1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since 2025, the announcements of "zeroing out" implicit debts in various regions have become more frequent, and the pace of urban investment platforms exiting the list has significantly accelerated. As of October 30, 2025, 70 regions across the country have officially announced the achievement of implicit debt zeroing out, with district - and county - level units being the main battlefield for debt resolution [1][7]. - The number of financing platforms has decreased by over 70%. Jiangsu Province has the highest number of exits, mainly district - and county - level non - bond - issuing platforms. The next stage of the "exit list" work may focus on higher - level bond - issuing entities [1][12]. - After exiting the list, the credit evaluation of urban investment platforms has entered a new stage of significant differentiation. In the short term, liquidity is crucial; in the medium term, the focus is on hematopoietic ability; in the long term, the key lies in functional positioning [3]. 3. Summary According to the Table of Contents 3.1 "One - Package Debt Resolution" Anniversary with Remarkable Achievements and Many Regions Announcing Zero Implicit Debts - Since the introduction of the "one - package debt resolution plan" in November 2024, the local debt resolution work has advanced for nearly a year. By October 30, 2025, 70 regions announced zero implicit debts, including 11 prefecture - level and 59 district - and county - level units [1][7]. - Other regions have also disclosed clear goals for zeroing out implicit debts, such as Shandong aiming for zero implicit debts by the end of 2028 and Shaoxing, Zhejiang achieving zero implicit debts by the end of 2025 [7]. 3.2 Over 70% Reduction in the Number of Financing Platforms and Their Characteristics 3.2.1 Jiangsu Province Has the Most Announced Exit - List Entities, Mainly District - and County - Level Non - Bond - Issuing Entities - As of September 2025, the number of national financing platforms and the scale of outstanding operating financial debts decreased by 71% and 62% respectively compared to March 2023. Among the 447 "exit - list" urban investment entities officially disclosed since 2022, Jiangsu accounted for nearly 70%, followed by Henan with 36, Chongqing with 29, and Qinghai with 13 [12]. - District - and county - level urban investment entities were the main body, and non - bond - issuing entities accounted for 94% [12]. 3.2.2 The Next Stage of the "Exit - List" Work May Focus on Higher - Level Bond - Issuing Entities - The current debt resolution path is to prioritize cleaning up platforms with simple debt relationships and small market impacts. Based on the fact that over 70% of financing platforms have exited, it is estimated that the implicit debts of district - and county - level urban investment in some provinces may have been mostly resolved, and the next stage may focus on higher - level bond - issuing entities [19]. 3.3 Insights into the Transformation Direction of Urban Investment from Asset - Liability Changes 3.3.1 Limited New Bond Issuance after Exiting the List, with Marginal Improvement in Bank Liquidity Support - Among the 447 entities that announced exiting the financing platform list, 420 were non - bond - issuing entities. Focusing on the 27 bond - issuing entities, as of June 30, 2025, only 4 of the 18 entities with outstanding bonds increased their bond scale compared to June 30, 2024 [23]. - According to the semi - annual report data in 2025, the short - term borrowing balance of these exit - list bond - issuing entities increased by 40.61% year - on - year, the bond balance increased slightly by 6%, and the long - term borrowing decreased slightly by 0.72%. The liquidity support from commercial banks for "exit - list" entities has improved [23]. 3.3.2 Changes in Assets and Liabilities of Urban Investment after Exiting the List - **Asset Side**: The pace of project construction has slowed down, and the asset management function has been enhanced. Urban investment enterprises have become more cautious in new project investments. The significant increase in fixed assets may be due to the injection of operating assets by local governments, aiming to enhance the platform's hematopoietic ability [2][29]. - **Liability Side**: Short - term liquidity support is prominent, and the long - term financing function needs to be restored. The growth of long - term borrowing is low. Local governments prioritize liquidity safety, and new project investments are more cautious. Special bonds have replaced some bank medium - and long - term loans to some extent [2][32]. 3.4 How to Evaluate the Credit of Urban Investment after Exiting the List 3.4.1 Market Perception Has Matured, and Valuation and Credit Qualifications Are Becoming More Differentiated - The market reaction has gone through stages from significant initial divergence and limited pricing differentiation to subsequent convergence of expectations and finally entered a new stage of significant differentiation based on individual qualifications. The future market will conduct more refined credit evaluations of exit - list entities [33]. 3.4.2 Reconstruction of the Credit Framework - Short - Term Focus on Liquidity, Medium - Term on Hematopoietic Ability, and Long - Term on Functional Positioning - **Short - term**: The key is to evaluate the thickness of the liquidity safety cushion, including the coverage of short - term debts by monetary funds, available bank credit lines, and the scale of high - quality realizable assets [37]. - **Medium - term**: The core is to examine the transformation effectiveness and independent survival ability of the platform, mainly looking at the proportion of operating business income, profit quality, and net inflow of operating cash flow [38]. - **Long - term**: The key is to determine the platform's irreplaceability in the local economic ecosystem and the sustainability of its business model. Its credit foundation will shift from "implicit government guarantee" to "endogenous value" [38].

