近日，债权代理人中国工商银行登封支行发布公告：登封市建设投资集团有限公司（以下简称"登封建投"）发生重大债务违约。 作为一家总资产218.67亿元、净资产148.5亿元的地方国资平台，登封建投此番境遇背后涉及的担保责任等问题引发关注。 来源：公众号地产黯线 此次违约涉及登封建投为其子公司向华夏银行郑州分行所提供担保的贷款，逾期金额约为3711.87万元。因该笔贷款未能按期偿付，华夏银行郑州分行已 向法院申请强制执行，登封建投也因此被列为失信被执行人。 公开资料显示，登封市为河南省郑州市的下辖县级市，登封建投成立于2007年1月，是国有资产事务中心全资控股的国有独资企业，主要负责登封市全市 范围内的基础设施建设项目和棚户区改造项目的投融资建设。 根据2025年半年度财务报告，登封建投资产总额为218.67亿元，负债总额70.17亿元，净资产达148.5亿元，其流动负债有48.84亿元，一年内到期的短期债 务合计有36亿元。相较于短债规模，登封建投的流动性异常紧张，其账上货币资金仅有3665万元，与短债间形成巨大资金缺口，公司短期偿债压力大。 与此同时，登封建投旗下多家子公司目前均面临较高的债务风险。其中，登封电 ...

证券研究报告·固定收益·固收深度报告 固收深度报告 20260107 城投挖系列（十六）之潮兴闽岸，债稳业长： 福建省城投债现状 4 个知多少 [Table_Tag] [Table_Summary] 观点 ◼ 福建省概况：1）经济：2024 年福建省经济总量 GDP 为 57,761 亿元， 经济增速为 5.50%，位于全国中上水平。2）财政：2024 年福建省一般 公共预算收入 3,615.29 亿元，位列全国第 6，同比增长 0.65%；一般公 共预算支出 6,080.93 亿元，位列全国第 11，同比增长 3.78%；财政自给 率约 59.45 %，同比下降 1.85pct，位列全国第 6。福建省整体综合财政 实力表现较强，财政自给率处于全国较好水平，但省内区域分化显著， 厦门、福州、泉州三市的财政自给率显著高于全省平均水平，对整体实 力形成一定制约。换言之，省内城市地理位置的差异带来的资源差距问 题在福建省相对突出，核心沿海城市与内陆城市之间存在明显的发展不 平衡，尾部城市资源禀赋有限不仅对进一步提升福建省整体财政实力构 成关键约束，也放大省内城投平台的资质分化及风险差异，或意味着城 投债投资者在福建 ...

证券研究报告|固收研究报告 [Table_Title2] 2025 信用月报之十二 [Table_Date] 2026 年 01 月 07 日 [Table_Title] 基金费率新规落地，信用债怎么配 [Table_Summary] ► 1 月信用债供强需弱，聚焦 3 年以内品种 12 月，资金面宽松，受宽货币预期变化、超长债供给担忧及基金销 售新规监管等扰动，长端利率表现较弱，曲线走陡。信用债走势分 化，中高等级 5Y 以内收益率下行，而长久期、低评级品种收益率 大多上行，1Y 和低等级 5Y 信用利差走扩幅度较大。 基金年末规模冲量或是信用债行情的主导因素。12月，基金净买入 信用债 1610 亿元，环比增长 500 亿元，同比增长 714 亿元。与此 同时，科创债 ETF 规模大增 1005 亿元，主因可能是基金年末冲 量，科创债 ETF 成为重要工具。与之对应的，信用债呈现"短强长 弱、高评级占优"的结构性行情。 邮箱：huangjm1@hx168.com.cn SAC NO：S1120524040001 联系电话： 展望 2026 年 1 月，伴随基金销售费用新规落地，投资者的担忧缓 解，债市行情 ...

