监测周报 2025 年 12 月 22 日—2025 年 12 月 28 日 总第 371 期 2025 年第 48 期 隐性债务监管高压态势不变强调防范"处置风险的风险" 地方政府债与城投行业 关注全国财政工作会议四大看点 ——地方政府债与城投行业监测周报 2025 年第 48 期 本期要点 ◼ 要闻点评 ◼ 地方政府债与城投债交易情况 作者： 中诚信国际 研究院 鲁 璐 llu@ccxi.com.cn 张 堃 kzhang02@ccxi.com.cn 汪苑晖 yhwang@ccxi.com.cn 中诚信国际研究院 院长 【地方政府债与城投行业监测周报 2025 年第 46 期】中央强调化解融资平台经营性债务风 险，吉林官宣已达到"退平台"标准 2025-12- 18 【地方政府债与城投行业监测周报 2025 年第 45 期】政治局会议强调加大逆周期跨周期调 节，多地"十五五"建议稿提出建立资产负债 表 2025-12-11 【地方政府债与城投行业监测周报 2025 年第 44 期】基础设施 REITs 扩围至 15 大行业,安 徽池州隐性债务实现清零2025-12-04 【地方政府债与城投行业监测周报 2 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Since the implementation of the "Comprehensive Debt Resolution Plan," the infrastructure investment and financing industry has entered a "deceleration cycle" in debt net financing, with the debt scale of investment enterprises still growing but at a significantly slower pace, and the "control of increase and resolution of existing debt" has shown results [5][6]. - The financing channels of investment enterprises have been adjusted, with the proportion of bond and non - standard financing in total debt decreasing, and the characteristic of bank - based financing channels becoming more prominent [5][23]. - The overall debt term structure of investment enterprises has not improved significantly, but the short - term debt ratio in most key provinces has decreased or is at a low level, reducing liquidity pressure [5][26]. - The comprehensive financing cost of the investment industry has generally shown a downward trend, with regional differentiation in the decline, and the financing cost reduction in key provinces and economically strong provinces is more obvious [5][28]. - In terms of operation and development, the growth rate of inventory and accounts receivable has slowed down in 2024, and the cash collection has accelerated, but the cash reserve of enterprises is tight, and the investment progress has slowed down [5][36]. - The profitability of investment enterprises has weakened since 2024, and the dependence on government subsidies has increased [5][49][52]. Summary by Relevant Catalogs Debt Resolution - **Debt Net Financing in the "Deceleration Cycle"**: After the implementation of the "35 - Document," the debt net financing amount and net financing rate of investment enterprises have declined significantly. Key provinces entered the debt net repayment state earlier, and in 2024, the net financing rate of key provinces dropped to 1.11 times. In 2025, the debt net financing amount and net financing rate continued to decline, and it is expected to remain at a low level in 2026. There are also differences in the debt net financing performance among regions [6]. - **Slowing Debt Growth and Asset Expansion**: The debt scale of investment enterprises is still growing but at a significantly slower pace. Some key provinces have seen a decline in debt scale, and the debt growth rate of non - key provinces has dropped significantly. The asset growth rate has also slowed down, and the asset growth rate of key provinces is significantly lower than that of non - key provinces. The asset - liability ratio and total capitalization ratio of the industry are still rising [13][17]. - **Adjusted Financing Channels**: The bond balance of investment enterprises is still growing, but the growth rate has dropped significantly in 2024. The proportion of bond and non - standard financing in total debt has decreased, and the proportion of bank loans has increased [23]. - **Insignificant Improvement in Debt Term Structure**: The overall short - term debt ratio of investment enterprises has slightly increased, but most key provinces have seen a decrease in the short - term debt ratio or are at a low level. There are also differences in the adjustment of the debt term structure among non - key provinces [26]. - **Declining Financing Costs with Regional Differentiation**: Since 2022, the weighted average financing cost of investment enterprises has been declining. In 2023 and 2024, the financing cost decreased by about 22 and 17 basis points respectively, and in the first half of 2025, it further decreased by 48 basis points. Key provinces and economically strong provinces have more obvious financing cost reduction [28]. Operation and Development - **Slowing Growth of Inventory and Receivables and Faster Cash Collection**: In 2024, the growth rate of inventory and accounts receivable of investment enterprises slowed down, and the cash collection accelerated. However, there are still a large number of projects in progress with slow cash collection. There are also differences in the growth of inventory and accounts receivable among regions [36]. - **Tight Cash Reserves**: Due to project construction and debt repayment in some regions, the cash reserves of investment enterprises are tight. Although the scale of monetary funds increased in the first half of 2025, the proportion in total assets