1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025, most prefecture - level cities saw an increase in GDP, with higher growth rates in the western region. Nearly 90% of cities had an increase in fiscal revenue, with higher growth in the central and western regions. The growth rate of interest - bearing debt of urban investment companies slowed down, and more than half of the cities saw a decline in the urban investment debt ratio. The default risk of urban investment bonds is still relatively small, and some profitable varieties can be explored [1][2][3]. 3. Summary According to the Directory 3.1 Most Cities See an Increase in General Public Budget Revenue and an Improvement in Fiscal Self - Sufficiency 3.1.1 Most Cities' GDP Grows, with Higher Growth in the Western Region - As of March 29, 2026, 254 and 257 prefecture - level administrative units had disclosed their 2025 GDP scale and GDP year - on - year growth rate respectively. Economically strong cities in Jiangsu, Shandong, Fujian, and Zhejiang accounted for over 70% with a GDP of over 300 billion yuan. The number of cities with a GDP of over one trillion yuan increased to 25, including Wenzhou and Dalian which exceeded one trillion yuan for the first time in 2025. Nearly 70% of the 257 cities with disclosed data had a GDP growth rate above the national level (5.0%), and 6 cities had a growth rate of 7% or more, mainly in the western provinces [9][15]. 3.1.2 Nearly 90% of Cities See Fiscal Revenue Growth, with Higher Growth in the Central and Western Regions - As of March 29, 2025, 255 cities had disclosed their 2025 general public budget revenue. Nearly 90% of cities saw an increase in general public budget revenue, with higher growth in the central and western regions. 24 cities had a comparable growth rate of over 10%, mainly in the central and western provinces. Most cities in the eastern provinces had a growth rate of less than 5%. 31 cities had a negative growth rate, mainly in Shanxi, Yunnan, Guangdong, and Hunan [23][24]. 3.1.3 The Growth Rate of Interest - Bearing Debt of Urban Investment Companies Slows Down, and More than Half of the Cities See a Decline in the Urban Investment Debt Ratio - In 2025, most prefecture - level cities still saw an increase in the interest - bearing debt of urban investment companies, but the growth rate slowed down. The average growth rate of the interest - bearing debt of urban investment companies in each city from Q3 2025 compared to the end of 2024 was 3.7%, down from 4.2% in the first three quarters of 2024. More than half of the cities saw a decline in the urban investment debt ratio, mainly in Guangdong, Henan, Hubei, and Anhui. Nearly 90% of cities saw an increase in the government debt ratio [37]. 3.2 How to Explore Urban Investment Bonds in Each City - Since the debt - resolving cycle is ongoing and the central and provincial governments are starting to pay attention to the resolution of operating debt risks, the default risk of urban investment bonds is still small. Two investment strategies are recommended: focus on cities with relatively stable fundamentals and pull the duration appropriately to earn returns; pay attention to cities with significantly improved fundamentals and obtain returns through short - duration sinking [3][54]. - For cities with stable fundamentals, 88 cities were selected according to the criteria of positive growth in general public budget revenue and GDP in the past three years and a general public budget revenue of over 20 billion yuan in 2025. As of March 27, 2026, the average valuation of 2 - 3 - year AA urban investment bonds in cities such as Qingyuan in Guangdong, Xiangyang in Hubei, Zhuzhou in Hunan, and Shangrao in Jiangxi was over 2.1%; the average valuation of 2 - 3 - year AA urban investment bonds in cities such as Anqing in Anhui, Xiamen in Fujian, Huizhou, Zhaoqing, and Zhanjiang in Guangdong was between 2.0% - 2.1% [56]. - For cities with significantly improved fundamentals, 30 cities were selected according to the criteria of a GDP growth rate of over 5%, a growth rate of general public budget revenue of over 5%, and a decline in the urban investment debt ratio in 2025. After excluding 8 cities that also belonged to the group with stable fundamentals, 22 cities remained. The average valuation of AA urban investment bonds within 1 year in Shangqiu, Henan, AA urban investment bonds from 1 - 2 years in Jiaozuo, Henan, and AA - urban investment bonds within 1 year in Bazhong, Guangyuan, and Mianyang, Sichuan was over 2.1%. The average valuation of AA(2) urban investment bonds within 1 year in Bayingolin Mongol Autonomous Prefecture, Xinjiang, and AA - urban investment bonds within 1 year in Huangshi and Jingzhou, Hubei was over 2.0% [58][59].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The report aims to outline the group portrait of urban investment enterprises with market - based financing capabilities through analyzing the new bond issuance and subject characteristics of sample enterprises, and summarize the differentiated transformation logic and practical experience of urban investment enterprises by studying typical cases in different - level cities [1][3]. - Future transformation work should abandon the "one - size - fits - all" model and build a differentiated development path deeply integrated with urban strategies. Different - level cities' urban investment platforms should have different transformation directions [2][47]. - The new bond - issuing sample enterprises are mainly distributed in areas with good economic foundation and high urban development levels. Their business has extended to diversified fields, and the financial structure has been optimized, but the market - based profitability is still being cultivated [1][47]. 3. Summary According to the Directory 3.1 Introduction - With the strengthening of local government debt risk prevention and control and the tightening of financing supervision of urban investment platforms, urban investment enterprises are accelerating their market - based transformation. Whether they can obtain new bond financing has become a perspective to observe their transformation progress [3]. 