Group 1: Report's Investment Rating - No information provided Group 2: Core Views of the Report - Amid the deepening of local government debt risk prevention and the acceleration of financing platform reform and transformation, with the implementation of the debt - resolution package, there have been phased achievements in implicit debt resolution and financing platform exits. However, bond issuance review maintains a strict supervision of new urban investment financing. In 2025, local governments actively integrated state - owned resources, and the number of entities achieving new - use bond issuance increased, but regional transformation progress varies significantly [2]. - The current debt - resolution policies have two - sided impacts: on one hand, they boost urban investment credit, compress issuance costs and credit spreads, and relieve short - term liquidity pressure; on the other hand, they tighten financing channels and force urban investment entities to accelerate market - oriented transformation [3]. Group 3: Summary by Relevant Catalogs 1. Overview of Urban Investment Bond Issuance under Strict Supervision - Since the Politburo meeting in July 2023 proposed a "package debt - resolution plan", local debt risk resolution has entered a new stage. With a series of supporting policies centered on "controlling new growth, resolving existing debt, and promoting transformation", bond issuance review strictly restricts new urban investment financing while also providing an exit mechanism for list - based management, and the debt - resolution concept is shifting from "risk prevention" to "both risk prevention and development promotion" [3]. - In terms of net financing performance, since 2024, under the influence of strict financing supervision and the maturity peak, the net financing scale of urban investment bonds has dropped significantly, with more than 10 provinces having negative net financing. In the first three quarters of 2025, the total issuance and net financing of urban investment bonds decreased year - on - year, with only 14 provinces having a small net inflow [5]. - Regarding the use of funds raised by urban investment bonds in the first three quarters of 2025, over 80% was used for debt roll - over, about 13% for repaying interest - bearing debts, and less than 1% each for project construction and working capital supplementation. Other uses accounted for about 3% [6]. - From 2024 to the first three quarters of 2025, there were 520 entities achieving new - use bond issuance (excluding duplicates), mainly high - level and high - quality entities. The new - raised funds were mainly used to repay interest - bearing debts, and the proportion of other new - use bonds in terms of the number and amount of issuance was about 30% and 22% respectively [9]. - In terms of regional distribution, Tibet and Qinghai have no new - use urban investment bond issuance. Entities achieving new - bond issuance are mainly from economically strong provinces with rich transformation resources. Guangdong has the most new - break - through entities since 2025. Jiangsu and Zhejiang follow, with relatively active new bond issuances by district - county - level entities [12]. 2. Sample Analysis of Newly - Issued Bond Financing Entities - From 2024 to September 2025, there were about 376 urban investment and transformation - type entities making their debut in the bond market. Zhejiang, Jiangsu, Shandong, and Guangdong had the most newly - issued entities, accounting for 58% of the total. AA+ and above entities accounted for about 80%, and district - county - level entities accounted for about 50% [18]. - Among the newly - issued entities, 273 achieved new uses of bond - raised funds. Guangdong, Shandong, Jiangsu, and Zhejiang were in the top four, accounting for 55% of the total. The proportion of entities achieving new uses in Jiangsu and Zhejiang was relatively low, possibly due to the integration of bond - issuing entities [19]. - Non - top economically developed provinces' newly - issued and new - use entities are concentrated in provincial capitals, while in Zhejiang, Jiangsu, and Guangdong, entities are more widespread and have a more obvious downward trend to the district - county level. Jiangsu and Zhejiang often use internal resource integration of bond - issuing entities, while Guangdong mainly uses government - led integration of regional operating assets [22]. - Newly - issued and new - use entities mainly issue on exchanges, with 85% of exchange - issued entities only issuing private placement bonds. Many entities use guarantee and credit enhancement, and an increasing number explore special - labeled bond varieties [24]. - Over 40% of newly - issued and new - use entities have total assets of less than 10 billion yuan, and 65% have total assets of less than 15 billion yuan. Half of the entities have an asset - liability ratio of no more than 50%, and about 30% have a ratio below 40%. Their main business is relatively focused, but most are in the business expansion and cultivation stage, and about 10% had negative net profits in 2024 [27]. - For district - county - level newly - issued and new - use entities, about half belong to districts and counties with a general public budget revenue of over 8 billion yuan, and 11 belong to those with less than 2 billion yuan but relatively light debt burdens. For prefecture - level entities, 65% belong to prefectures with a general public budget revenue of over 20 billion yuan, and about 20% are from prefectures with over 100 billion yuan [30]. 