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城投平台融资状况受政策影响几何
时间：2020-06-09

摘要:随着政策放宽，城投平台融资通道逐步放开，城投平台融资理财产品将是新一轮的投资机遇。

目前，“宏观稳杠杆+微观去杠杆”仍是核心诉求。中央对地方政府债务的态度发生了重要而积极的变化，近年来支持地方政府化解债务尤其是隐性债务成为主旋律。可以明确的是，地方专项债资金并非直接用于置换隐性债务，更多是通过疏通项目现金流的方式缓解平台债务压力。

在政策空间边际放松的情况下，金融机构参与到城投平台再融资的意愿增强。从城投利差来看，目前城投债整体利差处于历史中位靠前，高评级城投债利差收窄。一是通过鼓励专项债项目，通过疏通项目现金流的方式进行债务化解；二是给金融机构一个锚，打开存量隐性债务的再融资通道，未来利差或将进一步收窄。

不过，虽然政策有助于平台融资，但并不是对所有的平台都利好。那么哪些平台可以面临利好？精准聚焦重点领域和重大项目，鼓励地方政府和金融机构依法合规使用专项债券和其他市场化融资方式，重点支持棚户区改造等保障性安居工程、易地扶贫搬迁、自然灾害防治、铁路、收费公路、机场、水电气热等公用事业、城镇基础建设和农村基础设施建设等领域重大项目建设。

我们通过对2018年和2019年6月14日之前发行的新增专项债募集资金用途进行梳理发现：2018年以来，专项债项目多集中于土地储备、棚改、轨道交通和收费公路等国家重点支持项目。按照我们之前的分析，平台业务中覆盖这三类项目较多的城投公司得到政策支持的可能性较大，包括新增城投债以及金融机构参与平台的再融资。

专项债项目聚焦范围有何变化？专项债投向棚改、轨道交通和收费公路类项目明显增多。从边际上看，政策下发后，做棚改、轨道交通和收费公路类项目较多的平台将获得更多的融资支持。因此，对于专项债重点支持的项目，尤其是做土地储备、棚改、轨道交通和收费公路项目的城投平台，或将获得政策重点支持。在政策空间放松的情况下，金融机构可一定程度上打消“新增贷款会变成隐性债务”的担忧，融资通道将放开。

再融资的打开成为较明确的新一轮投资信号，尤其土储和棚改以及轨道交通和收费公路项目做得多的平台受益最为明显，我们建议积极关注此类平台城投债的投资机会。

进元财富多年以来从事政信理财相关业务，对于城投平台融资项目我们具备丰富的经验，在2020年城投平台融资通道进一步放宽的环境下，投资者面临的是一次新机遇，通过进元财富购买政信产品，享高额返点并提供项目运行状况跟踪服务。


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