近日，记者从信用中国（贵州）获悉，遵义市汇川区城市建设投资经营有限公司因未经核准擅自处置建筑垃圾，被遵义市汇川区综合行政执法局罚款0.5万 元，处罚决定日期为2025年8月14日。 违法事实为：2025年5月1日，汇川区2015年千工堰片区城市棚户区改造项目施工单位遵义市上程建设工程有限公司在施工过程中未办理建筑垃圾产生、运输 和处置核准手续，产生建筑垃圾，并将建筑垃圾交由个人进行运输。 | 行政处罚决定文书号: | 〔2025〕汇绩执01字第85号 | | --- | --- | | 违法行为类型: | 未经消防验收合格擅自投入使用 | | 违法事实: | 你（单位）作为河溪坝棚户区2号地块项目的建设单位，该项目于2014年3月开始动工修建,2017年 建筑高度21.45米,建筑层数地上7层;20-21栋和23-24栋建筑高度57.45米,建筑层数地上19层;2 6层。该项目属于国家工程建设消防技术标准规定的一类高层住宅建筑，应当申请消防验收。截至本 该项目消防验收合格的相关手续,该项目未经消防验收合格营自投入使用的行为情况属实,违法事; | | 处罚依据: | 中华人民共和国消防法第58条1款2项 | | ...

证 券 研 究 报 告 【债券周报】 赎回扰动反复，信用债如何参与？ ——信用周报 20250823 本周央行操作偏积极，税期走款影响下资金先紧后松，上证指数上行至 3800 点以上，续创新高，股债跷板效应明显，债市震荡走弱，基金净值下跌触发赎 回指标。本周信用债各品种收益率普遍上行，利差多数走阔，其中 1y 短端品 种、4-5y 隐含评级 AA 产业债、15y 中票信用利差被动收窄，9-10y 城投债、 3-4y 保险次级债表现相对偏弱。 信用债赎回压力如何？ 1、基金净值下跌触发赎回潮信号。本周一（8 月 18 日）中长期纯债基金单日 净值下跌 16.18BP，触发赎回潮信号，单日净值下跌幅度创年内新高，但全周 调整幅度不及 7 月下旬。全周来看，中长期纯债基金净值全周累计跌幅 13.5BP， 短期纯债基金净值全周累计跌幅 3.91BP。从债券 ETF 份额看，本周一至周四， 信用债 ETF 份额连续四日小幅下跌，周五明显修复。利率债 ETF 份额较为稳 定，仅周四小幅下跌。 2、理财产品净值出现下跌，但跌幅可控。本周一至周三，中长期纯债理财产 品净值出现下跌，周四至周五净值回升；短期纯债理财产品净值仅在 ...

【导读】上海城投（集团）有限公司党委书记、董事长蒋曙杰接受纪律审查和监察调查 中国基金报记者 晨曦 反腐重磅消息来了！ 8月18日，中央纪委国家监委官网通报：上海城投（集团）有限公司党委书记、董事长蒋曙杰 涉嫌严重违纪违法，目前正接受上海市纪委监委纪律审查和监察调查。 公开信息显示，蒋曙杰出生于1964年5月29日，汉族，籍贯江苏苏州，全日制大学、工学学 士，正高级工程师，中共党员，1986年7月参加工作。 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） 据"上海城投"官微，蒋曙杰在8月9日上午曾陪同相关领导前往陆家嘴水厂开展调研活动，身 份为"集团党委书记、董事长"。 值得一提的是，2010年11月15日，上海余姚路胶州路一栋高层公寓起火，导致多人遇难。国 务院事故调查组查明，该起特别重大火灾事故是一起因企业违规造成的责任事故。时任上海 市建交委副主任、党委委员蒋曙杰被给予行政降级、党内严重警告处分。 据悉，上海城投（集团）有限公司是经上海市人民政府授权从事城市基础设施投资、建设和 运营的大型 ...