3. Insights from Cases of Newly - Issued Urban Investment and Transformation - Type Entities - The transformation process varies greatly among regions. Successful entities show provincial concentration characteristics. Local governments and enterprises should choose appropriate transformation plans according to regional urbanization, resource endowments, and their own conditions [33]. - Transformation direction: Entities should clarify their functional positioning and choose transformation directions around serving urban industrial development, improving urban functions, and meeting social and people's livelihood needs. The current transformation directions mainly include urban comprehensive operation and industrial investment and operation entities [35]. - Integration methods: Different regions should choose integration forms based on their resource status and their own conditions, such as government - led integration of regional industrial resources, internal resource integration of bond - issuing urban investment entities, merger integration, and acquisition/merger of external resources [37]. - Asset and business reconstruction: Entities should meet the "335 indicators", have clear main businesses matching their functional positioning, and possess market - oriented operation and self - financing capabilities [38]. - Clarify the boundary with the government: Entities need to clarify the boundaries with the government in terms of debt, property rights, rights and responsibilities, and business, and continuously improve the market - oriented operation mechanism [42].

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].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints - In 2024, due to the decline in domestic coal prices, Shanxi's GDP growth slowed and economic development faced pressure. The general public budget revenue increased slightly, while the government - funded revenue decreased. The provincial government debt scale grew, but the overall debt burden was relatively light. There were disparities in the economic and fiscal strength among cities in Shanxi. The provincial government refined the debt - reduction plan and strengthened debt risk management [4]. - The number of bond - issuing urban investment enterprises in Shanxi was small, mainly at the prefecture - level. Taiyuan had nearly half of the outstanding bond scale. Some cities' urban investment enterprises faced short - term debt repayment pressure. Except for Taiyuan, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources in other cities was less than 200% [4]. Group 3: Summary by Directory 1. Shanxi's Economic and Fiscal Strength 1.1 Regional Characteristics and Economic Development - Shanxi had obvious advantages in natural resources, with a coal - based industrial structure. In 2024, coal prices fell, leading to slower GDP growth and economic pressure. It faced challenges in industrial upgrading and structural adjustment. The province had a well - developed transportation network and rich tourism resources. The permanent population was decreasing, and the urbanization rate was lower than the national average [5][6][8]. - In 2024, Shanxi's GDP and per - capita GDP ranked in the middle of the country. The nominal GDP declined due to the drop in coal prices. Infrastructure and manufacturing investment growth turned positive, but fixed - asset investment still faced pressure. The coal industry was affected, with a 7.2% decline in coal production. The province was promoting traditional industry transformation and emerging industry cultivation [9][10][13]. 1.2 Fiscal Strength and Debt Situation - In 2024, Shanxi's general public budget revenue increased slightly, ranking 13th in the country. Tax revenue decreased, while non - tax revenue increased significantly. Government - funded revenue declined due to the real - estate market slump. The proportion of superior subsidy revenue in the local comprehensive financial resources increased. The local government debt rate and debt - to - GDP ratio were relatively low, with a light overall debt burden [16][17][18]. 