Group 1: Report Summary - The report focuses on the economic, fiscal, and debt situations of Wuxi City, its districts (counties, cities), and the debt - paying ability of local urban investment enterprises [4]. - Wuxi has obvious location advantages, a high - level economy, good fiscal revenue quality, and relatively low government debt burden. However, there are differences in economic and fiscal conditions among districts (counties, cities), and some urban investment enterprises face short - term debt - paying pressure [4]. Group 2: Wuxi City's Economic and Fiscal Strength (1) Regional Characteristics and Economic Development - Wuxi is an important part of the Yangtze River Delta urban agglomeration, with obvious location advantages and convenient transportation. It has a high - level urbanization rate, a reasonable industrial structure, and developed private economy. The four landmark industries have multiple indicators ranking among the top three in Jiangsu Province [5]. - In 2024, Wuxi's GDP ranked third in Jiangsu Province, with a GDP growth rate of 5.8%. Its per - capita GDP ranked first in Jiangsu Province. From January to June 2025, its GDP was 773.515 billion yuan, with a year - on - year growth of 5.3% [8]. - The "465" modern industrial system construction is accelerating, and in 2024, the revenue scale of the "465" industrial cluster reached 1.81 trillion yuan [9][11]. - Wuxi has received strong support from the central and provincial governments in terms of fiscal transfer payments, special funds, and special loans from the National Development Bank [13]. (2) Fiscal Strength and Debt Situation - In 2024, Wuxi's general public budget revenue ranked third in Jiangsu Province, with good revenue quality and strong fiscal self - sufficiency. The government - sponsored fund revenue decreased year - on - year, and superior subsidies contributed to the comprehensive financial resources [17]. - By the end of 2024, Wuxi's government debt burden was at a relatively low level among prefecture - level cities in Jiangsu Province, with a government debt ratio of 115.81% and a government debt - to - GDP ratio of 16.05%, ranking fourth and second respectively (sorted from low to high debt burden) [18]. Group 3: Economic and Fiscal Conditions of Wuxi's Districts (Counties, Cities) (1) Economic Strength - The districts (counties, cities) under Wuxi have a high - level overall economic development, relatively balanced regional economic development, and a high - level urbanization rate. Among them, Jiangyin has the strongest overall economic strength, and Xinwu District has the highest per - capita GDP [19]. - In 2024, Jiangyin was the only county - level city in Wuxi with a GDP exceeding 500 billion yuan. The economic growth rates of the 7 districts (counties, cities) were relatively balanced, and most of them had a growth rate of over 6.00% [25]. (2) Fiscal Strength and Debt Situation Fiscal Revenue - In 2024, the fiscal revenue structure of Wuxi's districts (counties, cities) showed a pattern of "two strong, many stable, and one weak", with differences among regions. Tax revenue accounted for a high proportion and was relatively balanced among districts (counties, cities). Fund revenues decreased year - on - year due to the real - estate market [30]. - In terms of general public budget revenue scale, Jiangyin and Xinwu District ranked first, with over 25 billion yuan. Yixing, Xishan, and Huishan Districts were at a medium level, while Liangxi and Binhu Districts were relatively low [30]. - In terms of comprehensive financial resources, Jiangyin and Xinwu District were the strongest, with over 35 billion yuan. Except for Binhu and Jiangyin Districts, other districts (counties, cities) were highly dependent on fund revenues [37]. Debt - Since 2024, the government debt balances of Wuxi's districts (counties, cities) have been increasing, with relatively small differences in debt burden levels but heavy overall debt burdens. Jiangyin had the largest government debt scale, and Liangxi District had the heaviest debt burden [39]. - Wuxi and its districts (counties, cities) have strengthened debt monitoring and management, actively resolved hidden debts, and controlled debt risks [42]. Group 4: Debt - paying Ability of Wuxi's Urban Investment Enterprises (1) Overview - As of September 30, 2025, there were 61 urban investment enterprises with outstanding bonds in Wuxi, mainly at AA and AA+ levels. There have been no adjustments to the credit ratings and outlooks since 2024 [47]. (2) Bond Issuance - In 2024, the bond issuance scale of Wuxi's urban investment enterprises decreased year - on - year, and most districts' net bond financing scales decreased. The overall bond financing in 2024 was net repayment, and the trend continued in the first three quarters of 2025 [48]. (3) Debt - paying Ability Analysis - As of the end of 2024, the debt scale of Wuxi's urban investment enterprises increased, except for those in Jiangyin. Except for Jiangyin and Xinwu Districts, the debt burdens of urban investment