Policy Overview - The central bank's structural monetary policy focuses on "interest rate cuts and expansion" targeting agriculture, small enterprises, private businesses, and technological innovation, without implementing total "reserve requirement ratio (RRR) cuts or interest rate reductions" for now[4] - The recent policy shift indicates a transition from "leading the market curve" to "synchronizing with the market," reflecting a more precise and coordinated monetary approach[4] Monetary Policy Details - The central bank lowered the re-lending and re-discount rates by 25 basis points (BP), with the one-year re-lending rate now at 1.25%[4] - An additional 500 billion yuan in re-lending for agriculture and small enterprises has been allocated, with a 1 trillion yuan re-lending specifically for private enterprises[4] - The re-lending quota for technological innovation and transformation has been increased by 400 billion yuan, and a combined risk-sharing tool for technological innovation and private enterprise bonds has been established with a total re-lending quota of 200 billion yuan[4] Economic Context - Since the implementation of previous policies, domestic inflation has shown a mild recovery, with the Consumer Price Index (CPI) increasing by 0.8% year-on-year in December 2025, and the Producer Price Index (PPI) declining by 1.9%[5] - Exports achieved a year-on-year growth of 5.5% in 2025 despite external challenges, indicating sustained competitiveness[5] - The Hang Seng Index led global markets, while the Shanghai Composite Index reached 4,100 points on January 15, 2026, highlighting improved market confidence[5] Future Outlook - The central bank emphasizes that the space for RRR cuts is greater than for interest rate reductions, with an increased focus on government bond operations to manage liquidity[6] - The absence of specific policies for the real estate market suggests that future support will likely rely more on fiscal measures rather than monetary policy, such as interest subsidies and reduced transaction costs[7] - Overall, the structural monetary policy reflects a balance between stabilizing growth, mitigating risks, and promoting transformation amid ongoing economic challenges[7]

Financial Overview - Total assets of local financial holding companies are projected to grow from CNY 84,530.60 million at the end of 2023 to CNY 108,296.23 million by June 2025, representing an increase of approximately 28.3%[2] - Total profit is expected to rise from CNY 1,158.03 million in 2023 to CNY 698.61 million by June 2025, indicating a decline in profitability[2] - The net profit is forecasted to decrease from CNY 970.31 million in 2023 to CNY 573.61 million by June 2025, reflecting a significant drop in earnings[2] Concentration Ratios - The asset concentration ratio (CR5) is expected to increase from 42.46% at the end of 2023 to 46.15% by June 2025, indicating a trend towards asset concentration among the top five firms[1] - The profit concentration ratio (CR10) is projected to rise from 60.98% in 2023 to 63.88% by June 2025, showing that profit generation is becoming increasingly concentrated among the top ten firms[1] Regulatory Environment - The financial regulatory framework has deepened since 2024, focusing on compliance and risk prevention, which has increased management costs and governance challenges for local financial holding companies[6] - The regulatory trend is moving towards a more legal and refined approach, with stricter requirements for risk identification and internal control for subsidiaries[6] Market Dynamics - The local financial holding industry has formed a three-tier development structure, with significant resource and risk differentiation across regions, necessitating attention to operational risks of new platforms[6] - The capital strength of local financial holding companies shows significant differentiation, with provincial platforms generally having better short-term debt repayment capabilities compared to city-level platforms[6] Credit Risk Outlook - The overall credit rating of the local financial holding industry remains stable and at a high level, with provincial platforms generally having better credit quality than city-level platforms[6] - The industry is expected to face continued pressure on profitability in 2026, but with macroeconomic recovery and government support, the overall credit risk is considered manageable[6]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - In 2025, the issuance scale of panda bonds exceeded 160 billion yuan, ranking second in history. Benefiting from factors such as the cost - advantage of domestic financing, continuous introduction of policy optimization, and the improvement of RMB internationalization, it is expected that panda bonds will remain popular in 2026, and the issuance volume may stay at a historically high level [1][34] 3. Summary According to the Directory 3.1 2025 Panda Bond Issuance Overview - **Issuance Scale and Quantity**: In 2025, 44 entities issued 114 panda bonds with a total scale of 163.66 billion yuan. The number of issuers remained the same as last year, the number of issuance periods increased by 4.5% year - on - year, and the scale decreased by 16.0% year - on - year but was still at a high historical level [3] - **Reasons for High - level Issuance**: Firstly, the domestic financing cost has an advantage, and the panda bond market is still attractive to overseas issuers. Although the interest rate spread has narrowed due to the continuous interest rate cuts by European and American central banks, the domestic financing cost is still low. Secondly, policies for optimizing panda bond systems were continuously introduced, providing institutional convenience. Thirdly, the internationalization of the RMB continued to improve, and the exchange rate strengthened, increasing the attractiveness of RMB assets [5][8][11] 3.2 Characteristics and New Trends of the 2025 Panda Bond Market - **Low - interest Environment and Cost Reduction**: The domestic market maintained a low - interest environment. The issuance of panda bonds was concentrated in the medium - and long - term, and