证券研究报告·固定收益·固收深度报告 固收深度报告 20260107 城投挖系列（十六）之潮兴闽岸，债稳业长： 福建省城投债现状 4 个知多少 [Table_Tag] [Table_Summary] 观点 ◼ 福建省概况：1）经济：2024 年福建省经济总量 GDP 为 57,761 亿元， 经济增速为 5.50%，位于全国中上水平。2）财政：2024 年福建省一般 公共预算收入 3,615.29 亿元，位列全国第 6，同比增长 0.65%；一般公 共预算支出 6,080.93 亿元，位列全国第 11，同比增长 3.78%；财政自给 率约 59.45 %，同比下降 1.85pct，位列全国第 6。福建省整体综合财政 实力表现较强，财政自给率处于全国较好水平，但省内区域分化显著， 厦门、福州、泉州三市的财政自给率显著高于全省平均水平，对整体实 力形成一定制约。换言之，省内城市地理位置的差异带来的资源差距问 题在福建省相对突出，核心沿海城市与内陆城市之间存在明显的发展不 平衡，尾部城市资源禀赋有限不仅对进一步提升福建省整体财政实力构 成关键约束，也放大省内城投平台的资质分化及风险差异，或意味着城 投债投资者在福建 ...

Core Viewpoint - The company BoSi Software (300525) is experiencing a decline in profits that is outpacing the decline in revenue, attributed to a high base from the previous year and a decrease in revenue [2] Group 1: Company Performance - As of November 5, 2025, BoSi Software's stock closed at 13.45 yuan, down 0.81%, with a turnover rate of 2.4%, trading volume of 149,200 shares, and a transaction amount of 201 million yuan [1] - The company reported a net inflow of 1.2012 million yuan from main funds on November 5, indicating active capital engagement [5] Group 2: Strategic Positioning - The company is located in the Haixi High-tech Industrial Park in Fuzhou, Fujian Province, and is closely monitoring policies related to the Haixi Economic Zone to assess their impact on its business [3] - BoSi Software is actively involved in the digital economy development in Fujian Province and has participated in the digital finance upgrade projects within the region [3] - The company is not located within the Fujian Free Trade Zone but is keeping an eye on relevant policy developments to leverage potential opportunities for business innovation and collaboration [4]