金价狂飙、美元贬值，美元在全球外汇储备中的占比连续下滑。2025年，美元信用遭遇严重挑战。 去年金价狂飙美元贬值 与之相反的是，美元指数从2025年年初的108附近，下跌到年底的98左右，累计跌幅9.4%，创下8年来 最差表现。 美元在全球外汇储备中的占比也是一跌再跌。国际货币基金组织发布的数据显示，2025年第三季度，美 元在全球外汇储备中的占比从第二季度的57.08%下降至56.92%，连续超10个季度低于60%，创1995年以 来的最低值。 中银证券全球首席经济学家 管涛：2025年黄金价格屡创新高，美元大幅走落，美元储备的份额下降， 这三个现象都指向了美元信用裂痕扩大。美国政府实施激进的关税政策，对全球多边贸易体制造成严重 冲击，而且加大了对美联储独立性的干预力度。同时通过的大规模永久性减税方案，引发了市场对美国 政府债务可持续性的担忧。这些因素均动摇了美元的信用基础。 美元信用裂痕扩大 2025年全球央行纷纷增持黄金，以增强资产组合的多元性与稳定性，这导致国际黄金价格大涨。金价在 2025年年内50多次刷新历史新高，伦敦现货黄金累计涨幅超过60%。 黄金储备超越美债 中银证券全球首席经济学家 管涛： ...