the average issuance cost hit a new low. The issuance volume of panda bonds reached a peak from June to July, and there was a significant correlation between the monthly issuance scale and the domestic interest rate trend [13][14] - **Optimized Issuer Structure**: The issuer structure of panda bonds was more optimized. The proportion of panda bond issuers with foreign backgrounds reached a new high since 2019, and the sources of issuers were more diversified. The registration locations of issuers showed a decentralized trend [15] - **Diversified Industry Distribution**: The industry distribution of panda bond issuers was relatively diversified. Financial institutions ranked first in the issuance scale, and the scale of panda bonds issued by the daily consumption industry decreased significantly. There were new issuances of sovereign panda bonds [19][20] - **Reduction in Rated Bond Quantity**: The number of panda bonds issued with ratings decreased. The credit ratings of bonds were mainly concentrated in the AAA level, and the proportion of unrated panda bonds increased [21] - **Change in Sustainable Development - themed Bonds**: The issuance scale of sustainable development - themed panda bonds continued to decline. Green panda bonds accounted for the highest proportion, and product innovation was more active, with new science - and technology innovation panda bonds issued [24][25] 3.3 Outlook for the 2026 Panda Bond Market - **Low Financing Cost**: It is expected that the financing cost of panda bonds will remain low in 2026. The PBOC will continue to implement a moderately loose monetary policy, and the Fed's monetary policy may continue to be loose, but there are significant differences in the interest rate cut rhythm. The relative financing cost advantage of the RMB still exists, but the inversion of the Sino - US interest rate spread may continue to narrow [27][29] - **Continuous Improvement of External Conditions**: RMB internationalization is expected to continue to advance, and relevant panda bond regulations are expected to be continuously improved. The PBOC welcomes more overseas entities to issue panda bonds, which will provide a good external environment for the panda bond market [30][31] - **High Refinancing Demand**: In 2026, the panda bond market will face a peak of maturity and repayment. The high refinancing demand will support the issuance of panda bonds [32] - **Diversified Expansion of Issuers**: Driven by the Belt and Road Initiative and multilateral mechanisms, the panda bond market will see opportunities for the expansion of diversified issuers in 2026 [33] - **Overall Forecast**: In 2026, panda bonds are expected to remain popular, and the issuance volume may stay at a historically high level [34]

Investment Rating - The report indicates a stable outlook for the steel industry, with a focus on credit risk management and a controlled repayment risk due to the concentration of high credit-rated enterprises [4][54]. Core Insights - The steel industry is experiencing a moderate recovery in the overall economy, driven by policies that restrict new capacity and promote advanced production [4][6]. - The demand for steel is showing a mixed pattern, with weak construction demand, strong manufacturing demand, and stable exports [4][15]. - The profitability of the steel industry has improved due to the decline in raw material prices, although high inventory levels and structural supply-demand mismatches continue to suppress steel prices [4][12]. - The financial health of the steel industry remains challenged, with high debt levels and weak repayment capacity indicators [28][40]. Industry Fundamentals Macroeconomic Environment - The macroeconomic policies are supporting a mild recovery, with a focus on expanding domestic demand and stabilizing growth [6][7]. - The economic structure is showing signs of divergence, with supply outpacing demand and prices remaining weak [6][7]. Industry Policies and Regulatory Environment - Policies in the steel industry are focused on eliminating outdated capacity and promoting green transformation, with a dual approach of constraints and incentives [8][9]. - Recent policies aim to support energy-saving and carbon reduction projects, enhancing the competitiveness of advanced enterprises [8][9]. Industry Operating Conditions - The steel industry has maintained overall stability despite multiple pressures, with manufacturing steel demand becoming a core support [4][15]. - The revenue from the black metal smelting and rolling industry decreased by 3.9% year-on-year, while total profits turned positive [4][12]. Financial Status Growth and Profitability - The steel industry has seen a rebound in profitability, with a 95.05% year-on-year increase in operating profit for sample enterprises in the first three quarters of 2025 [29][31]. - Despite a slight decline in total revenue, the improvement in profitability indicates a recovery in growth potential [29][31]. Leverage Levels - The steel industry continues to face high debt burdens, with significant leverage ratios and a need for debt resolution [40][42]. - The average debt-to-capitalization ratio remains elevated, indicating ongoing financial stress [40][42]. Repayment Capacity - The repayment capacity indicators are weak, with cash assets insufficient to cover short-term debts [42][43]. - The overall debt-to-EBITDA ratio is significantly above healthy levels, highlighting the need for improvement in repayment capabilities [42][43]. Bond Market Performance - The bond market for the steel industry has shown stability, with a total issuance of approximately 170.19 billion yuan in bonds [45][46]. - High credit-rated enterprises dominate the bond issuance landscape, while lower-rated entities face significant financing challenges [45][46]. Outlook - Short-term demand for steel is expected to remain weak, particularly in the real estate sector, while manufacturing and export demand may provide some support [54]. - Long-term trends indicate a shift towards high-end manufacturing and green energy, necessitating a transformation in the steel industry's profitability model [54].