is still low [42]. - **Slowing Investment Progress**: Under the influence of the "Comprehensive Debt Resolution" and tightened financing, the cash expenditure of investment enterprises on infrastructure and self - operated projects has decreased, and the investment progress has slowed down [44]. - **Slowed Transformation Investment and Asset Injection**: The investment in industrial and equity investment for enterprise transformation has slowed down since 2024. The growth of relevant operating assets mainly comes from the injection of shareholders or the government, and the efficient use of existing assets is an important way to improve the operating conditions [47]. - **Weakening Profitability**: The net profit of investment enterprises has been declining, and the profitability has weakened. The period cost has a large impact on profits, and the self - driving force for cost reduction and efficiency improvement needs to be strengthened [49]. - **Increased Dependence on Government Subsidies**: The contribution of investment income and fair - value change gains and losses to profits has not been effectively reflected. The proportion of other income in net profit has increased, and the dependence on government subsidies has increased [52].

步入2025年收官之月，公募基金发行市场热度不减，12月第二周发行热度延续。数据显示，本周（12月8日至14日）共有38 只基金开始募集，连续两周保持年内高位。其中权益类独占21席——股票型13只、混合型8只，占比55.26%；而股票型中 12只为指数产品（7只被动指数+5只指数增强），显示低费率、高透明度的工具化策略仍受资金青睐。 一、交易提示 12月8日,A股三大股指高开高走,尾盘小幅回吐部分涨幅,截止收盘,沪指涨0.54%报3924.08点,深成指涨1.39%报13329.99点,创 业板指涨2.6%报3190.27点,科创50指数涨1.86%报1350.8点;沪深两市成交额2.04万亿,全市场超3400只个股上涨。 二、基金要闻 （1）12月08日新发基金共有51只，主要为混合型基金和股票型基金，其中易方达上证科创板芯片ETF募集目标金额达80.00 亿元；基金分红75只，多为债券型，派发红利最多的基金是鹏华中证0-4年期地方政府债交易型开放式指数证券投资基金， 每10份基金份额派发红利9.1660元。 （2）截至12月8日，全市场515只公募FOF合计规模1869.88亿元，年内平均收益12.58% ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The high - pressure situation of implicit debt supervision remains unchanged, and emphasis is placed on preventing "the risk of risk disposal". The prohibition of free allocation of state - owned forest farm resources to urban investment platforms and the progress of some regions in exiting the list of key debt - risk provinces are significant events that will impact the local government debt and urban investment industry [3][6]. 3. Summary According to Relevant Catalogs 3.1. News Review - The "Document No. 1343 of Fagai Nongjing" prohibits the free allocation of state - owned forest farm resources to local state - owned investment and financing platforms and provides a market - oriented participation path. This not only ensures the safe and reasonable use of forest farm resources but also provides a model for local government asset allocation to urban investment enterprises, preventing local debt risks and guiding the market - oriented transformation of urban investment enterprises. It also encourages urban investment enterprises to participate in the development and operation of forest farm resources through market - based cooperation [6][9][11]. - Jilin Province has met the conditions to exit the list of key debt - risk provinces, and Anhui Province has taken multiple measures to prevent local debt risks. After Jilin exits the list, there will be both opportunities and risks for local investment and financing. Anhui has proposed five countermeasures to address local debt issues [6][12][13]. - Five urban investment enterprises declared to become market - oriented business entities or exit the financing platform list this week, mainly at the district - county and municipal levels with AA - level ratings. Jilin has become the third province to publicly state that it meets the conditions to exit the list of key debt - risk provinces [6][15]. - Seventeen urban investment enterprises prepaid bond principal and interest this week, involving 21 bonds with a total scale of 2.803 billion yuan [6][20]. - Two urban investment bonds were cancelled this week. As of November 23, 94 urban investment bonds have been postponed or cancelled this year, with a total scale of 60.658 billion yuan [6][21]. 3.2. Issuance of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the issuance and net financing scale of local government bonds decreased. The issuance progress of new bonds exceeded 90% (excluding the activation of the remaining quota). There is still 357.6 million yuan left in this year's 2 - trillion - yuan replacement quota, and only Henan Province has not completed the issuance. The weighted average issuance term of local government bonds was 14.30 years, and the weighted average issuance interest rate increased to 2.07% [6][22][23]. - This week, the issuance and net financing scale of urban investment bonds increased, the issuance interest rate decreased, and the spread narrowed. A total of 146 urban investment bonds were issued, with a total scale of 98.416 billion yuan. The weighted average issuance term was 3.44 years. Four overseas urban investment bonds were issued, with a total scale of 2.308 billion yuan [6][29]. 