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大公国际:2025年以来平台公司债券首发融资特征分析
Da Gong Guo Ji· 2025-08-25 06:30
大公国际:2025 年以来 平台公司债券首发融资特征分析 王燕 舒蕴泽 2025 年 8 月 22 日 摘要 一揽子化债方案实施以来,传统城投公司融资受限,各地纷纷组建产业类公司以 应对新形势的变化。本文通过研究 2025 年以来1实现首发融资的平台公司2,分析其较 2024 年的变动情况,并总结信用状况、业务构成及财务表现等方面的特征,以期为产 业类公司债券首发融资提供借鉴。 正文 一、债券首发融资主体特征 1、总体概况 2025 年 1-7 月实现债券首发融资的平台公司共 149 家,已达到 2024 年全年的 84%,同时 1-7 月首发平台公司中只有 7 家公司的收入构成中基础设施代建、土地一 级开发等公益性业务收入占比超过 30%,具有较为明显的城投公司属性,其他公司产 业类特征较为明显,表明城投公司产业化转型进程及产业类公司的组建已经取得积极 效果,符合债券新增融资标准的平台公司日益增多。 图 1 2024-2025 年债券首发融资的平台公司月份分布(单位:家数) 数据来源:Wind 数据库,大公国际整理 23 4 22 18 8 14 10 7 12 15 20 24 26 8 13 33 20 ...
IP、文创、游戏、艺术多元业态深度融合 中华优秀文化借力版权贸易、联合出版走向世界
Core Viewpoint - The 2025 South China Book Fair, held from August 15 to 19, emphasizes internationalization and technological integration, creating a vibrant cultural carnival that attracts numerous citizens and readers [1] Group 1: Event Overview - The event takes place at the China Import and Export Fair Complex, featuring a main venue of approximately 40,000 square meters, with four major themed exhibition halls, 24 specialty pavilions, and four interactive functional areas [1] - The fair showcases over 500,000 types of publications and cultural creative products from nearly 1,500 domestic and international publishing institutions [1] Group 2: International Participation - The newly established "Reading the World" pavilion includes a significant presence from Vietnam as the guest country, along with pavilions representing Southeast Asian countries, European countries, and international brand publishers, featuring exhibitors from 23 countries and regions [1] Group 3: Cultural Integration - Books are presented not in isolation but are deeply integrated with various sectors such as intellectual property, cultural creativity, gaming, and art, highlighting a multi-faceted approach to cultural exchange [1] - The organizing committee aims for the fair to serve as a cultural bridge that empowers both domestic and international exchanges, allowing outstanding international publications to enrich Chinese readers while promoting Chinese cultural wisdom globally through copyright trade and joint publishing [1]
以书为媒,推动中外文化双向交流
Core Perspective - The 2025 South China Book Fair, themed "Book Fragrance Bay Area · Meeting the World · Sharing the Future," has commenced in Guangzhou, showcasing over 500,000 various publications and cultural creative products from more than 1,500 domestic and international publishing institutions, marking its evolution into an international cultural event [1] Group 1: Internationalization and Cultural Exchange - The fair has expanded its international publishing exhibition area, significantly enhancing its global outreach and cultural exchange capabilities, featuring contributions from 23 countries and regions, including 20,000 original books from leading international publishers [1] - The event aims to promote cultural exchange and cooperation, reflecting China's growing global economic and political influence, and is part of the broader initiative to build a culturally strong nation [2][3] - The fair serves as a platform for knowledge sharing along the "Belt and Road" initiative, with Vietnam as the guest country this year, and highlights the importance of traditional Chinese culture while also showcasing modern innovations [3] Group 2: Regional Significance and Development - The South China Book Fair is positioned as a strategic cultural exchange hub within the Guangdong-Hong Kong-Macao Greater Bay Area, which is characterized by its rich historical and cultural diversity [2][4] - The event not only opens a window for Chinese readers to access diverse global cultures but also promotes the dual exchange of Chinese and foreign cultures, enhancing China's cultural influence worldwide [4]
漫评:共襄盛举,感受世运气象万千新篇章
Huan Qiu Wang· 2025-08-08 13:19
Group 1: Economic Impact - The 2025 World Games in Chengdu is expected to activate economic momentum and enhance the quality of urban development, serving as a catalyst for growth [2] - The event will attract nearly 4,000 athletes from over 110 countries, leading to a surge in tourism and hospitality, with hotels experiencing peak guest flows and restaurants offering themed packages [2] - The "World Games Economy" is anticipated to drive consumption and promote industrial upgrades, creating job opportunities and enhancing the city's soft power through global media exposure [2] Group 2: Infrastructure and Community Development - The preparation for the World Games emphasizes a people-centered development approach, improving urban infrastructure not only for the event but also for long-term benefits to residents [3] - New sports parks and optimized public transport networks are set to enhance the quality of life for citizens, reflecting an elevated urban governance philosophy [3] - Initiatives such as volunteer training and the construction of accessible facilities demonstrate a commitment to increasing the happiness index of Chengdu's residents [3] Group 3: International Engagement - Chengdu is leveraging sports events as a platform for international dialogue, expanding its global connections through hosting various competitions [3] - In the first half of the year, Chengdu hosted 38 international and national events, with sports consumption projected to reach 41 billion yuan, showcasing the city's vibrant energy [3] - The integration of cultural elements like Shu embroidery and Sichuan opera into the event's framework aims to enhance the city's brand value and promote the vitality of development in Western China [3]
十部门:支持各地举办村跑、村舞、村BA、村歌等富有乡情乡韵的“村字号”活动
news flash· 2025-07-27 02:14