Policy Overview - The Ministry of Finance and the State Taxation Administration announced a differentiated adjustment to the export tax rebate policy for photovoltaic (PV) products, effective April 1, 2026, marking a strategic shift from subsidy-driven to market-driven growth[5] - The policy aims to address issues of overcapacity, price competition, and international trade friction in the PV manufacturing industry[4] Short-term Impacts - The export tax rebate for all PV products, including silicon wafers, solar cells, and modules, will be completely eliminated, with the previous 9% rebate rate reduced to 0%[6] - The export volume for polysilicon, silicon wafers, solar cells, and modules in 2024 is projected to be approximately 40,000 tons, 60.9 GW, 58.3 GW, and 236.2 GW, respectively, with module exports accounting for 40.2% of production[9] - The removal of the rebate will increase tax costs for exporting companies, leading to a significant drop in profitability; for example, the profit margin for solar modules will decrease from 7.73% to -0.17%[9] Long-term Effects - The policy is expected to accelerate the exit of less competitive small and medium-sized enterprises (SMEs) from the market, leading to a structural reshaping of the industry[10] - By eliminating reliance on export tax rebates, the industry will shift towards a focus on technology and value-driven competition, enhancing innovation and quality[11] - The market concentration in the PV manufacturing sector is projected to increase, with the CR5 market share for polysilicon, silicon wafers, solar cells, and modules expected to rise to 78%, 77%, 62%, and 63% respectively by 2025[12] Strategic Implications - The adjustment is seen as a proactive measure to mitigate international trade disputes and enhance the global competitiveness of Chinese PV products[13] - Companies with established overseas production capabilities will benefit from the policy, as they can mitigate risks associated with the removal of export rebates and tariffs[12]

Investment Rating - The report indicates a stable credit level for the local Asset Management Company (AMC) industry, with no rating adjustments noted for 2025 [8][39]. Core Insights - The local AMC industry is entering a phase of strict regulation, marked by the release of the "Interim Measures for the Supervision and Administration of Local Asset Management Companies" in July 2025, which establishes a unified regulatory framework [8][9]. - The industry is experiencing a trend of returning to its core business, with a reduction in the number of institutions and a clear differentiation in the competitive landscape, leading to a pronounced head effect [8][12]. - As of mid-2025, the industry has seen a slowdown in asset and net asset growth, although profitability has shown signs of recovery, and overall debt repayment risks remain moderate [8][12]. - The financing environment for local AMCs has improved, with a diversification of financing methods and a notable decrease in bond issuance costs [36][55]. Industry Policy and Regulatory Environment - The regulatory framework has shifted to a "strict regulation + encouragement of business development" approach since 2024, guiding AMCs to focus on their core business and enhance risk management [9][10]. - The new regulations require local AMCs to standardize operations and strengthen risk control, introducing quantitative regulatory indicators that will reshape the industry’s business ecology [9][10]. Industry Competition Status - The number of local AMCs has decreased, with a trend of internal license consolidation continuing, leading to a more competitive environment [12][13]. - The industry is witnessing a clear division between state-owned and private AMCs, with state-owned entities receiving more support from local governments due to their role in mitigating regional financial risks [16][18]. Industry Operating and Financial Conditions - The overall asset quality of local AMCs has been under pressure, particularly due to the real estate market downturn, which has affected asset valuations and liquidity [27][21]. - As of mid-2025, the net asset growth rate for local AMCs was recorded at 3.73%, indicating a strong capital position despite a slowdown in growth [28][29]. - Profitability indicators have shown a rebound in the first half of 2025, with total profits and net profits increasing by 25.35% and 21.13% year-on-year, respectively [30][31]. Financing and Debt Repayment Levels - The financing environment has improved, with an increase in the number of local AMCs issuing bonds, and the overall credit level remains stable [39][40]. - The industry has seen a significant decrease in bond issuance costs, with average financing costs dropping by approximately 35 basis points in 2025 [55][57]. - The debt repayment indicators are at a moderate level, with cash reserves covering short-term debts remaining stable [37][36].

