflecting a growth of 14.13% year-to-date and a year-on-year increase of 17.3%, ranking among the top in disclosed quarterly reports [4]. Loan and Interest Margin Dynamics - Chengdu Bank's loan growth was primarily driven by a strong increase in corporate loans, which accounted for 81% of new loans in the third quarter [4]. - The net interest margin for the third quarter was estimated to be between 1.45% and 1.55%, with a significant narrowing of the decline to approximately 3 basis points, contrasting with the broader industry trend of declining margins [4][6]. Risk Management and Asset Quality - As of the end of September, Chengdu Bank's non-performing loan ratio was 0.68%, remaining at a low level within the industry, while the ratio of special mention loans decreased by 7 basis points to 0.37%, indicating improving asset quality [8]. - The bank's provision coverage ratio stood at 433.08%, providing a strong safety net against potential risks, despite a slight decrease [9]. Capital Strength and Future Outlook - Chengdu Bank successfully issued 11 billion yuan in perpetual bonds, enhancing its capital adequacy ratio to 14.39%, which increased by 1.26% quarter-on-quarter [9][10]. - The bank's focus on capital efficiency is evident, with a year-on-year growth of risk-weighted assets at 15.1%, indicating a balanced approach to expansion and quality [10]. - The ongoing strategic development in the Chengdu-Chongqing economic circle is expected to support Chengdu Bank's high-quality growth, leveraging its unique regional advantages and solid customer base [2].

Group 1 - The State Council has given preliminary approval to the "Chengdu-Chongqing Economic Circle Land Space Planning (2021-2035)" [1] - The Ministry of Commerce responded to whether China will lift the ban on US Micron Technology [1] - The Ministry of Commerce stated that China will conduct licensing reviews for rare earths and related items in accordance with laws and regulations, and will actively apply general licensing and other facilitation measures [1] Group 2 - The National Healthcare Security Administration will initiate a pilot program for intelligent review of the entire process of medical insurance handling [1] - The Ministry of Commerce held a roundtable meeting for foreign-funded enterprises in Shanghai [1] - Kweichow Moutai reported a significant increase in the terminal sales of Moutai liquor on a month-on-month basis [1] Group 3 - US stock markets saw a collective decline, with the Nasdaq dropping by 1.9% [1]

Group 1 - The event "2025 Purchase in China (Chongqing) Boutique Consumption Month and Chengdu-Chongqing Twin City Consumption Festival" was launched on November 4, focusing on the theme "Love for Bashu, Enjoy Global Shopping" [3] - The event will run until November 30 and aims to promote consumption integration and benefit measures in the Chengdu-Chongqing economic circle, leveraging the fifth anniversary of the region's development [3][5] - The event features a structure of "1+1+4+4+N," including one launch ceremony, one national economic conference, four themed exhibition areas, and numerous promotional activities [3] Group 2 - Key enterprises, associations, platforms, and financial institutions introduced major activities and policies during the launch, with a focus on enhancing consumption capabilities and creating a new benchmark for consumption [5] - The event will involve nearly 1 billion yuan in funding and around 200 activities, with over a thousand consumer benefit measures [5] - The "Boutique Shopping" sector will engage nearly 100 shopping centers and thousands of brand merchants, focusing on fashion consumption and large items like automobiles and home appliances [5][8] Group 3 - The "Exquisite Food" sector will collaborate with nearly 100 restaurants to conduct over 20 food consumption promotion activities throughout November [8] - The "Exciting Tourism" sector will partner with numerous tourist attractions to host over 20 cultural and tourism consumption activities, reinforcing Chongqing's status as an internationally recognized tourist destination [8] - The "Exquisite Performance" sector will feature over 10 events and exhibitions across various industries, including silver economy and pet economy, creating diverse consumption scenarios [9]

Core Insights - The fifth "e乡e味" consumption culture festival has opened in Chongqing, focusing on promoting local and regional specialty foods and quality agricultural products, aiming to enhance the consumption experience for citizens [1][3] Group 1: Event Overview - The festival features themed exhibition areas for Chongqing's Tongliang and Wushan, as well as over ten key rural revitalization areas, showcasing more than 200 agricultural enterprises and merchants [3] - The event highlights popular local products such as "Tongliang Spicy Chicken Feet" and Wushan's mountain specialty products, providing a rich cultural and culinary experience [3] Group 2: Economic Impact - The "Chengyu Dual City Economic Circle Specialty Food Shopping Festival" is a key highlight, showcasing not only Chongqing's local specialties but also products from Sichuan's Chengdu, Luzhou, Suining, and Ziyang, demonstrating the collaborative development of the Chengyu consumption market [3] - The event aims to stimulate market vitality and unleash consumption potential by facilitating efficient production and sales connections, particularly for agricultural products from poverty-stricken areas [4]