2. Economic and Fiscal Strength of Cities in Shanxi 2.1 Economic Situation of Cities - Most cities in Shanxi were resource - based, with economies highly correlated with coal. Taiyuan had a relatively mature industrial structure and was far ahead in economic strength. In 2024, Taiyuan's GDP accounted for 21.25% of the provincial total. Only Taiyuan and Jincheng had per - capita GDP higher than the national average. In 2025, the GDP of all cities grew, but some cities' economic growth was weak [19][23][24]. 2.2 Fiscal Strength and Debt Status of Cities - There were significant disparities in fiscal strength among cities. Taiyuan was much stronger than others, with the highest government debt scale. In 2024, most cities' general public budget revenues decreased. Superior subsidy revenue contributed significantly to the comprehensive financial resources of many cities. The government debt rate of all cities increased, with Yangquan having the highest debt rate [27][28][33]. - Shanxi refined the debt - reduction plan, accelerated the reduction of financing platforms, strengthened financial risk prevention, and proposed "dual - reduction targets" to manage local debt risks. Special refinancing bonds were issued to replace implicit debt [34]. 3. Debt - Repayment Ability of Urban Investment Enterprises in Shanxi 3.1 Overview of Urban Investment Enterprises - As of October 2025, there were 17 bond - issuing urban investment enterprises in Shanxi, mainly at the prefecture - level. Taiyuan accounted for nearly half of the outstanding bond scale. Some cities had no outstanding urban investment bonds [37]. 3.2 Bond - Issuing Situation of Urban Investment Enterprises - In 2024, the bond - issuing of urban investment enterprises in Shanxi increased significantly. AA + - level and above enterprises were the main issuers. In 2024 and the first nine months of 2025, the bond financing of urban investment enterprises turned to net repayment, and the net repayment scale expanded [39][40]. 3.3 Debt - Repayment Ability Analysis - At the end of 2024, Taiyuan's bond - issuing urban investment enterprises had a large interest - bearing debt scale and a relatively heavy debt burden. Most cities' short - term debt - repayment indicators declined. In 2026, Taiyuan had a large amount of due urban investment bonds, facing concentrated repayment pressure [41]. 3.4 Support and Guarantee Ability of Fiscal Revenue of Cities for Urban Investment Enterprises' Debt - Limited by economic and fiscal strength, most cities in Shanxi had few bond - issuing urban investment enterprises with small scales. Except for Taiyuan, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources in other cities was less than 200% [47].

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 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Heilongjiang Province has abundant agricultural and forestry resources and excellent conditions for animal husbandry development. Its economic aggregate is at the lower level in the country, with a slowdown in economic growth in 2024 and a low - ranking per capita GDP. The tertiary industry is the main driving force for economic growth, and the cultural tourism industry maintains high - speed development [4][5]. - In 2024, Heilongjiang Province's general public budget revenue and government - funded revenue increased, but the scale ranks low in the country. The fiscal self - sufficiency ability is weak, and the provincial government's comprehensive financial resources are strongly supported by superior subsidy income. The government debt ratio is relatively high [4]. - The economic strength of prefecture - level cities in Heilongjiang Province varies significantly. Harbin leads in economic development. Except for Daqing, the per capita GDP of other prefecture - level cities is lower than the national average. Harbin has much higher comprehensive financial resources, but most prefecture - level cities have a high dependence on superior subsidies, and the debt ratio of most prefecture - level cities has risen rapidly [4]. - With some prefecture - level cities in Heilongjiang Province completing the early redemption of urban investment bonds, the net financing amount of bonds has been negative. Currently, only Harbin and Mudanjiang have urban investment enterprises with outstanding bonds, and the overall scale of outstanding urban investment bonds is small. In 2024, the cash flow from financing activities of urban investment enterprises in each prefecture - level city showed a net outflow, and the short - term solvency indicators of urban investment enterprises in Mudanjiang are weak [4]. 