Group 1: Current Situation of Asset Transfers - The number of asset transfer cases involving urban investment companies has significantly increased, with 292 cases expected in 2024, marking a recent peak[5] - Jiangsu and Zhejiang provinces account for approximately 40% of all asset transfer cases, with 213 and 174 cases respectively[8] - In 2024, the number of asset transfers by county-level urban investment companies surpassed that of city-level companies for the first time[6] Group 2: Impact of Asset Transfers - Asset transfers can lead to increased uncertainty in debt repayment capabilities, contributing to credit risk for urban investment companies[4] - Approximately 9.5% of asset transfer cases triggered bondholder meetings, with about 4% involving significant asset restructuring[11] - About 85% of asset transfers involved equity transfers, with a significant portion being non-compensated transfers of real estate and land[16] Group 3: Reasons Behind Asset Transfers - The asset transfers reflect efforts by urban investment companies to achieve market-oriented transformation and high-quality development amid national debt reduction policies[19] - Local governments are actively promoting the revitalization of state-owned assets to mitigate debt risks, often through the establishment of industrial groups[21] - Urban investment companies are focusing on core businesses and improving profitability by shedding non-core and underperforming assets[24] Group 4: Investor Perspectives - Investor recognition tends to decrease when urban investment companies transfer significant subsidiaries involved in cash-generating activities[30] - Conversely, transferring high-debt subsidiaries or loss-making entities can enhance investor confidence[28] - The analysis of 27 major asset transfer cases shows that over 70% of the companies experienced changes in their functional positioning and credit risk indicators[38]

Investment Rating - The report indicates a stable outlook for the consumer finance industry, with expectations of steady growth in market size but potential challenges in growth rates due to various economic factors [9][48]. Core Insights - The consumer finance industry is experiencing a slowdown in credit growth due to factors such as slow income growth, weak consumer confidence, and a shift in deposits towards investments and wealth management [9][10]. - The asset quality of consumer finance companies remains relatively stable, but there are signs of pressure due to increased bad debt transfers and retail credit risk exposure [9][10]. - The industry is facing a narrowing interest margin and compressed profit space, with a significant focus on self-operated business transformation and risk control capabilities as core competitive advantages [48][50]. Industry Policy and Regulatory Environment - In 2024, policies aimed at boosting consumption were implemented, but consumer performance did not meet expectations. The contribution of final consumption expenditure to economic growth decreased [10][11]. - Regulatory policies are pushing the consumer finance industry towards lower interest rates and stronger compliance, which may lead to increased competition and a focus on customer acquisition and risk management capabilities [15][17]. Industry Competition Landscape - The competition in the consumer finance market is intensifying, with commercial banks holding a significant position. The proportion of credit cards in consumer loans is declining, while self-operated consumer loans and internet finance platforms are gaining traction [18][19]. - The industry is characterized by a clear differentiation between leading companies and others, with top firms benefiting from lower funding costs and stronger risk control capabilities [50][51]. Business Operations and Financial Status - Consumer finance companies are expanding their service offerings, particularly in scenario-based loans, but the product structure remains heavily weighted towards cash loans [22][23]. - The average non-performing loan (NPL) rate for consumer finance companies decreased to 1.97% by the end of 2024, reflecting improved asset quality management [25][26]. - Financing costs for consumer finance companies have decreased, with many institutions reporting costs below 4% [30][31]. Capital Adequacy Level - The capital adequacy ratio for consumer finance companies was 13.04% at the end of 2024, indicating a decline but still within a sufficient range [39][40]. - The industry is facing challenges in capital replenishment, with limited new capital injections and a slowdown in the pace of capital increases [35][36]. Industry Bond Market Performance - The bond issuance activity among consumer finance companies increased in 2024, with a total of 33 bonds issued, reflecting a strong market recognition [40][41]. - The average coupon rate for bonds issued by consumer finance companies has been on a downward trend, indicating improved credit quality and market acceptance [42][43]. Future Outlook - The consumer finance industry is expected to continue expanding, driven by policies promoting consumption and increasing penetration in lower-tier markets, although growth rates may stabilize in the short term [48][49]. - The importance of self-operated business transformation and risk control capabilities is expected to rise, as companies adapt to regulatory pressures and market conditions [48][50].