enterprises in other regions increased [54]. - Wuxi, Huishan, and Jiangyin will have large - scale bond maturities within one year. Xishan, Huishan, and Liangxi Districts' cash - like assets have a general coverage of short - term debts, facing certain short - term debt - paying pressure [54]. - In 2024, the cash flow from financing activities of Wuxi's urban investment enterprises was mostly net inflow, but the overall scale decreased year - on - year, indicating a slowdown in the overall financing pace [62]. (4) Support and Guarantee Ability of Fiscal Revenue for Urban Investment Enterprises' Debts - The ratio of "total debt of urban investment enterprises + local government debt" to "comprehensive financial resources" in Wuxi's districts ranges from 196.64% to 694.85%, with Huishan District having the highest ratio [63].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report In October, the approval of urban investment bonds showed characteristics of a slight decline in registration quota, a marginal acceleration in the approval rhythm, and a slight decline in the scale of terminated projects, with the overall financing rhythm slowing down. The supply - structure differentiation and the gap between strong and weak urban investment bonds further widened. The approval rhythm showed marginal relaxation, but the approval for urban investment platforms with different qualifications remained significantly differentiated. The establishment of the Debt Management Department by the Ministry of Finance in 2025 indicates stricter debt supervision, and it is recommended to continue to monitor the implementation of policy tools and relevant regulatory dynamics of the Debt Management Department [6][53]. Summary by Catalog 1. Registration Status: Slight Decline in Urban Investment Registration Quota - Overall registration: In October, the registration quota of urban investment platforms decreased slightly. The registration scale of the exchange decreased significantly, from 2338 billion yuan to 1868 billion yuan, while that of DCM increased slightly, from 1886 billion yuan to 2065 billion yuan [12]. - By administrative level: The registration scales of provincial and municipal urban investment platforms decreased. The proposed issuance scale of provincial urban investment registration projects dropped from 945 billion yuan to 631 billion yuan, and that of prefecture - level cities dropped from 1588 billion yuan to 1302 billion yuan. The proposed issuance scale of district - level urban investment registration projects increased from 1691 billion yuan to 2000 billion yuan, and its three - month moving average proportion rose to 42% [15]. - By district and county qualifications: The registration scale of districts and counties with weak qualifications decreased significantly. The registration scale of district - level platform bonds with a budget revenue of less than 5 billion yuan dropped from 675 billion yuan to 408 billion yuan, and the three - month moving average proportion decreased to 39.2% [18]. - By province: The scales in regions such as Zhejiang, Shandong, and Sichuan decreased significantly month - on - month. The scales in Sichuan, Anhui, and Shaanxi continued to decline. The scale growth in Jiangsu was mainly at the district - level, while that in Tianjin increased significantly month - on - month [20]. 2. Approval Feedback: Marginal Acceleration in Urban Investment Bond Approval - By issuance venue: In October, the DCM and exchange approval rhythms for urban investment bonds both accelerated. The number of effective sample bonds registered in DCM was 300, a significant decrease from the previous month, and that in the exchange was 81, also a significant decrease. The average number of feedbacks in DCM increased from 2.4 to 2.5 times, and the feedback time decreased from 41.5 days to 40.6 days. The average number of feedbacks in the exchange decreased from 4.1 to 3.7 times, and the feedback time decreased from 80.6 days to 70 days [28]. - By issuance method and level: The feedback times of public and private urban investment corporate bonds in prefecture - level cities and district - level cities decreased to varying degrees [33]. - By province: The approval rhythms in Jiangxi, Shaanxi, Fujian and other places accelerated significantly. The approval speeds in Zhejiang, Anhui, and Shanxi continued to improve, while the approval feedback days in Sichuan, Hubei, Guangdong and other places were significantly extended [37]. - By district and county qualifications: The approval rhythm of platform bonds in districts and counties with weak qualifications slowed down. The feedback days of district - level platforms with a general budget revenue of less than 5 billion yuan increased from 70.3 days to 72.6 days, lower than the average of last year. The approval rhythms of district - level platforms with a general budget revenue of 5 - 8 billion yuan and 10 - 30 billion yuan accelerated significantly [39]. 