Report Industry Investment Rating No relevant content provided. Core Viewpoints - 5000 billion yuan of new policy - based financial instruments are expected to drive 2 - 5 trillion yuan of infrastructure investment, focusing on new infrastructure and consumption - related infrastructure. In addition to accelerating the implementation of these instruments, it is recommended that fiscal policies further strengthen efforts, such as accelerating the use of existing tools like special bonds and special treasury bonds, and considering increasing the deficit ratio and issuing special treasury bonds [5][7]. - Some regions have announced debt - reduction goals. Shandong Zibo Zichuan District plans to eliminate high - interest debts above 7% by the end of the year and keep the government's comprehensive debt ratio below 200%. Anhui Chizhou aims to completely eliminate implicit debts by the end of 2025 [5][13]. - This week, 43 urban investment enterprises prepaid bond principal and interest, and 7 urban investment bonds cancelled their issuance [5][16][17]. Summary by Directory 1. News Commentary - **5000 billion yuan of new policy - based financial instruments**: Compared with the previous two rounds, the scale has moderately shrunk, and the supported fields are tilted towards new infrastructure and consumption - related infrastructure. It can support infrastructure investment this year, especially solve the problem of insufficient project capital, and theoretically drive 2 - 5 trillion yuan of infrastructure investment. It is also recommended to strengthen fiscal policies [5][10][11]. - **Debt - reduction goals in some regions**: Shandong Zibo Zichuan District will replace high - interest debts above 7% and control the comprehensive debt ratio. Anhui Chizhou will eliminate implicit debts and try to complete the exit of financing platforms [13][15]. - **Pre - payment of bonds by urban investment enterprises**: 43 urban investment enterprises prepaid bond principal and interest, involving 45 bonds with a total scale of 70.84 billion yuan [16]. - **Cancellation of bond issuance**: 7 urban investment bonds cancelled their issuance, with a planned total issuance scale of 47.00 billion yuan [17]. 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local government bonds**: This week, the issuance and net financing scale increased. The 2 - trillion - yuan replacement quota has only 136.47 billion yuan left, and only Henan and Hubei have not completed the issuance. The weighted average issuance interest rate increased, and the weighted average issuance spread narrowed. The issuance was mainly in 30 - year terms, and Guangdong had the largest issuance scale [18][19]. - **Urban investment bonds**: The issuance scale increased, the net financing scale turned negative, the issuance interest rate increased, and the spread widened. The issuance was mainly private placement bonds, with a 5 - year term, and the issuer's main body level was mainly AA +. This week, 6 overseas urban investment bonds were issued, with a total scale of 57.45 billion yuan [24][25]. 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Funding situation**: The central bank conducted reverse repurchase and MLF operations this week, with a net investment of 1122.3 billion yuan. Short - term funding rates fluctuated [30]. - **Credit rating adjustment**: There was no credit rating adjustment for urban investment enterprises this week [30]. - **Credit events and regulatory penalties**: No urban investment credit risk events occurred this week [30]. - **Local government bonds**: The spot trading scale increased by 3.21% to 508.935 billion yuan, and most of the maturity yields increased, with an average increase of 3.38BP [32]. - **Urban investment bonds**: The trading scale increased by 12.74% to 358.453 billion yuan, and the maturity yields increased across the board, with an average increase of 6.91BP. The spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds widened [32]. - **Abnormal trading of urban investment bonds**: 12 bonds of 11 urban investment entities had 15 abnormal trades. Shandong had the most abnormal trading times [32]. 4. Important Announcements of Urban Investment Enterprises - 35 urban investment enterprises issued announcements regarding changes in senior management, legal representatives, directors, supervisors, etc., changes in controlling shareholders and actual controllers, equity/asset transfers, suspected disciplinary violations, and name changes [35].

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The state continues to maintain a high - pressure stance on implicit debt supervision and emphasizes preventing "risks from risk disposal". The National Development and Reform Commission promotes the safe and healthy development of the low - altitude economy, and Jilin emphasizes preventing the "re - occurrence of arrears while clearing" of enterprise accounts [2] - The development of the low - altitude economy offers a direction for the transformation of relevant urban investment enterprises, but they need to proceed from local resource endowments and their own actual situations, avoid blind following, and prevent inefficient and repeated construction [5][10] - Jilin and Shaanxi's Xianyang have made positive progress in debt risk resolution and state - owned enterprise reform [5][11] Summary by Directory 1. News Review - **National Development and Reform Commission promotes low - altitude economy**: The NDRC held a special meeting on promoting the safe and healthy development of the low - altitude economy. Urban investment enterprises can rationally layout related businesses, but the low - altitude economy has no mature profit model yet, and enterprises should avoid blind investment [5][6][10] - **Jilin and Shaanxi's progress**: Jilin emphasized preventing "re - occurrence of arrears while clearing" of enterprise accounts and resolving local government debt risks. Shaanxi's Xianyang made positive progress in debt resolution and state - owned enterprise reform, with the enterprise debt - to - asset ratio decreasing by 2.72 percentage points compared to the end of the "13th Five - Year Plan" [5][11] - **Early redemption of bonds**: 19 urban investment enterprises redeemed bond principal and interest in advance, involving 20 bonds with a total scale of 47.16 billion yuan, an increase of 20.12 billion yuan compared to the previous period [14] - **Cancellation or postponement of bond issuance**: 4 urban investment bonds were cancelled or postponed for issuance, with a planned total issuance scale of 9.50 billion yuan [15] 2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local government bonds**: The issuance and net financing of local government bonds increased this week. The issuance scale reached 251.183 billion yuan, a 8.37% increase from the previous period, and the net financing increased by 40.27 billion yuan to 150.499 billion yuan. The issuance of new special bonds exceeded half of the annual quota. The weighted average issuance interest rate rose by 3.40BP to 1.84%, and the weighted average issuance spread narrowed by 0.41BP to 9.95BP [16][17] - **Urban investment bonds**: The issuance scale and net financing of urban investment bonds increased. A total of 155 bonds were issued, with a scale of 98.495 billion yuan, a 10.74% increase from the previous period, and the net financing turned positive to 44.64 billion yuan. The average issuance interest rate was 2.20%, a 7.35BP increase from the previous period, and the issuance spread widened by 5.53BP to 72.00BP. Six overseas urban investment bonds were issued, with a total scale of 9.91 billion yuan, and the weighted average issuance interest rate was 5.15% [22] 3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Funding situation**: The central bank conducted 1726.8 billion yuan of reverse repurchases in the open market this week, with 425.7 billion yuan of reverse repurchases maturing, resulting in a net investment of 1201.1 billion yuan. Short - term funding rates mostly rose [28] - **Credit rating adjustment**: No urban investment enterprises had their credit ratings adjusted this week [28] - **Credit events and regulatory penalties**: No urban investment credit risk events occurred this week [28] - **Local government bond trading**: The trading volume of local government bond cash bonds was 404.193 billion yuan, a 3.48% increase from the previous period. Most of the maturity yields declined, with an average decline of 1.75BP [28] - **Urban investment bond trading**: The trading volume of urban investment bonds was 257.481 billion yuan, a 9.63% decrease from the previous period. Most of the maturity yields declined, with an average decline of 1.96BP. The spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 0.23BP, 1.65BP, and 0.15BP respectively [28] - **Abnormal trading of urban investment bonds**: Under the broad - based standard, 14 urban investment entities had 16 abnormal bond trades, with the number of entities, bonds, and abnormal trades all decreasing [29] 4. Important Announcements of Urban Investment Enterprises - A total of 53 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, and name changes [34]