Group 1: Report's Core View - The total asset growth of Hebei provincial urban investment companies is mainly driven by equity and fund investments and urban construction asset investments, with an adjusted investment structure; the issuance scale of urban investment bonds has increased year by year, and the financing activities have continued to show a net inflow, but the net inflow scale has decreased year by year; some cities have certain short - term debt repayment pressures. In the context of large fiscal revenue and expenditure pressures, the future resolution of operating debts depends on the urban investment companies accelerating their substantial transformation and enhancing their self -造血 ability to achieve a new balance between economic development and debt resolution [3] Group 2: Hebei Province's Debt Management Situation - Hebei Province has made it an important task to "resolutely curb the increase of hidden debts, accelerate the resolution of existing hidden debts, improve the monitoring mechanism, and strictly prohibit the increase of new hidden debts". It actively strives for the government debt quota, uses special bonds to replace existing hidden debts, and conducts a pilot project of the full - scale local debt monitoring system nationwide to dynamically monitor debt changes and resolutely curb the increase of new hidden debts. The overall government debt risk in the province is controllable [4] - Since 2022, all the principal and interest of the matured bonds in the province have been repaid on time. To systematically prevent debt risks, Hebei Province has urged high - risk areas of government debt to formulate the "Government Debt Repayment and Risk Resolution Plan" and revise the "Emergency Response Plan for Government - related Debt Risks". It has also carried out monthly reports on government - related debts, statistical monitoring of hidden debts, and asset inventory and registration of local government - related debt investment projects, improved the full - scale debt risk monitoring mechanism, strengthened the whole - process management of "borrowing, using, managing, and repaying", and enhanced debt risk assessment and early warning [4] - From 2023 to 2025, Hebei Province has issued government refinancing bonds of 1658.7 billion yuan, 2426 billion yuan, etc., to effectively relieve the financial operation pressure of cities and counties, support project construction, and promote debt resolution. It has also actively used national debt resolution policies to resolve existing hidden debts in an orderly manner [5][6] Group 3: Changes in Financial Indicators of Urban Investment Companies Investment - From 2022 to the end of June 2025, the total asset growth of Hebei provincial urban investment companies was mainly driven by equity and fund investments and urban construction asset investments. The proportion of urban construction assets was much lower than the national average, and the proportion of equity and fund investment assets increased rapidly in recent years, with an adjusted investment structure. Provincial and Tangshan urban investment companies mainly focused on equity and fund investments, while other prefecture - level cities mainly invested in urban construction assets [7] - From 2022 to the end of June 2025, the total asset scale of Hebei provincial urban investment companies continued to grow, with a compound growth rate of 12.83%. The scales of urban construction assets, self - operating assets, and equity and fund investment assets all increased year by year, with compound growth rates of 10.40%, 2.59%, and 38.88% respectively [9] - In 2024, due to the promotion of railway project investments, the growth rate of urban construction assets of provincial urban investment companies increased significantly, driving up the investment growth rates of the three types of assets. Except for Baoding, Tangshan, and Cangzhou, the urban construction asset investments of other prefecture - level cities increased [12] 回款 - From 2022 to the end of June 2025, the accounts receivable scale of Hebei provincial urban investment companies continued to grow, the cash - to - revenue ratio remained at a relatively high level overall, and the collection indicators performed well overall [14] - From 2022 - 2024, the accounts receivable scale of Hebei provincial urban investment companies increased continuously, with a compound growth rate of 18.67%, while the total operating income decreased fluctuantly, with an average annual compound growth rate of - 2.92%. The cash - to - revenue ratio increased fluctuantly and remained above 80% [14] - From 2022 - 2025, the accounts receivable scale of Hebei provincial urban investment companies fluctuated and increased; the accounts receivable scales of municipal urban investment companies generally showed an increasing trend. The cash - to - revenue ratios of most cities' urban investment companies could reach over 80% [15] Fund - raising - From 2022 - 2024, the cash flow from financing activities of Hebei provincial urban investment companies continued to show a net inflow, but the net inflow scale decreased year by year. In 2025, the cash inflow and outflow from financing activities both increased compared with the same period of the previous year, and the net inflow continued [15] - From 2022 - 2024, the cash flow from financing activities of Hebei provincial urban investment companies was in a continuous net inflow state, and the net inflow scale continued to increase. Among the cities under the jurisdiction of Hebei Province, except for Zhangjiakou, Chengde, and Langfang, the financing activities of other urban investment companies were in a continuous net inflow state [17] Interest - bearing debt - From the end of 2022 to 2024, the debt scale of Hebei provincial urban investment companies continued to grow, with the debt growth rate decreasing from 26.56% at the end of 2022 to 8.17% at the end of 2024. The debt term structure was mainly long - term debt, and the proportion of short - term debt fluctuated and increased [18] - In 2024, the financing channels of Hebei provincial urban investment companies were mainly bank loans (accounting for 70.05%), followed by bond financing (23.81%) and other financing (6.14%). The proportion of bank loans increased year by year, the proportion of bond financing increased fluctuantly, and the proportion of other financing decreased continuously [22] - From 2022 - 2024, the issuance scale of urban investment bonds in Hebei Province increased year by year and remained in a net inflow state. In 2024, Shijiazhuang, Handan, and the provincial platform ranked among the top three in terms of bond issuance scale, accounting for 52.50% of the total in the province [22] Debt - paying ability - From the end of 2022 to 2024, the overall debt burden of Hebei provincial urban investment companies increased slightly year by year. Except for the urban investment companies in Baoding, Langfang, and Hengshui, which had a relatively high cash - to - short - term - debt ratio, other cities had certain short - term debt - repayment pressures [24] - The overall asset - liability ratio and total debt capitalization ratio of Hebei provincial urban investment companies increased slightly year by year, and the cash - to - short - term - debt ratio decreased year by year [24] Group 4: Summary - The proportion of urban construction assets of Hebei provincial urban investment companies is much lower than the national average, and the proportion of equity and fund investment assets has increased rapidly in recent years, with an adjusted investment structure [25] - The debt burden has increased slightly year by year, the financing structure is mainly bank loans, and the proportion of other financing is relatively low [25] - The issuance scale of urban investment bonds has increased year by year and remained in a net inflow state. Except for Baoding, Langfang, and Hengshui, which have a relatively high cash - to - short - term - debt ratio, other prefecture - level cities have certain short - term debt - repayment pressures [25]

从2023年至2025年评价结果来看，信用评级机构综合素质平均水平呈现上升趋势，运营规范性不断增 强，尽职履责意识有所提升，整体在揭示信用风险、缓解信息不对称等方面发挥重要作用。 近期，中国银行保险资产管理业协会根据监管规定及相关自律规则，从保险机构投资者角度，2025年对 11家信用评级机构开展自律评价。 据介绍，本年度评价结果包括综合素质得分和最终得分两部分。综合素质得分由基本素质、信评质量、 报告质量、服务质量得分加权汇总形成，反映评价期内信用评级机构的整体评级能力。最终得分在此基 础上，根据评价对象在评价期内是否发生重大信用评级事故、是否存在人员或机构违规等方面的问题， 按照问题的性质、发生频率以及后果，进行相应减分，反映评价期内信用评级机构的整体评级表现。 从评价结果看，中债资信评估有限责任公司在综合素质得分和最终得分上均获第一。综合素质得分方 面，中债资信评估有限责任公司、中诚信国际信用评级有限公司、东方金诚国际信用评估有限公司分别 以81.56、77.85、75.13的得分位列前三。最终得分上，中债资信评估有限责任公司、中诚信国际信用评 级有限公司、东方金诚国际信用评估有限公司得分分别为81.4 ...

