12月11日，上交所发布关于福安市城投实业有限公司2025年面向专业投资者非公开发行公司债券（第一 期）（品种一）挂牌的公告。 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意福安市城投实业有限公司 2025年面向专业投资者非公开发行公司债券（第一期）（品种一）于2025年12月12日起在上交所挂牌， 并采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25安实01"，证券代码 为"280930"。 来源：市场资讯 ...

化债与转型成效观察之首发新增融资主体 公共融资部 李娟 引言:在不断深化地方政府债务风险防范化解与加快推动融资平台改革转型 的背景下,随着一揽子化债政策落实细化,目前隐性债务化解与融资平台退出均 取得了阶段性的成效;但债券发审端对城投新增融资延续高压监管态势,各地通 过资源整合重组及推动城投市场化转型寻求融资突破口的动力未减。2025 年以 来,在前期转型摸索的基础上,地方层面积极借鉴成功经验加快国有资源整合, 首次亮相资本市场实现新增用途债券成功发行的主体数量持续扩容,但受区域资 源禀赋及产业基础条件分化等影响,各地总体转型进程差异明显。本文主要对首 发新增融资主体进行样本分析和个案研究,以此作为观察各地转型策略和进程差 异的一个窗口,并通过样本特征总结结合政策导向,归纳出一些城投转型及国资 整合可借鉴经验及需关注的要点。 专题研究 一、 严监管下城投债发行概览 自 2023 年 7 月中央政治局会议提出"一揽子化债方案"以来，地方债务风 险化解进入全新阶段。近两年,以"35号文"为总纲,一系列以"控增量、化存 量、促转型"为核心的系统性配套政策及补丁文件密集出台,债券发审端也通过 名单制管理及差异化的监管 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Zhejiang Province has made phased achievements in debt resolution through multiple measures such as seeking superior funds, issuing special refinancing bonds, and controlling project investments. The province's 11 prefecture - level cities have formed a pattern of "full - scale promotion and gradient clearance" around debt reduction goals, with some regions achieving zero implicit debt and "dual zero" goals. At the same time, Zhejiang's urban investment enterprises' debt scale continues to grow but at a slower pace, with an optimized financing structure, and the short - term debt ratio has slightly increased. However, challenges remain, including regional differentiation, continued growth in accounts receivable in some areas, slowdown in investment growth, and insufficient self - hematopoietic ability in some urban investment enterprises. Therefore, it's necessary to plan for debt resolution and market - oriented transformation of urban investment enterprises simultaneously to improve their operational efficiency and risk - resistance ability [3][9][34]. 3. Summary by Relevant Catalogs 3.1 Zhejiang Province's Debt Control Situation - **Seeking Superior Funds**: In 2024, Zhejiang obtained 69.764 billion yuan in ultra - long - term special treasury bonds and 327.9 billion yuan in new special bonds, with 290.1 billion yuan used for project construction, accounting for 9.1% of the national total, and 37.8 billion yuan for the completion of existing government investment projects [5]. - **Implicit Debt Replacement**: In 2024, the Ministry of Finance allocated a local government debt limit of 244.2 billion yuan to Zhejiang in three - year installments (81.4 billion yuan per year from 2024 - 2026). In 2024 and 2025, Zhejiang (including Ningbo) fully used the "special bonds for implicit debt replacement" quota of 81.4 billion yuan each year. The issuance of special refinancing bonds in 2025 was faster than the national average, which lowered the average financing cost of urban investment enterprises [5]. - **Controlling Project Investment**: Cities like Jiaxing and Taizhou proposed to control project investment to prevent new debt. They sorted out and reviewed existing government investment projects, strengthened support for key projects, and carefully considered or postponed non - urgent projects. They also tightened the review of new projects and coordinated the connection between the fiscal budget and the government investment plan [6]. - **Regional Achievements**: As of the end of September 2025, some regions in Zhejiang, such as Lin'an District and Chun'an County in Hangzhou, Zhoushan City, etc., achieved zero implicit debt, and some areas completed the "dual zero" goals of implicit debt resolution and platform exit. More than 600 urban investment platforms in Zhejiang have exited, accounting for half of the national total during the same period [9]. 