3.2 New Bond Issuance and Related Subject Situations 3.2.1 New Bond Issuance - From 2024, 188 sample enterprises issued 312 new bonds with a total issuance scale of about 182.888 billion yuan. The new bond financing shows the characteristics of "dominated by exchanges, mainly private placement, led by municipal - level entities, and regional differentiation" [4]. - Over 90% of first - time bond - issuing entities issued new bonds on exchanges. Private placement corporate bonds are the main issuance variety. Labeled bonds account for about 33% of the issuance scale, and popular varieties include science and technology innovation bonds, rural revitalization bonds, and green bonds [4]. - The new bonds' terms are concentrated in 3 - 5 years. Some high - level entities in certain provinces issued 10 - year long - term bonds, and a provincial entity in Beijing issued ultra - long - term bonds over 20 years [4]. - The new bond issuance interest rate in each province ranges from 2.17% to 3.03%. The overall financing cost is at a low level. Shandong has a relatively high coupon rate, while Shanghai, Chongqing, Anhui, Beijing, Fujian, and Guangdong have lower rates [4]. - About 40% of the raised funds are used for debt roll - over, and the incremental funds of about 11 billion yuan are mainly used for business or strategic purposes such as supplementing working capital, project construction, and investment in the science and technology innovation field [4]. 3.2.2 Characteristics of New Bond - Issuing Subjects - **Regional Distribution**: New bond - issuing subjects are mainly concentrated in areas with good economic foundation and high urban development levels. The enterprise - level distribution shows regional differentiation. Coastal developed areas have more district - county - level new bond - issuing subjects, while central and western provinces have more municipal - level ones [7]. - **Business Characteristics**: The business of new bond - issuing subjects presents a structure of "asset operation as the mainstay and supporting services as the supplement". The core depends on heavy - asset businesses such as real estate development, asset leasing, and public utility operation. Some service fields are becoming important directions for enriching business composition and cultivating market - based hematopoietic ability [10]. - **Financial Characteristics**: With the deepening of market - based transformation, the proportion of operating assets of new bond - issuing subjects has been increasing. However, the overall profitability is still weak, the return on net assets is low, and financial subsidies are still the core source of book profit. First - time bond - issuing subjects have a more market - based investment layout and are less dependent on financial subsidies [15]. 3.3 Transformation Path Analysis - The report divides Chinese cities into four echelons according to key dimensions such as development positioning, economy, industry, population, and transportation, and elaborates on the transformation paths of urban investment platforms serving different - echelon cities through typical cases [21]. - **Case of Hangzhou Urban Construction Investment Group Co., Ltd.**: Through strategic restructuring and resource integration, it has established an "integrated" investment and operation system; through industry - city integration, it has transformed into a "urban investment + industrial investment" model; it has actively explored the value - mining and capital - conversion paths of stock assets; and it has applied artificial intelligence to urban governance. The transformation has improved its asset structure and business performance [25][32]. - **Case of Hefei Construction Investment Holding (Group) Co., Ltd.**: It takes industrial investment as the core engine, reconstructs the business structure in a diversified way, and innovates the government - enterprise cooperation mechanism. The transformation has led to a significant increase in asset scale and a diversified business structure [34][39]. - **Case of Pingdu City Assets Operation Co., Ltd.**: Through asset restructuring and business integration, it has built six business sectors; it drives transformation through operation services; and it conducts characteristic bond financing. After the transformation, its asset structure has been optimized, and the proportion of operating business income has increased [41][43]. 3.4 Summary - The new bond - issuing sample enterprises are mainly in developed areas, with a transition form of "heavy - asset support and light - asset expansion" in business and an optimized financial structure, but the market - based profitability is still being cultivated [47]. - Future urban investment transformation should implement a differentiated development path: - **Function Positioning Remodeling**: High - level city platforms can evolve into state - owned capital investment and operation and smart city comprehensive service providers; medium - level city platforms should play the roles of "industry enablers" and "value amplifiers"; low - level city platforms should shift from "investment - expansion - driven" to "operation - service - driven" [47]. - **Transformation Principles**: Ensure strategic, endowment, and ability fit [48]. - **System and Mechanism Reform**: Accelerate the establishment of a modern enterprise system to promote the transformation from a "financing tool" to a "market subject" [49].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In April, the buying power of credit bonds may increase, and it is advisable to attack appropriately. One can layout curve convex points, dig into the spreads of perpetual bonds to increase returns, and pay attention to the relatively high cost - performance of 2Y and 4Y secondary perpetual bonds while being aware of the large - scale redemption risk of fixed - income plus products [1][4]. - The yields of urban investment bonds generally declined, with short - duration and medium - low - rated bonds performing better [42]. - The supply of industrial bonds increased, and the proportion of medium - and long - term issuances rose [56]. - The net financing of bank secondary perpetual bonds was negative, and most spreads widened passively [64]. 3. Summary by Directory 3.1 4月信用债买盘力量或上升，适当进攻 3.1.1 布局凸点、挖掘永续品种利差增厚收益 - In March, the bond market showed a structural market of "narrow - range fluctuations in long - term interest rates, short - term strength and long - term weakness, and a steeper curve". The yields of credit bonds generally declined, and the credit spreads of most within - 5 - year bonds widened passively, while those of 7 - year and 10 - year bonds narrowed [9]. - The incremental demand for credit bond allocation in March mainly came from funds and other products, with the duration concentrated within 3 years [10]. - As of March 27, the yields and credit spreads of credit bonds were generally low, and the carry - trade space of medium - and short - duration credit bonds was significantly compressed [11]. - In April, the bond market may remain volatile. The increase in the scale of wealth management products may drive up the demand for credit bond allocation. One can layout curve convex points to increase returns through riding and dig into the spreads of perpetual bonds [15]. - For medium - and short - duration bonds, urban investment bonds with AA rating for 2 - year and 4 - year terms and AA(2) rating for 2 - 3 - year terms have relatively high cost - performance. High - rated 6 - 7Y bonds are convex points, and one can play with small positions in 5 - 7 - year bonds with an implied rating of AA+ and above [18][21]. - As of March 27, the outstanding scale of public perpetual bonds was 3.53 trillion yuan, and there is still room to dig into the spreads of perpetual bonds. One can actively dig into the spreads of perpetual bonds and wait for the spread compression market [23]. 