1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the given content. 2. Core Views of the Report - Fujian Province has strong overall comprehensive financial strength, with a relatively high fiscal self - sufficiency rate. However, there are significant regional disparities within the province, which may provide room for moderate credit - quality downgrading for urban investment bond investors, subject to proper risk pricing [1][17]. - The third - industry in Fujian Province has become dominant and continues to strengthen, while the second - industry's share is decreasing. The first - industry maintains a low proportion [1][21]. - Fujian's local government debt burden has increased, but the absolute level remains low in the national context. The debt growth rate is generally in line with the economic output growth rate, and the investment - financing cycle of urban investment platforms is smooth. However, the urban investment debt ratio remains high [1][30]. - The balance of outstanding urban investment bonds in Fujian Province ranks in the middle - upper level nationwide. The province's urban investment platforms are expected to continue to moderately raise debt, keep the debt growth rate in line with the economic growth rate, and optimize the debt term structure and financing costs [1][41]. - In 2025, the issuance of urban investment bonds in Fujian Province showed the characteristics of "stable total volume and negative net financing". In 2026, the funds raised by urban investment platforms will mainly be used for rolling over existing bonds, but incremental financing space may open up with platform transformation [4][61]. - The next three years are a critical window for resolving hidden debts of urban investment in Fujian Province. The repayment pressure is unevenly distributed, and the refinancing demand in 2026 may be higher than that in 2027 and 2028 [4][68]. - The trading activity of urban investment bonds in Fujian Province has room for improvement. Given the current market situation, the credit - quality downgrading strategy may not be very cost - effective, while the duration strategy may be more effective [4][80][86]. 3. Summary According to the Table of Contents 3.1 Fujian Province Overview 3.1.1 Economic and Fiscal Perspectives - In 2024, Fujian's GDP was 5776.1 billion yuan, with a growth rate of 5.5%, ranking in the middle - upper level nationwide. Its per - capita GDP was 137,920 yuan, a year - on - year increase of 5.34% [11]. - In 2024, Fujian's general public budget revenue was 361.529 billion yuan, ranking 6th nationwide, with a year - on - year increase of 0.65%. The general public budget expenditure was 608.093 billion yuan, ranking 11th, with a year - on - year increase of 3.78%. The fiscal self - sufficiency rate was about 59.45%, a decrease of 1.85 percentage points from 2023, ranking 6th nationwide [15]. - There are significant regional disparities in fiscal strength within Fujian Province. The fiscal self - sufficiency rates of Xiamen, Fuzhou, and Quanzhou are significantly higher than the provincial average, while those of inland cities such as Nanping, Sanming, and Longyan are relatively low [15][17]. 3.1.2 Industrial Layout Perspective - In the past seven years, Fujian has been transitioning from the secondary industry to the tertiary industry. In 2024, the share of the third industry reached 51.5%, while the share of the second industry showed a downward trend, and the first industry maintained a low proportion [1][21]. - Fujian has introduced a series of policies to promote high - quality development, such as forward - looking layout of future industries, promotion of green transformation, and strengthening of cross - strait industrial cooperation [22]. 3.2 Current Situation of Outstanding Urban Investment Bonds and Urban Investment Entities in Fujian Province 3.2.1 Review of the Changes and Development of Fujian's Urban Investment Bonds - Fujian's urban investment financing can be traced back to 1986. The development of urban investment in Fujian has followed national macro - policies, with the scale and rhythm strictly regulated [27][28]. - From 2015 - 2019, the balance of outstanding urban investment bonds in Fujian increased steadily. In 2020 - 2022, the scale increased rapidly due to the impact of the COVID - 19 pandemic. Since 2023, the growth rate has slowed down significantly [28][29]. 3.2.2 Focus on the Current Outstanding Bonds and Structure - As of December 11, 2025, the balance of outstanding urban investment bonds in Fujian was about 228.513 billion yuan, ranking 13th nationwide. The weighted average coupon rate was about 3.20%, ranking 29th nationwide, both lower than the national average [41]. - In terms of structure, the credit ratings of the issuers are mainly AA +, with good credit quality. The remaining maturities of the bonds are mainly concentrated in the 3 - 5 - year range, and the bond types are mainly corporate bonds. The coupon rates are mainly below 3% [42][44]. 3.2.3 Focus on the Current Situation of Urban Investment Entities - As of December 11, 2025, there were 86 urban investment entities in Fujian, with 59 having outstanding bonds. The urban investment platforms in Fujian show a pattern of "balanced development of district - county and prefecture - level platforms" [51][52]. - The financing capacity is concentrated in high - grade core platforms. While district - county AA - rated platforms can provide considerable coupon income, their relatively low liquidity due to limited scale needs attention [52]. 3.3 Issuance Situation of Fujian's Urban Investment Bonds in the Primary Market in 2025 - In the first three quarters of 2025, Fujian issued 60.193 billion yuan of urban investment bonds, ranking 14th nationwide, with a cumulative net financing of - 16.115 billion yuan. The issuance showed the characteristics of "stable total volume and negative net financing" [4][60]. - The average coupon rate of newly - issued urban investment bonds in the first three quarters of 2025 was 2.34%, significantly lower than the outstanding coupon rate. The rate was in the middle - upper level among the seven provinces and cities in East China [62]. - In terms of issuance structure, AA + - rated issuers accounted for nearly half of the issuance scale. The issuance terms were mainly 3 - 5 years, and the bond types were mainly corporate bonds and medium - term notes. The industries of the issuers were mainly concentrated in the industrial sector [65]. 3.4 Repayment Situation of Fujian's Urban Investment Bonds in the Next Three Years - As of December 11, 2025, bonds maturing within three years accounted for 53.14% of the outstanding urban investment bonds in Fujian. The repayment pressure is unevenly distributed in the next three years, with the refinancing demand in 2026 likely to be higher than that in 2027 and 2028 [68]. - In terms of repayment structure, corporate bonds have the largest repayment scale, and the repayment subjects are mainly of medium - high credit ratings, which is consistent with the structure of outstanding bonds [69][74]. 3.5 Secondary Market Trading and Yield Performance of Fujian's Urban Investment Bonds - In the first three quarters of 2025, the trading volume of Fujian's urban investment bonds in the secondary market was about 110.983 billion yuan, ranking 14th nationwide, with a turnover rate of 54.52%, ranking 18th, slightly lower than the national average [80]. - Since 2025, the average yield of Fujian's urban investment bonds has been about 2.27%, lower than the national average. The trading activity has room for improvement, and the credit - quality downgrading strategy may not be very cost - effective, while the duration strategy may be more effective [80][86].

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].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - Jining City has prominent resource endowments, continuously optimized industrial structure, and its economic development ranks in the upper - middle level in Shandong Province. However, there is an obvious differentiation in economic development among districts and counties. The fiscal self - sufficiency ability is average, with a high degree of dependence on land finance, and the debt risk of urban investment enterprises is worthy of attention. [7][8][11][14] - Since 2024, Jining has taken multiple measures to promote debt resolution, improved the government debt management mechanism, and achieved phased results in debt resolution, such as slowing down the growth rate of urban investment debt, optimizing the debt structure, and reducing the financing cost. [7][27][31] - The issuance of urban investment bonds in Jining tends to have a longer term, and the interest rates and spreads in the primary and secondary markets have decreased. However, the urban investment bond financing was a net outflow in 2024, and the pressure of existing bond repayment is relatively concentrated. [7][34][35] - The commercial paper overdue events in Jining were concentrated from 2022 to 2024 and have converged since 2025. The scale of urban investment lease financing has been continuously decreasing since 2023, and the existing lease financing is still concentrated in economically strong districts. [7][37][40] - The bonds of Jining's industrial investment companies are closely related to national strategies, with short approval time and fast issuance rhythm. However, all are private placements, most bond items are guaranteed, and the issuance costs of some district - level industrial investment companies are relatively high. [7][44][45] - There are many industrial investment enterprises in Jining's urban investment transformation, mainly at the district - county level, with diversified businesses and AA - AA+ as the main credit ratings. [7][49][54] 3. Summary According to Relevant Catalogs Regional Overview - **Geographical and Population Information**: Jining is a central city in the Huaihai Economic Zone, covering an area of 11,187 square kilometers, with a permanent population of 8.1873 million by the end of 2024. However, the population has shown a net outflow trend. [8] - **Resource and Industry**: It has four major resource advantages: minerals, water transportation, agriculture, and culture. The industrial pattern is "coal - power - chemical industry as the foundation, manufacturing as the support, and the service industry accelerating development". It is transforming from "resource - dependent" to "innovation - driven". [9] - **Economic Development**: In 2024, Jining's GDP ranked sixth in Shandong Province, with a growth rate slightly higher than the provincial average. The district - county economic development is uneven, showing a pattern of "strong core areas and weak peripheral areas". [11][13][14] - **Fiscal Situation**: The general public budget revenue in 2024 was 4.9626 billion yuan, ranking fifth in Shandong. The fiscal balance rate was 62.02%, and the comprehensive financial resources were 12.8422 billion yuan, with a high degree of dependence on government fund income. The fiscal development among districts and counties is unbalanced. [16][17][19] - **Debt Risk**: The legal debt risk of the Jining government is relatively controllable, but the interest - bearing debt of urban investment enterprises is prominent. The debt ratio after the superposition of the two exceeds 300%, and the debt is highly concentrated in economically strong districts. [21][22] Debt Resolution Progress - **Measures**: Jining promotes debt resolution through five measures: using bond tools precisely, implementing fiscal revenue expansion and expenditure reduction, promoting urban investment transformation, deepening government - finance - enterprise cooperation, and strengthening supervision. [27][28][29] - **Results**: Since 2024, the growth rate of urban investment debt has slowed down, the debt structure has been optimized, and the financing cost has decreased. However, the financing cost is still high, and the short - term debt repayment pressure remains. The issuance of urban investment bonds has become more long - term, and the interest rates and spreads in the primary and secondary markets have decreased. But the urban investment bond financing was a net outflow in 2024, with concentrated existing bond repayment pressure. The commercial paper overdue events have converged since 2025, and the scale of urban investment lease financing has been continuously decreasing. [7][31][34] Urban Investment Transformation - **Bond Issuance of Industrial Investment Companies**: As of November 2025, 8 bonds of industrial investment companies in Jining have been issued for the first time, with a total issuance scale of 3.22 billion yuan. The bond labels are closely related to national strategies, with short approval time and fast issuance rhythm. But all are private placements, most bond items are guaranteed, and some district - level companies have relatively high issuance costs. [44][45][48] - **Industrial Investment Enterprises in Transformation**: There are 8 industrial investment enterprises in Jining's urban investment transformation, mainly at the district - county level. The transformation models include setting up new platforms, newly established platforms, and new platforms under urban investment companies. The business is diversified, and the main credit ratings are AA - AA+. [49][53][54]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - According to Wind data, among the bonds traded at a discount, "24 Chengtong Holdings MTN010B" had a relatively large deviation in valuation price; among the bonds with rising net prices, "Jingzi K10" led in terms of valuation price deviation; among the Tier 2 and perpetual bonds with rising net prices, "25 Ping An Bank Perpetual Bond 01BC" showed a relatively large deviation in valuation price; among the commercial financial bonds with rising net prices, "25 Zhangjiagang Rural Commercial Science and Technology Innovation Bond 01" ranked high in terms of valuation price deviation; among the bonds with a trading yield higher than 5%, transportation bonds were at the forefront [2]. - The changes in credit bond valuation yields are mainly distributed in the [-5,5] range. The trading terms of non - financial credit bonds are mainly between 2 and 3 years, with the highest proportion of discount - traded varieties within 0.5 years; the trading terms of Tier 2 and perpetual bonds are mainly between 4 and 5 years, with the highest proportion of discount - traded varieties between 1 and 3 years. By industry, the bonds in the light manufacturing industry had the largest average deviation in valuation price [2]. 3. Summary by Relevant Catalogs 3.1 Discounted Bond Trading Tracking - The report tracked the trading of significantly discounted bonds, listing the remaining term, valuation price deviation, valuation net price, valuation yield deviation, valuation yield, previous - day valuation yield, implied rating, subject rating, industry, and trading volume of various bonds such as "24 Chengtong Holdings MTN010B" [4]. 3.2 Tracking of Bonds with Rising Net Prices - It tracked the trading of bonds with significant positive deviations in net prices. Bonds like "Jingzi K10" had a valuation price deviation of 0.21%, and the report also provided details on other bonds including remaining term, valuation price deviation, etc. [5]. - For Tier 2 and perpetual bonds with rising net prices, "25 Ping An Bank Perpetual Bond 01BC" and others were listed, with a valuation price deviation of about 0.03% for many of them [6]. 3.3 Commercial Financial Bond Trading Tracking - The trading of commercial financial bonds was tracked, such as "25 Zhangjiagang Rural Commercial Science and Technology Innovation Bond 01", with information on remaining term, valuation price deviation, etc. provided [9]. 3.4 Tracking of Bonds with a Trading Yield Higher than 5% - Bonds like "24 Ruimao 02" with a trading yield higher than 5% were tracked, and the report presented details such as remaining term, valuation price deviation, and trading volume [10]. 3.5 Distribution of Credit Bond Trading Valuation Deviations on the Day - The distribution of changes in credit bond valuation yields on the day was mainly in the [-10,-5), [-5,0), (0,5], (5,10] intervals, along with the number of bonds and trading volume [13]. 3.6 Distribution of Trading Terms of Non - Financial Credit Bonds on the Day - The trading terms of non - financial credit bonds (including urban investment and industrial bonds) on the day were mainly between 2 and 3 years, with corresponding trading volumes [15]. 3.7 Distribution of Trading Terms of Tier 2 and Perpetual Bonds on the Day - The trading terms of Tier 2 and perpetual bonds on the day were mainly between 4 and 5 years, with relevant trading volume data [18]. 3.8 Discounted Trading Ratio and Trading Volume of Non - Financial Credit Bonds by Industry - The average valuation price deviation and trading volume of non - financial credit bonds in various industries were presented, with the light manufacturing industry having the largest average valuation price deviation [20].

Core Viewpoint - The successful issuance of the bonds by Shanghai Fengxian Development (Group) Co., Ltd. demonstrates the company's strong market position and ability to attract investment, which is crucial for its future growth and regional economic development [2][3]. Group 1: Bond Issuance Details - The bond issuance scale is 1.1 billion yuan, with a maturity of 5 years and an interest rate of 2.21%, achieving a subscription multiple of 3.28 times [2]. - The interest rate of the bonds is lower than the bond valuation, enhancing the brand image of Shenwan Hongyuan Securities in the capital market of Shanghai [2]. Group 2: Company Position and Impact - Shanghai Fengxian Development is a key player in infrastructure construction and public utility operations in Fengxian District, ranking first in operating revenue among city investment enterprises in the area [2]. - The company has established significant competitive barriers in municipal engineering projects and plays an essential role in affordable housing construction and state asset management, contributing to the region's economic and social development [2]. Group 3: Strategic Collaboration and Future Outlook - The bond issuance reflects the collaboration between Shenwan Hongyuan Securities and Shanghai Fengxian Development, reinforcing Shenwan Hongyuan's leading position in the bond market of the Yangtze River Delta [4]. - The funding obtained will optimize the financial structure of Fengxian Development and support urban construction and economic development in the district, laying a solid foundation for future capital operations and strategic transformation [4]. - Shenwan Hongyuan aims to continue serving national strategies and the real economy, focusing on key regions and core clients to promote high-quality regional economic development [4].

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]

Report's Industry Investment Rating - Not provided in the content Report's Core View - Under the guidance of the central government's three - dimensional policy system of "stock debt resolution + incremental debt standardization + innovation empowerment", Jiangsu Province has introduced supporting policies to support the transformation and development of urban investment and industrial investment entities. The new bond - issuing market of these entities in Jiangsu shows distinct structural characteristics. In the future, the differentiation between urban investment and industrial investment entities will intensify, with truly transformed entities having financing advantages and those relying on government credit facing pressure [3][4][40] Summary by Relevant Catalogs Introduction - Since the fourth quarter of 2024, the central government has introduced debt management policies to set boundaries and directions for the financing of urban investment and industrial investment entities. Jiangsu Province has introduced supporting policies to support the transformation of relevant entities, and its strong industrial foundation provides support for transformation - related bond issuance [6] - The report analyzes the new bond - issuing situation of urban investment and industrial investment entities in Jiangsu from October 1, 2024, to September 30, 2025, to provide reference for relevant entities in financing path planning [7] Core Characteristics of Newly Issued Bonds of Urban Investment and Industrial Investment Enterprises in Jiangsu Province Sample Subject Characteristics - In terms of administrative level, newly - issued bond entities show a "municipal - level leading, district - county - level following" pattern. Among 34 new bond - issuing entities, 18 are municipal - level platforms (52.94%), and district - county and park - level platforms account for nearly half (44.12%), indicating initial marketization transformation achievements in some areas [9][10] - In terms of credit rating, the overall credit rating of sample enterprises is high. The proportion of AA+ and above high - grade issuers is 79.41%, higher than the national average (74.73%). Provincial and some core municipal - level platforms are mainly AAA - rated, while district - county - level platforms are concentrated in AA+ and AA levels [11] - In terms of enterprise characteristics, under the policy guidance, new bond - issuing entities are structurally differentiated, with the characteristics of "strong industrial attributes + policy labels". Among the 20 entities with available data, the proportion of people's livelihood service - type entities is 70.00%, and that of industrial park - type entities is 15.00% [14] - In terms of financial characteristics, after excluding outliers, for 20 sample entities with available data, the average proportion of urban construction - related assets in total assets is about 36%, the average proportion of urban construction - related income in total operating