3. Summary According to Relevant Catalogs 3.1 Heilongjiang Province's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development Status - Heilongjiang Province is rich in agricultural, forestry, and mineral resources, and is an important national energy and raw material base, as well as the country's most important commodity grain base and grain reserve base. The province has strong tourism development momentum, with 135.083 million domestic and foreign tourists received during the 2024 - 2025 ice and snow season, a year - on - year increase of 18.5%, and tourist spending of 211.72 billion yuan, a year - on - year increase of 30.7% [6]. - The population has a net outflow, and the urbanization rate is slightly higher than the national average. As of the end of 2024, the permanent population was 30.29 million, a decrease of 1.08% from the end of the previous year, and the urbanization rate was 68.04%, an increase of 0.94 percentage points from the end of the previous year [8]. - The economic aggregate is at the lower level in the country, with a low - ranking per capita GDP. In 2024, the GDP was 1.64769 trillion yuan, ranking 25th in the country, with a growth rate of 3.20%, lower than the national average. The per capita GDP was 54,100 yuan, ranking 30th in the country. From January to August 2025, the GDP was 708.77 billion yuan, a year - on - year increase of 5.1% [9]. - The proportion of the secondary industry has decreased, while that of the tertiary industry has increased significantly. In 2024, the three - industry structure was adjusted to 19.4:25.2:55.4. The added value of the first industry was 320.33 billion yuan, a 2.9% increase; the second industry was 414.73 billion yuan, a 0.2% year - on - year decrease; and the third industry was 912.62 billion yuan, a 4.7% year - on - year increase [12]. - Heilongjiang Province plans to build a core area of the national food security industrial belt, create a "433" new industrial system, and promote the development of four new economic industries: digital economy, biological economy, ice and snow economy, and creative design [13]. - The provincial government has introduced a series of policies to promote economic development, covering digital economy, tourism, private economy, service consumption, and other aspects [17]. 3.1.2 Fiscal Strength and Debt Situation - From 2022 to 2024, the general public budget revenue of Heilongjiang Province increased year by year, but its scale ranked low in the country, and the fiscal self - sufficiency ability was weak. The government - funded revenue fluctuated and increased, with a relatively small overall scale. Superior subsidy income accounted for 74.47%, 75.74%, and 75.55% of the comprehensive financial resources respectively, providing strong support [18][19]. - The government debt ratio is relatively high. At the end of 2024, the local government debt ratio and the local government debt - to - GDP ratio were 145.32% and 58.43% respectively, ranking 8th and 25th among 31 provinces (sorted from low to high) [20]. 3.2 Economic and Fiscal Conditions of Prefecture - Level Cities in Heilongjiang Province 3.2.1 Economic Strength of Prefecture - Level Cities - The economic strength of prefecture - level cities in Heilongjiang Province varies significantly. Harbin leads, followed by Daqing, Qiqihar, and Suihua. Except for Daqing, the per capita GDP of other prefecture - level cities is lower than the national average. Harbin, Mudanjiang, and the Daxing'anling region have a high proportion of the tertiary industry, while Daqing has a high proportion of the second industry [23]. - Each region has different industrial layouts. The Harbin modern urban circle focuses on biomedicine, equipment manufacturing, and green food processing; the eastern city group focuses on green food processing and energy chemical industry; the ecological region focuses on ecological tourism, forestry, and ecological agriculture. As of the end of March 2025, there are 40 domestic listed companies in prefecture - level cities, with a total market value of 366.95 billion yuan, a year - on - year increase of 7.0% [24]. - In 2024, except for Jixi, Hegang, and Qitaihe, the economy of other prefecture - level cities in Heilongjiang Province grew. Harbin and Daqing had the leading GDP scales. Daqing had the highest per capita GDP in the province. The urbanization levels of most prefecture - level cities were acceptable, but Qiqihar, Suihua, and Jiamusi had relatively low levels. Harbin, Mudanjiang, and the Daxing'anling region had a tertiary - industry - dominated industrial structure, while Daqing had a secondary - industry - dominated structure [26]. 