3.1.2 二永债2Y和4Y性价比较高，关注固收+大额赎回风险 - In March, the yields of secondary perpetual bonds generally declined, and the credit spreads mostly widened passively. The 2 - 3 - year bonds performed weaker. The cost - performance of 2Y and 4Y secondary perpetual bonds has recovered [27]. - The divergence in institutional behavior has increased. Funds "chased up and sold down". The demand for secondary perpetual bonds from wealth management products was relatively stable, and insurance and other institutions have been net buyers in the secondary market in recent weeks [28]. - In April, the buying power of credit bonds is strong, and high - coupon assets may be favored. The 2Y and 4Y secondary perpetual bonds have relatively high cost - performance. However, one needs to be vigilant against the risk of secondary perpetual bond adjustment caused by the redemption of fixed - income plus products [32][35]. 3.2 城投债：收益率普遍下行，短久期、中低评级表现更好 - In March, the net financing of urban investment bonds was positive and increased year - on - year. The proportion of medium - and long - term issuances increased, and the weighted average issuance interest rates generally declined [42]. - The net financing performance of urban investment bonds varied by province, with about two - thirds of the provinces having positive net financing [44]. - In March, the yields of urban investment bonds generally declined, with short - duration and medium - low - rated bonds performing better. The credit spreads showed differentiation [46]. - The buying sentiment of urban investment bonds continued to pick up in March. The proportion of TKN and low - valuation transactions increased slightly compared with February. The trading activity of medium - and long - term bonds and medium - and low - grade bonds increased [53]. 3.3 产业债：供给放量，中长久期发行占比增加 - In March, the issuance and net financing scale of industrial bonds increased significantly year - on - year. The proportion of medium - and long - term issuances increased, and the issuance interest rates of medium - and short - duration bonds declined [56]. - In March, the yields of industrial bonds declined across the board, with medium - and short - duration and low - grade bonds performing better. The credit spreads showed differentiation [58]. - The yields of public bonds in various industries declined by 7 - 17bp. The 2 - year - and - within bonds and 2 - 3 - year AA bonds performed better [61]. 3.4 银行二永债：净融资为负，利差大多被动走扩 - Since 2026, there has been no new issuance of secondary perpetual bonds. In March, the secondary capital bonds and perpetual bonds were redeemed by 284 billion yuan and 397 billion yuan respectively, with a total net financing of - 681 billion yuan, a year - on - year decrease of 727 billion yuan [64]. - In March, the yields of bank secondary perpetual bonds generally declined, with short - duration and low - rated bonds performing better. Most credit spreads widened passively, and some bonds outperformed or underperformed general credit bonds [66]. - From the perspective of broker transactions, in March, the proportion of TKN transactions in secondary capital bonds and perpetual bonds remained basically the same, and the proportion of low - valuation transactions slightly decreased. The trading of large - bank secondary capital bonds extended the duration, while that of large - bank perpetual bonds shortened the duration. The trading sentiment of city - commercial bank secondary perpetual bonds improved [71].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The Ministry of Finance emphasizes expanding domestic demand, investing in people, and open sharing in fiscal policies during the 14th Five - Year Plan period, aiming to promote high - quality economic development [8]. - Hunan Xiangxi Prefecture has achieved zero implicit debt at the prefecture - level, with 77 out of 97 financing platforms exiting, indicating significant progress in debt resolution [12]. - The issuance scale and net financing scale of local government bonds have increased, and the progress of new bonds has exceeded 20%, accelerating compared to the same period last year. The issuance scale of urban investment bonds has risen, and the net financing scale has turned to zero [19][22]. 3. Summary According to Relevant Catalogs 3.1. News Comments - **China Development Forum Emphasizes Fiscal Policy Focus**: The forum emphasizes that fiscal policies in the 14th Five - Year Plan period will focus on expanding domestic demand, investing in people, and open sharing. To expand domestic demand, efforts will be made to boost consumption and expand effective investment. To invest in people, support will be increased, implementation entry - points will be identified, and relevant policies will be improved [8][11]. - **Hunan Xiangxi Prefecture's Debt Resolution**: The state - level implicit debt in Hunan Xiangxi Prefecture has been cleared, and 77 out of 97 financing platforms have exited. In 2025, interest expenses were reduced by 2.8 billion yuan, 42 financing platforms were reduced and exited, and the task of repaying overdue enterprise accounts was over - fulfilled. The state - owned enterprises' "three capitals" were effectively revitalized, with an income of 3.45 billion yuan [12][13]. - **Tracking of Urban Investment Enterprises' "Exit from Platform"**: This week, 14 urban investment enterprises declared to become market - oriented business entities or exit the financing platform list. Since October 2023, a total of 1,084 enterprises have made such declarations, mainly in eastern provinces, with AA + level as the main body rating and district - county level as the main administrative level [15]. - **Early Redemption of Bonds by Urban Investment Enterprises**: This week, 26 urban investment enterprises redeemed bond principal and interest in advance, involving 27 bonds with a total scale of 4.705 billion yuan, a decrease of 1.295 billion yuan compared to the previous value [17]. - **Cancellation of Bond Issuance**: The issuance of the urban investment bond "26 Liujian 03" was cancelled this week, with a scale of 899 million yuan [18]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - **Local Government Bonds**: This week, 73 local government bonds were issued, with a total issuance scale of 342.234 billion yuan, a 152.49% increase from the previous value, and a net financing of 213.822 billion yuan, a 230.80% increase. As of March 22, the outstanding local government bond scale was 56.91 trillion yuan. The issuance of new bonds has completed 24.67% of the annual quota, and 45.07% of the 2 - trillion - yuan replacement quota