截至2024年末，青岛城投集团总债务规模已达2,616.17亿元（同比增长3.35%），2025年3月末进一步攀升至2,660.16亿元，债务扩张趋势明显。更严峻的 是，2024年末，公司一年内到期的短期债务高达896.63亿元，占总债务的34.27%——这意味着公司短期内需兑付的债务规模已接近总债务的三分之一，短 期偿债压力集中爆发。 资金周转层面，公司陷入困境。2024年末，公司其他应收款余额达336.65亿元，大量资金被长期占用且回款周期极长；同时，在建工程中形成的公益性资 产规模达11.64亿元，此类资产因属性限制，变现能力几乎为零。两重因素叠加，导致公司流动性压力持续恶化。 102亿公司债券发行计划获上交所受理 青岛城市建设投资（集团）有限责任公司（以下简称"青岛城投集团"）发行102亿元公司债券已获上交所受理，引发市场对其债务风险的高度警惕。数据 显示，公司近年债务规模持续扩张，盈利能力却同步恶化，短期偿债压力进一步加大。截至2025年7月6日，公司本部存续境内债券余额达851.28亿元，兑 付压力已形成"梯队式爆发"。青岛城投集团也坦言，即便102亿元债券成功发行，仍将面临集中兑付风险。 公开数 ...

Core Viewpoint - Changsha Tianxin Urban Construction Investment and Development Group Co., Ltd. received an "AA" rating from United Ratings for its 2022 first phase medium-term notes, indicating strong financial health and operational stability [1][2]. Company Overview - The company is a key infrastructure construction entity in the Tianxin District of Changsha, Hunan Province, with a significant regional operational advantage [2]. - The economic indicators for Tianxin District show growth in both GDP and general public budget revenue in 2024, reflecting strong economic and fiscal strength [2]. Management and Governance - There have been adjustments in the company's leadership, including the chairman and some senior executives, but there have been no significant changes in the legal governance structure or internal management systems [2]. Business Operations - The company's primary operations focus on land consolidation and infrastructure construction, with concerns regarding the quality of receivables from land consolidation projects [2]. - The sustainability of the infrastructure construction business is under scrutiny due to poor receivables quality, while the future investment pressure for housing sales is considered moderate [2]. Financial Performance - The company's assets are primarily liquid, with a high proportion of inventory and receivables, indicating weak asset liquidity [2]. - The structure of owners' equity remains stable, with a high proportion of paid-in capital and capital reserves [2]. - Although the debt burden has decreased, there is a significant increase in short-term debt, leading to pressure from concentrated short-term debt repayments [2]. - Government subsidies significantly contribute to total profits, and while short-term debt repayment indicators are weak, long-term repayment indicators are also weak, suggesting low liability risk [2].

Company Events Summary - The Taizhou Jindong Urban Construction Investment Group Co., Ltd. clarified a commercial paper overdue incident. A commercial paper with a face value of 5,162,279.99 yuan was overdue on June 23, 2025, and settled on June 27, 2025 [2] - The Tianjin Metro Group Co., Ltd. transferred 100% equity of its subsidiary, Tianjin Rail Transit Group Hub Operation Management Co., Ltd., to its parent company, Tianjin Rail Transit Group Co., Ltd. After the transfer, the company's asset and profit will decline significantly. It has 12 outstanding bonds with a total amount of 6.158 billion yuan [2] - The controlling shareholder of Yudu County Urban Capital Investment Management Co., Ltd. changed from Yudu County Finance Bureau to Yudu County Linghong Industrial Investment Co., Ltd., with a 100% shareholding. It has 2 outstanding bonds with a total amount of 1.00 billion yuan [2] - Li Kaisheng, the former deputy secretary of the Party Committee and former secretary of the Disciplinary Committee of Guangdong Energy Group Co., Ltd., is suspected of serious disciplinary violations and is under investigation. The company has 4 outstanding bonds with a total amount of 6.50 billion yuan [2] - Chongqing Economic Development Zone Investment Group Co., Ltd. transferred 100% equity of several subsidiaries and 99.01% property share of a partnership to Chongqing Guangyangdao Industrial Development Co., Ltd. [2] - Yancheng Urbanization Construction Investment Group Co., Ltd. transferred 100% equity of its subsidiary, Yancheng Yujiu Acquisition Service Co., Ltd., to the Yandu District Government State - owned Assets Supervision and Administration Office of Yancheng City at a price of 0 yuan [2] - China Chengxin International downgraded the long - term credit rating of Changde Rural Commercial Bank Co., Ltd. from AA - to A+, with a stable outlook [2]