Investment Rating - The report provides a stable outlook for the water industry, indicating a potential for continued investment growth due to ongoing infrastructure projects and government support [5][7]. Core Insights - The water industry in China is experiencing a stable investment environment, with significant government funding and a focus on improving water resource management and wastewater treatment capabilities [6][8]. - Urban water supply and wastewater treatment are key growth areas, with urban water supply capacity stabilizing and rural water supply still having development potential [14][16]. - The report highlights the importance of government subsidies in supporting the profitability of water enterprises, with a noted increase in operating revenues and net cash flows in recent years [26][28]. Industry Overview - In the first three quarters of 2025, national water conservancy construction investment reached 879.79 billion yuan, a decrease of 5.30% year-on-year, but still maintaining a high level [7]. - The total water resources in China are abundant, but unevenly distributed, with surface water quality improving, although northern regions still lag behind southern regions [14][15]. - Urban water supply and wastewater treatment are critical for industry growth, with urban water supply population reaching 564 million in 2024, and urban wastewater treatment capacity increasing [18][20]. Policy and Regulatory Environment - Recent policies focus on enhancing water efficiency, expanding capacity, and improving profitability through stricter water conservation measures and wastewater treatment standards [8][10]. - The government is implementing a water resource tax reform, which is expected to enhance local fiscal capacity and promote sustainable water resource management [11][12]. Financial Performance - Water enterprises have shown fluctuating revenue growth, with total operating revenue for the first three quarters of 2025 reaching 256.40 billion yuan, a year-on-year increase of 5.06% [26][28]. - The average total capital return rate for water enterprises has been declining, indicating potential profitability challenges [26][27]. - Cash flow from operating activities has been stable, with a net cash flow of 52.31 billion yuan in the first three quarters of 2025, reflecting strong revenue realization capabilities [28][29]. Debt and Leverage - The total debt of water enterprises has been increasing, with a compound annual growth rate of 11.27% from 2022 to 2024, primarily due to infrastructure investments [34][37]. - The debt structure is predominantly long-term, with long-term debt accounting for 75.15% as of September 2025 [38][39]. - The average asset-liability ratio has shown a slight increase, indicating a growing debt burden among water enterprises [37][40]. Market Dynamics - The competitive landscape of the water industry remains stable, characterized by regional monopolies and the presence of cross-regional operators [24]. - The report notes that the water industry is increasingly focusing on environmental governance and wastewater treatment, which require significant capital and technical expertise [24][25].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Views of the Report - Zhengzhou, as the capital city of Henan Province and a national central city, has obvious location advantages, high - level economic development, and a reasonable industrial structure. However, the government debt burden is heavy. The economic development of its districts, counties, and functional areas varies greatly, and the debt situation of different regions also shows differences. The debt burden of most of Zhengzhou's bond - issuing urban investment enterprises has increased, and the short - term debt - paying pressure is prominent [4]. - Multiple policies support the regional development of Zhengzhou, and the city has received strong support in fiscal transfer payments and special fund allocations. The government at all levels in Zhengzhou has strengthened the monitoring and management of debt to actively resolve hidden debts and control debt risks [4][12]. Group 3: Summary According to the Directory I. Zhengzhou's Economic and Fiscal Strength (1) Regional Characteristics and Economic Development of Zhengzhou - Zhengzhou has significant location advantages and convenient transportation. It is the center of the "Central Plains Economic Zone", with a "double - cross" railway network and is one of the highest - level international comprehensive transportation hubs. It also has a well - developed aviation and port system [5][7]. - Zhengzhou has a high level of urbanization. By the end of 2024, its permanent population was 13.086 million, ranking first in Henan Province, with an urbanization rate of 81%, 1 percentage point higher than the previous year and higher than the provincial average [6]. - In 2024, Zhengzhou's GDP was 1.45321 trillion yuan, ranking first in Henan Province, with a