3. Terminated Issuance: Slight Decline in the Scale of Terminated Projects - Overall situation: In October, the scale of terminated projects decreased slightly. The proposed issuance scale of terminated urban investment bonds decreased from 13 billion yuan to 12.5 billion yuan, and the number of terminated projects decreased from 9 to 6. The terminated scale of district - level urban investment bonds decreased significantly, and its three - month moving average proportion decreased to 46%. The scale of terminated projects at the municipal level increased significantly, and there were no terminated projects at the provincial level. The three - month moving average proportion of the number of terminated projects in districts and counties with weak qualifications (local budget revenue of less than 5 billion yuan) continued to decline to 30.6% [42]. - By province: Terminated projects of urban investment platforms mainly occurred in Shandong, Henan, and Hebei. The scale of terminated projects in Shandong was mainly at the district - level platform, while those in Henan and Hebei were mainly affected by prefecture - level platforms [50].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The issuance and net financing of non - financial credit bonds in the first half of 2025 showed a downward trend, with the issuance of urban investment bonds also decreasing, and the net financing gap expanding. The financing cost has been declining. Different regions and cities have significant differences in issuance, net financing, and financing costs. The issuance volume of industrial holding industry decreased in the first half of 2025, ranking second [1][26]. 3. Summary by Related Content 3.1 Overall Situation of Non - financial Credit Bonds and Urban Investment Bonds - In the first half of 2025, the issuance of non - financial credit bonds was 6.82 trillion yuan, a year - on - year slight decrease of 1.02%, and the net financing was about 1.01 trillion yuan, a year - on - year decrease of 14.88%. The issuance of urban investment bonds was about 2.615 trillion yuan, accounting for 38.33% of the total non - financial credit bond issuance, with a net financing of - 815.54 million yuan [1]. - Since 2019, the issuance cost of urban investment bonds has been declining. In 2024, the weighted average coupon rate dropped below 3%, and in the first half of 2025, it further dropped below 2.5% (about 2.44%) [1]. - The net financing of urban investment bonds has shown a negative trend since Q4 2023, with fluctuations. In the first half of 2025, the net financing turned negative year - on - year, with a decline of 268% [3]. 3.2 Regional Analysis of Urban Investment Bonds 3.2.1 Provincial - level Analysis - In terms of issuance volume, Jiangsu, Shandong, and Zhejiang ranked in the top three, but their issuance volumes in Q2 2025 decreased quarter - on - quarter. Hunan and Hubei had significant quarter - on - quarter growth in Q2 2025. Since 2024, Jiangsu has seen the most obvious decline in single - quarter issuance volume [8]. - In terms of net financing, there are significant differences and large changes among provinces. Jiangsu has seen the most obvious reduction in bond volume since the debt resolution. Shandong and Guangdong have shown "reverse expansion". Most provinces' net financing decreased quarter - on - quarter in Q2 2025 [10][12]. - In terms of financing cost, since 2025, it has been in a downward trend. In Q2 2025, only Guizhou, Gansu, Qinghai, Inner Mongolia, and Heilongjiang had a weighted average coupon rate above 3%. There were 18 provinces with a yield above 2.5% in Q2 2025, 2 less than in Q1 [12]. 3.2.2 Prefecture - level City Analysis - In Q2 2025, there were 30 cities with an issuance volume of over 10 billion yuan, and Qingdao was the only city with an issuance volume of over 40 billion yuan in Q2 and over 100 billion yuan in the first half of 2025. In the first half of 2025, the issuance volumes of major cities declined significantly. Among the top 20 cities in issuance volume, Xi'an had the most obvious year - on - year increase, while regions with a decline of over 30% included Suzhou, Changzhou, Huzhou, and Xuzhou [15]. - In the first half of 2025, 102 cities achieved positive net financing, 2 more than the previous year. Guangzhou and Qingdao were the only two cities with a net financing scale of over 10 billion yuan. Among other cities with a large net financing scale, Taizhou, Shangrao, Zhengzhou, and Shijiazhuang turned from negative to positive, while Zhuhai, Fuzhou, and Weifang had obvious declines [19]. - Nanjing and Chengdu had a financing gap of over 10 billion yuan, and their year - on - year declines were large. Most cities with large financing gaps saw a significant expansion of the gap, and Xiamen, Quanzhou, and Zhuzhou turned from positive to negative [21]. - In Q2 2025, only Baoshan, Anshun, Laibin, Liaocheng, and Tongren could offer a yield of over 4%. There were 28 cities with a coupon rate of over 3%, 3 less than in Q1. Only Zhangjiakou, Weihai, Guilin, Liuzhou, Xiangtan, Harbin, and Dezhou saw a quarter - on - quarter increase in the weighted coupon rate [23]. 