站在"十五五"新程待启的关键时点，如何看待2026年的经济形势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇 聚监管部门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。 对于企业而言，针对中央经济工作会议提出的持续扩大内需等议题会有哪些举措？2026年有哪些战略发展目标？新京报贝壳财经记者就此采访了东方金诚国 际信用评估有限公司党委书记、董事长崔磊。 新京报贝壳财经：2026年，公司在业绩增长、产品创新、业务线等方面有何战略发展目标？ 崔磊：作为国内规模领先的国有信用评级机构，2026年东方金诚将继续以服务国家战略为根本，锚定打造国际影响力民族评级品牌的核心使命，强化"评级 国家队"担当，在服务国家发展大局中实现自身高质量发展。 业绩增长上，我们将坚守"稳中有进、稳健增长"基调，以保持国有评级机构领先地位为核心目标，深度融入中国式现代化建设。公司将继续深耕评级主业、 优化客户结构、提升服务质效，在巩固领先优势的同时扎实提升核心竞争力。 东方金诚国际信用评估有限公司党委书记、董事长崔磊。 受访者供图 新京报贝壳财经：中央经济工作会议提出持续扩大内需、优化供给，做优增 ...

转自：新华财经 具体结果显示，第二类机构共10家，按得分排名依次为：中诚信国际、东方金诚、联合资信、惠誉博 华、中证鹏元、标普信用（中国）、安融信用、安泰信用、大公国际、大普信用。第三类机构共3家， 依次为：远东资信、上海新世纪、北京考拉信用。 两协会表示，将在监管部门指导下进一步完善评价体系，持续引导评级机构提升治理水平与评级质量， 助力债券市场高质量发展。 编辑：王柘 新华财经北京12月30日电 中国银行间市场交易商协会与中国证券业协会30日联合发布2025年度信用评 级机构市场化评价结果。此次评价旨在推动行业健康有序竞争，促进评级机构提升评级质量、内控水平 与服务能力。 评价主要针对各参评机构2024年度的合规内控、执业质量与服务能力，不涉及机构资信状况与业务资 格。采用投资人付费模式的中债资信评估有限责任公司未参与排序。其余13家采用发行人付费模式的机 构中，评价得分前80%的机构列为第二类，后20%列为第三类。 ...

12月30日晚间，中证协、中国银行间市场交易商协会发布2025年度信用评级机构联合市场化评价结果。 据悉，中证协与银行间协会依据《债券市场信用评级机构联合市场化评价办法》，组织开展了2025年度 信用评级机构联合市场化评价工作。目前，评价结果已按规定履行完相关程序。本次评价是对各参评评 级机构2024年执业情况开展的综合性评价，主要反映参评机构合规内控、执业质量与服务能力的相对水 平，不涉及对评级机构资信状况和业务资格的评价。为了保证评价结果的公平、公正、可比，采用投资 人付费业务模式的中债资信不参与评价结果排序，其余13家采用发行人付费业务模式的机构，评价得分 前80%的评为第二类，后20%的评为第三类，各类别根据评价得分高低进行排序。第一名至第十名分别 为中诚信国际信用评级有限责任公司、东方金诚国际信用评估有限公司、联合资信评估股份有限公司、 惠誉博华信用评级有限公司、中证鹏元资信评估股份有限公司、标普信用评级(中国)有限公司、安融信 用评级有限公司、安泰信用评级有限责任公司、大公国际资信评估有限公司、大普信用评级股份有限公 司。这些机构均属于第二类，合计10家。 ...

21世纪经济报道记者 边万莉 联合市场化评价是推动评级行业规范健康发展的重要方式。2025年12月30 日，中国银行间市场交易商协会与中国证券业协会联合发布2025年度信用评级机构联合市场化评价结 果。 两协会在公告中表示，下一步，将在监管部门的指导下，进一步研究完善评价指标体系，持续引导评级 机构完善公司治理、强化内控管理、优化评级方法、提升评级质量、积累声誉资本，助力多层次债券市 场高质量发展。 公告显示，中诚信国际信用评级有限责任公司、东方金诚国际信用评估有限公司等10家公司被评为第二 类，远东资信评估有限公司等3家公司被评为第三类。据了解，本次评价是对各参评评级机构2024年执 业情况开展的综合性评价，主要反映参评机构合规内控、执业质量与服务能力的相对水平，不涉及对评 级机构资信状况和业务资格的评价。 根据银行间市场交易商协会连同证券业协会于2024年3月发布的《债券市场信用评级机构联合市场化评 价办法》（简称《评价办法》），交易商协会和证券业协会根据市场化评价情况将信用评级机构分为 一、二、三、四类，并根据评价得分高低在各类别中进行排序。原则上评价得分前80%的排在第一类或 第二类，得分后20%的排 ...