3.2 Changes in Financial Indicators of Zhejiang's Urban Investment Enterprises 3.2.1 Investment - **Overall Situation in Zhejiang**: From 2022 to June 2025, the investment scale of urban - construction assets, self - operated assets, and equity and fund investments of Zhejiang's urban investment enterprises continued to grow, but the growth rate of urban - construction assets and equity and fund investments slowed down. By the end of June 2025, the growth rates of these three types of assets further decreased. The proportion of urban - construction assets decreased to 69.90% but remained the main asset component [13]. - **Regional Differences**: Most cities' total investment and urban - construction asset investment increased. The growth rates of Wenzhou, Shaoxing, Huzhou, and Zhoushan were below 10%, while the other seven cities exceeded 10%. In 2024, the growth rate of urban - construction assets in all cities slowed down, and the growth rates of self - operated assets in most cities increased. The growth rate of equity and fund investments decreased in half of the regions [14]. 3.2.2 Receivables - **Overall Situation in Zhejiang**: From 2022 to June 2025, the accounts receivable of Zhejiang's urban investment enterprises continued to grow, but the growth rate decreased in 2024 and June 2025. In 2024, the cash income ratio was relatively good, which may be affected by multiple factors such as the slowdown of project settlement and the change in the business structure [16]. - **Regional Differences**: At the end of 2024, the accounts receivable of urban investment enterprises in Hangzhou, Ningbo, and Huzhou exceeded 50 billion yuan, while those in Quzhou, Lishui, and Zhoushan were below 20 billion yuan. Except for Jinhua, the growth rate of accounts receivable in other cities exceeded 10% [18]. 3.2.3 Financing - **Overall Situation in Zhejiang**: From 2022 to 2024, the cash inflow and outflow of financing activities of Zhejiang's urban investment enterprises increased year by year, with a net inflow that fluctuated and decreased, mainly due to policy restrictions on new financing in 2024. The financing structure was optimized, with bank borrowing as the main channel and an increasing proportion of bank financing [20][25]. - **Regional Differences**: In 2024, the cash inflow of financing activities in Hangzhou, Shaoxing, Ningbo, and Huzhou exceeded 500 billion yuan. The net inflow of financing activities was positive in all cities, with significant regional differences. The net inflow in Zhoushan was only 6 billion yuan, while those in Hangzhou, Ningbo, and Jiaxing exceeded 100 billion yuan [20][23]. 3.2.4 Interest - Bearing Debt - **Overall Situation in Zhejiang**: By the end of June 2025, the debt scale of Zhejiang's urban investment enterprises continued to grow, but the growth rate slowed down from 22.55% in 2023 to 8.53%. The debt was mainly long - term, with a slightly increased proportion of short - term debt. The financing structure was optimized, with bank borrowing accounting for nearly 70% [25][26]. - **Regional Differences**: The debt scale of urban investment enterprises in Hangzhou, Shaoxing, Ningbo, and Huzhou ranked among the top, exceeding 1 trillion yuan in total. In 2024, the debt growth rates of urban investment enterprises in Jiaxing, Quzhou, Taizhou, and Lishui exceeded 15%. The proportion of short - term debt in some regions increased [26]. 3.2.5 Debt - Servicing Ability - **Overall Situation in Zhejiang**: From 2022 to June 2025, the overall debt burden of Zhejiang's urban investment enterprises continued to rise, and the cash - to - short - term - debt ratio fluctuated and decreased. Since 2025, with increased debt resolution efforts and support from financial institutions, the short - term debt - servicing ability has improved [29][33]. - **Regional Differences**: The debt burdens of urban investment enterprises in Shaoxing, Taizhou, Jinhua, Hangzhou, and Jiaxing were relatively heavy. The cash - to - short - term - debt ratio of cities in Zhejiang ranged from 0.3 to 0.5 times, with Lishui having the highest ratio. In 2025, the short - term debt - servicing ability of all cities improved to some extent [33].