3.3 Industrial Holding Industry - In 2023, the issuance volume of the industrial holding industry exceeded that of the power industry, ranking first. In 2024, it continued to rank first, with the total issuance volume reaching a record high of about 1.28 trillion yuan. In the first half of 2025, it dropped to second place, and the total volume was close to 46% of that in 2024. In terms of net financing, it reached 35.18 billion yuan in 2024, a year - on - year increase of 245%. In the first half of 2025, the net financing was about 17.18 billion yuan, nearly half of that in 2024. The financing cost has also been declining, dropping below 2.2% in the first half of 2025 [26].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - The highlights in 2024 are the significant slowdown in the growth rates of interest - bearing debt and urban investment bonds of urban investment platforms, the remarkable effect of "hidden debt turning into explicit debt", and the convergence of investment and financing intensity [6][8][66]. - Concerns include the need to improve the financing structure, the considerable debt pressure in economically large provinces like Zhejiang and Jiangsu, the reduction of book funds and the decline in the coverage ratio of monetary funds to short - term debt, and the large - scale outstanding project payments from local governments to urban investment platforms and inter - state - owned enterprise transactions [6][8][67]. - In 2025, the focuses of urban investment include the delisting of financing platforms and their subsequent market - oriented transformation, the settlement of overdue enterprise accounts, and the resolution of non - standard products involving the public [9][68]. 3. Summary by Directory 3.1 2024 Urban Investment Debt Resolution Achievements - **Overall Debt Scale and Growth Rate**: The interest - bearing debt and urban investment bonds of urban investment platforms increased slightly year - on - year, with growth rates dropping to the lowest since 2019. The debt growth rate has declined for four consecutive years. The reasons are debt replacement by local government bonds, weakened project financing demand, and strict bond financing policies [13]. - **Provincial Debt Changes**: Six key provinces saw a year - on - year decrease in interest - bearing debt, with Tianjin and Guizhou having the most significant reduction. In terms of bonds, 12 provinces had a year - on - year decrease in urban investment bond scale, with Jiangsu, Tianjin, Hunan, and Guizhou having obvious shrinkage [17][19]. - **Debt Ratio Changes**: The local broad and explicit debt ratios continued to rise, with the explicit debt ratio's year - on - year growth rate reaching a new high in recent years. Since 2021, the growth rate of the explicit debt ratio has been higher than that of the broad debt ratio, in line with the debt resolution idea of "hidden to explicit". Most provinces saw an increase in the broad debt ratio in 2024, except for six provinces [22][25]. - **Financing Structure Changes**: The proportions of bank loans and bonds in urban investment debt both decreased year - on - year, with a combined decrease of 2.2 percentage points. This part of the financing demand may have shifted to high - cost non - standard financing channels [4][27]. - **Debt Maturity Structure Changes**: The proportion of long - term debt increased slightly in 2024, but there is still room for improvement compared with 2019 - 2022 [39]. 3.2 Information Revealed by the Three Financial Statements of Urban Investment Platforms - **Balance Sheet**: The asset - liability ratio of urban investment platforms was basically stable, but the short - term solvency weakened. The coverage ratio of monetary funds to short - term debt decreased, and the government's project payments and inter - state - owned enterprise transactions may still need improvement [5][43]. - **Income Statement**: The operating income of urban investment platforms decreased for the first time in six years in 2024, and the net profit continued to decline. This is related to the tight investment and financing environment and the change in government assessment focus [5][51]. - **Cash Flow Statement**: The net operating cash flow of urban investment platforms deviated from the income statement and increased significantly after turning positive in 2023. The net investment cash flow was continuously negative, and the net financing cash flow decreased by 39% year - on - year, indicating a convergence of investment and financing intensity [5][57][60]. 3.3 Summary and Outlook - **Summary**: The growth rates of interest - bearing debt and urban investment bonds slowed down, the debt scale was effectively controlled, and the investment and financing intensity of urban investment platforms converged [66]. - **Outlook**: In 2025, focus on the delisting and market - oriented transformation of financing platforms, the settlement of overdue enterprise accounts, and the resolution of non - standard products involving the public [9][68].