3.3. Trading of Local Government Bonds and Urban Investment Enterprise Bonds - This week, the central bank conducted 1.676 trillion yuan in reverse repurchase operations, with a net investment of 434 billion yuan. Short - term capital interest rates fluctuated. There were no adjustments to urban investment ratings or credit risk events this week [35]. - The trading volume of local government bond cash bonds increased by 14.00% to 45.5755 billion yuan, and the maturity yield decreased by an average of 2.89BP. The trading volume of urban investment bonds decreased by 1.31% to 27.7139 billion yuan, and the maturity yield fluctuated. The spreads of 1 - year and 3 - year AA+ urban investment bonds widened, while the spread of 5 - year AA+ urban investment bonds narrowed [35]. - Nine urban investment bonds of nine urban investment entities had 11 abnormal trades, with the number of entities, bonds, and abnormal trades decreasing compared to last week [36]. 3.4. Important Announcements of Urban Investment Enterprises - Eighty 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 [41].

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing hidden debts and the implementation of regulatory measures [2][5][18]. Summary by Sections Financing Platform Exit Progress - As of mid-2025, local governments are required to eliminate financing platforms and hidden debts by June 2027, with significant progress already made, including over 60% of financing platforms having exited [3][7]. - The Ministry of Finance reported a reduction of over 7,000 financing platforms, indicating a substantial effort to address hidden debts [7]. Challenges in Debt Management - The most significant challenge in the exit process is finding incremental funding to repay existing debts, as previous policies have not fully covered the risks associated with hidden debts [4][10]. - Local governments are increasingly dependent on financing platforms to meet rigid expenditure needs, shifting from infrastructure funding to covering essential expenditures [18]. Debt Transformation Strategies - Local governments are exploring debt transformation strategies, converting hidden debts into operational debts, which requires convincing creditors to accept these changes [11][12]. - Various methods for debt resolution include fiscal debt management, financial restructuring, and asset utilization to generate revenue for debt repayment [15][16]. Regulatory Environment and Future Outlook - The central government emphasizes the need for a thorough separation of financing functions from local governments to prevent the re-emergence of hidden debts [19][20]. - There is a call for clearer guidelines from the central government to assist local finance departments in managing debt effectively and preventing future hidden debt accumulation [20].

Core Viewpoint - The article discusses the challenges faced by local governments in fully exiting their reliance on financing platforms, despite progress in reducing the number of such platforms and addressing hidden debts [1][15]. Summary by Sections Financing Platform Exit Progress - By mid-2025, over 60% of financing platforms had exited, indicating that more than 60% of hidden debts had been cleared [6]. - The central government has set a deadline of June 2027 for local governments to eliminate hidden debts and financing platforms [2][3]. Challenges in Debt Management - Local governments are struggling to find incremental funding to repay hidden debts, as traditional methods like "borrowing new to repay old" are becoming unsustainable [3][9]. - The reliance on financing platforms has shifted from funding infrastructure projects to covering rigid expenditures like basic livelihood guarantees [15]. Debt Transformation Strategies - A strategy called "debt transformation" is being explored, which involves converting hidden debts into operational debts, but this requires convincing creditors to agree to such changes [10][11]. - Various methods for debt resolution include fiscal debt management, financial debt management through market mechanisms, and asset resource revitalization [12]. Regulatory and Policy Framework - The central government emphasizes the need for a thorough separation of government financing functions from financing platforms to prevent the re-emergence of hidden debts [17]. - Recent reports indicate that some local governments are still accumulating hidden debts, highlighting ongoing compliance issues [15][16]. Future Outlook - The article suggests that the success of financing platform exits will depend on balancing local government responsibilities and financial capabilities [3][15]. - There is a call for clearer guidelines from the central government on managing hidden debts and defining the boundaries of asset resource utilization [17].