Core Viewpoint - Since 2024, Sichuan Province has implemented debt reduction policies, leading to the orderly resolution of hidden debts and a reduction in the number of financing platforms, optimizing the debt structure of urban investment companies [1][2][3]. Debt Management Situation in Sichuan Province - The rapid implementation of debt reduction policies has resulted in a significant decrease in the number of local government financing platforms, with a projected reduction of 71% in the number of platforms and 62% in the scale of operating financial debt by September 2025 compared to March 2023 [2]. - The Sichuan government has issued local government bonds totaling 507.92 billion yuan in 2024, with 1,982 billion yuan allocated for replacing existing debts, alleviating some repayment pressure [3]. Financial Indicators of Urban Investment Companies - Investment in urban construction, self-operated assets, and equity and fund investments has been increasing, but the growth rate is declining. By the end of 2024, the proportion of urban construction assets is decreasing, while the share of equity and fund investments is rising [8][9][10]. - By the end of 2024, the total debt scale of urban investment companies in Sichuan Province continues to grow, with a year-on-year growth rate of 9.28%. Chengdu accounts for nearly 70% of the total debt scale [21][25]. Cash Flow and Collection - The scale of accounts receivable for urban investment companies has been expanding, but the growth rate is slowing down. By the end of 2024, the cash income ratio remains high, indicating good cash collection performance [13][14]. - Chengdu's accounts receivable scale exceeds half of the province's total, with a growth rate of 10% in 2024, indicating a need for improved cash collection [14]. Financing Activities - The cash inflow from financing activities for urban investment companies has been shrinking, with most cities experiencing a decline in net inflow. Chengdu's financing activities account for over 60% of the province's total [15][21]. - The financing structure is primarily reliant on bank loans, which account for over 68% of total financing, while bond financing is decreasing [22][27]. Debt Structure and Repayment Capacity - The overall debt structure remains dominated by long-term debt, with a reasonable maturity structure. However, the asset-liability ratio and total debt capitalization ratio have been rising, indicating increasing debt burdens [24][25]. - Different regions exhibit varying refinancing capabilities, with some areas facing significant short-term repayment pressures [25][27].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since the "Package Debt Resolution Plan," Chongqing has achieved phased results in debt resolution through multiple measures such as financial debt resolution, special refinancing bonds, and state - owned asset revitalization [3]. - The investment structure of Chongqing's urban investment companies is continuously adjusting, with the proportion of urban construction assets decreasing and new investments shifting towards self - operated assets, equity, and fund investments [35]. - There are significant regional differences in the refinancing ability and market - oriented transformation degree of urban investment companies in Chongqing. Strong regions can rely on resource advantages to participate in market - oriented businesses, while weak regions may still depend on the overall debt - resolution arrangements of Chongqing [35]. 3. Summary According to Relevant Catalogs 3.1 Chongqing's Debt Management Situation - **Policy and Mechanism**: Chongqing government and financial regulatory authorities have introduced policies, held meetings, and established debt risk early - warning and monitoring mechanisms to prevent systemic financial risks [6]. - **Debt - Resolution Measures and Achievements** - **Financial Debt Resolution**: In 2023, Chongqing signed cooperation agreements with 21 financial institutions. In 2023, the first 50 million yuan silver - group loan to replace non - standard debt was successfully issued in Yubei District. Banan District obtained a 4.534 billion yuan silver - group loan, and in 2025, Wanzhou District completed the first silver - group loan in Northeast Chongqing [7]. - **Special Refinancing Bonds**: From 2023 to October 2025, the issuance scale of special refinancing bonds in Chongqing was 72.6 billion yuan, 75.4 billion yuan, and 75.4 billion yuan respectively, which helped replace high - interest debts [9]. - **State - owned Asset Revitalization**: Since 2024, Chongqing's state - owned enterprises have revitalized over 180 billion yuan of assets and recovered over 70 billion yuan of funds through various means. In 2024, Chongqing's non - tax revenue increased by 11.3% [9]. - **Remarkable Debt - Resolution Results in Some Areas**: Jiangbei, Shapingba, Jiangjin, Qijiang, Wuxi, Fuling, Dazu, and Chengkou have achieved significant results in debt resolution, such as reducing implicit debts, optimizing debt structures, and reducing financing costs [9]. 