1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In August, the approval of urban investment bonds was characterized by a slight decline in registration quotas, a significant slowdown in the approval pace, especially in weakly - qualified districts and counties, and a decrease in the scale of terminated issuances. The supply of urban investment bonds is unlikely to "surge", and the demand for high - quality urban investment bonds is strong. The credit stratification trend will continue to deepen, and future approval policies are expected to remain strict, promoting the market - oriented transformation of urban investment companies [6][49]. 3. Summary According to Relevant Catalogs 3.1 Registration Situation: Slight Decline in Urban Investment Registration Quotas - Overall, the registration quota of urban investment platforms slightly declined in August. The registration scale of the exchange increased significantly, while that of DCM decreased significantly. The planned issuance scale of urban investment bonds registered on the exchange was 214.6 billion yuan, up from 178.9 billion yuan, and that of DCM was 163.8 billion yuan, down from 204.2 billion yuan [12]. - By administrative level, the registration scales of provincial and district - county - level urban investment decreased significantly. The planned issuance scale of provincial urban investment registration projects dropped from 98.3 billion yuan to 76.8 billion yuan, and that of district - county - level dropped from 171.3 billion yuan to 133 billion yuan. The three - month moving average proportion of district - county - level urban investment bonds among all administrative levels decreased to 44% for the fifth consecutive month [15]. - By district - county qualification, the registration scale of weakly - qualified districts and counties decreased. The registration scale of district - level platform bonds with a budget revenue of less than 5 billion yuan was 50.2 billion yuan, down from 59.9 billion yuan, and the three - month moving average proportion continued to rise to 37.5% [18]. - By province, the scale of regions such as Sichuan, Anhui, and Guangdong increased significantly month - on - month, while that of Shandong, Chongqing, and Jiangxi decreased significantly. The scale of Hunan continued to decline, and the decline in Shandong mainly came from the district - county level. The scale growth in Zhejiang, Anhui, and Guangdong was significant, and the growth in Zhejiang and Anhui mainly occurred at the prefecture - level city level [20]. 3.2 Approval Feedback: Significant Slowdown in Weakly - Qualified Districts and Counties - In August, the DCM approval pace of urban investment bonds slightly accelerated, while the exchange approval pace slowed down slightly. The number of valid sample bonds registered with DCM was 439, a significant increase from the previous month, and that of the exchange was 94, a certain decrease from the previous month. The average number of feedbacks from DCM was 2.4 times, down from 2.5 times, and that of the exchange was 4.4 times, up from 4.0 times. The average feedback days of DCM decreased to 41.0 days, down from 41.2 days, and that of the exchange increased to 80.1 days, up from 71.6 days [25]. - By issuance method and level, the feedback time of private urban investment corporate bonds changed significantly, with that of prefecture - level cities shortening significantly and that of district - county - level cities lengthening significantly. In publicly - offered urban investment corporate bonds, the feedback time of prefecture - level cities was significantly extended, and that of district - county - level cities was significantly shortened [29]. - By province, the approval pace in Chongqing, Tianjin, and Beijing accelerated significantly. The approval speed in Sichuan and Tianjin accelerated significantly, and the approval speed in Chongqing, Tianjin, and Beijing continued to improve. The approval feedback days in Anhui, Shanxi, and Hubei were significantly extended, and the approval speed in Shaanxi continued to slow down. By administrative level, the approval pace of prefecture - level platforms in Sichuan accelerated significantly, while that of district - county - level platforms in Anhui slowed down significantly [33]. - By district - county qualification, the approval pace of bonds issued by weakly - qualified district - county platforms slowed down significantly. In August, the feedback days of district platforms with a general budget revenue of less than 5 billion yuan were 118.1 days, up from 60.3 days, much higher than the average of last year. The approval pace of bonds issued by district platforms with a general budget revenue of 5 - 10 billion yuan accelerated, while that of platforms with a general budget revenue of 10 - 30 billion yuan slowed down significantly [36]. 3.3 Terminated Issuance: Significant Decline in Terminated Project Scale - In August, the scale of terminated projects decreased significantly. The planned issuance scale of terminated urban investment bonds dropped from 23 billion yuan to 11 billion yuan, and the number of terminated projects decreased from 17 to 8. The terminated scale of district - county - level urban investment bonds decreased significantly, and its three - month moving average proportion dropped to 58%. The scale of terminated projects at the municipal level increased significantly, and there were no terminated projects at the provincial level. The three - month moving average proportion of terminated projects in weakly - qualified districts and counties (with a local budget revenue of less than 5 billion yuan) rose to 53.7% [38]. - By province, the terminated projects of urban investment platforms mainly occurred in Shandong and Hebei. The scale of terminated projects of urban investment platforms in Shandong and Hebei was relatively large, mainly affected by prefecture - level platforms [46].