has been issued [19]. - **Urban Investment Bonds**: This week, 210 urban investment bonds were issued, with a total issuance scale of 150.265 billion yuan, an 8.27% increase from the previous value, and a net financing of 0 yuan. As of March 22, the outstanding urban investment bond scale was 14.20 trillion yuan. The overall issuance interest rate of urban investment bonds was 2.06%, a 3.77 - BP decrease from the previous value, and the issuance spread was 60.91 BP, a 4.77 - BP decrease [22]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - **Central Bank's Open - Market Operations and Fund Prices**: The central bank conducted 242.3 billion yuan of reverse repurchase operations this week, with 176.5 billion yuan of reverse repurchases maturing. After considering the 250 - billion - yuan treasury cash fixed - term deposit, the net investment was 315.8 billion yuan. Short - term fund interest rates fluctuated, with overnight and one - week SHIBOR decreasing by 0.20 BP and 4.00 BP respectively, and two - week SHIBOR increasing by 2.80 BP [28]. - **Urban Investment Enterprise Credit Rating Adjustment**: On March 16, Zhongchengxin International upgraded the credit rating of Zhangjiagang Economic Development Zone Holding Group Co., Ltd. from AA + to AAA, with the bond rating unchanged and the outlook remaining stable [28]. - **Local Government Bonds**: This week, the spot trading volume of local government bonds was 468.086 billion yuan, an 8.58% decrease from the previous value. The maturity yields of local government bonds fluctuated, with an average increase of 1.33 BP [28]. - **Urban Investment Bonds**: This week, the trading volume of urban investment bonds was 302.805 billion yuan, a 10.26% increase from the previous value. The maturity yields of urban investment bonds mostly decreased, with an average decrease of 2.03 BP. The spreads of 1 - year and 5 - year AA + urban investment bonds narrowed by 0.29 BP and 0.88 BP respectively, while the spread of 3 - year AA + urban investment bonds widened by 0.64 BP [29]. - **Abnormal Trading of Urban Investment Bonds**: This week, 7 bonds of 6 urban investment entities had 10 abnormal trades, with a decrease in the number of entities, bonds, and abnormal trades compared to the previous value [29]. 3.4. Important Announcements of Urban Investment Enterprises This week, 34 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, changes in the use of raised funds, and name changes [32].

Report Industry Investment Rating - Not provided in the document Core Views - Over 82% of financing platforms have exited, and the inflection point of differentiated pricing for urban investment bonds is approaching. The pricing of urban investment bonds may shift from "policy-driven" homogeneous pricing to "fundamentals-driven" differentiated pricing [3][8]. - In the context of accelerating transformation of urban investment business and orderly stripping of government credit endorsement, the fundamental differences between strong and weak regions, and between public welfare and operating businesses are expected to play a greater role in the pricing logic of urban investment bonds. Different credit assessment logics should be adopted according to the proportion of public welfare, quasi - public welfare, and operating businesses [3][8][49]. Summary by Directory 2026 February Urban Investment Bond Market Operation Characteristics - **Domestic net financing remained inflow but decreased nearly 70% month - on - month due to the Spring Festival holiday**: In February, 373 domestic urban investment bonds were issued, with a total scale of 262.624 billion yuan, a year - on - year and month - on - month decrease of 32.08% and 38.48% respectively. The net financing scale was 14.381 billion yuan, a year - on - year and month - on - month decrease of 88.58% and 66.37% respectively. As of the end of February, the stock of urban investment bonds reached 15.10 trillion yuan, a year - on - year increase of 0.10%. 15 provinces had net inflows and 8 had net outflows [3][9]. - **Domestic issuance term shortened, and the debt - refinancing ratio in 12 provinces reached 100%**: The weighted average issuance term of domestic urban investment bonds in February was 3.86 years, a month - on - month decrease of 0.11 years. The proportion of bonds with a term of 5 years and above was the highest, reaching 50.23%. The scale of bonds issued only for debt - refinancing accounted for 90.90%, and 12 provinces had a debt - refinancing ratio of 100% [13][15]. - **Domestic issuance interest rate and spread decreased month - on - month, and the cost difference between key and non - key provinces widened**: The weighted average issuance interest rate of domestic urban investment bonds in February was 2.10%, a year - on - year and month - on - month decrease of 29BP and 14BP respectively. The weighted average issuance spread was 63.71BP, a year - on - year and month - on - month narrowing of 25.48BP and 8.19BP respectively. The cost compression amplitude of key provinces was smaller than that of non - key provinces [18]. - **Overseas bonds had net outflows for 7 consecutive months, and the issuance spread between domestic and overseas bonds slightly narrowed**: In February, 6 overseas urban investment bonds were issued by 6 entities, with a total scale of 4.643 billion yuan, a month - on - month increase of 5.84%. The net financing scale was - 6.447 billion yuan, with net outflows for 7 consecutive months [26]. - **Domestic urban investment bond trading volume shrank, yields generally declined, and trading spreads mostly narrowed**: Affected by holidays, the trading volume of domestic urban investment bonds in February was 684.857 billion yuan, a year - on - year and month - on - month decrease of 28.66% and 45.02% respectively. Yields generally declined, and trading spreads mostly narrowed [28]. Urban Investment Enterprises' "Exit from Platform" Dynamic Tracking - In February, 40 urban investment enterprises announced to become market - oriented operating entities or exit the financing platform list, with a month - on - month increase of 1 and a year - on - year increase of 18. Since October 2023, a total of 1,059 urban investment enterprises across the country have made such announcements [4][37]. Credit Analysis - In February, there was no adjustment of urban investment bond ratings. The number and scale of abnormal transactions of urban investment bonds decreased month - on - month, with Guizhou having the most abnormal transactions [41]. Early Redemption and Maturity Situation - In February, 35 urban investment enterprises redeemed the principal and interest of 36 bonds in advance, with a total scale of 7.05 billion yuan, a month - on - month decrease of 46.27%. From March to December, the maturity scale of domestic urban investment bonds is 3.05 trillion yuan, and the scale of bonds entering the put - back period is 1.12 trillion yuan. If the actual put - back ratio of 65% in 2025 is applied, a total of 3.78 trillion yuan of urban investment bonds will face maturity or put - back [7][43][44]. Recent Hotspots and Investment Strategies - **Central level**: The State Council executive meeting studied measures to promote effective investment. The Government Work Report clarified the main goals and major tasks for the 14th Five - Year Plan period, and urban investment enterprises may have new business development opportunities [3][46]. - **Local level**: Zhejiang supported diversified financing in the transportation infrastructure field and encouraged the regular issuance of REITs. Xinjiang announced the full resolution of implicit debts, and Siping and Tonghua in Jilin announced the resolution of implicit debts at the city level [3][48]. - **Investment strategy**: In the future, the pricing of urban investment bonds may shift from "policy - driven" to "fundamentals - driven" differentiated pricing. Different investment strategies should be adopted according to the proportion of different types of business of urban investment platforms [3][8][49].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - Among AA-rated urban investment bonds with the highest discount margins, "21 PanGuoTou" has the largest deviation in valuation price; among the top 50 bonds with the largest decline in net price, "24 ChanRong 06" has the largest deviation in valuation price; among the top 50 bonds with the largest increase in net price, "21 Vanke 02" has the largest deviation in valuation price; among the top 50 Tier 2 and perpetual bonds with the largest increase in net price, "25 QinNong Rural Commercial Bank Tier 2 Capital Bond 01" has the largest deviation in valuation price [3] 3. Summary by Relevant Catalogs 3.1 AA-rated Urban Investment Bonds with High Discount Margins - "21 PanGuoTou" has a remaining term of 1.91 years, a valuation price deviation of -0.28%, a valuation net price of 40.93 yuan, a valuation yield deviation of 19.82 bp, a valuation yield of 2.11%, and a coupon rate of 6.80%. It is the bond with the largest valuation price deviation in this group [3][5] 3.2 Top 50 Bonds with the Largest Decline in Net Price - "24 ChanRong 06" has a remaining term of 3.00 years, a valuation price deviation of -1.31%, a valuation net price of 75.10 yuan, a valuation yield deviation of 52.44 bp, a valuation yield of 13.40%, and a coupon rate of 2.78%. It is the bond with the largest valuation price deviation in this group [3][6] 3.3 Top 50 Bonds with the Largest Increase in Net Price - "21 Vanke 02" has a remaining term of 1.87 years, a valuation price deviation of 6.56%, a valuation net price of 51.48 yuan, a valuation yield deviation of -1461.86 bp, a valuation yield of 115.38%, and a coupon rate of 3.98%. It is the bond with the largest valuation price deviation in this group [3][11] 3.4 Top 50 Tier 2 and Perpetual Bonds with the Largest Increase in Net Price - "25 QinNong Rural Commercial Bank Tier 2 Capital Bond 01" has a remaining term of 4.78 years, a valuation price deviation of 0.18%, a valuation net price of 99.83 yuan, a valuation yield deviation of -3.99 bp, a valuation yield of 2.54%, and a coupon rate of 2.50%. It is the bond with the largest valuation price deviation in this group [3][13]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Suzhou has prominent location advantages, a large economic aggregate, strong fiscal strength, and good government debt ratio and debt - to - GDP ratio indicators. However, most districts (counties, cities) are affected by the real - estate market adjustment, with government - funded revenue under significant pressure. - In 2024, the government debt balance of each district (county, city) in Suzhou increased, with a low overall debt - to - GDP ratio. Except for Gusu District, the government debt ratios of the other areas increased significantly. - The number of bond - issuing urban investment enterprises in Suzhou is relatively large, mainly high - credit - rated enterprises. In 2025, the bond financing of these enterprises showed a net repayment, and the net financing situation varied greatly among different regions. [4] 3. Summaries According to Relevant Catalogs 3.1 Suzhou's Economic and Fiscal Strength 3.1.1 Economic Situation - Suzhou has prominent location advantages, a developed transportation network, a growing population, a high urbanization rate, a large economic aggregate, and a complete industrial structure. It has formed 3 trillion - level industries, 11 billion - level industries, 6 national advanced manufacturing clusters, and 4 national characteristic industrial clusters for small and medium - sized enterprises. - In 2025, Suzhou's GDP was 27695.1 billion yuan, with a year - on - year growth of 5.4%. The total output value of industries above designated size was 48966.4 billion yuan, with a year - on - year growth of 3.9%. The added value of the service industry increased by 5.2% year - on - year, contributing 50.2% to economic growth. - Policy support, such as the "Belt and Road Initiative", the development of the Yangtze River Economic Belt, and the integration of the Yangtze River Delta, provides strategic support for Suzhou's development. [5][8][9] 3.1.2 Fiscal Situation - Suzhou's general public budget revenue has been growing continuously, ranking first in Jiangsu Province, with high quality and self - sufficiency rate. However, the government - funded revenue has declined. - The government debt burden has increased, but the government debt ratio and debt - to - GDP ratio indicators are good. In 2024, the local government debt ratio and debt - to - GDP ratio were 96.79% and 13.69% respectively, ranking second in Jiangsu prefecture - level cities. [15][16][18] 3.2 Economic and Fiscal Conditions of Suzhou's Districts (Counties, Cities) 3.2.1 Economic Strength - The overall economic development level of Suzhou's districts (counties, cities) is relatively high, but there is obvious differentiation. Gusu District focuses on culture and high - end services with less manufacturing; Kunshan has the strongest economic strength. - In 2024, Kunshan was the only county - level city in Suzhou with a GDP exceeding 500 billion yuan. Except for Zhangjiagang, Wuzhong, Huqiu, and Gusu Districts, the GDP growth rates of the other areas exceeded the provincial average. In 2025, the GDP growth rates of most districts (counties, cities) declined year - on - year. [21][28][29] 3.2.2 Fiscal Strength and Debt Situation - In 2024, Kunshan and Suzhou Industrial Park led the city in general public budget revenue. Most districts (counties, cities) were affected by the real - estate market adjustment, with government - funded revenue under significant pressure. - By the end of 2024, the government debt balance of each district (county, city) in Suzhou increased, with a low overall