金吾财讯 | 中信证券表示，近期18个省份密集调整预算（14省披露预算调整报告），透露下一步专项债发力导向，最典型的特征体现在后续专项债支持化债的力度可能提升，主要包括置换隐债、清欠企业欠款、补充财力三大方向。从披露化债类新增专项债额度的三个省份看，债务高风险省份专项债用于化债类用途的比重相对较高，如云南达到75.9%，而湖南和陕西分别为32.6%和5.5%。从项目专项债的资金运用导向看，地产新模式、公益类项目获得更多重视，且专项债首次被允许用于产业投资，有助于加快政府投资结构转向。从债券额度的省际分配看，河北、福建、重庆额度占比增加较多，或反映这些省份项目建设需求较大。展望下半年财政政策，虽然上半年多项财政工具使用进度未达到50%，但财政短收仍可能对下半年支出强度形成一定制约，7月政治局会议可能会强化预期管理，做好政策储备以应对外需回落风险。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.