Investment Rating - The report indicates a positive investment outlook for the urban investment companies engaging in the development of the under-forest economy, highlighting the supportive policies and market opportunities available in this sector [1][2]. Core Insights - The under-forest economy, which includes activities such as under-forest planting, breeding, and product processing, is recognized as a crucial driver for green development and rural revitalization, transforming ecological advantages into economic benefits [2][4]. - Urban investment companies are positioned to play a significant role in the under-forest economy by leveraging government policies and their own resources to facilitate industrial transformation and capitalize on market opportunities [1][6]. Summary by Sections Opportunities for Urban Investment Companies - Recent policies at both national and local levels have provided strong support for the development of the under-forest economy, creating favorable conditions for urban investment companies to engage in this sector [1][2]. - The total area utilized for under-forest economic activities exceeds 6 million acres, generating over 1 trillion yuan in output value, indicating substantial market potential [1]. Pathways for Urban Investment Companies - **Land Rights Consolidation**: Urban investment companies can address the fragmentation of land rights by consolidating land use rights through various methods such as leasing and partnerships, which will facilitate future industrial integration and capital operations [7][8]. - **Industry Development**: Companies can enhance the under-forest industry by focusing on variety cultivation, diversified operations, and building a complete industrial chain, thus addressing issues like homogenization and low brand premium [9][10]. - **Financial Empowerment**: Utilizing diverse financial tools such as green bonds and industry funds, urban investment companies can meet the significant funding needs of under-forest projects, which often require substantial initial investments and have long payback periods [10][11]. Challenges for Urban Investment Companies - Urban investment companies face challenges such as high capital pressure, technical barriers, price volatility of products, and potential policy changes, necessitating a strategic focus on areas with high policy support and quick cash flow [12][13].

来源：信托圈内人 当北方的寒风裹着雪花敲打着写字楼的玻璃窗，南方的阴雨漫过城投公司亮着通宵灯的会议室，每年这个时 候，中国成千上万家城投平台的融资人们都心照不宣——十二月的 "融资冲刺战"，又开打了。 这不是一场温柔的竞赛，而是一场与时间、资金、监管博弈的硬仗。 有人戏称，城投人的十二月，茶杯里泡出的不是龙井，是一张张融资协议的草稿；手机里的聊天记录，一半 是 "利率能不能再降点"，一半是 "款能不能本周到账"。若说城投是地方经济的 "基建毛细血管"，那十二月 的融资潮，就是给这些血管紧急输血的 "年度大输液"。 更棘手的是债务到期的 "堰塞湖"。城投债的到期高峰往往集中在年末，2025 年上半年城投债净融资连续五 个月为负，到了十二月，旧债的利息、本金扎堆到期，若不能及时融到新钱，轻则项目停工，重则触发区域 信用风险。山东、河南的一些区县城投，甚至要在一周内对接七八家融资中介，只为凑齐偿还非标债务的资 金——那些年化14%-20% 的高成本非标，像根扎进肉里的刺，拔不掉，又疼得钻心。 还有财政结算的 "隐形要求"。地方财政要在年末完成收支平衡，城投作为政府的 "钱袋子"，既要消化当年 的支出缺口，又要为来年 ...

中经记者 石健 南京报道 据中国国际工程咨询有限公司资本业务创新咨询中心主任徐成彬介绍，本次发布的城投企业高质量发展 指数报告具有科学性、整体性、有用性三个特点，既符合地方国有企业改革的科学规律，也具有鲜明的 转型引导含义。在当前推动我国城市和城投高质量发展的大背景下，该项研究以一个较高的站位和崭新 的视角，观察城投可持续发展能力和水平问题，不仅对地方融资平台管理具有政策意义，也对地方国有 企业高质量转型发展具有指导意义。他建议，未来可以把该项研究持续地深化和扩展，把指数打造成一 个品牌持续研究下去，进一步深化理论分析，完善指标体系，加强对指标背后问题和原因的分析，并通 过年度评价为地方经济发展和城投扬长避短、转型提升提供智力支持。 2025年12月4日，在南京举办的2025年城市产业合作大会暨第18届城建投融资论坛上，《中国城投企业 高质量发展指数评价报告（2025）》正式发布。这是全国首个全面研究分析城投类企业综合实力与发展 潜力的权威性分析评价报告。 据课题组组长、中国财政学会国有资产管理专业委员会副主任委员、现代咨询集团董事长兼现代研究院 院长丁伯康介绍，该报告围绕资本实力、经营实力等五大维度，构建起 ...