Group 1 - The 2025 Xiamen Industrial Development Conference and the 2025 Securities Industry High-Quality Development Conference were held in Xiamen, with awards announced for listed companies and the securities industry [1] - Key figures from the government and media attended the event, including former officials from the State Council Development Research Center and Xinhua News Agency [1] - The conference featured keynote speeches and roundtable discussions focusing on how enterprises can leverage the Hong Kong stock platform to attract international capital and how the capital market can support the development of new productivity [1] Group 2 - Jianfa Group, as a state-owned capital investment company, emphasizes serving the real economy and social welfare, aligning with national and regional development strategies [2] - The company focuses on supply chain operations, urban construction and operation, tourism and exhibitions, healthcare, and investment in emerging industries, while steadily increasing the asset securitization ratio of its core businesses [2] - Looking towards the "14th Five-Year Plan," Jianfa Group aims to deepen the "industry + capital" collaborative model and enhance the construction of technological and financial foundations to contribute to Xiamen's development as a financial hub and a financial technology city [2]

Core Insights - Hangzhou Urban Investment has launched the first phase of its artificial intelligence (AI) industry model project, showcasing several innovative AI models aimed at enhancing urban operations and services [1][3]. Group 1: AI Model Implementation - The project features the first public transport model, multi-modal bridge and road maintenance model, flood prevention AI agent, and autonomous waste collection scheduling agent, all contributing to a smarter urban operation framework [1][3]. - The AI model project is driven by the latest GLM-4.5 model and is structured around a "1+1+3+3" framework, which includes an AI operations center and focuses on public transport as a core business area [3][4]. Group 2: Operational Efficiency - In the public transport sector, the AI model has improved passenger flow identification accuracy to 93%, enabling precise vehicle arrival time predictions and enhancing operational efficiency by over 30% [4][5]. - The AI scheduling system automates 80% of scheduling tasks, significantly improving the efficiency of public transport services [4]. Group 3: Emergency Response and Infrastructure Maintenance - The AI flood prevention agent has successfully predicted flooding risks 24 hours in advance, effectively identifying and responding to 14 flooding incidents during the recent rainy season [5]. - The AI-driven smart inspection system for road and bridge maintenance allows for real-time data collection and precise identification of road issues, covering 491 kilometers of elevated roads and bridges, and 638 kilometers of urban roads [5][6]. Group 4: Future Developments - The company plans to further develop its "AI + Urban Investment" strategy, aiming to unlock new data resource values and expand into smart water and energy management [6].

Group 1 - The announcement on August 8 states that Huang Guoxian has been removed from the position of Chairman of Foshan Construction Development Group Co., Ltd. as per the notification from the Foshan Human Resources and Social Security Bureau [1] - As of the date of the announcement, the Foshan Municipal Government and related units have not appointed a new chairman [1] Group 2 - Huang Guoxian, born in 1967, has held various positions in the water supply and construction sectors in Foshan, including roles in the Foshan Water Supply Group and the Foshan Public Utilities Holding Company [5] - Since May 2017, he has served as the Party Secretary and Chairman of Foshan Construction Development Investment Co., Ltd. [5] Group 3 - Foshan Construction Development Group Co., Ltd. is a state-owned enterprise managed by the Foshan State-owned Assets Supervision and Administration Commission, focusing on industrial park construction, urban renewal, building materials, and smart city services [7] - In 2024, the company reported total assets of approximately 641 billion and revenue of about 407 billion, ranking 94th in the Guangdong Top 500 Enterprises and 10th in the Foshan Top 100 Enterprises [7]

