信用债周度跟踪：如何看待今年来城投股权的频繁变更？
䈭䰻䈱ᴶж享ރ䍙༦᱄ؗᚥᣡ䵨 http://www.cindasc.com 1 ۯּاٴюڬѽऀױࣩॾՉޟ ͅ ȍȍ Ғऀ❔յچ૦૭ [Table_ReportTime] 2022ᒪ11ᴾ7ᰛ [Table_FirstAuthor] ᶄж⡳ രᇐ᭬ⴀ俌ᑣ᷆ᐾ࠼ ᢝѐ㕌ਭφS1500520050002 㚊㌱⭫䈓φ+86 18817583889 䛤 φliyishuang@cindasc.com 䈭䰻䈱ᴶж享ރ䍙༦᱄ؗᚥᣡ䵨 http://www.cindasc.com 2 䇷⹊ガᣛ ٰ⹊ガ [Table_ReportType] щ从ᣛ [Table_Author] ᶄж⡳ രᇐ᭬ⴀ俌ᑣ᷆ᐾ࠼ ᢝѐ㕌ਭφS1500520050002 㚊㌱⭫䈓φ+86 18817583889 䛤 φ liyishuang@cindasc.com ᵧ䠇ؓ 㚊㌱Ӱ 㚊㌱⭫䈓φ+86 15850662789 䛤 φ zhujinbao@cindasc.com ؗ䗴䇷㛗Գᴿ䲆ޢਮ CINDA SECURITIES CO.,LTD ्Ӣᐸ㾵ค॰䰯ᐸਙཝ㺍9ਭ䲘1ਭᾲ 䛤㕌φ100031 3 ؗ⭞ٰઞᓜ䐕䑠 [Table_ReportDate] 2022ᒪ11ᴾ7ᰛ [Table_Summary] ¾ рઞθ䍺䠇⦽ሯ䗽ৱᮦᴾᴾࡓ≪ᒩ᱄ᱴॽ儎θ1Yᵕؗ⭞ٰ᭬ⴀ⦽р㺂3-5BPθ5ᒪᵕ〃Ⲻ䈹᮪ᑻᓜҕཝ㠪ᖉθռ3YᵕौуཝȾ1Yᵕ〃ؗ⭞ᐤр㺂4-5BPθ3Yᵕ〃ؗ⭞ᐤс㺂4-5BPθ5Yᵕ〃ؗ⭞ᐤौуཝθ㙂ᵕ䲆ᐤ᮪։с㺂Ⱦ ¾ Ԁᒪᶛਇٰคᣋޢ㛗ђᴪⲺṾׁ仇⧦ȾԀᒪԛᶛθคᣋٰᐸ൰њᶷ࠼ौⲺ⣬ᘷࣖ࢝θռᱥ࠰⧦Ҽคᣋ㛗ᵹⲺᴪᴪࣖ仇㑷Ⲻ⧦䊗ȾԀᒪᶛθᴿާ91ᇬਇٰᒩਦਇᐹ㛗ᵹᴪⲺޢȾѱ㾷࠼ᐹӄђ䜞Ƚѣ䜞ԛᐓ॰ตθъ॰৵㓝ᒩਦখ∊儎䗴76%Ⱦ ¾ คᣋć㛗ᵹᎂྍĈ′′′′ᕅⴑ㺂ȾԀᒪᶛθคᣋ㛗ᵹᴪ′′′′ᕅѱ㾷ᴿԛсп〃: ެжθ൞㛗ђള䍺ညȽ䍘᭵ቶᅀфḆคᣋᒩਦ㛗ᵹީ㌱ѣ䰪߃ࣖжቸ㛗ᵹީ㌱θ䙐ᑮ᯦䇴жѠคᣋᒩਦᡌ㘻ֵ⭞жѠࢃᵕᵠ൞ޢᔶᐸ൰рਇٰⲺᒩਦᶛ֒Ѱѣ䰪㛗ᵹީ㌱Ⲻ䖳։θᡇԢᇐѿѰć㛗ᵹᎂྍĈ′′′′ᕅχެӂθคᣋ㛗ᵹ൞ള䍺ညૂ䍘᭵ቶᅀ᭵ᓒᵰᶺҁ䰪ᰖࡈڵ䖢χެпθคᣋ㛗ᵹ൞॰ตуੂคᣋᒩਦҁ䰪ᰖࡈڵ䖢Ⱦ ¾ คᣋć㛗ᵹᎂྍĈ′′′′ᕅⴑ㺂ѱ㾷ᡌᴿԛсњѠഖφެжθⴇ㇗ሯ⎿䳆ᒩਦ㷃䍺᭵ᆔ䏁ћθ䜞࠼॰ตคᣋᡌ⎿䳆ٰθ൞㛗ђૂ⎿䳆ᒩਦҁ䰪߃໔ࣖжቸ᯦䇴ᒩਦⲺ㛗ᵹީ㌱θᡌਥ⭞᯦䇴ᒩਦу⎿䳆ⲺՎࣵᶛᨆॽ㷃䍺Ⲻᙝχެӂθള䍺ညȽ䍘᭵ቶᅀ᭵ᓒ䜞䰞ሼᤷᴿᒩਦᡌളԷ㛗ᵹᰖࡈڵ䖢㠩ਜж᯦䇴คᣋθ䘑㺂คᣋⲺ䍺ӝ᮪ਾθਥԛڐཝ॰ตѱคᣋⲺ䍺ӝ㿺′′′′θᡌԛ↚ᶛᨆॽ॰ตѱคᣋⲺཌ䜞䇺㓝θᨆॽ॰ตⲺ㷃䍺㜳࣑Ⱦ ¾ ռԀᒪޢⲺคᣋć㛗ᵹᎂྍĈṾׁѣθ᯦ࣖޛⲺ㛗ᒩਦࠖ҄䜳ቐᵠޢᔶਇٰθᰖ⌋࡚ᯣⴇ㇗ሯӄ䘏㊱ᒩਦⲺ㷃䍺䲆࠰⧦Ҽ᭴ᔶθᡇԢҕᰖ⌋㧭ެ䬬㺂⍷䍭㿺′′′′ᅀ䠃㾷ؗᚥθคᣋć㛗ᵹᎂྍĈ′′′′ᕅሯ॰ตᒩਦཌ䜞䇺㓝ૂ㷃䍺㜳࣑ᨆॽⲺᖧଃᴿᖻ㿸ሕȾ ¾ ഖ↚θ൞ⴇ㇗ћ൦ᯯ᭵ᓒ䳆᯦ٰ໔Ⲻ᭵ᆔ㜂Ქҁсθคᣋ䙐䗽ć㛗ᵹᎂྍĈⲺ′′′′ᕅᨆॽ㷃䍺ᙝⲺ᭾᷒⸣ᵕᆎ൞у⺤ᇐᙝθ䮵ᵕ䘎ᱥ䴶㾷ⵁ᭵ᓒሯ॰ตᒩਦⲺᇔ䍞ᙝ᮪ਾ࣑ᓜૂ䘑ᓜԛⴇ㇗ሯคᣋ㷃䍺᭵ᆔⲺौȾ㙂㘹㲇ࡦⴇ㇗ሯཌ䜞䇺㓝㲐儎᮪⋱Ⲻཝ⧥ູҁсθሯӄคᣋθቚެᱥ䜞࠼䍘࣑䖹ᕧⲺ॰ตคᣋᶛ䈪θ䙐䗽ㆶঋⲺᣛ㺞ਾᒬθڐཝ䍺ӝ㿺′′′′ᶛᨆॽ䇺㓝䶘ѪⲺ䳴ᓜᡌ䖹ཝȾ㔣ᡇԢਥԛ䠃⛯䐕䑠ć㛗ᵹᎂྍĈ′′′′ᕅѣ᯦໔㛗ᒩਦᵠᶛཌ䜞䇺㓝ૂٰ㷃䍺ᅀ䠃㾷ؗᚥȾ ¾ 伄䲟ഖ㍖φṭᵢ䘿څᐤૂᮦᦤ㔕䇗ཧ䈥θคᣋ᭵ᆔ䎻人ᵕȾ 䈭䰻䈱ᴶж享ރ䍙༦᱄ؗᚥᣡ䵨 http://www.cindasc.com 3 ऩ ڣ жȽྸⵁᖻԀᒪᶛคᣋ㛗ᵹⲺ仇㑷ᴪϋ ................................................................................... 