Core Points - The article highlights the innovative tax education initiatives in Pingxiang City, particularly through immersive experiences for students, which aim to deepen their understanding of tax responsibilities and the importance of tax compliance [1][2][3][4][5][6] Group 1: Tax Education Initiatives - The Pingxiang tax authorities have implemented a "mini tax bureau" simulation in schools, allowing students to role-play various tax-related scenarios, enhancing their understanding of tax processes [2][4] - The activities include engaging scenarios such as "requesting invoices" and "filing tax returns," which help students grasp the responsibilities of different roles in the tax system [2][3] - The tax education programs have been extended to various educational levels, impacting over 300 families in the region [4] Group 2: Practical Applications and Support - Tax officials provide practical resources, such as guides on tax benefits for entrepreneurs and new businesses, to assist students in their future careers [5][6] - The initiatives include interactive experiences like a "smart tax experience cabin," where students face real-world tax scenarios during mock interviews, enhancing their readiness for the job market [6] - Over 80% of participating graduates received interview advantages due to their demonstrated knowledge of tax policies [6]

1. Report Industry Investment Rating The document does not mention the industry investment rating. 2. Core View of the Report The report focuses on the issuance of new special-purpose bonds in 2025, analyzes which urban investment platforms have received the bonds, whether there is financing substitution, and the performance of the outstanding bonds of urban investment platforms that have received the bonds [9]. 3. Summary According to the Table of Contents 3.1 2025, How is the Issuance of Special-Purpose Bonds? - As of March 31, 2025, the issuance of new special-purpose bonds this year is 960.2 billion yuan, with an issuance progress of 22%. The issuance scale is higher than that in 2024, but the overall progress is still relatively slow compared with 2022 and 2023 [10]. - This year, 843 billion yuan of ordinary special-purpose bonds and 117.2 billion yuan of special new special-purpose bonds have been issued [11]. - In 2025, urban and rural construction and transportation construction remain the key directions for special-purpose bonds. Land reserve special-purpose bonds were restarted this year [15]. 3.2 2025, Which Urban Investment Platforms Have Received Special-Purpose Bonds? - As of March 21, 2025, since 2019, a total of 2,513 bond-issuing urban investment platforms across the country have received special-purpose bond projects. Among them, 587 bond-issuing urban investment platforms have received special-purpose bond projects since 2025, including 4 first-time recipients in 2025 and 248 in 2024 [19]. - In terms of administrative levels, district-level and prefecture-level cities are the main recipients, accounting for 42% and 30% respectively. In terms of subject ratings, AA+ and AA subjects account for a relatively large proportion, accounting for 32% and 46% respectively [23]. - Since 2019, self-review and self-issuance provinces such as Zhejiang, Jiangsu, Shandong, and Sichuan have more bond-issuing urban investment platforms in undertaking special-purpose bond projects, significantly more than non-self-review and self-issuance provinces. In non-self-review and self-issuance provinces, Hubei, Jiangxi, and Chongqing have more than 100 bond-issuing urban investment platforms, accounting for more than 60% of all bond-issuing urban investment platforms [22]. - In terms of the scale of special-purpose bond funds obtained by different urban investment platforms, prefecture-level city urban investment platforms have the highest scale, followed by district-level and municipality-level platforms. The scale of special-purpose bond funds obtained by AA urban investment platforms is much smaller than that of AAA urban investment platforms [28][29]. - For urban investment projects in districts and counties with relatively weak financial resources, the importance of special-purpose bond funds is significantly higher [31]. - Self-review and self-issuance provinces have a larger overall scale of special-purpose bond funds than non-self-review and self-issuance provinces. In non-self-review and self-issuance provinces, Chongqing's urban investment platforms received nearly 20 billion yuan in special-purpose bond funds in 2025, and Hubei's urban investment platforms received more than 10 billion yuan [35][36]. 