debt - to - GDP ratio. Except for Gusu District, the government debt ratios of the other areas increased significantly. The government at all levels has strengthened debt monitoring and management. [30][37][41] 3.3 Solvency of Suzhou's Urban Investment Enterprises 3.3.1 Overview of Suzhou's Urban Investment Enterprises - There are many bond - issuing urban investment enterprises in Suzhou, with a relatively concentrated distribution in Wuzhong, Xiangcheng, Huqiu Districts, and Kunshan. The bond - issuing entities are mainly high - credit - rated enterprises. [48] 3.3.2 Bond - Issuing Situation of Suzhou's Urban Investment Enterprises - In 2025, the bond - issuing scale of Suzhou's urban investment enterprises decreased significantly year - on - year, showing a net repayment. Only Gusu District's urban investment enterprises had a net inflow of bond financing, while the others had a net repayment. The net repayment scale of Kunshan, Changshu, and Huqiu exceeded 10 billion yuan. [49][51] 3.3.3 Analysis of Urban Investment Enterprises' Solvency - By the end of 2024, the debt scale of Suzhou's bond - issuing urban investment enterprises increased, the financing structure was adjusted, and the bond - financing proportion decreased. Most enterprises' coverage of short - term debt by monetary funds was average. - Huqiu, Taicang, and Wuzhong Districts had relatively heavy debt burdens. Wuzhong and Kunshan had large scales of due bonds in the next year. The overall refinancing performance of Suzhou's bond - issuing urban investment enterprises was good. [54][56][57] 3.3.4 Support and Guarantee Ability of Fiscal Revenue for the Debt of Bond - Issuing Urban Investment Enterprises - The "total debt of bond - issuing urban investment enterprises + local government debt"/"comprehensive financial resources" indicators of each district (county, city) in Suzhou vary significantly. Gusu District exceeds 1200%, Suzhou Industrial Park is below 300%, and others are between different ranges. [63]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In the context of the intensifying "asset shortage" in the credit bond market, the report aims to sort out the distribution of coupon assets of different credit varieties as of March 1, 2026, for investors' reference [3][6] 3. Summary by Relevant Catalogs 3.1 Credit Bond Market Overview - As of March 1, 2026, the total scale of traditional credit bonds (excluding convertible bonds, exchangeable bonds, and ABS) in the whole market was 480,013 billion yuan. Among them, the balance of urban investment bonds was 160,121 billion yuan, accounting for 33.4%; the balance of industrial bonds was 136,550 billion yuan, accounting for 28.4%; the balance of bank secondary perpetual bonds was 70,427 billion yuan, accounting for 14.7% [3][6] - As of March 1, 2026, the balance of high - coupon traditional credit bonds (with an exercise valuation yield of ≥2.1%) was 123,411 billion yuan, accounting for 25.7% of the total scale [3][6] 3.2 Urban Investment Bonds - As of March 1, 2026, the balance of public urban investment bonds was 87,491 billion yuan, of which the balance of high - coupon public urban investment bonds was 20,042 billion yuan, accounting for 22.9%. High - coupon public urban investment bonds were mainly distributed in regions such as Jiangsu, Shandong, Sichuan, Hubei, Jiangxi, Chongqing, Guangdong, and Shaanxi [7] - At the city level, cities such as Chengdu, Chongqing, Jinan, Beijing, Xi'an, Shenzhen, Wuhan, Tianjin, and Qingdao had a large scale of high - coupon public urban investment bonds, all exceeding 500 billion yuan. For institutions that want to extend the duration to increase returns but not too long, they can select bonds from the above regions [9][10] - At the issuer level, issuers such as Tianjin Urban Construction, Shuifa Group, and Xi'an High - tech had a high - coupon public urban investment bond balance of over 20 billion yuan. For 3 - 5Y bonds, institutions can focus on Tianjin Urban Construction, Hubei Lianfa, Qingdao Construction, Yu Aviation Port, and Kunshan Guochuang [10][11] - As of March 1, 2026, the balance of private urban investment bonds was 72,630 billion yuan, of which the balance of private urban investment bonds with an exercise valuation yield of ≥2.3% was 19,720 billion yuan, accounting for 27.2%. Regions with a large scale of private urban investment bonds with a yield of 2.3% and above included Shandong, Jiangsu, Anhui, Sichuan, and Jiangxi [12] 3.3 Industrial Bonds - As of March 1, 2026, the total balance of industrial bonds in the whole market was 136,550 billion yuan, of which the balance of public industrial bonds was 127,526 billion yuan, accounting for 93.4%. The balance of high - coupon public industrial bonds was 35,143 billion yuan, accounting for 27.6% [14] - In terms of industry distribution, industries such as public utilities, comprehensive, transportation, building decoration, and real estate had a large scale of public industrial bonds, but the proportion of high - coupon public industrial bonds in public utilities and transportation industries was relatively small, while the proportion of high - valuation bonds in the real estate industry was relatively large [14][15] - Among non - perpetual public industrial bonds, the high - valuation bonds of AA+ and above real - estate companies with a yield of >2.5% had a large scale and relatively short durations, but due to the negative impact of the industry's fundamentals, they were not recommended as allocation targets. The high - valuation bonds of AA+ and above comprehensive companies with a yield of >2.5% had a large scale, but the remaining duration of the bonds was relatively long, which may be suitable for institutions with a long - term liability duration [16] - At the issuer level, energy and coal industry issuers such as Jinneng Power, Yunnan Energy, Jinneng Coal Industry, and Jizhong Energy, as well as comprehensive issuers such as Yunnan Investment and Control and Shenye Group, had a relatively large scale of public non - perpetual high - coupon industrial bonds. Jinneng Power, Yunnan Energy, and Jinneng Coal Industry had over 10 billion yuan of 3 - 5Y public non - perpetual high - coupon industrial bonds, and their issuer ratings were mainly AAA, which could be used as key targets to increase portfolio returns [20] 3.4 Financial Bonds 3.4.1 Bank Secondary Perpetual Bonds - As of March 1, 2026, the balance of bank secondary capital bonds was 43,784 billion yuan, and the balance of bank perpetual bonds was 26,643 billion yuan. The proportion of high - coupon bank secondary capital bonds was 28.4%, and the proportion of high - coupon bank perpetual bonds was 26.0% [24] - For 3 - 5Y bank secondary capital bonds, the yield was mostly concentrated in the range of 1.9 - 2.1%, and bonds with a yield of over 2.1% mainly came from bonds with a term of over 5Y. For bank perpetual