3.2 Changes in Financial Indicators of Urban Investment Companies - **Investment** - **Overall Situation**: From 2022 to June 2025, the total assets of Chongqing's urban investment companies continued to grow, with a compound growth rate of 7.06%. The growth was mainly driven by self - operated assets, equity, and fund investments, while the growth rate of urban construction assets decreased significantly [15]. - **Regional Differences**: Urban construction assets in the municipal and Liangjiang New Area are significant. Self - operated assets, equity, and fund investments are concentrated in municipal - level urban investment companies. The investment structures of different regions vary, with the municipal - level having a more balanced asset structure [17][18]. - **Receivables** - **Overall Situation**: From 2022 to June 2025, the accounts receivable of Chongqing's urban investment companies continued to grow, mainly concentrated in the central urban area and the new urban area of the main city [21]. - **Regional Differences**: Regions with large accounts receivable include Banan, Nan'an, Jiulongpo, Hechuan, Jiangjin, Bishan, and Wanzhou. Regions with large growth rates include the municipal - level, Tongnan, and Wulong [21]. - **Financing** - **Overall Situation**: In 2024, the net cash inflow from financing activities of Chongqing's urban investment companies decreased significantly. In the first half of 2025, the net cash inflow from financing activities of most regional urban investment companies increased [23]. - **Regional Differences**: In 2024, the net financing was concentrated in municipal - level urban investment companies, and 22 districts and counties had net cash outflows from financing activities. In the first half of 2025, most regions had net cash inflows from financing activities [24]. - **Interest - Bearing Debt** - **Overall Situation**: At the end of 2024, the total debt of Chongqing's urban investment companies remained almost the same as the previous year. The debt was mainly long - term, and the proportion of short - term debt remained stable. Bank financing increased, while bond financing and other financing decreased [26][27]. - **Regional Differences**: At the end of 2024, the debt of most districts and counties in the central urban area, the new urban area of the main city, and Northeast Chongqing decreased. Some regions had a relatively high proportion of short - term debt, and some regions were highly dependent on bond financing [27][28]. - **Bond Financing** - **Overall Situation**: From 2022 - 2023, Chongqing's urban investment bonds had a large - scale net inflow. In 2024, they showed a net repayment, and from January - October 2025, the net repayment scale increased [32]. - **Regional Differences**: From 2024 to the end of October 2025, some regions such as the municipal - level, Liangjiang New Area, and Yubei had net inflows of urban investment bonds, while others had net repayments [32]. - **Debt - Servicing Ability** - **Overall Situation**: At the end of 2024, the overall debt burden of Chongqing's urban investment companies remained stable, but the short - term debt - servicing pressure increased [33]. - **Regional Differences**: Most districts and counties controlled the total debt capitalization ratio within 60% and the asset - liability ratio within 65%. Some regions had a heavy debt burden, and most regions had a large short - term debt - servicing pressure [33]. 3.3 Summary - **Debt - Resolution Achievements**: Since the second half of 2023, Chongqing has effectively curbed new debt, optimized the debt term structure in some districts and counties, reduced bond financing and other financing scales, and alleviated the debt burden in most districts and counties [35]. - **Investment Structure Adjustment**: The "Document 47" has effectively managed government investment projects, and the investment structure of urban investment companies in Chongqing has been continuously adjusted [35]. - **Regional Differences**: There are differences in the refinancing ability and market - oriented transformation degree among regions. Strong regions can enhance their self - hematopoietic ability, while weak regions may rely on the overall debt - resolution arrangements of Chongqing [35].

地方政府与城投企业债务风险研究报告－山西篇 联合资信 公用评级 | 王文燕 www.lhratings.com 研究报告 1 报告概要 www.lhratings.com 研究报告 2 ⚫ 山西省自然资源禀赋良好，产业结构以煤炭及相关产业为主。2024 年以来，国内煤炭价 格震荡回落，山西省 GDP 增速放缓，经济发展承压；一般公共预算收入小幅增长，规模 位于全国中游水平，财政自给能力尚可；受房地产市场低迷影响，政府性基金收入持续下 降；上级补助收入占当年地方综合财力比例持续升高；政府债务规模持续增长，整体债务 负担较轻。 ⚫ 山西省各地级市经济及财政实力存在分化，太原市产业结构相对成熟，经济财政实力处于 绝对领先地位；其他地市长期的资源依赖导致其经济及产业结构与煤炭高度挂钩，2024 年 以来，受煤炭等大宗商品价格波动、钢铁及建材行业需求不足等因素叠加影响，大部分地 市一般公共预算收入同比下降；各地市政府债务余额均呈扩张趋势，整体债务水平有所上 升。山西省细化完善全省化债方案，加快融资平台压降进度，加强金融风险防范，提出"双 降目标"，加强地方债务风险管控。 ⚫ 山西省发债城投企业数量较少，以地市级为主；太 ...

