近日，债权代理人中国工商银行登封支行发布公告：登封市建设投资集团有限公司（以下简称"登封建投"）发生重大债务违约。 作为一家总资产218.67亿元、净资产148.5亿元的地方国资平台，登封建投此番境遇背后涉及的担保责任等问题引发关注。 来源：公众号地产黯线 此次违约涉及登封建投为其子公司向华夏银行郑州分行所提供担保的贷款，逾期金额约为3711.87万元。因该笔贷款未能按期偿付，华夏银行郑州分行已 向法院申请强制执行，登封建投也因此被列为失信被执行人。 公开资料显示，登封市为河南省郑州市的下辖县级市，登封建投成立于2007年1月，是国有资产事务中心全资控股的国有独资企业，主要负责登封市全市 范围内的基础设施建设项目和棚户区改造项目的投融资建设。 根据2025年半年度财务报告，登封建投资产总额为218.67亿元，负债总额70.17亿元，净资产达148.5亿元，其流动负债有48.84亿元，一年内到期的短期债 务合计有36亿元。相较于短债规模，登封建投的流动性异常紧张，其账上货币资金仅有3665万元，与短债间形成巨大资金缺口，公司短期偿债压力大。 与此同时，登封建投旗下多家子公司目前均面临较高的债务风险。其中，登封电 ...

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 ...

Report Summary 1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - In January 2026, the credit - bond market may gradually recover with the implementation of the new fund sales fee regulations, but the pattern of strong supply and weak demand may restrict its performance. It is recommended to focus on varieties within 3 years, with a leveraged strategy to increase returns, and also pay attention to the potential demand for 5 - year varieties driven by amortized bond funds [1][2][3]. - After the implementation of the new regulations, the second - tier and perpetual bonds of large banks may experience a recovery. Since the second half of 2025, these bonds have significantly over - declined compared to general credit bonds, but the new regulations' formal release may ease market concerns and promote their recovery [4][5]. 3. Summary According to Relevant Catalogs 3.1 Short - term Bonds as a Shield, 4 - 5 - year Large Bank Second - tier and Perpetual Bonds as a Spear - **January Credit - Bond Supply - Demand Situation and Investment Focus**: In December 2025, due to factors such as changes in the expectation of broad money, concerns about ultra - long bond supply, and new fund sales regulations, the long - end interest rate was weak, and the credit - bond market showed a "short - strong, long - weak, high - rating dominant" structural market. In January 2026, the credit - bond market may recover, but the supply - demand pattern will be strong supply and weak demand. It is recommended to focus on varieties within 3 years, with short - duration sinking for urban investment bonds, and also pay attention to 4.5 - 5.5 - year public non - perpetual bonds [1][2][3]. - **Recovery of Second - tier and Perpetual Bonds**: Since the second half of 2025, the medium - and long - term second - tier and perpetual bonds of large banks have significantly over - declined compared to general credit bonds. After the formal release of the new regulations on December 31, 2025, market concerns may ease, and these bonds may experience a recovery. Currently, the 4 - 5 - year large - bank second - tier and perpetual bonds have higher holding - period yields than general credit bonds, with the 4 - year variety being more cost - effective [4][5]. 3.2 Urban Investment Bonds: Net Financing Increased Year - on - Year, and Long - Duration Transaction Activity Declined - **December Issuance and Net Financing**: In December 2025, the net financing of urban investment bonds was positive and increased year - on - year. The issuance of short - duration bonds increased, and the weighted average issuance interest rate increased across the board, with a larger increase for medium - and long - duration bonds. The performance was divided, with the yields of medium - and high - grade bonds within 5Y and low - grade bonds within 3Y generally declining, and the spreads of 1Y short - duration and 5Y low - grade bonds widening significantly [41]. - **Provincial - Level Performance**: The net financing performance of each province in December was divided, with half of the provinces having negative net financing. The yields of public urban investment bonds in each province generally increased, with Liaoning and Yunnan performing worse [45][50]. - **Transaction Activity**: In December, the buying sentiment of urban investment bonds was still weak, with the overall TKN ratio and low - valuation ratio slightly decreasing. The long - duration transaction activity declined, and the AA(2) transaction ratio decreased, while the AA + ratio increased [53]. 