Group 1 - The announcement was made by Shanghai Clearing House regarding the smooth execution of interest payment for the 30th medium-term note of Tianjin Urban Infrastructure Investment Group Co., Ltd. for the year 2024 [1] - The bond, referred to as "24津城建MTN030," has an issuance amount of RMB 1 billion (100,000 million) and a maturity period of 7 years [1] - The bond has a current rating of AAA, indicating a high level of creditworthiness [1]

Core Viewpoint - The successful issuance of the "Chongqing Wanzhou Economic and Technological Development (Group) Co., Ltd. 2025 Non-Public Corporate Bonds (Third Phase)" reflects strong investor confidence in the issuer's credit quality and development prospects, with a total issuance scale of 910 million yuan and a subscription multiple of 3.31 times [1][2]. Group 1 - The bond issuance has a term of 5 years, a principal credit rating of AA+, and a coupon rate of 2.80% [1]. - Chongqing Wanzhou Economic and Technological Development (Group) Co., Ltd. plays a crucial role in urban development and state-owned capital operations in Wanzhou District, focusing on land remediation, infrastructure investment, and park development [1]. - The issuer has been increasing investments in industrial upgrades, urban functionality improvements, and ecological governance, enhancing its comprehensive strength as a key player in regional economic development [1]. Group 2 - The successful bond issuance is a significant achievement for Shenwan Hongyuan Securities in implementing its "Greater Southwest" regional strategy and deepening its presence in the Chongqing market [2]. - Shenwan Hongyuan's professional bond underwriting capabilities and strong sales system have provided robust support for the efficient advancement of this project, serving as a model for local state-owned enterprises to achieve high-quality financing through capital markets [2]. - The company aims to continue its professional, stable, and win-win service philosophy, deepening cooperation with Chongqing Wanzhou Economic and Technological Development (Group) Co., Ltd. to support the high-quality development of key regional enterprises and projects [2].

Core Viewpoint - Shantou City is focusing on a people-centered urban development approach, integrating the "People's City" concept into its modernization efforts, emphasizing service to the public and enhancing urban quality of life [1][6][8] Group 1: Urban Development Strategy - The central urban work meeting emphasizes five transformations in urban development, including a shift towards a people-oriented approach and a focus on efficient, compact development [2] - Shantou is implementing projects that address residents' urgent needs, such as a 793 million yuan investment in a water supply system upgrade, which improved water pressure and quality for 290,000 residents [2][8] Group 2: Infrastructure and Resilience - The construction of a 14.54-kilometer underground utility tunnel has enhanced urban resilience and space utilization, addressing issues like urban congestion [3] - Shantou is improving sports facilities to support national events while also catering to community fitness needs, demonstrating a commitment to resource efficiency and urban resilience [3] Group 3: Cultural and Historical Development - Shantou is leveraging its unique "overseas Chinese" heritage to enhance its cultural appeal and attract tourism, with initiatives to preserve and promote local culture [4][5] - The city has hosted significant cultural events, welcoming 2,800 overseas Chinese, which fostered economic cooperation and cultural exchange [4] Group 4: Community and Social Welfare - Shantou has made significant improvements in living conditions, with 671 old residential communities renovated and 259 parks upgraded, enhancing the urban environment [6] - The city has established a network of 1,167 civilization practice centers, promoting community engagement and cultural activities [5][6] Group 5: Quality of Life Enhancements - Initiatives such as the establishment of "cool tea stations" for sanitation workers reflect the city's commitment to social welfare and community spirit [7] - The transformation of urban infrastructure, such as improved water supply and public spaces, is aimed at enhancing the quality of life for residents [8]

Core Viewpoint - The Ministry of Housing and Urban-Rural Development emphasizes the importance of urban renewal and the implementation of various livelihood, safety, and development projects to enhance urban governance and infrastructure [1] Group 1: Urban Renewal and Infrastructure Development - Urban renewal should be prioritized, focusing on the transformation of urban villages and dilapidated housing [1] - The construction of complete communities is essential to better care for the elderly and children [1] - There is a push for new urban infrastructure development, including the upgrading of old pipelines and the construction of safety projects for urban infrastructure [1] Group 2: Urban Governance and Community Engagement - The meeting highlights the need for increased investment in governance and modernizing urban governance systems and capabilities [1] - Resources and governance focus should shift towards grassroots levels, utilizing mechanisms like "whistle-blowing" and "immediate response to complaints" for efficient problem-solving [1] - The promotion of smart urban governance is crucial, with initiatives for integrated online public services and urban management [1]

Core Viewpoint - Guangzhou is actively enhancing urban quality through 291 projects, with 173 completed and the rest expected to finish by August 31, aiming to improve citizens' well-being and promote urban development [1][2]. Group 1: Urban Quality Improvement Projects - A total of 291 urban quality improvement projects have been initiated, focusing on areas such as roads, parks, rivers, streets, lighting, and rural beautification [1]. - The completion of 173 projects signifies progress, with remaining projects set to be completed by the end of August [1]. Group 2: Long-term Development Strategy - Guangzhou adopts a "during the event for the event, after the event for the city" approach, emphasizing long-term urban planning around event venues [2]. - The city is implementing 40 design guidelines and developing 30 venues with 17 refined street areas, showcasing a commitment to integrated construction and management [2]. Group 3: Enhancing Citizen Experience - The happiness and satisfaction of citizens are key metrics for assessing urban quality, driving the need for projects that meet public demand and improve living conditions [3]. - Initiatives include creating better transportation environments, friendly living spaces, and vibrant public areas for community engagement [3]. Group 4: Event-driven Urban Transformation - The upcoming 15th National Games serves as a catalyst for urban transformation, with efforts to elevate Guangzhou's status as a model city in China [3]. - The city aims to enhance its charm and promote a harmonious urban development narrative, benefiting both the city and its residents [3].