随着成渝地区双城经济圈建设持续推进，加之到期债务需要通过新增融资来维持流动性等因素， 近年来，四川省城投公司债务规模持续增长，但增速持续放缓。"一揽子化债方案"实施以来，四川省 城投公司债券发行及非标融资受限，相应新增融资主要向银行贷款转移，并通过银行贷款实现高息非 标债务置换，银行融资占比逐年提升，债券及其他融资合计占比逐年压降。但各区域债务结构出现分 化，不同地市再融资能力具有差异化表现；部分区域城投公司在偿债及流动性方面仍存在一定压力。 投融资结构优化，局部流动性压力仍存 ——四川省发债城投企业财务表现观察 联合资信 公用评级四部 |张丽斐 |刘凯元 2024 年以来，随着化债政策快速落地，四川省隐性债务有序化解，融资平台数量持续压降。通过 推动政府产业投资引导基金运作和盘活国有资产等市场化转型，城投公司投资结构持续调整。 城投公司投资端增速放缓，城建类投资受限，部分区域应收账款回款压力有待缓解。在财政收支 压力较大的背景下，城投企业除额度内置换债外难以获得大规模资金支持，财务基本面显著改善难度 仍大，未来经营性债务化解需依赖城投公司加快实质转型和提升自身造血能力，实现经济发展与化债 的新平衡。 www ...

摘要 REPORT SUMMARY REPORT SUMMARY 浙江省通过争取上级资金、发行特殊再融资债券、控制项目投资等多种方式推进地方债务化解工作，平台数量大幅压降，部分区域已经实现双清零，取得 阶段性成效。浙江省城投企业债务规模保持增长，增速有所放缓；整体债务期限结构仍以长期债务为主，短期债务占比略有提升；银行融资占比持续提 升，债券融资占比持续下降，融资结构有所优化。受政策严控"新增"影响，2024年筹资活动现金净流入规模大幅下降，但各地市城投企业筹资活动现金流 仍保持净流入。浙江作为经济大省，既有"化债"硬任务，也有"高质量发展"新要求，需同时统筹谋划城投企业化解存量债务与市场化转型，以平台转型为 抓手，全面提升城投企业的运营效率与抗风险能力。 一、浙江省债务管控情况 浙江省通过争取上级资金、发行特殊再融资债券、控制项目投资等多种方式积极推进地方债务化解工作，强化债务管控，并取得阶段性成效。 争取上级资金，为债务化解工作减负。2024年以来，浙江省通过坚持"国家所需"与"浙江所能"相衔接，积极争取超长期特别国债资金支持。2024年，浙江 省争取超长期特别国债697.64亿元，216个"两重"项目全 ...

Core Viewpoint - The model of "bond financing" through state-owned asset securitization plays a crucial role in supporting local investment companies, providing significant advantages for their development. Group 1: Reasonable and Flexible Quota Range - The financing quota for local investment companies is set between 500 million to 1 billion, with a total scale controlled at 30% to 40% of fixed assets, ensuring that funding needs are met without excessive financing risks [2]. Group 2: Flexible Term Structure - The financing model features a flexible term design of 3 + 2 + 2 years, with a maximum duration of 7 years, allowing for annual interest payments and principal repayment at maturity, which aligns with the cash flow of various infrastructure projects [3]. Group 3: Significant Cost Advantages - Interest rates are set between 2.5% to 3.5%, with a comprehensive rate not exceeding 5%, providing a clear cost advantage over other financing methods, thereby reducing financial expenses and enhancing project profitability [4]. Group 4: Pure Credit Loans and Non-standard Asset Securitization - The model allows for pure credit loans without the need for fixed asset collateral, facilitating easier financing for local investment companies, and enables the securitization of non-standard assets, improving liquidity and value [5]. Group 5: Wide Range of Fund Uses - Funds can be used broadly as long as they align with national strategic directions, allowing local investment companies to flexibly allocate resources for both traditional infrastructure and emerging industries [6]. Group 6: Flexible Maturity Repayment Mechanism - The bond maturity can be extended, and policies allow for the issuance of new bonds to repay old ones before maturity, providing local investment companies with greater financial maneuverability and reducing liquidity risks [7].