3.3 Industrial Bonds: Supply Increased Significantly, and the Short - Duration Issuance Ratio Increased Significantly - **December Issuance and Net Financing**: In December 2025, the issuance and net financing of industrial bonds increased significantly year - on - year. The issuance of short - duration bonds increased significantly, and the issuance interest rate increased across the board, with a larger increase for 3 - 5 - year bonds. The spreads generally widened, with long - duration varieties performing worse [56][57][59]. - **Industry - Level Yield Performance**: The yields of public bonds in various industries generally decreased slightly. Among industries with over 50 billion yuan in outstanding public bonds, the public utilities and transportation industries performed well with a 2bp yield decline, while the real estate industry's yield increased significantly by 10bp [62]. 3.4 Bank Second - tier and Perpetual Bonds: Supply Increased, and Medium - and Long - Duration Yields Mostly Increased - **December Supply and Net Financing**: In December 2025, the supply of bank second - tier and perpetual bonds increased significantly, with the increase mainly coming from second - tier capital bonds. The issuance and net financing both increased significantly year - on - year [65]. - **Yield and Spread Performance**: The yields of bank second - tier and perpetual bonds were divided, with medium - and long - term second - tier capital bonds performing worse. The spreads generally widened, except for the 5Y AAA - and 2Y AA - perpetual bonds. Compared with medium - and short - term notes, AA and above second - tier and perpetual bonds performed weakly [69]. - **Transaction Activity**: The number of transactions of bank second - tier and perpetual bonds increased month - on - month, but the trading sentiment was still weak. The TKN ratios of second - tier capital bonds and perpetual bonds were 62% and 56% respectively, and the low - valuation ratios increased by 8pct and 3pct respectively. The transactions of state - owned banks and joint - stock banks were mainly concentrated in 3 - 5 - year medium - and long - duration varieties, while the trading sentiment of city commercial banks was weak, and the transactions showed a trend of extending duration [74].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The primary market issuance of Chinese offshore bonds remained at a low level last week due to the New Year's Day holiday, with only 2 new bonds issued, totaling approximately $38 million. The secondary market's high-yield segment outperformed the investment-grade segment. The yields of short - and long - term US Treasuries showed a divergent trend [1][2][3]. Summary by Directory 1. Primary Market - Affected by the New Year's Day holiday, the primary market issuance of Chinese offshore bonds remained low, with 2 new bonds issued, totaling about $38 million. Chongqing Puli Development issued a senior bond worth 220 million RMB, the largest issuance last week, and Zhangdian State - owned Assets issued a senior unsecured bond worth 48 million RMB with a coupon rate of 6.9%, the highest - priced new bond last week [7][8][10]. 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) declined 0.04% week - on - week, while the emerging market US dollar bond index rose 0.03%. The investment - grade index of Chinese US dollar bonds closed at 202.6423, down 0.06% week - on - week, and the high - yield index closed at 160.354, up 0.11% week - on - week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.03% week - on - week. The investment - grade return index closed at 244.3846, up 0.01% week - on - week, and the high - yield return index closed at 241.6935, up 0.16% week - on - week [11][14]. 2.2 Chinese US Dollar Bond Performance by Industry - Different industries showed different yield changes. The communication and energy sectors led the rise, with yields down 14.6bps and 5.8bps respectively. The real estate and essential consumer sectors led the decline, with yields up 13.7Mbps and 99.9bps respectively [18][23]. 2.3 Chinese US Dollar Bond Performance by Different Ratings - According to Bloomberg's comprehensive ratings, investment - grade names generally declined, with the weekly yield of A - rated names up 0.8bps and that of BBB - rated names up 1.9bps. Most high - yield names declined, with the yield of BB - rated names down 4.1bps, the yield of DD+ to NR - rated names up about 12.0bps, and the yield of unrated names up 4.4Mbps [20]. 