3.2.2 Fiscal Strength and Debt Situation of Prefecture - Level Cities - **Fiscal Revenue**: The general public budget revenue of prefecture - level cities in Heilongjiang Province varies greatly. Harbin's general budget revenue is much higher. In 2024, the general public budget revenue of Qitaihe, Daqing, and Qiqihar decreased year - on - year, while that of the rest increased. Except for Harbin, Daqing, Mudanjiang, and the Daxing'anling region, the tax revenue of other prefecture - level cities decreased to varying degrees. The tax revenue ratio was not high, and only Harbin and Daqing had a tax revenue ratio of over 60%. Except for Daqing, the fiscal self - sufficiency ratio of other prefecture - level cities was below 30% [29]. - The government - funded revenue of some prefecture - level cities increased, while that of others decreased. The superior subsidy income of each prefecture - level city contributed significantly to the comprehensive financial resources. In 2024, Harbin, Qiqihar, Suihua, and Jiamusi received over 30 billion yuan in superior subsidy income [31][32]. - **Debt Situation**: At the end of 2024, the government debt balance of each prefecture - level city increased, with Harbin having the largest balance of 348.631 billion yuan. The debt balance of Jixi, Jiamusi, and Mudanjiang increased rapidly. The debt - to - GDP ratio of each prefecture - level city increased significantly. The debt ratio of Heihe changed little, while that of the rest increased significantly. The debt ratios of Yichun, Qiqihar, Heihe, and the Daxing'anling region were below 100%, and Harbin's was the highest, exceeding 250% [32]. - **Debt Management Policies and Measures**: Heilongjiang Province manages debt by budget repayment, asset revitalization, and write - off. Some prefecture - level cities have established risk emergency response plans. From 2023 to 2024 and from January to October 2025, the province issued 31.3 billion yuan, 50.7 billion yuan, and 48.4 billion yuan of special refinancing bonds respectively. The provincial government has strengthened the management of "three guarantees" expenditures and local debt monitoring [35]. 3.3 Solvency of Urban Investment Enterprises in Heilongjiang Province 3.3.1 Overview of Urban Investment Enterprises As of October 14, 2025, there are 4 urban investment enterprises with outstanding bonds in Heilongjiang Province, all at the prefecture - level. Among them, 3 are in Harbin and 1 is in Mudanjiang. Since 2024, the urban investment bonds of Qiqihar and Daqing have been redeemed in advance. There are 2 AA + - rated urban investment enterprises, both in Harbin, and the rest are AA - rated [39]. 3.3.2 Bond Issuance of Urban Investment Enterprises - In 2024, the issuance scale of urban investment bonds in Heilongjiang decreased year - on - year. The net financing amount of bonds has been negative. As of October 14, 2025, the outstanding bond scale of urban investment enterprises in the province was 11.488 billion yuan, a 45.26% decrease from the end of 2024. In 2024, the issuance scale was 2 billion yuan, with 910 million yuan in Harbin and 1.09 billion yuan in Mudanjiang. From the beginning of 2025 to October 14, 2025, the issuance scale was 5.286 billion yuan, concentrated in Harbin [40]. - In 2024, the issuance scales of AA + and AA - rated urban investment enterprises accounted for 37.50% and 62.50% of the total provincial scale respectively. In 2024, the net financing of urban investment bonds was - 3.021 billion yuan, and the net financing of urban investment bonds in Harbin was 160 million yuan. Due to early bond redemption and other factors, the net financing amounts of urban investment bonds in Daqing, Qiqihar, and Mudanjiang were - 1.316 billion yuan, - 1.16 billion yuan, and - 705 million yuan respectively [41]. 3.3.3 Solvency Analysis of Urban Investment Enterprises - The total debt capitalization ratio of urban investment enterprises with bond issuance in Heilongjiang Province decreased and was below 30%. In 2024, the cash flow from financing activities of urban investment enterprises in each prefecture - level city showed a net outflow. The short - term solvency indicators of urban investment enterprises in Mudanjiang are weak [42]. - As of the end of 2024, the total debt scale of urban investment enterprises with bond issuance in Heilongjiang Province exceeded 60 billion yuan, with 46.814 billion yuan in Harbin, 11.784 billion yuan in Mudanjiang, and 6.943 billion yuan in Daqing. The short - term debt ratios of Harbin, Mudanjiang, and Daqing were 38.52%, 21.70%, and 46.46% respectively [42]. - The overall concentrated repayment pressure of urban investment enterprises with bond issuance in Heilongjiang Province from 2025 to 2026 is acceptable. As of the end of 2024, the coverage of cash - like assets to short - term debt of urban investment enterprises in Mudanjiang was only 0.24 times, with relatively large short - term solvency pressure [43][46]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue of Prefecture - Level Cities for the Debt of Urban Investment Enterprises The prefecture - level cities with outstanding bond - issuing urban investment enterprises in Heilongjiang Province are only Harbin and Mudanjiang. In Harbin, the scale of "total debt of bond - issuing urban investment enterprises + local government debt" is large, and the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources exceeds 300% [48].