Group 1: Macroeconomic Overview - The macroeconomic environment is characterized by a "slight decline" and "continuous improvement" interwoven, with manufacturing PMI and export growth showing slight decreases in October 2025 compared to the previous month [1][11] - The overall economic situation is improving compared to last year, with state-owned enterprises and listed companies showing signs of better performance, while support for small and medium-sized enterprises (SMEs) needs to be enhanced [1][16] - The production index and new orders index for October were 49.7% and 48.8%, respectively, indicating a slight decline, but large enterprises continue to show expansion with indices above 50 [3][12] Group 2: Industry Development and Policy Support - High-tech manufacturing, equipment manufacturing, and consumer goods industries are crucial for maintaining the overall prosperity of the manufacturing sector, with a focus on supporting SMEs towards "specialized, refined, and innovative" development [4][18] - New application scenarios are expected to emerge in fields such as digital economy, artificial intelligence, clean energy, and biotechnology, providing growth opportunities for related companies [4][18] - The government emphasizes the need for a complete industrial chain in technology innovation and application to enhance the "R&D-application-manufacturing" capabilities across industries [21][22] Group 3: Investment Strategy - Investment focus should be on economically strong provinces with good debt management, such as Guangdong, Jiangsu, and Zhejiang, with a recommended duration of 5 years [5][23] - Areas with significant debt resolution policies or funding support should be considered for shorter durations of 3-5 years, including Chongqing and Tianjin [5][25] - Attention should also be given to cities with strong industrial foundations and financial support, particularly those with important industrial chain positions [5][26]

Core Viewpoint - The gradual exit of local government financing platforms marks the end of an era, necessitating a transformation towards market-oriented operations for these entities [2][10]. Group 1: Exit from Government Financing Platforms - Since 2025, numerous local government financing platforms have announced their exit from government financing, with over 15 platforms making such announcements in October alone [1][2]. - The People's Bank of China and other departments issued a notice in August 2025, mandating the complete exit of local government financing platforms by June 2027 [1][2]. - As of September 26, 2025, 114 local government financing platforms have officially announced their exit, with Shandong leading with 28 exits [2][3]. Group 2: Policy and Market Dynamics - The "One Package Debt Relief" policy has been a driving force behind the structured exit of financing platforms, with clear timelines and standards established [2][3]. - The exit process is influenced by both policy enforcement and the internal need for financing platforms to transition towards market-oriented operations [3][4]. Group 3: Transformation and New Business Models - Financing platforms are encouraged to enhance their self-sustaining capabilities by shifting focus from traditional infrastructure projects to market-oriented businesses that generate continuous cash flow [10][11]. - The restructuring process involves consolidating core business areas, expanding into new market opportunities, and effectively managing existing assets to generate revenue [11][12]. - The transition from reliance on government credit to independent market operations is crucial for the sustainability of these platforms [10][11]. Group 4: Financial Communication and Debt Management - Effective communication with financial institutions regarding existing debts is essential during the exit process, ensuring that all stakeholders are informed and agreements are reached [5][6]. - The management of existing operational debts must be handled carefully, utilizing strategies such as debt restructuring and asset optimization to maintain financial credibility [5][6]. Group 5: Ongoing Relationship with Local Governments - Despite exiting government financing platforms, the relationship between these entities and local governments remains significant, necessitating a clear delineation of responsibilities [6][7]. - The support from local governments is expected to continue, as these platforms still play vital roles in regional development [7][8]. Group 6: Regulatory Environment and Accountability - The regulatory environment has tightened around local government financing, with increased scrutiny on hidden debts and accountability for local officials [9][10]. - Recent cases of hidden debt have highlighted the need for compliance with national policies, reinforcing the urgency for financing platforms to adapt to new operational frameworks [9][10].