2.4 Hot Events in the Bond Market Last Week - China Jinmao provided asset collateral for the debt of "23 Jinmao MTN001". Fantasia Group had overdue borrowing principal of 1.4411 billion yuan as of November 30, 2025. Shanghai Shimao Construction had new overdue interest - bearing debts of about 1.85 billion yuan from December 22 to 28, 2025 [24][25][26]. 2.5 Main Rating Adjustments Last Week - Moody's downgraded Vanke's corporate family rating to Ca from Caa2 and maintained a negative outlook. United International rated Quzhou Grand Garden Group A - with a stable outlook. Zhongchengxin Asia - Pacific rated Sanya Urban Transport Group Ag - with a stable outlook [28]. 3. US Treasury Bond Quotes - The table shows the quotes of 30 US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low, including information such as code, maturity date, current price, yield to maturity, and coupon [29]. 4. Macro Data Tracking - As of January 2, the yields of US Treasury bonds showed different trends. The 1 - year yield was 3.4666%, down 1.24bps from last week; the 2 - year yield was 3.4733%, down 0.57bps; the 5 - year yield was 3.7427%, up 4.69bps; and the 10 - year yield was 4.1907%, up 6.3bps [33]. 5. Macro News - The Fed's December meeting minutes showed serious disagreements. The US initial jobless claims were lower than expected. New US tax measures for some cross - border remittances came into effect. The Bank of Korea will comprehensively revise monetary and liquidity statistics. The Bank of Japan's December policy meeting minutes hinted at future interest rate hikes. Turkey implemented a visa - free policy for Chinese ordinary passport holders. China's manufacturing, non - manufacturing, and composite PMIs in December 2025 all entered the expansion zone. China's service trade grew steadily in the first 11 months of 2025. China had a current account surplus of $492.8 billion in the first three quarters of 2025. The operating income of state - owned enterprises from January to November 2025 increased 1% year - on - year. China's foreign debt scale decreased steadily. The 2026 national subsidy plan was officially released. The decline in China's national commercial housing transaction volume in 2025 narrowed compared to the previous year. The average price of new homes in 100 Chinese cities in December 2025 increased both month - on - month and year - on - year, while the average price of second - hand homes decreased. The auto market is expected to have positive growth in January 2026 and face more pressure in February [32][34][40].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The debt - control measures in Chengdu and its districts and counties have achieved certain results. The debt growth rate of urban investment enterprises has slowed down, the proportion of bank financing has continuously increased, and the debt structure has been optimized. However, the investment - end growth rate of Chengdu's urban investment enterprises has slowed down, the accounts receivable scale has continuously expanded, and some district - level urban investment enterprises still face certain pressure in debt repayment and liquidity [2][29]. 3. Summary According to the Table of Contents 3.1 Chengdu's Debt Management Situation - **Overall Approach**: Chengdu actively resolves debts through debt replacement, promoting the transformation of urban investment enterprises, asset revitalization, and providing incentives and transfer payments to districts and counties. Each district and county focuses on different aspects of debt resolution based on its debt pressure and resource endowment [4][5]. - **Specific Measures**: - **Debt Replacement**: In 2024, Chengdu received 47.33 billion yuan of refinancing special bonds from the Sichuan Provincial Department of Finance to replace existing implicit debts. Also, Jinjiang County carried out a syndicated replacement of "non - standard debts" to optimize debt costs [5]. - **Transformation of Urban Investment Enterprises**: Chengdu supports the transformation of financing platforms and reduces the number of financing platforms [5]. - **Asset Revitalization**: It promotes the revitalization of franchise rights, state - owned assets, and resources [5]. - **Incentives and Transfer Payments**: The incentive funds for implicit debt resolution increased to 4 billion yuan, and transfer payments are tilted towards districts with financial difficulties [5]. - **Regional Progress**: Different regions in Chengdu have made progress in debt resolution. For example, Wuhou District completed 1.996 billion yuan of debt resolution in the first half of 2025; Qingyang District received 1.983 billion yuan of replacement special bonds in 2024 [7]. 