Core Viewpoint - The document outlines the Chinese government's initiative to strengthen urban infrastructure construction and renovation, emphasizing the need for comprehensive risk assessment and the development of new urban infrastructure models [1] Group 1: Urban Infrastructure Development - The government aims to enhance urban infrastructure by conducting thorough risk assessments of existing facilities [1] - There is a focus on the integrated development and utilization of underground space, including the construction and renovation of underground pipelines and comprehensive utility tunnels [1] - The initiative includes upgrading urban water supply facilities and improving the collection, treatment, and recycling of urban wastewater [1] Group 2: Flood Control and Emergency Response - The plan emphasizes the need for a robust urban flood control and drainage system, including the establishment of a coordinated management model for urban water systems and surrounding water bodies [1] - It aims to accelerate the construction and renovation of drainage and flood prevention facilities to enhance emergency response capabilities [1] Group 3: Waste Management and Fire Safety - The government is pushing for the upgrade of municipal solid waste treatment facilities and the enhancement of public fire safety infrastructure [1] - There is a call for proactive construction of disaster prevention projects to ensure urban safety [1] Group 4: Transportation Infrastructure - The initiative includes improving urban transportation infrastructure by developing rapid transit lines, community transport systems, and green transportation options [1] - It also focuses on optimizing urban freight network planning and establishing a tiered distribution facility system [1] Group 5: Technological Integration - The plan promotes the application of Building Information Modeling (BIM) technology in urban infrastructure projects [1] - It includes the implementation of safety engineering for urban infrastructure lifelines [1]

Group 1 - The article highlights the transformation of urban spaces in Chaoyang District, focusing on improving public areas and transportation systems to enhance residents' quality of life [1][4] - A total of 31 projects have been identified to address urban management issues, with approximately 50 million yuan allocated for these improvements [1] - The renovation of the North Yuan subway station area has created a vibrant "city garden" with clear pedestrian and bicycle paths, enhancing accessibility and aesthetics [2][3] Group 2 - The Panjiayuan cultural demonstration area has undergone significant upgrades, integrating local culture into the landscape to promote traditional Chinese heritage [3] - Traffic congestion issues around key locations, such as schools and hospitals, are being addressed through collaborative efforts among local governments, schools, and community resources [4][5] - Measures implemented include widening roads, optimizing traffic systems, and providing free parking for parents during school pick-up times, resulting in improved traffic flow and safety [4][5]

Economic Performance - In the first quarter, Longnan's GDP reached 16.45 billion yuan, showing a year-on-year growth of 6.4% [2] Project Investment and Development - Longnan has consistently focused on project development, with fixed asset investment maintaining double-digit growth for 17 consecutive quarters since 2021, with increasing project numbers and total investment [4] - The Deyuan Mushroom Agricultural Development Company, a key investment project in Longnan, has established a 7,497 square meter mushroom production workshop and over 300 mushroom production sheds, demonstrating the local government's strong support for project construction [4][5] Government Support and Infrastructure Projects - Longnan's government is committed to addressing challenges faced by enterprises, emphasizing problem-oriented, goal-oriented, and result-oriented approaches in project construction [5] - The Chengzhou Avenue, a major livelihood project with a total investment of 762 million yuan, was completed, alleviating traffic pressure and improving connectivity with key transportation routes [5][6] Ongoing Project Initiatives - On April 23, Longnan launched the "700 Tough Action" initiative to enhance project construction and business entity cultivation, aiming for high-quality development through coordinated efforts in project construction and economic growth [7]

www.lhratings.com 研究报告 1 报告摘要： 退平台源于城投平台的名单制管理，目前大致经历了三轮，分别为退出银监会城 投名单、财政部的城投平台名单和各省份确认报送国务院的融资平台名单。城投企业 退平台的动机主要是为了突破融资束缚和获取更多的发展机会。从本轮化债政策看， 城投企业退平台不仅是企业自身的选择，更是政策推动的结果，目的是促使城投企业 与地方政府实现信用"脱钩"，化解隐债风险，推进城投企业市场化转型。 2021－2023 年，退平台主体在业务转型方面取得了一定的效果，非城投业务收 入占比有所提升。随着新一轮化债工作的开展，城投企业退平台进程有所加快。2024 年以来，退平台主体债券融资募集资金用途仍主要为偿还到期债务，实现新增债券融 资的规模仍较小。从退平台进展看，重庆市、江苏省、浙江省、辽宁省、吉林省、内 蒙古自治区和新疆退平台进展相对较快。退平台主体信用级别主要为 AA 和 AA+， 行政级别以区县级（含开发区）城投为主。 从退平台主体与地方政府的关系看，退平台主体与地方政府的关系将逐步弱化， 但二者实际关系调整受股权及人事关系、业务及财务关联和转型进度影响大。短期内， 多数退平台 ...