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

Report Industry Investment Rating No relevant content provided. Report's Core View - Gansu Province has significant regional advantages and rich resources, with stable economic growth in 2024, but its economic aggregate and per capita GDP are still at the lower level in the country. The provincial government's debt scale is growing, but the debt ratio is at the middle level in the country due to the support of superior subsidy income. As one of the 12 key provinces for debt resolution, it continues to receive central debt - resolution policy support. The number of financing platforms has decreased significantly, and future work on platform clearance and transformation and upgrading will continue. - The economic and fiscal strengths of prefecture - level cities (prefectures) in Gansu are significantly differentiated. Lanzhou, the provincial capital, leads in economic development and fiscal strength. By the end of 2024, the government debt balances of all prefecture - level cities (prefectures) increased, and most of their debt ratios and debt - to - GDP ratios rose. - The number of bond - issuing urban investment enterprises in Gansu is small, mainly at the prefecture - level. In 2024, the net financing of bond - issuing urban investment enterprises was positive, and the regional financing environment improved. Since 2025, the short - term debt repayment pressure has increased. As of the end of 2024, the short - term debt repayment indicators of bond - issuing urban investment enterprises continued to weaken, and most of them still face great short - term debt repayment pressure. [4] Summary by Relevant Catalogs I. Gansu Province's Economic and Fiscal Strength (1) Regional Characteristics and Economic Development of Gansu Province - Gansu has significant regional advantages, rich in land, mineral, medicinal, and cultural and tourism resources, with relatively developed land and air transportation. During the "14th Five - Year Plan" period, the planned transportation fixed - asset investment scale (excluding railways) is about 500 billion yuan. As of the end of 2024, the total highway mileage reached 159,300 kilometers, and the railway operating mileage was 5,960 kilometers. [5][6] - The province's population is multi - ethnic, and the urbanization rate is lower than the national average. As of the end of 2024, the permanent population was 24.5834 million, and the urbanization rate was 56.83%. [7] - In 2024, Gansu's GDP was 1,300.29 billion yuan, ranking 27th in the country, with a growth rate of 5.8%. The per capita GDP was 58,300 yuan, ranking 31st. From January to June 2025, the GDP was 646.88 billion yuan, with a year - on - year growth of 6.3%, 1.0 percentage point higher than the national average. [8] - The industrial structure is relatively stable, with the tertiary industry as the main driving force for economic growth. The cultural and tourism industry has achieved "dual improvement in quantity and quality". In 2024, the tertiary industry added value was 694.48 billion yuan, a year - on - year increase of 4.6%. The province received 451 million domestic tourists, with domestic tourism revenue of 345.2 billion yuan, a year - on - year increase of 16.2% and 25.8% respectively. [11] - National strategies and policies, such as the Western Development Strategy, the Belt and Road Initiative, and the Yellow River Basin Ecological Protection and High - quality Development Strategy, have promoted the economic development of Gansu. The province also actively undertakes industrial transfer from the east - central regions, and Lanzhou New Area has strong economic growth momentum. [12][13][14] - The central government provides transfer payments and special funds to support Gansu's development. In 2024, the superior subsidy income in the general public budget revenue was 345.36 billion yuan, a year - on - year increase of 1.02%. [15] (2) Fiscal Strength and Debt Situation of Gansu - In 2024, Gansu's general public budget revenue ranked at the lower level in the country, with relatively weak overall fiscal strength and low fiscal self - sufficiency rate, but the general public budget revenue was relatively stable. The government - funded income decreased year - on - year, and the superior subsidy income contributed significantly to the local comprehensive financial resources. The government's debt - to - GDP ratio ranked behind in