3.2 Financial Indicator Changes of Chengdu's Urban Investment Enterprises - **Investment**: - **Overall Trend**: From 2022 to June 2025, the scale of urban construction, self - operated, and equity and fund investment assets of Chengdu's urban investment enterprises continued to grow, but the growth rate decreased from over 10% in 2023 to 2.70%, 0.48%, and 2.36% respectively in June 2025. Urban construction assets accounted for 67.48% in June 2025, remaining the main asset composition [10][12]. - **Regional Differences**: Except for Qingyang and Xinjin Districts, urban construction investment in other districts increased in 2024. High - growth areas include High - tech Zone, Xindu, Shuangliu, Jinniu, and Jianyang. The proportion of urban construction assets in the municipal level, High - tech Zone, and Tianfu New Area is relatively low, while in Pujiang, Jintang, Dayi, and Dujiangyan, it is over 90% [13]. - **Receivables**: - **Overall Trend**: From 2022 to June 2025, the accounts receivable of Chengdu's urban investment enterprises increased year - by - year. The cash - to - income ratio fluctuated and increased, which may be related to the progress of traditional business settlement and the increase in the proportion of market - oriented business [15]. - **Regional Differences**: In 2024, the accounts receivable in the municipal level, Jianyang, Xindu, and Wenjiang were over 2 billion yuan, while in Qingyang and Pujiang, they were less than 100 million yuan. The growth of accounts receivable in High - tech Zone and Pengzhou was significant. Qingyang, Jinjiang, and Wuhou had a high cash - to - income ratio, while Jianyang and Xindu had a relatively low one [16]. - **Financing**: - **Overall Trend**: From 2022 to 2024, the cash flow from financing activities of Chengdu's urban investment enterprises was in a net inflow state, but the net inflow scale decreased in 2024, mainly due to restricted new financing [17]. - **Regional Differences**: The net cash flow from financing activities of municipal - level urban investment enterprises was relatively high, while that of the far - suburban areas was relatively low. In 2024, the net inflow of financing activities in the municipal level, High - tech Zone, and Shuangliu exceeded 15 billion yuan [19]. - **Interest - Bearing Debt**: - **Overall Trend**: From 2022 to June 2025, the debt scale of Chengdu's urban investment enterprises continued to grow, but the growth rate decreased from 14.15% in 2023 to 7.90% in June 2025. The proportion of bank financing increased to nearly 70% in June 2025, while the proportion of other financing and bond financing decreased [20][24]. - **Regional Differences**: The debt scale of municipal - level and near - suburban urban investment enterprises was relatively large. In 2024, the debt growth rate in High - tech Zone, Shuangliu, Jianyang, and Pujiang exceeded 15%. In 2024, the proportion of bond financing in Pixian and Jintang was over 35%, and the proportion of other financing in Jianyang, Qingbaijiang, and Xinjin was over 15% [21][24]. - **Debt - Repayment Ability**: - **Overall Trend**: From 2022 to June 2025, the overall asset - liability ratio and total debt capitalization ratio of Chengdu's urban investment enterprises increased year - by - year, and the cash - to - short - term - debt ratio fluctuated and increased [25]. - **Regional Differences**: The total debt capitalization ratio of urban investment enterprises in Wuhou, Longquanyi, and High - tech Zone was relatively high. In terms of short - term debt - repayment ability, the municipal level and Tianfu New Area performed strongly, while Qingbaijiang and Jintang performed weakly [25].

"一揽子化债"背景下济宁市 债务化解及城投转型进展 政府公共评级二部 作者：刘艳美 ymliu@ccxi.com.cn 刘绍思 shsliu@ccxi.com.cn 中诚信国际基础设施投融资行业 1 / 17 中诚信国际基础设施投融资行业 城"一揽子化债"背景下济宁市债务化解及 城投转型进展 摘要 ◼ 区域概况 ◼ 化债进展 ◼ 城投转型 2 / 17 ➢ 济宁市资源禀赋突出，产业结构持续优化，经济发展位居山东省中上游， 但区县经济发展分化明显。 ➢ 济宁市财政实力稳步提升，财政收入质量较好，但财政自给能力较为一般， 土地财政依赖度较高，且区县财政发展失衡较为突出。 ➢ 济宁市政府法定债务风险较为可控，但城投企业有息债务突出，两者叠加 后的债务率超 300%，并高度集中于经济强区县，且区县类城投企业曾出现 过票据逾期等负面舆情，区县债务风险值得关注。 ➢ 济宁市多元举措推进债务化解，持续健全完善政府债务管理机制，强化"借、 用、管、还"闭环式全流程管理。 ➢ 2024 年以来济宁市城投债务增速有所放缓，债务结构有所优化，融资成本 有所下降，但融资成本仍较高且短期偿债压力仍存。 ➢ 济宁市城投债发行期限趋于长期 ...