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - Xinjiang has a significant strategic position and obvious resource endowment advantages, forming a modern industrial system. In 2024, its economic growth rate remained among the top in China. The region has weak fiscal self - sufficiency but relies on resource reserves and superior subsidies to improve the balance of revenue and expenditure. The overall debt risk is controllable, and the debt of bond - issuing urban investment enterprises has decreased to some extent, but there are differences in short - term solvency among different regions [4]. 3. Summary According to the Directory 3.1 Xinjiang's Economic and Fiscal Strength 3.1.1 Regional Characteristics and Economic Development - Xinjiang is strategically important with rich reserves of minerals, solar, and wind energy. It has a large land area, a long border, and is adjacent to many countries. By the end of 2024, its permanent population was 26.228 million, and the urbanization rate was 60.36%. The production and construction corps is an important part of Xinjiang [6][7]. - In terms of transportation and resources, by the end of 2024, Xinjiang had 230,000 kilometers of roads, 9202 kilometers of railway operating mileage, 26.8 kilometers of urban rail transit, 27 civil transport airports, and 19 open ports. It also had abundant land, water, energy, mineral, and tourism resources [8][9]. - In 2024, Xinjiang's GDP was 2.053408 trillion yuan, ranking 23rd in China, with a growth rate of 6.10%, ranking second. The industrial structure was adjusted to 12.5:39.6:47.9, initially forming a modern industrial system [9]. - National strategies and policies such as the "Three Bases and One Corridor", "Five Strategic Positions", "Ten Industrial Clusters", and counterpart assistance to Xinjiang, as well as local economic promotion policies, have promoted Xinjiang's development. In 2024, 19 counterpart - assistance provinces and cities arranged nearly 20 billion yuan in assistance funds, and central enterprises signed investment agreements worth 940 billion yuan [11]. 3.1.2 Fiscal Strength and Government Debt - Xinjiang has weak fiscal self - sufficiency. In 2024, the fiscal self - sufficiency rate was 34.38%. To improve the balance of revenue and expenditure, it increased revenue from the paid use of state - owned resources and assets and actively sought superior subsidies, which accounted for about 61% of the comprehensive financial resources in 2024 [13][15]. - In 2024, Xinjiang's general public budget revenue was 214.46 billion yuan, with a year - on - year increase of 10.5% in the same caliber. The government - funded revenue was 53.523 billion yuan, with a year - on - year increase of 9.52% [14]. - By the end of 2024, Xinjiang's local government debt ratio and debt - to - GDP ratio were 158.49% and 53.04% respectively, ranking 11th and 24th in China. The local comprehensive financial resources' coverage of government debt balance ranked in the upper - middle level in China [19]. 3.2 Economic and Fiscal Conditions of Prefectures and Cities in Xinjiang 3.2.1 Economic Development of Prefectures and Cities - The economic development of prefectures and cities in Xinjiang is uneven, with significant regional differences in industrial structure. The northern region centered on Urumqi has relatively strong economic strength, the gap between the north and the south is gradually narrowing, and the eastern region leads the growth in economic growth rate. Hami City has the highest per - capita GDP in Xinjiang [22]. - In 2024, the GDP of the northern region was 1.268094 trillion yuan (accounting for 61.8% of Xinjiang), with a growth rate of 5.7%. The GDP of the southern region was 612.833 billion yuan (29.8%), with a growth rate of 6.0%. The GDP of the eastern region was 172.481 billion yuan (8.4%), with a growth rate of 9.9% [28][29]. - The industrial structure of prefectures and cities in Xinjiang varies greatly. Changji, Karamay, Bayingolin, Hami, and Turpan have a relatively high proportion of secondary industries, while other prefectures and cities are mainly dominated by the tertiary industry, but the proportion of the tertiary industry varies significantly [30]. 3.2.2 Fiscal Strength and Government Debt - In 2024, the general public budget revenue of all prefectures and cities in Xinjiang increased, but the growth rate slowed down. Most prefectures and cities' government - funded revenue increased, but the scale was relatively small. Urumqi had the largest general public budget revenue and government - funded revenue. The fiscal self - sufficiency rate varied greatly among regions, and superior subsidies accounted for a high proportion of comprehensive fiscal revenue, with more subsidies going to the southern region [33][34]. - In 2024, the local government debt balance of all prefectures and cities in Xinjiang increased. The debt ratio of Urumqi was the highest in the region. The debt - to - GDP ratio of some prefectures and cities in the southern region was relatively high, but they could receive more superior subsidies [37]. - Xinjiang has implemented the "1 + 7+14" debt - resolution plan, accelerated the withdrawal of financing platforms, and issued local government replacement bonds. It has also carried out dynamic monitoring and supervision of all - caliber local debt, project penetration supervision, and full - life - cycle performance management [39][40]. 