3.3 Does Receiving Special-Purpose Bonds Have Financing Substitution? - Before 2023, the net financing of urban investment platforms that received special-purpose bonds was significantly higher than that of those that did not. However, since 2024, due to the large overall maturity scale of urban investment platforms that received special-purpose bonds, the net financing of these platforms has declined significantly, and this trend continued in 2025 [50]. - In self-review and self-issuance provinces, the net financing of urban investment platforms has declined in the past two years, and the net financing of urban investment platforms that received special-purpose bonds is weaker than that of those that did not. In non-self-review and self-issuance provinces, the net financing of most provinces' urban investment platforms that received special-purpose bonds was better than that of those that did not in 2025 [54]. - In self-review and self-issuance provinces, the growth rate of interest-bearing debt of urban investment platforms declined in 2024, and the growth rate of most urban investment platforms that received special-purpose bonds was lower than that of those that did not. In non-self-review and self-issuance provinces, the growth rate of interest-bearing debt in some provinces still increased [55]. 3.4 How is the Performance of the Outstanding Bonds of Urban Investment Platforms that Have Received Special-Purpose Bonds? - A total of 1,355 urban investment platforms with outstanding bonds participated in receiving special-purpose bonds this year. The scale of the outstanding bonds of urban investment platforms that received special-purpose bonds this year is 8.7 trillion yuan, of which about 95% of the outstanding bonds of urban investment platforms have a valuation of less than 3%, and 5% have a valuation of more than 3% [57]. - In terms of credit spreads, the proportions of credit spreads within 50bp, 50-100bp, 100-200bp, and 200-300bp are 22%, 64%, 13%, and 1% respectively [57]. - Bonds with slightly higher valuations are mostly private placement bonds, or those with a subject rating of AA or below, or those with a longer term. A list of public bonds in 2025 that have received special-purpose bonds, with a subject rating of AA+ or above, and a credit spread of more than 150BP is provided for market reference [60].

Core Viewpoint - The successful issuance of the bond by Changde Economic Construction Investment Group represents a significant achievement in financing for urban development and transformation efforts in Changde City, with a focus on enhancing operational capabilities in the industry [1] Group 1: Bond Issuance Details - The bond issuance scale is 850 million yuan, with a term of 5 years and a coupon rate of 2.63%, marking the lowest coupon rate for bonds with a term of 5 years or more for Changde Economic Construction Investment Group [1] - This bond issuance is aimed at supporting the company's role as an "urban operator" and facilitating its reform and transformation initiatives [1] Group 2: Company Background - Changde Economic Construction Investment Group is a key state-owned enterprise in Changde City, engaged in construction operations, cultural tourism, healthcare, and industrial development [1] - The company has made significant contributions to urban construction, improving city image, and enhancing public services [1] Group 3: Underwriting and Collaboration - Shenwan Hongyuan acted as the lead underwriter for the bond issuance, marking the fifth consecutive year of providing underwriting services to Changde Economic Construction Investment Group [1] - The collaboration has strengthened the relationship between the company and the issuer, enhancing Shenwan Hongyuan's influence in the bond underwriting market in Hunan Province [1] Group 4: Future Outlook - Shenwan Hongyuan plans to continue deepening its engagement in Hunan, aiming to expand cooperation with clients through professional capabilities and efficient communication [1] - The company is focused on supporting the rise of bond business in central China [1]