一级市场发行仍处低位： 上周受元旦假期影响，中资离岸债一级市场发行仍处低位，新发 2 只债券， 规模共约 0.38 亿美元。其中，重庆浦里开发发行 2.2 亿人民币高级债券，为 上周最大发行规模。 二级市场高收益优于投资级： 长短端美债收益率走势分化： 截至 1 月 2 日，2 年期美国国债收益率较上周下行 0.57bps，报 3.4733%；10 年期国债收益率上行 6.3bps，报 4.1907%。 宏观要闻： 请务必阅读免责条款 Email：duanjx@gyzq.com.hk 周报 一级市场发行仍处低位，二级市场高收益优于投资级 中资美元债 2026-01-05 星期一 资料来源： DMI 、国元证券经纪（香港）整理 2. 二级市场 2.1 中资美元债指数表现 上周中资美元债指数（Bloomberg Barclays）按周下跌 0.04%，新兴市场 美元债指数上涨 0.03%。投资级指数最新价报 202.6423，周跌幅 0.06%； 高收益指数最新价报 160.354，周涨幅 0.11%。 上周中资美元债回报指数（Markit iBoxx）按周上涨 0.03%，投资级回报 指数最新价报 244.38 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The debt - control measures in Chengdu and its districts and counties have achieved certain results. The debt growth rate of urban investment enterprises has slowed down, the proportion of bank financing has continuously increased, and the debt structure has been optimized. However, the investment - end growth rate of Chengdu's urban investment enterprises has slowed down, the accounts receivable scale has continuously expanded, and some district - level urban investment enterprises still face certain pressure in debt repayment and liquidity [2][29]. 3. Summary According to the Table of Contents 3.1 Chengdu's Debt Management Situation - **Overall Approach**: Chengdu actively resolves debts through debt replacement, promoting the transformation of urban investment enterprises, asset revitalization, and providing incentives and transfer payments to districts and counties. Each district and county focuses on different aspects of debt resolution based on its debt pressure and resource endowment [4][5]. - **Specific Measures**: - **Debt Replacement**: In 2024, Chengdu received 47.33 billion yuan of refinancing special bonds from the Sichuan Provincial Department of Finance to replace existing implicit debts. Also, Jinjiang County carried out a syndicated replacement of "non - standard debts" to optimize debt costs [5]. - **Transformation of Urban Investment Enterprises**: Chengdu supports the transformation of financing platforms and reduces the number of financing platforms [5]. - **Asset Revitalization**: It promotes the revitalization of franchise rights, state - owned assets, and resources [5]. - **Incentives and Transfer Payments**: The incentive funds for implicit debt resolution increased to 4 billion yuan, and transfer payments are tilted towards districts with financial difficulties [5]. - **Regional Progress**: Different regions in Chengdu have made progress in debt resolution. For example, Wuhou District completed 1.996 billion yuan of debt resolution in the first half of 2025; Qingyang District received 1.983 billion yuan of replacement special bonds in 2024 [7]. 3.2 Financial Indicator Changes of Chengdu's Urban Investment Enterprises - **Investment**: - **Overall Trend**: From 2022 to June 2025, the scale of urban construction, self - operated, and equity and fund investment assets of Chengdu's urban investment enterprises continued to grow, but the growth rate decreased from over 10% in 2023 to 2.70%, 0.48%, and 2.36% respectively in June 2025. Urban construction assets accounted for 67.48% in June 2025, remaining the main asset composition [10][12]. - **Regional Differences**: Except for Qingyang and Xinjin Districts, urban construction investment in other districts increased in 2024. High - growth areas include High - tech Zone, Xindu, Shuangliu, Jinniu, and Jianyang. The proportion of urban construction assets in the municipal level, High - tech Zone, and Tianfu New Area is relatively low, while in Pujiang, Jintang, Dayi, and Dujiangyan, it is over 90% [13]. - **Receivables**: - **Overall Trend**: From 2022 to June 2025, the accounts receivable of Chengdu's urban investment enterprises increased year - by - year. The cash - to - income ratio fluctuated and increased, which may be related to the progress of traditional business settlement and the increase in the proportion of market - oriented business [15]. - **Regional Differences**: In 2024, the accounts receivable in the municipal level, Jianyang, Xindu, and Wenjiang were over 2 billion yuan, while in Qingyang and Pujiang, they were less than 100 million yuan. The growth of accounts receivable in High - tech Zone and Pengzhou was significant. Qingyang, Jinjiang, and Wuhou had a high cash - to - income ratio, while Jianyang and Xindu had a relatively low one [16]. - **Financing**: - **Overall Trend**: From 2022 to 2024, the cash flow from financing activities of Chengdu's urban investment enterprises was in a net inflow state, but the net inflow scale decreased in 2024, mainly due to restricted new financing [17]. - **Regional Differences**: The net cash flow from financing activities of municipal - level urban investment enterprises was relatively high, while that of the far - suburban areas was relatively low. In 2024, the net inflow of financing activities in the municipal level, High - tech Zone, and Shuangliu exceeded 15 billion yuan [19]. - **Interest - Bearing Debt**: - **Overall Trend**: From 2022 to June 2025, the debt scale of Chengdu's urban investment enterprises continued to grow, but the growth rate decreased from 14.15% in 2023 to 7.90% in June 2025. The proportion of bank financing increased to nearly 70% in June 2025, while the proportion of other financing and bond financing decreased [20][24]. - **Regional Differences**: The debt scale of municipal - level and near - suburban urban investment enterprises was relatively large. In 2024, the debt growth rate in High - tech Zone, Shuangliu, Jianyang, and Pujiang exceeded 15%. In 2024, the proportion of bond financing in Pixian and Jintang was over 35%, and the proportion of other financing in Jianyang, Qingbaijiang, and Xinjin was over 15% [21][24]. - **Debt - Repayment Ability**: - **Overall Trend**: From 2022 to June 2025, the overall asset - liability ratio and total debt capitalization ratio of Chengdu's urban investment enterprises increased year - by - year, and the cash - to - short - term - debt ratio fluctuated and increased [25]. - **Regional Differences**: The total debt capitalization ratio of urban investment enterprises in Wuhou, Longquanyi, and High - tech Zone was relatively high. In terms of short - term debt - repayment ability, the municipal level and Tianfu New Area performed strongly, while Qingbaijiang and Jintang performed weakly [25].