12月30日，中国证券业协会、中国银行间市场交易商协会发布2025年度信用评级机构联合市场化评价结 果，共有13家采用发行人付费业务模式的评级机构参与排序，其中第二类机构10家，第三类机构3家， 暂不评出第一类机构，不存在直接评为第四类机构的情况，其中部分参评机构因评价期内存在处罚、处 分扣分事项，对相对排名产生一定影响。 联合市场化评价是推动评级行业规范健康发展的重要方式，意在引导构建健康有序的行业竞争生态，更 好激励约束评级机构提升评级质量、内控水平和服务能力。记者了解到，下一步，两协会将在监管部门 的指导下，进一步研究完善评价指标体系，持续引导评级机构完善公司治理、强化内控管理、优化评级 方法、提升评级质量、积累声誉资本，助力多层次债券市场高质量发展。 具体来看，第二类的10家机构，第一名至第十名分别为中诚信国际信用评级有限责任公司、东方金诚国 际信用评估有限公司、联合资信评估股份有限公司、惠誉博华信用评级有限公司、中证鹏元资信评估股 份有限公司、标普信用评级(中国)有限公司、安融信用评级有限公司、安泰信用评级有限责任公司、大 公国际资信评估有限公司、大普信用评级股份有限公司。第三类3家机构，第十一名至 ...

新华财经北京12月30日电（王菁）中国银行保险资产管理业协会（简称"协会"）近日发布2025年度信用 评级机构自律评价结果，为11家参评机构的年度表现提供一份来自投资者视角的权威评估。这份在业内 备受关注的报告，不仅揭示了行业在过去一年的演进动态，也持续追问着评级质量的核心要义。 结果显示，2023年至2025年，信用评级机构的综合素质平均水平呈现上升趋势，运营规范性与尽职履责 意识不断增强。报告明确指出，行业在"投资者服务意识及水平上有所提升"，建议机构继续优化行业经 营模式，打造高质量数据资产、分析模型和科技平台，完成从"单一评级产品"到"综合信用服务"的转 型。 评价展现双重叙事：服务水平集体进阶与质量标准稳定 本次评价结果呈现出清晰的"双重叙事"。首先，是行业服务属性的整体强化。据悉，评级机构正通过更 主动的研究发布、更体系化的投资者调研与同业交流，构建长效沟通机制。 这被市场解读为一种积极转变。"评级机构正在从单一的'级别提供者'，转向更全面的信用风险信息与 服务提供商，这符合市场打破'评级依赖'后的深层需求。"一位保险资管公司信评负责人对新华财经表 示。 评级结果显示，中债资信在本年度评价中继续保 ...

近日，由东方金诚评级的"成都天府惠融信息技术有限公司2025年度1号第一期供应链票据科技创新定向 资产支持证券"（以下简称"本期资产支持证券"）在银行间债券市场成功发行。本期资产支持证券发行 总规模1.484亿元，为央企首单供应链票据科创资产支持证券；其中优先级发行规模1.44亿元，当期票面 利率1.83%。 成都天府惠融信息技术有限公司是大型央企鞍钢集团旗下全资子公司，主要为鞍钢集团产业链核心企业 的上下游中小微企业提供各类供应链产品与配套服务；其在本期资产支持证券中担任多重角色，包括发 起机构代理人、票据服务机构等。本期资产支持证券基础资产池资产类型全部为贸易类供应链票据，票 据承兑人为攀钢集团重要经营实体攀钢集团攀枝花钢钒有限公司。攀钢集团作为西南地区特大型钒钛钢 铁企业集团，是鞍钢集团下属重要的钢铁生产基地以及国内领先的钒钛制品生产企业，其履行流动性支 持的能力很强。 在未来科创债快速扩容的时代，东方金诚将继续发挥国有信用评级的功能作用，不断优化评级方法及模 型，精准识别国有及民营科技相关主体的风险及价值，提升市场流动性与定价效率，助力科技型企业、 股权投资机构和金融机构扩大融资规模及降低融资成本，助 ...