4 ӂȽؗ⭞ᐤ䐕䑠 ............................................................................................................................... 6 пȽؗ⭞ᐤᮦᦤᓉ㕌䈪᱄ ......................................................................................................... 11 伄䲟ഖ㍖ ............................................................................................................................................. 11 ֣ ऩ ڣ ഴ 1φԀᒪᶛⴷਇᐹ㛗ᵹᴪޢᒩਦᮦ䠅δᇬε ............................................................ 4 ഴ 2φԀᒪᶛਇᐹ㛗ᵹᴪޢᒩਦуੂ㺂᭵ࡡখ∊δ%ε ................................................... 4 ഴ 3φԀᒪᶛ䜞࠼คᣋ㛗ᵹᴪޢứ⨼ .............................................................................. 4 ഴ 4φคᣋć㛗ᵹᎂྍĈ′′′′ᕅഴ䀙 ......................................................................................... 5 ഴ 5φԀᒪࢃпᆙᓜⴷ॰৵㓝ᒩਦ߶㷃䍺䖹ৱᒪੂᵕࠅቇ㿺′′′′фⴷޢ㛗ђᴪ॰৵㓝ᒩਦᇬᮦδӵݹȽᇬε 5 ഴ 6φѣٰѣ⸣車ૂളᔶٰ᭬ⴀ⦽ ......................................................................................... 6 ഴ 7φѣٰѣ⸣車ؗ⭞ᐤδBPε ......................................................................................... 7 ഴ 8φѣٰѣ⸣車䇺㓝ૂᵕ䲆ᐤδBPε .............................................................................. 7 ഴ 9φ䠃⛯ⴷAAAคᣋٰؗ⭞ᐤौδBPͨ ....................................................................... 8 ഴ 10φ䠃⛯ⴷAA+คᣋٰؗ⭞ᐤौδBPε ...................................................................... 8 ഴ 11φ䠃⛯ⴷAAคᣋٰؗ⭞ᐤौδBPε ....................................................................... 