Core Viewpoint - The investigation reveals that some local investment companies are engaging in non-standard financing practices, which may lead to the transfer of risks to individual investors despite appearing to diversify risks [1] Group 1: Investment Practices - Local investment companies are attracting individual investors by offering high returns exceeding 8%, often implying government backing [1][2] - Many investors have invested their life savings or borrowed money to purchase these investment products, drawn by the promise of high returns [2] - The investment products are marketed with high returns and short investment periods, which contradicts the typical long-term nature of public infrastructure investments [3] Group 2: Risk Factors - The high yield and short duration of these investment products raise concerns about their sustainability and the underlying projects' profitability [3] - Some investment companies are using mutual guarantees among local state-owned platforms to alleviate investor concerns, which may not reflect the actual risk [3] - The involvement of small intermediaries in promoting these products can lead to misrepresentation of risks and exaggerated returns [3] Group 3: Regulatory Issues - The non-standard financing practices are partly due to regulatory blind spots in cross-regional supervision and inadequate risk disclosure by issuers [4] - There is a lack of awareness among investors regarding the risks associated with these products, leading to poor investment decisions [5] - The regulatory framework allows for the continuation of these practices until risks reach a certain threshold, which can lead to local protectionism complaints from issuers [4] Group 4: Recommendations for Improvement - Experts suggest enhancing risk management capabilities and establishing a long-term government debt management mechanism to prevent systemic risks [6] - There is a call for comprehensive reforms in the fiscal and performance evaluation systems to improve debt repayment capabilities [6][7] - Financial literacy programs are recommended to improve public understanding of investment risks and to ensure that investment companies adhere to strict compliance standards [7]

地方政府与城投企业债务风险研究报告－福建篇 联合资信 公用评级三部 |王昀千|龚宇奇|许公一 www.lhratings.com 研究报告 1 报告概要 福建省作为我国对外开放和文化交流的重要窗口，区位和海洋资源禀赋优势明显，人口城镇 化率较高。2024 年福建省经济总量在全国排第 8 位，综合财力居全国中游，地方政府债务率水平 相对较高。福州都市圈和厦漳泉都市圈建设持续推进，都市圈内协同发展基础设施和产业等领域。 www.lhratings.com 研究报告 2 一、 福建省经济及财政实力 1．经济发展状况 www.lhratings.com 研究报告 3 福建省区位和资源禀赋优势明显，交通通达性良好，为经济发展奠定基础；经济 总量居全国前列，人均 GDP 以及城镇化水平均较高。福州都市圈、厦漳泉都市圈、 海上丝绸之路核心区等重点区域建设政策助力福建省经济发展。 区位及资源禀赋优势明显，交通通达性良好。福建省位于中国东南部沿海，东隔 台湾海峡与台湾省相望，是我国"海上丝绸之路"的起点，也是我国对外开放和文化 交流的重要窗口。福建省森林及海洋资源丰富，森林覆盖率排名全国第一，海岸线长 排名全国第二，海水养殖产 ...

联合资信 公用评级四部 |倪 昕 www.lhratings.com 研究报告 1 报告概要 www.lhratings.com 研究报告 2 黑龙江省农林资源丰富，畜牧业发展条件优异，经济总量处于全国下游水平，2024 年经济增速有 所放缓，人均 GDP 排名靠后。黑龙江省产业结构保持稳定，其中第三产业是拉动全省经济增长 的主要动力。随着冰雪经济出圈，黑龙江省文化旅游业维持高速发展。 2024 年，黑龙江省一般公共预算收入和政府性基金收入有所增长，规模在全国排名下游，财政自 给能力弱，上级补助收入对黑龙江省政府综合财力提供了有力支撑，政府债务率水平偏高。 黑龙江省各地级市经济实力分化明显，哈尔滨市经济发展水平处于领先地位；除大庆市外，黑龙 江省其他地级市人均 GDP 均低于全国平均水平。哈尔滨市综合财力远高于其他地级市，受区域 房地产市场持续低迷影响，部分地市政府性基金收入降幅较大，各地级市综合财力对上级补助的 依赖性高；绝大部分地级市政府债务率快速攀升，哈尔滨市政府债务率仍居黑龙江省首位。 随着部分地市城投债提前完成兑付，黑龙江省债券净融资金额持续为负，目前仅哈尔滨市和牡丹 江市有存续发债城投企业，整体存 ...

地方政府与城投企业债务风险 研究报告－新疆篇 联合资信 公用评级三部 |魏兰兰|韩 军 www.lhratings.com 研究报告 1 报告摘要 www.lhratings.com 研究报告 2 新疆维吾尔自治区（以下简称"新疆"或"自治区"）区域战略地位重要，资源禀赋优势明显， 石油、天然气、煤炭、镍、铬和锂等矿产资源储量丰富，太阳能和风能资源丰富，形成了以 农业为基础、工业为主导、服务业占重要地位的现代化产业体系。同时，"三基地一通道""五 大战略定位""十大产业集群""对口援疆"及各类经济促进政策助力区域发展。2024 年新疆 经济增速继续位于全国前列。 新疆财政自给能力弱，为提高收支平衡能力，一方面依托自身丰富的资源储备，增加国有资 源（资产）有偿使用收入，并积极盘活存量土地资源，另一方面，积极争取上级补助收入， 稳定且规模较大的上级补助收入有力保障了自治区经济社会发展。近两年，新疆获得的上级 补助收入均在 4000 亿元以上，规模位居全国前十，2024 年新疆获得的上级补助收入占综合 财力比重约 61.00%。2024 年末，新疆地方综合财力对政府债务余额的覆盖能力位居全国中 上游水平。 从各地州 ...