Group 1 - The core viewpoint of the article emphasizes the promotion of agricultural product consumption through various cultural and recreational activities in rural areas [1] - The initiative supports local governments in organizing village-themed events such as village runs, dances, and songs to enhance community engagement and showcase local culture [1] - The plan includes organizing food tasting events and intangible cultural heritage (ICH) fairs to promote rural tourism and consumption [1] Group 2 - The "Cultural Enrichment of Villages" action aims to create cultural art villages, such as painting villages and kite villages, to foster creativity and cultural products [1] - The initiative encourages the establishment of "Village Art Workshops" to produce and promote cultural creative products [1] - The overall goal is to enhance the rural consumption landscape by integrating cultural heritage and local traditions into economic activities [1]
共促中欧经贸相向而行
Jing Ji Ri Bao· 2025-07-26 02:21
Core Viewpoint - The healthy development of China-Europe economic and trade relations is crucial not only for the two major economies but also for global economic stability, emphasizing the importance of mutual benefits and dynamic balance in cooperation [1][4]. Group 1: Historical Development - Over the past 50 years, China-Europe bilateral trade and investment have rapidly developed, with trade volume increasing from $2.4 billion at the time of diplomatic relations to $785.8 billion in 2024, and bilateral investment stock growing to $260 billion [2]. - The China-Europe Railway Express has surpassed 100,000 trips, establishing a vital connection between Asia and Europe, reflecting strong market mechanisms and confidence in cooperation [2]. Group 2: Economic Structure and Cooperation - The vitality of China-Europe economic relations is rooted in the natural complementarity of their economic structures, with Europe excelling in high-end manufacturing and China offering a vast market and complete supply chains [2]. - The collaboration has created millions of jobs and allowed consumers in both regions to share in the development dividends [2]. Group 3: Opportunities for Growth - There is significant potential for further cooperation in areas such as service trade, technological innovation, green economy, and third-party cooperation, which can cultivate new growth points [2]. - China's large and growing middle-income group presents unprecedented market opportunities for European companies, with high demand for premium products [3]. Group 4: Regulatory Environment and Challenges - The China-EU Geographical Indications Agreement marks a milestone in intellectual property cooperation, enhancing market access for quality products from both sides [3]. - Despite existing differences and friction, it is essential to maintain cooperation through open communication and to resist protectionism and unilateralism [4]. Group 5: Future Directions - Both sides must recognize their complementary advantages and work together to counter global economic headwinds, thereby injecting more momentum into the world economy [4].
上海打造“买、验、退”综合体验满意的离境退税标杆城市 中心城区离境退税商店将全覆盖
Jie Fang Ri Bao· 2025-07-08 01:45
Group 1 - The Shanghai Municipal Commission of Commerce and six other departments have jointly developed the "Shanghai Action Plan for Optimizing the Departure Tax Refund Consumption Environment (2025-2027)" to establish Shanghai as a benchmark city for departure tax refunds with a well-structured network of outlets, diverse product offerings, and excellent customer service [1] - By 2027, the plan aims to have over 3,000 departure tax refund stores and more than 10,000 outlets, with over 80% of stores offering "buy and refund" services and over 80% of commercial hubs having centralized refund service points [1] - The departure tax refund consumption scale is expected to quadruple compared to 2024, with the share of domestic brand tax refund sales increasing to over 30% [1] Group 2 - The plan includes increasing the supply of high-quality domestic brand products, such as time-honored brands, smart products, intangible cultural heritage products, and sports goods [2] - The convenience of departure tax refunds will be enhanced by installing smart terminals, expanding refund channels, and introducing verification convenience measures [2] - The action plan specifies that foreign travelers can apply for departure tax refunds if they purchase tax refund items worth 200 yuan in the same store on the same day, with the cash refund limit for "buy and refund" raised to 20,000 yuan [2]
★六部门优化离境退税政策扩大入境消费
Zheng Quan Shi Bao· 2025-07-03 01:56
Core Viewpoint - The new policy on departure tax refunds aims to enhance inbound consumption by reducing shopping costs for foreign travelers, thereby stimulating economic growth in China [1][2]. Group 1: Policy Measures - The Ministry of Commerce and five other departments issued a notification to optimize departure tax refund policies, proposing eight measures to expand the coverage of refund stores, lower the minimum refund threshold, and increase cash refund limits [1]. - The minimum refund threshold has been reduced from 500 yuan to 200 yuan, allowing more stores with lower-priced goods to participate in the tax refund program, thus promoting domestic product sales [2]. Group 2: Service Improvements - The cash refund limit has been increased from 10,000 yuan to 20,000 yuan, encouraging various payment methods for tax refunds, including mobile payments and bank cards [2]. - The Ministry of Culture and Tourism will collaborate with the Ministry of Commerce to enhance the supply of goods and services related to departure tax refunds, focusing on cultural and creative products, handicrafts, and domestic trendy items [2]. Group 3: Future Developments - The Ministry of Commerce plans to continue developing international consumption center cities and improve foreign payment services to enhance the effectiveness of departure tax refund policies [2]. - Efforts will be made to create international consumption clusters and friendly shopping districts for inbound travelers, including improving multilingual signage and navigation facilities in public areas [2].
