自2025年8月国务院办公厅转发财政部《关于规范政府和社会资本合作存量项目建设和运营的指导意 见》（以下简称《指导意见》）以来，全国多省份财政厅迅速响应，密集出台配套通知与实施细则。 《中国经营报》记者从多地财政部门了解到，目前陕西、江苏、河南、福建、浙江、甘肃等地已经发布 PPP存量项目建设和运营的相关通知。从发布内容看，各地以"分类处置、精准施策"为核心，通过专项 债赋能、绩效挂钩、机制创新等举措，推动万亿级存量PPP项目规范提质。 对于存量项目，一位PPP从业人士坦言，规范PPP存量项目建设和运营，很大程度上关系到当地政府的 公信力和经济发展的可持续性。"PPP新政出台以后，各地也在积极处理做优增量和盘活存量的相关工 作，对推动PPP项目提质增效具有重要意义。" 以陕西为例，2025年12月30日，陕西省财政厅发布关于规范政府和社会资本合作（PPP）存量项目建设 和运营的通知，要求市县紧扣"有效率、能落地、控成本"的核心要求，聚焦停建缓建项目，持续推 进"瘦身健体"，合理压缩实施规模，减少非必要的建设内容。 前述PPP从业人士表示，除了专项债，地方政府也在探索中央转移支付资金、地方自有资金等融资方 式， ...

人民财讯12月10日电，云南省人民政府办公厅关于印发《规范政府和社会资本合作存量项目建设和运营 实施方案》。其中提到，强化整合资金资源。各级政府要统筹做好新建政府投资项目和PPP存量项目的 衔接，将支持PPP存量项目建设和运营纳入增量政策中统筹实施。在开展新建项目的财政承受能力论证 时，须首先确保所有PPP存量项目的政府付费和可行性缺口补助已足额纳入中长期财政规划，并作为刚 性支出优先保障。发展改革部门要根据预算内投资有关规定，对符合条件的在建项目积极予以支持。各 行业主管部门要将行业专项资金等优先用于支持符合条件的PPP存量项目。 ...

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The fiscal achievements during the 14th Five - Year Plan include enhanced financial strength, stable macro - regulation, improved people's livelihood, and effective risk prevention. Over 60% of financing platforms have exited, and in the 15th Five - Year Plan, debt reduction and development will go hand in hand to promote a positive cycle between economic development and debt management [5][8][11]. - Gansu issued the first provincial - level implementation plan for the construction and operation of PPP stock projects, aiming to solve related problems and promote the compliance and stable operation of projects [5][15]. 3. Summary According to Relevant Catalogs 3.1. News Reviews 3.1.1. Fiscal Achievements during the 14th Five - Year Plan - Fiscal macro - regulation has achieved new breakthroughs, with fiscal policies becoming more proactive, enhancing counter - cyclical and cross - cyclical adjustments, and emphasizing expectation management. The deficit rate has increased from 2.7% to 4%, and the total national general public budget expenditure is expected to exceed 136 trillion yuan, a 24% increase from the 13th Five - Year Plan [8]. - The expenditure structure has been further optimized, with a more prominent people - oriented focus. Fiscal investment in people's livelihood is nearly 100 trillion yuan, and in 2025, 100 billion yuan is allocated for child - rearing subsidies and 20 billion yuan for free pre - school education [10]. - Local debt risks have significantly converged, with over 60% of financing platforms exiting. The "6 + 4+2 debt - reduction combination" has achieved positive results, and the Ministry of Finance will advance the issuance of some new local government debt quotas in 2026 [11][12]. - Fiscal and tax reform and management have advanced in depth, forming a good pattern of more scientific budget management, more perfect tax systems, and more sound fiscal systems [13]. 3.1.2. Gansu's PPP Stock Project Plan - Gansu issued the "Implementation Plan for the Standardized Construction and Operation of Government - Social Capital Cooperation Stock Projects" on September 8, 2025. The plan has three - stage goals and proposes multiple measures to ensure the smooth construction of ongoing projects and the stable operation of operational projects [15]. 3.1.3. Early Repayment of Bonds by 29 Urban Investment Enterprises - 29 urban investment enterprises early - repaid the principal and interest of 29 bonds, with a total scale of 5.067 billion yuan, a decrease of 127 million yuan compared to the previous period. Most of the enterprises are in the eastern region, and the main rating is AA [17][18]. 3.1.4. Cancellation of Issuance of 4 Urban Investment Bonds - Four urban investment bonds with a planned issuance scale of 2.1 billion yuan were cancelled from September 10 - 12, 2025. As of September 12, 79 urban investment bonds have been postponed or cancelled this year, with a total scale of 50.264 billion yuan [19]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds 3.2.1. Local Government Bonds - This week, 53 local government bonds were issued, with the issuance scale rising 223.02% to 301.672 billion yuan and the net financing rising 425.16% to 192.779 billion yuan. The weighted average issuance interest rate rose 13.59 BP to 2.17%, and the weighted average issuance spread narrowed 1.72 BP to 19.47 BP [20]. - Shenzhen issued 1 billion yuan of offshore RMB local government bonds in Macau on September 9, and Hainan issued 5 billion yuan of RMB local government bonds in Hong Kong on September 12 [20][21]. 3.2.2. Urban Investment Bonds - This week, 131 urban investment bonds were issued, with the issuance scale rising 26.02% to 94.766 billion yuan and the net financing rising 56.269 billion yuan to 21.563 billion yuan. The average issuance interest rate was 2.38%, a 0.56 BP increase, and the issuance spread was 80.48 BP, a 4.37 BP narrowing [25][27]. - Three overseas urban investment bonds were issued, with a total scale of 2.84 billion yuan, and the weighted average issuance interest rate was 4.11% [27]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - The central bank conducted 1.2645 trillion yuan of reverse repurchase operations in the open market this week, with 1.0684 trillion yuan of reverse repurchases maturing, resulting in a net investment of 196.1 billion yuan [31]. - Short - term capital interest rates all increased. The trading volume of local government bond spot reached 434.793 billion yuan, a 15.64% increase, and most of the maturity yields increased, with an average increase of 4.67 BP [31]. - The trading volume of urban investment bonds was 253.397 billion yuan, a 0.57% increase, and all maturity yields increased, with an average increase of 5.63 BP. The spreads of 1 - year, 3 - year, and 5 - year AA+ urban investment bonds all widened [33]. - Ten urban investment entities had 14 abnormal transactions of 10 bonds, with the number of entities and abnormal transactions increasing compared to last week, while the number of bonds remained unchanged [33]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 56 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, name changes, business scope changes, and changes in the use of raised funds [36].