bonds, bonds with a yield of over 2.1% mainly had a remaining exercise term of 3 - 5Y [24] - For 3 - 5Y high - coupon secondary capital bonds, institutions can focus on issuers such as China Guangfa Bank, China Minsheng Bank, Shanghai Pufa Bank, Tianjin Bank, Bohai Bank, Sichuan Bank, Hengfeng Bank, and Huishang Bank, whose high - coupon secondary capital bonds all exceeded 10 billion yuan [27] 3.4.2 Other Financial Bonds - As of March 1, 2026, the balance of other financial bonds (including commercial financial bonds) except bank secondary perpetual bonds was 112,915 billion yuan, of which the balance of high - coupon financial bonds was 9,470 billion yuan, accounting for only 8.4%. The proportion of bonds with an exercise valuation yield of 1.9% and below was 81.8% [30] - The scale of financial bonds with a remaining exercise term of less than 5Y accounted for 97.7%. Although the overall scale of high - coupon financial bonds was not large, most of the remaining exercise terms were within 5Y, with certain potential for return exploration [30] - Issuers such as Ping An Life Insurance, Cinda Asset Management, Guosen Securities, and Taikang Life Insurance had over 15 billion yuan of 3 - 5Y high - coupon financial bonds, and investors can pay appropriate attention to their outstanding bonds [32]

Group 1: Report Overview - The report focuses on park - type entities that issued bonds for the first time and achieved new uses of raised funds. It analyzes their regional distribution, bond issuance, and entity characteristics, and proposes two core new bond financing paths and three transformation directions for park - type urban investment enterprises [4]. Group 2: Regional Characteristics of First - time Issuing and New - Bond - Financing Park - type Entities - Economically developed regions have an advantage in the first - time bond issuance of park - type entities due to their good economic fundamentals and industrial development. In regions with relatively weak fiscal strength and key debt - resolution provinces, park - type entities serving local key parks, with prominent strategic status and high market - oriented business, can also achieve new bond financing [5]. - Since 2024, 17 park - type entities in the market have achieved first - time bond issuance and new bond financing, mainly concentrated in Guangdong (7), followed by Sichuan (3) and Zhejiang (2). Jiangsu, Shaanxi, Chongqing, Anhui, and Fujian each have 1 such entity [5]. - First - time issuing and new - bond - financing entities mainly serve high - level parks such as national high - tech zones and national economic development zones. In developed areas, resource integration helps park - type entities break through in bond financing, while high - quality entities in weak - fiscal regions also achieve financing breakthroughs [8][10]. Group 3: Bond Overview and Entity Characteristics of First - time Issuing and New - Bond - Financing Entities Bond and Credit Characteristics - Park - type entities mainly issue private - placement products on the exchange to achieve first - time bond issuance and new bond financing. The issuance terms are mainly 3 - year and 5 - year, and the funds are mainly used to repay interest - bearing debts, with a small part for working capital, supporting small and medium - sized enterprises, and venture capital fund contributions. The credit ratings of the entities are mainly AA and AA+ [11]. - Since 2024, 17 first - time issuing and new - bond - financing park - type entities have issued 39 bonds with a total scale of 21.59 billion yuan. Private corporate bonds, private placement notes, and medium - term notes account for 84.72%, 9.26%, and 6.02% of the issuance scale respectively. In terms of terms, 2 - year, 3 - year, 5 - year, and 10 - year bonds account for 2.56%, 28.21%, 66.67%, and 2.56% respectively [11]. - The credit ratings of the 17 entities are mainly AA and AA+, with proportions of 35.29% and 47.06% respectively. AAA accounts for 11.76%, and only Chongqing Xiantao Data Valley Investment Management Co., Ltd. has no rating. Bonds issued by entities without ratings or with AA ratings usually require guarantees [12]. Equity Structure and Business Characteristics - The equity structure of first - time issuing and new - bond - financing park - type entities is closely related to whether there are existing bond - issuing entities in the park. 7 out of 17 entities are directly controlled by local governments or management committees, and 10 are controlled by other platform companies [16]. - The main revenue sources of these entities are park real - estate sales and rentals, trade, and municipal services. They also engage in fund and equity investment, engineering construction, and park supporting services, and rarely involve traditional urban construction functions [16]. Financial Characteristics - The asset scale of first - time issuing and new - bond - financing park - type entities is not large, with a relatively high proportion of operating assets and equity - type assets, and a more market - oriented asset layout. Their business is highly market - oriented, with a relatively low dependence of total profit on government subsidies, but their profitability needs to be improved [18]. - As of the end of 2024, the median asset scale of the 17 entities was 12.329 billion yuan. The proportion of operating assets in total assets was 34.76%, 17.53 percentage points higher than that of park - type entities with existing bonds. The proportion of equity - type assets was 8.19%, 0.37 percentage points higher [19]. - In 2024, 4 out of the 17 entities were in the red, and 10 had a net profit of less than 100 million yuan. Excluding loss - making samples, the contribution of fiscal subsidies to the total profit of 13 sample enterprises was 22.14%, 42.90 percentage points lower than that of existing bond - issuing entities [20]. Group 4: New Bond Financing Paths and Transformation Directions for Park - type Urban Investment Enterprises New Bond Financing Paths - Existing bond - issuing platform sets up industrial subsidiaries. This is suitable when park resources are highly concentrated in existing bond - issuing platforms, which can achieve new uses of raised funds and maintain the credit level of existing platforms [24]. - The government integrates park operating resources into non - bond - issuing entities. When there is no bond - issuing platform or resources are scattered in the park, the government can integrate resources to establish specialized industrial entities and consider hanging the entity's equity to a higher - level government [25]. Transformation Directions - Deeply engage in park property development and operation. Focus on park real - estate development, sales, and rentals, improve professional operation levels, and make it the core business and stable revenue source [26]. - Focus on industrial investment. For