联合资信 公用评级四部 |李 坤|吴 茵|张 昶 www.lhratings.com 研究报告 1 一、引言 转型与突围——浙江省区县城投企业 新增发债与转型样本观察 城投企业为地方经济发展做出了重要贡献，但在业务开展过程中也积累了大量债 务。2023 年 7 月中央政治局会议提出实施"一揽子化债方案"，后续相关政策密集出 台，城投企业新增融资持续处于收紧状态。2024 年 8 月，中国人民银行等四部委联 合发布《关于规范退出融资平台公司的通知》，明确退出融资平台后，新增融资不受 有关政策限制，同时退出标准规定了融资平台未来发展的两种方向，一种是剥离政府 融资功能，转型成为自主经营、自担风险的市场化经营主体，一种是合规注销。为突 破新增融资的政策限制以及增强自身造血能力，城投企业纷纷谋求市场化转型。 浙江省作为经济大省，城投企业转型发展走在全国前列，实现新增发债的主体数 量也排名靠前。本文梳理了浙江省新增发债的样本企业，通过分析其中数量最多的区 县主体的特征，并观察样本企业的转型指标表现，结合不同企业的转型案例，探索拥 有不同资源禀赋的区县城投企业的转型方向。 二、浙江省新增发债情况 （一）样本筛选 本文筛选 ...

8月26日，西部水泥(02233)盘中上涨5.26%，截至10:14，报2.6元/股，成交1.47亿元。 本文源自：金融界 中国西部水泥有限公司是一家领先的水泥生产商，主营业务包括提供水泥、粒料和混凝土产品，广泛应 用于基础设施和城乡建设。集团拥有39,300,000吨的总产能，并致力于通过高效节能减排和严格环保措 施，满足中国西部及国际市场的需求。 作者：行情君 截至2025年中报，西部水泥营业总收入54.18亿元、净利润7.48亿元。 8月25日，2025财年中报归属股东应占溢利7.483亿人民币，同比增长93.41%，基本每股收益0.137人民 币。 ...

Group 1: Company Overview - Huabei Green Gold Industry Investment Co., Ltd. (referred to as "Green Gold Group") is a state-owned construction materials supplier based in Huabei City, Anhui Province [2] - The main products include aggregate products from its subsidiary Huabei Tongming Mining Co., Ltd. and concrete products from Huabei Liantong Municipal Engineering Co., Ltd. [2] - Tongming Mining is the third-largest producer of construction aggregates in Huabei City and surrounding areas, with a market share of approximately 12.9% [2] - Liantong Municipal is the fifth-largest supplier of asphalt concrete in Huabei City, holding a market share of about 7.4% [2] Group 2: Financial Performance - As of December 31, 2024, Green Gold Group reported total revenue of 236 million yuan, a year-on-year decrease of 18.74% [1] - The net profit attributable to shareholders was -21.97 million yuan, reflecting a year-on-year decrease of 158.61% [1] - The gross profit margin stood at 35.46%, while the debt-to-asset ratio was 71.56% [1] Group 3: Market Position and Valuation - The average price-to-earnings (P/E) ratio for the construction industry is 10.22 times, with a median of 1.53 times [1] - Green Gold Group's P/E ratio is -28.6 times, ranking 133rd in the industry [1] - Other companies in the industry have P/E ratios ranging from 1.01 times to 1.58 times [1]