the country, and the debt ratio was at the middle level in the country. [17] - As one of the 12 key provinces for debt resolution, Gansu continues to receive central debt - resolution policy support. In 2024 and from January to August 2025, it issued special refinancing bonds of 50.6 billion yuan and 44.3 billion yuan respectively. In 2024, it obtained a new government debt quota of 211.5 billion yuan, including a special debt quota of 194.4 billion yuan. [20] II. Economic and Fiscal Conditions of Prefecture - level Cities (Prefectures) in Gansu (1) Economic Strength of Prefecture - level Cities (Prefectures) in Gansu - The economic strength of prefecture - level cities (prefectures) in Gansu is significantly differentiated. Lanzhou, as the provincial capital, has a good industrial foundation and is significantly stronger than other cities. Jinchang and Jiayuguan have high per capita GDP due to rich resources. [21] - Gansu promotes the formation of an urban development pattern of "one belt, one corridor, one core, and two regional centers". Each city develops relevant industries based on its own resource advantages. Lanzhou provides core support for the provincial industrial development. [24] - In 2024, cities with GDP over 100 billion yuan were Lanzhou, Qingyang, and Jiuquan. Lanzhou had the highest GDP, accounting for 28.78% of the province's GDP. Jinchang, Jiuquan, and Jiayuguan had GDP growth rates over 7%. Gannan Tibetan Autonomous Prefecture had the lowest growth rate of 3.8%. [29] - Jinchang and Jiayuguan led in per capita GDP, while Linxia Hui Autonomous Prefecture ranked last. As of the end of 2024, Lanzhou had a concentrated population and a relatively high urbanization rate. Jinchang and Jiayuguan also had urbanization rates over 80%. [30] (2) Fiscal Strength and Debt Situation of Prefecture - level Cities (Prefectures) in Gansu - **Fiscal Revenue**: In 2024, the fiscal strength of prefecture - level cities (prefectures) in Gansu continued to be differentiated. Lanzhou's comprehensive fiscal strength was much higher than others, with high tax revenue contribution. Most cities' government - funded income decreased significantly due to the land transfer market. The superior subsidy income was large and contributed highly to the comprehensive financial resources. [31] - **Debt Situation**: By the end of 2024, the government debt balances of all prefecture - level cities (prefectures) increased. Most cities' debt - to - GDP ratios and debt ratios rose. Lanzhou had the highest debt ratio of 234.50%. In 2024, Gansu reduced 94 financing platforms, a year - on - year decrease of 35.9%. The province will continue to resolve debt risks and promote the transformation and upgrading of financing platforms. [38][39][41] III. Debt Repayment Ability of Urban Investment Enterprises in Gansu (1) Overview of Urban Investment Enterprises - As of September 8, 2025, there were 7 urban investment enterprises with outstanding bonds in Gansu, mainly at the prefecture - level, and the credit ratings were mainly AA. Since 2024, the credit ratings of these enterprises have not changed, but one enterprise's rating outlook remained negative. [45][46] (2) Bond Issuance of Urban Investment Enterprises - In 2024, the number and scale of bonds issued by urban investment enterprises in Gansu increased significantly, mainly concentrated in Lanzhou and Pingliang. The net financing was positive, and the regional financing environment improved. Since 2025, the short - term debt repayment pressure has increased. [47] (3) Debt Repayment Ability Analysis of Urban Investment Enterprises - As of the end of 2024, the total debt balance of bond - issuing urban investment enterprises in Gansu was 129.023 billion yuan, with high regional concentration. Most enterprises still faced great short - term debt repayment pressure, and the short - term debt repayment indicators continued to weaken. The provincial and Lanzhou - level enterprises had a significant increase in net cash inflow from financing activities. [50] (4) Support and Guarantee Ability of Fiscal Revenue for the Debt of Bond - issuing Urban Investment Enterprises - As of the end of 2024, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to "comprehensive financial resources" in bond - issuing prefecture - level cities in Gansu was between 100% and 350%, with Lanzhou having the highest ratio of 316.26%, indicating weak support and guarantee ability. [58]