growth rate of 5.7%. The per - capita GDP was 111,100 yuan, also ranking first. From January to September 2025, its GDP was 1.118978 trillion yuan, with a year - on - year growth of 5.4% [8]. - Zhengzhou has a reasonable industrial structure, with six leading industrial clusters contributing over 90% to above - scale industries. The added value of above - scale industries and six leading industries has maintained a growth trend [9]. - Multiple policies support Zhengzhou's development. In 2024, Zhengzhou received 50.65 billion yuan in transfer payments and 6.95 billion yuan in ultra - long - term special treasury bond funds, and also obtained special fund support in various fields [12]. (2) Fiscal Strength and Debt Situation of Zhengzhou - In 2024, Zhengzhou's general public budget revenue ranked first in Henan Province, with acceptable quality and strong self - sufficiency. However, the government fund revenue decreased year - on - year, and superior subsidies contributed to the comprehensive financial resources [14]. - By the end of 2024, Zhengzhou's government debt burden was relatively high in Henan Province, with a debt ratio of 196.04% and a debt - to - GDP ratio of 27.10%, ranking 15th and 4th respectively among prefecture - level cities in the province [15]. II. Economic and Fiscal Conditions of Zhengzhou's Districts, Counties, and Functional Areas (1) Economic Strength of Zhengzhou's Districts, Counties, and Functional Areas - The overall economic development level of Zhengzhou's districts, counties, and functional areas is high, but there are significant regional differences. Jinshui District has the strongest economic strength, and Jinshui and Gongyi have the highest per - capita GDP [17]. - Zhengzhou has a clear industrial spatial layout. The electronic information industry is mainly concentrated in four functional areas, while other industries are distributed in different districts and counties according to their characteristics [21]. - In 2024, Jinshui District was the only area with a GDP exceeding 200 billion yuan. The four functional areas accounted for about 33% of Zhengzhou's GDP. The GDP growth rate of the Airport Economic Zone was as high as 13.0% [24]. (2) Fiscal Strength and Debt Situation of Zhengzhou's Districts, Counties, and Functional Areas - **Fiscal Revenue**: In 2024, Zhengdong New Area, Economic Development Zone, and Jinshui District had a general public budget revenue exceeding 10 billion yuan. The tax revenues of most regions decreased, and the fiscal revenue quality varied. The core urban areas had a high tax ratio, while the subordinate counties and cities were more dependent on non - tax revenues [26]. - **Debt**: By the end of 2024, the government debt of all regions in Zhengzhou increased. The Airport Economic Zone had the largest debt stock. Some regions had a high debt ratio, while the debt ratio of Zhongmou County decreased significantly. The governments at all levels have strengthened debt management and risk control [35]. III. Debt - paying Ability of Zhengzhou's Urban Investment Enterprises (1) General Situation of Zhengzhou's Urban Investment Enterprises - As of September 30, 2025, there were 27 bond - issuing urban investment enterprises in Zhengzhou, mainly at the municipal level and in Zhengdong New Area, with AA and AA+ as the main credit ratings. One enterprise was put on the credit rating watch list in 2024 [43]. (2) Bond - issuing Situation of Zhengzhou's Urban Investment Enterprises - In 2024, the bond - issuing scale of Zhengzhou's urban investment enterprises decreased slightly year - on - year, mainly concentrated in the Airport Economic Zone and the municipal level. Affected by debt - resolution policies, the net bond financing scale of most regions shrank significantly [46]. - In 2024, the net bond financing of Zhengzhou's urban investment enterprises was 5.119 billion yuan, and the net inflow state continued in the first three quarters of 2025 [48]. (3) Debt - paying Ability Analysis of Urban Investment Enterprises - By the end of 2024, the debt scale of Zhengzhou's bond - issuing urban investment enterprises continued to grow, mainly concentrated in the municipal level and the Airport Economic Zone. Most regions' debt burden increased [51]. - The short - term debt - paying pressure of Zhengzhou's urban investment enterprises is prominent. The coverage ratio of cash - like assets to short - term debt is generally low. The net cash inflow from financing activities decreased significantly year - on - year in 2024 [51]. (4) Support and Guarantee Ability of Fiscal Revenue for the Debt of Bond - issuing Urban Investment Enterprises - In 2024, except for the Airport Economic Zone, the ratio of "total debt of bond - issuing urban investment enterprises + local government debt" to comprehensive financial resources in Zhengzhou's municipal level and other regions was between 195.76% and 517.99%, with Gongyi having the highest ratio [62].