park - type urban investment enterprises with strong industrial bases and innovation resources, explore the "landlord + shareholder" model, invest in high - growth technology enterprises, and form a dual market - oriented profit model [27]. - Expand park service business comprehensively. Transform from "builders" to "service providers", expand diversified supporting services around the full - cycle needs of enterprises in the park, and reduce dependence on traditional real - estate business [29]. Group 5: Summary - Since 2024, economically developed regions have an advantage in the first - time bond issuance of park - type entities, while entities in weak - fiscal regions can also achieve new bond financing under certain conditions [30]. - First - time issuing and new - bond - financing enterprises mainly use private - placement products on the exchange for financing. Their revenue mainly comes from park real - estate, trade, and municipal services, and their assets are more market - oriented, but their profitability needs improvement [30]. - Park - type urban investment enterprises should choose appropriate financing paths based on regional resources and their own development, and focus on three core transformation directions to achieve sustainable development [31].

1. Report Investment Rating The document does not mention the industry investment rating. 2. Core Viewpoints - In early March, it is advisable to take appropriate profit - taking on high - elasticity varieties and wait for the layout opportunity at the end of the month. The bond market in March has intertwined bullish and bearish factors, and the current credit spreads have narrowed to a relatively low historical range. [1][12] - Pay attention to the opportunity of over - decline repair of the constituent bonds of science and technology innovation bonds. If the scale of the science and technology innovation bond ETF stabilizes and rebounds, the constituent bonds may usher in a round of valuation repair market. [4][33] - For bank perpetual and secondary capital bonds (two - tier perpetual bonds), trading desks should be cautious and control the duration. When there is an adjustment in the bond market, seize the opportunity to increase positions. For allocation desks with stable liability ends, they can implement the strategy of "buying more on dips". [6][43] 3. Summary by Directory 3.1 3 - month Credit Bonds: Supply Strong, Demand Weak, Appropriate Defense 3.1.1 Early - month Profit - taking on High - elasticity Varieties, Wait for End - month Layout Opportunity - In February, interest rates fluctuated slightly downward. The 10 - year Treasury bond rate once broke through the resistance level but then rebounded. Credit bond yields generally declined, and credit spreads showed a differentiated trend, with long - duration varieties performing better. [1][11] - The current credit spreads are at a relatively low level, especially for high - elasticity varieties. From a seasonal perspective, credit bonds in March usually have strong supply and weak demand, and the probability of credit spread widening is relatively large. [2][13][15] - It is recommended to take profit on high - elasticity and low - cost - performance credit bond varieties in early March and adjust to high - grade medium - and short - duration credit bonds, commercial financial bonds, brokerage bonds, and interest - rate bonds. There may be a certain carry - trade space in March. [3][21] - From the end of March to early April, as the wealth management scale rebounds rapidly, it may be a window period for layout. The layout ideas include allocating products preferred by wealth management, seizing the riding yield at the convex points of the curve, and actively exploring variety spreads. [3][22] 3.1.2 Bank Two - tier Perpetual Bonds: Seize the Opportunity to Increase Positions after Adjustment - In February, the yields of bank two - tier perpetual bonds first declined and then rose, with medium - and long - duration varieties fluctuating greatly. Overall, the yields generally declined, and the spreads showed a differentiated trend. [36][37] - Looking forward, the bond market has increased uncertainties, and two - tier perpetual bonds may face greater valuation fluctuation risks. Trading desks should be cautious, and allocation desks with stable liability ends can implement the "buy - on - dips" strategy. Pay attention to two signals for increasing positions: when the trading yield of 4 - 5 - year large - bank two - tier perpetual bonds reaches the previous high, and when insurance keeps large - scale net buying while funds turn from continuous net selling to net buying. [6][43] 3.2 Urban Investment Bonds: Issuance Interest Rates Declined across the Board, Buying Sentiment Rebounded - In February, the net financing of urban investment bonds was positive but decreased year - on - year. The issuance sentiment weakened in the last week. The issuance proportion of short - duration bonds increased, and the weighted average issuance interest rates declined across the board, with long - duration varieties having a larger decline. [49] - Yields generally declined, with long - duration varieties performing better. Credit spreads showed a differentiated trend. Provincial net financing performance was differentiated, with most provinces having positive net financing. [53][55] - From the perspective of broker transactions, the buying sentiment of urban investment bonds warmed up in February. The overall TKN ratio and low - valuation ratio increased slightly compared with January. [61] 3.3 Industrial Bonds: Supply Shrunk, Yields Generally Declined - In February, the issuance and net financing scale of industrial bonds decreased year - on - year. The issuance sentiment improved in the fourth week. The issuance proportion of 1 - 3 - year and 3 - 5 - year bonds increased, and the issuance interest rates declined across the board, with 1 - 3 - year bonds having a larger decline. [64] - Yields generally declined, with medium - and high - grade long - duration varieties performing better. Credit spreads showed a differentiated trend. The yields of public bonds in various industries generally declined, with 1 - 5 - year AA bonds performing better. [66][69] 3.4 Bank Two - tier Perpetual Bonds: Yields Generally Declined, Medium - and Long - duration Varieties Performed Better - In February, there were no new issuances of bank two - tier perpetual bonds, and the net financing was negative year - on - year. Yields generally declined, with medium - and long - duration varieties performing better. Credit spreads showed a differentiated trend. [72][76] - From the perspective of broker transactions, the number of trading pens decreased significantly due to the Spring Festival holiday. The trading of state - owned banks, joint - stock banks, and city commercial banks showed different characteristics. [80]