"一揽子化债"背景下济宁市 债务化解及城投转型进展 政府公共评级二部 作者：刘艳美 ymliu@ccxi.com.cn 刘绍思 shsliu@ccxi.com.cn 中诚信国际基础设施投融资行业 1 / 17 中诚信国际基础设施投融资行业 城"一揽子化债"背景下济宁市债务化解及 城投转型进展 摘要 ◼ 区域概况 ◼ 化债进展 ◼ 城投转型 2 / 17 ➢ 济宁市资源禀赋突出，产业结构持续优化，经济发展位居山东省中上游， 但区县经济发展分化明显。 ➢ 济宁市财政实力稳步提升，财政收入质量较好，但财政自给能力较为一般， 土地财政依赖度较高，且区县财政发展失衡较为突出。 ➢ 济宁市政府法定债务风险较为可控，但城投企业有息债务突出，两者叠加 后的债务率超 300%，并高度集中于经济强区县，且区县类城投企业曾出现 过票据逾期等负面舆情，区县债务风险值得关注。 ➢ 济宁市多元举措推进债务化解，持续健全完善政府债务管理机制，强化"借、 用、管、还"闭环式全流程管理。 ➢ 2024 年以来济宁市城投债务增速有所放缓，债务结构有所优化，融资成本 有所下降，但融资成本仍较高且短期偿债压力仍存。 ➢ 济宁市城投债发行期限趋于长期 ...

摘要 根据 Wind 数据，折价成交个券中，"24 诚通控股 MTN010B"债券估值价格偏离幅度较大。净价上涨成交个券中，"京 资 K10"估值价格偏离程度靠前。净价上涨成交二永债中，"25 平安银行永续债 01BC"估值价格偏离幅度较大；净价 上涨成交商金债中，"25 张家港农商科创债 01"估值价格偏离幅度靠前。成交收益率高于 5%的个券中，交运债排名靠 前。 信用债估值收益变动主要分布在[-5,5]区间。非金信用债成交期限主要分布在 2 至 3 年，其中 0.5 年内品种折价成交 占比最高；二永债成交期限主要分布在 4 至 5 年，其中 1 至 3 年品种折价成交占比最高。分行业看，轻工制造行业的 债券平均估值价格偏离最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价成交跟踪 | | | | | 大幅折价个券成交跟踪 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 剩余期限 | 估值价格 ...