Core Viewpoint - The article discusses the expansion of the use of local special bonds to support existing PPP projects, highlighting the diversification and flexibility of these bonds in addressing local government financing needs and improving public service efficiency [2][6][10]. Summary by Sections Local Special Bonds and PPP Projects - In August, the Ministry of Finance clarified that local special bonds can support existing PPP projects, reflecting a trend towards more innovative uses of local debt [2][5]. - The management mechanism for special bonds has been optimized, allowing for a more flexible allocation of funds based on local needs [2][3]. Issues in Special Bond Usage - There are reported issues such as illegal borrowing and misallocation of funds, with some idle projects incurring interest costs of 12.9 million [3]. - The new guidelines aim to address challenges in project financing and improve the quality and efficiency of public services [3][6]. Financial Institutions and PPP Projects - Financial institutions are encouraged to collaborate with social capital partners to optimize financing structures, ensuring the stability of credit for PPP projects [4][6]. - The new regulations require banks to maintain stable credit flows and not to arbitrarily withdraw loans, which is seen as a significant benefit for ongoing projects [6][10]. Impact on Local Debt Risks - The integration of special bonds into the PPP framework is expected to enhance cash flow stability for projects, providing a "safety net" for stakeholders [10][11]. - The total investment in the PPP project library reached 16.6 trillion, with an estimated 12 trillion in debt obligations, indicating significant potential risks if not managed properly [10][11]. Innovative Uses of Special Bonds - The article notes that special bonds are increasingly being used for land reserve projects, with 1,270 projects funded this year totaling 324.04 billion, representing 14.27% of the total issuance [13]. - The use of special bonds to address government arrears to enterprises is also highlighted as a critical area for improving liquidity and reducing bad debt risks [11][14]. Future Prospects - The potential for further expansion of special bond uses is anticipated, particularly in supporting major technological innovations and enhancing service consumption [15].