Core Insights - The article discusses the ongoing efforts and challenges faced by local governments in China to exit financing platforms and clear hidden debts by 2027, as mandated by central authorities [2][3][8] Group 1: Financing Platform Exit Requirements - The exit of financing platforms is guided by four main criteria: clearing local government hidden debts, having no financial debts or obtaining consent from at least two-thirds of financial creditors, separating government financing functions, and maintaining economic and financial stability [3] - The process of exiting financing platforms is primarily focused on the repayment of hidden debts, after which the platform can continue to operate normally [3] Group 2: Challenges in Debt Repayment - The most significant challenge in this process is finding incremental funds to repay debts, as existing policies have not fully covered the risks associated with local hidden debts [4][10] - Local governments are increasingly relying on bond replacements to convert hidden debts into explicit debts, but the annual quotas are often insufficient to cover all hidden debts, necessitating the search for additional funding [10] Group 3: Transformation of Financing Platforms - The transformation of financing platforms is entering a critical phase, with concerns about whether these platforms can truly exit their financing roles for local governments [5][18] - The article highlights that while financing platforms may no longer be responsible for financing local governments, they can still find ways to finance government-led projects if fiscal needs arise [5] Group 4: Progress and Statistics - As of mid-2025, over 60% of financing platforms have exited, indicating significant progress in clearing hidden debts [8] - Recent data shows that more than 4,500 city investment enterprises have exited financing platforms, with a 71% reduction in the number of financing platforms compared to March 2023 [9] Group 5: Debt Classification and Solutions - The article outlines a method of debt classification, distinguishing between government debt, hidden debt, operational debt, and overdue payments to enterprises [11] - Strategies for resolving hidden debts include fiscal debt management, financial debt management through market mechanisms, and revitalizing assets to generate revenue for debt repayment [15][16] Group 6: Regulatory and Policy Framework - The central government emphasizes the need for a robust regulatory framework to prevent the re-emergence of hidden debts and ensure that financing platforms do not revert to their previous roles [20] - The article suggests that a clear policy guideline is needed to help local governments navigate the complexities of debt resolution and asset management [20]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report In Q3 2025, the infrastructure investment and financing (hereinafter referred to as "base investment") industry policies continued to develop in depth on the basis of the dual - track approach of "controlling new debts and resolving existing ones" and "promoting development". The "package debt - resolution" policy was further refined, the debt management became more standardized and transparent, the process of platform exit accelerated, and a series of policies were introduced to support the base investment enterprises in expanding effective investment and promoting transformation. The implementation of these policies effectively mitigated local government debt risks, but challenges such as the management of operating debts of base investment enterprises still remained [3][4]. Summary by Relevant Catalogs Policy Review - **"Package Debt - Resolution" Policy Deeply Refined**: As of August 2025, 4 trillion yuan of the one - time increase of 6 trillion yuan in special debt quota had been issued, and the 2 trillion yuan quota for implicit debt replacement in 2025 was basically used up. 800 billion yuan was allocated from new local government special bonds to support debt resolution. Financial debt - resolution also accelerated, and measures to clean up arrears to enterprises were strengthened. Debt management was more standardized, with stricter new bond issuance review and upgraded debt monitoring [4][6]. - **Dynamic Adjustment of High - Risk Debt Areas and Accelerated Platform Exit**: As of June 2025, over 60% of financing platforms had exited. Some provinces such as Inner Mongolia and Ningxia had achieved or were applying to exit high - risk debt areas [7]. - **Support for Base Investment Enterprises to Expand Effective Investment**: In 2025, the new special bond quota was increased to 4.4 trillion yuan, a year - on - year increase of 12.8%. As of September 30, 2025, 3.6 trillion yuan of new special bonds had been issued, completing 82% of the annual quota. A new policy - based financial instrument of 500 billion yuan was arranged, and policies to support the construction and operation of PPP stock projects were introduced [8][10]. - **Accelerated Stock Asset Revitalization and Strengthened Transformation Policy Guidance**: A series of policies