3.3 Debt - Repayment Ability of Urban Investment Enterprises in Xinjiang 3.3.1 Overview of Urban Investment Enterprises - As of the end of September 2025, there were 33 bond - issuing urban investment enterprises in Xinjiang. The credit ratings of these enterprises are mainly AA, and high - level enterprises are concentrated in Urumqi [44]. 3.3.2 Bond - Issuing Situation of Urban Investment Enterprises - In 2024, the number and scale of bonds issued by urban investment enterprises in Xinjiang increased year - on - year, mainly concentrated in Urumqi and Ili. The bond financing showed a net inflow. From January to September 2025, the debt financing was in tight balance, and the bond financing of Urumqi's urban investment enterprises turned into net repayment [45][46]. 3.3.3 Debt - Repayment Ability Analysis of Urban Investment Enterprises - By the end of 2024, the total debt scale of bond - issuing urban investment enterprises in Xinjiang decreased by 5.86% year - on - year. The debt structure was mainly bank - related and bond - related debts. The overall debt burden of bond - issuing urban investment enterprises in each prefecture and city was moderate, but Ili and Changji faced greater short - term debt - repayment pressure [49]. - In terms of bond redemption, in 2026, the scale of due bonds of bond - issuing urban investment enterprises in Xinjiang was 38.621 billion yuan, mainly concentrated in Urumqi [53]. 3.3.4 Support and Guarantee Ability of Fiscal Revenue of Prefectures and Cities for the Debt of Bond - Issuing Urban Investment Enterprises - By the end of 2024, in more than half of the prefectures and cities in Xinjiang, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources exceeded 200%. Urumqi had the highest ratio, exceeding 600%, while Kashgar had the lowest ratio, at 118.39% [59].

Group 1: Credit Bond Market Overview - The credit bond market is expected to maintain slight growth in scale, with a structure continuing from 2025, primarily focusing on industrial bonds supplemented by urban investment bonds [6][16] - The supply side is driven by the "14th Five-Year Plan" emphasizing "technological self-reliance," leading to an increased probability of expansion for technology innovation bonds [6][16] - The demand side is anticipated to remain stable overall, but structural changes may occur due to regulatory constraints affecting major buyers, potentially leading to weakened or more volatile demand [6][22] Group 2: Urban Investment Bonds Outlook - The urban investment bond sector is expected to continue facing a "zero tolerance" regulatory environment, maintaining a tight balance in financing, with a focus on debt resolution and market-oriented transformation [6][28] - The strategy for urban investment bonds suggests prioritizing regions with strong local financial resources and successful debt resolution progress, with a focus on extending durations for certain bonds [6][28] - The supply of urban investment bonds is projected to remain limited, with a significant reduction in issuance and net financing, reflecting ongoing regulatory pressures [6][28] Group 3: Industrial Bonds Outlook - The industrial bond sector is expected to maintain a stable issuance pace, with financing capabilities improving as the real economy gradually recovers [7][10] - Demand for industrial bonds is driven by new supply and spillover effects from other sectors, with certain industries like transportation and construction attracting institutional investors due to higher valuation ranges [7][10] Group 4: Perpetual Bonds Outlook - The perpetual bond market is likely to see a slight contraction in new issuance, as banks have less need to issue new perpetual bonds due to improved capital adequacy ratios [10][22] - Demand for perpetual bonds may weaken as institutional investors face challenges in adjusting their investment strategies amid regulatory changes [10][22] Group 5: Credit Expansion Signals and Fundamental Recovery - The overall credit expansion remains limited compared to pre-pandemic levels, with a structural rather than a broad recovery observed across different industries [10][22] - Industries such as electronics and public utilities show signs of credit expansion, while sectors like real estate and food and beverage are experiencing credit contraction [10][22]