摘要 根据 Wind 数据，折价成交个券中，"24 诚通控股 MTN010B"债券估值价格偏离幅度较大。净价上涨成交个券中，"京 资 K10"估值价格偏离程度靠前。净价上涨成交二永债中，"25 平安银行永续债 01BC"估值价格偏离幅度较大；净价 上涨成交商金债中，"25 张家港农商科创债 01"估值价格偏离幅度靠前。成交收益率高于 5%的个券中，交运债排名靠 前。 信用债估值收益变动主要分布在[-5,5]区间。非金信用债成交期限主要分布在 2 至 3 年，其中 0.5 年内品种折价成交 占比最高；二永债成交期限主要分布在 4 至 5 年，其中 1 至 3 年品种折价成交占比最高。分行业看，轻工制造行业的 债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 剩余期限 | 估值价格 ...

2025 年 12 月 11 日日，上海奉贤发展（集团）有限公司 2025 年面面向专业投资者 公开发行行公司债券（第二二期）成功完成簿记发行行，本期公司债券发行行规模 11 亿元，债 券期限为 5 年，发行行利率 2.21% ，认购倍数达 3.28 倍，此次债券发行行利率低于债券 估值，不仅提升了申万宏源证券在上海市各区县中的资本市场品牌形象及金金融机构关注 度，也对集团拓展融资渠道、优化商业模式、促进降本增效具有重要意义。 发行行人人是上海市奉贤区重要的基础设施建设和公用用事业运营主体，作为奉贤区重要 的基础设施建设平台，区域地位重要，发行行人人营业收入入在奉贤区城投类企业排名第一一， 业务可持续性较强。发行行人人依托政策支支持与多年行行业积淀，在区内市政工工程项目目承揽中 形成显著竞争壁垒，同时在保障房建设、国有资产运营等核心心领域发挥不可或缺的作 用用，既保障了民民生生福祉，又又助力力区域资产保值增值，为奉贤区经济社会高高质量发展提供 坚实支撑。 本期债券是申万宏源证券深耕上海市奉贤区优质客户的重要成果，充分展现了申万 宏源在上海地区强大大的综合实力力和卓越的市场信誉，为进一一步深化与上海市奉贤区企业 ...

Group 1 - The core viewpoint of the report emphasizes the importance of adhering to a stable yet progressive economic strategy, focusing on quality and efficiency, while implementing more proactive fiscal policies and moderately loose monetary policies to enhance macroeconomic governance effectiveness [1][13][19] - The report highlights the significance of "performance view" and "local adaptation" as focal points of the recent economic work conference, indicating that local governments should avoid blind pursuit of trends and instead develop industries based on regional characteristics and advantages [2][12][17] - The report suggests a short-duration investment strategy for local governments that effectively address hidden debts, particularly those that can resolve these issues promptly and are expected to issue special bonds for project construction [3][27][37] Group 2 - The report outlines key tasks for local governments in 2026, including maintaining domestic demand as the primary driver, enhancing infrastructure investment, and optimizing the use of special bonds and new policy financial tools to stimulate private investment [19][25][26] - It discusses the need for a unified national market construction regulation to address "involution" competition and promote fair competition among local governments and enterprises, which is expected to be implemented in 2026 [9][24][21] - The report emphasizes the importance of addressing local government debt risks through proactive measures, including debt restructuring and optimizing financing platforms, to ensure sustainable economic development [27][29][30]

转型・聚力・融新 —江苏省城投及产投类主体新增发债透视 联合资信 公用评级一部 |姚 玥|李 颖|郑 重|韩子祺 本文基于 2024 年 10 月至 2025 年 9 月江苏省新增城投及产投发债样本，系统梳理了在中央与 地方协同政策引导下的江苏省新增债券市场特征与趋势。中央层面通过构建"存量化解与增量规 范"并重的政策体系，旨在化解债务风险并引导城投信用与政府信用脱钩。江苏省亦出台配套政策， 支持城投及产投类主体转型发展。 实现新增发债的全部样本企业中，行政层级以地市级平台为主，区县及园区级主体占比接近半 数，呈现出"地市级主导、区县级接续"的双轨并行态势；政策导向下，"强产业属性+政策标签" 为融资核心条件，民生服务类主体成主力，产业园区类主体占比有限。品种上私募公司债占主导； 企业债占比低，募集资金均投向项目建设。资金用途以偿还债务为主，银行间市场该用途占比最高， 交易所市场用途组合更灵活多元。贴标债券中绿色债券占重要地位，民生服务类及强产业属性的园 区类主体更易依托政策契合度发行贴标债券。 随着政策持续推进，城投与产投市场分化将进一步加剧。未来，真正完成市场化转型、具备产 业支撑和稳定现金流的主体将获得 ...