1 化债两年，城投债务有什么变化？ 在化解存量的目标下，本轮化债城投平台融资结构得以改善，在此过程中，城投平台各渠 道融资成本快速下降， 从数据上看，付息压力边际改善。但值得注意的是，城投有息债务规模 并未压降，过往债务高基数效应下的付息 支出具有滞后效应，新增的低成本债务替代大部分 存量债务可能需要至少 3 年时间，因此我们判断当前城投平台 付息压力仍处在较高点，但随 着时间的推移，城投付息压力将进一步缓解，最终在量平价跌的过程中实现付息支 出的良性 平衡。 1.1 城投债务结构变化 1.1.1 全行业观察：规模仍在增长，银行贷款占比小幅提升 从总量上看，城投平台有息债务仍在增长，但大部分来自银行贷款。截至 2025 年 3 月 底，城投平台有息债务总 额 61.72 万亿元，较 2023 年 6 月底增长 9.4%；其中，银行贷款、 债券、非标分别为 40.67 万亿元、15.41 万亿元 和 5.63 万亿元，分别较 2023 年 6 月底增长 13.06%、2.25%和 4.97%。政策严控债券和非标增量带来直观变化，城 投平台再融资转向银 行渠道，债券和非标变动不大。 从结构上看，城投平台新增的债务 ...

Core Insights - The asset management trust market in July showed a slight decline in issuance quantity and a significant decrease in issuance scale, while the establishment market experienced a notable increase in quantity but a clear decline in scale [1][2]. Issuance Market - In July, a total of 2,549 asset management trust products were issued, representing a month-on-month decrease of 1.13%, with a disclosed issuance scale of 130.318 billion yuan, down 16.35% [1]. - Non-standard products faced significant setbacks, with issuance quantity decreasing by 13.85% and issuance scale dropping by 23.97% [1]. - Conversely, standard products saw a notable increase, with 1,491 standard trust products issued, an increase of 141 products or 10.44%, while the disclosed issuance scale slightly decreased by 1.53% [1]. - The positive performance of the equity market contributed to the growth of standard trust product issuance [1]. Establishment Market - In July, 2,295 asset management trust products were established, marking a month-on-month increase of 10.50%, with a disclosed establishment scale of 77.682 billion yuan, down 6.88% [2]. - Non-standard products also saw a significant decline in establishment scale, with a month-on-month decrease of 9.30% [2]. - The establishment of standard trust products increased significantly, with a rise of 195 products or 17.55%, while the disclosed establishment scale remained relatively stable, decreasing by only 0.09% [2]. - TOF (Trust of Funds) products emerged as a key growth driver in the standard trust establishment market, with 481 products established, an increase of 121 products or 33.62%, and a disclosed establishment scale of 8.561 billion yuan, up 16.90% [2]. Importance of Standard Trusts - The development of standard trusts is crucial in the context of the trust industry's transformation, helping to reduce reliance on non-standard business and mitigate existing risks [3]. - Standard trusts offer high transparency, strong liquidity, and clear risk-return characteristics, catering to diverse investor preferences [3]. - By investing in standardized assets like bonds and stocks, standard trusts can channel social funds into the capital market and support the real economy, thereby enhancing resource allocation efficiency [3].