were introduced to guide the industrial transformation of base investment enterprises, and local governments continued to deepen the revitalization of state - owned assets [11]. Policy Main Impacts - **Accelerated Implementation of Local Government Replacement Bonds and Mitigated Debt Risks**: As of September 30, 2025, local government new bonds had completed 81.92% of the annual quota, and replacement bonds for implicit debt had completed 99.31% of the annual quota. The scope of special bond investment expanded, which was expected to relieve the investment and financing pressure of base investment enterprises [17]. - **Tightened Supply of Urban Investment Bonds**: In the first three quarters of 2025, the total issuance of urban investment bonds decreased by 9.53% year - on - year, and the net financing was negative. The stock of urban investment bonds decreased by 6.38% compared with the end of 2024 [18]. - **Adjusted Financing Channels and Optimized Debt Structure of Base Investment Enterprises**: Under the influence of policies, the proportion of credit financing of base investment enterprises increased, while the proportion of bond financing and non - standard financing decreased [19]. - **Reduced Number of Risk Events of Base Investment Enterprises, but Attention Needed for Operating Debts and Interest Payments**: The number of non - standard risk events of base investment enterprises decreased compared with 2024, but the operating debts, interest payments, and government - occupied funds of base investment enterprises still needed attention [20]. - **Phased Achievements in "Exiting Platform" and Transformation of Base Investment Enterprises**: Since the implementation of the "package debt - resolution" policy, about 658 base investment enterprises declared themselves as "market - oriented business entities", and more than 110 base investment enterprises announced to exit the platform list in the first three quarters of 2025 [21]. Industry Development Expectations and Opportunities - **Continuous Implementation of "Package Debt - Resolution" Policy with Regional Differences**: The "package debt - resolution" policy will continue to be implemented, but there are regional differences in debt - resolution progress and risks. Future policies are expected to be more refined and differentiated [23]. - **Operating Debts to Become the Key Focus and Support for Enterprise Transformation**: As implicit debts are gradually resolved, operating debts will become the key focus. The "15th Five - Year Plan" will help base investment enterprises open up new investment spaces and promote transformation [26]. - **Accelerated Transformation of Base Investment Enterprises with Risks to Be Alerted and Attention to Government - Enterprise Relationship**: The transformation of base investment enterprises may bring compliance and credit risks. The change in the government - enterprise relationship of base investment enterprises in the post - implicit debt era needs continuous attention [29]. Conclusion The base investment industry policies continued to develop in depth, effectively mitigating local government debt risks. However, the operating debts, interest payments, and government - occupied funds of base investment enterprises still need attention. The "15th Five - Year Plan" will provide opportunities for enterprise transformation, but regional differences exist. Risks in the transformation process and changes in the government - enterprise relationship need to be continuously monitored [30][31].

1. Report Industry Investment Rating There is no information about the report industry investment rating provided in the content. 2. Core Viewpoints of the Report - The Shanghai Stock Exchange clarifies four development directions to promote the standardized development of green finance, aiming to optimize the policy environment and guide capital to the green - low - carbon field. China's green bond market is in a rapid development stage, but still faces challenges such as term mismatch and insufficient participation of small and medium - sized enterprises [3][11]. - The cumulative issuance scale of panda bonds has exceeded one trillion yuan, with continuous enrichment of issuers and optimization of the institutional environment. Although the market has expanded, there is still room for improvement in market scale, secondary - market liquidity, and foreign - institution participation [4][15]. - In the third quarter, GDP growth slowed down slightly, while import and export data in September exceeded expectations. The central bank net - withdrew funds last week, and the money market maintained a balanced state. The primary market of credit bonds saw a significant recovery in issuance scale and a decline in most issuance costs. The secondary market of credit bonds had significantly increased trading activity, with bond yields showing a mixed trend [5][20][24]. 