Group 1 - The article reports that Shen Tong has been appointed as a director and deputy secretary of the Party Committee of China Ordnance Industry Group Co., Ltd [1]

Core Insights - The expansion of local government implicit debt since the implementation of the 2008 "four trillion" fiscal stimulus plan poses significant risks to macroeconomic stability. Local state-owned enterprises have taken on substantial implicit debt through borrowing on behalf of local governments. Although recent debt reduction measures have alleviated short-term risks, the pressure on local state-owned enterprises to manage this debt remains severe [1][2]. Local State-Owned Enterprises and Implicit Debt - Local state-owned enterprises in X Province bear a significant burden of implicit debt, with financing platform companies accounting for 90.1% of the implicit debt as of March 2024, up from 78.3% in 2019 [2]. - The majority of implicit debt risk is concentrated at the county level, with 60.4% of the debt attributed to counties as of 2024, despite a slight decrease from previous years. This is due to limited fiscal capacity and strict funding usage restrictions [3]. - A substantial portion of the debt is directed towards public welfare projects, which typically yield low returns and long payback periods, complicating debt resolution efforts [3]. Current Debt Resolution Measures and Challenges - Since 2023, efforts to resolve implicit debt have shifted towards controlling new debt and addressing existing debt. Various measures have been implemented, including categorizing debt responsibilities between governments and state-owned enterprises, increasing capital injections, and reducing the number of financing platforms [5][6]. - Despite these measures, long-term risks remain due to the large base of existing debt and ongoing financing needs amid tight fiscal conditions. For instance, X Province's urban investment bonds exceeded 550 billion yuan in 2023, with a significant interest repayment burden [8][9]. Recommendations for Long-Term Risk Mitigation - To effectively manage implicit debt risks, a long-term mechanism should be established focusing on debt risk monitoring, inter-departmental collaboration, and the transformation of financing platforms. This includes enhancing information sharing among relevant departments and establishing a collaborative governance mechanism [11][12]. - Accelerating the transformation of financing platforms is crucial, with a focus on market-oriented operations and sustainable development. This involves categorizing platforms based on their functions and implementing phased transformations [13].

本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资 者应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投 资决定。 江西国科军工集团股份有限公司 JIANGXI GUOKE DEFENCE GROUP CO.,LTD. （江西省南昌市南昌经济技术开发区建业大街 999 号） 首次公开发行股票并在科创板上市 招股说明书 保荐人（主承销商） 住所：中国（上海）自由贸易试验区商城路 618 号 江西国科军工集团股份有限公司 招股说明书 声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 江西国科军工集团股份有 ...