成都出台2025年提振消费专项行动实施方案 多维度激发消费潜力
Core Viewpoint - Chengdu's Development and Reform Commission has launched the "2025 Chengdu Consumption Promotion Special Action Implementation Plan," aiming to enhance consumption and establish Chengdu as an international consumption center by implementing 26 key tasks across six areas [1][2][3] Group 1: Overall Goals - The plan targets a 5% increase in Chengdu's total retail sales of consumer goods by 2025, with service consumption retail accounting for over 50% [1] - It aims to create over 100 unique consumption scenarios and host more than 120 large-scale cultural and sports events, including music festivals and concerts [1] - The plan includes a "trade-in" policy for consumer goods, aiming to stimulate consumption by 40 billion yuan [1] Group 2: Major Consumption Areas - For bulk consumption, the plan introduces measures such as expanding subsidies for the "trade-in" program and launching second-hand goods circulation pilot projects [1] - In the automotive sector, it plans to add 10 new second-hand car dealerships, targeting a 30% increase in second-hand car retail sales [1] - In housing, the plan aims to supply 120,000 new residential units by 2025 and renovate 395 old communities and 63 urban villages [1] Group 3: Service Consumption Expansion - The plan emphasizes the development of cultural, creative, tourism, and sports sectors, including the establishment of the Tianfu International Animation City and the promotion of the Giant Panda Base as a 5A scenic area [2] - It aims to host over 120 large concerts and music festivals, along with 1,000 exhibition events annually [2] - In the service sector, it plans to enhance home service branding and regulate the pet economy, promoting pet-friendly spaces [2] Group 4: New Consumption Models - The plan focuses on fostering new consumption models such as the "first launch economy," low-altitude consumption, and platform economy [3] - By 2025, it aims to establish 800 first stores, host 100 high-profile launch events, and create 50 landmark locations [3] - In the low-altitude consumption sector, it will support the development of low-altitude tourism and drone performances [3] Group 5: Economic and Environmental Enhancements - The plan aims to stabilize employment, increase income, and enhance social security measures to improve residents' consumption capacity [3] - It seeks to create a favorable consumption environment by ensuring rest and vacation rights, optimizing the business environment, and improving urban and rural consumption facilities [3]
广州积极稳步实施城市更新行动 推动高质量实现老城市新活力
Ren Min Ri Bao· 2025-05-28 22:16
Core Insights - Guangzhou is actively implementing urban renewal actions to enhance living conditions, stimulate economic growth, and showcase cultural charm, aiming for high-quality revitalization of old cities [1][8] Group 1: Policy and Framework - Guangzhou's urban renewal efforts are guided by innovative policies, including the establishment of a "1+N+X" policy system for urban village renovation and a "1+N" policy for old residential area upgrades [2] - The city has introduced the first local regulations for urban village renovation in the country, focusing on systematic planning and preventing large-scale demolitions [2] - A multi-participant mechanism has been established to encourage public involvement and attract social capital for urban renewal projects [2] Group 2: Improvement of Living Environment - The urban renewal initiatives prioritize public service resource allocation, addressing deficiencies in basic services such as water, electricity, and roads [3] - Significant achievements include the completion of 3,126 kilometers of "three-line" rectification, installation of over 100,000 fire safety facilities, and the addition of 1,371 community green spaces [3] - Specific projects, such as the renovation in the Yuexiu District, have focused on infrastructure improvements and community service enhancements [3] Group 3: Economic Development - Urban renewal is closely linked to the development of a modern industrial system, promoting industrial transformation and upgrading [5] - Projects like the Yongqingfang renovation have successfully integrated various business models, fostering cultural and industrial growth [5] - Policies have been implemented to retain, transform, and attract industries, with a focus on nurturing traditional industries and developing new ones [5] Group 4: Cultural Heritage Preservation - The urban renewal strategy emphasizes the importance of historical and cultural resource preservation, integrating cultural heritage into the renewal process [7] - Initiatives have been launched to protect and restore historical buildings, with 740 cultural relics preserved across a total area of 280,000 square meters [7] - Projects like the renovation of the old Nanhai County community highlight the commitment to maintaining cultural identity while modernizing urban spaces [7]