3. Summary According to the Table of Contents Market Hotspots - **Shanghai Stock Exchange Promotes Green Finance**: On October 16, the Shanghai Stock Exchange announced four directions for green finance development, including supporting green enterprises' equity and bond financing, strengthening sustainable information disclosure of listed companies, enhancing investment - end construction in the sustainable field, and deepening international cooperation. China's green bond market has the largest scale globally, and the exchange is promoting standardized construction in multiple aspects. However, challenges such as term mismatch and insufficient SME participation remain [3][11][12]. - **Panda Bonds' Scale Exceeds One Trillion**: As of October 17, the cumulative issuance scale of panda bonds has exceeded one trillion yuan. The market has grown rapidly since 2023, with diversified issuers. The expansion is driven by low domestic interest rates and optimized regulatory policies. Although it has enhanced the market's depth and internationalization, there is still room for improvement in market scale, liquidity, and foreign - institution participation [4][15][16]. Macroeconomic Data - **GDP Growth**: The year - on - year GDP growth rate in the third quarter was 4.8%, slightly higher than the annual target. The growth rate of the secondary industry slowed down, while that of the primary industry increased [20]. - **Import and Export**: In September, the export volume was $328.57 billion, with a year - on - year growth of 8.3%, and the import volume was $238.12 billion, with a year - on - year growth of 7.4%, both showing significant improvements compared to August [5][20]. - **Social Financing Scale**: The stock of social financing scale in September was 424 trillion yuan, with a year - on - year growth of 8.7%. The new - added social financing scale decreased year - on - year, mainly due to weak credit demand and a slowdown in government - bond issuance [20][21]. - **Money Supply**: In September, M1 reached 7.2%, and M2 was 8.7%. The "scissors gap" between M1 and M2 narrowed to a new low for the year [5][21]. Money Market - The central bank net - withdrew 813.9 billion yuan through open - market operations last week. Although funds were withdrawn, the money market remained balanced, with fluctuating capital prices. The pledged - repo rates of various tenors had both increases and decreases, and the spread between the 3 - month and 1 - year Shibor narrowed to 9bp [6][24]. Primary Market of Credit Bonds - The issuance scale of credit bonds last week was 339.359 billion yuan, a significant recovery compared to the previous period. The issuance scale of each bond type and industry increased. The infrastructure investment and financing industry had a net outflow of 6.067 billion yuan in financing, while half of the industrial bonds had a net inflow. Most of the average issuance costs of credit bonds decreased, with a range of 6bp - 49bp, except for a 5bp increase in the issuance rates of 5 - year AA + and 3 - year AA bonds [7][29]. Secondary Market of Credit Bonds - The secondary - market trading volume of bonds last week was 9.166734 trillion yuan, with the average daily trading volume increasing by 88.1725 billion yuan to 183.3347 billion yuan, indicating a significant increase in trading activity. Bond yields showed a mixed trend. Interest - rate bond yields mostly increased, while credit - bond yields mostly decreased. Credit spreads generally showed a short - term decline and long - term increase, and rating spreads fluctuated within a narrow range of 3bp [37][39][41].

Key Insights - The expectation of a Federal Reserve interest rate cut has significantly increased, with market predictions exceeding 90% probability, driven by weak economic data, particularly in the labor market [8][9] - The credit bond market is experiencing a cooling trend, with issuance down to 13,127.58 billion yuan in August, a decrease of 1,349.78 billion yuan from the previous month, and net financing dropping to 543.99 billion yuan [10][49] - The monthly rolling default rate in the bond market is at 0.17%, with one new defaulting entity, Shenzhen Zhongzhuang, indicating ongoing credit risks [21][24] Market Review - The manufacturing PMI in August slightly improved to 49.4, indicating a weak recovery in the economy, while liquidity remains generally ample with the central bank injecting 1,466 billion yuan [10][36] - The average issuance rate for credit bonds has mostly increased, with the 3-year AAA corporate bond rate rising by 16 basis points, reflecting higher borrowing costs across various sectors [49][50] - The secondary market saw most bond yields rise, with the 10-year government bond yield increasing by 13 basis points to 1.84% [12][30] Credit Risk and Regulatory Environment - The ongoing high-pressure regulatory environment for implicit debt emphasizes the need to prevent "disposal risk" [11][12] - Five entities, including those in the real estate sector, have extended their bonds due to operational performance declines and cash flow issues, highlighting the challenges faced by these industries [24][25] - Credit spreads for short-term notes have generally widened, with most sectors experiencing increased issuance costs [30][51]