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as the representative of this policy, "document no. 35" has become a compass for the transformation and upgrading of urban investment platforms since its release in september 2023. after the third plenary session of the 18th cpc central committee, document no. 134 further extended the relevant policies to 2027, while improving the scope of debt replacement and the sustainability requirements of industrial transformation, bringing a clearer target direction for urban investment companies.
many urban investment platforms, like "excellent students in debt reduction", have completed market-oriented transformation and adjustment of their own operating indicators, successfully breaking through the restrictions of document no. 35, and issuing a series of industrial bonds. nanjing zhuoyuan recently conducted a detailed analysis of the issuance of local state-owned enterprise industrial bonds after industrial transformation, in order to provide experience for the vast number of urban investment platforms that are still "preparing for the exam".
so, how to find the right direction during the "exam preparation" stage?
from a market-oriented perspective, the issuance of industrial bonds is one of the important indicators of the transformation and upgrading of urban investment platforms. it reflects the determination of urban investment companies to industrialize and adjust their own operating indicators, and also represents the status and influence of urban investment platforms in the capital market.
nanjing zhuoyuan analyzed in detail the issuance of industrial bonds by local state-owned enterprises after industrialization transformation, trying to find the "password" and provide experience and reference for the vast number of urban investment platforms that are still "preparing for the exam".
1. scale and type of industrial bond issuance: this indicator can be analyzed from aspects such as issuance amount, issuance period, and bond type to understand the investment direction and risk tolerance of the municipal investment platform.
for example, some urban investment platforms choose to issue short-term industrial bonds, reflecting their strong adaptability to market changes; while some urban investment platforms choose long-term industrial bonds, reflecting their confidence in their long-term business goals.
2. targets of industrial bond issuance: investor groups include individual investment, corporate investment, institutional investment and other types. analyzing different investor groups reflects the overall business strategy and market positioning of the municipal investment platform.
for example, some municipal investment platforms issue industrial bonds to professional investment institutions, reflecting their trust in professional investors; while some municipal investment platforms choose to issue industrial bonds to the general public, demonstrating their attention to the mass market.
3. industrial bond issuance environment: analyze the positive and negative factors of the industrial bond issuance environment, such as government policy support, market confidence, and industry development trends, to provide a reference for the municipal investment platform to formulate more reasonable investment strategies.
for example, some city governments have actively introduced policies to support the transformation and upgrading of urban investment platforms and promote industrial development; some urban investment platforms face certain challenges due to fierce market competition.
4. risks of issuing industrial bonds: analyze the risks of industrial bond issuance, such as market risk, industry risk and policy risk, to provide reference for the municipal investment platform to formulate more reasonable investment strategies.
for example, some urban investment platforms face risks brought by market fluctuations and need to adjust their investment strategies in a timely manner according to market changes; some urban investment platforms face policy risks due to policy changes and need to prepare response measures in advance.
5. benefits of issuing industrial bonds: analyze the benefits of industrial bond issuance, such as profit margin, return rate, risk-return, etc., to provide a reference for the municipal investment platform to formulate more reasonable investment strategies.
for example, some municipal investment platforms have obtained good financial returns through the issuance of industrial bonds, reflecting their good operating capabilities; some municipal investment platforms face certain challenges due to market fluctuations brought about by the issuance of industrial bonds.
final, the issuance of industrial bonds is an important indicator of the transformation and upgrading of urban investment platforms, and is also an important basis for reflecting the overall business strategy and market positioning of urban investment platforms.
by analyzing these indicators, we can better understand the transformation and upgrading of urban investment platforms and find more appropriate investment directions.