income is about 16%, and the average proportion of fiscal subsidies in net profit is about 36%. The latter two meet the "335" principle, but the former does not [18] Sample Bond Characteristics - In terms of bond variety structure, private placement corporate bonds dominate, accounting for 43.06% of 72 sample bonds. Some high - credit - rating entities issue bonds across markets. Enterprise bonds account for only 4, and all funds are invested in project construction [19] - In terms of fund use, debt repayment is the core direction, but different trading venues have different characteristics. In the inter - bank market, debt repayment accounts for 61.27% of the new bond issuance scale, and project construction accounts for 33.88%. In the exchange market, debt repayment is also the main use, but the use combination in the exchange market is more diverse, and the proportion of non - pure debt - repayment uses in the Shenzhen Stock Exchange is higher than that in the Shanghai Stock Exchange [21][25][27] - Among labeled bonds, green bonds are important. During the observation period, 34 new bond - issuing entities issued 13 green bonds with a scale of 8.805 billion yuan. Entities with people's livelihood attributes and strong industrial - attribute industrial park - type entities are more likely to issue labeled bonds [29] Typical Case Analysis Case 1: An Operating Entity of a National High - tech Zone in Suzhou - Business layout: It constructs a diversified business ecosystem with a full - chain market - oriented operation system in the industrial park and a market - oriented investment structure in strategic emerging industries, with remarkable transformation results [31] - Financial performance: Market - oriented business drives the company's profit, with the proportion of market - oriented business income in revenue exceeding 60%, and investment income contributing significantly to profit [32] - Financing practice: In 2025, it issued over 10 billion yuan of bonds. The green medium - term notes are invested in projects that can bring long - term stable income and optimize the debt structure, achieving a virtuous cycle between financing and business development [32][33] Case 2: An Investment and Operating Entity in Kunshan - Business layout: It focuses on the investment in high - tech projects in core fields through its equity investment business in the quasi - financial sector, with a clear layout in science and technology innovation business [34] - Financial performance: The proportion of urban investment - related assets is low, and fiscal subsidies and investment income contribute significantly to profit [35] - Financing practice: From December 2024 to June 2025, it issued 400 million yuan of science and technology innovation corporate bonds, and the funds are mainly used for science and technology innovation - related investments, matching the policy requirements [36] Practical Suggestions for New Bond Issuance - Deepen the market - oriented business layout, focus on policy - supported areas, and reduce dependence on government subsidies, referring to the experience of the Suzhou high - tech zone operating entity [38] - Strengthen regional resource integration, and district - county and park - level platforms can seek support from local governments [38] - Adapt to market characteristics, choose financing tools and issuance venues flexibly. Private placement corporate bonds can be the core choice, and high - credit - rating entities can try inter - bank varieties or cross - market issuance [38] - Follow the principle of "strong industrial attributes + policy labels", and different types of entities should take corresponding measures to improve policy fit and financing adaptability [39] - Actively connect with labeled bond policies, and entities in relevant fields can apply for corresponding labeled bonds to enhance financing competitiveness [39] Conclusion - The new bond - issuing market of urban investment and industrial investment entities in Jiangsu shows structural characteristics at both the subject and bond levels. The core logic of the typical cases is that business transformation conforms to policy orientation and financing planning matches market rules [40] - In the future, entities need to strengthen market - oriented transformation, choose appropriate financing tools, and connect with policy support to achieve a virtuous cycle between financing and business [40][41]

Group 1 - The Shanghai Stock Exchange announced the listing of Fuan City Investment Industrial Co., Ltd.'s non-public issuance of corporate bonds for professional investors, with the first phase set for December 12, 2025 [1][2] - The bonds will be traded under the name "25 An Shi 01" and the code "280930," utilizing various trading methods including click transaction, inquiry transaction, bidding transaction, and negotiated transaction [2]