Core Insights - The "Yuhang New City" is showcasing its dual appeal as a hub for innovation and a livable city through the "Little YO Tour Exhibition" [1][2] - The "Industry-City-Culture Integration" plan aims to enhance urban development by focusing on industrial upgrades, urban renewal, cultural heritage, and improving people's livelihoods [2] Group 1: Urban Development and Innovation - Yuhang New City is positioned as a new center in northern Hangzhou, focusing on a "2+1" industrial layout that includes digital culture, life sciences, and headquarters economy [1] - Key projects such as the headquarters base, cultural landmarks, and high-end shopping complexes are being rapidly developed under the "Golden Inlaid Jade" urban development concept [1] Group 2: Quality of Life and Cultural Integration - The area emphasizes a unique leisure lifestyle, combining innovative entrepreneurship with a relaxed living environment, as highlighted by local entrepreneurs [2] - Future initiatives like the "City Roaming Plan" and "Summer Music Festival" will further enhance the city's diverse charm and cultural offerings [2]

Group 1 - Hangzhou City Investment Group has officially launched the construction of the Hangzhou City Investment Industry Large Model Project, marking a comprehensive mobilization towards artificial intelligence [4] - The city aims to build a smart governance system for super-large cities, with a focus on enhancing public safety through advanced technologies [5][6] - The integration of over 1.8 million parking space data and 4.5 million charging pile data into the city brain platform has significantly improved parking efficiency and service experience [6][7] Group 2 - The Hangzhou City Investment Group has successfully traded its first data product, marking a significant step in the exploration of digital industrialization [8] - The company is transforming its operations by developing a one-stop big data artificial intelligence product, focusing on various sectors including digital governance and urban operations [9] - The establishment of an AI-based site selection model for charging piles is underway, transitioning from experience-based to data-driven decision-making [10] Group 3 - The company has initiated a "1+1+3+3" system for the construction of an industry large model, which includes a foundational AI operation center and tailored solutions for various business scenarios [15][16] - The AI model aims to enhance public transport efficiency and emergency management through intelligent customer service systems [16] - The company is committed to gradually advancing its "smart city" initiatives, aiming to create replicable and scalable solutions for the national urban investment sector [16] Group 4 - The Hangzhou City Investment Group has been recognized for its AI applications, with two projects selected as typical cases by the Zhejiang Provincial State-owned Assets Supervision and Administration Commission [13] - The company is leveraging its digital assets to drive transformation and efficiency across its operations, showcasing a commitment to innovation and modernization [12][18] - The integration of AI technologies is expected to significantly enhance urban governance and public service delivery, reflecting a broader trend towards digital transformation in urban management [17][18]

Group 1 - The company Guangdong Shuntie Holdings Co., Ltd. was found to have overstated its profits by 286 million yuan due to improper recognition of government subsidies related to the operation of Guangzhou Metro Line 7 [2] - The company’s subsidiaries, Guangdong Shunbofeng Trading Co., Ltd. and Guangdong Shunkong Supply Chain Management Co., Ltd., incorrectly recognized revenue and costs totaling 611 million yuan, which accounted for 36.59% of total operating revenue for 2023 [3] - The Ministry of Finance imposed a fine of 3,000 yuan on the company for violations of the Accounting Law and relevant accounting standards [3] Group 2 - The auditing firm Zhongxinghua Certified Public Accountants was found to have inadequately verified the revenue recognition of Shunbofeng and Supply Chain companies, leading to inappropriate audit opinions on their financial statements [4][5] - The auditors failed to identify the agency nature of the trading businesses, resulting in incorrect revenue recognition methods for the subsidiaries [5] - The company has a history dating back to 2016 and operates as a state-owned enterprise in Shunde District, focusing on urban construction and management [5]