Core Viewpoint - The recent expansion of local special bonds to support existing PPP projects is expected to inject new confidence into the infrastructure sector, addressing financing constraints and improving public service quality and efficiency [4][6]. Group 1: Local Special Bonds and PPP Projects - The Ministry of Finance has clarified that local special bonds can now support existing PPP projects, allowing for a more flexible and diversified use of funds [1][4]. - The new regulations encourage financial institutions to collaborate with social capital partners, optimizing financing structures to ensure the stability of credit and asset quality for PPP projects [3][4]. - As of October 2022, there are 10,332 projects in the PPP project library with a total investment of 16.6 trillion yuan, with approximately 80% of this amount being debt-related [7]. Group 2: Challenges and Regulatory Measures - Issues such as illegal borrowing, misallocation of funds, and idle projects have been reported, highlighting the need for enhanced regulatory oversight to ensure compliance and effective use of funds [2]. - The recent guidelines aim to address challenges in project advancement and financing constraints, emphasizing the importance of budget management and prioritization of operational subsidies for existing projects [4][6]. Group 3: Impact on Financial Institutions - The new guidelines are seen as a significant benefit for banks involved in PPP projects, as they are expected to stabilize credit issuance and improve the repayment capabilities of local governments [6][7]. - Financial institutions are required to establish a credit service system that aligns with the characteristics of PPP projects, ensuring timely loan disbursement and adherence to contractual obligations [4][6]. Group 4: Broader Applications of Special Bonds - The innovative uses of local special bonds are expanding, with funds being allocated for land reserve projects and addressing overdue payments to enterprises, thereby enhancing liquidity in the market [8][9]. - The combination of special bonds and PPP models is anticipated to provide additional resources for local governments, aiding in the resolution of existing debt risks and improving the operational efficiency of local banks [6][9].

Group 1 - The article emphasizes the importance of major engineering projects in stabilizing and promoting the real estate market, as highlighted in the State Council meeting on August 18 [3] - The government aims to enhance the effectiveness of macro policies, respond to market concerns, and stabilize market expectations through targeted measures [3] - There is a focus on increasing effective investment and promoting private investment, alongside the construction of a unified national market to leverage market dividends [3] Group 2 - The State Council issued guidelines for the construction and operation of existing PPP projects, advocating for a classified and graded approach to project management [4] - The guidelines stress the importance of ensuring the smooth construction of ongoing projects and prioritizing those with certain returns, while also addressing slow-moving projects through optimization [4] - Financial institutions are encouraged to support ongoing projects in a market-oriented and lawful manner [4] Group 3 - For operational projects, the article highlights the need for legal compliance in payment and enhanced project operation supervision to achieve cost reduction and efficiency [5] - Local governments are urged to manage government expenditure responsibilities according to contracts and to utilize various funding sources for PPP project costs [5] - The article encourages equal communication and mutual benefits among social capital, financial institutions, and government entities to optimize project implementation [5] Group 4 - The State Council approved the overall plan for the "Three North" project, which aims to integrate ecological protection and economic development [6] - The plan emphasizes the need for coordinated planning and the implementation of supportive policies to foster local industries [6]

Group 1: PPP Policy Impact - The recent guidelines from the Ministry of Finance on PPP stock projects are expected to stimulate regional demand by allowing local governments to utilize general and special bonds for project costs, which will help improve the balance sheets of construction companies [1] - The focus on major infrastructure investment projects and urban renewal is increasing, with central financial support likely to accelerate the implementation of key projects and physical work volume [1] - Recommended companies include China Communications Construction Company (601800.SH), China Power Construction Group (601669.SH), and China Railway Group (601390.SH), with a focus on major projects in regions like Xinjiang, Tibet, and Sichuan-Chongqing [1] Group 2: Overseas Engineering Demand - China's overseas contracting engineering business saw a year-on-year revenue increase of 9.3% and new contract signings up by 13.7% in the first half of 2025, with significant growth in contracts signed in Belt and Road Initiative countries [2] - The ongoing global trade tensions and regional conflicts may lead to increased diplomatic and trade negotiations, potentially enhancing cooperation in Europe and ASEAN regions [2] - Recommended companies in the international engineering sector include China National Materials Group (600970.SH) and Shanghai Port Construction (605598.SH) [2] Group 3: Specialized Manufacturing Engineering - Certain specialized manufacturing engineering sectors, particularly in energy conservation, carbon reduction, and new energy infrastructure, are experiencing high demand, presenting investment opportunities for companies with relevant transformation strategies [3] - The semiconductor cleanroom sector is expected to maintain its favorable conditions, with recommended companies including Yaxing Integration (603929.SH) and Baicheng Co., Ltd. (601133.SH) [3]