2025 年 12 月 11 日日，上海奉贤发展（集团）有限公司 2025 年面面向专业投资者 公开发行行公司债券（第二二期）成功完成簿记发行行，本期公司债券发行行规模 11 亿元，债 券期限为 5 年，发行行利率 2.21% ，认购倍数达 3.28 倍，此次债券发行行利率低于债券 估值，不仅提升了申万宏源证券在上海市各区县中的资本市场品牌形象及金金融机构关注 度，也对集团拓展融资渠道、优化商业模式、促进降本增效具有重要意义。 发行行人人是上海市奉贤区重要的基础设施建设和公用用事业运营主体，作为奉贤区重要 的基础设施建设平台，区域地位重要，发行行人人营业收入入在奉贤区城投类企业排名第一一， 业务可持续性较强。发行行人人依托政策支支持与多年行行业积淀，在区内市政工工程项目目承揽中 形成显著竞争壁垒，同时在保障房建设、国有资产运营等核心心领域发挥不可或缺的作 用用，既保障了民民生生福祉，又又助力力区域资产保值增值，为奉贤区经济社会高高质量发展提供 坚实支撑。 本期债券是申万宏源证券深耕上海市奉贤区优质客户的重要成果，充分展现了申万 宏源在上海地区强大大的综合实力力和卓越的市场信誉，为进一一步深化与上海市奉贤区企业 ...

Group 1 - The core viewpoint of the report emphasizes the importance of adhering to a stable yet progressive economic strategy, focusing on quality and efficiency, while implementing more proactive fiscal policies and moderately loose monetary policies to enhance macroeconomic governance effectiveness [1][13][19] - The report highlights the significance of "performance view" and "local adaptation" as focal points of the recent economic work conference, indicating that local governments should avoid blind pursuit of trends and instead develop industries based on regional characteristics and advantages [2][12][17] - The report suggests a short-duration investment strategy for local governments that effectively address hidden debts, particularly those that can resolve these issues promptly and are expected to issue special bonds for project construction [3][27][37] Group 2 - The report outlines key tasks for local governments in 2026, including maintaining domestic demand as the primary driver, enhancing infrastructure investment, and optimizing the use of special bonds and new policy financial tools to stimulate private investment [19][25][26] - It discusses the need for a unified national market construction regulation to address "involution" competition and promote fair competition among local governments and enterprises, which is expected to be implemented in 2026 [9][24][21] - The report emphasizes the importance of addressing local government debt risks through proactive measures, including debt restructuring and optimizing financing platforms, to ensure sustainable economic development [27][29][30]

转型・聚力・融新 —江苏省城投及产投类主体新增发债透视 联合资信 公用评级一部 |姚 玥|李 颖|郑 重|韩子祺 本文基于 2024 年 10 月至 2025 年 9 月江苏省新增城投及产投发债样本，系统梳理了在中央与 地方协同政策引导下的江苏省新增债券市场特征与趋势。中央层面通过构建"存量化解与增量规 范"并重的政策体系，旨在化解债务风险并引导城投信用与政府信用脱钩。江苏省亦出台配套政策， 支持城投及产投类主体转型发展。 实现新增发债的全部样本企业中，行政层级以地市级平台为主，区县及园区级主体占比接近半 数，呈现出"地市级主导、区县级接续"的双轨并行态势；政策导向下，"强产业属性+政策标签" 为融资核心条件，民生服务类主体成主力，产业园区类主体占比有限。品种上私募公司债占主导； 企业债占比低，募集资金均投向项目建设。资金用途以偿还债务为主，银行间市场该用途占比最高， 交易所市场用途组合更灵活多元。贴标债券中绿色债券占重要地位，民生服务类及强产业属性的园 区类主体更易依托政策契合度发行贴标债券。 随着政策持续推进，城投与产投市场分化将进一步加剧。未来，真正完成市场化转型、具备产 业支撑和稳定现金流的主体将获得 ...