Group 1 - The U.S. Treasury Department is set to auction a record $100 billion in 4-week Treasury bills on August 7, highlighting the government's significant borrowing needs and its ability to attract investors [1][2] - This record issuance is a $5 billion increase from the previous week and is part of the Treasury's efforts to replenish its General Account (TGA) following the recent increase in the debt ceiling [1][5] - The Treasury plans to continue relying on short-term debt instruments to cover budget deficits at least until 2026, with a focus on increasing the issuance of short-term securities [1][5] Group 2 - The Treasury will also issue a total of $125 billion in coupon-bearing securities this week, with the 3-year and 10-year notes reaching their highest single issuance levels in over a year [2][3] - Specific plans include the issuance of $58 billion in 3-year notes, $42 billion in 10-year notes, and $25 billion in 30-year bonds [3][4] - The Treasury's strategy indicates a continued emphasis on short-term debt, with short-term securities expected to comprise a larger portion of the total outstanding debt in the coming months [5][6] Group 3 - There is currently strong demand for short-term Treasury securities, supported by inflows into U.S. money market funds, which hold approximately $7.4 trillion in assets [6][7] - However, potential risks arise from the Federal Reserve's anticipated interest rate cuts, which may affect the ability of money market fund managers to absorb the supply of short-term securities [6][7] - Analysts predict that despite the current focus on short-term debt, the government will eventually need to increase the issuance of longer-term bonds to meet future borrowing demands [7]

Group 1: Forum Overview - The 12th Fortune Forum was held in Suzhou on May 23, 2025, focusing on fixed income investment strategies in a low-interest-rate environment [1] - Over 300 participants from banks, securities firms, insurance, and wealth management gathered to discuss new paths for fixed income investment [1] - The forum featured discussions on macroeconomic outlook, short-term bond strategies, and the "fixed income +" strategy [1] Group 2: Key Insights from Speakers - Zhang Yuhao highlighted that the macroeconomic performance in the first half of 2025 is expected to be good, with GDP growth likely meeting targets, while risks mainly stem from overseas factors [2] - Wu Lvzong emphasized the importance of flexibility and yield exploration in short-term bond investments, suggesting a focus on short-duration credit assets [3][4] - Li Jinliu discussed the need for a flexible duration strategy in the current uncertain market environment, balancing safety and capital gain opportunities [4] - Liu Xingwang proposed an "barbell strategy" for fixed income investments, indicating that traditional strategies may no longer meet investor yield expectations [5][6] - Wang Renzeng noted the rapid development of bond index products, emphasizing their role in optimizing asset allocation and risk diversification [7][8] Group 3: Market Trends and Future Outlook - The low-interest-rate environment necessitates a shift from single-holding strategies to diversified collaborative strategies in fixed income investments [8] - The China Securities Regulatory Commission has introduced measures to support the development of low-volatility and asset allocation products, which may benefit fixed income and "fixed income +" strategies [8] - As of March 31, 2025, Fortune Fund's bond investment yield over the past 12 years reached 71.87%, indicating strong performance in the industry [8]