Investment Rating - The report maintains an "Overweight" rating for the construction and decoration industry [1] Core Insights - The recent issuance of guidelines by the Ministry of Finance regarding PPP stock projects is expected to facilitate the resolution of operational debts related to these projects, benefiting the balance sheets of construction companies and accelerating the progress of existing projects [2][11] - Infrastructure investment growth has slowed, but there remains potential for increased support from steady growth policies, particularly in urban renewal and major infrastructure projects [2][11] - The report highlights the importance of regional demand, particularly in the western regions such as Xinjiang, Tibet, and Sichuan-Chongqing, and recommends focusing on major project developments in these areas [2][11] - The overseas engineering sector is showing growth, with a 9.3% year-on-year increase in completed contract value and a 13.7% increase in new contracts signed in the first half of 2025 [3][12] - There are promising investment opportunities in specialized manufacturing sectors, energy conservation, and new energy-related infrastructure, with companies like Honglu Steel Structure and Huayang International expected to benefit [3][12] Summary by Sections Industry Viewpoints - The Ministry of Finance's guidelines for PPP projects allow local governments to utilize general and special bonds for government expenditures related to these projects, which is expected to improve funding support and accelerate project construction [11][14] - The focus on projects with certain returns and the prioritization of their implementation is emphasized, with a call for local governments to manage their finances prudently [15][16] Industry Dynamics Tracking - The report tracks significant policy changes and news related to the Belt and Road Initiative, noting that new contracts signed in Belt and Road countries have increased by 21% year-on-year [3][12][18] - The report also highlights various projects and contracts won by Chinese companies in international markets, indicating a robust demand for overseas engineering services [19] Weekly Market Review - The construction and decoration sector experienced a weekly increase of 1.61%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 4.18% [20][22] - Notable stock performances include significant gains by companies such as Garden Holdings and Pudong Construction, while others like Design Institute and Northern International faced declines [22][23]

Key Points - The State Council is focusing on implementing large-scale equipment updates and a consumption upgrade policy to boost sports consumption potential and promote high-quality development in the sports industry [1] - The Ministry of Finance allows local governments to utilize general and special bonds for the construction costs of existing PPP projects, enhancing financial support for these initiatives [2] - The announcement regarding the personal pension system includes three new scenarios for pension withdrawals, effective from September 1, aimed at increasing accessibility [1] - The introduction of tax exemptions for childcare subsidies is set to take effect from January 1, 2025, promoting family support [3] - New regulations on rare earth mining and smelting have been issued to ensure compliance and proper management within the industry [4] - The average pig-to-grain price ratio has dropped below 6:1, prompting the National Development and Reform Commission to enter a warning zone and initiate measures to stabilize the pork market [5] - The financial regulatory authority is seeking opinions on a draft for managing commercial bank merger loans, categorizing them into control-type and equity-type loans [5] - The Hong Kong Stock Exchange is considering a 24-hour trading mechanism, following Nasdaq's plans, which will require system upgrades and regulatory adjustments [8] - The Shanghai Municipal Government is promoting the application of industrial robots in key sectors to enhance production efficiency and safety [9]

Investment Rating - The report maintains an "Overweight" rating for the construction and engineering industry, indicating an expectation for the industry to outperform the benchmark index [5][26]. Core Insights - The recent issuance of guidelines by the State Council aims to standardize the construction and operation of existing PPP projects, which is expected to clarify funding sources and reduce receivables risks for construction companies [1][2]. - The report highlights that the construction industry has a significant amount of receivables, with total receivables assets projected to reach 7.2 trillion yuan by the end of 2024, closely linked to the debts arising from overdue payments in PPP projects [4][11]. - The report recommends specific companies with high receivables and low price-to-book (PB) ratios, including China Railway Construction, China Railway, China Communications Construction, China Metallurgical Group, and China State Construction [1][4]. Summary by Sections Section 1: PPP Projects - The guidelines issued are expected to facilitate the smooth construction of ongoing PPP projects and ensure the stable operation of existing ones, with a focus on increasing financial support [2][3]. - The report notes that the funding for these projects will primarily come from local special bonds, which may lead to competition between new and existing projects [3][4]. Section 2: Financial Performance of Key Companies - China Railway Construction (1186 HK) is rated "Buy" with a target price of 6.64 HKD, despite a 6.61% year-on-year decline in revenue for Q1 2025 [10]. - China Railway (390 HK) is rated "Overweight" with a target price of 5.34 HKD, facing a 6.16% decline in revenue for Q1 2025 [10]. - China Communications Construction (1800 HK) is rated "Buy" with a target price of 7.33 HKD, showing a 12.6% decline in revenue for Q1 2025 but positive order growth [10]. - China Metallurgical Group (601618 CH) is rated "Overweight" with a target price of 3.82 CNY, experiencing an 18.5% decline in revenue for Q1 2025 [10]. - China State Construction (601668 CH) is rated "Buy" with a target price of 8.60 CNY, reporting a slight revenue increase of 1.1% for Q1 2025 [10].