8 ഴ 12φуੂ䇺㓝คᣋٰؗ⭞ᐤ᮪։䎦ࣵδBPε .................................................................. 8 ഴ 13φ䠃⛯ӝѐٰؗ⭞ᐤौδBPε ................................................................................ 9 ഴ 14φ⻝ṸണȽ䘒⍁ૂ᯦ค㛗ؗ⭞ᐤδBPε .................................................................. 9 ഴ 15φ嗏5.Ƚн〇ૂؓؗ⭞ᐤδBPε ............................................................................ 9 ഴ 16φ䲋➚ૂᲁ㜳➚ѐؗ⭞ᐤδBPε ................................................................................ 9 ഴ 17φᇓ↜Ƚ⋩䫘ؗ⭞ᐤδBPε ....................................................................................... 9 ഴ 18φѐ䬬㺂ؗ⭞ᐤδBPε ......................................................................................... 10 ഴ 19φѐ䬬㺂ӂ㓝䍺ᵢٰ䎻仓ᐤδBPε ....................................................................... 10 ഴ 20φѐ䬬㺂≮㔣ٰ䎻仓ᐤδBPε .............................................................................. 10 ഴ 21φӝѐ≮㔣ٰ䎻仓ᐤδBPε ...................................................................................... 11 ഴ 22φคᣋ≮㔣ٰ䎻仓ᐤδBPε ...................................................................................... 11 䈭䰻䈱ᴶж享ރ䍙༦᱄ؗᚥᣡ䵨 http://www.cindasc.com 4 жȽྸⵁᖻԀᒪᶛคᣋ㛗ᵹⲺ仇㑷ᴪϋ рઞθ1Yᵕളᔶٰ᭬ⴀ⦽ᤷᒩθ3Yᵕૂ5Yᵕളᔶٰ᭬ⴀ⦽ࡡ࠼р㺂6BPૂ4BPȾռ൞䍺䠇⦽ሯ䗽ৱᮦᴾᴾࡓ≪ᒩ᱄ᱴॽ儎Ⲻ㜂Ქсθ1Yᵕؗ⭞ٰ᭬ⴀ⦽р㺂3-5BPθ5ᒪᵕ〃Ⲻ䈹᮪ᑻᓜҕཝ㠪ᖉθռ3YᵕौуཝȾᗍֵ䘏1Yᵕ〃ؗ⭞ᐤр㺂4-5BPθ3Yᵕ〃ؗ⭞ᐤс㺂4-5BPθ5Yᵕ〃ؗ⭞ᐤौуཝθ㙂ᵕ䲆ᐤ᮪։с㺂Ⱦ㙂൞คᣋٰᐸ൰рθԃ❬⧦࠰Ҽњᶷ࠼ौⲺ⣬ᘷȾ ԀᒪⲺคᣋٰᐸ൰θคᣋ㛗ᵹⲺᴪղ҄ᴪࣖ仇㑷ȾԀᒪԛᶛθާᴿ91ᇬਇٰคᣋޢᔶਇᐹ㛗ђ/㛗㛗ђᴪޢȾԄ॰ตᶛⵁθѱ㾷࠼ᐹӄђ䜞Ƚѣ䜞ԛᐓ॰ตȾެѣ⊕㤅Ƚ⊕㾵ૂ⎏⊕ࡡ࠼ᴿ17ᇬȽ10ᇬԛ9ᇬᒩਦȾԄ㺂᭵㓝ࡡᶛⵁθ॰৵㓝ᒩਦখ∊儎䗴76%θ㙂൦ᐸ㓝ᒩਦখ∊䘇19%Ⱦ ഴ 1φԀᒪᶛⴷਇᐹ㛗ᵹᴪޢᒩਦᮦ䠅δᇬε 䍺ᯏᶛⓆ: нᗍθؗ䗴䇷⹊ਇѣᗹ ഴ 2φԀᒪᶛਇᐹ㛗ᵹᴪޢᒩਦуੂ㺂᭵ࡡখ∊δ%ε 䍺ᯏᶛⓆ:
